Olvi withdraws from Belarus, stops exporting to Russia and cancels its financial outlook for 2022

Olvi Plc                      Stock Exchange Release 5 March 2022 at 4.45 pm
 

Olvi withdraws from Belarus, stops exporting to Russia and cancels its financial outlook for 2022

Olvi strongly condemns the attack on Ukraine. As a result, Olvi will stop exporting to Russia and Belarus, suspend investments in Belarus and start withdrawing from the Belarusian market. Planning for the implementation of the withdrawal will begin immediately while taking care of employees. Olvi plc's Board of Directors decided on the matter on 5 March 2022.

Due to the uncertainty caused by the war in Ukraine and the above-mentioned decisions, Olvi will cancel its financial outlook for 2022. The earlier outlook, published in the financial statements release on February 10, 2022: “Olvi’s operating profit for fiscal year 2022 is expected to remain on the previous year’s good level.”

Lidskoe Pivo, subsidiary and member of the Olvi Group, employs 840 people in Belarus. Belarus accounted for about a quarter of Olvi Group's business operations last year, 33 percent of its sales volume, 21 percent of its net sales and 24 percent of its operating profit. Our exports from Finland and the Baltic countries to Russia are approximately 13.5 million euro. Exports from Lidskoe Pivo to Russia account for about a quarter of our net sales.

Further information:
 

Olvi plc

Lasse Aho, Managing Director, Olvi plc
Phone +358 400 203 600

Tiina-Liisa Liukkonen, CFO, Olvi plc
Phone +358 41 505 4779

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www.olvi.fi