Carlsberg Raises Full-Year Guidance on Europe, Asia Performance
August 09 2022 - 2:56AM
Dow Jones News
By Dominic Chopping
Carlsberg AS late Monday upgraded its full-year guidance after a
strong performance in Europe and Asia.
The Copenhagen-based brewer said it now expects to post organic
growth in operating profit in a high single-digit-percentage this
year, up from previous guidance of minus 5% to plus 2%, or minus 1%
to plus 7%, when fully excluding the Ukrainian business in 2021 and
2022.
Carlsberg said it has had a strong performance in the year to
date, including in July, and achieved a consistent level of
operations in Ukraine, more than offsetting the increasing
commodity and energy cost pressures.
The company suspended production in Ukraine immediately after
Russia's invasion and changed the accounting treatment of the
Ukraine business. However, a consistent level of operations has now
resumed at all three Ukrainian sites and its full-year operating
result in Ukraine will again be included in group operating
profit.
"Our Ukrainian colleagues have shown incredible strength and
resilience," Carlsberg said.
"At their recommendation, we ramped up production at two of our
three breweries during April and May and, by the end of June,
production had also been reinstated at the third brewery," the
company said.
Carlsberg first-half earnings will be published on Aug. 17.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
August 09, 2022 02:41 ET (06:41 GMT)
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