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Inside information: Aspo’s subsidiary Leipurin divests its Russian, Belarusian and Kazakh operations

Aspo Oyj
Aspo Oyj

Aspo Plc
Inside information
January 17, 2022 at 2 p.m.

Inside information: Aspo’s subsidiary Leipurin divests its Russian, Belarusian and Kazakh operations

Aspo Group’s subsidiary Leipurin has signed a binding framework agreement according to which it will sell the share capital of its Russian, Belarusian and Kazakh subsidiaries to Mr. Timur Akhiyarov. Russian born Mr. Akhiyarov is investing in Leipurin East as a private investor. The purchase price is approximately EUR 8.4 million. Rights to Leipurin’s name and trademarks are not included in the sale. The completion of the transaction requires an approval of the local authorities.

”With the divestment of Leipurin’s operations in Russia, Belarus and Kazakhstan, we are now reaching our target of exiting selected eastern markets. As a result of the divestments, we are in an even better position to continue implementing our growth strategy, especially in the western market”, says Rolf Jansson, CEO of Aspo Group.

As a result of the divestment, Aspo recognizes a total expense of approximately EUR 5.2 million in the fourth quarter of 2022 relating to write-down of net assets, including the transaction costs and an impairment loss on Leipurin segment’s goodwill. In addition, based on the current exchange rates, an amount of approximately EUR 3.2 million would be recognized as an expense due to translation differences, which does not reduce the equity of the Group.

The presented figures are preliminary estimates, which are affected by changes in the exchange rates, among other things. In Aspo's financial reporting, Leipurin’s Russian, Belarusian and Kazakh businesses are classified as held for sale from December 31, 2022.

Previously Aspo had estimated that items affecting comparability will cause an estimated total expense of approximately 25 million in 2022. These include the expenses caused by the war in Ukraine, decisions regarding Telko’s and Leipurin’s operations in selected Eastern countries, and other items affecting comparability. The announced divestments of Leipurin’s Russian, Belarusian and Kazakh businesses have no impact on this previously given estimate.


Aspo Plc

Rolf Jansson
CEO

Further information, please contact:
Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264, rolf.jansson@aspo.com

Distribution:
Nasdaq Helsinki
Key media
www.aspo.com


Aspo
creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 18 different countries, and it employs a total of approximately 900 professionals.