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Annual Report 2007 Annual Report

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Annual Report 2007 Annual Report Annual Report 2007 Royal Unibrew A/S Faxe Allé 1 DK-4640 Faxe CVR 41 95 67 12 www.royalunibrew.com Royal Unibrew A/S Faxe Allé 1 DK-4640 Faxe CVR 41 95 67 12 www.royalunibrew.com Design, production and print: Datagraf AS Annual Report 2007 Royal UnibRew a/S Royal Unibrew Royal 66003_RU_årsrapport_omslag_UK.indd 1 12/03/08 13:34:48 ANNOUNCEMENTS TO THE COPENHAGEN STOCK EXCHANGE A/S 1 JANUAry to 31 DecembEr 2007 Royal Unibrew A/S 02 January 2007 01/2007 Share Buy-back at Royal Unibrew A/S Faxe Allé 1 11 January 2007 02/2007 Share Buy-back at Royal Unibrew A/S DK-4640 Faxe 23 January 2007 03/2007 Share Buy-back at Royal Unibrew A/S CVR 41 95 67 12 www.royalunibrew.com 31 January 2007 04/2007 Share Buy-back at Royal Unibrew A/S 12 February 2007 05/2007 Share Buy-back at Royal Unibrew A/S 15 February 2007 06/2007 Royal Unibrew strengthens its position in Poland through the acquisition of significant regional brewery business 20 February 2007 07/2007 Share Buy-back at Royal Unibrew A/S 01 March 2007 08/2007 Share Buy-back at Royal Unibrew A/S 05 March 2007 09/2007 Announcement of Annual Results 2006 09 March 2007 10/2007 Share Buy-back at Royal Unibrew A/S 03 April 2007 11/2007 Notice convening the Annual General Meeting of Royal Unibrew A/S 30 April 2007 12/2007 Q1 Report 2007 30 April 2007 13/2007 Annual General Meeting of Royal Unibrew - Minutes 15 May 2007 14/2007 Royal Unibrew’s acquisition of 100% of the share capital of Browar Lomza Sp. z o.o. now realised 23 May 2007 15/2007 Reporting according to section 28a of the Danish Securities Trading Act 24 May 2007 16/2007 Reporting according to section 28a of the Danish Securities Trading Act 25 May 2007 17/2007 Reporting according to section 28a of the Danish Securities Trading Act 31 May 2007 18/2007 Share Buy-back under ”Safe Harbour” 01 June 2007 19/2007 Royal Unibrew’s total share capital and voting rights 13 June 2007 20/2007 Share Buy-back at Royal Unibrew A/S 22 June 2007 21/2007 Share Buy-back at Royal Unibrew A/S 02 July 2007 22/2007 Royal Unibrew further strengthens its position in the Caribbean 03 July 2007 23/2007 Share Buy-back at Royal Unibrew A/S 12 July 2007 24/2007 Share Buy-back at Royal Unibrew A/S 23 July 2007 25/2007 Share Buy-back at Royal Unibrew A/S 01 August 2007 26/2007 Share Buy-back at Royal Unibrew A/S 10 August 2007 27/2007 Share Buy-back at Royal Unibrew A/S 21 August 2007 28/2007 Share Buy-back at Royal Unibrew A/S 15 August 2007 29/2007 Royal Unibrew strengthens its position in the Baltic beer market 28 August 2007 30/2007 H1 Report 2007 28 August 2007 31/2007 Reduction of capital and cancellation of treasury shares, amendment of Articles of Association 30 August 2007 32/2007 Share Buy-back at Royal Unibrew A/S 30 August 2007 33/2007 Royal Unibrew’s total share capital and voting rights 10 September 2007 34/2007 Share Buy-back at Royal Unibrew A/S 19 September 2007 35/2007 Share Buy-back at Royal Unibrew A/S 26 September 2007 36/2007 Agreement on sale of property in Vilnius, Lithuania 28 September 2007 37/2007 Share Buy-back at Royal Unibrew A/S 08 October 2007 38/2007 Share Buy-back at Royal Unibrew A/S 15 October 2007 39/2007 Sale of property in Vilnius, Lithuania, finally realised 18 October 2007 40/2007 Share Buy-back at Royal Unibrew A/S 29 October 2007 41/2007 Share Buy-back at Royal Unibrew A/S 07 November 2007 42/2007 Share Buy-back at Royal Unibrew A/S 14 November 2007 43/2007 Q3 Report 2007 16 November 2007 44/2007 Share Buy-back at Royal Unibrew A/S 27 November 2007 45/2007 Reporting according to section 28a of the Danish Securities Trading Act 27 November 2007 46/2007 Share Buy-back at Royal Unibrew A/S 06 December 2007 47/2007 Share Buy-back at Royal Unibrew A/S 07 December 2007 48/2007 Reporting according to section 28a of the Danish Securities Trading Act 12 December 2007 49/2007 Reporting according to section 28a of the Danish Securities Trading Act 17 December 2007 