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Carlsberg CEO Discusses Q2 2010 Results - Earnings Call Transcript

Organic operating profit growth was 4%. And adjusted for the estimated de-stocking effect, it would have been approximately 9%. Group beer volumes declined organically by 3% for the first six months. For Q2, organic volume development was flat as Asia continued to grow strongly and Eastern Europe improved during the half year following the substantial impact from Russian de-stocking in Q1. Adjusting the estimated impact from the de-stocking, organic volume development would have been minus 1% for the six months. And price mix was flat with small positive pricing in most markets. Mix was slightly negative, but mainly due to a changed country mix.

Organic net revenue development was minus 4%, and minus 3% in Q2. Revenue was negatively impacted by portfolio optimization or delisting within non-beer products, where we have some low profitability products in a couple of Northern and Western European markets, and also a one-off impact from strikes in Denmark and Finland. Therefore, the total beverage volume declined organically more than beer volume. Net results growth was high at 80% due to growth in recorded operating profits and lower financial expense.

Finally, we are upgrading our earnings outlook for the year for both operating profit and net results. And Jørn will get back to this later. But we all believe the group delivered very strong performance for the first six months, with market share gains in the last part of the business combined with a strong profit improvement. This is completely in line with our plans to accelerate spend behind market share growth while continuing our efficiency agenda.

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