Olvi Cancels Its’ Financial Outlook
Olvi plc Inside information 20 February 2023 at 9.00 a.m.
Olvi Cancels Its’ Financial Outlook
The State Control Committee of the Republic of Belarus have audited Olvi’s subsidiary Lidskoe Pivo.
Based on the audit, the State Control Committee have issued a fine for the value of 35,8 million Belarusian ruble (12,0 million euro*) to Lidskoe Pivo.
Lidskoe Pivo have filed their objection with the local court. The proceedings are anticipated to take months.
Due to the uncertain situation, Olvi will cancel the financial outlook published on the 10th of February 2023 and will not give a new outlook.
The earlier outlook was “Olvi Group’s adjusted operating profit for the 2023 financial year is expected to decrease year-on-year. Belarusian business operations involve uncertainty arising from the war in Ukraine and particularly from the impacts of exchange rates, which is why the segment’s operating profit is expected to decrease. Sales volume and net sales are expected to develop favourably.”
*Exchange rate applied: 1 BYN = 0,334 euro
More information:
Olvi plc
Tiina-Liisa Liukkonen, CFO, Tel. +358 41 505 4779
Patrik Lundell, CEO, Tel. +358 50 4775 181
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