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CARLSBERG BREWERY AR2019.Part A.Pdf ANNUAL REPORT 2019 TABLE OF 06 2019 MILESTONES CONTENTS 02 Carlsberg Malaysia Group at a Glance 04 Our Winning Portfolio of Brands 06 2019 Milestones 08 2019 Brand Highlights 28 Chairman’s Address 32 Managing Director’s Message and MANAGING DIRECTOR’S Management Discussion & Analysis 32 MESSAGE AND MANAGEMENT 46 Sustainability Statement DISCUSSION & ANALYSIS 72 Management Team COVER RATIONALE 74 Profile of Management Team FINANCIAL 76 Profile of the Directors 104 STATEMENTS Carlsberg’s founder J.C. Jacobsen set forth 80 Corporate Governance Overview Statement a visionary ambition in his Golden Words, advocating a “constant pursuit of better beer”. 96 Statement on Risk Management & Internal Control More than 150 years after, we continue to 100 Audit & Risk Management pursue perfection every day in our products, Committee Report people and performance. We Brew for a 103 Responsibility Statement by the Board Better Today & Tomorrow, not settling for of Directors immediate gain when we can create a better tomorrow for all of us. 104 Financial Statements 201 Carlsberg Malaysia’s Sales Offices In 2019, we built upon positive momentum for revenue, net profit, and earnings per 202 Particulars of Group Properties 2019 BRAND share to create satisfactory shareholder 203 Analysis of Shareholdings 08 HIGHLIGHTS value. We clinched six major accolades in the 205 Material Contracts year, a testament to our efforts in running a sustainable business. 206 List of Recurrent Related Party Transactions Corporate Information Just like our flagship Carlsberg brand, we “Just Keep Getting Better”! CHAIRMAN’S SUSTAINABILITY The cover of this report is printed on 28 ADDRESS 46 STATEMENT environmentally friendly paper. CARLSBERG BREWERY MALAYSIA BERHAD [196901000792 (9210-K)] ANNUAL REPORT 2019 CARLSBERG MALAYSIA GROUP AT A GLANCE ESTABLISHED IN 1969, CARLSBERG BREWERY MALAYSIA BERHAD (CARLSBERG MALAYSIA GROUP / THE GROUP) IS PART OF CARLSBERG BREWERIES A/S (CARLSBERG GROUP), ONE OF THE WORLD’S MALAYSIA LEADING BREWERS WITH STRONG MARKET POSITIONS ACROSS ASIA AND EUROPE. 100% Ownership We are a dynamic brewer with At Carlsberg Malaysia Group, we Carlsberg Marketing operations in Malaysia and Singapore, are constantly guided by the Golden Sdn. Bhd. with stakes in a brewery in Sri Lanka. Words of our founder J.C. Jacobsen We also have a regional presence to pursue perfection in all that we via exports and intercompany sales do, each and every day. This sets the to regional markets such as Taiwan, foundation of our Purpose: Hong Kong, Cambodia, Laos, Thailand, Sri Lanka, Timor Leste, Papua New BREWING Guinea, Maldives, and Guam. FOR A BETTER Our international portfolio of brands +15.9% features our flagship Carlsberg Danish TODAY AND Revenue in 2019 Pilsner – Probably the Best Beer in RM1.64 bil the World, Carlsberg Smooth Draught TOMORROW. – Probably the Smoothest Beer in the +7.8% +13.8% World, and Carlsberg Special Brew – Segment Profit Probably the Best Strong Beer in the in 2019 REVENUE World. RM274.6 mil RM2.26 bil This Carlsberg trio is complemented by a comprehensive range of international premium brews including France’s premium wheat beer Kronenbourg 1664 Blanc, Japan’s No.1 premium beer Asahi Super Dry, European cider Somersby, Connor’s +5.0% Stout Porter that’s “Just