Quarterly Report • Aug 26, 2009
Quarterly Report
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Company Announcement No 24/2009 26 August 2009
In H1 2009, Royal Unibrew realised an operating profit of DKK 87 million compared to DKK 63 million last year. At the same time, cash flows from operating activities improved by DKK 158 million. Net interest‐ bearing debt was reduced by DKK 53 million compared to year end 2008. The significant performance im‐ provement is due to the implementation of a number of activities to strengthen the Group's earnings and cash flow initiated at the beginning of the year as well as to increasing net selling prices and a changed sales mix. The significant performance and cash flow improvements were realised in spite of difficult market condi‐ tions and decreasing revenue.
"The performance for H1 2009 exceeded expectations and confirms that the activities initiated by us have had the intended effect. The development shows that the Group is fundamentally sound and capable of generating strong cash flow and reasonable results. Moreover, it is very positive that net interest‐bearing debt has been reduced in spite of the seasonal activity increase. The conditional sale of the Caribbean breweries will further contribute towards improving the Group's debt position. At the same time, all relevant options are being considered to ensure an appropriate capital structure as previously announced," says Henrik Brandt, CEO.
− Major investment projects initiated in 2008 completed in H1 2009
− Net interest‐bearing debt was reduced by DKK 53 million since the beginning of the year in spite of the seasonal sales increase usually resulting in an increase of net working capital, and thus net interest‐ bearing debt, which amounted to DKK 2.1 billion at the end of H1 2009.
For further information on this Announcement: Henrik Brandt, CEO, tel + 45 56 77 15 13
The Announcement has been prepared in Danish and English. In case of discrepancy, the Danish version shall prevail. This Company Announcement consists of 33 pages.
The primary activities of Royal Unibrew are to market, sell, distribute and produce quality beverages focusing on branded products primarily within beer, malt and soft drinks. The Group's products are sold in approx. 65 markets in Western Europe, Eastern Europe, the Caribbean, North America and Africa. Royal Unibrew comprises the Albani and Faxe breweries in Denmark, Kalnapilis in Lithuania, Livu Alus and the soft drinks bottlery Cido in Latvia, Browar Lomza and Strzelec in Poland.
It is the vision of Royal Unibrew to develop the Group's position as a leading provider of beverages in Western and Eastern Europe and in our malt drinks markets with increasing profitability. Outside these areas, we will develop selected profitable export markets.
To read more, visit www.royalunibrew.com.
| Highlights | 1 | |
|---|---|---|
| Financial Highlights and Key Ratios | 4 | |
| Management's Review | 5 | |
| Financial Calendar | 16 | |
| Company Announcements | 16 | |
| Management's Statement | 17 | |
| Financial Statements | ||
| Income Statement | 18 | |
| Assets | 19 | |
| Liabilities and Equity | 20 | |
| Statement of Changes in Equity | 21 | |
| Cash Flow Statement | 23 | |
| Notes | ||
| Descriptive Notes | ||
| 1 Significant Accounting Policies | 24 | |
| 2 Accounting Estimates and Judgements | 24 | |
| 3 Segment Reporting | 25 | |
| Notes Relating to Income Statement, Balance Sheet and Cash | ||
| Flow Statement | ||
| 4 Special Items |
27 | |
| 5 Tax on the Profit for the Period |
28 | |
| 6 Basis of Calculation of Earnings and Cash Flow per Share | 28 | |
| 7 Treasury Shares | 29 | |
| 8 Cash Flow Statement | 30 | |
| Other Notes | ||
| 9 Acquisitions | 31 | |
| Financial Highlights and Key Ratios for H1 2005‐2009 | 32 | |
| Definitions of Key Figures and Ratios | 33 |
| H1 | H1 | ||||
|---|---|---|---|---|---|
| 2009 | 2008 | Q2 2009 | Q2 2008 | 2008 | |
| SALES (thousand hectolitres) | 3,268.0 | 3,756.0 | 1,958.0 | 2,212.0 | 7,079.0 |
| FINANCIAL HIGHLIGHTS (mDKK) | |||||
| Income Statement | |||||
| Net revenue | 1,912.9 | 2,079.7 | 1,145.3 | 1,241.4 | 4,178.7 |
| Operating profit before special items | 86.9 | 63.3 | 114.8 | 98.4 | 134.9 |
| Special items, net | (24.8) | (33.9) | (8.3) | (1.3) | (50.1) |
| Impairment | 0.0 | 0.0 | 0.0 | 0.0 | (385.0) |
| Profit before financial income and expenses | 62.1 | 29.4 | 106.5 | 97.1 | (300.2) |
| Impairment of other investments | 0.0 | 0.0 | 0.0 | 0.0 | (70.1) |
| Other financials, net | (39.2) | (45.7) | (39.6) | (17.6) | (82.7) |
| Profit/(loss) before tax | 22.9 | (16.3) | 67.0 | 79.4 | (453.0) |
| Consolidated profit/(loss) | 16.9 | (11.8) | 51.5 | 56.4 | (483.2) |
| Royal Unibrew A/Sʹ share of profit/(loss) | 16.3 | (11.8) | 50.8 | 56.5 | (484.3) |
| Balance Sheet | |||||
| Total assets | 4,086.6 | 4,285.1 | 4,086.6 | 4,285.1 | 4,051.4 |
| Equity | 553.4 | 1,040.8 | 553.4 | 1,040.8 | 574.8 |
| Net interest‐bearing debt | 2,138.7 | 1,975.9 | 2,138.7 | 1,975.9 | 2,191.9 |
| Free cash flow | 48.9 | (142.0) | 178.8 | 0.7 | (356.2) |
| Per share | |||||
| Royal Unibrew A/S' share of earnings per | |||||
| share (DKK) | 3.0 | (2.1) | 9.3 | 10.3 | 26.4 |
| Royal Unibrew A/S' diluted share of earnings | |||||
| per share (DKK) | 3.0 | (2.1) | 9.3 | 10.3 | 26.2 |
| Cash flow per share (DKK) | 25.9 | (2.8) | 31.2 | 23.0 | 19.0 |
| Diluted cash flow per share (DKK) | 25.9 | (2.8) | 31.2 | 23.1 | 19.0 |
| Key figures (mDKK) | |||||
| EBITDA | 138.7 | 108.8 | 136.7 | 134.9 | 254.6 |
| EBIT | 62.1 | 29.4 | 106.5 | 97.1 | (300.2) |
| Key ratios (%) | |||||
| Profit margin | 4.5 | 3.0 | 10.0 | 7.9 | 3.2 |
| EBIT margin | 3.2 | 1.4 | 9.3 | 7.8 | (7.2) |
| Free cash flow as a percentage of net revenue | 2.6 | (6.8) | 15.6 | 0.1 | (8.5) |
| Equity ratio | 13.5 | 24.3 | 13.5 | 24.3 | 14.2 |
| Debt ratio | 386.5 | 189.8 | 386.5 | 189.8 | 381.3 |
The key ratios have been calculated in accordance with the "Recommendations and Financial Ratios 2005" of the Danish Society of Financial Analysts.
In 2009, Royal Unibrew has special focus on the Group's earnings, cash flows from operating activities, reduction of the investment volume considering the projects in progress as well as capital structure. Due to this focus as well as the general uncertainty of the economic development and consumer behaviour, Royal Unibrew is con‐ tinuously prepared and ready to implement all the necessary cost adjustments warranted by developments.
As mentioned in the Announcement of Annual Results for 2008 (see Company Announcement No 2/2009), the changed strategy for Royal Unibrew is based on the following main areas:
The adjustment of the Polish activities is progressing as planned. As announced in Company Announcement No 22/2009 of 2 June 2009, the Koszalin brewery and two brands related to the region around the brewery were sold. The sale and other adjustments in Poland have resulted in a total reduction of the number of em‐ ployees by some 125. The activities implemented will have full financial impact during H2 2009. Efforts are still directed at enhancing efficiency in Poland, and the target is to create a basis for positive earnings (at EBITDA level) as of 2010. All necessary initiatives are being considered.
The production and distribution structure projects of transferring production from Aarhus to Faxe and Odense and changing the Danish distribution system were completed as planned in April 2009. Moreover, the planned structural and organisational adjustment has been completed and the number of salaried em‐ ployees has been reduced by some 100 full‐time employees. The full impact of this adjustment will be felt during H2 2009.
The overall organisational framework has been determined and the executives to be in charge have been ap‐ pointed. The new operating management will focus on improved joint resource and competence utilisation both in the short and long term. This will strengthen the local market organisations and further enhance effi‐ ciency in other areas.
