Analysis

Focus - Carlsberg's FY Performance by Region

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Earlier today (18 February) Carlsberg reported its full-year results, revealing single-digit rises in net profits and sales. Here just-drinks takes a closer look at the company's performance in the 12-month period by region.

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Western Europe

  • The group branded the region “challenging” in 2012 as “difficult consumer dymanics” and poor summer weather dragged down its performance

  • Operating profits in the region fell by 5% to DKK5.1bn (US$912.2m), but sales edged up by 2% to DKK37.7bn. Beer volumes were flat at 50.3m hectolitres

  • The group attributed the drop in profits to “lower gross profit margin due to higher input costs, a negative country mix and poor weather during the summer”

Eastern Europe (Russia, Ukraine)

  • Operating profits from the group's Eastern European beer markets came in flat at DKK4.3bn, while sales edged up by 3% to DKK20.2bn. Beer volumes fell by 6% to 44.7m hectolitres

  • Volumes were hit by Russian destocking in Q1 and less stocking in Q4 than in 2011. In Uzbekistan, production was suspended all year as a result of a lack of raw materials following “increasing currency conversion difficulties”, the company said

  • In Q4, the Russian market fell by around 2% to 3% due to the introduction of a ban on sales from non-stationary outlets, Carlsberg said

Asia

  • Operating profits were up by 31% at DKK1.7bn, as sales jumped by 33% to DKK9.1bn. Beer volumes rose by 19% to 25.4m hectolitres for the region

  • Volume growth was “particularly strong” in India, Cambodia, Vietnam, Laos, Nepal and Malaysia, the company said

  • The positive performance was helped by increased ownership in Vietnam's Hue Brewery and Lao Brewery in Laos, acheived in 2011; in South Asian Breweries (India) in both 2011 and 2012; and the Chongqing Jianiang Brewery Co, a joint-venture in China, completed last year.

  • “We will continue to invest in the region, both organically through capacity expansions to meet the growing demand and by means of acquisitions through a focused M&A approach,” Carlsberg said


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