Carlsberg Maintains Guidance Following August Profit Warning

On August 17 2011, Carlsberg's Copenhagen-listed shares sold off 17% following a profit warning that saw it halve its year-end profit earnings guidance on the back of a worse than expected first-half (to June 2011). Russia was the big culprit here. It is the world's fourth largest beer market by volume and the third most profitable in earnings before interest and taxes terms at about US$1.85bn, according to data from Brazil's AmBev. Carlsberg owns Russia's dominant beer company Baltika, which at one point had a market share in excess of 40% in commercial beer, which was more than twice the

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