REG - Imperial Brands PLC - Disposal

Imperial BrandsAnnouncement

20/04/2022 16:15

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RNS Number : 7814I  Imperial Brands PLC  20 April 2022

IMPERIAL BRANDS PLC

 

Legal Entity Identifier (LEI) No. 549300DFVPOB67JL3A42

 

20 April 2022

 

Update on Russia

 

Imperial Brands today announces the transfer of its Russian business to
investors based in Russia, subject to finalisation of the registration of the
transaction with local authorities, which is expected to take place shortly.

 

The transaction aligns with our previously announced intention to divest our
entire Russian operation as a going concern in order to provide the best
outcome for our 1,000 Russian colleagues.

 

Imperial's operations include a sales and marketing business, and a factory in
Volgograd.

 

We continue to support our Ukrainian colleagues and their families, including
with transport and accommodation to enable them to escape the areas most
heavily affected by war, and resettlement assistance for those who have left
Ukraine.

 

There is no change to our previous guidance on the financial impact of our
exit from Russia and suspension of our Ukraine operations. In FY21, Russia and
Ukraine represented in total around 2 per cent of net revenues and 0.5 per
cent of adjusted operating profit. In addition, we estimate a non-cash write
off of around £225 million for this transaction, which we expect to be
treated as an adjusting item.

 

ENDS

 

 Investor Contacts                     Media Contacts
 Peter Durman     +44 (0)7970 328 903  Jonathan Oliver  +44 (0)7740 096 018
 James King       +44 (0)7581 052 880
 Jennifer Ramsey  +44 (0)7974 615 739

 

Cautionary Statement

Certain statements in this announcement constitute or may constitute
forward-looking statements. Any statement in this announcement that is not a
statement of historical fact including, without limitation, those regarding
the Company's future expectations, operations, financial performance,
financial condition and business is or may be a forward-looking statement.
Such forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially from those projected or implied
in any forward-looking statement. These risks and uncertainties include, among
other factors, changing economic, financial, business or other market
conditions. These and other factors could adversely affect the outcome and
financial effects of the plans and events described in this announcement. As a
result, you are cautioned not to place any reliance on such forward-looking
statements. The forward-looking statements reflect knowledge and information
available at the date of this announcement and the Company undertakes no
obligation to update its view of such risks and uncertainties or to update the
forward-looking statements contained herein. Nothing in this announcement
should be construed as a profit forecast or profit estimate and no statement
in this announcement should be interpreted to mean that the future earnings
per share of the Company for current or future financial years will
necessarily match or exceed the historical or published earnings per share of
the Company. This announcement has been prepared for, and only for the members
of the Company, as a body, and no other persons. The Company, its Directors,
employees, agents or advisers do not accept or assume responsibility to any
other person to whom this announcement is shown or into whose hands it may
come and any such responsibility or liability is expressly disclaimed.

 

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