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Russia Update

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.

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 Simon Evans +44 (0)7967 467 684
Jennifer Ramsey +44 (0)7974 615 739