The American manufacturer of aluminum containers Ball Corporation reported its financial results for the second quarter of 2022. The decision to suspend investments in the Russian Federation and sell businesses in the country generated a loss of $435 million.
At the end of March, the corporation announced that, due to the military operation in Ukraine, it was suspending investments in the Russian market and was looking for a buyer for its local business.
In a recent report, Ball said the decision resulted in a $435 million impairment of the company’s local assets. The US-based company now owns three aluminum can factories in the Moscow, Leningrad regions and Chelyabinsk.
“Ball performed an expected recoverability of cash flows analysis to estimate the fair value of long-term assets and recorded an impairment loss of $435 million,” it said in a statement.
Ball Corporation is the largest manufacturer of beer cans in Russia. According to Kommersant, last year the company supplied more than 60% of the total consumption of Russian brewers.
According to the corporation’s own reports, the Russian market in 2021 accounted for about 4% of all net income and 8% of all operating profit. The ball mills produced more than 5.6 billion aluminum cans in a year, about 5% of the company’s total output.
Author:
Ahmed Sadulayev
Source: RB
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