Vodka brand Finlandia depreciated by $52 million due to withdrawal from Russia
This non-monetary loss reflects the owner of the brand, Brown-Forman Corp.
The American company Brown-Forman Corp. — distiller of Jack Daniel’s whiskey and Woodford Reserve bourbon — recorded a $52 million non-cash loss in the fourth quarter of fiscal 2022 (ended April 30) due to the impairment of another inclusion of its brand, Finlandia vodka. This is reported Interfaxreferring to the company.
To ensure the balance of securities in 2022 in Russia, there was a profit with Mexico, the UK, Brazil and Chile from the main markets.
The company’s sales in the Russian market increased by 7% over the year (13% organically). Brown-Forman’s FY2022 total revenue increased 14% (17% organic) to $3,933 billion.
In early March, the company announced the suspension of business in Russia.
The portfolio of Brown-Forman brands, in particular, includes Jack Daniel’s, Woodford Reserve, Old Forester whiskey, Finlandia vodka, Pepe Lopez, el Jimador tequila. The company’s products are represented in more than 170 countries.