SRV

SRV GROUP PLC      STOCK EXCHANGE RELEASE     29 MAY 2024   13:00 EEST

Change in SRV Group Plc's Corporate Executive Team

SRV Group Plc's SVP, General Counsel and a member of Corporate Executive Team Anu Tuomola has resigned. She will take on a position outside the company on November, at the latest.

"I thank Anu Tuomola warmly for her work for the company. Anu has had important role in many of the company's central and strategic turning points. I wish her the best of success in her future role," says SRV's President and CEO Saku Sipola.

SRV will commence a search to recruit a new General Counsel without delay.

For further information, please contact:
Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, saku.sipola@srv.fi
 

Distribution:
Media
www.srv.fi

You can also find us on social media: 
Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)  X (https://twitter.com/SRVYhtiot)  Instagram (https://instagram.com/srvfinland/)

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the well-being of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for Life

SRV GROUP PLC    MANAGERS' TRANSACTIONS    17 MAY 2024   AT 11:30 EEST
SRV Group Plc: Managers' Transactions - Tuomas Kokkila
 

Notification under the EU Market Abuse Regulation, article 19

SRV Group Plc - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Pontos Oy

Position: Closely associated person

(X) Legal person (1):Person Discharging Managerial Responsibilities In Issuer
Name: Tuomas Kokkila

Position: Member of the Board
Issuer: SRV Yhtiöt Oyj

LEI: 743700GB29FXC0VXF414

Notification type: INITIAL NOTIFICATION

Reference number: 63007/16/8

____________________________________________

Transaction date: 2024-05-15

Outside a trading venue

Instrument type: DEBT INSTRUMENT

ISIN: FI4000315395

Nature of transaction: ACQUISITION

Transaction details

(1): Volume: 605500 Unit price: 71 PCT

Aggregated transactions (1):

Volume: 605500 Volume weighted average price: 71 PCT

For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, tel. +358 50 414 3280, anu.tuomola@srv.fi 

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC    MANAGERS' TRANSACTIONS    13 MAY 2024   AT 15:30 EEST
SRV Group Plc: Managers' Transactions - Ari Lehtoranta
 

Notification under the EU Market Abuse Regulation, article 19

SRV Group Plc - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Ari Lehtoranta

Position: Member of the Board/Deputy member

 Issuer: SRV Yhtiöt Oyj

LEI: 743700GB29FXC0VXF414

Notification type: INITIAL NOTIFICATION

Reference number: 62533/5/4

____________________________________________

Transaction date: 2024-05-10

Venue: OFF-EXCHANGE LIIKETOIMET (XOFF)

Instrument type: SHARE

ISIN: FI4000523675

Nature of transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details

(1): Volume: 5834 Unit price: 4.937 EUR

Aggregated transactions (1):

Volume: 5834 Volume weighted average price: 4.937 EUR

For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, tel. +358 50 414 3280, anu.tuomola@srv.fi 

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC    MANAGERS' TRANSACTIONS    13 MAY 2024   AT 15:30 EEST
SRV Group Plc: Managers' Transactions - Hannu Leinonen
 

Notification under the EU Market Abuse Regulation, article 19

SRV Group Plc - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Hannu Leinonen

Position: Member of the Board/Deputy member

 Issuer: SRV Yhtiöt Oyj

LEI: 743700GB29FXC0VXF414

Notification type: INITIAL NOTIFICATION

Reference number: 62538/5/4

____________________________________________

Transaction date: 2024-05-10

Venue: OFF-EXCHANGE LIIKETOIMET (XOFF)

Instrument type: SHARE

ISIN: FI4000523675

Nature of transaction: RECEIPT OF A SHARE-BASED INCENTIVE
 

Transaction details

(1): Volume: 2916 Unit price: 4.937 EUR

Aggregated transactions (1):

Volume: 2916 Volume weighted average price: 4.937 EUR

For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, tel. +358 50 414 3280, anu.tuomola@srv.fi 

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)
 

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC    MANAGERS' TRANSACTIONS    13 MAY 2024   AT 15:30 EEST
SRV Group Plc: Managers' Transactions - Heli Iisakka
 

Notification under the EU Market Abuse Regulation, article 19

SRV Group Plc - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Heli Iisakka

Position: Member of the Board/Deputy member

 Issuer: SRV Yhtiöt Oyj

LEI: 743700GB29FXC0VXF414

Notification type: INITIAL NOTIFICATION

Reference number: 62536/5/4

____________________________________________

Transaction date: 2024-05-10

Venue: OFF-EXCHANGE LIIKETOIMET (XOFF)

Instrument type: SHARE

ISIN: FI4000523675

Nature of transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details

(1): Volume: 3890 Unit price: 4.937 EUR

Aggregated transactions (1):

Volume: 3890 Volume weighted average price: 4.937 EUR

For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, tel. +358 50 414 3280, anu.tuomola@srv.fi 

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)
 

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC    MANAGERS' TRANSACTIONS    13 MAY 2024   AT 15:30 EEST
SRV Group Plc: Managers' Transactions - Tuomas Kokkila
 

Notification under the EU Market Abuse Regulation, article 19

SRV Group Plc - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Tuomas Kokkila

Position: Member of the Board/Deputy member

Issuer: SRV Yhtiöt Oyj

LEI: 743700GB29FXC0VXF414

Notification type: INITIAL NOTIFICATION

Reference number: 62542/4/4

____________________________________________

Transaction date: 2024-05-10

Venue: OFF-EXCHANGE LIIKETOIMET (XOFF)

