(Reuters) – Multinationals who announced that they would be leaving Russia or suspending their activities after the invasion of Ukraine by Moscow on February 24, 2018, have begun to report losses.

These companies are listed according to sector and have estimated the cost of a Russia stoppage.

APPAREL

ADIDAS

German sportswear manufacturer, Adidas, warned that Russia would close its stores in March. It did not provide an estimate. This is a quarter-sized portion of the total 500 shops it has in Russia.

According to it, Ukraine might pose a danger to its sales up to 250million euros ($264million), about 1% in the total for 2021.

LPP

LPP’s fourth quarter results, Poland’s largest fashion retailer, suffered a writedown of 335M Zloty (75.4 Million), which covered the closure of its Russian stores.

Russia accounted for 19.2% of LPP’s full-year sales revenue in 2021/2022. LPP estimates that closing Russian shops and suspending operations in Ukraine would result in 25% loss in revenue.

TJX (NYSE): U.S.-based fashion retailer TJX stated it was selling its 25% stake at Familia Russian low-cost clothing chain Familia. At the end January, the stake was worth $186 million. This is lower than what TJX spent on it in 2019, which was $225 million.

TJX indicated that it could need to recognize impairment as a result of divestiture, if Familia investments decline below their carrying values on the balance sheets.

AUTOMAKERS

RENAULT Renault (EPA:) In March, the EPA stated that it had begun to consider a 2.2 Billion Euro non-cash writedown in order to cover potential Russian operations being suspended.

In the first quarter of 2018, revenue lost to sales was 166 million euro, but Russia remains the company’s largest market.

VOLVO

According to the Swedish truckmaker, $423 Million was set aside by it after Russia suspended activities. This amount was 3% of total group sales.

BANKS

CITIGROUP In its quarterly report, the U.S. bank stated that its Russian exposures could result in losses of as high as $3.0Billion in an extremely adverse situation.

Citi stated that it has reduced its exposure to Russia from December 2021 to $2.0 billion to $7.8billion.

In order to protect itself from losses from Russia’s direct exposures, and to counter the impact of the Ukraine crises on the economy, one of America’s most important banks increased its reserve by $1.9 billion in the quarter.

CREDIT AGRICOLE Credit Agricole, (OTC:), announced provisioning of more than 500 millions euros for Russia exposure in its quarterly results.

CREDIT SSUISSE A Swiss bank has estimated that Ukraine’s Russian invasion will result in a loss of 200 million Swiss francs (203.1 million dollars) for the first quarter 2022.

SOCIETE GENERAL The French bank declared it was leaving Russia to write off the 3.1 billion euro that it received from its Rosbank sale to Interros Capital.

Rosbank will receive a 2 Billion Euro hit on its book value. Rest of the proceeds will be tied to the reversal in rouble conversion reserves.

UNICREDIT Italy’s UniCredit, one of Europe’s banks most exposed to Russia, said it has booked 1.3 billion euros in loan loss provision related to Russia, as it released its first quarter results. UniCredit is Russia’s fourteenth largest lender

UBS On April 26, UBS, a Swiss bank stated that Russia’s invasion in Ukraine cost about $100 million. UBS’ exposure to Russia was also reduced by $400 million, or $600 million, at the end March.

UTILITIES & CONSUMABLES

ESSITY Following the March shutdown of all Russian sales and production, the Swedish Hygiene Products Group announced it would report a write down of 1.4 billion Swedish Crowns ($141.5m).

About 2% of the total country’s sales were generated by this company last year. That amounts to approximately 2.8 billion crowns.

FORTUM

Fortum in Finland stated that the Russian operations would cause a loss of pre-tax income of 2.1 billion euro.

Fortum has a Russia segment that generates 0.33 billion, while Unipro is a Russian subsidiary of Fortum. Fortum also owns Uniper in Russia. 0.2Billion comes from Fortum’s Russian ownership in TGC-1, the Russian energy company, as well as in joint ventures for renewable energy in Russia.

HENKEL

According to the quarterly report of German chemicals and consumer goods companies, 1 billion Euros will be impacted on their full-year sales by current geopolitical circumstances.

Persil detergents and Pritt glue were announced by the maker in April. On Friday, it added that it was also leaving Belarus.

PHILIP MORIS

After discontinuing the sale of several Marlboro and Parliament cigarettes products in Russia, the tobacco giant paid 3 cents per share for the Ukraine crisis.

