DOCSLIB.ORG

Carlsberg Breweries Group Annual Report 2017

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Carlsberg Breweries Group Annual Report 2017 Carlsberg Breweries Group Annual Report 2017 As approved on the Company’s Annual General Meeting on / 2018 Carlsberg Breweries A/S ________________________________________ Ny Carlsberg Vej 100 1799 Copenhagen V Monica Gregers Smith Denmark Chairwoman of the meeting CVR no. 25508343 In brief CARLSBERG BREWERIES GROUP ANNUAL REPORT 2017 2 MANAGEMENT FINANCIAL REVIEW STATEMENTS MANAGEMENT REVIEW CONSOLIDATED FINANCIAL STATEMENTS A good year for the Group .................... 3 Statements ........................................... 19 Financial review ......................................... 5 Notes ..................................................... 24 Five-year summary ................................. 7 Earnings expectations ............................. 8 PARENT COMPANY SAIL’22 ......................................................... 9 Statements ........................................... 89 Risk management.................................. 14 Notes ..................................................... 93 Corporate governance .......................... 16 Supervisory and Executive Board .................................................. 106 REPORTS Management statement ............... 107 Auditor’s report ................................ 108 CARLSBERG BREWERIES GROUP ANNUAL REPORT 2017 3 A GOOD YEAR FOR THE GROUP ACTIVITIES OF THE GROUP adjust the expected net benefits to around DKK Examples of action in relation to the Group’s The Group is now two years into the journey The Carlsberg Breweries Group comprise the 2.3bn. portfolio include the further support of the craft and the results so far make us confident that beverage activities in the Carlsberg Group. & speciality portfolio, which achieved overall SAIL’22 will generate organic top- and bot- Carlsberg Breweries’ activities are focused on This level of benefits means that more than volume growth of 29%. A key enabler for pre- tom-line growth going forward. the markets where the Group has the expertise half of the benefits is expected to improve op- miumisation efforts in Western Europe is the and the right products to secure a leading posi- erating profit by the end of 2018, while the re- Group’s proprietary draught system Draught- For more information on SAIL’22 initiatives in tion. Due to the variation of the markets, the mainder is being invested in supporting the Master™, and during the year the Group accel- 2017, please read pages 9-13. contribution to growth, earnings and develop- SAIL’22 priorities. In 2017, Funding the Journey erated the roll-out of the system. In Asia, the ment within the Group differs, both at present enabled SAIL’22 investments of around DKK Group continued the support of Tuborg, which and in the longer-term projections. 500m. once again proved its popularity with consum- ers, delivering 6% volume growth in the region The Parent Company's main activities are in- Funding the Journey as a specific programme in spite of a highly challenging Indian market. vestments in national and international brew- will reach its conclusion by the end of 2018. eries as well as license and export business. However, the focus on efficiency and costs is Within capabilities, the Group introduced a new The Parent Company has retail bonds listed at here to stay and is being embedded as a way segmentation methodology, which is now be- the Luxembourg Stock Exchange. of living across the Group. ing embedded across the markets, and in- creased professionalism within value manage- HIGHLIGHTS 2017 PROGRESS ON SAIL’22 ment. The overriding priorities for 2017 were the exe- SAIL’22 is progressing according to plan. The cution of Funding the Journey and our SAIL’22 strategy was designed to get the Group back to The Group is making good progress in develop- strategy. In particular, delivering on Funding growth by taking action in relation to our ing a performance-driven culture, supported by the Journey was very important for enabling portfolio, capabilities and culture. The strat- the implementation of systematic and critical investments in our strategic priorities, thereby egy has been well embraced by everyone in the management reviews, aligning Company tar- fuelling the future growth of the Group. Group, and during the year many activities gets with incentives across the Group and im- were carried out in support of our well-defined proving management development. As a result of the good progress of the pro- strategic priorities. gramme, the Group has been able to upwardly CARLSBERG BREWERIES GROUP ANNUAL REPORT 2017 4 SIGNIFICANT DELEVERAGING 70 10 20 9 62 2015 2016 2017 2.5 9 6 16 2.0 54 8 3 12 46 1.5 7 0 8 1.0 38 6 -3 0.5 30 5 -6 4 2015 2016 2017 2015 2016 2017 2015 2016 2017 0.0 0 2015 2016 2017 Incl. goodwill Excl. goodwill 61.8bn 9.0bn 1.3bn 7.9 1.34x NET REVENUE OPERATING PROFIT NET PROFIT ROIC NET DEBT/EBITDA DKK DKK DKK % Net revenue grew