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Carlsberg IR Corporate Presentation

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IR CORPORATE PRESENTATION 2021 1 Disclaimer FORWARD-LOOKING STATEMENTS The presentation may contain forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group’s future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward-looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group’s actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group’s products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group’s business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results. 2 Content Group Our 01 overview 06 markets Our strategy – Ownership and 02 SAIL’22 07 governance Financial Share 03 results 08 data 2021 Find out 04 guidance 09 more… Leverage and 05 financial policy Except otherwise stated, numbers in this presentation refer to FY 2020. 3 Group 01 overview 4 The Carlsberg Group at a glance TOTAL VOLUMES REVENUE 130.1 m.hl DKK 58.5bn OPERATING PROFIT FREE CASH FLOW DKK 9.7bn DKK 5.1bn NET INTEREST-BEARING DEBT CASH RETURNS DKK 21.3bn DKK 6.0bn 5 Solid results in 2020 achieved by a resilient business… ORGANISATIONAL AND PEOPLE RESILIENCE • Engaged workforce rapidly adapting to new ways of working • No serious business discontinuity PORTFOLIO RESILIENCE • Strong local and global brands • Price point and pack formats to cater for changing consumer demands • Volume growth for craft & speciality and alcohol-free brews FINANCIAL RESILIENCE • Well-managed costs • Strong balance sheet and liquidity 6 … and our well-embedded FtJ culture, mitigating COVID-19 top-line impact FUNDING THE JOURNEY DRIVING COST REDUCTION • OCM toolkit for setting and monitoring cost targets • Gap-closing plans prepared in Q1 and Funding the continuously adapted • Adaption of organisational structures to a Journey new reality STRONG TEAM-BASED PERFORMANCE CULTURE 7 A balanced geographic exposure with 24 #1/2 positions Volume split Net revenue split Operating profit split 17% 18% 25% 44% 46% 54% 29% 36% 2020 31% WESTERN EUROPE ASIA EASTERN EUROPE No. 1 and 2 positions (13) • Bulgaria No. 1 and 2 positions (7) Other markets No. 1 and 2 positions (5) • Denmark • Greece • Western China • Eastern China/Big Cities • Russia • Sweden • Portugal • Laos • India • Ukraine • Norway • Nepal • Myanmar • Belarus • Finland Other markets • Hong Kong • Cambodia • Kazakhstan • Switzerland • UK • Malaysia • Vietnam • Azerbaijan • France • Poland • Singapore • Estonia • Germany • Sri Lanka • Lithuania • Serbia • Latvia • Croatia Western Europe Asia Eastern Europe 8 New regional structure from 1 January 2021: Optimising regional management… Inner circle: Volume split Outer circle: Revenue split WESTERN EUROPE CENTRAL & EASTERN EUROPE MARKETS MARKETS Denmark Azerbaijan Finland Baltics France Belarus Germany Bulgaria Norway Croatia Poland Greece Sweden Italy Switzerland Kazakhstan UK Russia Serbia Ukraine Nordics Russia Export & licence France & Switzerland Ukraine, Kazakhstan, Belarus, Azerbaijan Other markets Export & licence 9 Other markets … and providing a better regional balance WESTERN ASIA CENTRAL & EUROPE EASTERN EUROPE 29% of volume 31% of volume 40% of volume 44% of revenue 29% of revenue 27% of revenue 36% of operating profit 36% of operating profit 28% of operating profit 10 Strong core beer portfolio, though result in 2020 were impacted by COVID-19… Core beer gross brand contribution -9% -10% +7% +6% 90% +4% of own beer +3% volumes +38% +3% 82% of own beer net revenue -7% 2017 2018 2019 2020 INTERNATIONAL BRANDS LOCAL POWER BRANDS 11 … while our growth categories demonstrating resilient performance Growth categories contributing positively to price/mix +2% Craft & speciality Alcohol-free brews -2% +8% +29% +33% +26% 10% of own beer volumes +16% +15% 11% +7% 18% of own beer net revenue 1% 2017 2018 2019 2020 