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Annual Report 2010 Royal Unibrew Produces, Markets, Sells and Distributes Quality Beverages

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Annual Report 2010 Royal Unibrew Produces, Markets, Sells and Distributes Quality Beverages ROYAL UNIBREW A/S Annual Report 2010 Royal Unibrew produces, markets, sells and distributes quality beverages. We have focus on branded products within beer, malt and soft drinks, including carbonated soft drinks, mineral water and fruit juices. We operate as a leading regional player in a number In Denmark we are a leading supplier of beer and of markets in Western and Eastern Europe and in the soft drinks with a number of strong brands, and in international malt drinks markets. Italy we are among the market leaders in the super premium segment with Ceres Strong Ale. Our Western European main markets comprise Denmark, Italy as well as Border Trade and Germany. In both Latvia and Lithuania, we are among the two The Eastern European markets comprise Lithuania, leading beverage businesses holding considerable Latvia and Poland. The international malt drinks market positions within beer and soft drinks, includ- markets comprise a number of countries in the Carib- ing fruit juices. bean and Africa as well as cities in Europe and North America with high concentration of inhabitants In Poland we are a regional brewery with an increas- from the Caribbean and African areas in which malt ing market share for our main brand Lomza. drinks are popular. In the international malt drinks markets, we are among the market leaders in the premium segment with Vitamalt. Royal Unibrew Western Europe Eastern Europe Malt and Overseas Associated Companies Markets Denmark Lithuania The Americas Nuuk Imeq, Greenland Italy Latvia Europe Hansa Borg Bryggerierne, Germany and Cross-border Poland Africa and other markets Norway Trade Solomon Breweries, Solomon Islands 2 Royal UNIBREW Annual report 2010 Contents Management’s Review Strategic focus creates Continued Progress 4 Financial Highlights and Key Ratios 6 Highlights 7 Strategy 9 Financial Review 13 Outlook 17 Western Europe 20 Eastern Europe 25 Malt and Overseas Markets 28 Shareholder Information 31 Corporate Governance 36 Risk Management 38 Remuneration 41 Supervisory and Executive Boards 42 Organisation and employees 46 Corporate Social Responsibility 47 Statement and Report Management’s Statement 50 Auditor’s Report 51 Financial Statements Income Statement 54 Statement of Comprehensive Income 55 Assets 56 Liabilities and Equity 57 Cash Flow Statement 58 Statement of Changes in Equity 59 Contents of Notes 61 Notes 62 Other Information Quarterly Financial Highlights and Key Ratios 98 Definitions of Key Figures and Ratios 99 Group Structure 100 The Annual Report has been prepared in Danish and English. In case of discrepancy the Danish version shall prevail. Royal UNIBREW Annual report 2010 3 Strategic focus creates continued progress ”In 2010 we reinforced our market positions through increased marketing efforts and several new product launches. At the same time, we main- tained focus on increasing efficiency and reducing our costs. This has enabled us to continue the Group’s positive performance trend in spite of generally lower demand and keen competition. Royal Unibrew is in a good position to capitalise on market opportunities in 2011, and we will continue developing our products and brands.” Our objective for 2010 was to ensure that the con- We developed new and innovative marketing cam- siderable reorganisation and efficiency-enhancing paigns. An example of this is the Faxe Kondi ”Vær measures implemented in 2009 were deeply rooted Med” (Join in) campaign, which was the world’s in the organisation with full effect in 2010, while we longest football relay race through Denmark from continued optimising our business. Moreover, the Skagen to the Tivoli Gardens in Copenhagen. The successful capital increase in December 2009 ena- campaign engaged a large number of consumers and bled us to take greater business risks and selectively won an award as one of the most innovative cam- pursue attractive growth opportunities. We achieved paigns in 2010. Another example is the Royal Rock the targets set for 2010, which is clearly reflected in campaign ”Tak Rock” (Thank you, rock) based on our financial performance. cooperation between Royal Unibrew and the rock band Kashmir. We wanted to focus on Danish rock Innovation and marketing resulting music and to support new rock talents in the mak- in increased revenue ing, while strengthening the profile and positioning As expected, market conditions continued to be chal- of the Royal brand. More than 800 bands competed lenging and characterised by volatility, consumer re- in the contest to become warm-up band on Kash- straint and keen competition in most of our markets mir’s Denmark tour, while we activated Royal brand in 2010. In the