The brewery giant Carlsberg upgrades after a surprising progress in Russia. The company now upgrades its operating profit outlook for the year 2009 to »at least DKK 9.3 billion«.
It is Carlsberg’s Russian activities which now benefit the company, as the Russian Duma in November decided to increase the Russian beer excise duty by 200 per cent as of January 1, 2010.
This has led to stock builinding in the distribution system and consequently Carlsberg’s Russian Q4 2009 volumes will be higher than previously expected.
The outlook for the operating profit in 2009 which until today was at least DKK 9.0 billion has now been lifted to at least DKK 9.3 billion.
While the stock building has a positive one-off impact on profits in Q4 2009, the subsequent de-stocking in Q1 2010 will have a similarly negative one-off impact on operating profit. Likewise, the negative working capital effect in Q4 2009 will be reversed in Q1 2010.
The process of finding one or more partners to the development of the Valby site has not been finalised and Carlsberg does not expect a final solution to be reached in 2009.
It is Carlsberg’s Russian activities which now benefit the company, as the Russian Duma in November decided to increase the Russian beer excise duty by 200 per cent as of January 1, 2010.
This has led to stock builinding in the distribution system and consequently Carlsberg’s Russian Q4 2009 volumes will be higher than previously expected.
The outlook for the operating profit in 2009 which until today was at least DKK 9.0 billion has now been lifted to at least DKK 9.3 billion.
While the stock building has a positive one-off impact on profits in Q4 2009, the subsequent de-stocking in Q1 2010 will have a similarly negative one-off impact on operating profit. Likewise, the negative working capital effect in Q4 2009 will be reversed in Q1 2010.
The process of finding one or more partners to the development of the Valby site has not been finalised and Carlsberg does not expect a final solution to be reached in 2009.
