SRV to adjust Kalasatama Centre construction site timetable due to planning appeal

SRV GROUP PLC                               STOCK EXCHANGE RELEASE          21 AUGUST 2012, at 13:30

To limit the commitment of capital, SRV will adjust the timetable of its Kalasatama Centre construction site in Sörnäinen, Helsinki to take into account the processing of an appeal filed with the Helsinki Administrative Court concerning the city plan for the block. Project planning and commercialisation work will continue.

The adjustment of construction site activities during the later part of the year will affect developer-contracting parts of the project. Infrastructure work commissioned by the city will continue at least until the end of the year. This includes, among other things, a common waste collection station for the Kalasatama area.

It is estimated that EUR 22 million of SRV capital will be employed to the project by the end of the year. The project is scheduled over a long period and the delay caused by the planning appeal is not expected to have an impact on SRV’s profit guidance for this year nor on the project’s overall timetable or profitability.

SRV Group Plc
 

Further information:

 Hannu Linnoinen, CFO, tel. +358 (0)20 145 5990
Juhani Katko, Project Director, tel. +358 (0)20 145 5601