CABGY Carlsburg AS (PK)

By Dominic Chopping

Carlsberg AS on Thursday reinstated full-year guidance having previously suspended its outlook due to uncertainty surrounding the impact of Russia's invasion of Ukraine.

Before the suspension, the Danish brewer had seen 2022 organic earnings before interest and tax growth of 0% to 7% and a positive currency affect of 250 million Danish kroner ($36.4 million).

In an update ahead of its earnings, the company has now provided two new guidance ranges to account for its decision to dispose of its Russian business, higher costs and the accounting treatment of its Ukrainian business.

Carlsberg said that based on a restated 2021 operating profit of DKK10.13 billion, which excludes the business in Russia and includes no operating profit from Ukraine from Feb. 24, it now sees 2022 organic operating profit growth of between -5% and +2%.

Fully excluding the Ukrainian business in 2021 and 2022, the guidance would change to organic operating profit growth of between -1% and +7%.

It now assumes a positive currency affect of around DKK400 million for 2022.

Carlsberg's business in Russia accounted for around 10% of group total revenue in 2021 and just over 6% of group operating profit and the company said Thursday that divestment of the Russian business may take up to 12 months.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

April 21, 2022 06:42 ET (10:42 GMT)

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