8/21/2013 7:00 


Earnings growth sustained despite tough European markets

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

Financial highlights

  • Organic net revenue up 2% to DKK 32.9bn (Q2: +2%).
  • Price/mix of +1% with a significant improvement in Q2 in Russia versus Q1 as expected.
  • 4% organic operating profit growth to DKK 4,096m (Q2: +1%) driven by double-digit growth in Asia and Eastern Europe (Q2: DKK 3,435m).
  • 5% adjusted net profit growth to DKK 2,247m (Q2: -1%). Reported net profit was lower than last year due to the DKK 1.7bn gain (pre-tax) last year from the sale of the Copenhagen brewery site.
  • 2013 outlook maintained.

Operational highlights

  • Challenging market conditions across Europe with Russia being impacted by outlet closures and Western Europe cycling tough EURO 2012 comparables.
  • Solid market share improvements in Eastern Europe (+130bp in Russia to 39.2%) and Asia. Flat market share in Western Europe.
  • Flat organic beer volumes with growth in Asia and Eastern Europe offsetting weaker volumes in Western Europe.
  • Following a successful go-live of the supply chain integration and business standardisation project (BSP1) in Sweden, we are on track preparing for implementation in Norway and the UK.
  • The international brands Tuborg and Somersby performed well with volume growth of 12% and 85%, respectively. The Carlsberg brand declined 10% in premium markets due to tough comparisons with last year’s EURO 2012 activities where the brand grew 13%.

Commenting on the results, CEO Jørgen Buhl Rasmussen says: “For the first six months, the Group achieved earnings growth despite challenging market conditions in Western and Eastern Europe. Our Asian business again delivered impressive volume and earnings growth. On the back of the Q2 results and the start of Q3, we're on target to deliver on our 2013 expectations. The ongoing challenging market conditions underpin the importance of our continued efforts to make our business more efficient and the initial results from the implementation of BSP1 in Sweden give us confidence that we're on the right track. We will, however, also maintain an ambitious commercial agenda with continued investments in our brands and innovations, while constantly upgrading our sales and execution capabilities. These are delivering satisfying market share improvements.”

Download the full announcement in the right column.



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