Financials Carlsberg A/S

Equities

Market Closed - Nasdaq Copenhagen Other stock markets 16:20:00 19/09/2024 BST			5-day change	1st Jan Change
788.60 ^DKK	+0.82%		-1.05%	-6.87%

09-12	Carlsberg, PepsiCo Enter New Beverage Distribution Deal in Kazakhstan, Kyrgyzstan	MT
09-12	Carlsberg Signs Bottling Deal With PepsiCo in Kazakhstan and Kyrgyzstan	DJ

Fiscal Period: Diciembre	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	65,902	58,541	66,634	70,265	73,585	76,087	94,146	99,946
Change	-	-11.17%	13.82%	5.45%	4.72%	3.4%	23.73%	6.16%
EBITDA ¹	15,007	14,085	15,474	15,657	15,179	15,711	19,144	21,038
Change	-	-6.14%	9.86%	1.18%	-3.05%	3.51%	21.85%	9.89%
EBIT ¹	10,465	9,699	10,862	11,470	11,105	11,412	14,356	15,884
Change	-	-7.32%	11.99%	5.6%	-3.18%	2.76%	25.8%	10.64%
Interest Paid ¹	-738	-411	-381	-725	-844	-1,194	-2,573	-2,494
Earnings before Tax (EBT) ¹	10,228	9,041	10,228	9,961	9,830	10,194	11,694	13,554
Change	-	-11.61%	13.13%	-2.61%	-1.32%	3.71%	14.71%	15.91%
Net income ¹	6,569	6,030	6,846	-1,063	-40,788	6,983	8,097	9,374
Change	-	-8.21%	13.53%	-	3,737.06%	-	15.95%	15.76%
Announcement Date	04/02/20	05/02/21	04/02/22	07/02/23	07/02/24	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2023 Q1	2023 Q2	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	18,526	14,386	12,946	15,884	17,300	12,441	12,993	18,694	19,739	15,208	-	20,511	-	16,405	21,383	21,635	21,137	16,021	21,655	26,483
Change	-	-22.35%	-10.01%	22.69%	8.91%	-28.09%	4.44%	43.88%	5.59%	-22.95%	-100%	-	-100%	-	30.34%	1.18%	-2.3%	-24.2%	35.16%	22.3%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	1,745	1,745	-	-	1,588	1,588	1,514	1,514	1,910	1,910	-2,638	-2,638	2,106	-	-	-	2,349	1,007	-	-
Change	-	0%	-100%	-	-	0%	-4.66%	0%	26.16%	0%	-	-0%	-	-100%	-	-	-	-57.14%	-100%	-
Announcement Date	31/10/19	04/02/20	05/05/20	13/08/20	27/10/20	05/02/21	28/04/21	18/08/21	28/10/21	04/02/22	17/08/22	17/08/22	07/02/23	16/05/23	16/08/23	13/08/24	-	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	28,830	29,711	31,687	34,947	35,447	34,818	37,788	35,797	38,766	37,024
Change	-	3.06%	6.65%	10.29%	1.43%	-1.77%	8.53%	-5.27%	8.29%	-4.49%
EBITDA ¹	6,797	7,288	7,245	8,229	7,705	7,087	8,060	7,119	8,355	7,359
Change	-	7.22%	-0.59%	13.58%	-6.37%	-8.02%	13.73%	-11.67%	17.36%	-11.92%
EBIT ¹	4,615	5,084	5,111	5,751	6,442	5,028	6,272	4,833	6,336	5,281
Change	-	10.16%	0.53%	12.52%	12.02%	-21.95%	24.74%	-22.94%	31.1%	-16.65%
Charge d'intérêts ¹	-199	-212	-261	-120	-508	-217	-332	-512	-550	-650
Earnings before Tax (EBT) ¹	4,404	4,637	4,674	5,554	5,069	-	5,771	-	5,647	4,671
Change	-	5.29%	0.8%	18.83%	-8.73%	-100%	-	-100%	-	-17.28%
Net income ¹	2,855	3,175	3,027	3,819	-5,276	-	3,495	-44,283	3,737	3,157
Change	-	11.21%	-4.66%	26.16%	-	-100%	-	-	-	-15.52%
Announcement Date	13/08/20	05/02/21	18/08/21	04/02/22	17/08/22	07/02/23	16/08/23	07/02/24	13/08/24	-

