Profit warning: Finnvera Group reduces its outlook for 2020
Stock Exchange Release July 1 2020 at 12 pm
Finnvera Plc, inside information
In its report of the Board of Directors and financial statements released on 26 February 2020, Finnvera Group estimated that its operations are expected to remain self-sustainable in 2020 and that the development of realised and expected credit losses involves uncertainty, which may have a considerable impact on the generation of the result.
The coronavirus pandemic causes exceptional uncertainty in the outlook. According to current financial forecasts, the calculated impact of macroeconomic indicators on expected credit losses, among other factors, is estimated to impair Finnvera Group’s result so that the Group’s operations are unprofitable in 2020.
At the end of 2019, non-restricted equity and the State Guarantee Fund covering a deficit in Finnvera Group’s results totalled EUR 1.9 billion.
Finnvera Group’s Half-Year Report 1 January–30 June 2020 will be released on 21 August 2020.
Pauli Heikkilä, CEO, tel. +358 29 460 2400
Jussi Haarasilta, Executive Vice President, Deputy CEO, tel. +358 29 460 2601
Ulla Hagman, CFO, tel. +358 29 460 2458
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