Unless otherwise stated, comments in this announcement refer to year-to-date performance.
- Organic net revenue up by 3% to DKK 50.2bn (Q3: +2%).
- Positive price/mix of 4% (Q3: +3%).
- Organic gross profit growth of 4% (Q3: +2%).
- 5% organic operating profit growth (Q3: +1%) with good performance in Western Europe and Asia.
- Flat reported operating profit at DKK 7,444m (Q3: +0%), negatively affected by a currency impact of DKK 572m (8%).
- 1% decline in adjusted net profit to DKK 4,422m (2013: 4,474m).
- Group beer volume declined organically by 2% (Q3: -2%) due to the negative Eastern European market development.
- Our market share increased in Asia and Western Europe, and our Russian market share strengthened versus H1.
- Our international premium portfolio delivered strong growth rates: Tuborg (+23%), Somersby (+43%), Kronenbourg 1664 (+10%) and Grimbergen (+30%). The Carlsberg brand grew 3% in its premium markets.
- The implementation of the supply chain integration and business standardisation project (BSP1) continued and Poland, Switzerland and Finland went live on 1 October.
- The integration of Chongqing Brewery is progressing according to plan.
2014 earnings expectations
- 2014 outlook is maintained.
Commenting on the results, CEO Jørgen Buhl Rasmussen says: “The Group managed to deliver organic earnings growth and increased cash flow despite the market challenges in Eastern Europe. Our results underpin the strength of our business model, brands and people as well as our ability and determination to execute on our key strategic priorities which will drive the value of the Group”.
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