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INCH - Inchcape News Story

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Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £3.12bn
Enterprise Value £3.21bn
Revenue £6.84bn
Position in Universe 242nd / 1826

Inchcape PLC - Streamlining of Retail operations in Russia

Thu 22nd April, 2021 7:00am
RNS Number : 2330W
Inchcape PLC
22 April 2021
 

RNS release

22 April 2021

Streamlining of Retail operations in Russia

Transaction highlights:

·    Sale of retail operations in St. Petersburg for an enterprise value of c.£70m

·    Consistent with the Group's strategy to focus on its global distribution ambitions

Inchcape plc ("Group"), the leading independent multi-brand automotive distributor with global scale, today announces that it has agreed the sale of its Toyota and Audi retail operations in St. Petersburg to KlyuchAvto, a local market operator. The Group has agreed to dispose of the business for an enterprise value of c.£70m, which will be paid in cash on completion. The transaction is conditional upon final OEM partner and regulatory approvals, and is expected to complete in the second-quarter.

In 2020, the disposed operations generated revenue of c£200m and profit before tax (pre-exceptionals) of £12m. Gross assets at the end of 2020 were £77m. Owing to accumulated foreign exchange translation losses (£110m*), the disposal will crystallise an exceptional loss before tax of £65m*.

The proceeds from the disposal will be deployed consistent with the Group's strategy to grow the core Distribution business.

The Group will provide an update on its first-quarter trading on Thursday 29th April.

 

* based on prevailing exchange rates, and therefore subject to change

 

 

Ends

 

Inchcape plc - Investor Relations

Raghav Gupta-Chaudhary +44 (0)7933 395 158, investors@inchcape.com

                                      

Instinctif Partners:

Mark Garraway +44 (0)7771 860 938, inchcape@instinctif.com

 

 

About Inchcape

Inchcape is the leading independent multi-brand global automotive distributor, operating in 34 markets with a portfolio of the world's leading automotive brands. Inchcape has diversified multi-channel revenue streams including sale of new and used vehicles, parts, service, finance and insurance. The Company has been listed on the London Stock Exchange (INCH) since 1958, is headquartered in London and employs around 15,000 people. www.inchcape.com.

 

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