Bogsch went on to state that the Richter EBIT margin could end up “below 10%,” a record-low mark for the company. “Just how much below [10%] is not yet clear, but it will be well below that level.”

Early in February, after Richter published its earnings report for the fourth quarter of 2013, Bogsch announced an expected decrease in revenue for Q1 2014 despite a then-expected increase in sales to Russia by as much as 5% year-on-year, calculated in rubles.

The ruble has decreased 20% in value against the euro in the past nine months.

Russian sales generated 28.4% of Richter’s turnover in 2013.