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Annual Report 2018 Annual Report 2018 Royal Unibrew A/S CVR no. 41 95 67 12 WorldReginfo - 19ea2543-1602-4842-beba-3a77dfd32104 ROYAL UNIBREW ANNUAL REPORT 2018 CONTENTS MANAGEMENT REPORT 2 Contents Royal Unibrew at a Glance Corporate Social Responsibility CEO Letter Royal Unibrew in brief 4 Corporate Social Responsibility 49 Page 7 Results for 2018 and Outlook for 2019 5 Financial Highlights and Ratios 6 Signatures and statements CEO Letter 7 Management's Statement on the Annual Report 66 Strategy and targets Independent Auditor's Report 67 Strategy 11 Market outlook 12 Consolidated Financial Statements Our recent four acquisitions over the past Income Statement 71 15 months broaden our product offering 13 Statement of Comprehensive Income 71 Strategy Consumer trends – searching for the good life 14 Balance Sheet 72 Page 11 Closeness to consumers 15 Cash Flow Statement 73 Digitalization with our customers Statement of Changes in Equity 74 is gaining momentum 16 Contents of Notes 76 Financial targets, capital structure and distribution policy 17 Parent Company Financial Statements Outlook for 2019 18 Income Statement 109 Statement of Comprehensive Income 109 Performance Balance Sheet 110 Financial Review 21 Cash Flow Statement 111 Western Europe 25 Statement of Changes in Equity 112 Baltic Sea 28 Contents of Notes 114 International 31 Other Information Governance (part of management report) Shareholder Information 34 Group Structure 126 Corporate Governance 37 Quarterly Financial Highlights and Ratios 127 Risk Management 40 Definitions of Financial Highlights and Ratios 128 Corporate social Remuneration 43 Disclaimer 129 responsibility Board of Directors and Executive Board 45 Page 49 WorldReginfo - 19ea2543-1602-4842-beba-3a77dfd32104 ROYAL UNIBREW ANNUAL REPORT 2018 UNIBREW AT A GLANCE MANAGEMENT REPORT 3 Unibrew at a Glance Royal Unibrew at a Glance WorldReginfo - 19ea2543-1602-4842-beba-3a77dfd32104 ROYAL UNIBREW ANNUAL REPORT 2018 IN BRIEF MANAGEMENT REPORT 4 Royal Unibrew in brief 2018 Royal Unibrew is a leading beverage pro- International vider in a number of markets – primarily in 8% Western Europe Northern Europe, Italy, France and in the 8 42% international malt beverage markets. 7,298 40 2017 2,416 We produce, market, sell and distribute qual- mDKK Net revenue employees ity beverages with focus on branded products Baltic Sea 52 within beer, malt beverages and soft drinks as for 2018 50% well as ciders and long drinks. Our main markets are Denmark, Finland, Italy, Volume by segment France and Germany as well as Latvia, Lith- uania and Estonia. To these should be added the international markets comprising a num- Craft and Premium/ ber of established markets in the Americas specialty super-premium beer brands 2018 2018 2018 region and major cities in Europe and North brands 3% 29% International Beer America as well as emerging markets in for 9% Western Europe 47% 38% example Africa. 2 31 11 43 51 In all of our multi-beverage markets, we 2017 2017 2017 Other alcoholic offer strong and locally anchored brands to our 38 Non- 12 beverages consumers and customers. Based on contin- 45 Mainstream 67 Baltic Sea alcoholic 13% uous ongoing development and innovation, it brands 44% beverages is our objective to meet consumer demands 68% 49% for quality beverages. Net revenue EBIT by segment Net revenue by brand category by product category In addition to our own brands, we offer licence-based international brands of the Western Europe: Denmark, Germany, Italy and France PepsiCo and Heineken Groups in Northern Baltic Sea: Finland, Lithuania, Latvia and Estonia International: the export and license business to international markets outside Denmark, Finland, Italy, France and the Baltic countries. Europe. Sales outside Italy, the Balkan countries and France from the businesses Terme di Crodo and Lorina are included in the segment. WorldReginfo - 19ea2543-1602-4842-beba-3a77dfd32104 ROYAL UNIBREW ANNUAL REPORT 2018 RESULTS FOR 2018 AND OUTLOOK FOR 2019 MANAGEMENT REPORT 5 Results for 2018 and outlook for 2019 Royal Unibrew achieved the best results ever due to strong execution boosted by a historically warm summer in 2018 +14% +23% Developments in 2018 NET REVENUE INCREASE IN 2018 EBITDA INCREASE IN 2018 • Total net revenue increase of 14% TO DKK 7,298 MILLION TO DKK 1,673 MILLION • Solid organic improvement of topline (9%) and topline improvement from acquisitions (5%) • Market shares generally increased • Both EBITDA margin and EBIT margin increased • Earnings