COPENHAGEN--Danish brewer Carlsberg A/S (CARL-A.KO) on Wednesday
maintained its 2013 outlook because of strict cost controls as
growing volumes in Asia were not enough to offset declines in
Eastern and Western Europe.
MAIN FACTS:
-Carlsberg reiterated it expects adjusted full-year 2013 net
profit to increase by a mid-single-digit percentage and its
operating profit before special items at around DKK10 billion.
-Sales in the third quarter declined to DKK17.97 billion from
DKK18.59 billion in the same period last year.
-Operating profit was DKK3.43 billion--down from DKK3.60
billion.
-Net profit for the period was DKK2.21 billion--up from DKK2.14
billion. Analysts polled by Dow Jones Newswires estimated a net
profit of DKK2.1 billion.
-Sold beer volume fell by 2.8% on year to 38.6 million
hectoliters from 39.7 million hectoliters. Volume fell 5% in the
quarter.
-Carlsberg, the world's fourth-largest brewer, said it now
expects capital expenditures to be 10% higher than in 2012. In
August it said those would be in line with 2012.
-In Western European markets improved during the third quarter
because of favorable weather.
-Continued challenging market environment in Eastern Europe with
Russia continuing to be impacted by outlet closures and slower
macro-economic growth.
-Carlsberg said it now expects the Russian beer market, its
largest by country, to decline by high-single-digit percentage in
2013. The company cited outlet closures and slower macro-economic
growth as main reasons for the week development in Russia.
-The group took steps to further strengthen the company's growth
profile. All these initiatives took place in Asia, where Carlsberg
started construction of two breweries in Myanmar and China and
launched the partial tender offer of Chongqing Brewery.
-"I am satisfied that the Group managed to deliver earnings
growth for the nine months as well as maintaining its earnings
outlook for the year in light of challenging and uncertain market
conditions and an adverse currency impact", CEO Jorgen Buhl
Rasmussen said in a statement.
-Shares closed Tuesday at DKK548.50.
Write to Clemens Bomsdorf at clemens.bomsdorf@dowjones.com
Order free Annual Report for Carlsberg A/S
Visit http://djnweurope.ar.wilink.com/?ticker=DK0010181676 or
call +44 (0)208 391 6028
Order free Annual Report for Carlsberg A/S
Visit http://djnweurope.ar.wilink.com/?ticker=US1427952023 or
call +44 (0)208 391 6028
Subscribe to WSJ: http://online.wsj.com?mod=djnwires