Carlsberg Breweries A/S (CGBWF.PK)

Q2 2010 Earnings Call Transcript

August 17, 2010 10:00 am ET


Jørgen Buhl Rasmussen – CEO

Jørn P. Jensen – Deputy CEO and CFO

Anton Artemiev – SVP, Eastern Europe


Søren Samsøe – Danske Markets

Trevor Stirling – Sanford C. Bernstein

Michael Steib – Morgan Stanley

Paul Hofman – Credit Agricole Cheuvreux

Frans Høyer – ABG

Ian Shackleton – Nomura

Melissa Earlam – UBS

Gerard Rijk – ING

Chris Pitcher – Redburn Partners

Graeme Eadie – UniCredit

Clementine Fletcher – Bloomberg News



Welcome to the Carlsberg conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded. I will now turn the call over to your host, CEO Jørgen Buhl Rasmussen. You may now begin.

Jørgen Buhl Rasmussen

Thank you, and good morning to everybody. And welcome to the conference call for our six months results 2010. As was mentioned, my name is Jørgen Buhl Rasmussen. And I have with me today our CFO, Jørn P. Jensen; and also, our Senior Vice President, Anton Artemiev, for Eastern Europe; and also, Vice President of Investor Relations, Peter Kondrup.

The group's performance for the first six months was strong. Improvement in overall market share and a significant improvement in profits are the two key headlines. Going into 2010 following a challenging 2009 macroeconomic environment, we were clear in our ambitions to strengthen our market positions in the group for this year and in the coming years.

Therefore, we have increased our expense behind brands and activities, a high number of new products were launched, and successfully executed campaigns and events drove the improved market shares in a significant part of our business. At the same time, we relentlessly continue our focus on efficiency agenda as we still see a vast number of opportunities to improve the profitability of the group. After the very strong margin improvement for the first six months, we believe that the group is clearly on track to meet our medium term margin targets.

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