organically by Operating profit grew organically Net profit was mainly impacted Return on invested capital (ROIC) Net interest-bearing debt 1% as a result of strong price/mix by 8.7%. All three regions con- by the impairment of the Baltika increased by 120bp. ROIC exclud- amounted to DKK 18.3bn, a de- of 3%, driven by strong perfor- tributed positively to the growth. brand due to changed market dy- ing goodwill was 17.3%, up cline of DKK 6.2bn compared with mance in Asia and Eastern Eu- namics following the PET downsiz- 350bp. end of 2016. rope. The growth was driven by ing, our increased focus on local the strong price/mix and and regional brands and updated The improvement in ROIC The significant reduction in net In reported terms, net revenue good progress of Funding assumptions on interest rates. Net was mainly a result of the strong debt was driven by the strong free declined by 1%, impacted by dis- the Journey, including value financials were positively impacted operating profit after tax. cash flow of DKK 8.9bn. posals. management. by the lower net debt and foreign exchange gains. All three regions delivered ROIC Consequently, financial leverage, The strong price/mix offset the In reported terms, operating improvement, with particular measured as net debt/EBITDA, organic volume decline of 2%, profit was up 8.0%. The small strong growth in Asia. declined to 1.34x. which was impacted by lower vol- positive currency impact was off- umes in Russia due to the PET set by the negative impact from downsizing. disposals. Our results CARLSBERG BREWERIES GROUP ANNUAL REPORT 2017 5 FINANCIAL REVIEW STRONG SET OF RESULTS INCOME STATEMENT administrative expenses amounted to DKK were significantly impacted by an impairment Tax totalled DKK -1,485m against DKK Reported net revenue was DKK 61,808m 4,825m (2016: DKK 5,172m). In total, oper- of the Baltika brand in Russia of DKK 4.8bn. -2,402m in 2016. The effective tax rate was (2016: DKK 62,614m), a decline of 1% due ating expenses declined by 3%, driven The impairment was made as a result of 41.6%. Adjusted for the brand impairment, the to the net acquisition impact, mainly related by good progress of Funding the Journey initi- changed market dynamics following the PET effective tax would have been 29.1%. to the divestment of the German wholesaler atives. downsizing, our increased focus in Russia on Nordic Getränke in 2017, the divestment of local and regional brands and, lastly, changed Non-controlling interests were DKK 806m Carlsberg Malawi in 2016 and divestments of Other operating activities, net, were DKK interest rate assumptions. More details can be (2016: DKK 371m). The significant increase entities in China in both years. In organic terms, 178m, a decline of DKK 73m compared with found in section 2.3 of the consolidated fi- versus 2016 was mainly due to Chongqing net revenue grew by 1%, driven by a positive 2016. Share of profit after tax in associates nancial statements. Special items were posi- Brewery, which grew earnings and in 2016 was price/mix of 3%. and joint ventures was DKK 231m, a decline tively impacted by gains on disposals. A speci- impacted by impairment and restructuring. of DKK 48m compared with 2016. The decline fication of special items is included in section Cost of sales amounted to DKK 30,325m was mainly due to lower income in our busi- 3.1 of the consolidated financial statements. The Carlsberg Breweries Group’s share of con- (2016: DKK 31,195m). Cost of sales per hl in- ness in Cambodia. solidated profit was DKK 1,282m against DKK creased by 1%. In organic terms, cost of Financial items, net, amounted to DKK -774m 4,554m in 2016. The significant decline was sales per hl increased by approximately. 3%, Operating profit before special items was against DKK -1,237m in 2016. Financial in- due to the impairment of the Baltika brand. mainly due to overall cost inflation, product DKK 8,962m (2016: DKK 8,301m). The 8.0% come amounted to DKK 809m (2016: DKK mix and the volume decline in Eastern Europe. growth was driven by organic growth of 8.7% 925m), mainly impacted by foreign exchange STATEMENT OF FINANCIAL POSITION Reported gross profit was DKK 31,483m and a positive currency impact of 0.7%. The gains, net, of DKK 485m. Financial expenses (2016: DKK 31,419m). The reported gross negative impact from disposals was -1.4%. amounted to DKK -1,583m (2016: DKK ASSETS margin improved by 70bp to 50.9% as a result All three regions delivered positive organic op- -2,162m), primarily impacted by interest Total assets amounted to DKK 103.4bn at 31 of the positive price/mix and efficiency im- erating growth. The reported operating margin expenses of DKK -775m and fair value ad- December 2017 (2016: DKK 115.9), a de- provements. was up 120bp to 14.5% (2016: 13.3%). The or- justments of financial instruments, net, crease of DKK 12.5bn. ganic growth in operating profit was higher of DKK -292m. Excluding currency gains and Marketing expenses as a percentage of net than expected in last year’s Annual Report.
Load more

Recommended publications
  • Annual Report 2006 Carlsberg A/S Annual Report 2006
    Carlsberg A/S Annual Report 2006 Annual Report 2006 Management review 1 Profi le 2 CEO statement 4 Five-year summary 5 Results and expectations 7 Strategy 10 Markets 12 Western Europe 16 Baltic Beverages Holding 20 Eastern Europe excl. BBH 24 Asia 28 Other activities 30 People and management 34 Social and environmental responsibility 38 Shareholder information 42 Corporate governance 47 Risk management 49 Financial review Financial statements 57 Consolidated fi nancial statements 58 Income statement 59 Statement of recognised income and expenses for the year 60 Balance sheet 62 Statement of changes in equity 63 Cash fl ow statement 64 Notes 110 Group companies Carlsberg A/S 113 Parent Company fi nancial statements CVR No. 61056416 Ny Carlsberg Vej 100 134 Management statement DK-1760 Copenhagen V, Denmark 135 Auditor’s report Phone: +45 3327 3300 136 Board of Directors, Executive Board and Fax: +45 3327 4701 other senior executives E-mail: [email protected] www.carlsberg.com This report is provided in Danish and in English. In case of any discrepancy between the two versions, the Danish wording shall apply. Probably the best … Carlsberg is one of the world’s largest brewery groups. We have a beer for every occasion and for every palate and lifestyle. The Group’s broad portfolio of beer brands includes Carlsberg Pilsner, known as Probably the best beer in the world, and strong regional brands such as Tuborg, Baltika and Holsten. We also have a wide range of leading brands in our local markets. We operate primarily in mature markets in Western Europe but are generating an ever-growing share of revenue in selected growth markets in Eastern Europe and Asia.
    [Show full text]
  • Gtlc2001.Pdf
    The Baltic region has a population of 7.6 million and is at the verge Estonia: Liivalaia 8, 15040 Tallinn of accession to the European Union. Here the market grows quicker Phone: +372 6 131355 than almost no other market in the world. Located at the crossroads Fax: +372 6 131545 E-mail: [email protected] of historical trade routes, the region is showing constant progress in www.hansa.ee every aspect of development economic, social, educational and financial. Latvia: Kalku street 26, LV-1050 Riga Phone: +371 7 024154 Hansabank Markets leads the equity market in Fax: +371 7 024400 E-mail: [email protected] Estonia, Latvia and Lithuania with market share www.hbl.lv exceeding 40%. We offer our clients the finest know- Lithuania: how of the area, best research house of the Baltic Gedimino ave 26, LT-2600 Vilnius region by Euromoney, integrated and plugged-in Phone: +370 2 390638 Fax: +370 2 390641 distribution channels and flexibility derived from our E-mail: [email protected] expertise and commitment. Hansabank Markets www.hansabank.lt grows the business through developing Baltic financial markets. Hansabank Markets. Professional choices for professional people. LITHUANIAN COMPANIES NACIONALINË VERTYBINIØ P0PIERIØ BIRÞA Guide to Listed Companies 2001 published by the National Stock Exchange of Lithuania Tel. (+370 2) 72 14 07, 72 15 42, fax (+370 2) 72 48 94 http://www.nse.lt Guide to Listed Companies Editors 2000 Simona Baèkienë Juozas Brigmanas Tomas Kliuèius Jûratë Lauciûtë Agnë Maslauskaitë Arminta Saladþienë Lina Semënaitë Diana Sokolova Design director Gediminas Minderis Assisting in the editorial work Gediminas Balnis Daiva Grigusevièiûtë ISSN 1648-2980 2 LITHUANIAN COMPANIES NATIONAL STOCK EXCHANGE OF LITHUANIA Dear Reader, We are delighted to introduce the fifth edition of the annual publication GUIDE TO LISTED COMPANIES issued by the National Stock Exchange of Lithuania.
