Wintershall Dea will exit Russia, 17 January 2023

The Wintershall Dea Supervisory Board approved a principle decision by the Management Board to exit Russia. As a consequence, Wintershall Dea intends to fully exit Russia in an orderly manner complying with all applicable laws and regulations.

CEO Mario Mehren: "Wintershall Dea will end its Russian activities. Continuing to operate in Russia is not tenable. Russia's war of aggression in Ukraine is incompatible with our values and has destroyed co-operation between Russia and Europe. In recent months, limitations imposed by the Russian Government on operations of Western companies in the country and external interferences in our joint venture operations, made it impossible for Wintershall Dea to operate in Russia as before and resulted in an economic expropriation of the Joint Ventures in Russia."

The implementation of this decision will be done in compliance with all applicable legal obligations.

Wintershall Dea concluded that it no longer meets the criteria set out under IFRS for having control or significant influence over its Russian joint ventures. Therefore, in Q4, Wintershall Dea deconsolidated all its Russian participations. Until the intended exit is completed, the Russian participations will be accounted for as financial assets measured at fair value according to IFRS 9...

Following the deconsolidation, Wintershall Dea will no longer report financial or operational KPIs (including production and reserves) of the Russian joint ventures in its group financial statements, other than changes in fair value of the financial assets...