Carlsberg As Class A · OMXCOP:CARL_A
Carlsberg As Class A — Carlsberg As Shs A — FY2024 Earnings Presentation
20 slides from Carlsberg As Class A's earnings presentation, Feb 6, 2025
Slide 1: 2024 Results Presentation
2024 RESULTS PRESENTATION 1
Slide 2: Forward-looking statements
FY 2024 FINANCIAL RESULTS PRESENTATION Forward-looking statements This presentation contains 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 respe
Slide 3: Significant events shaping the future of the Carlsberg Group
FY 2024 FINANCIAL RESULTS PRESENTATION Significant events shaping the future of the Carlsberg Group STRATEGY ✓ Accelerate SAIL ACQUISITIONS ✓ Britvic ✓ CSAPL (India and Nepal) ✓ Marston’s shareholding in the UK business ✓ Mikkeller (Denmark) ✓ Brasserie du Pays Flamand (France) DISPOSALS ✓ Baltika B
Slide 4: Britvic acquisition - compelling strategic, operational and financial rationale
FY 2024 FINANCIAL RESULTS PRESENTATION Britvic acquisition - compelling strategic, operational and financial rationale STRATEGICALLY ATTRACTIVE FOR THE TRANSFORMING OUR UK BUSINESS CARLSBERG GROUP ✓ Becoming the leading supplier in the UK offering ✓ Supporting Accelerate SAIL growth ambitions by bee
Slide 5: Increased exposure to non-alcoholic beverages
FY 2024 FINANCIAL RESULTS PRESENTATION Increased exposure to non-alcoholic beverages EXPANDING exposure to alcohol-free beverages to 32% DIVERSIFYING portfolio into categories with proven growth prospects PORTFOLIO SPLIT, volume 2024 2024 PRO FORMA 4% 3% 16% 30% 3% Beer 2% 65% Alcohol-free brews 78%
Slide 6: Britvic acquisition - Significant cost synergies and commercial benefits
FY 2024 FINANCIAL RESULTS PRESENTATION Britvic acquisition - Significant cost synergies and commercial benefits from combining beer and soft drinks BACK-OFFICE & PROCUREMENT PRODUCTION LOGISTICS AND ON- AND OFF-TRADE ADMINISTRATION •Scale benefits •Line consolidation DISTRIBUTION CUSTOMERS •Eliminat
Slide 7: Compelling financial rationale for the acquisition of Britvic
FY 2024 FINANCIAL RESULTS PRESENTATION Compelling financial rationale for the acquisition of Britvic ESTIMATED SYNERGIES AND ONE-OFF COSTS COMPLETION DATE: 16 January Estimated cost One-off CONSOLIDATION IN CARLSBERG ACCOUNTS: synergies costs from 16 January Total GBP 100m GBP 83m CASH PAYMENT: GBP
Slide 8: Getting full control of Indian business
FY 2024 FINANCIAL RESULTS PRESENTATION Getting full control of Indian business ATTRACTIVE BEER MARKET HIGHLY REGULATED MARKET CARLSBERG MARKET POSITION Positive consumer outlook and increased investments supporting beer market growth KEY FACTS STRONG MILD • 90,000 outlets nationwide, 62 outlets per
Slide 9: Ambitious plans for capturing continued growth in India
FY 2024 FINANCIAL RESULTS PRESENTATION Ambitious plans for capturing continued growth in India KEY HIGHLIGHTS OUR FOOTPRINT NEPAL Driving long-term growth by capturing market MARKET DATA growth and leveraging strong brands and plans • Young population: 2/3 < 35 years of age J&K • Established in 2007
Slide 10: Solid profit development and cash flow
