Carlsberg announced the write-off of assets related to Baltika
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The Danish holding Carlsberg Group in its report for the third quarter announced the write-off of assets associated with the Russian brewing company Baltika.
The document notes that after the July presidential decree on the transfer of the plant to the temporary management of the Federal Property Management Agency, the associated investments no longer fall within the accounting definition of investments in equity capital, so they were reclassified as receivables to the Russian government. It, in turn, was completely written off, and the total amount of write-offs reflected in the net result of operations in Russia amounted to 7 billion crowns (almost $1 billion).
Carlsberg CEO Jakob Aarup-Andersen said that the holding’s ties with Baltika have been severed, and any deal with the Russian Federation that would “justify the illegal takeover of the business” is impossible. transmits Reuters.
Carlsberg Group in March 2022 announced its intentions to leave the Russian market. In June 2023, the company announced that it had signed an agreement to sell the Russian business. But the name of the buyer was not disclosed then. Carlsberg clarified that the timing of completion of the transaction “remains uncertain”, as it must go through the approval process from Russian government and regulatory authorities in a number of jurisdictions.
In mid-July, Russian President Vladimir Putin signed a decree on the transfer of shares belonging to Carlsberg Group structures to temporary state management. On July 18, it became known that Taimuraz Bolloev, who led the company from 1991 to 2004, had been appointed president of Baltika. After this, the Carlsberg Group reported that the change of management at the Russian enterprise occurred without the knowledge or approval of the holding.
On October 4, the Danish holding announced that it had notified Baltika of the termination of licensing agreements for the production and sale of products under the group’s international and regional brands. On October 20, it became known that Baltika had obtained an injunction for Carlsberg to terminate its licensing agreements.
Baltika was founded in 1990 and is currently 100% owned by the Carlsberg Group. The company produces beer under the brands Baltika, Tuborg, Zatecky Gus, Kronenbourg 1664 and others. In 2022, its revenue increased by 22% to 101 billion rubles, net profit for this period amounted to 10 billion rubles. In 2022
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