Carlsberg Breweries to leave Russia

Copenhagen / DK. (cbb) Some weeks ago, Denmark’s Carlsberg Breweries A/S announced a strategic review of the Group’s presence in Russia. Based on this review, the company has taken the difficult and immediate decision to seek a full disposal of its business in Russia, which the Group believes is the right thing to do in the current environment. Upon completion the company will have no presence in Russia.

Chief Executive Cees’t Hart: «As a result of this decision, our business in Russia will no longer be included in the Group’s revenue and operating profit. From an accounting perspective, the business will be treated as an asset held for sale until completion of the disposal. The business will be reassessed at fair value, which will result in a substantial non-cash impairment charge. In 2021, the business in Russia reported revenue and operating profit of DKK 6.5 billion and DKK 682 million respectively. We will later provide further details on the accounting impact of the planned disposal and the reintroduction of earnings guidance.

«We deeply regret the consequences of this decision for our 8,400 employees in Russia. Until the completion of the process, we will maintain the recently announced reduced level of operations to sustain the livelihoods of these employees and their families. Any profits generated during the humanitarian crisis will be donated to relief organisations.»