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Carlsberg's (CABGY) CEO Cees 't Hart on Q1 2018 Results - Earnings Call Transcript

May 01, 2018 9:26 AM ETCarlsberg A/S (CABGY)
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Carlsberg AS ADR B (OTCPK:CABGY) Q1 2018 Results Earnings Conference Call May 1, 2018 3:00 AM ET


Cees 't Hart - President and Chief Executive Officer

Heine Dalsgaard - Chief Financial Officer


Jonas Guldborg Hansen - Danske Equities

Sanjeet Aujla - Credit Suisse

Soren Samsoe - SEB

Mitch Collett - Goldman Sachs

Trevor Stirling - Bernstein

Michael Rasmussen - ABG Sundal Collier

Olivier Nicolai - Morgan Stanley

Hans Gregersen - Nordea

Richard Withagen - Kepler Cheuvreux

Edward Mundy - Jefferies

Laurence Whyatt - Societe Generale

Eddy Hargreaves - Investec

Frans Hoyer - Jyske Bank

Andrea Pistacchi - Deutsche Bank

Simon Hales - Citi


Ladies and gentlemen, welcome to the Carlsberg Q1 2018 Trading Statements hosted by CEO, Cees 't Hart; and CFO, Heine Dalsgaard. For the first part of this conference, all participants will be in listen-only mode. And afterwards, there will be a question-and-answer session. As a reminder, this call is being recorded. Speakers, please begin.

Cees 't Hart

Good morning, everybody, and welcome to Carlsberg's Q1 2018 conference call. May name is Cees 't Hart and I have with me CFO, Heine Dalsgaard, and Vice President of Investor Relations, Peter Kondrup. I will go through the highlights of the quarter and Heine will go through the regions and outlook.

Please turn to Slide 2. Quarter one is regionally a very strong quarter for our business due to seasonality. Organic net revenue in the quarter grew by 2% and this was driven by 1% price mix and 1% organic volume growth.

Reported volumes were flat due to last year divestments of the German wholesaler Nordic Getränke. Reported net revenue declined by 5% due to the disposal and the negative currency development. The negative currency impact was broad based, but there is a large stay back from Asian and Eastern European

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