Reference to the statement by Euler Hermes Kreditversicherungs-AG concerning cancellation of credit limits and to the information published in media

With reference to the statement by Euler Hermes Kreditversicherungs-AG Latvian
branch (Euler Hermes), on 7 July, concerning the full or partial cancellation
of credit limits for customers of ELKO Grupa JSC in Latvia and Lithuania, and
with regard to the information related to this decision published in several
media outlets we wish to issue the following statement: 
•	The decision of Euler Hermes will have no essential effect on the operational
results of ELKO Grupa JSC, because the proportion of customer sales in Latvia
and Lithuania is approximately 5-6% of the total sales volume; 
•	Customer relationships established over more than 15 years are greatly
appreciated by ELKO Grupa JSC. Therefore, despite the sudden decision by the
insurer the management credit risk model will be customized by ELKO Grupa JSC
within the limitations of the considerable risk noticeably affected by the
decision of EULER Hermes. 


ELKO Grupa JSC