Renault Closes Russian Operations, Confirms Financial Outlook
Renault Group has announced the closure of its Russian operations, effective from June 30, 2022. The move, which is not subject to any conditions, will result in the deconsolidation of these operations from the Group's financial statements. Renault Group's CEO, Luca de Meo, described the decision as difficult but necessary for the Group's performance and future return to Russia.
The closure of Russian operations will be accounted for as discontinued activities. A non-cash adjustment charge of 2,195 million euros will be recorded in the 2022 first half results. Despite this, Renault Group confirms its financial outlook as previously announced on March 23, 2022. The Group has also secured an option to buy back its interest in AVTOVAZ at certain times during the next six years.
Looking ahead, Renault Group will host a Capital Market Day in the fall of 2022. During this event, the Group will present its updated financial outlook and strategy, positioning itself as a competitive, tech, and sustainable benchmark player in the industry.
The closure of Renault Group's Russian operations, while challenging, is a strategic move aimed at ensuring the Group's long-term performance and future prospects in the region. The Group remains committed to its financial outlook and is looking forward to presenting its updated strategy later this year.
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