Carlsberg is in a strong position, CEO Jørgen Buhl Rasmussen believes. Revenue for the full year will, however, hardly be in line with the previous expectations.
Carlsberg now expects full-year revenue of around DKK 61 billion compared to previously expected DKK 63 billion, it appears of the brewery’s first-half results.
This is not, however, very different from what the analysts had expected. In a survey by the news agency Direkt the analysts had expected average revenue of DKK 62 billion.
The brewery maintains its previously announced expectation of a net profit of DKK 3.5 billion. Also the target for an operating profit of DKK 9 billion is maintained. The analysts now expect an operating profit of DKK 8.8 billion.
In the important Russian market Carlsberg lowers its expectations for the market growth which is now expected to decline 5-6 per cent this year compared to a previously assumed decline of about 2 per cent. However, Carlsberg still anticipates Baltika gaining market share in Russia for the year.
CEO Jørgen Buhl Rasmussen is pleased with the results for the first six months where the operating margin has been improved considerably compared to last year from 13.1 per cent to now 15.1 per cent and the organic operating profit growth was 26 per cent.
»We entered the year with a strong focus on sustainable efficiency improvements based on expected challenging markets. Numerous actions have been taken and we are pleased with the strong earnings and cash flow performance for the first six months. We are on track to deliver on our targets without compromising Carlsberg’s ambitions of growing our brands and delivering continuous profit growth,« Jørgen Buhl Rasmussen said.
Net revenue in the second quarter was DKK 17.6 billion compared to DKK 17.5 billion in the second quarter last year, while the analysts had expected revenue of DKK 17.9 billion.
Group operating profit was DKK 3.7 billion compared to DKK 3.2 billion in the second quarter 2008. The analysts had expected an average of DKK 3.2 billion and an operating margin of 17.4 per cent.
Carlsberg now expects full-year revenue of around DKK 61 billion compared to previously expected DKK 63 billion, it appears of the brewery’s first-half results.
This is not, however, very different from what the analysts had expected. In a survey by the news agency Direkt the analysts had expected average revenue of DKK 62 billion.
The brewery maintains its previously announced expectation of a net profit of DKK 3.5 billion. Also the target for an operating profit of DKK 9 billion is maintained. The analysts now expect an operating profit of DKK 8.8 billion.
In the important Russian market Carlsberg lowers its expectations for the market growth which is now expected to decline 5-6 per cent this year compared to a previously assumed decline of about 2 per cent. However, Carlsberg still anticipates Baltika gaining market share in Russia for the year.
CEO Jørgen Buhl Rasmussen is pleased with the results for the first six months where the operating margin has been improved considerably compared to last year from 13.1 per cent to now 15.1 per cent and the organic operating profit growth was 26 per cent.
»We entered the year with a strong focus on sustainable efficiency improvements based on expected challenging markets. Numerous actions have been taken and we are pleased with the strong earnings and cash flow performance for the first six months. We are on track to deliver on our targets without compromising Carlsberg’s ambitions of growing our brands and delivering continuous profit growth,« Jørgen Buhl Rasmussen said.
Net revenue in the second quarter was DKK 17.6 billion compared to DKK 17.5 billion in the second quarter last year, while the analysts had expected revenue of DKK 17.9 billion.
Group operating profit was DKK 3.7 billion compared to DKK 3.2 billion in the second quarter 2008. The analysts had expected an average of DKK 3.2 billion and an operating margin of 17.4 per cent.
