Imperial Brands to Sell Russian Business to Investors; Expects GBP225 Million Write-Off
April 20 2022 - 11:45AM
Dow Jones News
By Joe Hoppe
Imperial Brands PLC said Wednesday that it will sell its Russian
business to investors in the country, and estimates a 225 million
pound ($292.5 million) non-cash write-off from the deal.
The FTSE 100 tobacco group said the transfer to Russian
investors is subject to finalization of the registration of the
transaction with local authorities, expected shortly.
The operations include a sales-and-marketing business, and a
factory in Volgograd.
The company said there is no change to its prior guidance on the
financial hit from its exit from Russia and suspension of
operations in Ukraine. In fiscal 2021, Russian and Ukrainian
markets represented around 2% of net revenue and 0.5% of adjusted
operating profit, it said.
The company said it expects to treat the GBP225 million non-cash
write-off as an adjusting item.
Shares at 1512 GMT were up 3.0 pence, or 0.2%, at 1,678.5
pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
April 20, 2022 11:30 ET (15:30 GMT)
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