Q3 2016 Trading Statement

Carlsberg Group delivers solid Q3 performance and upgrades 2016 earnings outlook.


  • Reported net revenue of DKK 17.5bn; +1% organic growth (9M: +3%).
  • Price/mix of +1% (9M: +4%).
  • Total volumes flat organically (9M: -1%).

2016 earnings expectation upgraded

  • Organic operating profit growth is now anticipated to be around 5% (previously low-single-digit percentages growth).
  • A translation impact of DKK -550m is now expected (previously DKK -600m).

Commenting on the results, CEO Cees ‘t Hart says: “We’re satisfied with our Q3 results. Our valuemanagement approach, which targets the optimal balance between market share, gross margin and earnings, continues to progress well. In addition, our Eastern European business delivered a good set of results in the quarter, ahead of our expectations. Consequently, we upgrade our 2016 earnings expectations.

“We continue to see good momentum across the organisation in Funding the Journey and good progress in the operationalisation of the SAIL’22 priorities in our business plans for 2017 and future years.”


Please address enquiries to:

Vice President, Investor Relations

Peter Kondrup

Tel +45 2219 1221 Email [email protected]

Sr. Director, Investor Relations

Iben Steiness

Tel +45 2088 1232 Email [email protected]