Q1 2018 Trading Statement

CEO Cees ’t Hart says: “In the seasonally small first quarter, we delivered 2% organic revenue growth. The Q1 growth in craft & speciality and alcohol-free brews as well as the broadly based growth in Asia serve as proof points for our SAIL’22 agenda. Funding the Journey is delivering according to plan and we’re well on track to deliver on our full-year expectations.”


  • Organic net revenue growth of 2%; reported decline of 5% to DKK 12.7bn due to currencies (-5%) and disposals (-2%).
  • Price/mix improvement of 1%.
  • Total organic volume growth of 1%.
    • Tuborg volume growth +11%, Carlsberg flat, Grimbergen +12% and 1664 Blanc +44%.
    • Craft & speciality volume growth of +30%, alcohol-free brew volume growth of +23% in Western

2018 Earning expectations maintained

  • Mid-single-digit percentage organic growth in operating profit.
  • A translation impact on operating profit of around DKK -550m, based on the spot rates at 30 April (previously DKK -450m).

Carlsberg will present the results at a conference call today at 9.00 am CET (8.00 am GMT).


Please address enquiries to:

Senior Director, Group External Communication

Nina Brønden Jakobsen

Tel +45 4186 1391 Email

Vice President, Investor Relations

Peter Kondrup

Tel +45 3327 1221 Email