    [Show full text]
  • Carlsberg Annual Report Market Overview
    Carlsberg Annual Report Market overview 2 1 Our markets Denmark Norway Sweden Finland Poland Germany The Baltic StatesUnited KingdomFrance Switzerland Italy Greece Population (millions) 5.5 5.0 9.4 5.4 38.1 81.4 6.9 62.6 63.2 7.8 60.6 11.2 10.7 19.3 142.4 45.6 16.5 28.6 9.4 9.1 28.7 5.3 7. 2 1,348.1 89.3 6.6 14.4 28.5 1,206.9 Est. GDP/capita PPP (USD) 37,742 53,376 40,614 36,723 20,137 37,936 17,95 8 4 35,974 35,049 43,509 30,166 27,6 24 23,204 13,740 4 16,687 7,19 9 13,060 3,294 14,948 10,217 15,579 59,937 49,342 8,394 3,355 2,659 2,286 1,328 3,703 Est. real GDP growth (%) 1.5 1.7 4.4 3.5 3.8 2.7 4-6.6 1.1 1.7 2.2 0.6 -5.0 -2.2 0.8-2.5 4.3 4.7 6.5 7.1 5.0 0.2 5.2 5.3 6.0 9.5 5.8 8.3 6.7 3.5 7.8 Inflation, avg. consumer prices (%) 3.2 1.7 3.0 3.1 4.0 2.2 4.2-5.1 4.5 2.1 0.7 2.6 2.9 3.4 3.2-11.3 8.9 9.3 8.9 13.1 41.0 9.3 3.2 3.7 5.5 5.5 18.8 8.7 6.4 9.5 10.6 Est.
    [Show full text]
  • Strategic and Financial Valuation of Carlsberg A/S
    Strategic and Financial Valuation of Carlsberg A/S Master Thesis – Finance and Strategic Management 30th of September 2011 Cand. merc. FSM Department of Finance Copenhagen Business School Author: Andri Stefánsson Supervisor: Carsten Kyhnauv Strategic and Financial Valuation of Carlsberg A/S Executive summary The main objective of this thesis was to determine the theoretical fair value of one Carlsberg A/S share on the 1st of March 2011. Carlsberg A/S is the world´s 4th largest brewery measured in sales volume and has acquired this position both through organic growth as well as acquisitions of its competitors as a part of the consolidation phase that the brewing industry has undergone in the past 10 years. In order to obtain the necessary understanding of the company´s business model, a strategic analysis was carried out both on an external as well as on an internal level. The strategic analysis showed that Carlsberg has a very strong product portfolio and one of its main strengths was innovation in regards to new products targeting new market segments. Being the 4th largest brewery in the world creates great economies of scale which are of importance. The strategic analysis also showed that the political and economical situation in Russia is of most threat to Carlsberg. The strategic analysis was followed by a financial analysis which showed that all key financial drivers rose upon till 2008 when the recent economic crisis hit and Carlsberg at the same time acquired Scottish & Newcastle. From 2009 the key financial drivers showed improvements both due to Carlsberg being able to make use of the synergies created as a part of the acquisition along with an increase in revenue and lower borrowing costs.
