Q1 2021 Trading Statement

The Group delivered a good start to the year.


• Total organic volume growth of 11.5%; reported growth of 12.8%.
• Total organic volume development in Western Europe -5.8%, Asia +29.7% and Central & Eastern Europe +8.9%.
• Tuborg volume +26%, Carlsberg -4%, 1664 Blanc +33%, Grimbergen -17% and Somersby +31%.
• Craft & speciality volume growth of +13%, alcohol-free brews +24%.
• Organic revenue growth of 3.8% (Western Europe -14.9%, Asia +30.4% and Central & Eastern Europe +3.1%). Reported growth of 0.4% to DKK 13.0bn due to acquisitions (+2.1%) and currencies (-5.5%).
• Revenue/hl down organically by 7%, impacted by channel and country mix.
• Today, the Company will launch the second quarterly share buy-back programme, amounting to DKK 1bn.


Uncertainty remains high. However, in light of the good start to the year, we raise the bottom end of the range in our earnings expectations for 2021:
• Organic growth in operating profit within the range of 5-10% (previously 3-10%).
• A translation impact of around DKK -250m is assumed for 2021 based on the spot rates at 27 April (previously DKK -200m).

CEO Cees ’t Hart says: “COVID-19 continues to impact people across the world. As in 2020, our top priorities remain the health and wellbeing of our employees, supporting our customers to the best of our ability and safeguarding the financial health of the business.

“The Group had a strong start to the year in Asia and Central & Eastern Europe, while Western Europe was significantly impacted by the extensive lockdowns and restrictions across the region. With COVID-19 continuing to be a challenge in many of our markets, our geographical exposure showed its strength, as strong volume growth in several markets across all three regions more than offset challenging circumstances in other markets.

“Although the uncertainty as to how the pandemic will evolve in the coming quarters remains high, we’re pleased that we can raise the bottom end of our earnings guidance and that we’re today launching the second quarterly share buy-back programme.”