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
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.
Pauli Heikkilä, CEO, tel. +358 29 460 2400
Ulla Hagman, CFO, tel. +358 29 460 2458
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