1014 GMT - Carlsberg delivered a second quarter that is a bit weaker than expected on the surface, but the underlying business continues to move in the right direction, Jyske Bank senior analyst Haider Anjum writes. "The element that we pay most attention to in the accounts is the strong cash flow generation and the rapid debt reduction, which support the investment case and the prospect of starting share buybacks." Weaker-than-expected revenue and organic volumes are largely due to Asia, with China seeing weak demand and challenging weather. The narrowed guidance toward the upper end of the range sends an important signal about earnings momentum and reflects the faster-than-expected realization of Britvic synergies, continued cost management and good visibility into the important summer months. Shares fall 3.9%.