Heineken says it still plans to exit Russia, take 300 million euro loss
22/02/2023 07:23
AMSTERDAM, Feb 22 (Reuters) - Brewer Heineken HEIN.AS
HEIO.AS still plans to exit Russia and sell its business there
at a loss this year, it said on Wednesday, after a Dutch media
report questioned whether it had followed through on its March
2022 promise to leave the country.
The story by investigative website Follow The Money reported
that Heineken is still operating in Russia, including by selling
its non-Heineken international brands such as Amstel, and by
launching new products.
"We’re working hard to transfer our business to a viable
buyer in very challenging circumstances and at significant
financial loss to the company," Heineken said in a statement.
It said it expects a 300 million euro ($320 million)
impairment on the business when it is sold, likely in the first
half of 2023.
"In the meantime, our local colleagues are doing what they
can to keep the business going to avoid nationalisation and to
ensure their livelihoods are not at risk," Heineken said.
"There is no exchange of funds between Heineken and our
local business in Russia, and we do not receive any dividends or
royalties."
($1 = 0.9383 euros)
(Reporting by Toby Sterling; Editing by Jan Harvey)
((toby.sterling@thomsonreuters.com;))