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Carlsberg Brews Better Profits

August 8, 2002

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COPENHAGEN, Denmark (AP) _ Danish brewer Carlsberg on Thursday posted an 88 percent increase in net profit for the second quarter, boosted by strong growth in its core European markets and the impact of acquisitions.

Carlsberg said it had a net profit of 610 million kroner ($80.1 million) for the three months ended June 30, compared with 325 million kroner last year.

Combined sales for the group rose 7.3 percent to 9.95 billion kroner ($1.3 billion) from 9.27 billion kroner in the second quarter of 2001.

``Most of the increase is due to organic growth in Western Europe and Eastern Europe as well as the companies acquired in July and August 2001 in Turkey and Poland,″ the brewery said in its financial statement.

The company said its acquisitions of Polish companies Bosman Browar Szczecin and Kasztelan Browar Sierpc had been successfully implemented and its purchase of Turkey’s Turk Tuborg had boosted volume and market share.

Carlsberg shares closed 7.1 percent higher on the Copenhagen Stock Exchange.

For the first half of the year, the Copenhagen-based company posted a net profit of 672 million kroner ($87.7 million) up 13.3 percent from 593 million kroner in the first half of last year.

Combined sales for the group rose 8 percent to 17.5 billion kroner ($2.2 billion) from 16.2 billion kroner in the first half of 2001.

Beer sales for the period were 22 percent higher than in 2001, while sales of soft drinks were up 4 percent.

The company said it plans to go ahead with its previously announced share buyback program of about 1 billion kroner ($130 million).

Carlsberg, founded in 1847, produces the Carlsberg and Tuborg brands and has undergone massive restructuring in recent years to focus on its core beer business.

It has some 27,000 employees in 100 subsidiaries and associated companies around the world, and has close ownership ties with Norwegian conglomerate Orkla.

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On the Net:

Carlsberg site: http://www.carlsberg.com

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