Rasmussen said the Rouble decline has had a negative impact

Rasmussen said the Rouble decline has had a negative impact

The CEO of Carlsberg has said it is “hard to see” a quick solution to the brewer's problems in Russia.

Speaking to just-drinks in Copenhagen yesterday, Jørgen Buhl Rasmussen said that Russia, which has seen the Rouble sink to new lows against the dollar this week, continues to be a “very challenging situation” for the company. However, he warned that it is still too early to predict what will happen next year.

“The Rouble exchange is lower than it was a month ago, six weeks ago and has a negative impact,” the CEO said. “But then, who knows what the Rouble exchange rate will be in six months time?”

Asked about the geo-political situation in Russia and Ukraine, which accounts for about 40% of group EBIT, Rasmussen said: “It's hard to see a solution around the corner.”

In year-to-date results released last month, Carlsberg said its shipments to Russia in the first nine months of the year fell by 11%. Carlsberg is the country's market leader, accounting for about 38% of its beer volumes in YTD.

Rasmussen also said he expects Carlsberg's brewery in Myanmar to begin production early next year. The site - in the Bago region, north of Yangon - was previously earmarked to open before the New Year, however Rasmussen said challenges linked to building in developing countries have delayed completion.

“There's no major complication or major issue," he said, "but sometimes it does take time to get the last approval in place.”