Carlsberg reported better than expected – Kommersant

Carlsberg Group ended the first half of the year with a net profit of 3.5 billion Danish kroner ($513 million) against a net loss of 5.3 billion kroner a year earlier, follows from financial report beer manufacturer. Operating profit of the company in the first half of the year reached 6.3 billion kroons ($923 million), which is 3% higher than the average weighted forecast of analysts.

The volume of sold beer in the first half of the year grew by less than 1% compared to the previous year. At the same time, sales in Europe decreased by 2%. Nevertheless, a noticeable increase in demand for alcoholic beverages in Asia, rising prices and an increase in demand for expensive beers eventually allowed Carlsberg to increase its revenue per hectoliter by 10% at once.

Thanks to such indicators in the first half of the year, the company improved its forecast for the whole of 2023. If earlier the manufacturer expected that the dynamics of operating profit would be from -2% to +5%, now he is sure that profit will grow by 4-7%.

Separately, the company commented on the sale of Russian assets. According to Carlsberg CEO Kees t’Hart, Carlsberg was “shocked” by the seizure of the Baltika brewing company by Russian authorities last month, and the future of these assets is still “rather unclear.” “We are evaluating the situation and the legal implications … and are determined to protect our assets and the value of our business,” Mr. t’Hart said.

Carlsberg Group, like many other Western companies, intended to leave the Russian market and sell its Baltika Breweries. At the end of June Carlsberg Group announced on the completion of the search for an investor for Baltika and the signing of an agreement with the future owner of the assets. However, on July 16, President Vladimir Putin signed a decree on the transfer of shares in Baltika to the temporary administration of the Federal Property Management Agency. According to Mr. t’Hart, Carlsberg has not yet written off Russian assets and will continue to try to sell them.

Kirill Sarkhanyants