    [Show full text]
  • Baltic Beverages Holding Christian Ramm-Schmidt President and CEO of BBH
    Baltic Beverages Holding Christian Ramm-Schmidt President and CEO of BBH 16 June 1999 1 16.06.99 13:43 Agenda Introduction Strategy Development in Russia, Ukraine and the Baltic States Outlook 2 16.06.99 13:43 BBH Swedish registered company located in Stockholm − Established jointly by Hartwall and Pripps in 1991 BBH has expanded rapidly since 1991 Interests in eleven breweries and eight malteries in Russia, Ukraine and the Baltic States Leading player on the brewery markets in this region 3 16.06.99 13:43 BBH - Ownership structure Pripps Hartwall Ringnes 50% 50% BBH Russia Ukraine Baltic States Breweries Baltika (74%) Slavutich (70%) Kalnapilis (86%) - Lithuania Don Pivo (83%)* Kolos (92%)** Utenos Alus (50%) - Lithuania Yarpivo (53%) Aldaris (75%) - Latvia Taopin (69%) Saku (75%) - Estonia Chelyabinskpivo (75%**) Malteries Baltika (30%) Slavuta (66%) Litmalt (50%) - Lithuania Yarpivo (100%) Kolos (100%) Utenos (100%) - Lithuania Taopin (100%) Chelyabinskpivo (100%**) * Owned by Baltika ** After agreed ownership increases 4 16.06.99 13:43 BBH - A Successful Strategy Acquire majority interests in local breweries − Local brands − Local management − Local ownership Quality improvements − Modern technology − Beer of western quality − Extensive personnel development Support from BBH in marketing, sales and distribution Brand strategy with focus on main stream quality segment Volume growth through capacity expansion BBH “Family concept” 6 16.06.99 13:43 BBH - Sales volumes 1991-1998 Million litres 913 639 460 202 160 74 14 33
    [Show full text]
  • 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...........................................................................................................................
    [Show full text]
  • Annual Report 2003 the fi Nancial Year 2003 Proved a Diffi Cult Year in Respect of Developments in Markets and Currencies
    Annual Report 2003 The fi nancial year 2003 proved a diffi cult year in respect of developments in markets and currencies. Nevertheless, Carlsberg managed to improve profi t- ability in local currencies and to increase the sale of Carlsberg beer by more than 7%. A BRIEF PRESENTATION Apart from a 60% (2003) stake in Carlsberg Breweries, was established, the activities of the Carlsberg Carlsberg A/S, the Carlsberg Group, comprises the Research Center continued under Carlsberg Carlsberg Research Center, Carlsberg Properties as well as the administration of the Carlsberg Bequest to the Memory A/S. In addition to extensive basic research, of Brewer J. C. Jacobsen and the Tuborg Foundation. brewing related research is conducted into enzyme chemistry, protein chemistry, Carlsberg Breweries carbohydrate chemistry, plant breeding and Carlsberg Breweries A/S is one of the world’s genetics as well as the malting, brewing and major international brewing operations, and fermentation processes. In addition, process Carlsberg and Tuborg are two of the most widely and product development takes place at sold beer brands on a global scale. Carlsberg Carlsberg Breweries. Breweries was established in 2001. Carlsberg Breweries comprises, among Carlsberg A/S others, Carlsberg Bryggerierne (1847),Tuborgs Carlsberg A/S is a company publicly quoted on Bryggerier (1873), Pripps (1828) and Ringnes the Copenhagen Stock Exchange with some (1877) — as well as a number of subsidiaries 16,500 registered shareholders. The largest and associated companies, the majority of single shareholder by far is the Carlsberg which are situated outside the Nordic region. Foundation, which is required by its charter to Carlsberg Breweries has a total workforce of hold a minimum of 51% of the shares in approximately 31,500 people, if all associated Carlsberg A/S.
