Below is a list of companies by industry that have provided cost estimates related to their temporary or permanent shutdown of operations in Russia:
Clothing
Adidas
The German sportswear company warned in March that closing its operations in Russia would affect sales, but did not give an estimate. It operates 500 stores nationwide, a quarter of its total. He also said Ukraine could represent a risk for sales of up to 250 million euros ($271 million), or around 1% of the group’s total in 2021.
BVG
The fourth-quarter results of LPP, Poland’s largest fashion retailer, were hit by a 335 million zloty ($78.05 million) writedown, covering the closure of its stores in Russia. In 2021/2022, Russia was LPP’s second largest market after Poland and accounted for 19.2% of the retailer’s annual revenue. According to the company, the suspension of activities in Ukraine and the closure of stores in Russia will cost 25% of turnover.
TJX
US fashion retailer TJX has said it will sell its 25% stake in Russian discount clothing chain Familia. The stake was valued at $186 million at the end of January, less than the $225 million paid by TJX in 2019. TJX said it may need to record an impairment due to the disposal if the fair value of the Familia investment falls below its book value on the balance sheet.
Automotive
Renault
Renault said in March it was considering a non-cash write-down of 2.2 billion euros ($2.38 billion) to reflect the potential costs of suspending operations in Russia. Lost sales in Russia accounted for 166 million euros in lost revenue in the first quarter, although the country remained the company’s second-largest market after France.
Volvo
The Swedish truck manufacturer indicated on April 8 that it had made provisions amounting to 423 million dollars after the suspension of activities in Russia which represented 3% of the group’s sales.
Banks
Citigroup
US bank Citigroup said as part of its quarterly report that it sees a loss of up to $3.0 billion from its Russian exposures in a very adverse scenario. It said it had reduced its total exposure to this country by $2.0 billion since December 2021, bringing it to $7.8 billion. The most global of US banks added $1.9 billion to its reserves in the first quarter to prepare for losses from its direct exposures to Russia and the economic impact of war in Ukraine.
Swiss credit
The Swiss bank estimated on April 20 that the impact of the Russian war in Ukraine will cost it 200 million Swiss francs ($209.10 million) in the first quarter of 2022.
Societe Generale
The French bank said it would exit Russia and write off 3.1 billion euros ($3.35 billion) from the sale of its Rosbank unit to Interros Capital. The amount includes a 2 billion euro strike on Rosbank’s book value and the rest related to the takeover of ruble translation reserves.
Consumer goods
Essity
The Swedish hygiene products group announced that it would record a depreciation of 1.4 billion crowns (147.66 million dollars) after stopping all production and sales in Russia in March. The company generated around 2% of its total sales in the country last year, amounting to 2.8 billion crowns ($295.32 million).
Philip Morris
The tobacco giant recorded a 3 cents per share charge related to the war in Ukraine in the first quarter after halting sales of a number of Marlboro and Parliament cigarette products in Russia. Philip Morris’ first-quarter profit fell 3.6% to $2.32 billion, or $1.50 a share, including the 3-cent charge. Last year, Russia generated more than $1.8 billion in revenue for the company, or around 6% of its global sales.
Energy
Exxon Mobil
The oil giant’s decision to leave Russia and halt its oil and gas operations will affect profit and oil production by 1-2%, the company’s chief financial officer said. Exxon Mobil’s Russian oil and gas operations were valued at more than $4 billion.
OMV
The Austrian energy group said on April 8 that it would suffer a loss of 2 billion euros in the first quarter due to its withdrawal from Russia, divided equally between its connection with the Nord Stream 2 gas pipeline project and adjustments of the method of consolidation of two Russian entities.
Shell
The world’s largest liquefied natural gas trader will write down up to $5 billion following its decision to pull out of Russia, more than the $3.4 billion previously announced, the company said on Monday. April 7. This increase is due to additional potential impacts around contracts, receivables impairments and credit losses.
Media
netflix
The global streaming giant said on April 19 that its decision to suspend services in Russia resulted in the loss of 700,000 members, as the company lost subscribers for the first time in more than a decade.
Food and beverages
Anheuser-Busch InBev
The Belgian brewer announced on April 22 that it would sell its non-controlling stake in its Russian joint venture AB InBev Efes. The divestiture will result in a $1.1 billion impairment in the first quarter. The joint venture owns 11 breweries in Russia and three in Ukraine.
Carlsberg
The Danish brewer said the decision to sell its Russian business would result in a writedown of around 9.5 billion crowns ($1.4 billion). The company generated 10% of its revenue and 6% of its operating profit in Russia in 2021. It also said it expects writedowns of 300 million crowns for Ukraine, plus goodwill writedowns of 700 million crowns for the Central and Eastern Europe region, which includes Ukraine.
Heineken
The Amsterdam-based brewer decided in late March to leave Russia, concluding that owning any business there is no longer sustainable or viable in the current environment. Heineken added that it will not benefit from any transfer of ownership and expects impairment and other one-off non-cash charges of approximately 0.4 billion euros ($432.96 million) in total. .
McDonald’s
McDonald’s said in March that closing its Russian restaurants would cost it about $50 million a month. The company operates 847 locations – out of a global total of more than 38,000 – in Russia. Broker Piper Sandler expects the restaurant chain’s shutdown in Russia to result in earnings per share of $1.19 in 2022.
Toys
Hasbro
The US toymaker warned on April 19 of a potential drop in revenue of around $100 million this year due to its decision to suspend toy shipments to Russia.
Other
Husqvarna
The Swedish gardening equipment maker said on April 21 that it recorded write-downs of 119 million crowns ($12.6 million) in the first quarter of 2022 due to the cessation of all exports and investments in Russia. . In 2021, Russia accounted for 1.5% of group sales.
Konecranes
The Finnish engineering group said it had written off 79 million euros in orders from Russia in the first quarter. It also canceled 32 million euros ($34.62 million) of domestic sales, which negatively impacted operating profit for the quarter by approximately 39 million euros.
Metso Outotec
The Finnish mining solutions provider, which stopped deliveries to Russia in March, said on April 21 that operational assets related to Russian customers, amounting to around 100 million euros ($109 million) , could be at risk if it is unable to terminate existing contracts in a controlled manner. The company, which made 10% of its turnover in Russia in 2021, added that it had 269 million euros in advance payment guarantees linked to deliveries to Russia at the end of March.
SKF
The Swedish bearing and seal maker said on April 22 that it would cease all operations in Russia and planned to divest its Russian business in a controlled manner. This decision results in an impairment of approximately 500 million Swedish krona ($52.70 million) in the second quarter. Russian sales accounted for around 2% of the group’s total sales in 2021.
Stora Enso
The Finnish logging company said April 25 that it had divested its two sawmills and logging operations in Russia to local management, resulting in a 70 million euro ($75 million) writedown in the first quarter, and triggered an additional loss on the transaction under IFRS accounting rules of approximately €60 million upon closing of the transaction.
The company previously said it would cease all production and sales in the country. Its revenues in Russia accounted for around 3% of the group’s total revenues.