Instrument type: SHARE

ISIN: FI4000523675

Nature of transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details

(1): Volume: 2916 Unit price: 4.937 EUR

Aggregated transactions (1):

Volume: 2916 Volume weighted average price: 4.937 EUR

For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, tel. +358 50 414 3280, anu.tuomola@srv.fi 

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC    MANAGERS' TRANSACTIONS    13 MAY 2024   AT 15:30 EEST
SRV Group Plc: Managers' Transactions - Matti Ahokas
 

Notification under the EU Market Abuse Regulation, article 19

SRV Group Plc - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Matti Ahokas

Position: Member of the Board/Deputy member

 Issuer: SRV Yhtiöt Oyj

LEI: 743700GB29FXC0VXF414

Notification type: INITIAL NOTIFICATION

Reference number: 62545/5/4

____________________________________________

Transaction date: 2024-05-10

Venue: OFF-EXCHANGE LIIKETOIMET (XOFF)

Instrument type: SHARE

ISIN: FI4000523675

Nature of transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details

(1): Volume: 2916 Unit price: 4.937 EUR

Aggregated transactions (1):

Volume: 2916 Volume weighted average price: 4.937 EUR

For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, tel. +358 50 414 3280, anu.tuomola@srv.fi 

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC    MANAGERS' TRANSACTIONS    6 MAY 2024   AT 14:40 EEST
SRV Group Plc: Managers' Transactions - Hannu Leinonen

Notification under the EU Market Abuse Regulation, article 19

SRV Group Plc - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Hannu Leinonen

Position: Member of the Board/Deputy member

 Issuer: SRV Yhtiöt Oyj

LEI: 743700GB29FXC0VXF414

Notification type: INITIAL NOTIFICATION

Reference number: 61734/6/8

____________________________________________

Transaction date: 2024-05-02

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI4000523675

Nature of transaction: ACQUISITION

Transaction details

(1): Volume: 500 Unit price: 4.8 EUR

(2): Volume: 170 Unit price: 4.8 EUR

(3): Volume: 559 Unit price: 4.8 EUR

(4): Volume: 120 Unit price: 4.8 EUR

(5): Volume: 210 Unit price: 4.8 EUR

Aggregated transactions (5):

Volume: 1559 Volume weighted average price: 4.8 EUR

____________________________________________

Transaction date: 2024-05-03

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI4000523675

Nature of transaction: ACQUISITION

Transaction details

(1): Volume: 491 Unit price: 4.8 EUR

Aggregated transactions (1):

Volume: 491 Volume weighted average price: 4.8 EUR

For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, tel. +358 50 414 3280, anu.tuomola@srv.fi 

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC     INTERIM REPORT      25 APRIL 2024    AT 08.30 EEST
SRV Interim Report 1-3/2024: Revenue and operative operating profit increased, the order backlog remains strong
 

• Revenue amounted to EUR 167.0 (138.3) million (+20.7%). Revenue increased due to growth in business construction revenue. Revenue declined correspondingly in housing construction.
• Operative operating profit amounted to EUR 1.3 (-2.0) million with an operating profit of EUR 1.3 (-2.0) million. Operative operating profit improved thanks to the higher volume in business construction.
• The result before taxes was EUR 0.5 (-4.4) million. The result was positive because the volume grew and financial expenses were lower than in the comparison period.
• Earnings per share were EUR -0.0 (-0.2).
• Equity ratio was 33.9 per cent (35.0% 3/2023) and gearing was 80.5 per cent (82.2% 3/2023). Excluding the impact of IFRS 16, the equity ratio was 47.5 (49.2) per cent and gearing was 2.4 (4.1) per cent.
• At period-end, the order backlog stood at EUR 1,020.4 (871.0) million. New agreements valued at EUR 136.4 (149.9) million were signed in January-March. The sold share of the order backlog was 92.5 (91.0) per cent.
• At the end of March, emission intensity (scope 1 and 2) was 2.6 (4.6) tCO2/million euros of revenue. One of the factors contributing to the decrease in emission intensity was the greater use of biofuels.

Outlook 2024
During 2024, SRV's revenue and result will be affected by several factors in addition to general economic trends, such as: the margin of the order backlog and its development; the start-up of new contracts and development projects; geopolitical risks, including their related direct and indirect effects, such as material costs and the availability of materials and labour; and changes in demand. Higher interest rates and weaker availability of financing have a negative impact on demand for housing and business premises among consumers and investors, and thus pose uncertainty with respect to the estimated start-ups of new projects. 

• Full-year consolidated revenue for 2024 is expected to grow compared with 2023 (revenue in 2023: EUR 610.0 million).
• Operative operating profit is expected to improve compared with 2023 (operative operating profit in 2023: EUR 1.1 million).

Significant events after the period

There were no significant events after the end of the review period.

President & CEO's review

"In the early months of 2024, the economy has remained in a recession and no significant changes have occurred in the general market situation. However, even in this challenging business environment, we have been able to systematically forge ahead with strong growth in business construction, especially in cooperative contracting. Due to the prevailing high interest levels, demand for the new properties in both the consumer and real estate investor markets is currently at a low level, which has a substantial impact on our opportunities to start new projects. The controllability of our production is robust and our realised project margins are in line with plans in both housing and business construction. We believe that strong development will begin immediately once the market provides opportunities to restructure our project portfolio in accordance with our strategy. 

