Bryan, Garnier & Co's News

Carlsberg: Poor Q2 15 figures

NEUTRAL, Fair Value DKK634 (+7%)
News published on
August Wednesday 19, 2015


Carlsberg published this morning pretty bad profit numbers for the second quarter 2015 (and that is putting it mildly) with operating profit down 19% to DKK2,922m which was 11% below consensus of DKK3,265m.  On the back of the weaker results in both Western and Eastern Europe, the company review its 2015 organic operating profit guidance down to a slight decline vs previously mid- to high-single digit growth and is now expecting a slightly less negative impact from currencies at DKK300m vs previously DKK400m.  We are lowering our 2015 operating profit forecast by 8% to DKK8,878 (a 4% decline on 2014) and adjusted net profit by 5% to DKK4,720 which is a 14% decline on 2014.


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