SRV GROUP PLC STOCK EXCHANGE RELEASE 27 APRIL 2023 AT 8:15 EEST
SRV Group Plc changes its segment structure and publishes financial comparison figures for 2022 in line with the new segment structure
SRV Group Plc is adopting a new segment structure as from 1 January 2023. Going forward, the company will report the Group as a single segment – the first report under this structure is the Q1 interim report, released on 27 April 2023.
SRV’s earlier reporting segments were two business areas: Construction and Investments. The Construction segment covered all of SRV’s construction activities including the capital and plots required for developer-contracted housing production. The Investments segment encompassed both complete and incomplete sites in which the company is a long-term investor.
The reporting structure has been revised due to the write-down of investments in Russia and Fennovoima, and SRV’s decision to exit the Russian market. Previously, the bulk of the Investments segment’s capital employed was committed in Russia. These investments were written down almost in their entirety in spring 2022. SRV is still a co-owner in two Russian shopping centres through associated companies. In addition, SRV owns one plot in Russia. SRV is actively continuing to engage in negotiations aiming at the sale of its remaining Russian assets.
“The Investments segment had shrunk to very minor significance both financially and strategically, and thus it is natural to report on the Group as a single segment,” says CFO Jarkko Rantala.
The attached pdf file includes comparison figures for 2022 in line with the new reporting structure. The changes in segment reporting have not had an impact on the Group’s result figures. The disclosed figures have not been audited.
For further information, please contact:
Jarkko Rantala, CFO, tel. 040 674 1949, firstname.lastname@example.org
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SRV in brief
SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter – and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.
Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2022, our revenue totalled EUR 770.1 million. In addition to approximately 1,000 in-house staff, we have a network of around 3,800 partners.