In spite of the economic climate in the construction industry, our business developed in a favourable direction in the first quarter, as expected. Our stronger order backlog is starting to show in our revenue, which saw year-on-year growth of around 20 per cent. Our operative operating profit also outperformed the comparison period thanks to the higher volume in business construction. 

At the end of the review period, our order backlog was EUR 1,020.4 million, up 17 per cent year-on-year. The order backlog will lead to increased revenue when projects get up to full speed. In the first quarter, we transferred several projects into our order backlog, among them the Käkikellokortteli residential block in Nihti, Kalasatama for the City of Helsinki's housing production service as well as underground facilities and the second stage of infrastructure work for Laakso Joint Hospital. This order is part of an approximately EUR 800 million agreement for the Laakso Joint Hospital project, of which about half has been entered into our order backlog to date. The remaining phases will be entered into our order backlog in stages during 2024-2030. In addition, previously won contracts and projects under preliminary contracts will be recognised in our order backlog, with a value of around EUR 933 million. 

In the current market situation, it is extremely important that our balance sheet is strong and our financing is in good shape. The total number of unsold completed residential units is low at 96, and the company has not committed a significant amount of its own capital into unsold housing. With respect to financing, in April, after the review period, we agreed with our main financier banks to exercise the one-year extension option of our current EUR 40 million committed revolving credit facility, which is tied to sustainability targets. In accordance with the exercised extension option, the revolving credit facility is valid until April 2026. 

In February, we concluded the change negotiations we had initiated in January with a view to adjusting our costs to the ongoing challenging market situation. These negotiations resulted in slightly smaller personnel cuts and layoffs than anticipated, a total of 19 person-years. We managed to transfer roles and personnel from housing construction to business premises projects, and thereby retained solid expertise within the company.  

We do not expect any changes in the market situation - a significant improvement is not foreseen until towards the end of the year at the earliest. Nevertheless, we expect that our revenue and earnings will improve in 2024 thanks to our strong order backlog in cooperative contracting. In addition, we believe that it will be possible to start up selected development or developer-contracted projects in the latter part of the year - the contributing factors are lower construction costs, forecast reductions in interest rates and gradual rent inflation, which support the investment decisions of our customers."
Saku Sipola
 

Key Figures

[][][][]
1-3/ 1-3/ 1-12/
(IFRS, milj. 2024 2023 change change, 2023
eur) %
Revenue                            167.0                                                          20.7                            610.0
138.3 28.7
Operative                                                                                                                                 
operating 1.3 -2.0 3.2 1.1
profit
Operative 0.8 -1.4 2.2 0.2
operating
profit, %
Operating                                                                                                                             
profit 1.3 -2.0 3.2 -6.8
Operating 0.8 -1.4 2.2 -1.1
profit, %
Profit before                                                                                                                         
taxes 0.5 -4.4 5.0 -15.7
Net profit for                                                                                                                            
the 0.5 -3.1 3.6 -15.1
period
Net profit for 0.3 -2.3 2.6 -2.5
the
period, %
Earnings per -0.0 -0.2 0.2 -1.0
share
[1)]
Order backlog                         1020.4                            871.0                            17.2                         1048.6
(unrecognised) 149.5
Equity ratio, 33.9 35.0 -1.1 34.4
%
Equity ratio, 47.5 49.2 -1.7 48.0
%, excl.
IFRS 16 [2)]
Net interest                                                                                                                       99.4
-bearing 112.1 117.4 -5.3
debt
Net interest                                                                                                                             
-bearing 3.5 6.1 -2.7 -6.3
debt, excl.
IFRS 16
[2)]
Net gearing 80.5 82.2 -1.7 71.7
ratio, %
Net gearing 2.4 4.1 -1.7 -4.3
ratio, %,
excl. IFRS 16
[2)]
Financing                                                                                         29.8                              78.6
reserves 68.2 52.6 15.7

1. The figure has been calculated excluding the hybrid bond interest, tax adjusted

2. The figure has been adjusted to remove the impacts of IFRS 16

Espoo, 25 April 2024
Board of Directors
All forward-looking statements in this interim report are based on management's current expectations and beliefs about future events. The company's actual results and financial position may differ materially from the expectations and beliefs such statements contain due to a number of factors that have been presented in this interim report. 
Briefing, webcast and presentation materials

A briefing for analysts, investors and media representatives will be held as a webcast on 25 April 2024, starting at 11:00 EEST. The webcast can be followed live at www.srv.fi/en/investors. The recording will be available on the website after the presentation. The materials will also be made available on the website.
For further information, please contact:

Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, saku.sipola@srv.fi
Jarkko Rantala, CFO, tel. +358 (0)40 674 1949, jarkko.rantala@srv.fi
Miia Eloranta, Senior Vice President, Communications and Marketing, tel. +358 (0)50 441 4221, miia.eloranta@srv.fi 

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)
 

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC     STOCK EXCHANGE RELEASE     25 MARCH 2024    19:45 EET

Organisation of SRV Group Plc's Board of Directors and composition of Board Committees

SRV Group Plc's Annual General Meeting held earlier today elected Ari Lehtoranta as Chair of the Board.