In spite of net interest‐bearing debt being at a lower level than expected at 30 June 2009 and expectations – without taking into account the sale of the Caribbean activities ‐ of a further reduction in H2, Management continues to believe that the Group's financial structure is inappropriate. The conditional sale of the shares in the Group's Caribbean brewery companies is expected to reduce the Group's net interest‐bearing debt by just below DKK 200 million towards the end of 2009 as compared to the level at the beginning of 2009 (see Com‐ pany Announcement No 23/2009 of 12 August 2009). The sale of the Polish brewery and brands will have a positive cash flow effect in 2009 of some DKK 40 million, the main part at the end of the year.
In the period to year end 2010, the Group does, however, wish to reduce net interest‐bearing debt to a level corresponding to not more than 3 times EBITDA and to strengthen the Company's financial standing. The process to ensure a more appropriate financial structure therefore perseveres and, in that connection, consid‐ eration of all relevant possibilities will continue.
The development of the brewery site in Aarhus continues to have high priority. Royal Unibrew does not in‐ tend to participate in development of the area, but wishes to sell the site. It is assessed that the comparatively best price may be achieved when the local plan for the area is in place. A proposal for a development plan for the area was submitted to the local authorities of Aarhus in April 2009 as a basis for a project evaluation and the preparation of a changed local plan. Multi‐purpose use of the site is expected, primarily for offices and housing. A changed local plan is expected to be finally approved during 2010.
As an additional element of the efforts to reduce interest‐bearing debt, continued efforts are currently made to optimise net working capital. Net working capital at the end of H1 amounting to DKK 73 million was DKK 275 million below the figure at the same time in 2008.
The Group's investments will be kept at a reasonably low level in the remaining months of 2009 and 2010. In H1 2009, gross investments in property, plant and equipment amounted to DKK 146 million, of which 85% relates to the completion of investments initiated in 2008. In the same period of 2008, investments amounted to DKK 172 million.
As previously announced, the Group has entered into an agreement with its primary bankers that they will make available until 31 March 2011 the credit facilities considered necessary by the Group. At 30 June 2009, the Group had committed, unutilised credit facilities of some DKK 600 million and net interest‐bearing debt was significantly lower than anticipated. At 30 June 2009, there is considerable headroom to the covenants determined by the banks.
In H1 2009, the Royal Unibrew Group realised a profit before tax of DKK 23 million, which is above expectations and a DKK 39 million improvement on 2008.
The results for the period do not reflect a proportionate share of the full‐year results as the period is used to carry out major maintenance work on production facilities before the peak season and, furthermore, includes only one month of the peak season of the year.
In H1 2009, Royal Unibrew improved its earnings and market position as compared to the same period of last year in spite of the global crisis and the resulting changed customer and consumer behaviours causing lower sales and revenue.
The estimate at the end of H1 2009 is that the negative growth rate has been diminishing in several of the Group's markets compared to the same period of 2008. However, demand continues to decline in several markets.
In the period, the Group extended or maintained its market shares in most key markets. However, increased price competition must be noted in several of the Group's Northern European markets.
In certain markets – in particular Latvia – significant efficiency enhancing measures and a dynamic cost adjustment have been implemented in the light of reduced sales, which has contributed towards protecting earnings in the areas in question.
In Poland, a brewery and two brands were sold with effective transfer at 2 June 2009 (see Company Announcement No 22/2009 of 2 June 2009).
| Western | Eastern | Malt and | Unallocated | Group | |
|---|---|---|---|---|---|
| Europe | Europe | Overseas | |||
| Markets | |||||
| Sales (thousand hectolitres) | 1,648 | 1,369 | 251 | ‐ | 3,268 |
| Growth (%) | ‐10.5 | ‐15.6 | ‐14.1 | ‐13.0 | |
| Share of sales (%) | 50 | 42 | 8 | ‐ | 100 |
| Net revenue (mDKK) | 1,228 | 464 | 221 | ‐ | 1,913 |
| Growth (%) | ‐2.8 | ‐19.2 | ‐8.5 | ‐8.0 | |
| Share of net revenue (%) | 64 | 24 | 12 | ‐ | 100 |
| Operating profit/loss | |||||
| (before special items) (mDKK) | 104.8 | (13.3) | 15.5 | (20.1) | 86.9 |
| Profit margin (%) | 8.5 | ‐2.9 | 7.0 | 4.5 | |
| Earnings before interest and tax | |||||
| EBIT (mDKK) | 89.4 | (15.3) | 12.1 | (24.1) | 62.1 |
| EBIT margin (%) | 7.3 | ‐3.3 | 5.5 | 3.2 |
The developments in the Group's activities for the period 1 January – 30 June 2009 break down as follows on market segments:
Total group sales in H1 aggregated 3.3 million hectolitres of beer, malt and soft drinks, which is a 13% decrease from 2008.
The net revenue of the Group was, however, only reduced by 8% from 2008 amounting to DKK 1,913 million. 3 percentage points of the revenue reduction are attributable to the decreasing PLN rate and the termination of unprofitable supply agreements concerning private label. Selling price increases were introduced in almost all markets. Moreover, a positive mix shift was realised as the sales reduction was lower in Western Europe than in Eastern Europe.
Gross profit decreased from 2008 by DKK 65 million amounting to DKK 817 million, which is 7% below the 2008 figure. The estimate is that the lower sales have reduced gross profit by more than DKK 125 million, whereas the higher gross margin had a positive effect of more than DKK 60 million. The gross margin for H1 was 42.7% compared to 42.4% in the same period of last year. From an overall perspective, the higher realisable values per unit have thus more than compensated for the increase in production costs, primarily relating to raw materials the purchase prices of which are covered by forward contracts to a considerable extent.
The focus on sales and marketing efforts and the implemented change of the distribution structure in Denmark resulted in an 11% reduction of the Group's sales and distribution expenses in H1 2009 compared to 2008. Administrative expenses were reduced by some 8%. The full impact of the adjustments implemented primarily in Denmark and Poland will be realised during H2 2009.
Operating profit before "special items" amounted to DKK 87 million in H1 2009, which is a DKK 24 million improvement on 2008. The improvement has been achieved by realising higher net selling prices per sales unit and material cost savings in production, sales and distribution as well as administrative functions. The earnings effect of this has thus been higher than the reduction in sales and gross profit, which is primarily a result of the economic decline.
"Special items" amounted to DKK 25 million in H1 2009 comprising primarily profits from the sale of assets in Poland and impairment of these assets, expenses and impairment losses related to the completion of the production and distribution structure change in Denmark as well as expenses for redundancy schemes, including
for structural and organisational adjustments in Poland and Denmark (see Company Announcement No 2/2009 of 26 February 2009).
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by DKK 30 million amounting to DKK 139 million compared to DKK 109 million in 2008.
Earnings before interest and tax (EBIT) amounted to DKK 62 million compared to DKK 29 million in 2008.
Income from investments in associates increased by DKK 6 million to DKK 13 million. All associates saw improved results in H1 2009.
The Group's net financial expenses amounted to DKK 53 million as in 2008. The unchanged net expenses comprise higher net interest expenses offset by exchange gains of some DKK 20 million. The higher interest expenses were partly due to the higher net interest‐bearing debt in 2009 and partly to higher interest rates and expenses related to the agreement for credit facilities entered into with the primary bankers in Q1 2009.
The profit before tax amounted to DKK 23 million compared to a loss of DKK 16 million in H1 2008.
Consolidated profit (after tax) amounted to DKK 17 million, a DKK 29 million improvement on the loss of DKK 12 million realised in 2008. Tax on the profit for the period is in 2009 positively affected by an adjustment relating to prior year.
| Western Europe | 2009 | 2008 | % change |
|---|---|---|---|
| Sales (thousand hectolitres) | 1,648 | 1,841 | ‐11 |
| Net revenue (mDKK) | 1,228 | 1,264 | ‐3 |
| Operating profit | |||
| (before special items) (mDKK) | 104.8 | 84.4 | 24 |
| Profit margin (%) | 8.5 | 6.7 | |
| EBIT (mDKK) | 89.4 | 50.5 | 77 |
| EBIT margin (%) | 7.3 | 4.0 |
The Western Europe segment comprises the markets for beer and soft drinks in Denmark and the Nordic coun‐ tries as well as in Germany and Italy. In H1 2009, Western Europe accounted for 50% of total sales and 64% of net revenue (2008: 50% and 61%, respectively).
The Group won market shares on branded products in Denmark and on the key brand, Ceres Strong Ale, in Italy in H1 2009. However, the markets were affected by the economic decline and declining consumption, and sales and revenue were 11% and 3%, respectively, below the 2008 figures. The termination of unprofitable private label supply agreements accounted for 8 percentage points of the sales reduction and for all of the revenue reduction.
