- Half-year sales rise 11.2% to DKK37.79bn [US$5.54bn]
- Volumes dip in second quarter – to end of June – by 0.8%. Six-month volumes +0.6%
- Sales in Q2 up 9% following Q1’s +14.2% leap
Carlsberg has seen its quarterly sales growth rate dip below double digits, but CEO Cees ‘t Hart is leaving the brewer in healthy condition as he makes way for Jacob Aarup-Andersen.
The three months to the end of June came in up 9% on the corresponding quarter a year earlier. Subsequently, sales for the first six months of 2023 increased by just over 11%.
The performance keeps Carlsberg at the higher end of the growth quartile in the beer industry, beating Anheuser-Busch InBev’s +7.2% and Heineken’s +4.9% showings in Q2.
A healthy six months were noted in all three reporting regions, with 'Western Europe' benefitting in part from price rises and 'Asia' enjoying a boost from increased domestic travel and tourism. However, Vietnam, which is home to the latest battle among brewers, is struggling with a "macroeconomic slowdown" that is hampering the beer category more broadly. Price rises also benefitted Carlsberg's operations in 'Central & Eastern Europe'.
On a brand basis, the namesake lager posted double-digit volume growth in Asia, offset by lower volumes in Western Europe. While Tuborg was up in volume terms by 3%, the most impressive performance came from the Brooklyn brand, which soared by 52%.
Elsewhere in today's results announcement, 't Hart expressed his "shock" at last month's presidential decree in Russia that transferred control of its operations in the country to a federal agency. "We’re assessing the situation and the legal consequences of this highly unexpected move and will seek to protect our assets and the value of the business," he added. The brewer had found a buyer for its Russian assets in June.
“After eight eventful years, this is my last results announcement as CEO of the Carlsberg Group," 't Hart concluded. "We’re very proud of the results that we as a team have achieved, including in the turbulent times of the last few years.
"The long-term opportunities for Carlsberg remain significant, and I’m confident that the new CEO, Jacob Aarup-Andersen, ... will continue the value creation journey.”
Carlsberg's official H1 2022 results announcement.
Group presentation on recent performance.
How will 2023 treat Carlsberg? – CEO Cees ‘t Hart speaks exclusively to Global Drinks Intel
