Big loss for Carlsberg due to Russian exit
Published: Wednesday, Feb 7th 2024, 14:20
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Carlsberg lost breweries to the Russian state last year. This had a billion-euro impact on the annual balance sheet.
The withdrawal from the Russian brewery business and the subsequent loss of operations there due to a decree by Kremlin leader Vladimir Putin has caused the Danish group Carlsberg to lose billions. Turnover rose year-on-year from 70.3 billion to 73.6 billion kroner (9.9 billion Swiss francs) in 2023, according to the annual report published on Wednesday.
Former Russian business burdened
However, the discontinuation of the Russian division tore a hole in the balance sheet, resulting in a loss of 40.8 billion crowns (5.5 billion Swiss francs). The company recorded high write-downs.
Carlsberg is one of the largest brewing groups in the world. In March 2022, shortly after Russia's invasion of Ukraine, the company announced its intention to withdraw completely from Russia and sell its Baltika brewery business there.
In the summer of 2023, Carlsberg announced that it had found a buyer. But a short time later, Putin signed a decree nationalizing the breweries without the knowledge or consent of the Danes. Baltika is considered Russia's largest brewer.
Declining sales in parts of Europe
Carlsberg's sales declined in various parts of Europe in 2023, but rose by around 4% in Asia. Overall, the Group recorded sales growth of 4.7%. In the long term, the company expects annual sales growth of 4 to 6 percent.
The Swiss Carlsberg subsidiary Feldschlösschen increased its turnover by 4 percent despite falling volumes, as the company announced on Wednesday. According to the company, Feldschlösschen was thus also able to defend its leading market position in Switzerland.
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