The operating profit increased by DKK 20 million to DKK 105 million positively affected by higher net selling prices per unit as well as cost savings and negatively affected by the lower sales.
EBIT was negatively affected by "special items" of DKK 15 million net, primarily due to expenses relating to the business reorganisation in Denmark as well as completion of the production and distribution structure reorganisation in Denmark initiated in 2008. The impact of these measures will be fully felt during H2 2009.
| Western Europe | Actual H1 2009 | Growth over 2008 | |||
|---|---|---|---|---|---|
| Net revenue | Net revenue (%) | Sales (%) | |||
| (mDKK) | (thousand | ||||
| hectolitres) | |||||
| Denmark | 583 | 720 | ‐7 | ‐16 | |
| Italy | 364 | 248 | 2 | ‐2 | |
| Germany | 268 | 643 | 4 | ‐4 | |
| Nordic countries | 13 | 37 | ‐47 | ‐43 | |
| Other markets *) | 0 | 0 | 0 | 0 | |
| Total Western Europe | 1,228 | 1,648 | ‐3 | ‐11 |
*) The beer sales operations in France have as of 2009 been combined with the malt drinks sales operations in France. Therefore, segment reporting has been changed in accordance with IFRS 8 to the effect that as of 2009 beer sales in France are reported under the segment Malt and Overseas Markets. Comparative figures for 2008 have been restated accordingly.
It is estimated that total branded beer sales in Denmark decreased by some 7% in H1 2009, whereas soft drinks sales were reduced by some 9%.
The development in Royal Unibrew's total sales in H1 2009 was affected by the earlier closure of the Maribo brewery and the termination of unprofitable supply agreements concerning private labels in H1 2009. Adjusting for these reductions in the Company's sales, sales were 4% lower whereas net revenue in H1 2009 was almost 2% lower than in 2008. In H1, sales shifted partly from the Horeca sector towards the retail sector and partly towards sales units with higher volumes of soft drinks. Royal Unibrew's market shares were increased in H1 both for branded beer and for soft drinks.
Price increases were introduced in Denmark in early 2009.
The Egekilde brand range was extended with the introduction of a new taste variety.
In Italy sales of Royal Unibrew's key brand, Ceres Strong Ale, increased in H1 by some 3% in a market declining by just above 2%, whereas sales of products with a lower market value were below those of H1 2008. Accordingly, Royal Unibrew's net revenue increased by 2% in spite of a 2% sales reduction. Royal Unibrew realised the planned price increases. Royal Unibrew's sales in Italy in H1 2009 are considered to have been affected by the rebuilding of inventories, and the Ceres Strong Ale market share is estimated to have increased both in the Horeca sector and in the retail sector.
Also in the German market (including cross‐border trade), the Group's net revenue increased in spite of decreasing sales. Royal Unibrew's branded product sales increased, which, combined with price increases introduced, resulted in total revenue in H1 2009 being 4% higher than in 2008.
| Eastern Europe | 2009 | 2008 | % change |
|---|---|---|---|
| Sales (thousand hectolitres) | 1,369 | 1,623 | ‐16 |
| Net revenue (mDKK) | 464 | 575 | ‐19 |
| Operating loss | |||
| (before special items) (mDKK) | (13.3) | (13.8) | 4 |
| Profit margin (%) | 2.9 | 2.4 | |
| EBIT (mDKK) | (15.3) | (13.8) | ‐11 |
| EBIT margin (%) | ‐3.3 | ‐2.4 |
The Eastern Europe segment comprises the markets for beer, fruit juices and soft drinks in Latvia, Lithuania and Poland. In H1 2009, Eastern Europe accounted for 42% of group sales and 24% of net revenue (2008: 43% and 28%, respectively).
The markets in the segment were in 2009 affected by the reduction in beverages consumption which in the case of Latvia and Poland occurred in 2008 and which was seen in Lithuania too in Q1 2009. Sales declined by 16% and net revenue in the segment was reduced by 19% including 7 percentage points caused by the negative PLN rate development.
In spite of the significant sales and revenue reduction, operating profit before "special items" showed a DKK 0.5 million improvement on H1 2008 since, as a result of great focus on adjusting the capacity basis, significant cost savings were realised.
EBIT was negatively affected by "special items" of DKK 2 million in H1 relating to, among other things, reor‐ ganisation in Poland and the Baltic countries.
| Eastern Europe | Actual H1 2009 | Growth over 2008 | ||
|---|---|---|---|---|
| Net revenue Sales |
Net revenue (%) | Sales (%) | ||
| (mDKK) | (thousand | |||
| hectolitres) | ||||
| Lithuania | 175 | 410 | ‐7 | ‐6 |
| Latvia | 146 | 450 | ‐23 | ‐28 |
| Poland | 142 | 507 | ‐25 | ‐6 |
| Other markets | 1 | 2 | ‐85 | ‐88 |
| Total Eastern Europe | 464 | 1,369 | ‐19 | ‐16 |
In Lithuania the total beer market decline is estimated at more than 6% in H1 2009, whereas the total decline in the fruit juice market is estimated at some 23%. In H1, Kalnapilio‐Tauro Grupe continued to increase its market shares on both beer and fruit juices and measured by both value and volumes.
In H1 2009, price increases were introduced in Lithuania, and the Tauras brand was strengthened by launching the products in profile bottles. The total product portfolio was strengthened through the introduction of a cider range.
The operating profit before special items in Lithuania in H1 2009 was significantly above expectations and an improvement on 2008.
In Latvia it is estimated that the fruit juice, nectar and still drinks segment declined by some 25% in H1 2009, whereas total beer consumption is estimated at an approximate 5% decline. In 2009, Royal Unibrew's still drinks market share increased, whereas the market shares for fruit juices and branded beer were maintained.
In 2009, price increases were introduced for most product categories. Furthermore, a cider range was launched.
In spite of the substantial sales and revenue decline, operating profit for H1 2009 showed a significant improve‐ ment on 2008 and on expectations. Significant reductions of the cost base were realised in Latvia.
In Poland national beer consumption is estimated at an approximate 8% decline in H1 2009 from the same period of last year caused partly by an increase of beer duties. Royal Unibrew's sales and revenue decreased by 6% and 25%, respectively. Adjusted for the negative PLN rate development, the revenue decline represents only 4%.
The operating profit before special items for H1 was as expected but continues to be unsatisfactory.
| Malt and Overseas Markets | 2009 | 2008 | % change |
|---|---|---|---|
| Sales (thousand hectolitres) | 251 | 292 | ‐14 |
| Net revenue (mDKK) | 221 | 238 | ‐7 |
| Operating profit | |||
| (before special items) (mDKK) | 15.5 | 18.0 | ‐14 |
| Profit margin (%) | 7.0 | 7.6 | |
| EBIT (mDKK) | 12.1 | 18.0 | ‐33 |
| EBIT margin (%) | 5.5 | 7.6 |
The Malt and Overseas Markets segment comprises the Groupʹs breweries and distribution company in the Car‐ ibbean, the export and licence business for malt drinks as well as beer and soft drinks exports to other markets. In H1 2009, Malt and Overseas Markets accounted for 8% of total sales and 12% of net revenue of the Group (2008: 7% and 11%). Net revenue was positively affected by some DKK 10 million, net by the development in the USD and GBP rates.
| Malt and Overseas Markets | Actual H1 2009 | Growth over 2008 | ||
|---|---|---|---|---|
| Net revenue Sales |
Net revenue (%) | Sales (%) | ||
| (mDKK) | (thousand | |||
| hectolitres) | ||||
| The Caribbean | 139 | 123 | 4 | ‐9 |
| The UK | 14 | 18 | ‐59 | ‐44 |
| Africa | 29 | 52 | ‐6 | ‐16 |
| Other markets | 39 | 58 | ‐9 | ‐11 |
| Total Malt and Overseas Mar‐ | 221 | 251 | ‐7 | ‐14 |
| kets |
Developments in the Caribbean continued to be affected by the general economic crisis. Increasing unemployment rates, declining tourism and fewer money transfers from relatives residing in the USA resulted in declining sales in the local markets. While Vitamalt product sales therefore did not live up to expectations in H1 2009, the earnings of the three brewery subsidiaries in the region, viewed on an aggregated basis, were above expectations as a result of efficiency enhancing measures implemented. In spite of a general strike in the main part of Q1, net revenue of the Group's distribution companies in Guadeloupe and Martinique was at the H1 2008 level, and earnings showed significant improvement on 2008 and on expectations.
In the UK sales and revenue were negatively affected by significant inventory reductions with a major customer. Moreover, revenue was negatively affected by some DKK 2 million due to the low GBP rate.
