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Carlsberg Group 2018 Financial Statements

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Carlsberg Group 2018 Financial Statements 100 Ny Carlsberg Vej Tel +45 3327 3300 Carlsberg A/S 1799 Copenhagen V [email protected] CVR.no. 61056416 www.carlsberggroup.com LEI 5299001O0WJQYB5GYZ19 Company announcement 01/2019 6 February 2019 Page 1 of 38 FINANCIAL STATEMENT AS AT 31 DECEMBER 2018 Strong results; significant increase in cash returns to shareholders Unless otherwise stated, comments in this announcement refer to full-year performance. HIGHLIGHTS • Organic net revenue growth of 6.5%; reported net revenue growth of 3.0% to DKK 62,503m. • Price/mix improvement of 2%. • Total organic volume growth of 4.8%; reported growth of 5.3%. • Tuborg volume growth of 10%, Carlsberg +5%, Grimbergen +14% and 1664 Blanc +49%. • Craft & speciality volume growth of 26%; alcohol-free brew volumes in Western Europe +33%. • Funding the Journey as a specific programme successfully concluded with total benefits of around DKK 3bn. • Organic operating profit growth of 11.0%; reported growth of 5.1% to DKK 9,329m. • Gross margin improvement of 20bp and operating margin improvement of 30bp to 14.9%. • Adjusted net profit growth of 9% to DKK 5,359m. • Free cash flow of DKK 6,156m. • Net interest-bearing debt/EBITDA of 1.29x. • ROIC improvement of 120bp to 8.1%. Excluding goodwill, improvement of 520bp to 20.9%. • The Supervisory Board will propose a 13% increase in dividend to DKK 18.0 per share, equal to an adjusted payout ratio of 51%. • The Company will today initiate a 12-month share buy-back programme of DKK 4.5bn (see page 18). 2019 EARNINGS EXPECTATIONS • Mid-single-digit percentage organic growth in operating profit. • A DKK translation impact on operating profit of around zero, based on the spot rates as at 5 February. CEO Cees ’t Hart says: “We delivered a strong set of results for 2018. In line with our ambitions for SAIL’22, we accelerated top-line growth, improved margins, delivered a strong cash flow and reduced debt even further. At the same time, we invested significant resources in our brands and activities, and we continue to target top-line growth and profit improvement in the coming years. “We’re pleased that, on the back of the strong results, the Supervisory Board will recommend a 13% increase in dividend to DKK 18 per share and initiate a share buy-back programme of DKK 4.5bn, leading to cash returns to shareholders for the year of DKK 7.2bn.” Company announcement 01/2019 6 February 2019 Page 2 of 38 Carlsberg will present the results at a conference call today at 9.00 a.m. CET (8.00 am GMT). Dial-in information and slide deck are available beforehand on www.carlsberggroup.com. Contacts Investor Relations: Peter Kondrup +45 2219 1221 Iben Steiness +45 3327 1232 Media Relations: Kasper Elbjørn +45 4179 1216 Anders Bering +45 4179 1217 For more news, sign up at www.carlsberggroup.com/subscribe or follow @CarlsbergGroup on Twitter. www.carlsberggroup.com Company announcement 01/2019 6 February 2019 Page 3 of 38 KEY FIGURES AND FINANCIAL RATIOS DKK million 2018 2017 2016 2015 2014 Volumes (million hl)¹ Beer 112.3 107.1 116.9 120.3 122.8 Other beverages 20.8 19.2 21.9 21.5 21.0 Income statement Net revenue¹ 62,503 60,655 62,614 65,354 64,506 Gross profit¹ 31,220 30,208 31,419 31,925 31,781 EBITDA 13,420 13,583 13,006 13,213 13,338 Operating profit before special items 9,329 8,876 8,245 8,457 9,230 Special items, net -88 -4,565 251 -8,659 -1,353 Financial items, net -722 -788 -1,247 -1,531 -1,191 Profit before tax 8,519 3,523 7,249 -1,733 6,686 Income tax -2,386 -1,458 -2,392 -849 -1,748 Consolidated profit 6,133 2,065 4,857 -2,582 4,938 Attributable to: Non-controlling interests 824 806 371 344 524 Shareholders in Carlsberg A/S (net result) 5,309 1,259 4,486 -2,926 4,414 Shareholders in Carlsberg A/S (adjusted)² 5,359 4,925 3,881 4,292 5,496 Statement of financial position Total assets 117,700 114,251 126,906 124,901 137,458 Invested capital 82,721 84,488 96,089 94,950 108,866 Invested capital excl. goodwill 31,792 33,991 43,225 44,680 56,319 Net interest-bearing debt 17,313 19,638 25,503 30,945 36,567 Equity, shareholders in Carlsberg A/S 45,302 46,930 50,811 43,489 52,437 Statement of cash flows Cash flow from operating activities 12,047 11,834 9,329 10,140 7,405 Cash flow from investing activities -5,891 -3,154 -713 -2,618 -6,735 Free cash flow 6,156 8,680 8,616 7,522 670 