Philip Morris’ (NYSE:) first quarter earnings dropped 3.6% to $2.32 Billion, or $1.50 per Share, including the 3-cent fee. Russia, which generated more than $1.8 million in revenue last year and approximately 6% from its worldwide sales, had a total revenue exceeding $1.50 billion.

ENERGY

BP (NYSE 🙂

BP, the oil and gas giant, reported a writedown of $24 billion in Russia. This was slightly less than the initial estimate of $25 Billion. BP stated that the quarterly headline loss resulted from the $20.4 billion non-cash writedown on its Rosneft shares and in two other joint ventures.

EQUINOR Norway’s Equinor stopped trading in Russian oil in March, in addition to shutting down its operations in the country. In the first quarter, Equinor recognized net impairments in Russia of $1.08 Billion.

It is also in the process of leaving its joint ventures with Russia’s Rosneft.

EXXON Mobil CORP

Chief financial officer stated that the decision of Russia’s largest oil company to quit Russia and stop oil and gas production will have a negative impact on earnings and oil output.

Exxon Mobil The Russian oil and natural gas assets of (NYSE:) were worth more than $4B. In its first quarter, the company reported a $3.4 Billion after-tax loss on Russia Sakhalin-1.

OMV

According to Austria’s energy group, 2 billion euros would have been lost in the quarter because of Russia’s pullback. The hit will be divided equally between Russia’s connection with Nord Stream 2 and adjustment of the consolidation methods of the two Russian entities.

SHELL

After its decision to leave Russia, the world’s biggest liquefied trader, it will have to write off up to $5Billion. This is in addition to the previously reported $3.4 billion. This was in addition to potential consequences around contracts and writedowns receivables as well as credit losses.

ENGINEERING & CONSTRUCTION

ALFA LAVAL

Swedish engineering company has suspended all Russian orders. The firm stated on April 26th that 602,000,000 Swedish crowns worth of orders had been cancelled by sanctions.

Additionally, 327 million Crowns of Provisions were booked by the company to help cover costs related to Russia’s existing contracts.

KONECRANES

Finnish engineering firm said that it wrote down orders to Russia of 79 millions euros during the quarter. The company also cancelled 32million euros worth of Russian sales, which had a negative impact on the quarter’s operating profits by 39 million Euros.

SRV On April 28, the Finnish construction firm said that it had sold most of its Russian assets to Fennovoima and written down all Russian assets. It also recorded a deficit of 141.2 millions euros in its balance sheet.

Russia’s assets remaining are estimated to be worth around 2.6 million Euros.

As the decrease in asset values ​​will have a significant impact on SRV’s equity and equity ratio, the company said it would reorganize its financing, including a contemplated rights issue and conversion of its unsecured fixed-interest bond.

VALMET

Finnish engineering company has stated that several of the projects it delivered to Russia do not meet the requirements of customer contracts for revenue recognition purposes. It therefore reversed its orders backlog by about 70 million Euros.

WARTSILA As it reduced its operations in Russia, the Finnish engineering firm WARTSILA reported a 200-million euro write-down in its quarterly financial reports.

This writedown covers 75 million euro of impairment for Voyage related goodwill and intangible asset, 50 million Euros of impairment related Russian assets and 75 million Euros of writedowns associated with trade-sanctioned receivables and projects.

Although the writedown has no impact on the company’s similar operating results, it does have an impact on its operational finances.

Russia-related activity accounted for approximately 5% Wartsila’s net sales 2021. Service net sales were about 40 millions euros.

YIT

Finnish construction company reported an impairment of 133 Million Euros in its first quarter after reclassifying Russian businesses as sold.

YIT had announced that in April, it would be selling its operations in the country to Etalon Group.

SERVICE STREAMING

NETFLIX

According to the global streaming giant, the decision to stop services in Russia on April 19, resulted from the 700,000 member loss. This is the first time the company has lost subscribers in more than 10 years.

FOOD & BEVERAGES

AB INBEV

On April 22, the Belgian brewer, InBev Efes, announced that it was selling its controlling stake in Russian joint venture AB InBev Efes. In the first quarter, there will be a $1.1 million impairment charge. There are 11 breweries within Russia, and three in Ukraine.

