Carlsberg/BBH MPF



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Approval date:

03 Dec 1996



PSD disclosed:

05 Nov 1996

Project Description

Carlsberg Multi-Project Facility (MPF), approved in 1996, comprising EBRD equity financing for Carlsberg's investment programme in central and eastern Europe and the former Soviet Union, including the modernisation of existing breweries and limited new greenfield operations.

In January 2003, the project was revised to include debt financing and to extend it to a Carlsberg affiliate, Baltic Beverages Holdings (BBH) (the “Amended MPF”). The project will serve as a catalyst for the restructuring, modernisation, and expansion of the regional beer brewing and distribution chain. Work with existing plants and greenfield investments should result in an efficient industrial environment and well paid, long-term job opportunities throughout the product chain.

The project will be revised to increase the amount of the Amended MPF to € 250 million to accommodate for future financing needs of BBH in the region and two new sub-projects.


Transition Impact

The project will contribute to the transition process through: (a) local partner involvement in sub-projects; (b) restructuring of beer industries in central and eastern Europe and the former Soviet Union, given that upgrading of existing plants is the primary focus; (c) skills transfer to local management and employees; (d) technology transfer for production and marketing; (e) competition enhancement; (f) development of downstream linkages (advertising, distribution systems etc.); (g) upstream raw material procurement impact; and (h) focus on efficient, accountable corporate governance.

The Client

Carlsberg is a major international brewing group, with "Carlsberg" and "Tuborg" being two widely sold international beer brands. During the last 35 years Carlsberg has rapidly expanded its international basis, increasingly focusing on direct investments in emerging markets. In central and eastern Europe this has been evidenced by its investments (with EBRD funding) in United Romanian Breweries, Panonska Pivovara (Croatia) and Svyturys (Lithuania). BBH is active in the former Soviet Union and has built up a portfolio of breweries. BBH is 50% owned by Carlsberg and 50% by Scottish & Newcastle of the UK.

EBRD Finance

EBRD finance consists of a three-year MPF worth € 250 million, on which Carlsberg and BBH can draw for Bank equity and debt investments in sub-projects in its investment programme throughout central and eastern Europe and the former Soviet Union.

Project Cost

€300 million to €350 million spread over sub-projects in the region.

Environmental Impact

For each project considered for financing an environmental appraisal will be undertaken in accordance with the EBRD's Environmental Procedures for Multi Project Facilities. These require that environmental issues will become part of the investment decision-making process. Environmental action plans, which will be developed where necessary resulting from the environmental appraisal process and will consider environmental compliance, liabilities, risks and opportunities. BBH will apply both national and EU standards to all investments under the MPF. Prior to the approval of the original project, the EBRD reviewed Carlsberg’s environmental appraisal and monitoring capabilities and how these would apply to the investments proposed under this MPF. Carlsberg has adopted a group-wide environmental policy and formalised environmental procedures which are satisfactory to the Bank. An annual environmental report will be submitted to the EBRD on the investee companies encompassed by the facility.

Technical Cooperation


Company Contact

Mr. Andrei Aleinik, Corporate Treasurer


Business opportunities

For business opportunities or procurement, contact the client company.

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