¹DKK in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	18,779	21,263	19,162	19,326	22,351	26,529	60,779	57,061
Change	-	13.23%	-9.88%	0.86%	15.65%	18.69%	129.1%	-6.12%
Announcement Date	04/02/20	05/02/21	04/02/22	07/02/23	07/02/24	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	4,588	4,396	4,221	4,018	4,243	5,056	6,224	6,257
Change	-	-4.18%	-3.98%	-4.81%	5.6%	19.16%	23.1%	0.53%
Free Cash Flow (FCF) ¹	9,415	5,057	8,876	9,884	4,878	6,924	424.2	9,246
Change	-	-46.29%	75.52%	11.36%	-50.65%	41.95%	-93.87%	2,079.63%
Announcement Date	04/02/20	05/02/21	04/02/22	07/02/23	07/02/24	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	22.77%	24.06%	23.22%	22.28%	20.63%	20.65%	20.33%	21.05%
EBIT Margin (%)	15.88%	16.57%	16.3%	16.32%	15.09%	15%	15.25%	15.89%
EBT Margin (%)	15.52%	15.44%	15.35%	14.18%	13.36%	13.4%	12.42%	13.56%
Net margin (%)	9.97%	10.3%	10.27%	-1.51%	-55.43%	9.18%	8.6%	9.38%
FCF margin (%)	14.29%	8.64%	13.32%	14.07%	6.63%	9.1%	0.45%	9.25%
FCF / Net Income (%)	143.32%	83.86%	129.65%	-929.82%	-11.96%	99.16%	5.24%	98.64%
Profitability
ROA	5.46%	4.99%	5.66%	-0.88%	6.54%	6.26%	5.67%	5.58%
ROE	13.88%	15.38%	16.68%	25.05%	26.93%	28.68%	29.09%	28.38%
Financial Health
Leverage (Debt/EBITDA)	1.25x	1.51x	1.24x	1.23x	1.47x	1.69x	3.17x	2.71x
Debt / Free cash flow	1.99x	4.2x	2.16x	1.96x	4.58x	3.83x	143.28x	6.17x
Capital Intensity
CAPEX / Current Assets (%)	6.96%	7.51%	6.33%	5.72%	5.77%	6.64%	6.61%	6.26%
CAPEX / EBITDA (%)	30.57%	31.21%	27.28%	25.66%	27.95%	32.18%	32.51%	29.74%
CAPEX / FCF (%)	48.73%	86.93%	47.56%	40.65%	86.98%	73.01%	1,467.21%	67.67%
Items per share
Cash flow per share ¹	81.37	74.8	91.89	92.36	85.06	80.2	90.39	109.3
Change	-	-8.08%	22.85%	0.52%	-7.9%	-5.71%	12.71%	20.9%
Dividend per Share ¹	21	22	24	27	27	27.26	30.34	33.11
Change	-	4.76%	9.09%	12.5%	0%	0.96%	11.31%	9.12%
Book Value Per Share ¹	293.6	270.9	309.7	232.3	173.2	181	221.2	260.6
Change	-	-7.72%	14.32%	-24.99%	-25.42%	4.48%	22.2%	17.83%
EPS ¹	43.7	41.1	47.4	-7.6	-299.7	51.78	60.86	70.25
Change	-	-5.95%	15.33%	-116.03%	3,843.42%	-117.28%	17.54%	15.43%
Nbr of stocks (in thousands)	147,996	145,102	141,892	137,341	134,114	132,079	132,079	132,079
Announcement Date	04/02/20	05/02/21	04/02/22	07/02/23	07/02/24	-	-	-