In its organising meeting, SRV Group Plc's Board of Directors has elected a Vice Chair and the members of its Board Committees for a term ending at the closing of the Annual General Meeting in 2025.

Heli Iisakka was elected as Vice Chair of the Board of Directors.

Heli Iisakka was elected as Chair and Matti Ahokas and Hannu Leinonen as members of the Audit Committee.

Ari Lehtoranta was elected as Chair and Hannu Leinonen and Tuomas Kokkila as members of the Personnel and Remuneration Committee.
 

For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, tel. +358 50 414 3280, anu.tuomola@srv.fi

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)
 

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC     STOCK EXCHANGE RELEASE          25 MARCH 2024   17:55 EET

Resolutions of SRV Group Plc's Annual General Meeting

SRV Group Plc's Annual General Meeting was held today on 25 March 2024 at the company's headquarters in Espoo. The Annual General Meeting adopted SRV Group Plc's financial statements and discharged the Board of Directors and the President & CEO from liability for the financial period 1 January-31 December 2023. The Annual General Meeting adopted the Remuneration Report 2023 and the Remuneration Policy for the company's governing bodies. The resolutions were advisory. The Annual General Meeting also decided on the dividend distribution, the number of Board of Directors, the composition and Chair of the Board of Directors and their remuneration, the election and remuneration of the auditor as well as authorised the Board of Directors to decide on the repurchase of company shares and share issues/issue of special rights.

Dividend distribution

It was decided that no dividend is distributed for the financial year 2023, as proposed by the Board of Directors.

Members and Chair of the Board of Directors and remuneration

The number of members of the Board of Directors was confirmed to be five (5). Matti Ahokas M.Sc. (Econ.), Hannu Leinonen M.Sc. (Eng.) and Heli Iisakka M.Sc. (Econ.) were re-elected to the Board of Directors. Ari Lehtoranta M.Sc. (Eng.) and Tuomas Kokkila M.Sc. in Real Estate Development were elected as new members of the Board of Directors. Ari Lehtoranta was elected as the Chair of the Board of Directors. The term of office of members of the Board of Directors will end at the close of the Annual General Meeting held in 2025.

The Annual General Meeting confirmed that the following annual fees would be paid for the members of the Board: Board Chair EUR 72,000, Vice Chair EUR 48,000, Board member EUR 36,000 and Chair of the Audit Committee EUR 48,000, if he/she does not simultaneously act as Chair or Vice Chair of the Board of Directors.

In addition, a EUR 700 fee per member per meeting shall be paid for Board and Committee meetings. Travel expenses arising from work for the Board of Directors shall be reimbursed in accordance with the company's travel policy. Meeting fees will be paid in cash.

The aforementioned annual fees will be paid as a combination of SRV Group Plc's shares and cash in such a manner that 40% of the annual remuneration is paid in the company's shares, which will be purchased from the market on behalf of the members of the Board of Directors at a price determined in public trading, and 60% is paid in cash. The company will reimburse the transaction costs and capital transfer tax in connection with the purchase of the remuneration shares. The shares will be purchased within a period of two weeks beginning from the date following the publication of the quarterly result for the period 1 January - 31 March 2024.

Auditor and remuneration

PricewaterhouseCoopers Oy, a firm of authorised public accountants, was elected as the company's Auditor for a term continuing until the close of the Annual General Meeting 2025. PricewaterhouseCoopers Oy has notified that authorised public accountant (APA) Jukka Torkkeli will act as the responsible auditor. The Auditor's remuneration was confirmed as payable as per an approved invoice.

Authorisation to decide on the acquisition of the company's own shares

The Annual General Meeting authorised the Board of Directors to resolve on the acquisition of the company's own shares using the company's unrestricted equity as proposed by the Board of Directors. The authorisation covers the purchasing of a maximum of 1,700,000 shares in the company so that the number of shares acquired on the basis of the authorization, when combined with the shares already owned by the company and its subsidiaries, does not at any given time exceed a total of 10 percent of all shares in the company.

The authorization is valid until 30 June 2025. It revokes the authorization granted to the Board of Directors at the Annual General Meeting on 27 March 2023 to decide on the repurchase of the company's own shares.

Authorisation to decide on a share issue and on the issue of special rights

The Annual General Meeting authorised the Board of Directors to resolve on a share issue and granting of special rights as proposed by the Board of Directors. The authorisation can be used to decide on the issuance of new shares or the reissuance of shares held by the company and/or granting of other special rights entitling to shares as referred to in Chapter 10, Section 1 of the Finnish Companies Act either for consideration or free of consideration in one or several instalments so that the number of shares shall not exceed 1,700,000. The Board of Directors may also decide on the issuance of new shares free of consideration to the company itself in one or more issues.

The authorization shall be in force until 30 June 2025. The authorization revokes the authorization granted to the Board of Directors at the Annual General Meeting on 27 March 2023 to decide on share issues and granting of special rights.

Other information

The minutes of the Annual General Meeting will be available on SRV Group Plc's website at www.srv.fi/agm2024at latest on 8 April 2024.

For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, SRV Group Plc, tel. +358 50 414 3280, anu.tuomola@srv.fi

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)
 

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC                STOCK EXCHANGE RELEASE               1 March 2024 AT 13:30 EET

The Board of Directors of SRV Group Plc decided on a new performance period under the share-based incentive plan

The Board of Directors of SRV Group Plc has decided on the commencement of a new performance period under the performance share plan aimed at the group's key employees. The establishment and key terms of the incentive plan were published in a stock exchange release on 28 March 2023.

