Carlsberg maintained on March 23 its operating profit guidance for this year, and expects its profits before items to increase. In the prospectus for its share offering, announced last week, Carlsberg said that profit for 2004, before amortisation and the write-off of trademarks and goodwill, will reach between DKK1.3 billion (US$215m) and DKK1.4 billion. In 2003, the figure was DKK1.18 billion.

The Danish brewer reiterated its earlier operating profit prediction of between DKK3.5 billion and DKK3.7 billion. Operating profit in 2003 reached DKK3.56 billion.

Carlsberg also said that operating profit in 2004 would not be affected by its acquisition of Orkla’s 40% stake in Carlsberg Breweries, announced last month. The purchase, which will cost Carlsberg around DKK14.8 billion, is the reason for the share offering, which commences on Friday 2 April.

Separately, Carlsberg this morning dismissed a DKK3 billion damages claim against it as outlandish. As reported last week, Carlsberg’s former partner in Asia, the Thai whisky tycoon Khun Charoen Sirivadhanabhakdi, has hit the Danish brewer with the claim for breach of contract after the company cancelled its joint venture with his firm.

In a conference call, Carlsberg CFO Joern Jensen said: "He didn't pay his royalties. Our feeling around the claim in Thailand is that it's a huge, huge, huge claim for a very small operation."

26 March, 2004