Carlsberg Slips To Hefty Loss

18-Aug-2022 - Germany

Danish brewer Carlsberg A/S (CABGY.PK) reported Wednesday that its first-half net loss attributable to shareholders was 5.28 billion Danish kroner, compared to last year's profit of 3.03 billion kroner. Loss per share was 37.4 kroner, compared to profit of 20.9 krone a year ago. 

Photo by <a href="">engin akyurt</a> on <a href="">Unsplash</a>

The latest results were hurt by impairment charges in Russia, Ukraine and Central & Eastern Europe recognised in March, in total amounting to 10.40 billion kroner.  Adjusted profit was 5.06 billion kroner or 35.9 kroner per share, compared to 3.17 billion kroner or 21.9 kroner per share a year earlier. 

EBITDA grew to 8.57 billion kroner from 6.70 billion kroner last year. Revenue climbed 23.6 percent to 35.45 billion kroner from 28.67 billion kroner a year ago mainly due to a positive currency impact. Organic revenue growth was 20.7 percent, with second-quarter growth of 18.7 percent. 

Revenue/hl increased 11 percent, primarily driven by channel mix, country mix and price increases. Beer volume grew to 52.6 million hl from 49.4 million hl last year. Organic volume growth was 8.9 percent with 8.7 percent increase in the second quarter. 

Further, the company said it will initiate the third quarterly buy-back programme, with the intention of buying back Carlsberg B shares amounting to I billion kroner up until October 21. 

Looking ahead for fiscal 2022, the company continues to expect high single-digit percentage organic operating profit growth. 

Separately, Carlsberg said it launched its new Environmental, Social and Governance or ESG programme. These include a roadmap to achieve net zero carbon emissions across the entire value chain by 2040.

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