Debt reduced sooner than expected
In its H1 financial statement Carlsberg reported the reduction of interest-bearing debt following the purchase of Germany’s Holsten Brewery and Orkla’s stake in Carlsberg. Debt is said to have been reduced by DKK5.6 billion to DKK23.4 billion (USD3.8 billion) thanks to
a combination of cost-cutting measures and the disposal of real estate assets. Although marketing costs in the first half were up DKK250 million on last year, reaching DKK1.2 billion (USD199 million), Carlsberg now expects to deliver a full-year net income of between DKK1.5 and 1.6 billion, helped by a lower tax charge in the UK and Russia.
Operating profit for total beverages during the first half was DKK1.1 billion (USD183 million). Western Europe delivered EBITA of DKK831 million, which was below expectations..
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