CARLSBERG

According to the Danish brewery, the sale of its Russian operations would lead to a writedown amounting approximately 9.5 billion Danish crowns (or $71.1 million). It generated 10% of its total revenue in Russia and 6% in operating profit in Russia between 2021 and 2021.

Additionally, it stated it anticipated 300 million Ukraine impairment charges as well as goodwill writingdowns of 700 millions crowns for Central and Eastern Europe, which also includes Ukraine.

HEINEKEN A Dutch-based brewer made the decision to abandon Russia in March. He concluded that any ownership in a business was no longer viable or sustainable in today’s environment.

Heineken (OTC-:) claimed it wouldn’t profit from any transfer in ownership, and that it expected impairments and other exceptional non-cash charges to total around 0.4 Billion Euros.

MCDONALD’S

McDonald’s (NYSE 🙂 stated in March that closing its Russian outlets would result in a loss of $50 million per month. From a total of 38,000 worldwide locations, the company has 847 outlets in Russia.

According to Brokerage Piper Sandler, the closing of Russian operations by the restaurant chain is expected to lead to earnings per share exceeding $1.19 in 2022.

TOY MAKERS

HASBRO

American toys manufacturer Toys R Us warned that it could suffer a revenue loss of around $100 million due to the decision to suspend Russian toy exports.

OTHER

HUSQVARNA

Swedish equipment manufacturer for gardening said that April 21st, it booked writedowns amounting to 119M Swedish Crowns. These were due to Russia stopping any exports or investments. Russia will account for 1.5% in group sales by 2021.

AP MOELLER MAERSK A negative effect of $718 Million was reported by the Danish shipping company, AP MOELLER MAERSK. This is according to its earnings before tax and interest for the first quarter. That included $162 million in its Ocean segment, $53 million in Logistics & Services and $485 million in Terminals.

Maersk announced in March that it was selling all of its Russian assets, including 30.75% in Russian port operator Global Ports Investments.

MARUBENI The Japanese trading house halved its net exposure to Russia as of March 2022 to 12.3 billion yen ($94.4 million) due to a writedown of its stake in Russia’s Sakhalin-1 oil project.

Russia was less than 0.5% in the company’s total international exposure, which is 2.7 trillion yen. According to the chief executive, Russia accounted for less than 0.5% of its total overseas exposure of 2.7 trillion yen. In April, it said that it would not allow any new transactions from Russia.

METSO OUTOTEC

According to the Finnish supplier of mining technology that stopped deliveries to Russia in March and stated on April 21st, operative assets of Russian customers worth around 100 million Euro could be in danger if it is unable to end existing contracts.

Russian sales accounted for 10% in the company’s 2021 revenue. At end March, 269 million euro of advanced payment guarantees were tied to Russian delivery.

SKF

Swedish seal and bearing manufacturer, Swedish Bearings and Seals stated that it will cease operations in Russia on April 22nd and would divest from its Russian business.

This decision led to a writedown in excess of 500 million Swedish crowns during the second quarter. Russian exports accounted for approximately 2% of total Group sales in 2021.

SSAB

On April 26, the Swedish steelmaker stated that concerns regarding its Russian sales office had resulted in asset writedowns amounting to 158 millions Swedish crowns.

Fennovoima’s prospects in Finland were also affected by the war and sanctions. The shares of the Fennovoima Project in Finland were reduced to zero value by 272million crowns.

SSAB has ceased all direct sales of Belarus and Russia to Russia. It also stopped any new Russian purchases of iron ore and coal until further notice.

STORA ENSO Finnish forestry company announced on April 25 that it had decided to sell its sawmills and Russian forest operations to local management. The result was an impairment of around 70 million euro in the quarter. It also triggered an additional transaction loss under IFRS accounting rules, of roughly 60 million euros, upon the closing of the deal.

The company previously stated that it will cease all sales and production in Russia. The company’s Russian revenue accounted for approximately 3% of the total group revenues.

TEAMVIEWER German software firm Teamviewer stated it had stopped activities in Russia or Belarus. It expected that the stoppage of business activity in those two countries would have a negative impact upon billings, at a rate of about 1%.

($1 = 0.9457 euros)

($1 = 4.4461 zlotys)

($1 = 0.9849 Swiss francs)

($1 = 9.8961 Swedish crowns

($1 = 7.0337 Danish crowns)

($1 = 130.3500 yen)