As a result of higher-than-expected third-quarter revenue and operating profit, the Carlsberg Group is adjusting its 2018 earnings expectations upwards. Good progress on our strategic priorities, strong execution of Funding the Journey and a warm summer in Western Europe are the main reasons behind the strong third-quarter performance. Consequently, we now expect:

 • 10-11% organic operating profit growth (previously high-single-digit percentage growth).

A translation impact on operating profit of around DKK -500m (previously DKK -425m) is assumed, based on the spot rates as at 24 October.

Other relevant assumptions are:

Financial expenses, excluding currency losses or gains and fair value adjustments, are expected to be around DKK 800m (unchanged).

The effective tax rate is expected to be below 29% (unchanged).

Capital expenditures are expected to be DKK 4.0-4.5bn (previously around DKK 4.5bn).

As planned, the Q3 2018 Trading Statement will be published on 1 November at 7.00 am (CET).


Contacts:

Investor Relations:  
Peter Kondrup   +45 2219 1221      
Iben Steiness    +45 3327 1232

Media Relations:           
Kasper Elbjørn   +45 4179 1216      
Anders Bering    +45 4179 1217

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