5/7/2014 7:00 


Organic performance in line with our expectations in traditionally small Q1

2013 numbers have been restated as previously proportionately consolidated entities are now recognised as associates.

Financial highlights

  • Organic net revenue growth of 3% to DKK 12.9bn.
  • Organic price/mix growth of 5%.
  • Organic gross profit growth of 4%.
  • Operating profit of DKK 453m negatively impacted by the translation effect of foreign currencies (especially the Russian rouble), different phasing of unallocated costs, and investments in premium brands in Asia.
  • Adjusted net profit of DKK -50m.

Operational highlights

  • Continued solid market share performance across all three regions.
  • The uncertain macro situation in Eastern Europe is having a further negative impact on the economies and consumer sentiment and consequently, we now assume that the Russian market will decline mid-single-digit.
  • Group beer volume declined organically by 3%.
  • Our international premium portfolio continued to grow, with particularly strong performance by Tuborg (+21%) and Somersby (+85%). The Carlsberg brand grew 2% in its premium markets.
  • The implementation of the supply chain integration and business standardisation project (BSP1) continues and was in March rolled out in the UK. More markets will follow in the autumn.
  • The integration of Chongqing Brewery is running according to plan.

2014 earnings expectations

  • 2014 outlook of a high single-digit percentage organic operating profit growth maintained. In reported terms, results are expected to be impacted more negatively by currencies than previously anticipated.

Commenting on the results, CEO Jørgen Buhl Rasmussen says: “In the traditionally small first quarter, the Group delivered organic performance in line with our expectations. The Western European business continued its strong performance while results in Eastern Europe were impacted by the uncertain macro situation. In Asia, underlying volumes grew by low-single-digit percentages and our premium portfolio continued to perform strongly, driven by growth and share gains in the premium segment. We continued to invest in growth and efficiency opportunities, and these included BSP1 roll-out, investments behind brands, building sales capabilities and expanding capacity in growth markets.”


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