AFRY concludes divestment of Russian unit to local management

AFRY concludes divestment of Russian unit to local management

(IN BRIEF) AFRY, a Swedish engineering consulting firm, has completed the divestment of its Russian subsidiary to local management. The divestment will not affect AFRY’s EBITA excluding items affecting comparability. The company had earlier communicated about the divestment, and it was accrued in Q3 2022, impacting the net result negatively with SEK 66 million. The divestment will result in the Russian business operating under a different brand name.

(PRESS RELEASE) STOCKHOLM, 12-Apr-2023 — /EuropaWire/ —AFRY has divested its Russian subsidiary to local management.

The completion of the divestment follows AFRY’s earlier announcement to divest its Russian subsidiary to local management. The local ownership and operations will secure a good solution for both employees and customers.

The divestment has now been completed and duly registered with Russian authorities. Going forward, the Russian business will operate under a different brand.

As earlier communicated, and accrued in Q3 2022, the divestment impacted the net result negatively with SEK 66 million. The divestment will not impact EBITA excl. items affecting comparability. Final impact of the divestment will be communicated in the report for Q1 2023.

AFRY provides engineering, design, digital and advisory services to accelerate the transition towards a sustainable society. We are 19,000 devoted experts in industry, energy, and infrastructure sectors, creating impact for generations to come.

AFRY has Nordic roots with a global reach, net sales of 24 BSEK and is listed on Nasdaq Stockholm.

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SOURCE: Afry