A negative profit warning: The credit loss risk of the exposure in Russia has increased
12 March 2022 - 1:10AM
A negative profit warning: The credit loss risk of the exposure in
Russia has increased
Stock Exchange Release 11 March 2022, Finnvera plc, Inside
information
A negative profit warning: The credit loss risk of the
exposure in Russia has increased
The credit loss risk of Finnvera Group's export credit guarantee
exposure in Russia has increased, due to which the amount of loss
provisions has increased by EUR 250 million. According to the
estimate, there are no grounds for reversing the EUR 1.2 billion
loss provisions made previously due to the coronavirus pandemic
yet. As a result of the increased credit loss risk of the export
credit guarantee exposure, Finnvera Group’s result may show a loss
in 2022.
The previously announced outlook for 2022
Finnvera estimated the following financial outlook in Finnvera
Group’s Report of the Board of Directors and Financial Statements
2021 released on 16 February 2022:
”The coronavirus pandemic will continue to cause significant
uncertainty regarding financial performance in 2022. If the economy
and the business of Finnvera’s large risk subjects develop
positively, thus limiting or reducing significant loss provisions
and loss entries, Finnvera Group may turn a profit in 2022.”
Release of the Interim Management Statement
Q1/2022
Finnvera Group’s Interim Management Statement Q1/2022 will be
released on 12 May 2022.
Further information:
Pauli Heikkilä, CEO, tel. +358 29 460 2400
Ulla Hagman, CFO, tel. +358 29 460 2458
Distribution:
NASDAQ Helsinki Ltd
London Stock Exchange
The principal media
www.finnvera.fi/eng
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