The other markets in the segment realised lower sales than expected primarily due to the global economy, the Group's increased focus on credit granting and the reduction of inventories in the supply chain.
Earnings in the segment, primarily profit before "special items", were DKK 2.5 million below the H1 2008 figure including a net positive effect of some DKK 1.5 million from the development in the USD and GBP rates.
As announced in Company Announcement No 12/2009 of 31 March 2009, the Company's Supervisory Board de‐ cided to cancel the share option programme entered into for the period 2008‐2010 applying to the Executive Board and some 20 executives as from 2008 to the effect that the grants for the 2008 financial year and grants for the 2009 and 2010 financial years lapse.
| Granted | Total number | Number held by | Exercise price | Exercise period |
|---|---|---|---|---|
| unexercised | Executive Board | |||
| Re 2004 | 8,080 | 2,092 | 478 | 4/2008 – 4/2010 |
| Re 2005 | 15,832 | 2,462 | 648 | 4/2009 – 4/2011 |
| Re 2006 | 16,172 | 2,756 | 695 | 4/2010 – 4/2012 |
| Re 2007 | 12,362 | 2,231 | 510 | 4/2011 – 4/2013 |
| Granted 2008 re | ||||
| Strategic Plan | 20,460 | 2,231 | 510 | 4/2011 – 4/2013 |
| Total | 72,906 | 11,772 |
After this, the following share options remain unexercised from previous share option programmes:
The market value of the unexercised options is estimated at DKK 0.1 million under the Black‐Scholes formula. The Company's obligations under the option programmes are covered by the Company's portfolio of treasury shares (106,674 shares).
Royal Unibrew's balance sheet total amounted to DKK 4,018 million at 30 June 2009, which matches the level at the end of 2008.
Group equity amounted to DKK 553 million at the end of June 2009 and was in all material respects affected only by the negative comprehensive income of DKK 23 million ‐ comprising the profit of DKK 17 million for the pe‐ riod, negative exchange adjustments of the Group's foreign group enterprises of DKK 14 million as well as a negative development in the value of currency and interest rate hedging instruments of DKK 26 million. The eq‐ uity ratio represented 13.5% compared to 14.2% at the end of 2008.
Free cash flow for H1 amounted to DKK 49 million compared to a negative DKK 142 million in H1 2008. Due to the peak season in the summer months, cash flow is traditionally negatively affected by an increasing net work‐ ing capital.
Cash flows from operating activities (before financial income and expenses and tax) amounted to DKK 207 mil‐ lion, which was a DKK 120 million improvement on H1 2008, whereas net interest and corporation tax paid to‐
gether affected cash flows positively by DKK 38 million as compared to 2008. Overall, cash flows from operating activities totalling DKK 143 million showed a DKK 158 million improvement on 2008.
Gross investments amounted to DKK 146 million, which is some DKK 26 million below the 2008 figure. The pro‐ ceeds from assets sold amounted to some DKK 40 million primarily relating to the Polish brewery in Koszalin.
Investments in receivables and inventories were increased by DKK 118 million in the period (2008: DKK 321 mil‐ lion), whereas trade payables and other debt increased by DKK 177 million (2008: DKK 272 million – affected by investment creditors). On a total basis, net working capital was, as a result of focus on minimising working capi‐ tal investments, reduced by DKK 58 million in H1 2009 in spite of the season (2008: increased by DKK 50 mil‐ lion).
As announced in the Announcement of Annual Results for 2008, Royal Unibrew has entered into an agreement with its primary bankers that for the next two years (until 31 March 2011) they will make available to the Group the credit facilities considered necessary by the Group based on plans and budgets.
The credit lines provided by the agreement with the banks have been adjusted to the seasonal fluctuations in the Group's capital requirements. At 30 June 2009, the credit line amounts to DKK 2.75 billion, DKK 600 million of which is unutilised. At the end of 2009, the credit line will be reduced to DKK 2.5 billion of which not more than some DKK 2.0 billion is expected to be utilised. For 2010, the funding agreement requires reduction of the credit line from DKK 2.5 billion to DKK 2.0 billion during H2.
Due to the cash flow development in H1 2009, which was above expectations, the Group will constantly consider a reduction of the committed, unutilised facilities (at 30 June 2009 some DKK 600 million).
The funding agreement includes a number of covenants which are measured quarterly: EBITDA, the ratio of net interest bearing debt to EBITDA, solvency ratio, investments and cash flow targets. Based on the Group's plans and budgets, it is estimated that the Group will be able to comply with the agreed covenants. At the end of H1 2009, the target achievement was better than that required by the agreed covenants. Based on the estimated de‐ velopments in H2 2009, the agreed covenants will also be met by the end of 2009 with satisfactory margins.
The credit commitment by the banks is based on the condition that the Company pay no dividend and buy back no shares.
The Group will continue its focus on freeing as much cash as possible through reduction of investments in net working capital and by maintaining a reasonably low investment level.
At the same time, as previously mentioned, all relevant options will be considered to strengthen the Company's financial standing and to ensure an appropriate financial structure.
The Group's results for H1 2009 showed improvement on the results for the corresponding period of last year and were also above expectations.
The estimate at the end of H1 2009 is that the negative growth rate has been diminishing in several of the Group's markets compared to the same period of 2008, but general developments continue to be subject to great uncertainty, and several markets are seeing declining demand.
Royal Unibrew's total sales and revenue will decrease from 2008 due to the generally declining demand. In H1 2009, the Royal Unibrew Group increased or maintained its market shares in most main markets, and these positions are expected to be maintained or strengthened in the coming quarters.
The selling price increases planned for 2009 were realised in Q1. In Q2, intensified price competition has been seen in several markets in Northern Europe.
The reorganisation of the Danish production structure and distribution system as well as the initiatives implemented in Poland and Denmark will continue to contribute towards increasing the Group's profitability. The full impact will be realised during H2 2009. These circumstances as well as dynamic adjustment of the cost base in relation to market developments especially in the Baltic countries will result in an increasing profit margin (operating profit before "special items") as compared to last year.
It is estimated that operating profit before "special items" for 2009 will be at the level of DKK 170‐210 million (previous expectation: in excess of DKK 135 million), whereas net financial expenses are now estimated at DKK 125‐ 135 million (previous expectation: DKK 145‐165 million) primarily due to improved cash flows and gains on an exchange rate contract.
"Special items" are still expected to represent an expense of some DKK 35 million in 2009 primarily attributable to reorganisation in Denmark and Poland.
The effective tax rate for EBIT is expected to be some 30% and the rate for financial expenses is expected to be some 13% (previous expectation: 38% for EBIT and 12% for financials).
Gross investments for the year are still expected to amount to some DKK 250 million and impairment losses for the year to some DKK 215 million.
Based on the cash flow improvements achieved in H1, net interest‐bearing debt at the end of 2009 is expected to amount to some DKK 2 billion, which is lower than the previous expectation and some DKK 150 million lower than at the beginning of the year without taking into account the sale of the Caribbean breweries. Due to this de‐ velopment as well as the earnings improvement mentioned above, a satisfactory margin to the financial ratios (covenants) included in the Group's funding agreement is still expected.
The statements about the future made in the H1 Report 2009 reflect Management's expectations in respect of fu‐ ture events and financial results, as well as of economic trends in key markets and developments in international money, foreign exchange and interest rate markets. Statements about the future will inherently involve uncer‐ tainty and may be affected by – in addition to global economic conditions ‐ market‐driven price reductions, mar‐ ket acceptance of new products, packaging and container types, unforeseen termination of working relationships and changes to regulatory aspects (taxes, environment, packaging), etc. The actual results may therefore deviate from the expectations stated.
Royal Unibrew is a party to a limited number of legal actions. These legal actions are not expected to have any material impact on the financial position of Royal Unibrew.
As mentioned in Company Announcement No 23/2009 of 12 August 2009, Royal Unibrew has entered into a con‐ ditional agreement with the Cerveceria National Dominicana (CND) brewery in the Dominican Republic to sell its shares of the breweries in Antigua, Dominica and St. Vincent to CND.
The total consideration for Royal Unibrew's shares amounts to USD 31 million (some DKK 160 million). More‐ over, the purchasers will take over the debts of the companies. On an aggregated basis, the transaction will re‐
duce Royal Unibrew's interest‐bearing debt by just below DKK 200 million. The net realisable value of the shares is at the level of their carrying amount.
On a translated basis, the enterprise value (EV; 100%) of the companies sold amounts to some USD 44 million (some DKK 255 million), whereas the Group's EBITDA (100%) will be reduced by some DKK 30 million through the sale.