Made Right”, Share of Profits NET PROFIT* US award-winning craft beer Brooklyn RM16.3 mil Brewery as well as Corona Extra, in 2019 vs. +8.6% RM291.0 mil the imported premium Mexican beer RM21.0 mil in 2018 brand. Revenue in 2019 RM618.1 mil Our value power brands include the international award-winning Royal Stout, refreshing SKOL, Jolly Shandy +8.3% Segment Profit and Nutrimalt. in 2019 RM100.5 mil +5.0% Carlsberg Malaysia Group’s seven- year corporate strategy, SAIL’22, is EARNINGS our roadmap towards fulfilling our SINGAPORE ambition of becoming a successful, PER SHARE professional and attractive brewer in 100% Ownership Carlsberg Singapore Pte. Ltd. 95.18 sen in 2019 all the markets we operate in. SRI LANKA 25% Ownership 51% Ownership Lion Brewery (Ceylon) PLC MayBev Pte. Ltd. * Within this Annual Report, net profit refers to Group’s profit attributable to Owners of the Company 2 3 CARLSBERG BREWERY MALAYSIA BERHAD [196901000792 (9210-K)] ANNUAL REPORT 2019 OUR WINNING Scan for the full portfolio PORTFOLIO OF BRANDS Carlsberg of Probably the Best Beers, Danish Pilsner Stouts and Ciders Carlsberg Probably The Best Beer in The World 1664 Blanc Smooth Draught Taste the French Way Now You Can POP of Life Connor’s a Draught Anywhere! Brooklyn Brewery Stout Porter The Leading US Draught Stout that’s International Craft Brand “Just Made Right” Somersby Asahi Super Dry No. 1 Cider in Malaysia Japan’s No. 1 Premium Beer & Singapore 4 5 CARLSBERG BREWERY MALAYSIA BERHAD [196901000792 (9210-K)] ANNUAL REPORT 2019 +13.8% +5.0% +5.0% REVENUE NET PROFIT EARNINGS RM2.26 billion in 2019 RM291.0 million in 2019 PER SHARE 95.18 sen in 2019 770 CONSECUTIVE DAYS 6 AWARDS AND WITHOUT LOST- RECOGNITIONS TIME ACCIDENTS for brand, corporate, and sustainability as of 31 Dec 2019 excellence in 2019 Building on Probably the Best Year in 2018, Carlsberg Malaysia Group just kept getting better in 2019 with strong financial performance, sustainable shareholder value, recognition of our brands and sustainability milestones, and an unwavering focus on our employees’ safety and well-being. 6 7 BEER FANS LOVED IT Carlsberg Danish Pilsner JUST KEEPS VOLUME GREW GETTING BETTER! +5% IN 2019 WHAT ARE CARLSBERG’S NEW BETTERMENTS? FRESHER A new, modern look and practical betterments We created a cleverly-designed Fresh inspired by Carlsberg’s constant Cap that removes oxygen from the Scan QR Code headspace in Carlsberg bottles. You ‘PURSUIT OF BETTER’ to watch get a fresher taste for 5x longer! to deliver an even better beer enjoyment experience. BETTER New Carlsberg stem glasses come engraved with a hop leaf-shaped Danish-inspired brand identity balancing nucleation stamp at the bottom which generates 25% better foam, SIMPLICITY WITH helping to retain aroma for longer. CONTEMPORARY DESIGN applied across products, packaging, communications, visibilities and amenities. EASIER Carlsberg 6-can packs come with an Easy to More Open feature, allowing ENVIRONMENTALLY-FRIENDLY you to open a pack in inks on labels and a special coating no time! on refillable glass bottles to double circulation lifetimes. 8,000 SINGAPOREANS experienced Carlsberg’s new betterments at city centre pop-up store. POPPING TO A VIBRANT & PROSPEROUS NEW YEAR Vibrantly coloured, LIMITED-EDITION Carlsberg bottle caps and cans symbolising Chinese festive wishes. 