Credit Loss Provisions Impact Condo’s Q3 Results
Condo Nordic Holding AB announces that its third-quarter financial results will be impacted bya credit loss provision related to the bankruptcy of one of its minor shareholders, Opema Oy.
Condo Nordic Holding AB announces that its third-quarter financial results will be impacted bya credit loss provision related to the bankruptcy of one of its minor shareholders, Opema Oy.
Although Opema Oy has appealed the bankruptcy ruling to the Supreme Court of Finland,Condo has decided to prudently provision for the full potential credit exposure, totalling EUR 422,000. This proactive measure reflects the entire credit risk associated with Opema Oy.
It's important to note that this provision will not affect Condo's cash flow, as it is a non-cash accounting item designed to address potential credit risk without impacting the company’s liquidity or immediate cash position. Furthermore, ongoing discussions with key stakeholders are taking place to explore potential solutions to minimise or avoid financial loss. Condo’s underlying operations and financial stability remain stable, with no disruption to day-to-day activities or the company's long-term economic outlook.
The complete Q3 report, detailing all financial and operational results, will be published onNovember 22, 2024.
About Condo
Condo Nordic Holding AB specialises in providing turn-key accommodation solutions for construction site employees across the Nordic region. Our fully furnished living spaces haveessential amenities, ensuring a comfortable and hassle-free experience. Focusing on flexibility and convenience, we cater to the growing demand for temporary corporate housing, supporting businesses in project-based endeavours while enhancing employee satisfaction and well-being.
This disclosure contains information that Condo Nordic Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 25-10-2024 14:15 CET.
