Carlsberg has written-down its Russia brand following a drop in sales, but Cees 't Hart, chief executive of the world's third-largest brewer, has sought to allay investor fears.
"We had to take a write-off, but that's basically from the brand Baltika," he told CNBC Wednesday, but described the move as "just a book keeping exercise with regards to the value of the brand."
"The Russian beer market has declined over the years," he explained.
Carlsberg took control of Russia's largest beer brand Baltika in 2008 but has since struggled. Hostile factors in its main eastern European market include attempts by the government to tackle alcohol abuse by raising taxes and limiting the size of plastic beer bottles, as well as a weak overall economy.
"We have improved significantly our margins in Russia," he detailed, though he acknowledged that market share had fallen "as a consequence of the fact that some of our competitors took a different tactic after the Russia ban for PET (plastic) bottles."
But, "we think in three angles" he said: "margins, volume and profit." "We have two hits out of three … And our competitors have one out of three because they have the volume and not the margins, not the profit."
"Do you want to shift beer, or do you want to earn money as well?" the CEO said.