Carlsberg has admitted that the planned sale of its operations in Russia could take as long as a year to complete. The group, which announced its decision to exit Russia last month following the country’s invasion of Ukraine, revealed the news as part of an earnings guidance update today (21 April). The guidance counters earlier reports that the brewer had already found a buyer for its Baltic Beverages Holding division in the country. “The divestment of the Russian business may take up to 12 months and will have multiple implications for the presentation of the group’s financial statements,” the company said. Carlsberg now expects operating profits of around -5% to +2% for this year as a result of the ongoing disruption caused by the Russia-Ukraine war along with continued uncertainty over input costs, further pandemic-related disruption and possible government intervention in China. Further details are expected as part of Carlsberg’s Q1 2022 trading statement next week. In its most recent financial results, the group reported a 10% sales rise in the 12 months of 2021, but warned of the impact of "significant price increases for commodities, packaging materials and energy". Such concerns are likely to have been exacerbated by events in Russia and Ukraine since the February announcement. Carlsberg Performance Trends 2017-2021 – results data