2/18/2013 7:00 


Good performance – positive market share development across all regions and strong cash generation 


Unless otherwise stated, comments in this announcement refer to full-year performance.

Financial highlights

  • Organic net revenue growth of 3% to DKK 67.2bn (Q4: +5%).
  • Continued solid beer price/mix of +3% (Q4: +5%).
  • Group operating profit of DKK 9.8bn (Q4: DKK 2.2bn) in line with our guidance.
  • Adjusted net profit growth of 6%, slightly higher than our guidance.
  • Free operating cash flow of DKK 4.8bn (+13%) and free cash flow of DKK 5.9bn (+50%).
  • For 2012, Carlsberg A/S proposes a 9% increase in dividend per share to DKK 6.00.
  • For 2013, the Group expects to deliver operating profit of around DKK 10bn (assuming RUB/EUR at 42 and DKK 300-400m costs related to the supply chain integration and business standardisation project) and a mid-single-digit percentage increase in adjusted net profit.

Operational highlights

  • The Western European beer market declined by 1-2% (around 3% decline excluding Poland), the Russian beer market was flat and the Asian beer markets continued to grow.
  • Group organic beer volumes were flat (Q4: flat).
    • Western European volumes grew organically by 1% (Q4: +1%).
    • European beer volumes declined organically by 6% (Q4: -3%) due to Russian stocking movements and suspended production in Uzbekistan.
    • Our Russian consumer in-market sales grew by 2% (Q4: +4%), while our shipments declined by 4% (Q4: flat), impacted negatively by stocking movements.
    • Strong Asian organic volume growth of 9% (Q4: +4%); including acquisitions, volumes were up 19%.
  • Driven by strong commercial execution, Western Europe delivered solid volume and value market share growth.
  • Our Russian market share returned to a positive trend and was flat y/y, with the Q4 share up y/y by 110bp to 38.3%.
  • We further improved our market share across Asia with particularly strong volume growth in India, Cambodia, Vietnam, Laos, Nepal and Malaysia.
  • Our international premium brands continued to perform well with 8% Carlsberg brand growth in premium markets, 6% Tuborg brand growth, and our cider brand, Somersby, almost doubling its volumes to become the fastest growing global top 10 cider brand in 2012.
  • The buy-out of minority shareholders in Baltika Breweries and the sale of the brewery site in Copenhagen were completed.

Commenting on the results, CEO Jørgen Buhl Rasmussen says: “The Group delivered a good performance in 2012, despite a challenging Western European beer market. The commercial and organisational changes implemented in Russia are bearing fruit, and in Asia we continue to deliver impressive growth and strengthen our market positions. In 2013, we will continue to drive our commercial agenda across all three regions, invest in our brands, and ensure that our sales and marketing capabilities are best in class. In Asia, we will look to capitalise on the attractive growth opportunities available. In our continuous drive to improve efficiency and deliver excellent service to our customers, the roll-out across Western Europe of our supply chain integration and business standardisation project will be a key priority in 2013. It represents a step change in the way we run our business in Western Europe and will provide us with significant long-term benefits and competitive advantages. All of these activities will help us to deliver positive volume and value market share growth and drive long-term value creation.”


Download the full announcement in the right column. 



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