Performance Share Plan 2023

The Performance Share Plan 2023 consists of four performance periods covering the financial years 2023-2024, 2023-2025, 2024-2026 and 2025-2027. The Board of Directors will decide annually on the commencement and details of the performance periods.

In the plan, the target group is given an opportunity to earn SRV Group Plc shares based on the achievement of the targets set for the performance periods. The potential reward based on the plan will be paid partly in SRV Group Plc shares and partly in cash after the end of the performance period. The cash proportion of the reward is intended to cover taxes and statutory social security contributions arising from the reward to the participant.

Rewards from the performance period 2024-2026 are based on the cumulative operative operating profit for 2024-2026, repayment of the hybrid bond, order backlog volume and structure at the end of performance period and the share of lifecycle-wise construction in the total order backlog of developer-contracted, development and lifecycle projects.

A Corporate Executive Team member is obliged to hold 50 per cent of the net shares paid to them until the value of their total shareholding in the company corresponds to 50 per cent of their annual gross salary. Correspondingly, the President and CEO of the company is obliged to hold 50 per cent of the net shares paid to them until the value of their shareholding in the company corresponds to their annual gross salary. The shareholding amount must be held as long as the membership in the Corporate Executive Team or the position as the President and CEO continues.

The value of the gross rewards to be paid from the performance period commencing in 2024 will correspond to an approximate maximum total of 450.000 SRV Group Plc shares, including the cash proportion. Approximately 25 persons, including the President and CEO of the company and other Corporate Executive Team members, belong to the target group of the performance period.

Upon reward payment, share price will be capped at a maximum of 20 euros.

SRV GROUP PLC

Board of Directors

For further information, please contact:

Anu Tuomola, Senior Vice President, General Counsel, tel. +358 50 414 3280, anu.tuomola@srv.fi

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC     NOTICE TO THE ANNUAL GENERAL MEETING     1 MARCH 2024      13:00 EET

Notice to the Annual General Meeting of SRV Group Plc
The Annual General Meeting of SRV Group Plc is to be held on Monday, 25 March 2024 at 4:00 p.m. (EET) in restaurant Derby at the address Tarvonsalmenkatu 15, 02600 Espoo. The reception of persons who have registered for the meeting and the distribution of voting tickets will commence at 3:00 p.m. (EET).

The company's shareholders can also exercise shareholder rights by voting in advance. Instructions concerning voting in advance are provided in section C of this notice.

Shareholders may submit questions referred to in Chapter 5, Section 25 of the Finnish Limited Liability Companies Act with respect to the matters to be considered at the meeting also in writing before the general meeting. Instructions for submitting written questions are set out in section C of this notice.

A.            Matters on the agenda of the Annual General Meeting

At the Annual General Meeting, the following matters will be considered:

1. Opening of the meeting

2. Calling the meeting to order

3. Election of persons to scrutinize the minutes and to supervise the counting of votes

4. Recording the legality of the meeting

5. Recording the attendance at the meeting and adoption of the list of votes

6. Presentation of the annual accounts, the consolidated annual accounts, the report of the Board of Directors and the auditor's report for the year 2023

Review by the President & CEO

The annual accounts, the consolidated annual accounts, the report of the Board of Directors and the auditor's report are available on the company's website at www.srv.fi/agm2024.

7. Adoption of the annual accounts and the consolidated annual accounts

8. Resolution on the use of the profit shown on the balance sheet and the payment of dividend

The Board of Directors proposes that no dividend is distributed for the financial period ended on 31 December 2023 based on the balance sheet to be adopted.

9. Resolution on the discharge of the members of the Board of Directors and the President & CEO from liability

10. Adoption of the remuneration report for governing bodies

The Board of Directors proposes that the remuneration report for 2023 be adopted. The resolution is advisory in accordance with the Finnish Limited Liability Companies Act.

The remuneration report is available on SRV Group Plc's website at www.srv.fi/agm2024.

11. Adoption of the remuneration policy for governing bodies

The Board of Directors proposes that the amended Remuneration Policy be adopted. The Remuneration Policy was last time presented to the Annual General Meeting on 26 March 2020. The resolution is advisory in accordance with the Finnish Limited Liability Companies Act.

The remuneration policy is attached to this notice (Annex 1) as well as available on SRV Group Plc's website at www.srv.fi/agm2024.

12. Resolution on the remuneration of the members of the Board of Directors

•                           Board Chair, an annual fee of EUR 72,000,

•                           Vice Chair, an annual fee of EUR 48,000,

•                           Board member, an annual fee of EUR 36,000, and

•              Chair of the Audit Committee, an annual fee of EUR 48,000, if he/she does not simultaneously act as Chair or Vice Chair of the Board of Directors.

In addition, the Nomination Board proposes that EUR 700 fee per member per meeting for Board and Committee meetings be paid (year 2023: EUR 700). Travel expenses arising from work for the Board of Directors shall be reimbursed in accordance with the company's travel policy.

