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Annual Report 2017 Annual Report 2017 Royal Unibrew A/S CVR no. 41 95 67 12 Contents MANAGEMENT REPORT | SIGNATURES | CONSOLIDATED FINANCIAL STATEMENTS | PARENT COMPANY FINANCIAL STATEMENTS | OTHER INFORMATION ROYAL UNIBREW ANNUAL REPORT 2017 CONTENTS MANAGEMENT REPORT 2 Contents Royal Unibrew at a Glance Corporate Social Responsibility CEO Letter: Efficient Royal Unibrew in brief 4 Corporate Social Responsibility 50 strategy execution delivers Results for 2017 and Outlook for 2018 5 continued progress Financial Highlights and Ratios 6 Management's Statement and Auditor's Report Page 7 CEO Letter: Efficient strategy execution Management's Statement on delivers continued progress 7 the Annual Report 61 Independent Auditor's Report 62 Strategy and targets Strategy 10 Consolidated Financial Statements Market outlook 11 Income Statement 66 Royal Unibrew and consumers 12 Statement of Comprehensive Income 66 Strategy Royal Unibrew and innovation 13 Balance Sheet 67 Page 9 Craft and specialty beer at Royal Unibrew 14 Cash Flow Statement 68 Terme di Crodo and LemonSoda 15 Statement of Changes in Equity 69 Royal Unibrew and efficiency 16 Contents of Notes 71 Financial targets, capital structure and distribution policy 17 Parent Company Financial Statements Outlook for 2018 18 Income Statement 102 Statement of Comprehensive Income 102 Performance Balance Sheet 103 Financial Review 21 Cash Flow Statement 104 Western Europe 25 Statement of Changes in Equity 105 Italy: Aquisition of Baltic Sea 28 Contents of Notes 107 LemonSoda Malt and Exports 31 from Gruppo Other Information Campari Governance Group Structure 119 Page 15 Shareholder Information 34 Quarterly Financial Highlights and Ratios 120 Corporate Governance 37 Definitions of Financial Highlights and Ratios 121 Risk Management 40 Disclaimer 122 Remuneration 44 Board of Directors and Executive Board 46 The Annual Report has been prepared in Danish and English. In case of discrepancy the Danish version shall prevail ROYAL UNIBREW ANNUAL REPORT 2017 CONTENTS MANAGEMENT REPORT 2 RU i hovedtræk Royal Unibrew at a Glance MANAGEMENT REPORT | SIGNATURES | CONSOLIDATED FINANCIAL STATEMENTS | PARENT COMPANY FINANCIAL STATEMENTS | OTHER INFORMATION Royal Unibrew at a Glance RU kort fortalt Royal Unibrew in brief MANAGEMENT REPORT | SIGNATURES | CONSOLIDATED FINANCIAL STATEMENTS | PARENT COMPANY FINANCIAL STATEMENTS | OTHER INFORMATION ROYAL UNIBREW ANNUAL REPORT 2017 IN BRIEF MANAGEMENT REPORT 4 Royal Unibrew in brief Royal Unibrew is a leading beverage provider in a number of markets – Malt Beverages and Exports 2017 primarily in Northern Europe, 8% Italy and in the international malt beverage markets. Western Europe 7 39 40% We produce, market, sell and distribute qual- 6,384 2016 ity beverages with focus on branded products mDKK 2,299 Net revenue employees within beer, malt beverages and soft drinks as Baltic Sea 54 well as cider and long drinks. for 2017 52% Our main markets are Denmark, Finland, It- aly and Germany as well as Latvia, Lithuania Volume by segment and Estonia. To these should be added the international markets comprising a number of established markets in the Americas region craft and and major cities in Europe and North America premium/ Malt Beverages specialty super-premium and Exports as well as emerging markets in for example beer brands 2017 2017 2017 brands 10% Africa. 2% 31% Beer 43% 30 In all of our multi-beverage markets, we of- 1 11 Western Europe 44 51% fer our customers strong and locally based 51 brands. Based on continuous development 2016 2016 2016 and innovation, it is our objective to meet cus- 13 Baltic Sea 38 Non- 43 Other alcoholic tomer demand for quality beverages. Mainstream 69 39% alcoholic brands beverages beverages 12% In addition to our own brands, we offer li- 67% 45% cence-based international brands of the Pep- Net revenue EBIT by segment Net revenue siCo and Heineken Groups in the Northern by brand category by product category European markets. ROYAL UNIBREW ANNUAL REPORT 2017 ROYAL UNIBREW IN BRIEF MANAGEMENT REPORT 4 resultater i 2017 Results for 2017 MANAGEMENT REPORT | SIGNATURES | CONSOLIDATED FINANCIAL STATEMENTS | PARENT COMPANY FINANCIAL STATEMENTS | OTHER INFORMATION ROYAL UNIBREW ANNUAL REPORT 2017 RESULTS FOR 2017 AND OUTLOOK FOR 2018 MANAGEMENT REPORT 5 Results for 2017 and outlook for 2018 The positive development continued in Royal Unibrew in 2017 Developments in 2017 1% 4% • Best results ever in spite of poor summer weather NET REVENUE INCREASE FOR 2017 EBITDA INCREASE FOR 2017 TO • Positive development in net revenue and earnings TO DKK 6,384 MILLION DKK 1,362 MILLION • Market shares generally maintained • EBITDA