150 Cyprus Energy Regulatory Authority by these measures. Other industries such as manufacturing and financial services have also been indirectly affected. In Cyprus, on 15 March 2020, the Council of Ministers in an extraordinary meeting, announced that it considers that Cyprus is entering a state of emergency considering the uncertain situation as it unfolds daily, the growing spread of COVID-19 outbreak and the World Health Organization's data on the situation. To this end, certain measures have been taken by the Republic of Cyprus since then with a view to safeguarding public health and ensuring the economic survival of working people, businesses, vulnerable groups and the economy at large. New entry regulations have been applied with regards to protecting the population from a further spread of the disease which tightened the entry of individuals to the Republic of Cyprus within the year. Additionally, a considerable number of private businesses operating in various sectors of the economy had closed for a period of time while a number of lockdown measures, such as the prohibition of unnecessary movements and the suspension of operations of retail companies (subject to certain exemptions), were applied throughout the year. The measures had been continuously revised (lifted or tightened) by the Republic of Cyprus during the year taking into consideration the epidemic status in the country. The objective of these public policy measures was to contain the spread of COVID-19 outbreak and have resulted in significant operational disruption for the Authority. In parallel, governments, including the Republic of Cyprus, introduced various financial support schemes in response to the economic impacts of the COVID-19 coronavirus pandemic. The Authority has not applied for such government assistance. The details of all the arrangements that might be available to the Authority and the period throughout which they will remain available are continuing to evolve and remain subject to uncertainty. The financial effect of the current crisis on the global economy and overall business activities cannot be estimated with reasonable certainty though, due to the pace at which the outbreak expands and the high level of uncertainties arising from the inability to reliably predict the outcome. Management's current expectations and estimates could differ from actual results. Management has considered the unique circumstances and the risk exposures of the Authority and has concluded that there is no significant impact in the Authority's profitability position. The event did not have an immediate material impact on the Authority's business operations. The Authority's management believes that it is taking all the necessary measures to maintain the viability of the Authority and the development of its business in the current business and economic environment. Management will continue to monitor the situation closely and assess/seek additional measures/ committed facilities as a fall back plan in case the period of disruption becomes prolonged.
RkJQdWJsaXNoZXIy MzU4MTg0