5/12/2015 7:00 


Underlying performance as expected – full-year organic growth outlook maintained

Financial highlights

  • Organic net revenue growth of 4% to DKK 13.5bn.
  • Solid price/mix of +3%.
  • 8% organic operating profit growth driven by strong performance in Western Europe and Asia.
  • 46% reported operating profit growth to DKK 661m.
  • Adjusted net profit of DKK 0m (DKK -50m in Q1 2014).
  • ROIC improved by 40bp to 8.4%.

Operational highlights

  • Strong market share growth in all three regions.
  • Beer volumes grew organically by 5% in Western Europe and 4% in Asia while Group beer volumes declined organically by 1%, due to Eastern Europe.
  • The remaining four large markets went live on BSP1 in early April.
  • Our international premium portfolio delivered strong growth: The Carlsberg brand grew 6% in its premium markets, Tuborg grew 27%, Somersby +42%, Kronenbourg 1664 +7% and Grimbergen +34%.

2015 earnings expectations

  • 2015 outlook of organic operating profit growth by mid- to high-single-digit percentages is maintained.

Commenting on the results, CEO Jørgen Buhl Rasmussen says: “The Group’s performance in the traditionally small Q1 was in line with our expectations. Our commercial activities yielded good initial results and we achieved strong overall market share performance. We are starting to roll out major internal initiatives that will make the Group even more efficient, agile and responsive and contribute to improved profits and returns.“


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