11/13/2013 7:00 


Solid performance across Western Europe and Asia while Eastern Europe remains difficult

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

Financial highlights

  • Organic net revenue up 1% to DKK 50.9bn (Q3: -1%). 
  • Positive price/mix of +2% (Q3:+3%) with solid performance in Western Europe and Asia.
  • 2% organic operating profit growth (Q3: 0%).
  • Reported operating profit of DKK 7,522m (Q3: DKK 3,426m) impacted by 4% negative currency impact.
  • 5% adjusted net profit growth to DKK 4,488m (Q3: +4%).
  • 2013 outlook maintained.

Operational highlights

  • Western European markets improved in Q3 due to favourable weather. Continued challenging market environment in Eastern Europe with Russia continuing to be impacted by outlet closures and slower macro-economic growth.
  • Solid market share performance in all three regions.
  • Organic beer volume decline of 2% (Q3: -5%). Continued growth in Asia offset by volume decline in Eastern and Western Europe, although Western Europe delivered strong growth in Q3.
  • The implementation of the supply chain integration and business standardisation project (BSP1) is running according to schedule with our second market, Norway, having gone live in early November.
  • Tuborg and Somersby continued to perform well with volume growth of 12% and 80%, respectively. The Carlsberg brand grew 5% in premium markets in Q3 following tough EURO 2012 comparisons in the first half of 2012.
  • We started construction of two breweries in Myanmar and China and launched the partial tender offer of Chongqing Brewery.

Commenting on the results, CEO Jørgen Buhl Rasmussen says: “I am satisfied that the Group managed to deliver earnings growth for the nine months as well as maintaining its earnings outlook for the year in light of challenging and uncertain market conditions and an adverse currency impact. We have achieved this through ongoing tight cost control, underpinning the importance of our continued efforts to make our business more efficient and lean. We maintain an appropriate balance between becoming more efficient and ensuring that we continue to invest in our business for the longer term. The Group’s solid market share performance clearly demonstrates that our focus on strengthening our commercial execution capabilities, bringing innovations to the market and investing in our strong brands is right.” 


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