Carlsberg A/S (OTCPK:CABGY) Q2 2022 Earnings Conference Call August 17, 2022 3:30 AM ET Company Participants Cees 't Hart - Chief Executive Officer Heine Dalsgaard - Chief Financial Officer Peter Kondrup - Vice President, Investor Relations Conference Call Participants Andrea Pistacchi - Bank of America Laurence Whyatt - Barclays Trevor Stirling - Bernstein Nik Oliver - UBS Mitch Collett - Deutsche Bank Simon Hales - Citi André Thormann - Danske Bank Sanjeet Aujla - Credit Suisse Operator Ladies and gentlem ...

FINANCIAL STATEMENT H1 2022 17 August 2022 1 Group Forward-looking statements This presentation contains forward-looking statements, including statements about the Group's sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achieveme ...

Financial Data and Key Metrics Changes - The group reported total volumes grew organically by 7.4% and operating profit reached DKK10.9 billion, reflecting a 12.5% organic year-on-year improvement [5][22] - Total cash returns to shareholders amounted to DKK6.8 billion, an increase of nearly DKK800 million compared to 2020 [5] - Revenue increased organically by 10% and 13.8% in reported terms, with revenue per hectoliter growing by 3% [22][23] Business Line Data and Key Metrics Changes - Craft and specialty volumes increased by 15%, while alcohol-free brews grew by 17% [6] - E-commerce revenue reached DKK4 billion, up more than 50% from 2020, with business-to-consumer e-commerce revenue rising by around 40% [6] - Operating profit grew organically by 12.5%, with reported operating profit for 2021 being 4% above 2019 levels [22][24] Market Data and Key Metrics Changes - In Western Europe, on-trade volumes grew by 12%, with a significant recovery in H2 [7][8] - The Nordic markets saw high single-digit volume growth, with double-digit growth in Denmark and Norway [10] - Asia delivered a 12.1% volume growth, primarily driven by China and India, with operating profit growing by 23.9% [13][14] Company Strategy and Development Direction - The company announced its new SAIL'27 strategy, aiming for higher ambitions for top and bottom line growth [3][37] - Focus areas include premiumization, expanding alcohol-free brews, and exploring alcoholic categories beyond beer [50][52] - The strategy emphasizes a collaborative approach, engaging over 200 employees from various markets [40] Management's Comments on Operating Environment and Future Outlook - The management anticipates 2022 to be challenging due to ongoing pandemic impacts and rising input costs, estimating COGS per hectoliter to increase by 10% to 12% [30][31] - The company aims to offset higher costs through increased revenue per hectoliter from price increases and improved channel and product mix [31][68] - The effective tax rate is expected to be around 22% to 23%, with a focus on maintaining a conservative balance sheet [68] Other Important Information - Free cash flow improved significantly to DKK8.9 billion, driven by higher EBITDA and strong working capital inflow [27] - The company plans to increase the dividend per share by 9% to DKK24, maintaining a payout ratio of 49% [29] - The company will continue share buybacks, with a new program of DKK1 billion launched until April 2022 [29] Q&A Session Summary Question: Revenue activity and COGS headwinds - The company plans to cover COGS increases through revenue per hectoliter increases, with no significant impact on beer consumption observed from price increases [75][80] Question: Volume elasticity concerns - Management expressed caution regarding potential volume elasticity but noted no current impact on volumes, emphasizing the need to monitor brand, competitor, and general inflationary pressures [82]

1 FY 2021 FINANCIAL STATEMENT PRESENTATION FINANCIAL STATEMENT 2021 4 February 2022 Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group's sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or im ...

FINANCIAL STATEMENT H1 2021 18 August 2021 1 Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group's sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achi ...

Carlsberg A/S (OTCPK:CABGY) Q2 2021 Earnings Conference Call August 18, 2021 3:30 AM ET Company Participants Cees ´t Hart - CEO & President Heine Dalsgaard - CFO Peter Kondrup - IR Conference Call Participants Trevor Stirling - Bernstein Søren Samsøe - SEB Richard Withagen - Kepler Chevreaux Laurence Whyatt - Barclays Tristan Van Strien - Redburn Partners Olivier Nicolai - Goldman Sachs Fintan Ryan - JPMorgan Nik Oliver - UBS André Thormann - Danske Bank Sanjeet Aujla - Credit Suisse Operator Ladies and gen ...

Carlsberg A/S (OTCPK:CABGY) Q2 2020 Earnings Conference Call August 13, 2020 3:00 AM ET Company Participants Cees Hart - CEO & President Heine Dalsgaard - CFO Conference Call Participants Trevor Stirling - Sanford C. Bernstein & Co. Sanjeet Aujla - Crédit Suisse Simon Hales - Citigroup Pinar Ergun - Morgan Stanley Laurence Whyatt - Barclays Bank Søren Samsøe - SEB Jonas Guldborg - Danske Bank Richard Withagen - Kepler Cheuvreux Olivier Nicolai - Goldman Sachs Group Alyssa Gammoudy - ING Operator Ladies and ...

INTERIM FINANCIAL STATEMENT 2020 13 August 2020 1 Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group's sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or ...

Carlsberg A/S (OTCPK:CABGY) Q4 2019 Earnings Conference Call February 4, 2020 3:00 AM ET Company Participants Cees Â't Hart - President & Chief Executive Officer Heine Dalsgaard - Chief Financial Officer Conference Call Participants Jonas Guldborg - Danske Bank Simon Hales - Citi Søren Samsøe - SEB James Edwardes Jones – RBC Trevor Stirling - Bernstein Laurence Whyatt - Barclays Richard Withagen - Kepler Cheuvreux Frans Høyer - Handelsbanken Fintan Ryan - JPMorgan Toby McCullagh - Societe Generale Andrea Pi ...

FINANCIAL STATEMENT 2019 4 February 2020 Disclaimer 2 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group's sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achiev ...