CARL B Carlsberg A/S Class B

FINANCIAL STATEMENT AS AT 30 JUNE 2018

FINANCIAL STATEMENT AS AT 30 JUNE 2018

COMPANY ANNOUNCEMENT

STRONG H1 PERFORMANCE; FULL-YEAR EARNINGS OUTLOOK INCREASED

Unless otherwise stated, comments refer to H1 performance.

Highlights

 • Organic net revenue growth of 5.1% (Q2: +7.6%); reported net revenue decline of 0.7% to DKK 30,966m (Q2: +2.9%).

 • Solid price/mix improvement of +2%; positive in all three regions.

 • Total organic volume growth of 3.4% (Q2: +5.0%).

   • Tuborg volume growth +8%, Carlsberg +4%, Grimbergen +11% and 1664 Blanc +55%.

   • Craft & speciality volume growth +26%, alcohol-free brew volumes in Western Europe +26%.

 • Funding the Journey progressing well, and total net benefits now expected to exceed DKK 2.3bn (previously around DKK 2.3bn).

 • Strong organic operating profit growth of 14.2%; reported growth of 6.0% to DKK 4,373m.

   • Gross margin improvement of +90bp and operating margin improvement of +90bp to 14.1% with margin expansion in all three regions.

 • Adjusted net profit growth of 9.6% to DKK 2,506m. Reported net profit of DKK 2,471m (+7.2%).

 • Continued strong free cash flow of DKK 5.8bn (2017: DKK 5.9bn).

 • Net debt/EBITDA reached 1.29x.

 • ROIC improvement of 110bp to 7.6%. Excluding goodwill, improvement of 420bp to 18.6%.



2018 Earnings expectations

 • Based on the strong H1 performance, the upgrade of the expected Funding the Journey benefits and a good start to Q3, we adjust our earnings expectations upwards to high-single-digit percentage organic growth in operating profit (previously mid-single-digit).

 • A translation impact on operating profit of around DKK -425m (previously DKK -550m), based on the spot rates as at 15 August.



CEO Cees ’t Hart says: “We delivered strong results for the first six months of 2018 with healthy top-line growth, margin improvements across the regions, strong cash flow and continued debt reduction. We’re pleased to be able to adjust our earnings outlook upwards. This is a proof point that our SAIL’22 investments support our ambition of sustainable top-line growth.”



Contacts

Investor Relations:            

Peter Kondrup           

Iben Steiness         



Media Relations:           

Kasper Elbjørn                     

Anders Bering         

Attachments

EN
16/08/2018

Underlying

CARL BCarlsberg A/S Class B

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