SRV Yhtiöt Oyj - Company Announcement

Functional currency of SRV’s real-estate companies in Russia changes to the rouble

Espoo, Finland, 2016-09-02 08:00 CEST (GLOBE NEWSWIRE) -- SRV GROUP PLC        
      STOCK EXCHANGE RELEASE                    2 SEPTEMBER 2016, AT 09.00 AM 


Functional currency of SRV’s real-estate companies in Russia changes to the
rouble 

The functional currency of SRV’s real-estate companies in Russia changed from
the euro to the rouble on 1 September 2016. The change concerns SRV’s
real-estate business subsidiaries and associated companies operating in Russia
whose functional currency to date has been the euro. 

In its interim report for 1 January – 30 June 2016, SRV stated that the
challenges of the Russia economy have lasted longer than anticipated and the
shopping centre leasing market has become increasingly rouble-denominated. 


SRV’s functional currency in Russia has mainly been the euro. SRV’s leasing has
become rouble-denominated to such an extent that, in accordance with IAS 21,
the functional currency of SRV’s real-estate business subsidiaries and
associated companies in Russia has been changed to the rouble as of 1 September
2016. The accounting change related to the functional currency means that SRV
will be more exposed to fluctuations in the value of the rouble. The change in
the functional currency will also apply, for example, to the companies that own
the Okhta Mall and Pearl Plaza shopping centres. 

Further information:

Ilkka Pitkänen, CFO, +358 40 667 0906,  ilkka.pitkanen@srv.fi

www.srv.fi

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