    [Show full text]
  • Group Companies
    128 Carlsberg Group Group companies CARLSBERG A/S Nominal Owner- share ship capital Cur- Exchange share (1,000) rency rate Europe Western BBH Group BBH excl. Europe Eastern Asia activities Other VersaMatrix A/S, Copenhagen, Denmark 100% 1,750 DKK 100.00 Ejendomsaktieselskabet Tuborg Nord B, Copenhagen, Denmark 100% 25,000 DKK 100.00 Ejendomsaktieselskabet Tuborg Nord C, Copenhagen, Denmark 100% 10,000 DKK 100.00 Ejendomsaktieselskabet Tuborg Nord D, Copenhagen, Denmark 100% 10,000 DKK 100.00 Ejendomsinteressentskabet Tuborg Nord B, Copenhagen, Denmark 70% - DKK 100.00 Ejendomsaktieselskabet af 4. Marts 1982, Copenhagen, Denmark 100% 9,500 DKK 100.00 Investeringsselskabet af 17. Januar 1991, Copenhagen, Denmark 100% 14,500 DKK 100.00 Boliginteressentskabet Tuborg Nord, Copenhagen, Denmark 3) 50% - DKK 100.00 Ejendomsinteressentskabet Waterfront, Copenhagen, Denmark 3) 50% - DKK 100.00 Carlsberg Breweries A/S, Copenhagen, Denmark 100% 500,000 DKK 100.00 Carlsberg Danmark A/S, Copenhagen, Denmark 3 subsidiaries 100% 100,000 DKK 100.00 Investeringselskapet RH, Oslo, Norway 100% 49,900 NOK 93.51 Ringnes a.s., Oslo, Norway 6 subsidiaries 100% 238,714 NOK 93.51 Oy Sinebrychoff Ab, Helsinki, Finland 100% 96,707 EUR 745.66 Pripps Ringnes AB, Stockholm, Sweden 1 subsidiary 100% 287,457 SEK 78.92 Carlsberg Sverige AB, Stockholm, Sweden 9 subsidiaries 100% 70,000 SEK 78.92 BBH – Baltic Beverages Holding AB, Stockholm, Sweden 50% 12,000 EUR 745.66 Saku Brewery AS, Estonia 1) 75% 80,000 EEK 47.66 A/S Aldaris, Lithuania 85% 7,500 LVL 1,069.80 Baltic Beverages Invest AB, Stockholm, Sweden 100% 11 EUR 745.66 Baltic Beverages Holding Oy, Helsinki, Finland 100% 4 EUR 745.66 Svyturys-Utenos Alus AB, Lithuania 75% 118,000 LTL 215.96 Slavutich Brewery, Ukraine 92% 853,692 UAH 100.51 Lvivska Brewery, Ukraine 100% 72,741 UAH 100.51 Baltic Beverages Eesti, Estonia 100% 400 EEK 47.66 Baltika Brewery, St.
    [Show full text]
  • Annual Report 2000
    Annual Report 2000 Contents Hartwall vision and mission 2 Information for shareholders 3 Summery of operations in 2000 5 Stock Exchange Bulletins 7 Brewing Industry Statistics 11 Managing Director’s Review 12 Trend in business operations in Finland Summary 15 A look at our line of business in Finland 16 Hartwall in Finland 19 Exports and duty-free 23 Hartwall and environment 26 Baltic Beverages Holding 29 The Financial Statement Summary 43 Board of Director’s report of operations 2000 44 Profit and Loss Account 50 Balance Sheet 51 Statement of changes in financial position 52 Financing risks and their management 53 Notes to the financial statements 54 Accounting policy 61 Key indicators for the Group 63 Share-issue adjusted indicators 64 Proposal for the distribution of profit 65 Auditor’s Report 65 Hartwall Group Year 2000 reported in four-month periods 66 Profit-sharing fund 67 Analyst contacts 67 Information on Hartwall Plc’s shares 68 Hartwall Plc’s Articles of Association 70 Corporate Governance 72 Board of Directors 73 Executive Committee of Hartwall Plc 74 Parent company, subsidiaries and associated companies and their management 75 Contact information 76 1 The Hartwall Group in a nutshell I Established in 1836. I Finland’s leading manufacturer of brewery and soft drink products. I The associated company Baltic Beverages Holding AB (BBH) was set up in 1991. BBH is jointly owned by Hartwall and the Danish company Carlsberg Breweries A/S. I Hartwall was listed on Helsinki Exchanges on 1 July 1994. I Three factories in Finland (Helsinki, Lahti,Tornio) and one spring water bottling plant (Karijoki).
