Royal Unibrew A/S · OMXCOP:RBREW
Royal Unibrew A/S — FY2019 Earnings Presentation
15 slides from Royal Unibrew A/S's earnings presentation, Mar 11, 2020
Slide 1: Royal Unibrew – Annual Report 2019 Conference call
Royal Unibrew – Annual Report 2019 Conference call 1 January – 31 December 2019 11 March 2020
Slide 2: Consistent execution building sustainable growth
Consistent execution building sustainable growth • Our strategy and consistent execution building sustainable growth • Financial highlights − EBIT margin target increased from 18-19% to a range of 19-20% − Dividend proposed to increase by 13% to DKK 12.20 per share − EPS up 12% compared to 2018 − Re
Slide 3: Balanced execution and acquisitions drive solid earnings growth
Balanced execution and acquisitions drive solid earnings growth • Revenue improvement by 5% • Market shares slightly improved • Both EBITDA margin and EBIT margin increased • Earnings per share up from DKK 20.6 to DKK 23.0 (+12%) • Expected distribution to shareholders of DKK 1,010 million (2018: 95
Slide 4: UN Global Compact and SDGs commitments
UN Global Compact and SDGs commitments SDGs commitments In 2019, we defined which of the 17 UN SDGs (Sustainability Development Goals) to focus on, based on the materiality assessment conducted in 2018 and also taking into account the composition and nature of our business. UN Global Compact As plan
Slide 5: Short term CSR targets
Short term CSR targets We have set ambitious targets for the coming years Annual Report 2019 5
Slide 6: Positive development on all parameters
Positive development on all parameters Volume million hl EBITDA DKKm Change +2% Margin 22.9% 23.6% 11 2.000 1.800 141 1.814 10 1.600 1.673 10,8 11,0 1.400 9 1.200 1.000 8 800 2018 Change 2019 2018 Change 2019 Net revenue DKKm EBIT DKKm Change +5% Margin 18.4% 19.1% 1.500 8.000 130 1.400 1.469 7.500
Slide 7: Financial performance
Financial performance mDKK FY2019 FY2018 Change mDKK FY2019 FY2018 Change P&L ITEMS BALANCE SHEET ITEMS Net revenue 7,692 7,298 394 Net interest bearing debt 2,705 2,522 -183 Gross margin 53.0% 52.4% 0.6pp Net working capital -671 -748 -77 EBITDA 1,814 1,673 141 Total assets 8,493 8,062 431 EBITDA m
Slide 8: Key figure performance
Key figure performance Profit margins ROIC Free Cash Flow NIBD mDKK mDKK 1.200 2.700 24% 34% 2.400 22% 30% 1.100 2.100 1.800 20% 26% 1.000 1.500 18% 22% 1.200 900 900 16% 18% 600 14% 14% 800 300 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Runni
Slide 9: Development in segments
Development in segments Western Europe Western Europe EBIT and EBIT margin • Volume +6%, Revenue +9%, EBIT growth +12% 19,9% 19,1% 19,6% • Denmark & Germany 722 − Increased market share across categories 550 645 DKKm − The positive development of the organic and low/no-alcohol and low/no sugar portf
Slide 10: Outlook 2020
Outlook 2020 In spite of the current circumstances, we expect to deliver an EBIT around 2019 mDKK Actual Actual 2019 2018 Net revenue 7,692 7,298 EBIT 1,469 1,339 Assumptions • We expect as in 2019 a normal summer • Net selling prices are assumed to be slightly increasing during 2020 • COVID-19 is a
Slide 11: APPENDIX
APPENDIX Annual Report 2019 11
Slide 12: Strong cash flow generation
Strong cash flow generation Cash flow FY 2019 -43 1800 680 1.820 -374 1500 25 -269 1.403 1200 mDKK 1.140 1.159 900 600 300 0 Net Profit Non-cash Cash flow before Changes in NWC Taxes and Net FCF from Dividends from Sale/Purchase of FCF before adjustments changes in WC financials operating activities
Slide 13: Performance to peers 2019
Performance to peers 2019 EBIT margin Free cash flow Return on invested Cash return to (comparable region) % of revenue capital* shareholders** % % % % 20 18 24 160 21 140 16 15 18 120 12 12 15 100 9 12 80 8 9 60 6 6 40 4 3 3 20 0 0 0 0 RU Peer 1 Peer 2 Peer 3 RU Peer 1 Peer 2 Peer 3 RU Peer 1 Peer
Slide 14: Shareholder distribution
Shareholder distribution Dividend for 2018 of DKK 538 million paid to shareholders EPS and free cash flow per share • Dividend DKK 10,80 per share 24 22 DKK 400m share buy-back initiated in March 2019 20 • Safe Harbour program 18 • The program completed 31 October 2019 • 790,000 shares 16 14 Share b
Slide 15: Financial targets
Financial targets Share buy-back is used to adjust the capital structure Annual Report 2019 15