The company generated about 2% of its total sales in the country last year, amounting to 2.8 billion crowns.įinland's Fortum said it would record a pre-tax impairment of 2.1 billion euros from its Russian operations in the first quarter. The Swedish hygiene products group said it would record a write-down of 1.4 billion Swedish crowns ($141.5 million) after it shut down all production and sales in Russia in March. UBS also cut its exposure in Russia to $400 million at the end of March, from $600 million. The Swiss bank said on April 26 that Russia's invasion of Ukraine had a cost of about $100 million. UniCredit runs Russia's 14th biggest lender Italy's UniCredit, one of Europe’s banks most exposed to Russia, said it has booked 1.3 billion euros in loan loss provision related to Russia, as it released its first quarter results. The amount includes a 2 billion euro hit to Rosbank's book value, with the rest linked to the reversal of rouble conversion reserves. The French bank said it would quit Russia and write off 3.1 billion euros from selling its Rosbank unit to Interros Capital. The Swiss bank estimated on April 20 that the impact of the Russian invasion of Ukraine will cost it 200 million Swiss francs ($203.1 million) in the first quarter of 2022. banks added $1.9 billion to its reserves in the first quarter to prepare for losses from direct exposures in Russia and the economic impact of the Ukraine crisis.Ĭredit Agricole (OTC: CRARY) announced it has provisioned more than 500 million euros related to its exposure to Russia as it released its first quarter results. bank said in connection with its quarterly report that it sees a loss of up to $3.0 billion from its exposures in Russia in a severely adverse scenario.Ĭiti said it had reduced its total exposure to Russia since December 2021 by $2.0 billion to $7.8 billion.
The Swedish truckmaker said on April 8 it had set aside provisions worth $423 million after suspending activities in Russia that amounted to 3% of group sales. Lost sales accounted for 166 million euros of revenue loss in the first quarter, although Russia remained the company's second-largest market after France. Renault (EPA: RENA) said in March it was considering a 2.2 billion euro, non-cash writedown to reflect the potential costs of suspending operations in Russia.
TJX said it might need to record an impairment due to the divestiture if the fair value of the Familia investment declines below its carrying value on the balance sheet. The stake was valued at $186 million at the end of January, lower than the $225 million TJX paid for it in 2019. U.S.-based fashion retailer TJX said it would sell its 25% stake in the Russian low-cost apparel shop chain Familia. LPP sees the suspension of business in Ukraine and closing stores in Russia costing 25% of revenue. In 2021/2022, Russia was LPP's second-biggest market after Poland, constituting 19.2% of its full-year sales revenue. It also said Ukraine could pose a risk to sales of up to 250 million euros ($264 million), or about 1% of the group total in 2021.įourth-quarter results of LPP, Poland's biggest fashion retailer, were hit with a 335 million zloty ($75.4 million) writedown, covering closure of its stores in Russia. It operates 500 stores in the country, a quarter of its total. The German sportswear company warned in March of a hit to sales from closing in Russia, without giving an estimate. These are companies, listed by sector, that have provided cost estimates related to a temporary or permanent halt in Russia: 24, have started to report associated losses. (Reuters) - Multinationals that announced their exit from Russia, or suspension of activities there, after Moscow's invasion of Ukraine on Feb. FILE PHOTO: The Adidas logo is pictured during celebrations for German sports apparel maker Adidas' 70th anniversary at the company's headquarters in Herzogenaurach, Germany, August 9, 2019.
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