As a result of higher-than-expected third-quarter revenue and operating profit, the Carlsberg Group is adjusting its 2018 earnings expectations upwards.
Good progress on our strategic priorities, strong execution of Funding the Journey and a warm summer in Western Europe are the main reasons behind the strong third-quarter performance. Consequently, we now expect:
A translation impact on operating profit of around DKK -500m (previously DKK -425m) is assumed, based on the spot rates as at 24 October.
Other relevant assumptions are:
Financial expenses, excluding currency losses or gains and fair value adjustments, are expected to be around DKK 800m (unchanged).
The effective tax rate is expected to be below 29% (unchanged).
Capital expenditures are expected to be DKK 4.0-4.5bn (previously around DKK 4.5bn).