A positive profit warning: Finnvera's preliminary result for 2021 is profitable

    A positive profit warning: Finnvera's preliminary result for 2021 is profitable 

Stock Exchange Release 19 January 2022Finnvera plc, inside information

A positive profit warning: Finnvera's preliminary result for 2021 is profitable

Finnvera Group's preliminary result for 2021 is profitable as no new significant export credit guarantee loss provisions had to be made during the financial period, and no material final losses were realised. The preliminary result includes currently known loss estimates for high-risk subjects.

The coronavirus pandemic causes still exceptional uncertainty in the financial performance for 2022. 

Previously announced financial outlook for 2021

In its Stock Exchange Release on 22 December 2021 Finnvera estimated in accordance with the Half-Year Report for January‒June 2021, that the uncertainty caused by the corona pandemic as well as the economic outlook of Finnvera's individual high-risk subjects are the key factors in how the financial performance will develop in 2021.

The outlook published in the Half-Year Report for January‒June 2021 on 11 August 2021 was as follows:

”The dissipation of uncertainty caused by the pandemic is a key factor in how financial performance will develop in 2021. If the economic development and the business operations of Finnvera's individual high-risk subjects are back on a sufficient growth path, which will thus limit or reduce significant loss provision and loss recognition entries, it is possible that the Finnvera Group's result for 2021 will show a profit. If, on the other hand, the economy and business operations recover at a slower pace, the Group's result may show even a significant loss, as it did in 2020.”

Publication of the report of the Board of Directors and the Financial Statements

Finnvera Group’s report of the Board of Directors and the Financial Statements 1 January‒31 December 2021 will be released on 16 February 2022.

Further information:

Pauli Heikkilä, CEO, tel. [phone] Ulla Hagman, CFO, tel. [phone]

Distribution:

NASDAQ Helsinki Ltd, London Stock Exchange, the principal media, www.finnvera.fi/eng