LONDON, July 26 ― France's Danone said today it was deconsolidating its Essential Dairy and Plant-based (EDP) business in Russia in July, triggering a roughly €200 million (RM1 billion) cash impairment and a non-cash foreign exchange translation difference of about €500 million.
The Russian state this month took control of Danone's Russian subsidiary along with beer company Carlsberg's stake in a local brewer.
Danone will continue to provide information on material developments related to the situation of its EDP operations in Russia, the company said, adding that it would keep investigating how to protect its assets and its rights as a shareholder, with a first priority to ensure its people's safety.
The maker of Activia yoghurt, Evian water and Aptamil infant milk also reported a better-than-expected rise in quarterly like-for-like sales, as it increased prices again to make up for rising costs. ― Reuters
