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Carlsberg says latest results reveal ‘strong performance’
By Shaun Weston
21 February 2011
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Highlights
Operating profit margin grew by 130bp to 17.1% (15.8% in 2009) and operating profit increased to DKK 10.25bn (DKK 9.39bn in 2009). Reported net result grew by 49% to DKK 5.4bn.
Overall beer market trends improved in 2010 compared to 2009. Importantly, the Russian market was stronger than the Group anticipated at the beginning of the year.
The Group significantly intensified investments behind its key brands, including innovations, new products, media, digital, consumer and customer activations. Furthermore, the Group invested in innovations to be launched in 2011 and the coming years.
The Group gained market share in a large part of the business in 2010. The Northern & Western European region grew overall market share. In Eastern Europe, our market share in Russia was flat at 39.7% (source: Nielsen), despite the price leadership throughout the year. In Q4, Carlsberg’s share of the Russian market grew by 40bp to 39.7%. Ukraine continued to do well. In Asia, market share gains were once again achieved across the region.
Supported by football activations and increased investments in a World Cup year, the Carlsberg brand grew by 3%.
The Group’s beer volumes were down by 1% to 114m hl with a 2% organic volume decline (2% decline for total beverages). Excluding the Russian stock-building in Q4 2009 and subsequent de-stocking in Q1, organic beer volume would have grown by an estimated 1%.
In Q4, organic beer volumes declined by 5%. Adjusting for the Russian stock-building in Q4 2009, organic beer volumes were flat for the quarter.
Group net revenue increased by 1% to DKK 60.1bn (DKK 59.4bn in 2009) despite challenging Russian market dynamics due to the significant excise duty increase. The organic decline was 3% and the positive currency impact was 5%, mainly due to stronger Eastern European currencies. Price/mix was -1%.
Operating profit increased by 9% to DKK 10,249m (DKK 9,390m in 2009). Organic operating profit growth was 1%. Adjusting for the Russian stock-building and subsequent de-stocking, organic operating profit growth would have been 8%. Currency movements impacted positively by 8%.
Net profit grew by 49% to DKK 5,351m (DKK 3,602m in 2009). This includes non-cash, non-taxable income in special items of DKK 598m related to step acquisitions.
Strong growth momentum in Asia with us outperforming market. The Group delivered significant volume, revenue and profit growth in the region.
The remaining part of the DKK 1.3bn synergies from the Scottish & Newcastle acquisition were successfully achieved in 2010 ? ahead of plan.
The focus on deleveraging continued and net interest-bearing debt was reduced to DKK 32.7bn (DKK 35.7bn at the end of 2009). Net debt/Ebitda declined to 2.3x (2.7x at the end of 2009). Having spent more than DKK 2.5bn on acquisitions, free cash flow was DKK 5,179m.
For 2010, the Company proposes a dividend per share of DKK 5.00 corresponding to a 43% increase compared to DKK 3.50 for 2009.
Source: Carlsberg Group
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