Carlsberg As Class A · OMXCOP:CARL_A
Carlsberg As Class A — Carlsberg As Shs A — H1 2024 Earnings Presentation
14 slides from Carlsberg As Class A's earnings presentation, Aug 14, 2024
Slide 1: Carlsberg A/S H1 2024 Results
CARLSBERG A/S H1 2024 RESULTS 1
Slide 2: Forward-looking statements
H1 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: Solid results impacted by weather and consumer sentiment
H1 2024 FINANCIAL RESULTS PRESENTATION Solid results impacted by weather and consumer sentiment VOLUME, REVENUE AND OPERATING TOTAL VOLUME, HL REVENUE, DKK REVENUE/HL PROFIT GROWTH 65.7m 38.8bn 2%¹ • Volume growth supported by growth for all growth +1.4%¹ categories +3.9%¹ • Revenue/hl improvement i
Slide 4: Britvic acquisition - compelling strategic, operational and financial rationale
H1 2024 FINANCIAL RESULTS PRESENTATION Britvic acquisition - compelling strategic, operational and financial rationale Strategically and operationally attractive for Compelling value creation for Carlsberg’s the Carlsberg Group shareholders ✓ Supporting the 4-6% revenue and higher operating profit ✓
Slide 5: Results for portfolio categories
H1 2024 FINANCIAL RESULTS PRESENTATION Results for portfolio categories PREMIUM BEER ALCOHOL-FREE BREWS +4% HY +6% HY +2% Q2 +8% Q2 5
Slide 6: Growth for international brands
H1 2024 FINANCIAL RESULTS PRESENTATION Growth for international brands CARLSBERG TUBORG 1664 BLANC BROOKLYN +12% +8% +4% +4% 6
Slide 7: Western Europe
H1 2024 FINANCIAL RESULTS PRESENTATION Western Europe THE NORDICS TOTAL VOLUMES¹ • Volume growth YTD May reversed in June due to weather -1.7% • Growth of premium and alcohol-free brews REVENUE/HL¹ FRANCE +3% • Bad weather in Q2 impacting volumes • Market share gain in premium REVENUE¹ POLAND +1.3%
Slide 8: Asia
H1 2024 FINANCIAL RESULTS PRESENTATION Asia CHINA TOTAL VOLUMES¹ • Continued market share gain • Bad weather and consumer sentiment slowing +1.9% down volume growth in Q2 • Premium portfolio outperforming mainstream core REVENUE/HL¹ +3% VIETNAM • Volume growth in declining market REVENUE¹ • Strong g
Slide 9: Central & Eastern Europe and India
H1 2024 FINANCIAL RESULTS PRESENTATION Central & Eastern Europe and India TOTAL VOLUMES¹ +4.5% UKRAINE • Double-digit volume growth REVENUE/HL¹ • Strong growth for premium portfolio +4% INDIA REVENUE¹ • Double-digit volume growth despite “dry days” • Challenging weather conditions impacting a brewer
Slide 10: Key financials (1)
H1 2024 FINANCIAL RESULTS PRESENTATION Key financials (1) REVENUE OPERATING ADJUSTED PROFIT EPS2 +3.9%¹ +4.7%¹ DKK 28.6 H1 H1 H1 DKK 38.8bn DKK 6.3bn DKK 28.6 2024 2024 2024 H1 H1 H1 DKK 37.8bn DKK 6.3bn DKK 29.3 2023 2023 2023 • Revenue/hl +2%¹, driven by • Cost of sales/hl -1%¹ • Special items: DK
Slide 11: Key financials (2)
H1 2024 FINANCIAL RESULTS PRESENTATION Key financials (2) FREE OPERATING NIBD/ ROIC CASH FLOW EBITDA DKK 3.6bn 1.65x 14.5% H1 H1 H1 DKK 3.6bn 1.65x 14.5% 2024 2024 2024 H1 H1 H1 DKK 4.3bn 1.46x 15.2% 2023 2023 2023 • Organic EBITDA +4.6%; reported • Net interest-bearing debt • Impacted by currencies
Slide 12: Our capital allocation priorities
H1 2024 FINANCIAL RESULTS PRESENTATION Our capital allocation priorities 01 Invest in our business to drive long-term value creation Almost 20% organic growth in marketing investments 02 NIBD/EBITDA < 2.5x NIBD/EBITDA 1.65x 03 Dividend pay-out ratio (of adjusted net profit) of around 50% Dividend/sh
Slide 13: Increased 2024 earnings expectations
H1 2024 FINANCIAL RESULTS PRESENTATION Increased 2024 earnings expectations ORGANIC OPERATING PROFIT GROWTH OF 4–6% (previously 1-5%) Assumptions • Translation impact on operating profit: around DKK -300m, based on the spot rates at 13 August • Net finance costs (excluding FX): DKK -1.2bn (previousl
Slide 14: Q&A
H1 2024 FINANCIAL RESULTS PRESENTATION Q&A 14