In addition, the Shareholders' Nomination Board proposes the annual remuneration of the Board to be paid as a combination of company shares and cash in such a manner that 40% of the annual remuneration is paid in the company's shares, which will be purchased from the market on behalf of the members of the Board of Directors at a price determined in public trading, and 60% is paid in cash. The company will reimburse the transaction costs and capital transfer tax in connection with the purchase of the remuneration shares. The shares will be purchased within a period of two weeks beginning from the date following the publication of the quarterly result for the period 1 January - 31 March 2024. Meeting fees are proposed to be paid in cash.

13. Resolution on the number of members of the Board of Directors

The Shareholders' Nomination Board proposes that five (5) members be elected to the Board of Directors.

14. Election of members and Chair of the Board of Directors

The Shareholders' Nomination Board proposes that present members Matti Ahokas, Heli Iisakka and Hannu Leinonen be re-elected as members of the Board of Directors and Ari Lehtoranta and Tuomas Kokkila be elected as new members of the Board of Directors. In addition, Nomination Board proposes that Ari Lehtoranta be elected as the Chair of the Board of Directors.

The term of office of members of the Board of Directors will end at the close of the Annual General Meeting to be held in 2025.

The nominees have given their consent to the position, and they are independent of the company and of the company's significant shareholders except for Tuomas Kokkila who is not independent of the company because he has been employed by SRV Group Plc until 31 July 2023 and not independent of significant shareholders because he is a Board member in Pontos Oy which exercises control in the company's significant shareholder AS Pontos Baltic.

Presentations of the proposed new members Ari Lehtoranta and Tuomas Kokkila are available on SRV Group Plc's website at www.srv.fi/agm2024.The proposed current members of the Board of Directors are presented on SRV's website: https://www.srv.fi/en/srv-as-a-company/investor/governance/board-directors/members-board-directors/introductions-board/.

15. Resolution on the remuneration of the Auditor

The Board of Directors proposes based on the recommendation of the Audit Committee that the Auditor be reimbursed as per an approved invoice.

16. Election of the Auditor

Following the recommendation of the Audit Committee, the Board of Directors of SRV Group Plc proposes based on the competitive tendering of the audit, that the audit firm PricewaterhouseCoopers Oy be appointed as the company's auditor for the 2024 financial year. If PricewaterhouseCoopers Oy is elected as the Auditor of the company, APA Jukka Torkkeli has been notified to act as the responsible auditor.

If PricewaterhouseCoopers Oy will be elected as the Auditor of the company, it will also carry out the assurance of the company's sustainability reporting for the financial year 2024 in accordance with the transitional provision of the act changing the Finnish Limited Liability Companies Act (1252/2023) and will be reimbursed for this task as per an approved invoice.

17. Authorizing the Board of Directors to resolve on acquiring the company's own shares

The Board of Directors proposes that the Annual General Meeting authorizes the Board of Directors to resolve on the acquisition of the company's own shares using the company's unrestricted equity as follows:

The Board of Directors is authorized to acquire a maximum of 1,700,000 shares in the company so that the number of shares acquired on the basis of the authorization, when combined with the shares already owned by the company and its subsidiaries, does not at any given time exceed a total of 10 percent of all shares in the company.

Own shares may be acquired at the market price quoted on their trading venue at the time of the acquisition or otherwise at the market price. Own shares may be acquired otherwise than in proportion to the existing holdings of the shareholders. Shares may be acquired in one or several instalments.

The company's own shares may be acquired, inter alia, for use as payment in corporate acquisitions, when the company acquires assets relating to its business, as part of the company's incentive programmes or the management's incentive schemes or to be otherwise conveyed, held, or cancelled. The Board of Directors is authorized to resolve on all other terms and conditions of the acquisition of the shares.

The authorization is valid until 30 June 2025. It revokes the authorization granted to the Board of Directors at the Annual General Meeting on 27 March 2023 to resolve on the acquisition of the company's own shares.

18. Authorizing the Board of Directors to resolve on the issuance of shares and special rights entitling to shares

The Board of Directors proposes that the Annual General Meeting authorizes the Board of Directors to resolve on the issuance of shares and issuance of special rights entitling to shares as follows:

The Board of Directors may resolve on the issuance of new shares, or the reissuance of shares held by the company and/or granting of other special rights entitling to shares as referred to in Chapter 10, Section 1 of the Finnish Limited Liability Companies Act either for consideration or free of consideration in one or several instalments. The Board of Directors may also resolve on the issuance of new shares free of consideration to the company itself in one or more instalments.

Under the authorization, the number of shares to be issued or the number of reissued shares held by the company, shall not exceed 1,700,000 shares. Any shares issued on the basis of special rights entitling to shares are included in the aforementioned aggregate amount.

New shares may be issued, the company's own shares held by the company reissued and/or other special rights entitling to shares pursuant to Chapter 10, Section 1 of the Finnish Limited Liability Companies Act may be granted in deviation from the pre-emption rights of shareholders only if there exists a weighty financial reason for the company. A directed share issue may be free of consideration only if there exists, for the company and taking into account the interests of all its shareholders, a particularly weighty financial reason.

The authorization may be used, inter alia, when issuing new shares or conveying shares as consideration in corporate acquisitions, when the company acquires assets relating to its business, in order to strengthen the company's capital structure and for implementing incentive programmes.

The Board of Directors is authorized to resolve on all other terms and conditions of the issuance of shares and special rights entitling to shares.

The authorization is valid until 30 June 2025. It revokes the authorization granted to the Board of Directors at the Annual General Meeting on 27 March 2023 to resolve on share issues and granting of special rights.

