Panostaja writes down approximately EUR 3.1 million of loan receivables

Panostaja Oyj    Stock Exchange Release, Insider information     April 30, 2024    at 13.00 p.m.

Panostaja writes down approximately EUR 3.1 million of loan receivables 

Panostaja announced on 19.12.2017 that it had given a vendor loan in connection with the sale of KotiSun Group Oy. Panostaja reviews the valuation of loan receivables regularly and, based on the review, has written down approximately EUR 3.1 million in loan receivables from the vendor loan granted in connection with the sale of KotiSun Group. The write-down covers the entire carrying amount of the loan receivable.

Panostaja invested in KotiSun Group in 2014 and sold its holding in January 2018. In connection with the sale, Panostaja Group booked a capital gain before taxes of approximately EUR 33 million.

The write-down will be recorded in the result for the second quarter of fiscal year 2024. The write-down has no impact on Panostaja's comparable operating profit or cash flow.

Panostaja will publish its half-year financial report for November-April on 30 May 2024 at 10:00 a.m. EET.

 

Panostaja Oyj

Tapio Tommila
CEO

 

Additional information
CEO Tapio Tommila, Panostaja Oyj, +358 40 527 6311