Q1 2019 Trading Statement

We delivered a solid start to the year


  • Organic net revenue growth of 6.4%; reported growth of 9.3% to DKK 13.9bn due to acquisitions (+2.6%) and currencies (+0.3%)
  • Price/mix +3%; positive across all regions.
  • Total organic volume growth of 3.4%; reported growth of 6.7% due to acquisitions.
  • Tuborg volume growth +7%, Carlsberg +2%, Grimbergen +4% and 1664 Blanc +30%.
  • Craft & speciality volume growth +18%, alcohol-free brew volume growth +15%.

2019 Earnings expectations

  • Mid-single-digit percentage organic growth in operating profit.
  • A translation impact on operating profit of around DKK +150m, based on the spot rates at 1 May (previously around zero).

CEO Cees ’t Hart says: “We had a good start to the year, with particularly strong volume growth in Asia and continued solid progress of our craft & speciality and alcohol-free portfolios, which improved the price/mix. We are maintaining our full-year earnings expectation.”