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Carlsberg sees "limited impact" from Russia-Ukraine war in Q1 results
Rafaela Sousa

Rafaela Sousa

28 April 2022

Carlsberg sees "limited impact" from Russia-Ukraine war in Q1 results

Carlsberg has posted volume growth of 8.6% for its first quarter, when it says it saw only "limited impact" from the Russia-Ukraine war. The Danish brewer has excluded its Russian operations from its Q1 2021 and 2022 figures. However, it said that if they were part of the calculations, volumes would have increased by 8.3% and revenue by 23.1% – in both cases on an organic basis. In March, Carlsberg announced it had taken the decision to fully dispose of its business in Russia. The brewer now confirmed: "Until completion of the transaction, we will continue operations at the previously announced level to sustain the livelihood of the 8,400 Russian employees and their families". Meanwhile, the company recorded a "strong start to the year," with organic revenue growth of 23.6% to DKK 14.9 billion ($2.1 billion approx.), driven by organic volume growth of 9.1% and strong revenue/hl growth of 13%. In Western Europe, volumes and revenue grew organically by 15.4% and 36.2%, respectively. The results reflected "easy comparables" from lapping a period of widespread restrictions and lockdowns in the previous year and recovery of the on-trade channel during Q1 2022. However, volumes in Poland, Germany and Norway declined, with the former two countries being impacted by soft beer markets and price increases, and Norway by the reopening of the border with Sweden and fewer promotional activities. Carlsberg's Asia business saw organic volume growth of 10.5%. Meanwhile, its Central & Eastern Europe unit, excluding the Russian business, saw a 2.1% fall. In Ukraine, Carlsberg saw volumes significantly impacted by the war. CEO Cees ’t Hart said: “The broader implications of the war and the decision to divest our business in Russia are significant for our people and our company. Looking at business performance, the first quarter saw only limited impact from the war. The group had a strong start to the year, albeit Western Europe had easy comparables due to the extensive lockdowns last year.”

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