Efter aflæggelse af Q4 regnskabet afholdt Carlsbergs’ ledelse med analytikerne deres investorpræsentation, som kan ses via dette link. Her har man mulighed for at høre Q&A med analytikerne efter ledelsens indledende præsentation.
Carlsberg indleder præsentationen sådan:
HIGHLIGHTS
• Organic revenue -8.4%; reported -11.2% to DKK 58,541m.
• Revenue/hl -5% (organic).
• Total organic volume -3.8%.
• Tuborg volume -9%, Carlsberg -10%, 1664 Blanc +8%, Grimbergen -2% and Somersby +2%.
• Craft & speciality volume growth of 1%; alcohol-free brew volume growth of 11%.
• Organic operating profit -3.1%; reported -7.3% to DKK 9,699m.
• Operating margin improvement of +70bp to 16.6%.
• Adjusted net profit growth of 3.3% to DKK 6,363m; reported net profit -8.2% to DKK 6,030m.
• Adjusted earnings per share increase of 6.3% to DKK 43.6.
• Free cash flow, including the acquisition of brand rights and acquisitions, DKK 5,057m.
• Net debt/EBITDA of 1.51x (2019: 1.25x).
• ROIC increased by 10bp to 8.9%; excluding goodwill +80bp to 23.2%.
• The Group carried out several M&A transactions: Marston’s in the UK, Wernesgrüner in Germany, Brooklyn brand rights in our markets and asset restructuring in China (see pages 8-9).
• The Supervisory Board will propose to the AGM a 5% increase in dividend to DKK 22.0 per share, equal to an adjusted payout ratio of 50%.
• During 2020, the Company bought back shares amounting to DKK 2.9bn. Today, the Company will launch a new DKK 750m share buy-back programme, which will run until 23 April. On 28 April, in connection with the Q1 trading statement, we will provide information on the next quarterly share buy-back programme for 2021 (see pages 22-23).
