Meriaura Group: Tightening up financial management

Translation: Original published in Finnish on 11/18/2024 at 8:26 am EET.

On Friday, Meriaura Group announced changes in the company’s financial management. The Group's CFO, Heikki Timonen, who has a Savosolar background, is leaving the company. The Group's financial management tasks will be outsourced to Meriaura Oy, a subsidiary of Meriaura Group. The management of the financial administration will be transferred to Miia Peltonen, who will act as CFO of Meriaura Oy.

We see these changes as part of the consolidation of the organization following the merger of the two companies, Meriaura and Savosolar, in the fall of 2022. The business of Meriaura Oy, which forms the Marine Logistics reporting area, accounts for the majority of the Group's business and is relatively stable, so it is natural that the management's focus is also on Meriaura. This action is expected to reduce the Group's administrative costs and support profitability slightly, but we do not consider the change to be material in relation to the uncertainty surrounding the forecasts and therefore do not need to revise the estimates for the time being.