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Carlsberg Breweries Group Annual Report 2018 Management Review 1 CARLSBERG BREWERIES GROUP ANNUAL REPORT 2018 MANAGEMENT REVIEW 1 Carlsberg Breweries Group Annual Report 2018 As approved on the Company’s Annual General Meeting on 14 / 03 2019 Carlsberg Breweries A/S ________________________________________ Ny Carlsberg Vej 100 1799 Copenhagen V Monica Gregers Smith Denmark Chairperson of the meeting CVR no. 25508343 CARLSBERG BREWERIES GROUP ANNUAL REPORT 2018 MANAGEMENT REVIEW 2 MANAGEMENT FINANCIAL REVIEW STATEMENTS Shifting gears to growth ......................... 3 CONSOLIDATED FINANCIAL STATEMENTS 2019 earnings expectations .................. 4 Statements .......................................... 21 Financial highlights .................................. 5 Notes ..................................................... 25 Key figures .................................................. 7 PARENT COMPANY FINANCIAL SAIL’22 .......................................................... 8 STATEMENTS Risk management.................................. 14 Statements .......................................... 88 Corporate governance .......................... 16 Notes ..................................................... 91 Forward-looking statements ............ 19 REPORTS Management statement ................ 103 Auditor’s report ................................ 104 Management Review CARLSBERG BREWERIES GROUP ANNUAL REPORT 2018 MANAGEMENT REVIEW 3 SHIFTING GEARS TO GROWTH ACTIVITIES OF THE GROUP Funding the Journey, which was a three-year During the year, we engaged in several M&A You can read about our SAIL’22 initiatives in The Carlsberg Breweries Group comprise the profit improvement programme initiated in transactions, increasing our stakes in the 2018 on pages 8-13. beverage activities in the Carlsberg Group. November 2015, came to an end in 2018. It Cambodian and Greek businesses to 75% and Carlsberg Breweries’ activities are focused on has been very successful, delivering significantly 100% respectively, and acquiring a stake in the Part of our strategy is our ambitious the markets where the Group has the expertise more benefits than initially anticipated, and controlling shareholder of the Portuguese sustainability programme Together Towards and the right products to secure a leading allowing us to invest more than DKK 1bn in our business, bringing our total direct and indirect ZERO, based on our purpose of brewing for a position. Due to the variation of the markets, SAIL’22 priorities. Going forward, the mindset holding in Super Bock Group to 60%. Despite better today and tomorrow. We are working the contribution to growth, earnings and of the programme will prevail. Now embedded these investments, the net interest-bearing hard to meet the programme’s targets within development within the Group differs, both at in operations across the Group, the focus on debt/EBITDA ratio at year-end was 1.18x, still carbon, water, responsible drinking and health present and in the longer-term projections. efficiency, costs and cash will remain an well below our target of below 2.0x. & safety, and our actions and achievements in important driver of future value creation. 2018 are outlined on pages 11-13 and The Parent Company's main activities are in- STRATEGIC HEALTH: PROGRESS ON discussed in more detail in our Sustainability vestments in national and international Thanks to the higher benefits from Funding the SAIL’22 Report. breweries as well as license and export Journey, good growth of our SAIL’22 priorities Our strategic health also improved during business. The Parent Company has retail bonds and higher volumes due to the aforementioned 2018. Our strategy, SAIL’22, which was In September, we were excited to launch a listed at the Luxembourg Stock Exchange. warm weather, operating profit grew launched in March 2016, is now well series of ground-breaking sustainability organically by 10.4% and the operating margin established and understood across the Group. innovations for the Carlsberg brand, including FINANCIAL HEALTH: A YEAR OF STRONG improved by 20bp to 15.0%. The organic Among a number of positive achievements, we the new Snap Pack, which, when fully rolled DELIVERY growth in operating profit was higher than would like to highlight the growth rates of our out, will reduce plastic usage by up to 76%, With respect to our financial health, the first expected in last year’s Annual Report. craft & speciality portfolio (+26%) and alcohol- equivalent to 1,200 tonnes of plastic – or 60 results of the SAIL’22 growth priorities free brews in Western Europe (+33%). million plastic bags – per year. Less plastic manifested themselves in organic net revenue The earnings delivery was an important driver means less reliance on fossil fuel-based growth of 6.5%, driven