Proposed appropriation of result Proposed appropriation of profit The loss or negative result after tax over 2020 is included in the unappropriated profit item under shareholder equity. In view of the negative result, the agreements made for the refinancing and the requirements of the GO-C financing, the negative result after taxes will be netted to the ‘Other reserves’ item in the shareholder equity.
Events after the balance sheet date On the publication date of this report, COVID-19 and the related measures taken by the Dutch government are still having a major impact on the RAI’s operational management.
Although the vaccination programme promises recovery, it is still uncertain when the RAI will be able to start organising events.
Measures taken by the government can change significantly within just a few days.
The government has announced that it aims to limit the economic consequences of the crisis as much as possible, and has established a number of support measures in this framework. The RAI benefited from support options such as the NOW scheme in 2020 for a total sum of € 19.3 million. RAI also submitted requests for related schemes in 2021.
From March 2020, the RAI focused on realising maximum savings, postponing non-essential investments and aiming for liquidity. This resulted in a restructuring in 2020 in which 154.1 employees (FTE) left the RAI.
Historically, the RAI is a healthy company with a (usually) well-filled order portfolio and the ability to be reasonably flexible in terms of costs and investments. Nonetheless, the cancellation of a substantial part of the 2020 turnover has obviously had a significant impact. Solvency ended up below the covenants as agreed with the financers. In this framework, the RAI discussed the expectations with its lenders at an early stage and agreed to additional financing based on the GO-C scheme and new covenants in December 2020.
The additional financing and the implemented measures contribute to the liquidity level that the RAI needs in the coming months.
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