Unless otherwise stated, comments in this announcement refer to Q3 performance.
Highlights
- Total organic volume growth of 2.4% (9M: -4.0%).
- Total organic volume development in
Western Europe -0.8%,Asia -0.4% andEastern Europe +12.6%. - Tuborg volume +4%, Carlsberg -2%, Grimbergen +12%, 1664 Blanc +13% and Somersby +9%.
- Craft & speciality volume +12%, alcohol-free brews +29%.
- Total organic volume development in
- Organic revenue decline of 2.1% (9M: -8.2%). Reported decline of 6.8% to
DKK 17.3bn (9M: -10.5% toDKK 46.1bn ).- Organic revenue development in
Western Europe -5.0%,Asia -1.5% andEastern Europe +6.4%.
- Organic revenue development in
- Price/mix -4% (9M: -4%).
2020 Earnings expectations
In the light of strong performance in Q3, continued positive volume development in
- Organic operating profit decline of a mid-single-digit percentage (previously a decline of high-single-digit percentage).
- Translation impact on operating profit of around
DKK -450m , based on the spot rates at 27 October (previouslyDKK -400m ).
Assumptions regarding financial expenses, effective tax rate and capital expenditures have been updated; see page 5.
CEO Cees ’t Hart says: “We’re satisfied with our Q3 performance and the fact that we were able to deliver more than 2% volume growth, including strong figures for craft & speciality and alcohol-free brews. Our earnings upgrade is the result of solid execution and our ability to adjust our business and costs to changing market conditions.
“The pandemic remains a concern for us, impacting our people, our customers and our businesses in many of our markets. Our first priority is the health and safety of our employees and customers, while also ensuring the health of our business, both short term and long term. Consequently, we’re continuing to adapt our organisation, processes and structures to a new market reality, including changed consumer preferences and a temporarily reduced level of on-trade activity.”
Contacts
Investor Relations:
Media Relations:
Kasper Elbjørn +45 4179 1216
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Carlsberg will present the results at a conference call on 28 October at
Attachments
- 44_27102020_Q3 2020 Trading Statement and Earnings Upgrade
- Quarterly_financial_data_Carlsberg_Group
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