Carlsberg Half-Year Report 2023
CONTINUED VOLUME GROWTH, DRIVEN BY ASIA AND THE PREMIUM PORTFOLIO
Organic volume growth 0.8%
- Organic volume development in Western Europe -2.1%, Asia +4.8% and Central & Eastern Europe -1.9%.
- Premium portfolio volume growth of 3% driven by our international premium brands: Tuborg +3%, Carlsberg +1%, 1664 Blanc +5%, Brooklyn +52% and Somersby -7%.
- Alcohol-free brews -1%; growth in Q2 of 2%.
STRONG REVENUE GROWTH IN ALL REGIONS
Organic revenue growth 11.2%
- Organic revenue growth in all regions: Western Europe +9.2%, Asia +11.7% and Central & Eastern Europe +16.3%.
- Reported revenue growth of 6.6% to DKK 37,788m, impacted by adverse foreign exchange movements.
- Revenue/hl +10%, with strong growth in all regions.
SOLID ORGANIC OPERATING PROFIT
Organic operating profit growth 5.2%
- Operating profit growth reflecting strong revenue growth, partly offset by cost inflation and higher sales and marketing investments.
- Reported operating profit impacted by adverse foreign exchange movements, declining by 2.6% to DKK 6,272m.
- Reported net profit of DKK 3,495m (2022: DKK -5,276m). Adjusted net profit of DKK 4,749m (2022: DKK 5,059m).
- Adjusted earnings per share for continuing operations of DKK 29.3 (+0.2%).
- Free operating cash flow of DKK 4,346m.
Beer volumes grew organically by 0.6% (Q2: -0.8%), driven by solid growth in Asia. Other beverage volumes grew organically by 1.5% (Q2: +2.3%), and total volumes by 0.8% (Q2: -0.2%). The acquisition impact related to the acquisition of Waterloo Brewing in Canada. Revenue/hl increased by 10% (Q2: +9%), resulting in strong organic revenue growth of 11.2% (Q2: +9.0%). The revenue/hl improvement was driven by the on-trade recovery in Q1, premium growth in Asia and Central & Eastern Europe, and price increases across most markets.
