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Robust ends in a difficult atmosphere
STRONG VOLUME GROWTH, PARTICULARLY IN ASIA
Natural quantity progress 5.7%
- Natural quantity improvement in Western Europe +5.4%, Asia +10.3% and Central & Jap Europe -0.1% (excluding Ukraine +4.9%).
- Quantity progress of worldwide premium manufacturers: Carlsberg +14%, Tuborg 9%, Grimbergen +11% and Somersby +1%. 1664 Blanc -4% impacted by decrease volumes in Ukraine and China.
- Alcohol-free brews in Western Europe +7%; whole alcohol-free brews excluding Ukraine +1%.
STRONG REVENUE GROWTH, DRIVEN BY ALL REGIONS
Natural income progress 15.6%
- Reported income progress of 16.9% to DKK 70,265m.
- Income/hl +9%, with sturdy progress in all areas.
VERY STRONG OPERATING PROFIT AND CASH PERFORMANCE
Natural working revenue progress 12.2%
- Working revenue progress reflecting on-trade restoration in Western Europe and robust Asia efficiency, significantly in H1, partly offset by greater commodity costs and power prices.
- Reported working revenue progress of 13.2% to DKK 11,470m. Working margin 16.3%.
- Reported internet revenue of DKK -1,063m, impacted by write-downs of DKK 10,735m.
- Adjusted internet revenue enhance of 39.6% to DKK 9,694m.
- Adjusted earnings per share enhance of 43.6% to DKK 69.3. For persevering with operations, enhance of 23.9% to DKK 55.7.
- Free money circulation DKK 9,884m.
DRIVING SHAREHOLDER VALUE
Whole share buy-back and dividend cost for the yr of DKK 7.8bn
- NIBD/EBITDA 1.23x (2021: 1.37x).
- ROIC enchancment of 270bp to fifteen.2%; excluding goodwill +800bp to 41.6%.
- The Supervisory Board will suggest to the Annual Basic Assembly a 13% enhance in dividend to DKK 27 per share, equal to a complete dividend payout of DKK 3.7bn.
- On 27 January 2023, the Group concluded the 2022 DKK 4.5bn share buy-back programme.
2023 EARNINGS EXPECTATIONS
2023 will probably be one other difficult yr. Resulting from our and our suppliers’ rolling hedging, final yr’s commodity and power worth will increase may have a major impression on our 2023 value of gross sales and logistics prices. We intend to offset the upper prices in absolute phrases by way of pricing, combine and continued tight give attention to prices. Whereas beer traditionally has been a resilient shopper class, the upper costs together with usually excessive inflation might have a destructive impression on beer consumption in a few of our markets, significantly in Europe.
The event of the conflict in Ukraine and the impression on our enterprise stay extremely unsure, as is the COVID-19 restoration in China, together with shopper off-take throughout the Chinese language New Yr celebrations.
The vast steerage vary displays these vital uncertainties for 2023. Consequently, 2023 steerage is:
- Natural working revenue improvement of -5% to +5%.
- Based mostly on the foreign money spot charges at 6 February, we assume a translation impression of round DKK -550m for the total yr.
CEO Cees ’t Hart says: “The Group delivered a robust set of outcomes for 2022 due to a formidable effort by our workers throughout the Group and continued good execution of our technique. The excessive earnings and really sturdy money technology had been achieved regardless of many challenges, together with the conflict in Ukraine, rising power and commodity costs, and the impression from the pandemic, significantly in Asia.
“All year long, a key precedence was the protection and well-being of our Ukrainian colleagues, whose resilience, braveness and energy have impressed us deeply.
“2023 will probably be one other difficult yr, however the strategic, organisational and monetary well being of our firm is robust, and we’re assured that our purpose-led and performance-driven tradition will drive continued sustainable long-term worth creation.
“SAIL’22 has efficiently guided our journey since 2016. Setting sail for the subsequent 5 years, our new technique, SAIL’27, continues the bold long-term strategic path for the Group. As a part of SAIL’27, our enhanced ESG programme, Collectively In the direction of ZERO and Past, units bold milestones for 2030 and 2040.”
Get the Full Yr highlights from our CFO Ulrica Fearn:
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