Royal Unibrew A/s · OMXCOP:RBREW
Royal Unibrew A/s — FY2021 Earnings Presentation
17 slides from Royal Unibrew A/s's earnings presentation, Mar 2, 2022
Slide 1: FY21 presentation
FY21 presentation by Lars Jensen, CEO and Lars Vestergaard, CFO 2 March 2022
Slide 2: Disclaimer
ROYAL UNIBREW FY21 Presentation 2 Disclaimer This presentation contains forward-looking statements, including statements about the Group’s sales, revenue, earnings, spend- ing, margins, cash flows, inventories, products, actions, plans, strategies, objectives and guidance with respect to the Group’s
Slide 3: Solid results in an eventful year
ROYAL UNIBREW FY21 Presentation 3 Solid results in an eventful year Strong progress on our strategic framework, THE PREFERRED CHOICE • Continued market share gains • Improving customer ratings • Progress on our ESG journey Best financial result ever • Organic EBIT growth of 6% • 10% EPS growth • Str
Slide 4: Strategic focus on growth categories paying off
ROYAL UNIBREW FY21 Presentation 4 Strategic focus on growth categories paying off Organic revenue growth rates (2021 vs 2020) (%) • The energy drinks category grows significantly Energy • We benefit from the significant sugar conversion in CSD • Low/no alcohol beverage demand supported by better Mal
Slide 5: Building a stronger Royal Unibrew
ROYAL UNIBREW FY21 Presentation 5 Building a stronger Royal Unibrew • Significant commercial investments directed to growth opportunities • Creation of a true pan-Nordic multi-beverage platform • Expanded presence in important geographies • Continuing to pursue our target to be among the world’s mos
Slide 6: Financial performance
ROYAL UNIBREW FY21 Presentation 6 Financial performance • Organic volume growth of 9% • Organic price/mix of 3% driven by Western Europe and Baltic Sea • EBIT growth of 9% to a record DKK 1,652 million • Strong free cash flow of DKK 1,296 million mDKK 2021 2020 Change Volume (million hectolitres) 12
Slide 7: Results for 2021 - business segments
ROYAL UNIBREW FY21 Presentation 7 Results for 2021 - business segments Western Europe Baltic Sea International DENMARK, GERMANY, ITALY, FRANCE, NORWAY FINLAND, LATVIA, LITHUANIA AND ESTONIA 65 MARKETS IN AMERICAS AND EMEAA AND SWEDEN 5,549 thl 4,491 mDKK 5,554 thl 3,338 mDKK 1,229 thl 917 mDKK VOLUM
Slide 8: Strong underlying EBIT performance
ROYAL UNIBREW FY21 Presentation 8 Strong underlying EBIT performance EBIT 1,900 development in 2021 DKKm 1,800 1,700 1,600 1,500 Raw materials Sales & marketing Organization 1,400 1,652 1,300 1,515 1,200 1,100 1,000 Reported Organic M&A Reported 2020 2021
Slide 9: Solid cash flow in 2021
ROYAL UNIBREW FY21 Presentation 9 Solid cash flow in 2021 2021 2,500 104 2,000 -357 726 -389 1,500 -68 2,024 1,000 1,753 1,298 1,296 500 0 Net profit non-cash Cash flow before Changes Taxes and FCF from Cash used in Repayment FCF before adjustments changes in WC in NWC net financials operating activ
Slide 10: Geopolitical uncertainties
ROYAL UNIBREW FY21 Presentation 10 Geopolitical uncertainties • Around 1% of our earnings directly exposed to Russia and Ukraine • Direct exposure on some input costs like natural gas, some raw materials and glass bottles etc. • Indirect exposure through suppliers’ conversion costs on e.g. aluminium
Slide 11: Outlook for 2022
ROYAL UNIBREW FY21 Presentation 11 Outlook for 2022 EBIT guidance mDKK +9% General assumptions 2000 -3% 100 • F lat gross profit per hl (input price inflation mitigated by 100 increasing volumes, higher sales prices and better mix) 1500 • Downtrading not assumed • Impact from COVID-19 restrictions i
Slide 12: Long-Term EBIT margin target of 20-21%
ROYAL UNIBREW FY21 Presentation 12 Long-Term EBIT margin target of 20-21% Target may be re-calibrated in case of further M&A depending on size and profitability 20-21% • Solera Beverage Group will dilute margin by around 2 pp 19% • Aqua d’Or and Hansa Borg will further dilute when approved • Our wel
Slide 13: Hartwall: Operational excellence followed by Commercial excellence
ROYAL UNIBREW FY21 Presentation 13 M&A CASE STORIES Hartwall: Operational excellence process followed by Commercial excellence process yielding steady top line growth and significant EBIT increase Net revenue development EBIT development 1 Operational excellence 2 Commercial excellence 1 Operational
Slide 14: Crodo: Solid topline growth and premiumization
ROYAL UNIBREW FY21 Presentation 14 M&A CASE STORIES Crodo: Solid topline growth and premiumization of Crodo yields positive financial impact on our Italian business Crodo: Net revenue development Total Italian beer business: Net revenue development 1 Ceres (Pre-Crodo) 2 Ceres (Post-Crodo) +31% 131 +
Slide 15: Management agenda
ROYAL UNIBREW FY21 Presentation 15 Management agenda • Manage effects of geopolitical events • Securing raw materials and optimizing production • Monitor market development following price increases • Integrate and execute on acquired businesses • Building organizational capabilities • Manage commer
Slide 16: Q&A
Q&A
Slide 17: Thank you for your attention
= Thank you for your attention