US to send $800m in military aid, Yellen warns against Russian energy ban

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Danish beer giant Carlsberg A/S said it would take a $1.39 billion write-down related to its decision to leave Russia after the country invaded Ukraine.

Carlsberg, the world’s third-largest brewer, said the writedown is based on assumptions about the extent of sanctions, developments in Russia’s beer market, inflation and interest rates, among other factors.

The company is among the Western companies with the most exposure to Russia, where it has around 8,400 employees. Carlsberg previously warned of a large non-cash impairment charge related to the sale of its business in the country. He said the divestment could take up to 12 months.

Carlsberg’s Russian business reported 2021 revenue of DKK 6.5 billion, or approximately $960 million. Operating profit was approximately DKK 682 million, or approximately 6.3% of the company’s total that year.

The company also provided an update on its operations in Ukraine, where it has about 1,300 employees and generated sales of two billion crowns last year.

Carlsberg closed its three breweries in Ukraine at the start of the war and said it assumed it would be able to resume production once the situation in the country stabilized. However, he warned that a significant number of customers and outlets in Ukraine had been negatively affected by the war.

Citing the impact of the war, Carlsberg said it would also write down its Central and Eastern European business by 700 million crowns.

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