Following the traditional small first quarter of the year, the Group maintains all major assumptions and outlook for the year:
• Low single-digit decline in the Northern & Western European markets
• The Russian market reverting to modest growth during 2012
• Continued growth in key markets across Asia
In addition to the market assumptions, another key assumption for the outlook is:
• An average EUR/RUB exchange rate of approximately 43 for the remaining part of the year (a EUR/RUB change of +/- 1 impacts Group operating profit by slightly less than +/- DKK 100m)
Based on the assumptions above, the Group’s outlook for 2012 is unchanged:
• Operating profit before special items at the level of 2011 (higher at the 2011 average EUR/RUB rate)
• Slightly growing adjusted net profit
The 2012 outlook does not include any impact of the intentions of announcing a voluntary offer for the remaining Baltika shares.