COPENHAGEN
Danish brewery group Carlsberg said Monday it is pulling out of Russia, hours after its competitor, Dutch brewing giant Heineken, did the same, citing Moscow’s ongoing war against Ukraine.
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In a statement, the Copenhagen-based group said it had taken “the difficult and immediate decision to seek a full disposal of our business in Russia, which we believe is the right thing to do in the current environment.”
Carlsberg fully owns Baltika Breweries, one of the largest brewing concerns in Russia and the biggest exporter of Russian beer. The Danish brewer generates around 10% of its sales in Russia, where has about 8,400 staff who will be laid off.
The Danish brewer’s CEO, Cees ’t Hart, said the decision means Carlsberg “will have no presence in Russia,” and the business in its vast Russian market will no longer be included in Carlsberg’s revenue and operating profit. The business “will be treated as an asset held for sale until completion of the disposal.”
In 2021, Carlsberg reported revenue in Russia of 6.5 billion kroner ($959 million) and operating profit in Russia of 682 million kroner ($101 million) respectively. The group said it will provide further details on the accounting impact of the planned disposal and the reintroduction of earnings guidance later.
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