Q1 2017 Trading Statement

A solid start to 2017, in line with plan


  • Organic net revenue growth of 4%; reported growth of 5% to DKK 13.7bn.
  • Solid price/mix of +4%.
  • Total volumes flat organically
    • Growth of our international premium brands: Tuborg +1%; Carlsberg +8%; Grimbergen +25%


  • Mid-single-digit percentage growth in organic operating profit.
  • Financial leverage reduction.
  • Positive translation impact of around DKK 300m now expected (previously DKK +350m).

Commenting on the results, CEO Cees ’t Hart says: “With 4% organic net revenue growth, we delivered a solid start to 2017, in the seasonally small first quarter. The execution of Funding the Journey is progressing well and we’re on track to deliver on our 2017 commitments. We’re maintaining our full-year outlook.”

Carlsberg will host a conference call for analysts and investors today at 9.00 am CET (8.00 am GMT). 


Please address enquiries to:

Vice President, Investor Relations

Peter Kondrup

Tel +45 2219 1221 Email [email protected]

Head of Group External Communications

Kenni Leth

Tel +45 51 71 43 68 Email [email protected]