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DENMARK: Carlsberg's YTD profits growth stable, but Eastern Europe still drags

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  • Nine-month net profits (adjusted) up 4.7% to DKK4.5bn (US$811.1m)
  • YTD net sales flat at DKK50.9bn
  • Operating profits fall 1.6% to DKK7.5bn
  • FY outlook maintained 

Carlsberg has seen its year-to-date profits edge up after good weather in Western Europe in Q3, but group sales were flat as Eastern Europe remains “challenging”. 

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Adjusted net profits in the nine-months to the end of September rose by 4.7% to DKK4.5bn (US$811.1m), the Danish brewer reported today (13 November). Sales in the  period were flat on the prior year at DKK50.9bn, while operating profits fell by 1.6% to DKK7.5bn. 

The group's beer volumes slipped 1.2% in the nine months to 108.4m hectolitres. 

In Q3, adjusted net profits rose by 4.4% to DKK2.2bn, while group sales slipped by 3.3% to DKK18bn. Operating profits in the three months fell by 4.7% to DKK3.4bn. Q3 beer volumes fell by 2.8% to 38.6m hectolitres. 

The group said its Western markets improved in Q3 due to "favourable weather", but it is still seeing a "challenging market environment in Eastern Europe with Russia continuing to be impacted by outlet closures and slower macro-economic growth". 

Carlsberg also flagged that a rise in volumes in Asia were "not enough to offset volume declines in Eastern and Western Europe". 

CEO Jørgen Buhl Rasmussen said: "I am satisfied that the group managed to deliver earnings growth for the nine months as well as maintaining its earnings outlook for the year in light of challenging and uncertain market conditions and an adverse currency impact." 

He added: "We have achieved this through ongoing tight cost control." 

Looking ahead, the group expects full-year adjusted net profits to rise by mid-single digits in percentage terms.  

Shares in the brewer were this morning trading down 1.39% at DKK567.50 in Copenhagen

To read the company's full statement, click here


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