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Carlsberg/Sydbank: De store bryggerier kører samme strategi

Source RBB StockExchange Monday, 12 Feb, 2018 08:35:31 GMT
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Den hollandske bryggerikæmpe og konkurrent til danske Carlsberg, Heineken, har offentliggjort regnskabet for hele sidste år. Her kunne ølproducenten notere sig, at væksten og volumen faldt en smule.

Til gengæld havde det hollandske selskab held med at tappe flere indtjeningskroner ud af øllet. Det justerede driftsoverskud for hele side år blev 3,76 mio. kr. mod de 3,75 mio. kr., som analytikerne ifølge Bloomberg News havde ventet.

- Helt overordnet set, så kører Carlsberg og Heineken den samme strategi og forsøger at balancere salget hen imod de dyrere premium brands. Det har Heineken gjort længere tid end Carlsberg, og det har de stor succes med, siger senioraktieanalytiker i Sydbank Morten Imsgaard.

Heineken kunne glæde sig over vækst i alle bryggeriets regioner, hvor der især er fremgang i Afrika, Mellemøsten og Østeuropa.

Og netop i Østeuropa og nærmere bestemt Rusland, har det danske bryggeri måske været for fokuseret på værdisiden og dermed blevet presset på volumen, vurderer Morten Imsgaard.

- Det springer jo i øjnene, at Carlsbergs russiske forretning synes at være ude af balance i øjeblikket. Der klarer Heineken sig til gengæld godt lige nu.

- Det kan være et udtryk for, at man i Rusland har en markedsleder i Carlsberg, som måske har lagt strategien en smule skævt og så er det nemmere for de andre at stjæle. Og det er selvfølgelig premium brands også de lokale økonomiprodukter, siger han.

Morten Imsgaard mener, at det er nemmere at være udfordrer i Rusland og forsøge at tage markedsandele, mens Carlsberg forsøger at hæve priserne.

- Carlsberg bliver jo nødt til at formulere en eller anden form for fornuft og give de andre en chance for at følge med på prisstigningerne. Det vil være til glæde for alle, men det er ikke lykkedes i 2017. Det har Heineken udnyttet og taget markedsandele.

Ifølge Morten Imsgaard følger de store internationale bryggerier stort set den samme strategi. De vil gerne have folk til at købe de dyre og kendte premium brands, sælge flere alkoholfri øl og så sælge flere øl fra små og lokale bryggerier, som de opkøber eller indgår samarbejder med.

- Strategien synes jo nærmest at være ens for alle de store bryggerier, og det er den samme dagsorden. Så det bliver de bryggerier, der er bedst til at styre deres omkostninger for slået deres brands fast i markedet, der kommer til at vinde det her, siger Morten Imsgaard.

Ifølge Morten Imsgaard står Heineken stærkt i forhold til Carlsberg i øjeblikket, da man har kørt den strategi i længst tid. Han peger specifikt på markedsføringen af øl-mærket, der både sponsorer Formel 1 og Champions League.

/ritzau/FINANS

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