Financial statement as at 30 June 2017

Strong earnings growth and cash flow; well on track to deliver on key priorities for 2017.

Unless otherwise stated, comments in this announcement refer to H1 performance.


  • Organic and reported net revenue growth of 2% to DKK 31,765m.
  • Solid price/mix improvement of +4% with good progress across all regions.
  • Total organic volume down 2%, impacted by PET downsizing in Russia.
    • Tuborg volume +3% driven by Asia, Carlsberg -1% impacted by tough EURO 2016 comparables.
    • Craft & speciality volume +25%, alcohol-free beer volume in Western Europe +13%.
  • Funding the Journey in good shape, delivering according to plan across all regions.
  • Gross margin up 110bp; operating margin improvement of 200bp to 13.0% with strong contribution in all three regions.
  • Strong organic operating profit growth of 15%; reported growth of 20% to DKK 4,125m, supported by a DKK 0.2bn positive currency impact.
  • Reported net profit of DKK 2,304m (+23%) and adjusted net profit of DKK 2,286m (+63%).
  • Continued improvement of free cash flow to DKK 5.9bn (+12%) despite last year being impacted by proceeds from disposals. Free operating cash flow increase of 37%.
  • Net debt reduction of DKK 3.7bn to DKK 21.9bn; net interest-bearing debt/EBITDA reduced to 1.57x.


  • Mid-single-digit percentage growth in organic operating profit.
  • Financial leverage reduction.
  • Positive translation impact of around DKK 50m now expected (previously DKK +300m).
  • Financial expenses, excluding currency losses or gains and fair value adjustments, are now expected to be around DKK 1bn (previously DKK 1.0-1.1bn).

Commenting on the results, CEO Cees ’t Hart says: “We delivered a strong set of results for the first half-year, improving earnings and cash flow and reducing leverage. The results show that we’re well on track to deliver on our key priorities for this year: achieving a substantial proportion of the remaining Funding the Journey benefits, enabling investments in SAIL’22-related activities to grow the top-line in the future.

“Funding the Journey is now well established and being embedded as normal procedure across our markets and functions.

“Our strong financial results enable us to accelerate our investments in the SAIL’22 priorities to drive sustainable long-term growth of the Carlsberg Group. The growth of Tuborg in Asia, the expansion of Grimbergen and the further development of our fruitful cooperation with Brooklyn serve as excellent examples of SAIL’22 at this point in time.”


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Global Head of External Communications

Tanja Frederiksen

Tel +45 5195 7778 Email [email protected]

Vice President, Investor Relations

Peter Kondrup

Tel +45 3327 1221 Email [email protected]