The Group's malt brand Vitamalt will continue to be produced on licence by the breweries sold, and CND will commence licence production and sale of Vitamalt in the Dominican Republic.
The agreements with CND are subject to, among other things, approval by the government in Antigua as well as to obtaining acceptance from certain licensors of the change of ownership. The transaction is expected to be clo‐ sed towards the end of 2009. Consequently, the transaction is not expected to affect the Group's earnings (EBIT) in 2009.
After 17 years with the Royal Unibrew Group, Ulrik Sørensen, CFO, has requested retirement at the end of 2010 in continuation of his sixtieth birthday in 2010. With a view to ensuring the necessary continuity, a search for a new CFO will be initiated. In connection with the new CFO joining – foreseeably around year end 2009/2010 – Ulrik Sørensen will withdraw from the Company's Executive Board. Up until the date of his retirement, Ulrik Sørensen will ‐ in addition to the work of transferring his responsibilities to the new CFO and assisting as re‐ quired ‐ solve special assignments for the Executive Board, including the sale of the Ceres property.
Announcements of financial results: November 2009 Q3 Report 2009
General meeting:
April 2010 Annual General Meeting in Odense
| Announcements of financial results: | |||||
|---|---|---|---|---|---|
| Announcement of Annual Results 2009 | |||||
| Q1 Report 2010 | |||||
| H1 Report 2010 | |||||
| Q3 Report 2010 | |||||
| 23 February 2009 | 01/2009 | Major shareholder information pursuant to section 29 of the Danish Securities Trading Act |
|---|---|---|
| 26 February 2009 | 02/2009 | Announcement of Annual Results for 2008 |
| 11 March 2009 | 03/2009 | Reporting according to the Danish Securities Trading Act section 28a |
| 12 March 2009 | 04/2009 | Reporting according to the Danish Securities Trading Act section 28a |
| 19 March 2009 | 05/2009 | Major shareholder information pursuant to section 29 of the Danish Securities Trading Act |
| 23 March 2009 | 06/2009 | Reporting according to the Danish Securities Trading Act section 28a |
| 25 March 2009 | 07/2009 | Reporting according to the Danish Securities Trading Act section 28a |
| 26 March 2009 | 08/2009 | Reporting according to the Danish Securities Trading Act section 28a |
| 27 March 2009 | 09/2009 | Royal Unibrew Polska Sp. z o.o. accelerates the divesture of the brewery in Koszalin |
| 30 March 2009 | 10/2009 | Reporting according to the Danish Securities Act section 28a |
| 31 March 2009 | 11/2009 | Major shareholder information pursuant to section 29 of the Danish Securities |
| Trading Act | ||
| 31 March 2009 | 12/2009 | Cancellation of the Share Option Programme |
| 1 April 2009 | 13/2009 | Major shareholder information pursuant to section 29 of the Danish Securities |
| Trading Act | ||
| 8 April 2009 | 14/2009 | Major shareholder information pursuant to section 29 of the Danish Securities |
| Trading Act | ||
| 15 April 2009 | 15/2009 | Annual General Meeting – notice of meeting |
| 29 April 2009 | 16/2009 | Q1 Report 2009 |
| 29 April 2009 | 17/2009 | Annual General Meeting 2009 |
| 25 May 2009 | 18/2009 | Major shareholder information pursuant to section 29 of the Danish Securities Trading Act |
| 27 May 2009 | 19/2009 | Major shareholder information pursuant to section 29 of the Danish Securities |
| Trading Act | ||
| 29 May 2009 | 20/2009 | Major shareholder information pursuant to section 29 of the Danish Securities |
| Trading Act | ||
| 29 May 2009 | 21/2009 | Major shareholder information pursuant to section 29 of the Danish Securities |
| Trading Act | ||
| 2 June 2009 | 22/2009 | Royal Unibrew's sale of the Polish brewery in Koszalin completed |
| 12 August 2009 | 23/2009 | Royal Unibrew enters into agreement to sell Caribbean breweries |
The Executive and Supervisory Boards have presented the H1 Report of Royal Unibrew A/S. The H1 Report has today been considered and adopted.
The H1 Report, which has not been audited or reviewed by the Company's auditors, was prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and additional Danish disclosure requirements for listed companies.
We consider the accounting policies applied appropriate and the accounting estimates made reasonable, and, in our opinion, the H1 Report provides the information relevant to assess the financial circumstances of the Group and the Parent Company. Accordingly, in our opinion, the H1 Report gives a true and fair view of the financial position of the Group as well as of the results of the Group operations and cash flows for the period 1 January ‐ 30 June 2009.
In our Opinion, Management's Review gives a true and fair view of the development in the activities and finan‐ cial circumstances of the Group, of results of operations for the period and of the overall financial position of the enterprises comprised by the Consolidated Financial Statements, and a description of the key risks and uncer‐ tainties facing them.
Faxe, 25 August 2009
Henrik Brandt CEO
Ulrik Sørensen Hans Savonije
CFO Executive Director
Supervisory Board
Steen Weirsøe Tommy Pedersen Chairman Deputy Chairman
Ulrik Bülow Erik Christensen Erik Højsholt
Allan Meier Jensen Kirsten Liisberg Hemming Van
| 2009 2008 2009 2008 2008 Note Revenue 2,238,178 2,453,561 1,341,527 1,460,120 4,918,600 Beer and mineral water excises (325,273) (373,872) (196,267) (218,740) (739,897) Net revenue 1,912,905 2,079,689 1,145,260 1,241,380 4,178,703 Production costs (1,096,169) (1,198,217) (632,143) (691,067) (2,433,298) Gross profit 816,736 881,472 513,117 550,313 1,745,405 0 0 Sales and distribution expenses (619,727) (699,493) (341,153) (392,369) (1,387,543) Administrative expenses (111,590) (120,034) (57,890) (59,996) (226,844) Other operating income 1,462 1,392 737 458 3,835 Operating profit before special items 86,881 63,337 114,811 98,406 134,853 Special items 4 (24,780) (33,939) (8,274) (1,344) (50,125) Impairment losses 0 0 0 0 (384,957) Profit/(loss) before financial income and ex‐ 62,101 29,398 106,537 97,062 (300,229) penses Income after tax from investments in associates 13,469 7,128 13,562 11,653 22,654 Impairment losses (70,104) Financial income 29,927 2,856 3,482 352 33,899 Financial expenses (82,589) (55,715) (56,605) (29,639) (139,185) Profit/(loss) before tax 22,908 (16,333) 66,976 79,428 (452,965) Tax on the loss for the period 5 (6,000) 4,500 (15,500) (23,000) (30,200) Profit/(loss) for the period 16,908 (11,833) 51,476 56,428 (483,165) distributed as follows: Parent Company shareholders' share of loss for the period 16,268 (11,831) 50,772 56,502 (484,333) Minority shareholders' share of profit/loss for the period 640 (2) 704 (74) 1,168 Profit/(loss) for the period 16,908 (11,833 51,476 56,428 (483,165) Parent Company shareholders' share of earn‐ 6 3.0 (2.1) 9.3 10.3 (89.0) ings per share (DKK) Parent Company shareholders' share of diluted 6 3.0 (2.1) 9.3 10.3 (89.0) earnings per share (DKK) Comprehensive income Revaluation of project development properties 0 0 240,000 0 0 Value and exchange adjustment of foreign group enterprises (14,352) 4,016 (17,912) 8,348 (99,434) Value adjustment of hedging instruments (25,738) 36,247 (2,415) 49,070 (48,345) 0 (7,327) (56,315) Tax on equity entries 0 (9,954) (40,090) 32,936 (20,327) 47,464 35,906 Net gains recognised directly on equity Profit/(loss) for the period 16,908 (11,833) 51,476 56,428 (483,165) Comprehensive income (23,182) 21,103 31,149 103,892 (447,259) |
