01 April 2022
Purmo Group Plc, Stock Exchange Release, 1 April 2022 at 4:45 p.m. EET
Purmo Group has taken the decision to exit its business in Russia. The company will seek to divest and complete an orderly transfer of the business to a new owner, in compliance with international and local laws and giving consideration to the wellbeing of our employees in Russia. Upon completion of the divestment, the company will no longer have a manufacturing operation or sales in Russia.
From an accounting perspective, the Russian business will be treated as an asset held for sale until completion of the divestment. The business will be reassessed at fair value, which is not expected to have a material effect on the Group. The company will later on provide further details on the accounting impact of the planned disposal.
In 2021, the business in Russia reported net sales of EUR 41.7 million and incremental adjusted EBITDA of EUR 6.0 million. In 2021, Russia represented less than 5 per cent of Purmo Group’s total net sales and less than 3 per cent of total assets. The decision will primarily impact the Radiator division. The exit from the Russian market is not expected to have a significant impact on the company’s financial position or the financial guidance for 2022.
Our thoughts are with the people of Ukraine, and we call for a peaceful ending to the conflict.
Purmo Group Plc
Erik Hedin, CFO of Purmo Group Plc, tel. +44 7979 363 473
Josefina Tallqvist, Investor Relations, tel. +358 40 745 5276
Nasdaq Helsinki Ltd
Purmo Group Plc is a leader in sustainable indoor climate comfort solutions in Europe. We provide complete heating and cooling solutions to residential and non-residential buildings, including radiators, towel warmers, underfloor heating, convectors, valves and controls. Our mission is to be the global leader in sustainable indoor climate comfort solutions. Our approximately 3,500 employees operate through 46 locations in 21 countries, manufacturing and distributing top quality products and solutions to customers in more than 100 countries globally. Purmo Group Plc’s shares are listed on Nasdaq Helsinki (symbol: PURMO). www.purmogroup.com