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Carlsberg Breweries A/S Annual Report for 2014

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Carlsberg Breweries A/S Annual Report for 2014 Carlsberg Breweries A/S CVR No. 25 50 83 43 Annual Report for 2014 (15th financial year) Contents Management Review.................................................................................................................................. 3 Carlsberg Breweries Group Financial Statements................................................................................... 12 Income statement.................................................................................................................................. 13 Statement of comprehensive income.................................................................................................... 13 Statement of financial position .............................................................................................................. 14 Statement of changes in equity.............................................................................................................15 Statement of cash flows ........................................................................................................................17 Notes .....................................................................................................................................................18 Financial statements, Parent Company Carlsberg Breweries A/S...........................................................72 Company information ...............................................................................................................................88 Management statement............................................................................................................................ 90 The independent auditors' report .............................................................................................................91 MANAGEMENT REVIEW FIVE-YEAR SUMMARY – CARLSBERG BREWERIES GROUP 2010 2011 2012 2013 2014 Financial ratios Operating margin % 17.1 15.5 14.7 15.3 14.5 Return on invested capital (ROIC) % 9.8 9.4 9.0 9.2 9.0 Sales volumes, gross (million hl) Return on invested capital excluding goodwill (ROIC excl. goodwill) % 16.3 15.8 15.4 15.6 16.6 Beer 136.5 139.8 140.9 138.7 134.5 Equity ratio % 39.8 40.8 41.9 41.3 38.4 Other beverages 22.5 22.2 22.0 21.5 22.7 Debt/equity ratio (financial gearing) x 0.57 0.50 0.50 0.55 0.63 Interest cover x 4.80 5.18 5.71 6.64 8.00 Sales volumes, pro rata (million hl) Cash flow from operating activities per share (CFPS) DKK 22,405 19,539 20,236 16,760 14,874 Beer 114.2 118.7 120.4 119.7 122.8 Free cash flow per share (FCFPS) DKK 9,946 9,806 8,483 820 1,509 Other beverages 19.3 19.2 19.1 19.7 21.0 Dividend per share (proposed) DKK - - 1,827 2,435 2,741 Payout ratio % - - 22 22 30 DKK million Income statement Employees Net revenue 60,054 63,561 66,468 64,350 64,506 Full-time employees (average) 41,278 42,552 41,614 38,611 46,738 Operating profit before special items 10,246 9,877 9,909 9,862 9,345 Special items, net -249 605 -1,812 -442 -1,245 The effect of the change in accounting policies from the implementation of IFRS 10-12 as of 1 January Financial items, net -2,137 -1,908 -1,735 -1,486 -1,169 Profit before tax 7,860 8,574 6,362 7,934 6,931 2014 is recognised in the opening balance at 1 January 2013 in accordance with the specific transition Corporation tax -1,847 -2,156 -1,529 -2,025 -1,883 requirements in the standards. Comparative figures for 2013 have been restated accordingly. Consolidated profit 6,013 6,418 4,833 5,909 5,048 Attributable to: Non-controlling interests 609 543 638 478 524 Shareholders in Carlsberg Breweries A/S 5,404 5,875 4,195 5,431 4,524 Statement of financial position Total assets 132,148 136,195 141,948 140,519 125,281 Invested capital 104,873 105,992 109,096 106,511 91,814 Invested capital excluding goodwill 62,242 61,201 63,388 57,551 47,474 Interest-bearing debt, net 32,847 30,780 31,639 33,407 35,261 Equity, shareholders in Carlsberg Breweries A/S 52,544 55,572 59,529 57,063 41,828 Statement of cash flows Cash flow from operating activities 11,225 9,789 10,138 8,397 7,452 Cash flow from investing activities -6,242 -4,876 -5,888 -7,985 -6,696 Free cash flow 4,983 4,913 4,250 411 756 ACTIVITIES OF THE GROUP 2014 RESULTS The Carlsberg Breweries Group is one of the leading brewery groups in the world, with a In 2014, the Group’s net revenue was flat versus 2013. In organic terms, net revenue large portfolio of beer and other beverage brands. Carlsberg Breweries’ activities are grew by 2% as the positive price/mix of 3% more than offset the organic decline in total focused on the markets where the Group has the expertise and the right products to volumes of 2%. Reported net revenue was impacted by -6% from currencies and a net secure a leading position. Due to the variation of the markets, the contribution to growth, acquisition impact of +4%. The negative currency impact was mainly due to the significant earnings and development within the Group differs, both at present and in the longer-term weakness of the Russian rouble and the Ukrainian hryvnia. projections. Organically, cost of sales per hl grew slightly as a result of negative operational leverage The Parent Company's main activities are investments in national and international and write-off of obsolete stocks in Eastern Europe. In reported terms, cost of sales per hl breweries as well as license and export business. declined by 2% due to the currency impact. Gross profit grew organically by 2%, while the organic growth in gross profit per hl was 4%. The gross profit margin was up organically BUSINESS DEVELOPMENT by 40bp to 50.0%. The reported gross profit margin was 49.3%. Our market share performance is proof of our successful commercial strategy, an Marketing, sales and distribution expenses amounted to DKK 18,695m. The increase of important part of which is to ensure that we have a strong portfolio of both international 3% compared with 2013 was mainly due to higher logistics costs, primarily in Eastern premium brands and local power brands to offer to our customers and consumers. During Europe, and higher sales expenses. Administrative expenses increased by 5% to DKK 2014, we grew all our international premium brands – Carlsberg, Tuborg, Kronenbourg 4,590m, primarily as a result of the acquisition impact in Asia. Other operating activities 1664, Grimbergen and Somersby – and achieved strong results for our local power amounted to DKK +311m (DKK -117m in 2013). The increase was partly due to a brands. terminated licence agreement in Asia. The Group’s share of operating profit in associates and joint ventures was DKK 405m (DKK 358m in 2013). Total operating expenses thus In 2014, the Carlsberg brand grew 1% in its premium markets, with particularly strong grew by approximately 2%. performance in India, China and France, while the brand declined in Eastern Europe due to the overall market decline. Several important activities took place during the year, such Organically, Group operating profit grew by 1%. Strong performance in Western Europe as activation in 66 countries of the English Premier League sponsorship, the UEFA and Asia more than offset the profit decline in Eastern Europe. Reported operating profit EURO 2016™ activation, which kicked off in September, a step-up in digital marketing was DKK 9,345m, impacted by a negative currency impact of DKK 789m, mainly from the activities, and, last but not least, commencement of the roll-out of the latest weaker Eastern European currencies. Group operating profit margin declined 80bp to communication platform with the taglines “Probably the best beer in the world” and “If 14.5%, primarily as a result of the acquisition impact from Asia. Carlsberg did”. Net special items (pre-tax) amounted to DKK -1,245m and were particularly impacted by The Tuborg brand grew strongly, by 24%, as a result of impressive growth in Asia, the non-cash write-down of DKK -703m related to the closure of two breweries in Russia. particularly in China and India. The brand has become the fastest growing international In addition, special items included costs related to other restructuring measures across premium brand in China and the no. 1 international premium brand in India. During the the Group, connected, among other things, with optimisation and standardization year, we continued to deploy the brand rejuvenation programme and strong global measures in Western Europe. A specification of special items is included in section 3.1 of consumer programmes. the consolidated financial statements. Our French brewery Brasseries Kronenbourg celebrated its 350th anniversary in 2014, Net financial items were positively impacted by lower average funding costs and and Kronenbourg 1664 delivered 9% volume growth for the year. The growth was partly amounted to DKK -1,169m against DKK -1,484m in 2013. Net interest costs were DKK - the result of easy comparisons with the previous year, but it was also driven by market 1,161m compared to DKK -1,425m in 2013, and other net financial items were DKK -8m share gains in France, growth in export markets and further roll-outs in new markets. versus DKK -59m in 2013. 1664 Blanc achieved good results in several Asian markets. Tax totalled DKK -1,883m against DKK -2,025m in 2013. The tax rate was 27.2%. Somersby continued its very successful progression, growing 43%. It was once again the fastest growing cider brand among the top 10 biggest ciders globally and is now available Non-controlling interests were DKK 524m (2013: DKK 478m), impacted by the increased in 43 markets
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