Due to the expected negative impact of Corona pandemic to the revenue and operating results Martela estimates its revenue to decrease clearly and operating result to decrease in 2020. Visibility to the second half of the year is even lower than normally and we monitor the situation carefully and update our outlook if current situation changes.

The coronavirus pandemic and the crisis it has brought has negatively impacted the market situation which has long remained uncertain, weakening the demand and profitability of Martela's business. For this reason, Martela will continue to adjust its operations to reduce the negative impact of the changed market environment on its business.

The negative impact of the coronavirus on the overall market conditions has been significant. For this reason, Martela is adjusting its operations to meet the rapidly changed circumstances and will temporarily lay off its personnel in Finland. The duration of the layoffs varies depending on the business area and work assignment, up to a maximum of 90 days. In addition to these layoffs Martela will adjust its operations also in other countries.

In addition to layoffs, Martela will continue to implement its previously announced EUR 4 million savings program and improve productivity.

Martela Corporation, Stock Exchange Release, March 13, 2020 at 16.30 p.m.

Martela Corporation's Annual General Meeting was held on Thursday, March 12, 2020. The Meeting approved the Financial Statements, discharged the members of the Board of Directors and CEO from liability for the year of 2019 and adopted Remuneration Policy for the Company’s governing bodies. The Board of Directors proposal that no dividend will be distributed was approved.