True, last year wasn’t the best for the Danish brewer. Its beer volume fell to 112.4 million hectoliters from 116.9 hectoliters. Sales eased to 61.8 billion DKK from 62.6 billion. And its profit was more than cut in half, to 2.1 billion from 4.9 billion. What caused that drop? “Special items.”
The company was quick to note it delivered 8.4% organic growth. So, then, what were the special items that caused net profit to be cut more than half? Disposal of Carlsberg’s 100% interest in Carlsberg Uzbekistan, its 23% share of United Romanian Brewers, 30% of Russian malt producer MSSP, and 100% of its German wholesale business.