What happened? Yesterday afternoon we attended a sell-side analyst meeting hosted by Carlsberg''s management team in London. BNPP Exane View: Carlsberg came across as being in a relaxed mood and shared its continued confidence on the merits of the Britvic acquisition a few months post deal close. We summarise the key points of feedback below. Key points of colour: . Britvic: Carlsberg took over the business on 16th Jan (now 3.5 months of ownership) but the teams have been working diligently since the take over announcement, preparing plans (within legal boundaries) and had extensive communication plans ready on day 1. Carlsberg set quite ambitious day 100 targets for the new management team, and everything has gone according to plan: the first level of people synergies have been taken (commercial teams were ring-fenced) and Carlsberg is now looking at procurement synergies which will take longer. Commercial momentum has remained strong (share gains continued for key Britvic brands in the UK) and Carlsberg has announced an expansion to the commercial organisation to expand Pepsi brands. Carlsberg has had conversations with all key UK customers with some early wins. Another important aspect of the integration has been that the systems were protected, and they are working together already in Q1. Overall, Carlsberg views the risk profile on the integration process (which it already viewed as being relatively low) as having come down a few months post close. . Britvic Q1 vols: The c.-4% decline in Britvic organic sales in Q1 reflected a c.-1% decline in the UKandI (a good performance given the tough comp. on Easter phasing and lapping of the big Pepsi launch). The decline in the rest of the business can be attributed roughly 50/50 between contract exits and an underlying decline in the International business. . Soft drinks in Q1: Carlsberg''s organic soft drinks volumes were up nicely in Q1 and the decline was primarily driven by Laos and Cambodia. In...