Eagle Filters Group Oyj
Company Announcement

Eagle Filters Group to record impairments of approximately EUR 2.3 million related to its Venture Holdings

17.2.2023 15:30:01 EET | Eagle Filters Group Oyj | Company Announcement

Eagle Filters Group Oyj
Company announcement, inside information
17.2.2023, 15:30 (EET)

During 2022 Eagle Filters Group has continued its transformation process from an investment company to an industrial company through Eagle Filters Oy. As part of the transformation, the company’s strategy has shifted to focus solely on Eagle Filters Oy´s business and going forward, the visibility into Venture Holdings’ operations is expected to deteriorate. 

To reflect the strategic shift, limited visibility and the consequently increased uncertainties in determining the fair value for Venture Holdings, Eagle Filters Group´s Board of Directors has according to the principle of prudence decided on non-cash impairments totaling EUR 2,3 million relating to Eagle Filters Group´s Venture Holdings Nuuka Solutions, Sofi Filtration, Sansox, Clean Future Fund and Enersize. Other venture holdings have been impaired in previous financial periods. The impairment of Nuuka Solutions only relates to the revaluation reserve.

The impairments will impact Eagle Filters Group´s 2022 profit- & loss statement by EUR -815 thousand and the equity revaluation reserve by EUR -1 451 thousand. The impairments do not have an impact on cashflow.

Until the audit of the full year 2022 financial results is completed, all financial references for 2022 are preliminary.

For more information:
Jarkko Joki-Tokola, CEO, Eagle Filters Group Oyj. jarkko@eaglefilters.com
Erik Penser Bank AB, Certified Adviser, certifiedadviser@penser.se

Eagle Filters Group Oyj discloses the information provided herein pursuant to the Market Abuse Regulation ((EU) No 596/2014, ”MAR”). The information was submitted for publication by the aforementioned person on 17 February 2023 at 15:30 (EET).

About Eagle Filters Group Oyj

Eagle Filters Group is a material science company that aims to enable a green and healthy environment.

Eagle provides high performance filtration solutions that cut CO2 emissions and increase profitability of the energy industry. Eagle’s technology improves performance and energy efficiency while cutting costs. The technology is being used by some of the world’s largest energy utilities.

The company group is listed on First North Growth Market Finland under the ticker EAGLE and on First North Growth Market Stockholm under the ticker EAGLES. 

www.eaglefiltersgroup.com