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Årsrapport 2016 Royal Unibrew A/S Årsrapport 2016 CVR-nr. 41 95 67 12 indholdsfortegnelse ROYAL UNIBREW ÅRSRAPPORT 2016 LEDELSESBERETNING | PÅTEGNINGER | KONCERNREGNSKAB | MODERSELSKABSREGNSKAB | ANDRE OPLYSNINGER INDHOLD LEDELSESBERETNING 2 Indhold Royal Unibrew i hovedtræk Governance Moderselskabsregnskab Royal Unibrew kort fortalt ...................................... 4 Aktionærforhold ............................................................ 34 Resultatopgørelse ......................................................... 100 Resultater i 2016 og forventninger til 2017 .................. 5 Selskabsledelse............................................................. 37 Totalindkomstopgørelse ................................................ 100 Hoved- og nøgletal ........................................................ 6 Risikostyring .................................................................. 40 Balance .......................................................................... 101 Brev fra Formanden og CEO ......................................... 7 Vederlagsforhold ........................................................... 44 Pengestrømsopgørelse ................................................. 102 Bestyrelse og direktion ................................................. 46 Egenkapitalopgørelse.................................................... 103 Indholdsfortegnelsen for noter ..................................... 105 Strategi og mål Noter .............................................................................. 106 Strategi .......................................................................... 11 Samfundsansvar Markedsforventninger ................................................... 12 Samfundsansvar ............................................................ 50 Royal Unibrew og forbrugerne ...................................... 13 Andre oplysninger Royal Unibrew og innovation ......................................... 14 Hoved- og nøgletal pr. kvartal ....................................... 116 Royal Unibrew og effektivitet ........................................ 15 Påtegninger og erklæringer Definitioner af hoved- og nøgletal ................................ 117 Lokal forankring ............................................................ 16 Ledelsespåtegning ........................................................ 61 Selskabsoversigt ........................................................... 118 Finansielle mål, kapitalstruktur Den uafhængige revisors påtegninger ......................... 62 Disclaimer ..................................................................... 119 og udlodningspolitik ...................................................... 17 Forventninger til 2017 ................................................... 18 Craft Beer i Royal Unibrew ............................................ 20 Koncernregnskab Resultatopgørelse ......................................................... 66 Totalindkomstopgørelse ................................................ 66 Performance Balance .......................................................................... 67 Regnskabsberetning ..................................................... 22 Pengestrømsopgørelse ................................................. 68 Vesteuropa ..................................................................... 25 Egenkapitalopgørelse.................................................... 69 Baltic Sea ....................................................................... 28 Indholdsfortegnelse for noter ....................................... 71 Maltdrikke og Eksport ................................................... 31 Noter .............................................................................. 72 ROYAL UNIBREW ÅRSRAPPORT 2016 INDHOLD LEDELSESBERETNING 2 RU i hovedtræk LEDELSESBERETNING | PÅTEGNINGER | KONCERNREGNSKAB | MODERSELSKABSREGNSKAB | ANDRE OPLYSNINGER Royal Unibrew i hovedtræk RU kort fortalt ROYAL UNIBREW ÅRSRAPPORT 2016 LEDELSESBERETNING | PÅTEGNINGER | KONCERNREGNSKAB | MODERSELSKABSREGNSKAB |ROY ANDREAL UN OPLYSNINGERIBREW KORT FORTALT LEDELSESBERETNING 4 Royal Unibrew kort fortalt Maltdrikke Royal Unibrew er en ledende regional drikke- & Eksport varevirksomhed på en række markeder – primært i Nordeuropa, Italien samt på de internationale 7% markeder for maltdrikke. Vi producerer, markedsfører, sælger og distribuerer kvalitets- drikkevarer, og vi har fokus på brandede produkter inden for Vesteuropa øl, malt og læskedrikke samt cider og long drinks. Vores 39% 2.350 afsætning medarbejdere Vores hovedmarkeder er Danmark, Finland, Italien og Tysk- land samt Letland, Litauen og Estland. Hertil kommer de internationale markeder, der omfatter en række etablerede markeder i Americas-regionen og større byer i Europa og Baltic Sea Nordamerika samt emerging markets i eksempelvis Afrika. 