Carlsberg now expects revenue for 2009 of DKK 59-60 billion, while the brewery earlier expected revenue of DKK 61 billion.
On the other hand, Carlsberg increases its expectations for the free cash flow. The brewery has intensified its focus on efficiency improvements.
The free cash flow rose to DKK 6.1 billion as a consequence of improved working capital and reduced capital expenditures, Carlsberg wrote in its financial report.
For the full year the brewery expects cash flow to be »at least DKK 6.5 billion« which is half a billion above the previous forecast.
Net debt at the end of the 3rd quarter was DKK 38.5 billion compared to DKK 44.2 billion at the end of 2008.
The brewery giant maintains its expectations for an operating profit for 2009 of »at least DKK 9 billion«.
CEO Jørgen Buhl Rasmussen is pleased with the strong nine months results.
»It demonstrates again that our efforts to drive sustainable efficiency improvements without losing top-line focus have been successful and sufficient to offset the impact from the challenging markets,« he wrote.
He remains comfortable in the company’s ability to deliver on its profit and cash flow targets for the year, and he notes that the company is as prepared for 2010 as it was for 2009.
Net revenue for the 3rd quarter was DKK 16.4 billion, a decrease of DKK 2 billion compared to the 3rd quarter last year and nearly DKK 1 billion below the analysts’ expectations.
The operating margin was 20.2 per cent after an operating profit before special items of DKK 3.3 billion.
On the other hand, Carlsberg increases its expectations for the free cash flow. The brewery has intensified its focus on efficiency improvements.
The free cash flow rose to DKK 6.1 billion as a consequence of improved working capital and reduced capital expenditures, Carlsberg wrote in its financial report.
For the full year the brewery expects cash flow to be »at least DKK 6.5 billion« which is half a billion above the previous forecast.
Net debt at the end of the 3rd quarter was DKK 38.5 billion compared to DKK 44.2 billion at the end of 2008.
The brewery giant maintains its expectations for an operating profit for 2009 of »at least DKK 9 billion«.
CEO Jørgen Buhl Rasmussen is pleased with the strong nine months results.
»It demonstrates again that our efforts to drive sustainable efficiency improvements without losing top-line focus have been successful and sufficient to offset the impact from the challenging markets,« he wrote.
He remains comfortable in the company’s ability to deliver on its profit and cash flow targets for the year, and he notes that the company is as prepared for 2010 as it was for 2009.
Net revenue for the 3rd quarter was DKK 16.4 billion, a decrease of DKK 2 billion compared to the 3rd quarter last year and nearly DKK 1 billion below the analysts’ expectations.
The operating margin was 20.2 per cent after an operating profit before special items of DKK 3.3 billion.
