Carlsberg A/S Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Year 2013
Nov 13 13
Carlsberg A/S reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net revenue of DKK 17,973 million compared to net revenue of DKK 18,587 million for the same period a year ago. Operating profit before special items was DKK 3,426 million compared to DKK 3,596 million last year. Profit before tax was DKK 3,086 million compared to DKK 3,148 million last year. Consolidated profit was DKK 2,321 million compared to DKK 2,361 million last year. Profit attributable to shareholders the company was DKK 2,208 million or DKK 14.4 per diluted share compared to DKK 2,136 million or DKK 14.0 per diluted share last year. Cash flow from operating activities was DKK 3,502 million compared to DKK 3,430 million last year. Acquisition of property, plant and equipment and intangible assets was DKK 1,021 million compared to DKK 1,098 million last year. Free operating cash flow was DKK 2,418 million compared to DKK 2,337 million last year. Free cash flow DKK 2,586 million compared to DKK 2,529 million last year.
For the nine months, the company reported net revenue of DKK 50,891 million compared to net revenue of DKK 50,698 million for the same period a year ago. Operating profit before special items was DKK 7,522 million compared to DKK 7,641 million last year. Profit before tax was DKK 6,255 million compared to DKK 7,712 million last year. Consolidated profit was DKK 4,698 million compared to DKK 5,936 million last year. Profit attributable to shareholders the company was DKK 4,344 million or DKK 28.4 per diluted share compared to DKK 5,415 million or DKK 35.5 per diluted share last year. Cash flow from operating activities was DKK 6,752 million compared to DKK 6,713 million last year. Acquisition of property, plant and equipment and intangible assets was DKK 3,470 million compared to DKK 3,377 million last year. Free operating cash flow was DKK 3,071 million compared to DKK 3,451 million last year. Free cash flow was DKK 2,501 million compared to DKK 5,146 million last year. Net financial debt was DKK 33,293 million as on September 30, 2013. Net interest bearing debt was DKK 31,490 million as on September 30, 2013. Lower EBITDA was offset by improved working capital versus last year. Operating profit grew organically by 3% with a 12% growth in third quarter. This was achieved through market share growth, a tight cost control, the positive price/mix and supply chain savings which more than offset the negative impact from the BSP1-related costs and the impact from the French de-stocking.
Due to tight cost control measures across all markets and functions, a solid performance by its Western European and Asian businesses, and slightly lower financial items, the company keeps its earnings outlook unchanged: Operating profit before special items of around DKK 10 billion. Adjusted net profit is to increase by a mid-single-digit percentage. Capital expenditures are now expected to be around 10% higher than in 2012. The tax rate is expected to be 24% to 25%.
Carlsberg Appoints Christopher Warmoth as Senior Vice President for the Asia Region and Member of the Executive Committee
Nov 12 13
Christopher Warmoth joins Carlsberg as Senior Vice President for the Asia Region and member of the Executive Committee. Christopher Warmoth has been appointed Senior Vice President for the Asia region. He joins Carlsberg from H.J. Heinz where he during the past ten years has held various top positions in the Asia Pacific and Continental/Eastern European regions, latest as Executive VP for the Asia-Pacific, Africa and Middle East Region. Prior to joining Heinz Chris Warmoth worked for the Coca-Cola Company and for Procter & Gamble.
Carlsberg Reportedly Eyes Tsingtao Brewery and Beijing Yanjing Brewery
Nov 12 13
Carlsberg A/S (CPSE:CARL B) pursuit of faster growth in Asia may make takeover targets out of Tsingtao Brewery Company Limited (SEHK:168) and Beijing Yanjing Brewery Co., Ltd. (SZSE:000729). Carlsberg controlling shareholder signaled that it will give Carlsberg more leeway to pursue deals. The $15 billion company was eyeing about six potential candidates, especially in Asia, including Tsingtao and Yanjing, for a possible purchase, said a person with knowledge of the matter, who declined to be identified.