54% På alle vores multi-beverage markeder tilbyder vi kunder- Craft brands ne stærke og lokalt forankrede brands. Baseret på løbende 1% Ikke-alkoholiske udvikling og innovation er det vores mål at imødekomme Premium- drikke kundernes efterspørgsel efter kvalitetsdrikkevarer. superpremium brands 43% Ud over vores egne brands udbyder vi licensbaserede inter- Netto- 30% Netto- Øl nationale brands fra PepsiCo og Heineken-koncernen. omsætning 6.340 mio. DKK omsætning 44% pr. brand- omsætning i 2016 pr. produkt- kategori kategori Mainstream brands Andre alkoholiske 69% drikke 13% ROYAL UNIBREW ÅRSRAPPORT 2016 ROYAL UNIBREW KORT FORTALT LEDELSESBERETNING 4 resultater i 2016 ROYAL UNIBREW ÅRSRAPPORT 2016 LEDELSESBERETNING | PÅTEGNINGER | KONCERNREGNSKAB | MODERSELSKABSREGNSKABRESULTATER I 2016 | OGANDRE FOrve OPLYSNINGERNTNINGER TIL 2017 LEDELSESBERETNING 5 Resultater i 2016 og forventninger til 2017 Bedste resultat nogensinde i 2016 Udviklingen i 2016 • Betydelig højere indtjening trods udfordrende 5% 7% markedsforhold Steg nettoomsætningen i 2016 Steg EBITDA i 2016 • Positiv udvikling i nettoomsætning og indtjening og blev på DKK 6.340 mio. og blev på DKK 1.306 mio. i alle segmenter • Markedsandele blev generelt fastholdt • EBITDA-margin og EBIT-margin steg • ROIC eksklusive goodwill steg fra 23 % til 28 % • Forventet udlodning i 2017 til aktionærer på DKK 1 mia. (2016: DKK 829 mio.) fordelt på • udbytte på DKK 8,15 pr. aktie (2016: DKK 7,20), i alt DKK 440 mio. • nyt aktietilbagekøbsprogram på DKK 560 mio. (2016: DKK 450 mio.) 9% 15,8% Steg EBIT i 2016 Blev EBIT-marginen i 2016 og blev på DKK 1.001 mio. og steg med 0,6 procentpoint Forventninger til 2017 Forventet Realiseret Realiseret DKK mio. 2017 2016 2015 Nettoomsætning 6.250-6.450 6.340 6.032 NETTOOMSÆTNING EBITDA EBIT EBIT-MARGIN EBITDA 1.285-1.385 1.306 1.225 (DKK mio.) (DKK mio.) (DKK mio.) (%) EBIT 980-1.080 1.001 917 6500 1400 1150 16 5900 1200 975 15 5300 1000 800 14 4700 800 625 13 4100 600 450 12 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 ROYAL UNIBREW ÅRSRAPPORT 2016 RESULTATER I 2016 OG FOrveNTNINGER TIL 2017 LEDELSESBERETNING 5 hoved nøgletal ROYAL UNIBREW ÅRSRAPPORT 2016 LEDELSESBERETNING | PÅTEGNINGER | KONCERNREGNSKAB | MODERSELSKABSREGNSKAB | ANDRE HOPLYSNINGEROVED- OG NØGLETAL LEDELSESBERETNING 6 Hoved- og nøgletal 2016 2015 2014 2013 2012 2016 2015 2014 2013 2012 Afsætning (mio. hl) 9.678 9.100 8.974 7.033 5.443 MEDARBEJDERE RESULTATOPGØRELSE (DKK MIO.) Gennemsnitligt antal medarbejdere 2.350 2.314 2.374 1.935 1.635 Nettoomsætning 6.340 6.032 6.056 4.481 3.430 EBITDA 1.306 1.225 1.130 732 611 FINANSIELLE NØGLETAL (%) EBITDA-margin (%) 20,6 20,3 18,7 16,3 17,8 Afkast på investeret kapital inklusive goodwill (ROIC) 18 16 13 13 21 Resultat før finansielle poster (EBIT) 1.001 917 826 560 485 Afkast på investeret kapital ekslusive goodwill (ROIC) 28 23 19 17 25 EBIT-margin (%) 15,8 15,2 13,6 12,5 14,1 Frit cash flow i procent af nettoomsætning 16 17 14 13 14 Resultat efter skat af associerede virksomheder 28 31 35 34 34 Cash conversion 130 145 132 125 128 Finansielle indtægter og omkostninger i øvrigt, netto -31 -46 -60 -45 -38 Netto rentebærende gæld/EBITDA (gange) 0,8 1,0 1,4 2,3* 0,5 Resultat før skat 998 902 801 548 481 Egenkapitalandel 48 43 40 31 47 Årets resultat 784 711 624 480 373 Egenkapitalforrentning (ROE) 27 25 25 28 28 Udlodningsprocent (DPR) 56 56 60 0 68 BALANCE (DKK MIO.) * opgjort proforma med Hartwalls realiserede EBITDA for hele året Langfristede aktiver 5.180 5.505 5.664 5.810 1.992 Aktiver i alt 6.076 6.748 7.024 6.925 2.848 De af finansforeningens "Anbefalinger og Nøgletal 2015" omfattede nøgletal er beregnet i overens- Egenkapital 2.911 2.935 2.818 2.133 1.348 stemmelse hermed. Netto rentebærende gæld 991 1.184 1.553 2.379 321 Nettoarbejdskapital -881 -990 -814 -834 -179 Definitioner af hoved- og nøgletal er oplyst på side 117. Investeret kapital 4.111 4.347 4.650 4.813 1.671 PENGESTRØMME (DKK MIO.) Driftsaktivitet 985 1.160 895 653 461 Investeringsaktivitet 38 -123 -69 -2.837 229 Frit cash flow 1.022 1.032 824 598 476 AKTIERELATEREDE NØGLETAL (DKK) Resultat pr. aktie (EPS) 14,7 13,0 11,3 9,4 7,1 Udvandet resultat pr. aktie 14,6 12,9 11,2 9,3 7,1 Frit cash flow pr. aktie 19,2 18,9 14,9 11,7 9,1 Udbytte pr. aktie 8,15 7,20 6,80 - 4,80 Kurs ultimo pr. aktie 272,6 280,1 217,4 147,2 98,4 ROYAL UNIBREW ÅRSRAPPORT 2016 HOVED- OG NØGLETAL LEDELSESBERETNING 6 CEO letter ROYAL UNIBREW ÅRSRAPPORT 2016 LEDELSESBERETNING | PÅTEGNINGER | KONCERNREGNSKAB | MODERSELSKABSREGNSKAB | ANDRE OPLYSNINGERCEO LETTer LEDELSESBERETNING 7 CEO letter Strategi leverer igen fremgang med afsæt i entreprenørskab, kommercielt fokus, og høj
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