2017¹ 2018¹ 2019 2020 ¹ Western Europe CRAFT & SPECIALITY ALCOHOL-FREE BREWS 12 Our strategy – 02 SAIL’22 13 OUR PURPOSE Some have to dig deep to find their purpose, for us it has always been there We pursue perfection every day. We strive to brew better beers. Beers that stand at the heart of moments that bring people together. We don't settle for immediate gain, when we can create a better tomorrow for all of us BREWING FOR A BETTER TODAY & TOMORROW 14 Our ambition guides us Succesful Delivering sustainable organic top- and bottom- line growth Professional Being the preferred supplier of our customers Attractive Delivering value for shareholders, employees and the society 15 SAIL’22 has succcessfully guided our journey and will continue to do so ” 7” UPDATED STRATEGY FUNDING SHIFTING ACCELERATE NAVIGATE NAVIGATE THE AND FUNDING THE THE JOURNEY GEARS TO TOGETHER THE STORM STORM AND JOURNEY WILL GUIDE GROWTH EMERGE AT 2022 OUR PRIORITIES AND FULL SAIL ACTIONS BEYOND 2022 2016-2017 2018 2019 2020 2021 Will be announced during 2022 16 Our SAIL’22 strategy remains, defining our business agenda STRENGTHEN POSITION THE CORE FOR GROWTH Leverage our strongholds Win in craft & speciality Excel in execution Win in alcohol-free brews DELIVER VALUE FOR Funding the Journey culture Grow in Asia SHAREHOLDERS Organic growth in operating profit ROIC improvement CREATE A Team-based performance Optimal capital allocation WINNING Together Towards ZERO CULTURE Live by our Compass 17 Our SAIL’22 strategy remains, defining our business agenda STRENGTHEN POSITION THE CORE FOR GROWTH Leverage our strongholds Win in craft & speciality Excel in execution Win in alcohol-free brews DELIVER VALUE FOR Funding the Journey culture Grow in Asia SHAREHOLDERS Organic growth in operating profit ROIC improvement CREATE A Team-based performance Optimal capital allocation WINNING Together Towards ZERO CULTURE Live by our Compass 18 Leverage strongholds & excel in execution Strengthen Improve execution 1 local power 3 Value management, brands demand spaces & growth model, DraughtMaster, Drive international leveraging digital, etc. 2 brands Tuborg and Carlsberg 19 Ample opportunities for continued growth WIN WITH BREWS Expand our portfolio further into brew-based adjacencies beyond beer WIN WITH BEER Increase share of beer in adjacent categories WIN IN BEER Secure our fair share in the beer category 20 Strengthened commercial capabilities CONSUMER DIGITAL INNOVATION SEGMENTATION CARL’S Refresh and Knowing Part of SHOP Replenish the Best the Group Reward and Fuelling Unwind and Indulge Fun Unplug Shared Signalling Carefree Treat and Status Time Celebration DEMAND SPACES 21 DraughtMaster gives us a unique proposition and takes the customer relationship further WITH STEEL KEGS WITH DRAUGHTMASTER Competing in steel kegs allows for Today we offer a point of distinction – limited differentiation We can open new conversations beyond the existing benefits of steel kegs Price/ Discounts/ Excel in Execution Innovation Better quality Better service Portfolio Trade Loans vs More profit More variety Less space Price/ Discounts/ Excel in Execution Portfolio Trade Loans 22 Proven results: DraughtMaster customers sell more beer at a higher margin and so does Carlsberg Craft & Speciality share in DraughtMaster outlets is Customer testimonies are positive, >2x compared to outlets using steel recognising variety and profit uplift Steel DraughtMaster As we expanded from 2 to 4 taps, we were excited about >5x “ whether sales would go up as desired, but with an expansion to the range, special glass for all taps – we quickly saw an increase in sales. >2x >2x This means today that we have increased sales of draught beer by almost 90%. >3x The new DraughtMaster system is a fantastic boost for “ draught beer, in particular the selection
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