Royal UNIBREW A/S
Interim Report 1 January – 30 September 2014
DGAP-News: Royal UNIBREW A/S 26.11.2014 / 22:00 --------------------------------------------------------------------- COMPANY ANNOUNCEMENT NO 19/2014 - 26 november 2014 Interim Report for 1 January - 30 September 2014 Significant earnings increase in line with outlook Net revenue for the nine months to 30 September 2014 showed a 54% increase to DKK 4,705 million primarily due to the acquisition of Hartwall in August 2013. Measured organically (excluding Hartwall up until 22 August 2014) as well as on a pro forma basis (including Hartwall in 2013), sales and net revenue increased by 1% and 2%, respectively. Net revenue for Q3 was positively affected by the extraordinarily good summer weather showing a 4% increase measured on a pro forma basis. Royal Unibrew's market shares on branded products showed a slight decline. Earnings before interest and tax (EBIT) for the nine months to 30 September 2014 increased by DKK 263 million to DKK 712 million. Measured on a pro forma basis, EBIT went up by DKK 108 million, including DKK 51 million in Q3, and EBIT margin increased from 14.7% to 15.1%. The earnings increase is due to higher sales, a favourable product mix development, improved efficiency as well as a shift in marketing expenses. In addition to higher earnings, free cash flow was also positively affected by additional sale of the brewery site in Aarhus and amounted to DKK 772 million compared to DKK 357 million for the nine months to 30 September 2013. Net interest-bearing debt was reduced by DKK 773 million in the nine months to 30 September 2014 to DKK 1,606 million, and NIBD/EBITDA calculated on a pro forma running 12-month basis, was 1.4x against 2.3x at the end of 2013. The earnings outlook for 2014 is maintained. 'In the first nine months of the year, we achieved positive revenue growth of 2% (organically and pro forma) and a significant increase in operating profit - in spite of an underlying negative consumption development in Finland and Italy, which is not expected to change in the short term. It is satisfactory that the earnings increase is attributable to both the development in Royal Unibrew excluding Hartwall and the development in Hartwall. The Hartwall acquisition was a major acquisition for Royal Unibrew, and we expect the integration process to take another couple of years. Moreover, it is satisfactory that today, about a year after the acquisition, we see a significant debt reduction and improved solvency, which enhances our financial and strategic flexibility and competitive power', says Henrik Brandt, CEO. Selected financial Q1-Q3 Q3 highlights and key ratios Pro forma Pro forma mDKK Actual (incl. Actual (incl. Hartwall) Hartwall) 2014 2013 2013 2014 2013 2013 Sales (thousand 6,921 4,897 6,847 2,533 1,958 2,454 hectolitres) Net revenue 4,705 3,056 4,625 1,713 1,263 1,648 EBITDA 932 545 813 428 268 375 Earnings before interest 712 449 604 351 224 300 and tax (EBIT) EBIT margin (%) 15.1 14.7 13.1 20.5 17.7 18.2 Profit before tax 695 447 352 223 Free cash flow 772 357 432 151 Q3 Q2 Q1 2014 Q4 Q3 Q2 2013 2014 2014 2013 2013 Net interest-bearing 1,606 2,042 2,638 2,379 2,604 440 debt NIBD/EBITDA (running 1.4 1.9 2.6 2.3 2.6 0.7 12-month, pro forma basis) Equity ratio (%) 38 34 31 31 28 42 OUTLOOK The previously announced outlook is maintained as follows: Net revenue: DKK 5,950-6,100 million EBITDA: DKK 1,090-1,140 million EBIT: DKK 790-840 million For further information on this Announcement: Henrik Brandt, CEO, tel +45 56 77 15 13 It will be possible for investors and analysts to follow Royal Unibrew's presentation of the Interim Report on Friday, 27 November 2014, at 9 am by audiocast at tel one of the following dial-in numbers: Danish participants dial: +45 32 72 80 18 US participants dial: +1 866 682 8490 International number: +44 (0) 145 255 5131 The presentation may also be followed at Royal Unibrew's website www.royalunibrew.com. News Source: NASDAQ OMX --------------------------------------------------------------------- 26.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Royal UNIBREW A/S Denmark ISIN: DK0010242999 End of News DGAP News-Service --------------------------------------------------------------------- 299935 26.11.2014
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