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Carlsberg joins rival Heineken in quitting Russia, faces big hit -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Carlsberg Beer bottles are displayed in the fridge of a St. Petersburg Bar on June 17, 2014. REUTERS/Alexander Demianchuk

COPENHAGEN (Reuters – Carlsberg will withdraw from the Russian market, taking a “substantial” non-cash impairment credit, the Danish brewer announced on Monday. It is the latest Western company that has retreated amid growing pressures on Russia since its invasion of Ukraine.

Dutch brewery Heineken (OTC 🙂 announced that Monday was the day it decided to sell its Russian business for 400 million euros (438 million).

Carlsberg (OTC) stated that “we have made the hard and urgent decision to pursue a complete disposal of our Russian business,” Carlsberg (OTC). We will be completely gone from Russia after the transaction is completed.

Carlsberg was the Western beer company most at risk in Russia. It launched a strategy review for its Russian business but has kept eight of its breweries operating.

Without providing any further information, the company stated that Russia’s decision to withdraw from it would cause a “substantial Non-Cash Impairment Charge” for this year.

Carlsberg reported that it had Russian non-current assets of 19.2 billion Danish crowns as of the 2021 end. That amounts to approximately 15% of its total assets and 44% of its equity.

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