Andy Morton

Analysis - Carlsberg's Russia woes continue but H1 "ticked some boxes"

By | 22 August 2013

Russia is a key market for Carlsberg

Russia is a key market for Carlsberg

Carlsberg's first-half results do not yet signal a Russian turnaround, but the Danish brewer is on the right track in the difficult market, an analyst has said.

The company has “ticked some of the boxes on Russia”, Nomura's Ian Shackleton said today (22 August) after Carlsberg yesterday released its H1 numbers. The brewer has gained market share in Russia - which together with Ukraine accounts for about 40% of group EBIT - and posted an “accelerating price/mix”, Shackleton said.

Margin recovery is also “on track”, the analyst added.

The Russian beer market declined by around 7% in H1, as disruption from the enforced closure of beer kiosks hampered performance, Carlsberg said yesterday. Regulations on alcohol adversing have also hurt brewers in the country, but Carlsberg said it continued to improve market share in H1.

Shackleton said the outlook for the Russian beer market is a low-single digit decline in H2.

Expert analysis

Global Beer Tax Tables, 2012

This report covers 58 markets and comprises a series of tables covering taxation base, historical excise rates, legal controls and a calculation of the total taxation burden on beer.

Sectors: Beer & cider, Company results, Emerging markets – BRIC

Companies: Carlsberg

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