Investments Acquisition and disposal of PP&E, net -3,773 -3,868 -3,596 -2,922 -5,647 Acquisition and disposal of subsidiaries, net -974 268 1,969 -33 -1,681 Financial ratios Gross margin¹ % 50.0 49.8 50.2 48.8 49.3 Operating margin¹ % 14.9 14.6 13.2 12.9 14.3 Return on invested capital (ROIC) % 8.1 6.9 5.9 5.6 5.8 ROIC excl. goodwill % 20.9 15.7 12.7 11.0 10.7 Effective tax rate for the year % 28.0 41.4 33.0 49.0 26.1 Equity ratio % 38.5 41.1 40.0 34.8 38.3 Debt/equity ratio (financial gearing) x 0.36 0.40 0.48 0.66 0.65 Net interest-bearing debt/EBITDA x 1.29 1.45 1.96 2.34 2.74 Interest cover x 12.92 11.26 6.61 5.53 7.75 Stock market ratios Earnings per share (EPS) DKK 34.8 8.3 29.4 -19.2 28.9 Earnings per share, adjusted (EPS-A)² DKK 35.2 32.3 25.4 28.1 36.0 Cash flow from operating activities per share (CFPS) DKK 78.7 77.6 61.2 66.3 48.4 Free cash flow per share (FCFPS) DKK 40.2 56.9 56.5 49.2 4.4 Dividend per share (proposed) DKK 18.0 16.0 10.0 9.0 9.0 Payout ratio % 52 194 34 nm 31 Payout ratio, adjusted² % 51 50 39 32 25 Share price (B shares) DKK 692.6 745.0 609.5 612.5 478.8 Market capitalisation DKKm 104,830 112,116 92,896 93,977 74,525 Number of shares (year-end, excl. treasury shares) 1,000 152,457 152,390 152,552 152,552 152,538 Number of shares (average, excl. treasury shares) 1,000 152,428 152,496 152,552 152,542 152,535 1 Comparative figures for 2017 have been restated because of the change in accounting policies arising from the implementation of IFRS 15, the change in classification of certain central costs and the change in definition of volumes, all as of 1 January 2018. 2 Adjusted for special items after tax. www.carlsberggroup.com Company announcement 01/2019 6 February 2019 Page 4 of 38 STRONG DELIVERY ON 2018 PRIORITIES For 2018, the Group defined three overall priorities: maintain a sharp focus on costs to deliver the remaining Funding the Journey benefits, strengthen the focus on revenue growth and continue to exercise strict cash discipline. FUNDING THE JOURNEY CONCLUDED The Funding the Journey programme proved more successful than initially anticipated, in terms of both size and speed. The four elements of the programme – value management, supply chain efficiency, operating expense efficiency and right-sizing of businesses – all delivered better than expected. In total, this resulted in benefits of around DKK 3bn compared with the 2015 baseline. The strong delivery has enabled us to invest more than DKK 1bn in our business in support of brands, activities and building capabilities in areas such as commercial and digital. While Funding the Journey as a specific programme has now been concluded, the focus on efficiency, costs and cash will remain an important driver of future value creation and will continue to be embedded in operations across the Group. GOOD PROGRESS ON SAIL’22 PRIORITIES ACCELERATED REVENUE GROWTH The significant investments in the SAIL’22 priorities over the past three years have been made with the purpose of building a solid foundation for future growth. While the main focus in 2016 and 2017 was delivery of the Funding the Journey benefits, in 2018 we sharpened the focus on revenue growth while delivering the remaining Funding the Journey benefits. The 6.5% organic net revenue growth was a clear indication that SAIL’22 can generate top-line growth. While admittedly helped by the warm weather in Scandinavia and Russia during the summer, we also saw good underlying performance for our strategic initiatives, including the craft & speciality and alcohol-free portfolios, as well as for our core beer brands. Within the core beer business, we saw strong growth for our international premium portfolio. Tuborg, our largest brand, grew by 10%, supported by good growth in China and India. The brand also grew in several markets in Western Europe, including Denmark, Norway, Serbia, Bulgaria and Turkey. Carlsberg brand volume grew by 5%. We saw good growth in several markets, including India, Malaysia, Russia, China, Poland and Denmark, partly offset by a decline in the UK. In September, we unveiled a new Carlsberg brand design alongside packaging innovations that will reduce plastic waste and increase recyclability. The new design and the betterments have been launched in Norway, Finland, Sweden, Denmark and the UK, and will be rolled out across other Carlsberg markets, including China, India, Malaysia and many more during the coming months.
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