by solid price/mix of of the ROIC improvement of 160bp and the Our international brands and local power packaging, thereby reducing carbon emissions. +2% and volume growth of 4.8%, although the free cash flow of DKK 6.2bn. The free cash brands had a very good year, and in Asia we latter was helped by the warm summer in flow was also supported by a solid contribution grew further in India and China, the latter several European markets and the timing of from trade working capital of DKK 1.9bn. supported by our “big city” approach. the festive season in Asia. Management Review CARLSBERG BREWERIES GROUP ANNUAL REPORT 2018 MANAGEMENT REVIEW 4 2019 EARNINGS EXPECTATIONS In 2019, we will continue to execute on our Our regional priorities will be to increase net FORWARD-LOOKING STATEMENTS SAIL’22 strategic priorities in support of top- revenue and the operating margin in Western This Annual Report contains forward-looking and bottom-line growth. Europe, drive growth in Asia through statements. Any such statements are subject to premiumisation, and strengthen market risks and uncertainties that could cause the Driving growth of craft & speciality and leadership in Eastern Europe. Group’s actual results to differ materially from alcohol-free brews and continuing volume the results discussed in such forward-looking and value growth in Asia will remain our key Based on these priorities, the Group expects to statements. Accordingly, forward-looking growth accelerators. Additionally, we will deliver: statements should not be relied on as prediction support and further develop our core beer of the actual results. Please see page 19 for portfolio, which includes our local power • Mid-single-digit percentage organic growth the full forward-looking statement disclaimer. brands and our international brands Tuborg in operating profit. and Carlsberg. For the Carlsberg brand in particular, an important priority for 2019 is Based on the spot rates as at 5 February, we the roll-out of the new brand design and assume a DKK translation impact of around packaging innovations. zero for 2019. During the course of the three-year profit Other relevant assumptions are as follows: improvement programme – Funding the Journey – its focus on efficiencies, costs and Financial expenses, excluding currency losses cash has become an integral part of our day- or gains, are expected to be DKK 700-750m. to-day operations, and this will remain an important driver of future value creation. The effective tax rate is expected to be below 28%. Consequently, we will continue to enforce strict cash and cost discipline to optimise processes Capital expenditure at constant currencies is and drive efficiencies throughout the supply expected to be around DKK 4.5bn. chain, and to streamline SG&A costs through operating cost management (OCM). CARLSBERG BREWERIES GROUP ANNUAL REPORT 2018 MANAGEMENT REVIEW 5 FINANCIAL HIGHLIGHTS DELIVERING ON OUR PRIORITIES Net revenue1 (DKKbn) Operating profit (DKKbn) Net profit (DKKbn) ROIC (%) NIBD/EBITDA (x) 65 10 7.5 30 2.5 2016 2017 2018 60 9 6.0 2.0 20 55 8 4.5 1.5 50 7 3.0 10 1.0 45 6 1.5 0.5 40 5 0.0 0 0.0 2017 2018 2016 2017 2018 2016 2017 2018 Incl. goodwill Excl. goodwill 2016 2017 2018 62.5bn 9.4bn 5.3bn 9.5% 1.18x Net revenue grew organically Operating profit grew Net profit attributable to the Return on invested capital Despite a higher dividend by 6.5% as a result of volume organically by 10.4%, with shareholder in Carlsberg (ROIC) increased by 160bp payout in the year and growth of 4.8% and price/mix all three regions delivering Breweries A/S was up to 9.5%, impacted by lower increased ownership of of 2%. Asia and Eastern very solid results. Operating significantly on 2017. The invested capital, improved subsidiaries and associates, Europe contributed positively expenses were up 4% positive development was the profitability and a lower net interest-bearing debt to both volume and price/mix, organically due to marketing result of higher operating effective tax rate. (NIBD) was reduced further while in Western Europe investments. Excluding profit, lower financial expenses in 2018. NIBD/EBITDA was price/mix was negatively marketing, they declined by and a lower effective tax rate ROIC excluding goodwill 1.18x, comfortably meeting impacted by country mix. 1% due to Funding the compared with 2017. increased by 640bp to our target of below 2.0x. Journey benefits. 23.7%, with improvements In reported terms, net revenue In 2017, net profit was achieved in all three regions. We have thus delivered on our grew by 3.0%, impacted by Reported operating profit of impacted by a DKK 4.8bn capital allocation priorities. adverse currencies. DKK 9.4bn was up 4.5% due impairment. More details on ROIC are to currencies. The operating provided in section 2.1 of the margin
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