Analysts suggest Carlsberg is being circumspect in its financial forecast for this year

Analysts suggest Carlsberg is being circumspect in its financial forecast for this year

Carlsberg is being “very cautious” in its earnings estimates for 2013, according to an analyst.

The Danish brewer said today (18 February) that, this year, it expects to deliver operating profits of around DKK10bn (US$1.79bn) and a “mid-single-digit” percentage increase in adjusted net profit. The forecast came as the group reported a modest rise in full-year net profits and sales.

But analysts Bernstein Research said in a note: "We believe that management is being very cautious, given that they also guided to low single-digit COGS inflation flat A&P (advertising and promotion)/sales and a 50-75bp fall in the cost of debt.”

Bernstein also noted that Carlsberg's operating performance was “marginally below expectations”, with volumes flat for the full year as growth in Western Europe and Asia was offset by declines in Eastern Europe.