August 15, 2019 / 7:37 AM / 4 months ago

CORRECTED-BRIEF-Carlsberg H1 Net Profit Up At DKK 3.08 Bln

(Corrects the headline to say ‘H1’ not ‘Q2’ net profit)

Aug 15 (Reuters) - Carlsberg A/S:

* REG-FINANCIAL STATEMENT AS AT 30 JUNE 2019

* H1 ORGANIC NET REVENUE GROWTH OF 4.2% (Q2: +2.6%); REPORTED NET REVENUE GROWTH OF 6.5% TO DKK 32,990M (Q2: +4.6%).

* H1 PRICE/MIX IMPROVEMENT OF +3% (Q2: +3%); POSITIVE IN ALL THREE REGIONS.

* H1 TOTAL ORGANIC VOLUME GROWTH OF 1.4% (Q2: -0.1%). * TUBORG VOLUME GROWTH +4%, CARLSBERG -3%, GRIMBERGEN +4% AND 1664 BLANC +29%.

* H1 ORGANIC OPERATING PROFIT GROWTH OF 17.7%; REPORTED GROWTH OF 18.2% TO DKK 5,171M.

* H1 OPERATING MARGIN IMPROVEMENT OF +160BP TO 15.7%.

* H1 REPORTED NET PROFIT UP 24.6% TO DKK 3,079M. ADJUSTED NET PROFIT UP 15.1% TO DKK 2,884M.

* COMPANY WILL TODAY INITIATE A DKK 2BN SHARE BUY-BACK

* BEER VOLUMES DECLINED ORGANICALLY BY 4.1% DUE TO TOUGH COMPARABLES, WITH LAST YEAR POSITIVELY IMPACTED BY WARM WEATHER AND THE FOOTBALL WORLD CUP, AND MARKET SHARE LOSSES IN RUSSIA AND UKRAINE

* THIS IS SECOND TRANCHE OF ITS 12-MONTH DKK 4.5BN SHARE BUY-BACK PROGRAMME (SEE PAGE 16) AS ANNOUNCED ON 6 FEBRUARY 2019.

* 2019 OUTLOOK: A TRANSLATION IMPACT ON OPERATING PROFIT OF AROUND DKK +100M, BASED ON SPOT RATES AT 14 AUGUST (PREVIOUSLY DKK +150M).

* RUSSIA OUR TOTAL VOLUMES DECLINED ORGANICALLY BY 3%

* 2019 OUTLOOK: FINANCIAL EXPENSES, EXCLUDING CURRENCY LOSSES OR GAINS, ARE EXPECTED TO BE AROUND DKK 700M (PREVIOUSLY DKK 700-750M).

* SAYS WE DELIVERED A STRONG SET OF RESULTS FOR FIRST SIX MONTHS OF 2019, WITH HEALTHY TOP-LINE DEVELOPMENT, STRONG MARGIN IMPROVEMENT AND CONTINUED SOLID CASH FLOW

* IN RUSSIA ORGANIC NET REVENUE WAS FLAT DUE TO +4% PRICE/MIX, DRIVEN BY PRICE INCREASES IN LATE 2018 AND EARLY 2019, MIX IMPROVEMENTS FROM GROWTH OF CRAFT & SPECIALITY AND OUR REDUCED PRESENCE IN LOW-PRICED OFFERINGS IN CERTAIN KEY ACCOUNTS

* SAYS WERE ABLE TO ADJUST OUR EARNINGS OUTLOOK UPWARDS DUE TO PERFORMANCE IN FIRST HALF AND A SOLID START TO Q3, AND DESPITE TOUGH COMPARABLES

* SAYS EARNINGS UPGRADE IS YET ANOTHER PROOF POINT THAT EXECUTION OF OUR SAIL’22 PRIORITIES IS DRIVING SUSTAINABLE, LONG-TERM VALUE CREATION FOR GROUP

* ORGANIC VOLUME GROWTH WAS BROADLY BASED, WITH PARTICULARLY STRONG GROWTH IN VIETNAM, CHINA AND LAOS

* IN A SLIGHTLY DECLINING CHINESE MARKET, WE CONTINUED OUR STRONG PERFORMANCE, GROWING VOLUMES BY 9% AND NET REVENUE ORGANICALLY BY 19%.

* 2019 EARNINGS EXPECTATIONS: HIGH-SINGLE-DIGIT PERCENTAGE ORGANIC GROWTH IN OPERATING PROFIT(UNCHANGED FROM ANNOUNCEMENT ON 8 AUGUST) Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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