50/2007 Share Buy-back at Royal Unibrew A/S 66003_RU_årsrapport_omslag_UK.indd 2 12/03/08 13:34:49 Contents Annual Report Highlights 5 Financial Highlights and Key Ratios 6 Reviews Preface 8 ”double up” Strategic Plan 10 Management's Review 14 Shareholder Information 28 Corporate Governance 33 Environmental Issues 36 Management's statement and Auditor's Report Management's Statement 40 Auditor's Report 41 Financial statements Income Statement 43 Assets 44 Liabilities and Equity 45 Statement of Changes in Equity 46 Cash Flow Statement 48 Contents of Notes 49 Notes 50 other Information Group Structure 91 Management Duties of Members of the Supervisory and Executive Boards 92 Announcements to the Copenhagen Stock Exchange 2007 95 3 4 Royal Unibrew Annual Report 2007 Announcement of AnnuAl results 2007 net revenue up by 13% to DKK 3,881 million (including organic growth of 7%) Profit before tax of DKK 220 million, adversely affected by increasing raw materials prices and production reorganisation (down 31% from 2006) consolidated profit after tax of DKK 155 million (down 33% from 2006) financial ratios measured against the mAcH II Plan: Return on invested capital (ROIC): 7.4% (target: 10%) EBIT margin: 6.8% of net revenue (target: 10%) Free cash flow before acquisitions: 4.0% (target: 7%) new “double up” strategic plan: EBIT doubled to DKK 500 million in 2010 Two-digit ROIC and EBIT margin Free cash flow of 7% of net revenue Net interest-bearing debt: 3 x EBITDA Organic revenue growth to DKK 5 billion in 2010 Proposed unchanged dividend of DKK 10 per share (dividend rate 39%) realised share buy-back programme transferred DKK 163 million to shareholders expected profit before tax for 2008 of DKK 280-320 million (before special items) and DKK 230-270 million (after special items) 5 Financial Highlights and Key Ratios for Royal Unibrew A/S (Group) IFRS IFRS IFRS IFRS 2007 2006 2005 2004 2003 Sales (million hectolitres) 7.1 6.4 5.8 4.8 4.1 Financial Highlights (mDKK) Income Statement Net revenue 3,881.8 3,439.0 3,191.0 2,869.0 2,633.1 Operating profit before special items 244.1 347.7 302.7 307.1 282.9 Profit before financial income and expenses 264.3 333.4 307.7 307.1 242.9 Net financials -44.1 -13.0 -25.6 -36.7 -20.0 Profit before tax 220.2 320.4 282.1 270.3 223.0 Consolidated profit 155.2 230.3 220.6 194.9 152.7 Royal Unibrew A/S' share of profit 151.7 227.6 221.1 194.1 152.3 Balance Sheet Total assets 3,781.3 3,413.6 3,187.8 2,530.8 2,448.1 Equity 1,119.5 1,148.1 1,149.8 1,080.4 995.8 Net interest-bearing debt 1,586.1 1,047.8 1,007.3 693.5 621.1 Free cash flow 157.0 206.0 252.2 232.7 265.7 Per share Royal Unibrew A/S' share of earnings per share (DKK) 26.4 38.0 35.4 30.6 23.8 Royal Unibrew A/S' diluted share of earnings per share (DKK) 26.2 37.6 35.4 30.6 23.8 Cash flow per share (DKK) 26.3 70.9 61.2 64.5 56.0 Diluted cash flow per share (DKK) 26.1 70.2 61.2 64.5 56.0 Dividend per share (DKK) 10.0 10.0 10.0 9.0 7.5 Year-end price per share 534.0 740.0 532.0 377.0 375.0 Employees Average number of employees 2,659 2,278 2,202 1,628 1,517 Key Figures (mDKK) EBITDA 392.5 535.9 493.2 495.1 430.5 EBIT 264.3 333.4 307.7 307.1 242.9 Key Ratios (%) Return on invested capital (ROIC) 7.4 12.1 11.7 11.8 10.1 Profit margin 6.3 10.1 9.5 10.7 10.7 EBIT margin 6.8 9.7 9.6 10.7 9.2 Free cash flow as a percentage of net revenue 4.0 6.0 7.9 8.1 10.1 Net interest-bearing debt/EBITDA 4.0 2.0 2.0 1.4 1.4 Equity ratio 29.6 33.6 36.1 42.7 41.1 Debt ratio 141.7 88.7 85.1 64.2 61.7 Asset turnover 1.0 1.0 1.0 1.1 1.1 Return on net assets 8.0 12.9 12.1 13.5 12.7 Return on equity after tax 13.7 20.0 19.8 18.7 15.8 Dividend rate 38.9 27.2 28.8 29.5 32.3 6 Royal Unibrew Annual Report 2007 Definitions of Key Figures and Ratios net interest-bearing debt Mortgage debt and debt to credit institutions less cash at bank and in hand, interest-bearing current investments and receivables. Free cash flow Cash flow from operating activities less net investments in property, plant and equipment and plus dividends from associates.
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