Carlsberg announced a loss of $5.9 billion due to its withdrawal from the Russian market – Kommersant

The Danish Carlsberg Group, which owns the Russian brewing company Baltika, estimated losses from leaving Russia and writing off business in the country after its transfer to temporary management by the Federal Property Management Agency at $5.9 billion. This information is contained in reporting Carlsberg for 2023.

In 2023, Carlsberg’s net loss amounted to 40.8 billion Danish kroner (about $5.9 billion) compared to 1.1 billion kroner a year earlier, according to financial statements. Impairment losses reached DKK 7 billion. The company estimated the total loss due to Russian assets at DKK 47.75 billion.

Carlsberg Group’s consolidated revenue in 2023 increased by 4.6%, from DKK 70.3 billion to DKK 73.6 billion. At the same time, net profit decreased by 5%, to DKK 7.4 billion. In the fourth quarter of last year, revenue increased by 6.3% year on year to 15.503 billion crowns.

After the start of the Russian military operation in Ukraine, the Danish Carlsberg Group planned to leave the Russian market and sell its Baltika Breweries. At the end of June, the company announced the completion of the search for an investor for Baltika. On July 16, Vladimir Putin signed a decree according to which the shares of foreign companies in Baltika are transferred to the temporary ownership of the Federal Property Management Agency.

After this, Carlsberg terminated its license agreement with Baltika. agreement to use their brands. On January 24, 2024, the Arbitration Court of St. Petersburg and the Leningrad Region invalidated the deal to transfer an exclusive license for intellectual property to Carlsberg.

Read more about the situation in the Kommersant publication. “‘Baltic’ cannot be poured abroad”.

Alexander Kislov