Q3 2017 TRADING STATEMENT
- Reported net revenue of DKK 16.7bn, an organic decline of 1% (9M: DKK 48.4bn, +1% organically).
- Price/mix of 3% (9M: +4%).
- Total volume -4% (9M: -3%).
- Good growth in our international premium brands: Tuborg +5%, Carlsberg +1%, Grimbergen +7% and 1664 Blanc +42%.
- Craft & speciality volume +34%, alcohol-free beer volume in Western Europe +14%.
- Funding the Journey progressing well and total net benefits now expected to be around DKK 2bn.
2017 EARNINGS EXPECTATION
- Organic operating profit growth of 7-8% (previously mid-single-digit percentage growth).
- Financial leverage reduction.
- Positive translation impact of around DKK 75m now expected (previously DKK +50m).
Commenting on the results, CEO Cees 't Hart says: "Funding the Journey is progressing very well and we feel confident about delivering benefits of around DKK 2bn. Consequently, we're able to adjust our earnings outlook upwards.
"In the third quarter, our premiumisation efforts continued to deliver a solid price/mix development, while volumes, as expected, were impacted by the PET downsizing in Russia, tough comparables in Eastern Europe and poor weather in Western Europe."
Carlsberg will host a conference call for analysts and investors today at 9.00 am CET (8.00 am GMT).
Dial-in information and slide deck are available beforehand on www.carlsberggroup.com.
Peter Kondrup +45 3327 1221
Iben Steiness +45 3327 1232
Kasper Elbjørn +45 4179 1216
Anders Bering +45 4179 1217
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