Carlsberg AS ADR B (OTCPK:CABGY) Q4 2018 Results Earnings Conference Call February 6, 2019 3:00 AM ET Company Participants Cees 't Hart - President, Chief Executive Officer Heine Dalsgaard - Chief Financial Officer Conference Call Participants Simon Hales - Citi Jonas Guldborg - Danske Bank Ed Mundy - Jefferies Mitch Collett - Goldman Sachs Hans Gregersen - Nordea Søren Samsøe - SEB Andrea Pistacchi - Deutsche Bank Richard Withagen - Kepler Cheuvreux Trevor Stirling - Bernstein Fernando Ferreira - Bank of A ...

2018 FINANCIAL STATEMENT 1 2018 FINANCIAL STATEMENT 6 February 2019 2018 FINANCIAL STATEMENT A strong set of numbers GROWING TOP- AND BOTTOM-LINE Net revenue +6.5%* Operating profit +11.0%* DELIVERING STRONG CASH FLOW Free cash flow of DKK 6.2bn REDUCING LEVERAGE Net debt/EBITDA 1.29x INCREASING CASH RETURNS Dividend +13% Share buy-back of DKK 4.5bn 2 * Organic numbers 2018 FINANCIAL STATEMENT Well-balanced Golden Triangle Organic growth Volumes Organic growth GPaL margin Organic growth Operating profit Fre ...