Impact of war in Ukraine on annual reports of European listed companies

Abstract

This survey provides an overview of the impact of the war in Ukraine on companies, as reported in the 2022 annual reports of 100 large listed European companies. Almost half of the population reported to have withdrawn from or being in the process of withdrawing from the Russian market. Again almost half of the population reported significant losses with a total reported loss of EUR 71.3bn, mainly due to impairments, losses on sale and provisions caused by exiting Russian operations. The indirect effects of the war, such as lost revenues, could not be assessed but are likely higher. Sectors most impacted are automobile, food, beverage and tobacco and energy sectors. However, by using alternative performance measures most of the reported losses were excluded from key performance indicators and when assessing management remuneration. We also found the surveyed companies reporting significant donations and other help to Ukrainian citizens.