1/1 ‐ 30/6 | 1/1 ‐ 30/6 | 1/4 ‐ 30/6 | 1/4 ‐ 30/6 | 1/1 ‐ 31/12 | |
|---|---|---|---|---|---|---|
| 30/6 2009 | 30/6 2008 | 31/12 2008 | |
|---|---|---|---|
| Note | |||
| NON‐CURRENT ASSETS | |||
| Goodwill | 314,851 | 506,597 | 311,275 |
| Trademarks | 167,143 | 283,977 | 167,885 |
| Distribution rights | 6,505 | 7,855 | 7,186 |
| Intangible assets | 488,499 | 798,429 | 486,346 |
| Land and buildings | 719,484 | 827,597 | 643,363 |
| Project development properties | 400,522 | 0 | 400,000 |
| Plant and machinery | 691,541 | 525,925 | 529,291 |
| Other fixtures and fittings, tools and equip‐ | |||
| ment | 226,195 | 227,545 | 214,997 |
| Property, plant and equipment in progress | 67,271 | 188,603 | 291,787 |
| Property, plant and equipment | 2,105,013 | 1,769,670 | 2,079,438 |
| Investments in associates | 92,157 | 230,398 | 87,650 |
| Receivables from associates | 0 | 25,375 | 20,634 |
| Other investments | 53,169 | 3,054 | 56,900 |
| Other receivables | 8,623 | 12,711 | 11,939 |
| Financial assets | 153,949 | 271,538 | 177,123 |
| Non‐current assets | 2,747,461 | 2,839,637 | 2,742,907 |
| CURRENT ASSETS | |||
| Raw materials and consumables | 118,941 | 196,867 | 122,194 |
| Work in progress | 28,465 | 35,437 | 27,177 |
| Finished goods and purchased finished | |||
| goods | 201,415 | 220,804 | 265,302 |
| Inventories | 348,821 | 453,108 | 414,673 |
| Trade receivables | 653,847 | 771,395 | 541,566 |
| Receivables from associates | 767 | 1,695 | 1,008 |
| Corporation tax receivable | 46,101 | 0 | 37,667 |
| Other receivables | 83,303 | 70,432 | 76,012 |
| Prepayments | 113,763 | 52,601 | 147,191 |
| Receivables | 897,781 | 896,123 | 803,444 |
| Cash at bank and in hand | 92,545 | 96,279 | 90,384 |
| Current assets | 1,339,147 | 1,445,510 | 1,308,501 |
| Assets | 4,086,608 | 4,285,147 | 4,051,408 |
| 30/6 2009 | 30/6 2008 | 31/12 2008 | ||
|---|---|---|---|---|
| Note | ||||
| EQUITY | ||||
| Share capital | 7 | 56,000 | 59,000 | 56,000 |
| Revaluation reserves | 180,000 | 0 | 180,000 | |
| Translation reserve | (111,523) | 4,417 | (102,279) | |
| Hedging reserve | (60,341) | 37,177 | (34,603) | |
| Retained earnings | 437,689 | 914,712 | 925,121 | |
| Proposed dividend | 0 | 0 | 0 | |
| Profit/(loss) for the period | 16,268 | (11,831) | (484,333) | |
| Equity of Parent Company shareholders | 518,093 | 1,003,475 | 539,906 | |
| Minority interests | 35,282 | 37,312 | 34,922 | |
| Equity | 553,375 | 1,040,787 | 574,828 | |
| Deferred tax | 174,797 | 135,732 | 179,378 | |
| Mortgage debt | 734,723 | 749,234 | 734,655 | |
| Credit institutions | 1,496,486 | 1,013,280 | 968,887 | |
| Non‐current liabilities | 2,406,006 | 1,898,246 | 1,882,920 | |
| Mortgage debt | 0 | 953 | 0 | |
| Credit institutions | 0 | 334,047 | 599,336 | |
| Repurchase obligation, returnable packaging | 64,566 | 78,078 | 74,056 | |
| Trade payables | 569,426 | 664,210 | 523,175 | |
| Corporation tax | 0 | 10,288 | 0 | |
| VAT, excise duties, etc | 186,959 | 109,882 | 61,439 | |
| Other payables | 306,276 | 148,656 | 335,654 | |
| Current liabilities | 1,127,227 | 1,346,114 | 1,593,660 | |
| Liabilities | 3,533,233 | 3,244,360 | 3,476,580 | |
| Liabilities and equity | 4,086,608 | 4,285,147 | 4,051,408 |
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| 1/1 ‐ 30/6 | 1/1 ‐ 30/6 | ||
|---|---|---|---|
| 2009 | 2008 | ||
| Note | |||
| Profit/(loss) for the period | 16,908 | (11,833) | |
| Adjustments for non‐cash operating items | 8 | 131,497 | 148,058 |
| 148,405 | 136,225 | ||
| Change in working capital: | |||
| +/‐ change in receivables | (181,896) | (219,813) | |
| +/‐ change in inventories | 63,523 | (101,594) | |
| +/‐ change in payables | 176,613 | 271,664 | |
| Cash flows from operating activities before finan‐ | |||
| cial income and expenses | 206,645 | 86,482 | |
| Financial income | 69,042 | 2,824 | |
| Financial expenses | (111,104) | (58,834) | |
| Cash flows from ordinary activities | 164,583 | 30,472 | |
| Corporation tax paid | (22,056) | (45,992) | |
| Cash flows from operating activities | 142,527 | (15,520) | |
| Dividend received from associates | 12,485 | 14,984 | |
| Sale of property, plant and equipment | 39,877 | 30,434 | |
| Purchase of property, plant and equipment | (146,020) | (171,875) | |
| Free cash flow | 48,869 | (141,977) | |
| Acquisition of subsidiaries | 8 | 0 | (126,546) |
| Acquisition of intangible and financial assets | 21,669 | (2,923) | |
| Cash flows from investing activities | (71,989) | (255,926) | |
| Proceeds from raising of non‐current debt | 0 | 180,362 | |
| Repayment of non‐current debt | 0 | (574) | |
| Change in current debt to credit institutions | (67,230) | 130,823 | |
| Dividend paid | 0 | (54,901) | |
| Acquisition of shares for treasury | 0 | (46,244) | |
| Sale of treasury shares | 0 | 1,551 | |
| Cash flows from financing activities | (67,230) | 211,017 | |
| Change in cash and cash equivalents | 3,308 | (60,429) | |
| Cash and cash equivalents at 1 January | 90,384 | 157,832 | |
| Exchange adjustment | (1,147) | (1,124) | |
| Cash and cash equivalents at 30 June | 92,545 | 96,279 | |
The H1 Report is presented in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies.
Except for the implementation of the amended IFRS 2 (Share‐based Payment), IFRS 8 (Segment Reporting) and IAS 23R (Borrowing Costs), the accounting policies are unchanged from those applied in the Annual Report for 2008, to which reference is made. Only IAS 23R affects the financial statements as compared to the previous recognition and measurement as well as note disclosures.
The implementation of IAS 23R, under which borrowing costs relating to own construction of non‐current as‐ sets are to be capitalised, has affected results (financial expenses) for the period and the value of property, plant and equipment in progress positively by some DKK 4 million (2008: some DKK 1 million.) as compared to the accounting policy previously applied. The recognition for prior periods has not been adjusted.
Except for the above description relating to the implementation of IAS 23R, the Annual Report for 2008 pro‐ vides a total description of accounting policies significant to the financial statements.
The preparation of interim financial reporting requires that Management make accounting estimates and judgements which affect the application of accounting policies and recognised assets, liabilities, income and expenses. Actual results may deviate from these estimates.
The key estimates made by Management in applying the Group's accounting policies and the key uncertain‐ ties relating to the estimates are the same when preparing the interim financial reporting as when preparing the Annual Report at 31 December 2008.
The estimates made at 30 June 2009 of the fair value of project development properties and securities did not give rise to changing the fair values recognised at 31 December 2008.