Western European markets, we saw through eg a special Royal can designed by Kashmir continued decline in the consumption of both beer lead singer, Kasper Eistrup. and soft drinks. The Eastern European markets were also difficult, especially the Baltic countries which Along the same lines, a number of other campaigns have been severely affected by the global economic activated customers and consumers in our markets crisis. However, several of our overseas markets for Royal, Nikoline, Egekilde, Heineken and Pepsi in saw an incipient upturn. In spite of the challenging Denmark, Ceres Strong Ale in Italy, Lomza in Poland, markets, we launched a number of activities dur- Kanapilis, Lacplesis and Cido in the Baltic countries ing the year to strengthen our market positions and as well as Vitamalt and Supermalt in the overseas brands, which resulted in increasing sales as well as markets. net revenue. 4 Royal UNIBREW Annual report 2010 Finally, we launched new products and brands; for to capitalise on all opportunities of enhancing the example Tempt Cider achieved a strong position in efficiency in the Company’s value chain. the cider segment of the Danish market. Royal Unibrew’s natural market area is character- Strong results form the basis of new ised by industry concentration and to the extent ambitious financial targets that structural growth opportunities might reinforce In 2009 we established long-term financial targets for existing or create new market positions, these will Royal Unibrew. The overall objective was to restore be exploited - provided that long-term shareholder the profitability of our business and to reduce debts value can be created. to a significantly lower and sustainable level. We have succeeded in achieving this at a faster rate than Royal Unibrew wants to maintain financial flexibil- expected, and we reached our long-term financial ity, competitive power and scope for strategic action targets already at the end of 2010. eg through an appropriate capital structure. The achievement of the long-term financial targets As Royal Unibrew is still expected to generate a is due to, among other things, the increased market- rather significant liquidity surplus, it is the inten- ing efforts, new product and campaign launches as tion currently to make distributions to shareholders well as the continued reorganisation and efficiency through a combination of annual dividend and share enhancement. Moreover, we have improved the buy-backs - taking into account the above targets. Company’s cash flow by optimising investments and by further reducing working capital as compared to Ready for the next steps 2009. We also continued focusing Royal Unibrew by At the end of 2010, we have adapted Royal Unibrew divesting our three Caribbean breweries at the begin- so that, across our organisation, we live up to our ning of the year and by entering into a conditional strategic objective of being a key provider in the mar- agreement in late 2010 to combine Royal Unibrew’s kets and the segments in which we operate. This is a Polish activities with the Polish brewery busi- good starting point for our further development. ness Van Pur S.A. The agreement will make Royal Unibrew a 20% shareholder of Poland’s, currently, In 2011 we will maintain and reinforce Royal 4th largest brewery business, which is expected to Unibrew’s market positions and high efficiency. This achieve a strategically strong position in the main- work will be based on the development of our prod- stream market. The performance development and uct and brand platforms, strengthening of consumer the strategic focusing enabled a considerable reduc- loyalty and customer working relationships as well as tion in Royal Unibrew’s net interest-bearing debt. continued improvement of our operational efficiency and optimisation of the Company’s capital resources. Against this background, we published new financial targets for our earnings, debts and equity ratio for the Obviously, our success in living up to the ambitious coming 3-5 years in connection with the Q3 Report targets for our business relies on our employees’ ef- 2010. forts and competences as well as the organisational development capability. Employees at all levels in Clear strategy Royal Unibrew have worked hard and dedicatedly Royal Unibrew’s goal remains to be an efficient, re- to realise the many changes over the past couple of gional player within beer, malt and soft drinks hold- years – and in 2010 we have changed focus from ing leading positions in the markets or the segments reorganisation to business development and innova- in which we operate. tion. I am impressed and extremely satisfied with this performance. We will continue to work along We will realise this goal by focusing on markets and these lines and will in every aspect endeavour to be segments in which Royal Unibrew holds or may a flexible, innovative,
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