Carlsberg Q1 Report 2023
OVERALL VOLUME GROWTH, PARTICULARLY IN ASIA
Organic volume growth +2.1%
- Organic volume development in Western Europe -1.0%, Asia +4.9% and Central & Eastern Europe +0.9%.
- International premium brand volume development: Tuborg +1%, Carlsberg +4%, 1664 Blanc +10%, Brooklyn +51%, Grimbergen +6% and Somersby -8%.
- Total premium category +2%.
- Alcohol-free brews -6%.
VERY STRONG REVENUE/HL ACROSS REGIONS
Organic revenue growth +14.2%
- Revenue/hl +12%, with strong growth in all three regions, particularly in Central & Eastern Europe.
- Revenue/hl improvement driven by a positive channel mix following the on-trade recovery after COVID-19, price increases and a positive country mix.
- Organic revenue growth in Western Europe +11.5%, Asia +12.4% and Central & Eastern Europe +29.6%.
- Reported revenue growth +9.8% to DKK 16.4bn.
The Group delivered strong organic revenue growth of 14.2% as a result of total organic volume growth of 2.1% and revenue/hl growth of 12%. All three regions posted double-digit organic revenue growth, with particularly strong growth in Central & Eastern Europe. Reported revenue grew by 9.8% to DKK 16.4bn, with acquisitions contributing +0.2% and currencies -4.6%, impacted in particular by the depreciation of the Laotian, Chinese, Norwegian, British and Ukrainian currencies.
The Carlsberg brand grew by 4%, driven by solid growth in premium Asian markets, particularly India and China. Tuborg grew by 1% as strong growth in Asian markets was partly offset by a significant decline in Turkey following the devastating earthquake. 1664 Blanc was up by 10%, supported by growth in the Export & License business, mainly South Korea, Ukraine and Vietnam. Brooklyn grew strongly by 51%, mainly driven by last year’s launch in the UK and Poland. Grimbergen grew by 6%, driven by a rebound in the large French market. Somersby grew in markets such as Germany, Ukraine and Laos, but total volumes were under pressure, mainly due to lower volumes in the Export & License business and in Poland, where the brand was impacted by the largest price increases.
