The value of the write-downs is more than EUR 141 million.
Construction company SRV writes down its holdings in Fennovoima, which is preparing a nuclear power plant in Russia and Pyhäjoki. The value of the write-downs is more than EUR 141 million.
The company’s board of directors made a decision on the matter on Thursday morning.
“Due to the war and the resulting market situation, SRV has written off virtually all of its shopping center and other holdings and investments in Fennovoima in Russia in the first quarter of 2022, totaling EUR 141.2 million,” the company writes in a statement.
The total value of the company’s holdings in Russia after write-downs is EUR 2.6 million.
According to SRV, the decline in asset values has a “significant effect” on, among other things, the company’s equity and equity ratio.
SRV is also working to restructure its funding. The company aims to increase its capital by EUR 100 million. At the same time, it seeks to reduce its interest-bearing debt by an equivalent amount.
“The financing arrangement has strong support from SRV’s largest shareholders, bond and hybrid bond investors and banks, so the company is confident that the program will be implemented,” the company writes in a statement.
The news is being updated.
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