Russia remains a lucrative market for Carlsberg despite exit pledge

Loïc Padovani
February 9th, 2023

This article is more than 1 year old.

Danish beer giant’s divestment plan is behind schedule as it hopes to be out of the Russian market by mid-2023

Carlsberg earned almost two billion kroner in Russia last year (photo: Pixabay)

Almost a year after Carlsberg announced it would withdraw from Russia following its invasion of Ukraine, and the Danish brewing giant still hasn’t offloaded its activities there.

In fact, the company saw almost 1.9 billion kroner in profit in Russia in 2022 – significantly higher than the 284 million kroner deficit it endured in 2021.

Carlsberg has previously stated that it would donate profit made from seeling its business in Russia to aid organisations, but that seems an unlikely scenario given that it has downvalued its value on that market by 10 billion kroner.

READ ALSO: Pressure mounting on Danish companies to exit Russia following Carlsberg’s departure

No sale until mid-2023
According to Carlsberg, it won’t officially be out of Russia before the middle of 2023, according to the company’s expectations.

That comes despite the Danish brewing giant saying back in March 2022 that it would be out within one year.

“We will take the necessary time to execute the separation and divestment to seek the best possible
solution for all stakeholders, in particular our more than 8,000 employees and our shareholders. An
offer process is expected to commence in Q1 2023, and we are aiming to sign a divestment
agreement by mid-2023,” wrote Carlsberg in its 2022 Financial Statement.


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