Carlsberg B A/S
Carlsberg A/S: Financial Statement as at 30 June 2019
Strong H1 performance; full-year earnings outlook increased
Unless otherwise stated, comments in this announcement refer to H1
* Organic net revenue growth of 4.2% (Q2: +2.6%); reported net revenue
growth of 6.5% to DKK 32,990m (Q2: +4.6%).
* Price/mix improvement of +3% (Q2: +3%); positive in all three
* Total organic volume growth of 1.4% (Q2: -0.1%).
o Tuborg volume growth +4%, Carlsberg -3%, Grimbergen +4% and
1664 Blanc +29%.
o Craft & speciality volume growth +17%, alcohol-free brew volume
* Organic operating profit growth of 17.7%; reported growth of 18.2% to
* Operating margin improvement of +160bp to 15.7%.
* Reported net profit up 24.6% to DKK 3,079m. Adjusted net profit up
15.1% to DKK 2,884m.
* Adjusted earnings per share (excluding treasury shares) up 15.6% to
* Free cash flow of DKK 5,156m (2018: DKK 5,765m).
* Net debt/EBITDA of 1.33x.
* ROIC improvement of 110bp to 8.7%. Excluding goodwill, improvement of
350bp to 22.1%.
* The Company will today initiate a DKK 2bn share buy-back. This is the
second tranche of its 12-month DKK 4.5bn share buy-back programme
(see page 16) as announced on 6 February 2019.
2019 Earnings expectations
* High-single-digit percentage organic growth in operating profit
(unchanged from announcement on 8 August).
* A translation impact on operating profit of around DKK +100m, based
on the spot rates at 14 August (previously DKK +150m).
* Financial expenses, excluding currency losses or gains, are expected
to be around DKK 700m (previously DKK 700-750m).
CEO Cees t Hart says: We delivered a strong set of results for the first
six months of 2019, with healthy top-line development, strong margin
improvement and continued solid cash flow. Were pleased that last week we
were able to adjust our earnings outlook upwards due to the performance in
the first half and a solid start to Q3, and despite tough comparables. The
earnings upgrade is yet another proof point that the execution of our
SAIL22 priorities is driving sustainable, long-term value creation for the
Peter Kondrup +45 2219 1221
Iben Steiness +45 3327 1232
Kasper Elbjørn +45 4179 1216
Anders Bering +45 4179 1217
Carlsberg will present the results at a conference call today at 9.00 a.m.
CET (8.00 a.m. GMT). Dial-in information and a slide deck are available
beforehand on www.carlsberggroup.com
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* 34_UK_15082019_H1 2019 Interim financial statement