Legrand Announces Its Intention to Disengage From Russia

LIMOGES, France--(BUSINESS WIRE)--Regulatory News:

In view of recent developments, including rising operational complexity and uncertainty, Legrand (Paris:LR) has decided to divest its Russian operations and is currently reviewing options for transferring their control in a timely and orderly manner.

Legrand's activities in Russia accounted for approximately 1.5% of full-year sales in 2022. As of December 31, 2022, the Group’s balance-sheet exposure to Russia, including currency translation reserves, amounted to approximately €200 million, of which close to €150 million will be booked in respect of its 2022 consolidated financial statements as an assets impairment, with no impact on the Group’s adjusted operating profit.

Legrand believes this disengagement is the best option to ensure its ongoing compliance with all legislation and regulations as well as the long-term continuity of local operations for its employees and customers.

Key financial dates:

• 2022 annual results: February 9, 2023
  “Quiet period¹” starts January 10, 2023

• 2023 first-quarter results: May 4, 2023
  “Quiet period¹” starts April 4, 2023
• General Meeting of Shareholders: May 31, 2023

About Legrand

Legrand is the global specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for commercial, industrial and residential markets makes it a benchmark for customers worldwide. The Group harnesses technological and societal trends with lasting impacts on buildings with the purpose of improving life by transforming the spaces where people live, work and meet with electrical, digital infrastructures and connected solutions that are simple, innovative and sustainable. Drawing on an approach that involves all teams and stakeholders, Legrand is pursuing its strategy of profitable and responsible growth driven by acquisitions and innovation, with a steady flow of new offerings—including products with enhanced value in use (faster expanding segments: datacenters, connected offerings and energy efficiency programs). Legrand reported sales of €7.0 billion in 2021. The company is listed on Euronext Paris and is notably a component stock of the CAC 40 and CAC 40 ESG indexes. (code ISIN FR0010307819).
https://www.legrandgroup.com

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¹ Period of time when all communication is suspended in the run-up to publication of results.