E-Malt.com News article: 1036

The Danish brewing force, Carlsberg Group, published on May 08, 2003 its Q1 Financial Statement as at 31 March 2003. According to the statement, the beer volume is at level with last year but the Carlsberg brand experienced an increase of just over 5%. Net revenue totalled DKK 6,855m versus DKK 7,572m last year. Operating profit (EBITA) amounted to DKK 18m against DKK 440m last year (-96%). Profit before amortisation and write-down of goodwill totalled a negative DKK 112m against DKK 172m last year, the company reported. The decline of profit is attributed to (i) the calendar shift in Easter sales in the Nordic regions, (ii) the adverse exchange rate development and sales price trend in Russia, (iii) the decline in sales within the on-premise sector particularly in the southern European markets, (iv) the adverse exchange rate developments and rising costs due to increased pension obligations in the UK, and (v) the adverse influence on the Asian market caused by i.a. the exchange rate developments and SARS.

Expectations to Carlsberg A/S' and Carlsberg Breweries A/S' share of profit for the year remain unchanged, as reduced expectations to operating profit in Carlsberg Breweries are compensated by lower financial expenses and lower tax rate.


08 May, 2003