margin and EBIT margin increases • ROIC excluding goodwill up from 28% to 32% • Expected distribution to shareholders of DKK 870 mil- lion allocated on • Dividend of DKK 8.90 per share (2016: DKK 8.15) • New share buy-back programme of DKK 400 million (2016: DKK 560 million) 7% 16.7% • Royal Unibrew maintain the strategic flexibility EBIT INCREASE FOR 2017 EBIT MARGIN FOR 2017, AN INCREASE TO DKK 1,069 MILLION OF 0.9 PERCENTAGE POINT Outlook for 2018 Medium-term EBIT target increased from 16% to about 17% NET REVENUE EBITDA EBIT-MARGIN USE OF CASH (mDKK) (mDKK) (%) (mDKK) Outlook Actual Actual 6500 1400 18 3500 mDKK 2018 2017 2016 5900 1200 16 2625 Net revenue 6,650-6,900 6,384 6,340 5300 1000 14 1750 * EBITDA 1,450-1,550 1,362 1,306 4700 800 12 875 EBIT 1,090-1,190 1,069 1,001 4100 600 10 0 *Approx. DKK 50 million impact from implementing IFRS 16 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 (operational leasing) Distribution to shareholders Acquisitions ROYAL UNIBREW ANNUAL REPORT 2017 RESULTS FOR 2017 AND OUTLOOK FOR 2018 MANAGEMENT REPORT 5 hoved nøgletal Financial Highlights and Ratios MANAGEMENT REPORT | SIGNATURES | CONSOLIDATED FINANCIAL STATEMENTS | PARENT COMPANY FINANCIAL STATEMENTS | OTHER INFORMATION ROYAL UNIBREW ANNUAL REPORT 2017 FINANCIAL HIGHLIGHTS AND RATIOS MANAGEMENT REPORT 6 Financial Highlights and Ratios 2017 2016 2015 2014 2013 2017 2016 2015 2014 2013 Sales (million hectolitres) 9,556 9,678 9,100 8,974 7,033 EMPLOYEES Average number of employees 2,299 2,350 2,314 2,374 1,935 INCOME STATEMENT (MDKK) Net revenue 6,384 6,340 6,032 6,056 4,481 FINANCIAL RATIOS (%) EBITDA 1,362 1,306 1,225 1,130 732 Return on invested capital including goodwill (ROIC) 21 18 16 13 13 EBITDA margin (%) 21.3 20.6 20.3 18.7 16.3 Return on invested capital excluding goodwill (ROIC) 32 28 23 19 17 Earnings before interest and tax (EBIT) 1,069 1,001 917 826 560 Free cash flow as a percentage of net revenue 15 16 17 14 13 EBIT margin (%) 16.7 15.8 15.2 13.6 12.5 Cash conversion 114 130 145 132 125 Income after tax from investments in associates 18 28 31 35 34 Net interest-bearing debt/EBITDA (times) 0.7 0.8 1.0 1.4 2,3* Other financial income and expenses, net -31 -31 -46 -60 -45 Equity ratio 42 48 43 40 31 Profit before tax 1,056 998 902 801 548 Return on equity (ROE) 29 27 25 25 28 Net profit for the year 831 784 711 624 480 Dividend payout ratio (DPR) 56 56 56 60 0 * calculated proforma with Hartwall's realised full-year EBITDA BALANCE SHEET (MDKK) Non-current assets 5,121 5,180 5,505 5,664 5,810 Ratios comprised by the “Recommendations and Financial Ratios 2015” issued by the Danish Society Total assets 6,778 6,076 6,748 7,024 6,925 of Financial Analysts have been calculated according to the recommendations. Equity 2,814 2,911 2,935 2,818 2,133 Net interest-bearing debt 975 991 1,184 1,553 2,379 Definitions of financial highlights and ratios are provided on page 121. Net working capital -957 -881 -990 -814 -834 Invested capital 4,030 4,111 4,347 4,650 4,813 CASH FLOWS (MDKK) Operating activities 1,168 985 1,160 895 653 Investing activities -218 38 -123 -69 -2,837 Free cash flow 950 1,022 1,032 824 598 SHARE RATIOS (DKK) Earnings per share (EPS) 15.9 14.7 13.0 11.3 9.4 Diluted earnings per share 15.9 14.6 12.9 11.2 9.3 Free cash flow per share 17.8 18.7 18.6 14.9 11.5 Dividend per share 8.90 8.15 7.20 6.80 - Year-end price per share 371.8 272.6 280.1 217.4 147.2 ROYAL UNIBREW ANNUAL REPORT 2017 FINANCIAL HIGHLIGHTS AND RATIOS MANAGEMENT REPORT 6 CEO letter MANAGEMENT REPORT | SIGNATURES | CONSOLIDATED FINANCIAL STATEMENTS | PARENT COMPANY FINANCIAL STATEMENTS | OTHER INFORMATION ROYAL UNIBREW ANNUAL REPORT 2017 CEO LETTER MANAGEMENT REPORT 7 Efficient strategy execution delivers continued progress 2017 showed continued progress for Royal Unibrew in spite of poor summer weather in Northern Europe. The positive development is due, not least, to a reinforce- ment of our market positions in most of the markets in which we operate. We achieved our best results ever in the past year, and revenue increased in all parts of our business adjusting for the effect of changed customer agreements and a negative exchange rate effect in our malt business. As a result of the earnings improve- ment combined with our outlook, we are increasing our medium-term EBIT target from 16% to about 17%. At the same time, we are continuing our distributions to shareholders by way of a share buy-back programme of up to DKK 400 million and the distribution of ordinary dividend of DKK 8.90 per share, corresponding to a 9% increase on 2016. With this distribution of a total of DKK 870 million we maintain our strategic flexibility.
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