19.  Closing of the meeting

B.                         Documents of the general meeting

The proposals for the resolutions on the matters on the agenda of the Annual General Meeting, the remuneration policy as well as this notice are available on SRV Group Plc's website at the address www.srv.fi/agm2024.

The annual report of SRV Group Plc for the year 2023 including the annual accounts, the consolidated annual accounts, the report of the Board of Directors, the Auditor's report and the remuneration report is available on the above-mentioned website. The proposals for the resolutions and the other above-mentioned documents will also be available at the Annual General Meeting.

The minutes of the meeting will be available on the above-mentioned website at latest on 8 April 2024.

C.                         Instructions for the participants in the Annual General Meeting

1.                         Shareholder registered in the shareholders' register

Each shareholder, who is registered on the record date of the Annual General Meeting, i.e., on 13 March 2024 in the shareholders' register of the company held by Euroclear Finland Oy, has the right to participate in the Annual General Meeting. A shareholder, whose shares are registered on his/her personal Finnish book-entry account, is registered in the shareholders' register of the company.

Preregistration for the Annual General Meeting commences on 1 March 2024 at 4:00 p.m. (EET). A shareholder registered in the shareholders' register of the company, who wishes to participate in the Annual General Meeting shall preregister at latest on 20 March 2024 at 4:00 p.m. (EET) by giving a prior notice of attendance, which shall be received by the company no later than on the above-mentioned date and time.

Such notice can be given:

a) On the company's website at www.srv.fi/agm (http://www.srv.fi/agm2024)2024 (http://www.srv.fi/agm2024).

Electronic registration requires strong identification of the shareholder or their legal representative or proxy with a bank ID, or a mobile certificate.

b) By e-mail to Innovatics Ltd to agm@innovatics.fi.Shareholders registering by mail or e-mail shall submit the registration form and eventual advance voting form available on the company's website www.srv.fi/agm2024 or equivalent information.

c) By regular mail to the following address: Innovatics Ltd, General Meeting / SRV Group Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki. Shareholders registering by mail shall submit the registration form and eventual advance voting form available on the company's website www.srv.fi/agm (http://www.srv.fi/agm2024)2024 (http://www.srv.fi/agm2024) or equivalent information.

When registering to attend the general meeting, individuals are required to provide the following information: the shareholder's name, date of birth or business ID, e-mail address, address and phone number, and the name of a possible assistant and the name and date of birth of a possible proxy representative.

The personal data given to SRV Group Plc or to Innovatics Ltd is used only in connection with the general meeting and with the processing of related registrations.

The shareholder, his/her authorized representative or proxy representative shall, where necessary, be able to prove his/her identity and/or right of representation at the meeting venue.

Additional information on registration and advance voting during the registration period is also available by telephone at during the registration period of the general meeting by calling Innovatics Ltd at +358 10 2818 909 on weekdays from 9:00 a.m. to 12:00 p.m. and from 1:00 p.m. to 4:00 p.m.

2.            Holders of nominee registered shares

A holder of nominee registered shares has the right to participate in the Annual General Meeting by virtue of such shares, based on which he/she on the record date of the general meeting, i.e., on 13 March 2024 would be entitled to be registered in the shareholders' register of the company held by Euroclear Finland Oy. The right to participate requires, in addition, that the shareholder on the basis of such shares has been registered into the temporary shareholders' register held by Euroclear Finland Oy at the latest by 20 March 2024 by 10:00 a.m. (EET). As regards nominee registered shares this constitutes due registration for the Annual General Meeting. Changes in the holding of shares that take place after the record date of the general meeting have no effect on the right to participate or to vote in the general meeting.

A holder of nominee registered shares is advised to request without delay necessary instructions from the custodian bank regarding the temporary registration in the shareholders' register, the issuing of proxy documents and voting instructions and preregistration for the Annual General Meeting as well as advance voting. The account manager of the custodian bank shall register a holder of nominee registered shares who wants to participate in the general meeting into the temporary shareholders' register of the company by the above-mentioned date at latest and, if necessary, arrange advance voting on behalf of the holder of nominee registered shares before the end of the registration period applicable to holders of nominee registered shares.

Further information is available on the company's website at www.srv.fi/agm2024.

3.            Proxy representative and powers of attorney

A shareholder may participate in the Annual General Meeting and exercise his/her rights at the meeting by way of proxy representation.

A shareholder's proxy may also elect to vote in advance as described in this notice if they so wish. The proxy representative must authenticate to the electronic registration service and advance voting personally with strong authentication, after which they will be able to register and, if necessary, vote in advance on behalf of the shareholder, who they represent.

A proxy representative shall produce a dated proxy document or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the general meeting. Proving the right to represent can be done by using the suomi.fi e-Authorizations service available in the electronic registration service. A template for a proxy document and voting instructions is available at the company's website at www.srv.fi/agm2024 after the start of the preregistration period. When a shareholder participates in the general meeting by means of several proxy representatives representing the shareholder with shares at different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the general meeting.

Possible proxy documents should be delivered preferably as an attachment with the electronic registration or alternatively by mail before the last date for registration at latest on 20 March 2024 at 4:00 p.m. (EET), to the address Innovatics Ltd, General Meeting / SRV Group Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki or by e-mail to agm@innovatics.fi.

In addition to submitting proxy documents, a shareholder or her/his proxy representative shall ensure that she/he has registered for the Annual General Meeting in the manner described above in this notice.