7.4 MILLION consumers reached with OVER 4,100 WINNERS rewarded through nationwide campaigns in Malaysia and Singapore. Scan QR Code to watch Widely-shared zodiac predictions by FENG SHUI MASTER JOEY YAP based on Carlsberg’s themes of Prosperity, Happiness, Wealth and Good Luck. YOU SHOP, CARLSBERG PAYS! 3RD CONSECUTIVE YEAR SPECIAL-EDITION for Probably The Best CNY Shopping Chinese New Year festive pack size Experience with 103 activations in Singapore was a hit among nationwide. consumers. Scan QR Code to watch CARLSBERG & LIVERPOOL FC Apart from the bottle, label and cap, the beer itself is a JUST KEEP WINNING CRIMSON RED The day Carlsberg went all red for the Reds brewed from a barley variety Carlsberg Red Barley – a visually stunning specially curated and bred by the beer created to commemorate Carlsberg’s Carlsberg Research Laboratory. record-breaking sponsorship of Liverpool FC to an extended 31 consecutive seasons – THE LONGEST PARTNERSHIP IN PREMIER LEAGUE HISTORY ONLY 2,500 BOTTLES given away as prizes at pubs, bistros and football viewing parties including Liverpool FC’s iconic league win Scan QR Code against Tottenham Hotspur in June. to watch Now you can #PopADraught anywhere, even on the green! JUST KEEPS POPPING! Celebrated a bountiful KAAMATAN & HARI GAWAI with activations and promotions. Carlsberg Smooth Draught is Carlsberg’s fastest growing brand in Sabah and Sarawak! MORE THAN 3,700 avid golfers popped a draught on the green at CARLSBERG GOLF CLASSIC Malaysia’s biggest and longest-running amateur golf series. Malaysian consumers rewarded with 10,000 samples given out to Singaporeans with LIMITED- engaging video content EDITION collaboration. Bluetooth headsets, speakers and earphones inspired by the tuneful Scan QR Code sound of the iconic pull-off to watch POP Cap. Fastest growing premium brand in Malaysia and Singapore with TASTE THE FRENCH WAY 39% VOLUME OF LIFE GROWTH in 2019. Scan QR Code LIMITED-EDITION to watch FASHION MERCHANDISE Appreciating finer moments with 1664 Blanc premiums. ELEVATING DINING EXPERIENCES WITH DINNER IN BLUE 96,000 consumers enjoyed complimentary glasses of 1664 Blanc in Malaysia. 1664 TERRACE ICONIC BLUE BOTTLE Street takeover in Singapore Scan QR Code transformed into illuminated centrepieces for with more than 2,500 to watch consumers during the Christmas season. consumers reached. THE PREMIUM DRAUGHT STOUT THAT’S JUST MADE RIGHT Over 30,000 STOUT DRINKERS poured a perfect pint and learned about Connor’s quality ingredients at 216 ACTIVATIONS in Malaysia. GOLD for Best Use of SILVER Experiential/Live Marketing for Best Customer SILVER Experience for Best Use of Direct Marketing 98% Clinched of stout drinkers surveyed loved 3 WINS the taste of Connor’s which is Scan QR Code at the Loyalty and Engagement Awards 2019 by Marketing Magazine in Singapore. to watch ‘JUST MADE RIGHT’ JAPAN’S NO.1 BEER SAKURA KARAKUCHI EXPERIENCE Rewarded contest winners with an exclusive beer COLLECTIBLES pairing dinner featuring Asahi’s karakuchi taste with Reward consumers and MICHELIN-STAR fans with limited-edition CHEF YUICHI KAMIMURA glassware, merchandise and trip to Japan. INCREASED AVAILABILITY with over 1,600 outlets in Malaysia and 660 in Singapore. SEASONAL VARIANTS 4 in Singapore SOMERSBY SPARKLING WHITE A semi-sweet cider inspired by white wine, the newest addition to the Sparkling range.
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