    [Show full text]
  • Annual Report 2013 Management Financial Review Statements
    Annual Report 2013 Management Financial review statements 3 The Carlsberg Group at a glance 54 Consolidated financial statements 8 Letter from the Chairman 140 Parent Company 9 Statement from the CEO 160 Management statement 12 In the spotlight: Supply chain 161 Auditors’ report 13 Our regions 19 In the spotlight: China 20 Our business model and Strategy Wheel 21 KPIs 22 Strategy 28 CSR in the value chain 29 CSR targets 30 In the spotlight: Self-regulation 31 Risk management 35 In the spotlight: Sponsorships 36 Corporate governance 43 Remuneration report 49 Executive Committee 50 Shareholder information 52 Financial review 162 Supervisory Board DISCLAIMER This Annual Report contains forward-looking may contain the words “believe, anticipate, then current expectations or forecasts. Such actual results to differ materially from those distribution-related issues, information tech- not be possible for management to predict all statements, including statements about the expect, estimate, intend, plan, project, will be, information is subject to the risk that such expressed in its forward-looking statements nology failures, breach or unexpected termina- such risk factors, nor to assess the impact of Group’s sales, revenues, earnings, spending, will continue, will result, could, may, might”, expectations or forecasts, or the assumptions include, but are not limited to: economic and tion of contracts, price reductions resulting all such risk factors on the Group’s business or margins, cash flow, inventory, products, or any variations of such words or other words underlying such expectations or forecasts, may political uncertainty (including interest rates from market-driven price reductions, market the extent to which any individual risk factor, actions, plans, strategies, objectives and with similar meanings.
    [Show full text]
  • About Baltika Breweries, Part of the Carlsberg Group
    About Baltika Breweries, part of the Carlsberg Group Baltika Breweries is the leading Russian brewing company and largest exporter of Russian beer. Continuous innovation, adherence to high standards of product quality and commitment to sustainability have been ensuring the company’s steady leadership in the Russian beer market since 1996. Today, Baltika is: ▪ one of the largest producers of fast moving consuner goods in Russia; ▪ undisputed leader of the alcohol-free beer segment with a share of about 50%*; ▪ a significant part of the Carlsberg Group and its Eastern Europe region, which also includes Azerbaijan, Belarus, Kazakhstan, Ukraine; ▪ more than 40 regional and national beer brands (including Baltika, Tuborg, Zatecky Gus, Carlsberg), as well as 9 non-beer brands; ▪ breweries in 8 cities of Russia: St. Petersburg, Yaroslavl, Tula, Voronezh, Rostov-on- Don, Samara, Khabarovsk, Novosibirsk; ▪ more than 9,200 employees; ▪ Russia’s largest exporter of products, which are represented in more than 75 countries; in 43 of them, Baltika is the only Russian exporter in the category ; Baltika’s long-term strategy is a continuation of the Carlsberg Group strategy SAIL’22. It aims to strengthen our core business, position us for identified growth opportunities and deliver enhanced value for our shareholders. The company’s ambition is to be a Most Successful, Most Professional and Most Attractive brewer in Russian market. Be №1 – now and forever. In 2018, Baltika again became a partner of the Russian Olympic Committee. Investments in this project will be primarily focused on the development of the Olympic movement and the preparation of Russian athletes for the Olympic Games.
    [Show full text]
  • 2020 Sustainability Report
    SUSTAINABILITY ENVIRONMENT, SOCIAL & GOVERNANCE REPORT 2020 DISCLOSURES CARLSBERG GROUP SUSTAINABILITY REPORT 2020 2 INTRODUCTION Welcome to the INTRODUCTION ......................................... 3 FIND OUT MORE Carlsberg Group’s SUSTAINABILITY REPORT TOGETHER TOWARDS ZERO ................. 9 + SUMMARY Sustainability This full Sustainability Report provides ZERO detailed information on our strategy, Report for 2020 CARBON governance, partnerships and FOOTPRINT ...................................... 10 performance. The Summary includes extracts from this report to provide an ZERO overview of our approach and progress. Here we present an update on WATER progress on our Together Towards WASTE ............................................... 20 ZERO programme as we work with ZERO our people and partners to achieve IRRESPONSIBLE Annual Report ZERO carbon footprint, ZERO water DRINKING ......................................... 27 Our Annual Report focuses on our waste, ZERO irresponsible drinking and financial performance. It includes ZERO information on sustainability that is a ZERO accidents culture. We explain ACCIDENTS most pertinent to investors. CULTURE .......................................... 35 how we do business responsibly to support these goals and our business strategy. And we provide information RESPONSIBLE BUSINESS ...................... 41 on sustainability governance. GOVERNANCE AND TRANSPARENCY ..................................... 51 Website Carlsberggroup.com hosts our reports and policies, as well as showcasing stories
    [Show full text]