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Analyst Comment

Meriaura Group: Tightening up financial management

By Pauli LohiAnalyst
Summa Defence

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.

Summa Defence is a Finnish defence and security technology group. The group provides strategic support and resources to companies in the sector, focusing on technologies related to situational awareness, mobility and protection, which benefit both civilian, security and defence sectors. The goal is to improve Finland's and Europe's overall security, security of supply and crisis management capabilities. Summa Defence is headquartered in Helsinki.

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