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Solid Results From Carlsberg Group

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Solid Results From Carlsberg Group

Solid Results From Carlsberg Group
February 09
10:40 2021
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Carlsberg Group has reported an 11.2% decline in revenue to DKr58.54 billion (€7.87 billion) with organic revenue down 8.4% for the year ended 31 December 2020. Operating profit fell 7.3% to DKr9.699 billion and by 3.1% on an organic basis. Operating margin improved by 70 bps to 16.6%.

Adjusted net profit rose by 3.3% to DKr6.363 billion but reported net profit dropped by 8.2% to DKr6.030 billion.

Carlsberg Group carried out several M&A transactions during the year including Marston’s in the UK, Wernesgrüner in Germany and asset restructuring in China. During 2020, the company bought back shares amounting to DKr2.9 billion and has now launched a new DKr750m share buy-back programme, which will run until 23 April.

The COVID-19 pandemic is continuing to impact business performance, which means a challenging start to 2021. For 2021, Carlsberg Group is projecting organic growth in operating profit within the range of 3% to 10%.

Cees ’t Hart (pictured), CEO of Carlsberg Group, comments: “While the pandemic is not yet behind us and we don’t know how long it will remain a challenge in 2021, we believe that Carlsberg will emerge even stronger from the crisis. During 2020, we adjusted our cost base to a new reality and implemented new ways of working. These changes have led to a more flexible company, making us optimistic about our ability to deliver on our long-term strategic priorities.

“The group’s financial situation remains strong. Despite COVID-19, we improved our operating margin, delivered strong cash flow, increased dividend per share, carried out a sizeable share buy-back programme and strengthened the business through acquisitions.”

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