H1 2016 Financial Statement

Carlsberg Group delivers good H1 2016 performance and is on-track to deliver on full-year and Funding the Journey expectations.


  • Reported net revenue of DKK 31.2bn; 4% organic growth.
  • Favourable price/mix of +5%.
  • Total Group volume organic decline of 1%, primarily a consequence of our value management initiatives.
  • Stable market share in Asia; sequential improvement in Eastern Europe; decline in Western Europe.
  • Organic operating profit growth of 8%; reported operating profit of DKK 3,448m (-4%) due to a currency impact of DKK -389m. Operating margin improvement in all three regions.
  • Reported net profit of DKK 1,867m (+25%), corresponding to an EPS of DKK 12.2. Correcting for special items after tax and the effects of a one-off tax expense, EPS would have been DKK 11.2.
  • Significant improvement in free cash flow of DKK 3.0bn to DKK 5.2bn.
  • Net interest-bearing debt reduction of DKK 2.7bn versus year-end 2015; net interest-bearing debt/EBITDA reduced to 2.16x. 
  • ROIC (MAT) improvement of 110bp to 8.9%
  • Funding the Journey well on track. The Group’s new strategy, SAIL’22, announced in March, now being implemented across the Group.

2016 organic operating profit expectation maintained

  • Full-year guidance of low-single-digit percentage organic growth in operating profit maintained.
  • The translation impact on operating profit expected to be around DKK -600m (previously DKK -550m), based on currency rates as at 15 August.
  • The effective tax rate for this year is now expected to be 33% (previously 28%), primarily due to a one-off tax expense.

CEO Cees ‘t Hart says: “The Carlsberg Group delivered a good set of results in line with our expectations. Most notably, we achieved a solid top-line and profit development as well as a strong improvement in cash flow. With the satisfactory execution of our plans so far, we maintain our fullyear outlook for organic growth in operating profit.

“We’re satisfied with the progress on our key priorities for 2016, including the delivery of the benefits from Funding the Journey and the implementation of SAIL’22. Funding the Journey is getting a good momentum throughout the organisation and the priorities in SAIL’22 have received very positive feedback from our employees across markets and functions. We’re now in the process of operationalising the strategy and developing tangible action plans for 2017.“


Please address enquiries to:

Global Head of External Communications

Tanja Frederiksen

Tel +45 5195 7778 Email [email protected]