Carlsberg has reported full-year results “well above the pre-pandemic levels of 2019,” but forecasts organic growth in operating profit this year to fall short of 2021’s level.
The Danish brewer posted 13.8% sales growth – on a reported basis – to DKK 66.63 billion ($10.26 billion approx.) for 2021. Volume growth, meanwhile, stood at 9.3%.
In the last quarter, revenue reached DKK 15.2 billion ($2.34 billion approx.), exceeding the DKK 14.7 billion figure estimated by analysts in a company poll, cited by Reuters.
Carlsberg expects organic operating profit growth of 0-7% in 2022, compared with 12.5% last year.
CEO Cees ’t Hart said: “The significantly higher input costs and continued impact from Covid-19 will pose challenges in 2022, but we’re well prepared”.
The company aims to offset increases in input costs in the coming year through higher prices – but says that this may have a negative impact on beer consumption.
In 2021, revenue grew by 17.9% in Carlsberg’s Western Europe region, which the company says “had a very volatile year”. The first half was impacted by pandemic-related on-trade restrictions in most markets; while the brewer benefitted from the abandonment of restrictions in the second half.
In Asia, Carlsberg saw significant variation between markets. Beer volumes grew organically by 12.3%, mainly driven by China and India. The company’s other beverage volumes grew by 10.6%, driven by the performance of soft drinks and energy drinks in Cambodia.
Meanwhile, the company’s Central & Eastern Europe unit delivered “solid results” with organic beer volume growth of 4.9% and organic volume growth in other beverages of 20.3%.
Cees ’t Hart added: “We’re very satisfied with the Group’s 2021 performance. Although our business was significantly impacted by Covid-19, we delivered strong top- and bottom-line growth and free cash flow”.
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