Inside information: Aspo’s subsidiary Telko completes the sale of its Russian operations

Aspo Plc
Inside information
April 19, 2023 at 3:30 p.m.

Inside information: Aspo’s subsidiary Telko completes the sale of its Russian operations

After receiving the required approvals from the Russian authorities, Aspo Group’s subsidiary Telko has today received the funds for the sale of the share capital of its Russian subsidiary Telko OOO to Russian industrial operator GK Himik. The original sales price was approximately EUR 9.5 million as announced in October 2022. The received sales price was EUR 5.7 million after mandatory valuation adjustments. Considering the already recognized write-downs, the transaction will not generate further sales gains or losses except for the translation differences which amount to approximately EUR -8.6 million, based on the current exchange rate of the Russian ruble. The reclassification of the translation differences does not reduce the equity of the Group.

"The sale of Telko’s Russian business is an important milestone for the whole Group. Our exit from the selected Eastern markets is now nearing its completion, and it frees time and resources within the organization to focus on seeking growth opportunities in the Western markets”, said Aspo Group’s CEO Rolf Jansson.

The technical transfer of shares to GK Himik will take place over the next couple of days, and after that the divestment is complete.

In Aspo's financial reporting, Telko's Russian business has been classified as held for sale since October 2022 when the binding framework agreement was signed.


Aspo Plc

Rolf Jansson
CEO

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

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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 950 professionals.