Focus - Carlsberg's Q4 & FY Results by Region, Brand

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Earlier today (19 February), Carlsberg reported a drop in net profits in 2013, on the back of flat sales in the year. Here, just-drinks takes a look at the Danish brewer's results by region and by brand:



Western Europe - FY net sales +1%, operating profits +4%

Sweden, Norway, Finland, Poland, Portugal, Italy, Bulgaria and Greece were all highlighted as having performed well for Carlsberg in 2013. That said, the overall region was impacted by the negative macro and consumer environment, resulting in the Western European beer market falling by around 2%.

Poland suffered from tough comparatives: The country co-hosted the Euro 2012 football tournament in the Summer of 2012. But, despite an overall market decline in 2013, Carlsberg grew volumes in the country by 5%.

In Sweden and Norway, the company said it strengthened its market share, while volumes in its home market of Denmark dipped "due to a temporary delisting at one off-trade customer".

France was hit hard last year by the beer excise tax increase at the beginning of the year. Subsequently, Carlsberg's volumes in the country fell by 4%. Carlsberg upped its market share in the UK on-trade but struggled in the off-trade. Overall market share for the brewer in the country was down.

Eastern Europe - FY net sales -4%, operating profits +2%

Across Eastern Europe, Carlsberg grew market share while many of the region's markets declined by high-single-digits in the year. In organic terms, Carlsberg's volumes in the region fell by 5%.

While the overall Russian beer market fell by around 8%, the brewer's shipments to the country dipped in the year by 7%. Carlsberg boasted of "particularly strong performances in the super-premium and mainstream segments", but conceded that its Baltika 7 brand was hit hard following the introduction of outlet restrictions in Russia last year. Price increases in March, May, June and September were offset by an excise tax increase and a negative mix in the year.

Ukraine also suffered last year, following its co-host status for Euro 2012 the year prior. That said, Carlsberg maintained flat share in an overall market that declined by around 8%.

Asia - FY net sales +14%, operating profits +21%

In organic terms, Carlsberg's Asian volumes rose in 2013 by 6%. Including acquisitions in the area, volumes were up by 12%: Asia now accounts for 24% of the company's total volumes.

In China, the company saw its share of the international premium segment grow, through its Carlsberg and Tuborg brands. Carlsberg also highlighted its deal to sponsor Chinese Super League football, becoming the official beer for the next three years.

Indochina posted an 8% lift in volumes, thanks primarily to Cambodia and Laos. In Myanmar, the company's greenfield brewery should come on-stream in the second half of 2014.

Volumes in India, finally, leapt by 18%, thanks to both Carlsberg and Tuborg. Overall market share for Carlsberg in the country stands at 8%.

Looking forward, Carlsberg said it would "continue to invest in the region, both organically through brand investments and building new breweries and infrastructure ... and through our focused M&A approach".


Brand Carlsberg delivered growth in "premium markets" of 7% in the final quarter. In the full-year, however, sales of the flagship beer dipped by 2%.

Tuborg was up by 10% in 2013, thanks to strong performances in China and India.

Outside of France, Kronenbourg 1664 delivered growth of 6%. France was impacted by de-stocking in Q1

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