Denmark: Carlsberg reports weaker results in third quarter 2017

Danish brewer Carlsberg reported on Wednesday weaker results in the third quarter. Total organic volume was down 4% in the last three months (9M: -3%) mainly impacted by the downsizing in Russia of the popular, large so-called PET bottles, and cool weather in Europe. In reported terms, total volumes declined even more by 6%, impacted by disposals of Carlsberg Malawi and Chinese breweries in 2016, and of Nordic Getränke in 2017.

The company reported good growth in its international premium brands: Tuborg +5%, Carlsberg +1%, Grimbergen +7% and 1664 Blanc +42%. The craft & speciality volume (+34%) as well as the alcohol-free beer volume in Western Europe (+14%) developed also very favorably.

Organic net revenue declined by 1% (9M: +1%) mainly due to lower sales.

During 2017, the Group has continued the streamlining of its portfolio of businesses, concluding the following transactions:
- Disposal of our 100% shareholding in Carlsberg Uzbekistan.
- Disposal of our 23% shareholding in United Romanian Breweries.
- Disposal of our 30% shareholding in Russian malt producer MSSP.
- Disposal of our 100% shareholding in the German wholesale business Nordic Getränke

Commenting on the outlook of the business, Cees ’t Hart, President & Chief Executive Officer, Carlsberg said: “Funding the Journey is progressing well, and we now expect to achieve benefits of around DKK 2 billion [$312m]. This also means that we are able to adjust our earnings outlook efforts.” 

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