...Good 2013 results: Revenue contraction in Russia offset most of the positive impact from a stable performance in north-west Europe and strong growth in Asia. Carlsberg Breweries A/S, however, still delivered good underlying organic profit growth of 11% despite weak performance in eastern Europe (minus 9.2% yoy in sales) and limited overall revenue growth. Profitable Eastern Europe: In 2013 Carlsberg showed a strong ability to defend its profits in the region (+2% in organic terms) through cost cutting amidst a contracting Russian market and pricing power constrained by the pass-through of another excise duty hike. The company's local procurement is also a strength against potential increases in imports prices in Russia. Russia and Ukraine Under Pressure: In 2014 we expect a further market contraction in Russia due to continued excise tax increases and weaker consumer sentiment. The other core market for Carlsberg in the region is Ukraine, where we expect the 2013 volume contraction of approximately...
