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  LA POSTE company press release from 12/05/2022

  12/05/2022 - 12:15

GeoPost/DPDgroup announces its withdrawal from the Russian market

Paris, France, 11 May 2022

GeoPost/DPDgroup announces its withdrawal from the Russian market

We are deeply shocked by the violence of the war in Ukraine and by its devastating impact on the lives of millions of innocent people. We stand in solidarity with international sanctions and apply them without restriction.

We suspended all GeoPost/DPDgroup shipments to and from Russia on February 28th, 2022. Today, we are taking the decision to withdraw from the Russian market.

Established in 2004, GeoPost/DPDgroup's Russian subsidiary (DPD Russia) operates mainly domestic delivery services to individuals and small business customers. The company employs 3,000 people locally.

We are currently preparing an ownership transfer operation, in compliance with applicable regulatory requirements. Throughout the transition process, GeoPost/DPDgroup will continue to fulfil its obligations to its customers, suppliers, and employees. We anticipate a risk of impairment in the value1 of the company.

Upon completion the company will operate independently of GeoPost/DPDgroup which will have no more presence in Russia. GeoPost/DPDgroup will not benefit from this transfer of ownership.

In the face of this tragedy, we hope that peace will be restored in the nearest possible future.

1 On 31st December 2021, the value of the company for 100% of the shares was €128 million, based on its book value on GeoPost's balance sheet and a conversion rate of 1 EUR = 85.3 RUB.

About GeoPost/DPDgroup

DPDgroup is one of the world leading parcel delivery networks, aiming to be a reference in sustainable delivery and become a leading enabler of e-commerce acceleration.We combine innovative technology and local knowledge to provide a flexible and user-friendly service for both shippers and shoppers.

With 120,000 delivery experts operating in nearly 50 countries, and a network of 70,000 Pickup points, we deliver 8.4 million parcels worldwide each day – 2.1 billion parcels per year – through the brands DPD, Chronopost, SEUR, BRT and Jadlog. DPDgroup is the parcel delivery network of GeoPost. GeoPost posted sales of €14.7 billion in 2021. GeoPost is a holding company owned by La Poste group.

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  Original Source: LA POSTE