per share up from DKK 16.0 to DKK 20.6 (+29%) • Expected distribution to shareholders of DKK 950 million (2017: 870 million) allocated on + • Dividend of DKK 10.80 per share (2017: DKK 8.90) 25% 18.4% • New share buy-back program of DKK 400 million EBIT INCREASE IN 2018 EBIT-MARGIN IN 2018, AN INCREASE (2017: DKK 400 million) TO DKK 1,339 MILLION OF 1.7 PERCENTAGE POINT • Three acquisitions completed • Royal Unibrew maintains its strategic flexibility Outlook for 2019 NET REVENUE EBITDA EBIT EBIT-MARGIN (mDKK) (mDKK) (mDKK) (%) Outlook Actual Actual 7500 1700 1400 18 mDKK 2019 2018 2017 7000 1500 1200 16 Net revenue 7,400-7,650 7,298 6,384 6500 1300 1000 14 EBIT 1,340-1,465 1,339 1,069 6000 1100 800 12 5500 900 600 10 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 WorldReginfo - 19ea2543-1602-4842-beba-3a77dfd32104 ROYAL UNIBREW ANNUAL REPORT 2018 FINANCIAL HIGHLIGHTS AND RATIOS MANAGEMENT REPORT 6 Financial Highlights and Ratios 2018 2017 2016 2015 2014 2018 2017 2016 2015 2014 Volume (million hectolitres) 10.8 9.9 9.9 9.3 9.2 EMPLOYEES Average number of employees 2,416 2,299 2,350 2,314 2,374 INCOME STATEMENT (MDKK) Net revenue 7,298 6,384 6,340 6,032 6,056 FINANCIAL RATIOS (%) EBITDA 1,673 1,362 1,306 1,225 1,130 Return on invested capital including goodwill (ROIC) 21 21 18 16 13 EBITDA margin (%) 22.9 21.3 20.6 20.3 18.7 Return on invested capital excluding goodwill (ROIC) 33 32 28 23 19 Earnings before interest and tax (EBIT) 1,339 1,069 1,001 917 826 Free cash flow as a percentage of net revenue 13 15 16 17 14 EBIT margin (%) 18.4 16.7 15.8 15.2 13.6 Cash conversion 91 114 130 145 132 Income after tax from investments in associates 20 18 28 31 35 Net interest-bearing debt/EBITDA (times) 1.5 0.7 0.8 1.0 1.4 Other financial income and expenses, net -31 -31 -31 -46 -60 Equity ratio 36 42 48 43 40 Profit before tax 1,328 1,056 998 902 801 Return on equity (ROE) 36 29 27 25 25 Net profit for the year 1,040 831 784 711 624 Dividend payout ratio (DPR) 53 56 56 56 60 Parent company shareholders' share of net profit 1,041 831 784 711 624 Ratios comprised by the “Recommendations and Financial Ratios” issued by the Danish Society's Committee BALANCE SHEET (MDKK) for accounting standards have been calculated according to the recommendations. Non-current assets 6,775 5,121 5,180 5,505 5,664 Total assets 8,062 6,778 6,076 6,748 7,024 Definitions of financial highlights and ratios are provided on page 128. Equity 2,908 2,814 2,911 2,935 2,818 Net interest-bearing debt 2,522 975 991 1,184 1,553 Due to adoption of IFRS 16 (leases) using the modified retrospective approach the 2018 highlights and ratios are not comparable with those for 2014-2017. Net working capital -748 -957 -881 -990 -814 Invested capital 5,835 4,030 4,111 4,347 4,650 CASH FLOWS (MDKK) Operating activities 1,214 1,168 985 1,160 895 Investing activities -1,622 -218 38 -123 -69 Free cash flow 942 950 1,022 1,032 824 SHARE RATIOS (DKK) Number of shares (million) 51.0 52.7 54.1 55.5 55.5 Earnings per share (EPS) 20.6 16.0 14.7 13.0 11.3 Diluted earnings per share 20.6 16.0 14.6 12.9 11.2 Free cash flow per share 18.7 17.8 18.7 18.6 14.9 Dividend per share 10.80 8.90 8.15 7.20 6.8 Year-end price per share 449.0 371.8 272.6 280.1 217.4 WorldReginfo - 19ea2543-1602-4842-beba-3a77dfd32104 ROYAL UNIBREW ANNUAL REPORT 2018 CEO LETTER MANAGEMENT REPORT 7 A well-grounded strategy paired with dedicated execution, enhanced by favorable weather drives our continuous sustainable growth of topline and financial results During 2018, Royal Unibrew continued to see good mo- mentum in the business delivering a solid development in both net revenue and earnings – and we achieved our best results ever. Our performance is attributable to a solid organic development across markets, the acquisi- tions carried out in the course of the past year as well as a historically warm summer in Northern Europe. Noting the foundation of our earnings improvement and considering our future earnings potential, we increase our EBIT-margin target from around 17% to a range of 18-19%. At the same time, we launch a share buy-back program for 2019 of up to DKK 400 million and propose a distribution of ordinary dividend of DKK 10.80 per share (2017: DKK 8.90). 2018 has been another truly remarkable year for Royal Unibrew. Around the world we sold and delivered 10.8 million HL to mil- lions of consumers, our products were made available in more than 300,000 points of sale and we sold products worth DKK 7,298 million; a 14% increase vs.
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