Write-down of the net asset value of the operations in St. Petersburg in the fourth quarter 2022
The intended buyer of the operations in St. Petersburg, G-Group, has not received the required approvals from the Russian authorities why the sales agreement has been cancelled. In a press release published on 17th of November 2022 we described that this risk was very likely.The decision to leave Russia stands firm and the process of selling the business has been restarted. Due to the uncertainty in how long time the selling process will take and to what amount, Bonava has decided to write-down the net assets of the operations in St. Petersburg in the fourth quarter to zero. The guarantee