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Trading Statement as at 31 March 2019

HIGHLIGHTS

  • Organic net revenue growth of 6.4%; reported growth of 9.3% to DKK 13.9bn due to acquisitions (+2.6%) and currencies (+0.3%).
  • Price/mix +3%; positive across all regions.
  • Total organic volume growth of 3.4%; reported growth of 6.7% due to acquisitions.
    • Tuborg volume growth +7%, Carlsberg +2%, Grimbergen +4% and 1664 Blanc +30%.
    • Craft & speciality volume growth +18%, alcohol-free brew volume growth +15%.

2019 EARNINGS EXPECTATIONS

  • Mid-single-digit percentage organic growth in operating profit.
  • A translation impact on operating profit of around DKK +150m, based on the spot rates at 1 May (previously around zero).

CEO Cees ’t Hart says: “We had a good start to the year, with particularly strong volume growth in Asia and continued solid progress of our craft & speciality and alcohol-free portfolios, which improved the price/mix. We are maintaining our full-year earnings expectation.”


Contacts

Investor Relations:  
Peter Kondrup +45 2219 1221      
Iben Steiness +45 3327 1232

Media Relations:    
Kasper Elbjørn +45 4179 1216    
Anders Bering +45 4179 1217


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