Organic revenue decline of 2.1% (9M: -8.2%). Reported decline of 6.8% to DKK 17.3bn (9M: -10.5% to DKK 46.1bn).
Organic revenue development in Western Europe -5.0%, Asia -1.5% and Eastern Europe +6.4%.
Price/mix -4% (9M: -4%).
2020 Earnings expectations
In the light of strong performance in Q3, continued positive volume development in Russia and China at the beginning of Q4, solid execution of cost reductions and despite current uncertainty in Western Europe, we are adjusting our 2020 earnings expectations upwards. Consequently, we now expect:
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 (previously DKK -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.'
Media Relations:
Kasper Elbjørn +45 4179 1216 Christian Wulff Søndergaard +45 3144 7965
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Carlsberg will present the results at a conference call on 28 October at 9.00 a.m. CET (8.00 a.m. GMT). Dial-in information and a slide deck are available on www.carlsberggroup.com.
Carlsberg A/S published this content on 27 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2020 17:34:09 UTC
Carlsberg A/S is one of the world's leading beer producers. Net sales break down by activity as follows:
- beer production and sales: 101 million hectoliters sold in 2023 primarily under the Carlsberg and Tuborg brands;
- production, bottling, and distribution of non-alcoholic beverages: carbonated beverages, energy drinks, and mineral waters (24.1 million hectoliters sold in 2022).
At the end of 2023, the group had 71 breweries located in Denmark, in the United Kingdom (3), in Poland (3), in Germany (3), in Western Europe (6), in China (26), in Asia (14), and in Central/Eastern Europe (15).
Net sales are distributed geographically as follows: Western Europe (50.7%), Asia (31.7%), Eastern and Central Europe (17.6%).