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Destocking in Russia Impacts on Carlsberg’s Profits

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Destocking in Russia Impacts on Carlsberg’s Profits

Destocking in Russia Impacts on Carlsberg’s Profits
May 10
09:46 2012

Carlsberg Group has reported a 2.8% rise in revenue to DKr12.9 billon (Eur1.7 billion) but operating profit declined by 43% to DKr574 million for its first quarter as volumes falls in Russia, due to destocking, offset solid growth in Northern & Western Europe and in Asia.

Northern & Western Europe and Asia achieved operating profit growth in spite of slightly higher cost of sales and higher sales and marketing investments due to different phasing than last year. Profits in Eastern Europe declined mainly due to lower volumes, slightly higher cost of sales and different phasing of sales and marketing investments compared to previous year.

The Carlsberg Group grew market shares in Northern & Western Europe and Asia during the quarter. InEastern Europe, its Russian market share improved slightly compared to Q4 2011 but declined as expected versus Q1 2011.

Jorgen Buhl Rasmussen, chief executive of Carlsberg Group, comments: “2012 is a year where focus, prioritisation and efficiency are key in everything we do. We are focusing our commercial activities behind our most important brands and events. We are putting significant resources behind the EURO 2012 sponsorship, which will be a key driver behind the support of the repositioning and the growth of the Carlsberg brand in 2012. In addition, the rejuvenation of the Tuborg brand will support the brand growth through improved performance in existing markets, as well as through introductions into new growth markets such as China.”

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