Danish brewery giant Carlsberg has maintained its 2014 earnings outlook despite meeting challenges on the eastern European market, according to its Q3 financial report.
Organic net revenue increased by 3 percent to 50.2 billion kroner over the first three quarters of the year compared to last year, while its organic operating profit growth is up five percent thanks to solid performances in western Europe and Asia.
”The group managed to deliver organic earnings growth and increased cash flow despite the market challenges in eastern Europe,” Jørgen Buhl Rasmussen, the CEO of Carlsberg, said in a press release.
”Our results underpin the strength of our business model, brands and people as well as our ability and determination to execute on our key strategic priorities, which will drive the value of the group”.
Chinese integration moving along
Carlsberg's results showed that its market share in Asia and western Europe had increased, while its Russian market share, which has suffered recently thanks to the economic slowdown in the country, improved compared to the first half of the year.
Within its international portfolio, it revealed strong growth rates for Tuborg (+23 percent), Somersby (+43 percent), Kronenbourg (+10 percent) and Grimbergen (+30 percent), while the Carlsberg brand itself grew by 3 percent in premium markets.
The Danish brewery also announced that the integration of the Chongqing Brewery in China, which it announced it had acquired late last year, was progressing according to the plan.