SRV monitors the impact of sanctions and counter-sanctions on its business caused by the Russian invasion

SRV GROUP PLC     NEWS     28 FEBRUARY 2022    16:40 EET

SRV monitors the impact of sanctions and counter-sanctions on its business caused by the Russian invasion

At SRV, we have been watching Russia’s attack on Ukraine in shock, and we regret the situation, above all from a humanitarian point of view. At the same time, we closely monitor the development of sanctions and counter-sanctions and their impact on our business.

SRV is a partial investor in three shopping centres in Russia through associated companies, and we have plots of land in Russia to be developed. In addition, SRV is responsible for leasing the premises of the completed shopping centres, marketing and operating the properties. SRV’s revenue in Russia in 2021 was approximately EUR 6.8 million, consisting mainly of revenue from the operation of shopping centres and the recognition of sales revenue from the Decathlon project. The invested capital of the Investments segment was approximately EUR 167 million, the majority of which consisted of investments in Russia.

For the time being, our shopping centres in Russia are in operation. We monitor their activities on a daily basis and are in constant contact with local management.

Work is carried out normally at our construction sites in Finland. Our sites are workplaces where people of many different nationalities work. It is important for SRV that people of all different nationalities can feel safe at work. The political decisions of states cannot be passed on to individual citizens, and inappropriate behaviour towards any nationality is unacceptable.

As a listed company, SRV informs the market about the possible financial effects of the war on the company without delay.

For further information, please contact:
Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, saku.sipola@srv.fi
Miia Eloranta, Senior Vice President, Communications and Marketing, tel. +358 (0)50 441 4221, miia.eloranta@srv.fi

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