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Sarantis Group withdraws permanently from the Russian market

5 SEPTEMBER 2022

Sarantis Group informs the investment community of its decision to permanently withdraw from the Russian market in the context of the crisis between Ukraine and Russia.

It is noted that the company GR. SARANTIS S.A., operates until today in the Russian market through its 100% subsidiary HOZTORG LLC., a commercial business.

As of H1 2022 sales of Hoztorg LLC amounted to € 0.75 mil., representing 0.34% of the Group's total sales.

The assets of Hoztorg LLC in H1 2022 constituted 0.26% of the Group's total assets.

The Group estimates that the negative impact from the termination of its activity in Russia is expected to amount to approximately 1.2 million euros, which reflects the total equity of the Russian company.

Sarantis Group stands alongside those affected by this humanitarian crisis, including our employees and their families in Ukraine. Since the beginning of the war our priority has been the protection and support of our employees in Ukraine, and offering humanitarian aid that was mobilized from the Group’s subsidiaries closer to Ukraine, Sarantis Polska, Polipak and Sarantis Romania.

 

Sarantis Group

Headquartered in Athens and boasting a history of over 50 years, Sarantis Group is a multinational consumer products company having leading presence in Eastern Europe and an expanding geographical footprint through own subsidiaries and strong export activity worldwide. Our mission is to uplift the mood of consumers, with beautiful simplicity that makes everyday life better, by being always nearby, working closely with our stakeholders to create value sustainably. From Personal Care, Home Care and Health Care Products as well as Luxury Cosmetics, we offer well recognized brands that have a positive impact on people’s everyday lives. With strong activity in 13 countries, and in particular in Greece, Poland, Romania, Bulgaria, Serbia, Czech Republic, Slovakia, Hungary, Northern Macedonia, Bosnia, Portugal, Slovenia and Ukraine, we maintain a dynamic international presence and a powerful distribution network of more than 50 countries around the world.

Sarantis Group withdraws permanently from the Russian market (186.6KB)

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