Note3 Segment Reporting
TheGroup's activities break down as follows on segments (mDKK):
| / / 1 1 ‐ 3 1 3 2 0 0 9 |
/ / 1 1 ‐ 3 1 3 2 0 0 8 |
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|---|---|---|---|---|---|---|---|---|---|---|
| l & M t a |
l & M t a |
|||||||||
| W ter es n |
Ea ter s n |
Ov er se as |
W ter es n |
Ea ter s n |
Ov er se as |
|||||
| Eu ro e p |
Eu ro e p |
ke M ts ar |
l lo d Un te a ca |
l To ta |
Eu ro e p |
Eu ro e p |
ke M ts ar |
l lo d Un te a ca |
l To ta |
|
| 4 9 1. 3 |
1 8 0. 8 |
9 5. 5 |
7 6 7. 6 |
Ne t r ev en ue |
5 0 8. 4 |
2 2 8. 8 |
1 0 1. 1 |
8 3 8. 3 |
||
| 1 0. |
( ) 1 8. 2 |
1 2. |
( ) 1 2. 0 |
( ) 8. 2 0 |
f / ( los ) Op in i t t era g p ro s |
( ) 3. 0 |
( ) 2 2. 3 |
1. 9 |
( ) 1 1. 7 |
( ) 1 3 5. |
| ( ) 8. 4 |
( ) 4. 7 |
( ) 3. 4 |
( ) 1 6. 5 |
Sp l ia ite ec ms |
( ) 3 2. 6 |
( ) 3 2. 6 |
||||
| ( ) 8. 3 |
( ) 2 2. 9 |
( ) 1. 3 |
( ) 1 2. 0 |
( ) 4 4. 5 |
Ea in be for in d ( E I ) B T ter t a tax rn g s e es n |
( ) 3 5. 6 |
( ) 2 2. 3 |
1. 9 |
( ) 1 1. 7 |
( ) 6 7. 7 |
| ( 1. 6 ) |
0. 0 |
1. 5 |
( 0. 1 |
S ha f fro inc iat re o om e ass oc es m |
( ) 2. 2 |
( ) 3. 2 |
0. 9 |
( ) 4. 5 |
||
| ( 0. 8 ) |
( 5. 5 ) |
1. 8 |
5. 0 |
0. 5 |
Ot he f l d e ina ia inc r nc om e a n xp en ses |
( 0. 2 ) |
( 2. 3 ) |
0. 2 |
( 2 1. 3 ) |
( ) 2 3. 6 |
| ( 1 ) 0. 7 |
( 4 ) 2 8. |
2. 0 |
( ) 7. 0 |
( 4 4. 1 ) |
f / los be for for he d Pr i ( ) io t tax t o s e p er |
( ) 3 8. 0 |
( ) 2 7. 8 |
3. 0 |
( ) 3 3. 0 |
( ) 9 5. 8 |
| 9. 5 |
9. 5 |
he f / los for he d Ta it ( ) io t t o x n p ro s p er |
2 7. 5 |
2 7. 5 |
||||||
| ( 4. ) 3 6 |
f / los for he d Pr i ( ) io t t o s p er |
( ) 6 8. 3 |
||||||||
| % 0. 0 |
% 1 0. 1 ‐ |
% 2. 2 |
% 3. 6 ‐ |
f i in Pr t m o arg |
% 0. 6 ‐ |
% 9. 7 ‐ |
% 1. 9 |
% 4. 2 ‐ |
||
| l M & t a |
l M & t a |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| W ter es n |
Ea ter s n |
Ov er se as |
W ter es n |
Ea ter s n |
Ov er se as |
|||||
| Eu ro p e |
Eu ro p e |
ke M ts ar |
Un l lo d te a ca |
l To ta |
Eu ro p e |
Eu ro p e |
ke M ts ar |
Un l lo d te a ca |
l To ta |
|
| 3 6. 4 7 |
3. 2 8 8 |
1 1 2 5. |
1, 1 4 5. 3 |
Ne t r ev en ue |
7 5 8. 2 |
3 4 6. 2 |
1 3 0 7. |
1. 4 1. 4 2 |
||
| 1 0 4. 7 |
4. 9 |
1 3. 4 |
( ) 8. 1 |
1 1 4. 9 |
Op in f i / ( los ) t t era ro g p s |
8 7. 4 |
8. 5 |
1 6. 1 |
( ) 1 3. 6 |
9 8. 4 |
| ( 7. 0 ) |
2. 7 |
0. 0 |
( 4. 0 ) |
( ) 8. 3 |
Sp ia l ite ec ms |
( ) 1. 3 |
( ) 1. 3 |
|||
| 9 7. 7 |
7. 6 |
1 3. 4 |
( ) 1 2. 1 |
1 0 6. 6 |
Ea in be for in d ( E B I T ) ter t a tax e es rn g s n |
8 6. 1 |
8. 5 |
1 6. 1 |
( ) 1 3. 6 |
9 7. 1 |
| 1 2. 9 |
0. 0 |
0. 7 |
1 3. 6 |
ha f fro S inc iat re o om e m ass oc es |
9. 0 |
1. 6 |
1. 0 |
1 1. 6 |
||
| ( 0. 9 ) |
( 1 4 ) 5. |
( 2. 1 ) |
( 3 4. ) 8 |
( ) 5 3. 2 |
Ot he f l d e ina ia inc om e a en ses r nc n xp |
( 0. 6 ) |
( ) 8. 7 |
( 0. ) 5 |
( 1 9. 4 ) |
( ) 2 9. 2 |
| 1 0 9. 7 |
( ) 7. 8 |
1 2. 0 |
( ) 4 6. 9 |
6 7. 0 |
f i / ( los ) be for for he io d Pr t tax t o e er s p |
9 4. 5 |
1. 4 |
1 6. 6 |
( ) 3 3. 0 |
7 9. 5 |
| ( 1 ) 5. 5 |
( 1 ) 5. 5 |
Ta he f / ( los ) for he d it io t t x o ro er n p s p |
( 3. 0 ) 2 |
( ) 2 3. 0 |
||||||
| 5 1. 5 |
f i / ( los ) for he io d Pr t t o er s p |
5 6. 5 |
||||||||
| % 1 4. 2 |
% 1. 7 |
% 1 0. 7 |
% 1 0. 0 |
f Pr i in t m o arg |
% 1 1. 5 |
% 2. 5 |
% 1 1. 8 |
% 7. 9 |
| / / 1 1 ‐ 3 0 6 2 0 0 9 |
/ / 1 1 ‐ 3 0 6 2 0 0 8 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| l M & t a |
l M & t a |
|||||||||
| W ter es n |
Ea ter s n |
Ov er se as |
W ter es n |
Ea ter s n |
Ov er se as |
|||||
| Eu ro p e |
Eu ro p e |
M ke ts ar |
Un l lo d te a ca |
To l ta |
Eu ro p e |
Eu ro p e |
M ke ts ar |
Un l lo d te a ca |
To l ta |
|
| 1, 2 2 7. 7 |
4 6 4. 6 |
2 2 0. 6 |
0. 0 |
1, 9 1 9 2. |
Ne t r ev en ue |
1, 2 6 6. 6 |
5 7 5. 0 |
2 3 8. 1 |
0. 0 |
9. 2, 0 7 7 |
| 1 0 4. 8 |
( ) 1 3. 3 |
1 5. 5 |
( ) 2 0. 1 |
8 6. 9 |
Op in f i / ( los ) t t era ro g p s |
8 4. 4 |
( ) 1 3. 8 |
1 8. 0 |
( ) 2 5. 3 |
6 3. 3 |
| ( 1 5. 4 ) |
( 2. 0 ) |
( 3. 4 ) |
( 4. 0 ) |
( ) 2 4. 8 |
l Sp ia ite ec ms |
( 3 3. 9 ) |
0. 0 |
0. 0 |
0. 0 |
( ) 3 3. 9 |
| 8 9. 4 |
( ) 1 5. 3 |
1 2. 1 |
( ) 2 4. 1 |
6 2. 1 |
Ea in be for in d ( E B I T ) ter t a tax rn g s e es n |
5 0. 5 |
( ) 1 3. 8 |
1 8. 0 |
( ) 2 5. 3 |
2 9. 4 |
| 1 1. 3 |
0. 0 |
2. 2 |
0. 0 |
1 3. 5 |
ha f fro S inc iat re o om e m ass oc es |
6. 8 |
( 1. 6 ) |
1. 9 |
0. 0 |
7. 1 |
| ( 1. 7 ) |
( 2 0. 9 ) |
( 0. 3 ) |
( 2 9. 8 ) |
( ) 5 2. 7 |
Ot he f ina ia l inc d e om e a xp en ses r nc n |
( 0. 8 ) |
( 1 1. 0 ) |
( 0. 3 ) |
( 4 0. 7 ) |
( ) 5 2. 8 |
| 9 9. 0 |
( ) 3 6. 2 |
1 4. 0 |
( ) 5 3. 9 |
2 2. 9 |
f i / ( los ) be for for he io d Pr t tax t o e er s p |
5 6. 5 |
( ) 2 6. 4 |
1 9. 6 |
( ) 6 6. 0 |
( ) 1 6. 3 |
| ( 6. 0 ) |
( ) 6. 0 |
he f / los for he d Ta it ( ) io t t x o n p ro s p er |
4. 5 |
4. 5 |
||||||
| 1 6. 9 |
/ Pr f i ( los ) for he io d t t o s p er |
( ) 1 1. 8 |
||||||||
| % 8. 5 |
% 2. 9 ‐ |
% 7. 0 |
% 4. 5 |
f i in Pr t m o arg |
% 6. 7 |
% 2. 4 ‐ |
% 7. 6 |
% 3. 0 |
| 1/4 ‐ 30/6 | 1/1 ‐ 30/6 | |||
|---|---|---|---|---|
| 2008 | 2009 | 2009 | 2008 | |
| 21,500 | Profit on sale of non‐current assets related to reorganisation |
21,500 | ||
| 0 | 21,500 | Total special income | 21,500 | 0 |
| 148 | (6,973) | Expenses and value adjustment of assets related to reorganisation in Denmark |
(15,385) | (32,991) |
| (1,492) | (22,801) | Expenses and value adjustments of as‐ sets related to foreign subsidiaries |
(30,895) | (948) |
| (1,344) | (29,774) | Total special expenses | (46,280) | (33,939) |
| (1,344) | (8,274) | Total special items | (24,780) | (33,939) |
The tax expense for the period recognised in the income statement has been calculated on the basis of the expected EBIT and the expected net interest expenses of the Group in aggregate for 2009 with ef‐ fective tax rates of some 30% for EBIT and some 13% for net interest expenses, respectively (at 30 June 2008 a total effective tax rate of some 29%). The tax recognised includes an income of DKK 7 million as an adjustment relating to prior year.
