Financial Statement as at 31 December 2017

Strong set of results; proposed dividend increase of 60%

Unless otherwise stated, comments in this announcement refer to full-year performance.


  • Our efficiency programme, Funding the Journey, delivered accumulated benefits of around DKK 1.7bn for 2016 and 2017 (2017: DKK 1.2bn). Total benefits are now expected to reach around DKK 2.3bn by 2018 (previously around DKK 2bn).
  • Reported net revenue of DKK 61,808m; organic net revenue growth of 1%
    • Solid +3% price/mix improvement with good progress across all regions.
  • Total volumes down organically by 2%, impacted by the PET downsizing in Russia.
    • Tuborg volume growth +3%, Carlsberg +1%, Grimbergen +15% and 1664 Blanc +46%.
    • Craft & speciality volume growth +29%, alcohol-free brew volume in Western Europe +15%.
  • Organic operating profit growth of 8.4%; reported growth of 7.7% to DKK 8,876m.
    • Operating margin +120bp to 14.4%; improvement in all three regions.
  • Adjusted net profit growth of 27% to DKK 4,925m. Reported net profit of DKK 1,259m (2016: DKK 4,486m), impacted by special items, including a DKK 4.8bn impairment of the Baltika brand.
  • Strong free cash flow of DKK 8.7bn (2016: DKK 8.6bn).
    • Net interest-bearing debt/EBITDA reduced to 1.45x.
  • ROIC improvement of 100bp to 6.9%. Excluding goodwill, improvement of 300bp to 15.7%.
  • For 2017, the Supervisory Board will propose a 60% increase in dividend to DKK 16.0 per share in light of the reduced financial leverage. This corresponds to an adjusted payout ratio of 50%.

2018 Earning expectations

  • Mid-single-digit percentage organic growth in operating profit.
  • A translation impact on operating profit of around DKK -450m, based on the spot rates as
    at 6 February.

CEO Cees ’t Hart says: “We delivered a strong set of results for 2017, fuelled by disciplined execution of our efficiency programme – Funding the Journey – which we now believe will deliver around DKK 2.3bn, well above our initial expectations of DKK 1.5-2.0bn. During the year, we invested DKK 500m in our strategic growth priorities, which should lead to healthy and sustainable top- and bottom-line growth going forward."

"The earnings delivery and strong cash flow significantly reduced financial leverage. On this basis, we’re pleased that the Supervisory Board will recommend an increase in dividends of 60% to DKK 16, and by that reaching our target of a 50% adjusted payout ratio.” 

Quick links

FY 2017 Financial Statement

FY 2017 Presentation

FY 2017 Conference Call

FY 2017 Conference Call Transcript

Quarterly Financial Data in Excel


Please address enquiries to:

Global Head of External Communications

Tanja Frederiksen

Tel +45 5195 7778 Email [email protected]

Vice President, Investor Relations

Peter Kondrup

Tel +45 3327 1221 Email [email protected]