Danone Writes Down Russia Assets, Beats On Like-For-Like Sales

Richa Naidu, Reuters Dairy July 31, 2023

France’s Danone (DANO.PA) said on Wednesday it will book a further 200-million-euro writedown on its Russia business after it was effectively taken over by the state, taking the overall writedown on its Russian operations to around 700 million euros.

The company also took a 500 million “adjustment” on its balance sheet due to the depreciation of the rouble against the euro.

The Russian state this month took control of Danone’s Essential Dairy and Plant-based (EDP) subsidiary, along with beer company Carlsberg’s (CARLb.CO) stake in a local brewer.

To read the rest of the story, please go to: Reuters

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