CARL B Carlsberg A/S Class B

A strong set of results; further increase in dividend and share buy-back

A strong set of results; further increase in dividend and share buy-back

FINANCIAL STATEMENT AS AT 31 DECEMBER 2019

Highlights

  •  Organic revenue growth of 3.2%; reported revenue growth of 5.4% to DKK 65,902m.
  •  Price/mix improvement of +3%; positive in all three regions.
  •  Total organic volume growth of 0.1%.
    • Tuborg volume growth +2%, Carlsberg -3%, Grimbergen +3%, 1664 Blanc +29%,

      Somersby +14%.
    •  Craft & speciality volume growth +16%, alcohol-free brew volume growth +7%.
  • Organic operating profit growth of 10.5%; reported growth of 12.2% to DKK 10,465m.
  • Operating margin improvement of +100bp to 15.9%.
  • Reported net profit up 23.7% to DKK 6,569m. Adjusted net profit up 14.9% to DKK 6,160m.
  • Adjusted earnings per share (excluding treasury shares) up 16.5% to DKK 41.0.
  • Free cash flow of DKK 9,962m (2018: DKK 6,156m).
  • Net interest-bearing debt/EBITDA of 1.25x (2018: 1.29x).
  • ROIC improvement of 70bp to 8.8%. Excluding goodwill, improvement of 130bp to 22.2%.
  • The Supervisory Board will propose to the AGM a 17% increase in dividend to DKK 21.0 per share, equal to an adjusted payout ratio of approximately 50%.
  • On 30 January, the Company concluded the 2019 DKK 4.5bn share buy-back and will today initiate a new 12-month share buy-back programme worth DKK 5.0bn (see pages 19-20).

2020 Earnings expectations

  • Mid-single-digit percentage organic growth in operating profit.
  • A translation impact on operating profit of around DKK +50m, based on the spot rates at 3 February.

CEO Cees ’t Hart says: “We’re pleased with our results in 2019. We saw healthy top-line growth, strong margin improvement and strong cash flow. In recent years, we’ve strengthened our business considerably, and we’ll continue to execute on our SAIL’22 priorities and further reinforce our Funding the Journey culture to support long-term growth and value creation for shareholders.

“The 2019 results allow us to once again make a significant cash return to our shareholders, as shown by the Supervisory Board’s decision to recommend a dividend increase of 17% to DKK 21 and to initiate a DKK 5.0bn share buy-back programme.”

Carlsberg will present the results at a conference call today at 9.00 a.m. CET (8.00 a.m. GMT). Dial-in information and a slide deck are available beforehand on .

Full announcement attached.

Contacts

Investor Relations:      

Peter Kondrup           

Iben Steiness     

Media Relations:         

Kasper Elbjørn            

Anders Bering   

For more news, sign up at /subscribe or follow @CarlsbergGroup on Twitter.

Attachments

EN
04/02/2020

Underlying

CARL BCarlsberg A/S Class B

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Carlsberg A/S Class B

Jesper Ingildsen
  • Jesper Ingildsen
Free Trial
CARL B Carlsberg A/S C...

Carlsberg (Buy, TP: DKK1075.00) - Soft Q1, but with bright spots

We consider the Q1 results slightly on the soft side (with organic volume misses across the board), albeit less so adjusted for the loss of the San Miguel contract. Despite the general weakness, there were a couple of bright spots, including positive commentary on the premium beer market in China. We reiterate our BUY and DKK1,075 target price.

CARL B CARLSBERG A/S CLASS B
04/29/25 April 29, 2025 1 EN
Jesper Ingildsen
  • Jesper Ingildsen
Free Trial
CARL B Carlsberg A/S C...

Carlsberg (Buy, TP: DKK1075.00) - Expect flat start to 2025e

We expect Carlsberg to report a slow start to the year, mainly related to the loss of the San Miguel contract and the timing of Easter. However, we believe this should not come as a surprise, and thus expect the 2025 guidance to be maintained. At a 12-month forward P/E of c14x, we still find the stock attractive, with further upside potential from better-than-expected execution of Britvic and any improvement in China. We reiterate our BUY and DKK1,075 target price.

CARL B CARLSBERG A/S CLASS B
04/22/25 April 22, 2025 1 EN
MarketLine Department
  • MarketLine Department
EUR 301.35
CARL B Carlsberg A/S C...

Heineken N.V. - Mergers & Acquisitions (M&A), Partnerships & Alliances

Summary Marketline's Heineken N.V. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Heineken N.V. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports...

CARL B CARLSBERG A/S CLASS B
04/21/25 April 21, 2025 1 EN
Free Trial
CARL B Carlsberg A/S C...

Carlsberg AS: 1 director

A director at Carlsberg AS bought 1,000 shares at 861.600DKK and the significance rating of the trade was 61/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...

CARL B CARLSBERG A/S CLASS B
02/24/25 February 24, 2025 1 EN
ABGSC Food & Beverage Research ... (+2)
  • ABGSC Food & Beverage Research
  • Peter Sehested
CARL B CARLSBERG A/S CLASS B
02/20/25 February 20, 2025 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch