Carlsberg A/S — Earnings Release 2018

Oct 24, 2018

Upgrade of 2018 earnings expectations

Upgrade of 2018 earnings expectations

As a result of higher-than-expected third-quarter revenue and operating profit, the Carlsberg Group is adjusting its 2018 earnings expectations upwards. Good progress on our strategic priorities, strong execution of Funding the Journey and a warm summer in Western Europe are the main reasons behind the strong third-quarter performance. Consequently, we now expect:

• 10-11% organic operating profit growth (previously high-single-digit percentage growth).

A translation impact on operating profit of around DKK -500m (previously DKK -425m) is assumed, based on the spot rates as at 24 October.

Other relevant assumptions are:

Financial expenses, excluding currency losses or gains and fair value adjustments, are expected to be around DKK 800m (unchanged).

The effective tax rate is expected to be below 29% (unchanged).

Capital expenditures are expected to be DKK 4.0-4.5bn (previously around DKK 4.5bn).

As planned, the Q3 2018 Trading Statement will be published on 1 November at 7.00 am (CET).

Contacts:

Investor Relations:  

Peter Kondrup   +45 2219 1221      

Iben Steiness    +45 3327 1232

Media Relations:           

Kasper Elbjørn   +45 4179 1216      

Anders Bering    +45 4179 1217

Attachment

• 08_UK_24102018_Upgrade