FY 2024 FINANCIAL RESULTS PRESENTATION Solid profit development and cash flow TOTAL VOLUME REVENUE/HL REVENUE, DKK 125.7m hl +2%¹ 75.0bn +0.4%¹ +2.4%¹ Growth in CEEI off-setting Mainly driven by price Reported revenue growth increases, supported by of 1.9% volume decline in W. product mix Europe and
Slide 11: Good progress for growth categories and international brands
FY 2024 FINANCIAL RESULTS PRESENTATION Good progress for growth categories and international brands +9% +5% +6% +5% PREMIUM +2% AFB +6% SOFT DRINKS +1% BEYOND BEER +5% 11
Slide 12: Western Europe
FY 2024 FINANCIAL RESULTS PRESENTATION Western Europe TOTAL VOLUMES¹ -1.1% THE NORDICS • LSD volume growth REVENUE/HL¹ • Growth of premium, alcohol-free brews and soft-drink +2% UK • A very busy year with major events REVENUE¹ • Flat volumes and LSD revenue/hl growth despite excise tax impact from K
Slide 13: Asia
FY 2024 FINANCIAL RESULTS PRESENTATION Asia TOTAL VOLUMES¹ -1.0% CHINA • Continued market share gains REVENUE/HL¹ • Good H1 offset by declining H2 volumes due to tough comps, consumer sentiment, weather and destocking +2% • Premium portfolio outperforming mainstream core REVENUE¹ VIETNAM • Flat volu
Slide 14: Central & Eastern Europe and India
FY 2024 FINANCIAL RESULTS PRESENTATION Central & Eastern Europe and India TOTAL VOLUMES¹ UKRAINE • HSD volume growth +4.0% • Strong growth for premium portfolio, AFB and Beyond Beer REVENUE/HL¹ INDIA +4% • Low DD volume growth • Tuborg Strong and Carlsberg Elephant main drivers REVENUE¹ • 1664 Blanc
Slide 15: Impact of hyperinflation accounting in Laos
FY 2024 FINANCIAL RESULTS PRESENTATION Impact of hyperinflation accounting in Laos 2024 (before Total 2024 DKK million restatement) adjustments (reported) P&L AND ROIC Revenue 74,796 215 75,011 Operating profit before special items 11,486 -75 11,411 Operating margin 15.4% -20bp 15.2% Non-controlling
Slide 16: Key financials (1)
FY 2024 FINANCIAL RESULTS PRESENTATION Key financials (1) REVENUE OPERATING ADJUSTED PROFIT EPS3 +2.4%¹ +6.0%¹ +0.6% 2024² DKK 75.0bn 2024² DKK 11.4bn 2024 DKK 54.9 2023² DKK 73.6bn 2023² DKK 11.1bn 2023 DKK 54.6 • Revenue/hl +2%¹, supported by • Cost of sales/hl -1%¹ • Special items: DKK -519m pric
Slide 17: Key financials (2)
FY 2024 FINANCIAL RESULTS PRESENTATION Key financials (2) FREE OPERATING NIBD/ ROIC CASH FLOW EBITDA DKK 6.4bn 1.73x 13.8% 2024 DKK 6.4bn 2024 1.73x 2024 13.8% 2023 DKK 7.5bn 2023 1.47x 2023 14.5% • Organic EBITDA +5.4%; reported • Net interest-bearing debt • Impacted by step acquisition EBITDA +4.0
Slide 18: Our capital allocation priorities
FY 2024 FINANCIAL RESULTS PRESENTATION Our capital allocation priorities 6% organic growth in marketing investments. 01 Invest in our business to drive long-term value creation Marketing/revenue 8.7% (+30bp) Capital expenditures DKK 5.0bn 02 NIBD/EBITDA < 2.5x NIBD/EBITDA 1.73x 03 Dividend pay-out r
Slide 19: 2025 earnings expectations
2025 earnings expectations Organic operating profit growth of 1-5%1 BRITVIC IMPACT • For the full-year ending 30 September 2024, Britvic plc reported an adjusted operating profit of GBP 250m. We currently assume a similar level in 2025, driven by underlying business growth and initial cost synergies
Slide 20: Q&A
Q&A 20