In addition to the tax recognised in the income statement, a tax income of DKK 0k has been recog‐ nised directly in equity related to the equity entries for the period (at 30 June 2008 an expense of DKK 9,127k and for the full year 2008 an expense of DKK 56,315k).
| 1/1 ‐ 30/6 | 1/1 ‐ 30/6 | |
|---|---|---|
| 2009 | 2008 | |
| The Parent Company shareholdersʹ share of profit for the year (DKK | ||
| '000) | 16,268 | (11,831) |
| The average number of treasury shares amounted to | 106,674 | 393,718 |
| The average number of shares in circulation amounted to | 5,493,326 | 5,506,282 |
| The average number of shares in circulation incl. share options ʺin‐ | ||
| the‐moneyʺ amounted to | 5,493,326 | 5,536,282 |
Diluted earnings and cash flow per share have been calculated on the basis of the Parent Company shareholdersʹ share of loss for the period.
| Parent Company | |||||
|---|---|---|---|---|---|
| 2009 | 2008 | ||||
| Balance at 1 January | 0 | 0 | |||
| Additions | 0 | 46,244 | |||
| Disposals | 0 | (1,551) | |||
| Transferred to equity. net | 0 | (44,693) | |||
| Balance at 30 June | 0 | 0 |
| Nom, | % of | ||
|---|---|---|---|
| Number | value | capital | |
| Portfolio at 1 January 2008 | 316,847 | 3,168 | 5.4 |
| Additions | 93,374 | 934 | 1.6 |
| Disposals | (3,547) | (35) | (0.1) |
| Cancelled upon reduction of capital | 0 | 0 | 0.0 |
| Portfolio at 30 June 2008 | 406,674 | 4,067 | 6.9 |
| Portfolio at 1 January 2009 | 106,674 | 1,067 | 1.9 |
| Additions | 0 | 0 | 0.0 |
| Disposals | 0 | 0 | 0.0 |
| Cancelled upon reduction of capital | 0 | 0 | 0.0 |
| Portfolio at 30 June 2009 | 106,674 | 1,067 | 1.9 |
| 1/1 ‐ 30/6 | 1/1 ‐ 30/6 | |
|---|---|---|
| 2009 | 2008 | |
| Adjustments for non‐cash operating items | ||
| Financial income | (29,927) | (2,856) |
| Financial expenses | 82,589 | 55,715 |
| Amortisation, depreciation and impairment of intan‐ gible assets and property, plant and equipment |
96,152 | 97,329 |
| Tax on the profit/(loss) for the period | 6,000 | (4,500) |
| Income from investments in associates | (13,469) | (7,128) |
| Net profit/(loss) from sale of property, plant and equipment |
(21,039) | (4,320) |
| Share‐based payments and remuneration | (631) | (185) |
| Other adjustments | 11,822 | 14,003 |
| Total | 131,497 | 148,058 |
| 1/1 ‐ 30/6 2009 |
1/1 ‐ 30/6 2008 |
|
|---|---|---|
| Assets | ||
| Non‐current assets | 125,577 | |
| Current assets | 969 | |
| Acquisition price | 0 | 126,546 |
No acquisitions were made in H1 2009.
The following acquisitions were made in 2008:
At 1 January 2008, Royal Unibrew A/Sʹ subsidiary Lacpleasa Alus acquired assets and activity of the Latvian brewery Livu Alus. Livu Alus markets, sells and produces its own beer brand in Latvia, pri‐ marily in the Liepaja region.
| Fair value at date of acquisition |
|
|---|---|
| Intangible assets | 6,419 |
| Property, plant and equipment | 119,158 |
| Inventories | 969 |
| Cash acquisition price | 126,546 |
| including acquisition costs (consulting fees) of | 1,022 |
The carrying amounts prior to the acquisition are not available.
| 2009 | 2008 | 2007 | 2006 | 2005 | |
|---|---|---|---|---|---|
| SALES (thousand hectolitres) | 3,268.0 | 3,756.0 | 3,351.0 | 3,061.0 | 2,709.0 |
| FINANCIAL HIGHLIGHTS (mDKK) | |||||
| Income Statement | |||||
| Net revenue | 1,912.9 | 2,079.7 | 1,826.0 | 1,619.0 | 1,514.8 |
| Operating profit before special items | 86.9 | 63.3 | 55.8 | 60.6 | 65.5 |
| Special items | (24.8) | (33.9) | 0.0 | 0.0 | 0.0 |
| Profit before financial income and expenses | 62.1 | 29.4 | 55.8 | 60.6 | 65.5 |
| Net financials | (39.2) | (45.7) | (18.3) | (14.7) | (11.8) |
| Profit/(loss) before tax | 22.9 | (16.3) | 37.5 | 45.9 | 53.7 |
| Consolidated profit/(loss) | 16.9 | (11.8) | 41.2 | 35.3 | 51.2 |
| Royal Unibrew A/Sʹ share of profit/(loss) | 16.3 | (11.8) | 40.3 | 34.4 | 51.6 |
| Balance Sheet | |||||
| Total assets | 4,086.6 | 4,285.1 | 3,927.9 | 3,317.6 | 3,130.6 |
| Equity | 553.4 | 1,040.8 | 1,103.9 | 1,087.9 | 1,061.5 |
| Net interest‐bearing debt | 2,138.7 | 1,975.9 | 1,567.8 | 1,154.0 | 1,154.0 |
| Free cash flow | 48.9 | (142.0) | (17.3) | (57.5) | (19.2) |
| Per share | |||||
| Royal Unibrew A/S' share of earnings per | |||||
| share (DKK) | 3.0 | (2.1) | 7.0 | 5.5 | 8.0 |
| Royal Unibrew A/S' diluted share of earnings | |||||
| per share (DKK) | 3.0 | (2.1) | 6.9 | 5.5 | 8.0 |
| Cash flow per share (DKK) | 25.9 | (2.8) | 12.3 | 4.6 | 5.4 |
| Diluted cash flow per share (DKK) | 25.9 | (2.8) | 12.1 | 4.6 | 5.4 |
| Key figures (mDKK) | |||||
| EBITDA | 138.7 | 108.8 | 139.0 | 156.9 | 159.2 |
| EBIT | 62.1 | 29.4 | 55.8 | 60.6 | 65.5 |
| Key ratios (%) | |||||
| Profit margin | 4.5 | 3.0 | 3.1 | 3.7 | 4.3 |
| EBIT margin | 3.2 | 1.4 | 3.1 | 3.7 | 4.3 |
| Free cash flow as a percentage of net revenue | 2.6 | (6.8) | (0.9) | (3.6) | (1.3) |
| Equity ratio | 13.5 | 24.3 | 28.1 | 32.8 | 33.9 |
| Debt ratio | 386.5 | 189.8 | 142.0 | 106.1 | 108.7 |
| Net interest‐bearing debt | Mortgage debt and debt to credit institutions less cash at bank and in hand, interest‐bearing current investments and receivables |
|---|---|
| Free cash flow | Cash flow from operating activities less net investments in property, plant and equipment and plus dividends from as‐ sociates |
| Earnings per share (DKK) | Royal Unibrew A/S' share of the profit for the year/number of shares in circulation |
| Cash flow per share (DKK) | Cash flow from operating activities/number of shares in cir‐ culation |
| Diluted earnings and cash flow per share (DKK) |
Royal Unibrew A/Sʹ share of earnings and cash flow, respec‐ tively, from operating activities/average number of shares in circulation including share options ʺin‐the‐moneyʺ |
| EBITDA | Earnings before interest, tax, depreciation, amortisation and impairment losses as well as profit from sale of property, plant and equipment and amortisation of intangible assets |
| EBIT | Earnings before interest and tax |
| Profit margin | Operating profit before special items as a percentage of net revenue |
| EBIT margin | EBIT as a percentage of net revenue |
| Free cash flow as a percentage of net reve‐ nue |
Free cash flow as a percentage of net revenue |
| Equity ratio | Equity at year end as a percentage of total assets |
| Debt ratio | Net interest‐bearing debt at year end as a percentage of year‐ end equity |
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