4.            Voting in advance

Shareholders, whose shares are registered on his/her personal Finnish book-entry account can vote in advance on items 7-18 on the agenda during the period 1 March 2024 at 4:00 p.m. (EET)-20 March 2024 at 4:00 p.m. (EET):

a. On the company's website www.srv.fi/agm2024. Login to the service is done in the same way as for registration in section C.1 of this notice.

2. By mail by submitting the advance voting form available on the company's website or equivalent information to Innovatics Ltd at Innovatics Ltd, General Meeting / SRV Group Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland.

3. By e-mail by submitting the advance voting form available on the company's website or equivalent information to Innovatics Ltd by e-mail at agm@innovatics.fi.

Advance votes must be received by the time the advance voting ends. In addition to voting in advance a shareholder shall preregister to the general meeting before the last date for registration.  

A shareholder who has voted in advance cannot exercise the right to ask questions under the Finnish Limited Liability Companies Act and has no right to demand a vote unless he/she attends the general meeting in person or by proxy at the meeting venue.

Advance voting for holders of nominee registered shares is carried out via the account manager. The account manager may vote in advance on behalf of the holders of nominee registered shares he/she represents in accordance with the voting instructions given by the holders of nominee registered shares during the registration period applicable to holders of nominee registered shares.

The proposal for a resolution subject to an advance vote shall be deemed to have been submitted unchanged to the general meeting. The terms of the electronic advance voting and other instructions are available on the company's website at www.srv.fi/agm2024..

5.            Other instructions and information

The meeting will be held in Finnish.

Pursuant to Chapter 5, Section 25 of the Finnish Limited Liability Companies Act, a shareholder may also present questions with respect to the matters to be considered at the general meeting in advance by 18 March 2024 by e-mail to yhtiokokous@srv.fi.The company's management will answer such questions submitted in writing in advance at the general meeting.

Changes in the holding of shares that take place after the record date have no effect on the right to participate or to vote in the general meeting.

On the date of this notice to the general meeting 1 March 2024, the total number of shares in SRV Group Plc is 16,982,343 shares, representing an equal number of votes.

In Espoo, on 1 March 2024

SRV GROUP PLC

Board of Directors

For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, tel. +358 50 414 3280, anu.tuomola@srv.fi

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC     ANNUAL FINANCIAL REPORT     29 FEBRUARY 2024      10:00 EET
SRV Group Plc's Annual Report 2023 published
SRV Group Plc's Annual Report 2023 has been published today on 29 February 2024 on www.srv.fi/en/investors (https://www.srv.fi/en/investors/releases-and-publications/annual-reviews-financial-statements/).

SRV's Annual Report 2023 contains the Report of the Board of Directors, Financial Statements, Corporate Governance Statement, Remuneration Report, sustainability appendix and Corporate Sustainability Report 2023. In its 2023 Annual Report, SRV will be reporting on corporate responsibility in accordance with the Global Reporting Initiative (GRI) framework. We have also taken the international Task Force on Climate-related Financial Disclosures (TCFD) and Task Force on Nature-related Financial Disclosures (TNFD) into account when reporting on climate and nature-related risks, and have included the UN's Sustainable Development Goals (SDGs) in our reporting. The Annual Report has been published in both Finnish and English.

The complete Annual Report is attached to this release as a PDF file. In addition, SRV Group Plc publishes the Financial Statements in accordance with European Single Electronic Format (ESEF) reporting requirements with the format of the report being Extensible Hypertext Markup Language (XHTML). The consolidated Financial Statements and the notes to the consolidated Financial Statements have been labelled with XBRL tags and the ESEF Financial Statements have been assured by the auditor.

For further information, please contact: 
Miia Eloranta, SVP, Communications and Marketing, tel. +358 50 441 4221, miia.eloranta@srv.fi  

Distribution:
Nasdaq Helsinki
Main media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)
 

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes into consideration the wellbeing of both the environment and people. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to about 800 SRV employees, we had a network of around 3,300 partners.

SRV - Building for life

SRV's change negotiations have been completed 

SRV has today, Tuesday, completed change negotiations in accordance with the co-operation act. At the start of the negotiations, the company estimated that the need for permanent personnel reductions would be 35 person-years at most. The negotiations resulted in personnel reductions of a total of 19 person-years. In addition, 6 people will be laid off until further notice. As part of the negotiated solution, the company also has the possibility to lay off permanent personnel that the negotiations concerned, for a fixed period of up to 90 days per person by the end of February 2025, if necessary. 

The personnel reductions and layoffs as a result of the negotiations are part of the measures, the goal of which is to adjust the company's costs to meet the challenging ongoing market situation. With the adjustment measures, the company aims for a total of 4 million euros in cost savings for 2024. 

The negotiations concerned approximately 305 people. 
 

For further information, please contact:  
Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, saku.sipola@srv.fi   
Miia Eloranta, Senior Vice President, Communications and Marketing, tel. +358 (0)50 441 4221, miia.eloranta@srv.fi   

Distribution:
Media
www.srv.fi
You can also find us on social media: 
Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)  X (https://twitter.com/SRVYhtiot)  Instagram (https://instagram.com/srvfinland/)
 

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes into consideration the wellbeing of both the environment and people. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to about 800 SRV employees, we have a network of around 3,300 partners.

SRV - Building for life