Industry

Consumer Staples

Sector

Beverages

Country

Denmark

Company description

Carlsberg is a brewing company founded in 1847. The flagship product since foundation has been it's beer products, but today the Carlsberg Group's portfolio consists of more than 500 different brands. The operations are mainly focused in Western Europe, Eastern Europe and Asia. In 2008 Carlsberg Group, together with competitor Heineken, bought the company Scottish & Newcastle, the largest brewer in the UK. Carlsberg now employs more than 40,000 people.

Market cap.

DKKm 112,227

Share price

DKK 703

Earnings per share (EPS)

DKK 8

Dividend per share (DPS)

DKK 16

Price / earnings

87.5x

Price / sales

1.3x

Price / book value

3.1x

Enterprise value / EBITDA

7.5x

CEO

Cees't Hart

Chairman of the Board of Directors

Flemming Besenbacher

CFO

Heine Dalsgaard

Investor relations

Peter Kondrup

Ticker symbol

CARLB

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0010181676

Phone

0045 3327 3300

Website

carlsberggroup.com

Address

100 Ny Carlsberg Vej, Copenhagen

Income statements

DKKm 20102011201220132014201520162017
Sales 81,29586,55592,36793,73291,56991,01286,95786,942
Other income 00000000
Total income 81,29586,55592,36793,73291,56991,01286,95786,942
Total expenses -66,506-71,977-77,659-79,503-77,711-70,073-72,975-68,828
EBITDA 14,78914,57814,70814,22913,85820,93913,98218,114
Depreciation tangible assets -3,658-3,499-3,741-3,727-3,784-4,037-3,914-3,806
Write-downs tangible assets -423-328-892-152-898-1,456-306-47
EBITA 10,70810,75110,07510,3509,17615,4469,76214,261
Amortisation intangible assets -610-1,054-278-472-354-7,353-1,740-5,530
Income from associated companies 148180112104408364279231
Earnings before interest and taxes (EBIT) 10,2469,8779,9099,9829,2308,4578,3018,962
Financial income 1,055634918725806490925809
Financial expenses -3,192-2,542-2,653-2,237-1,997-2,021-2,162-1,583
Income from associated companies 00000000
Earnings before taxes (EBT) 7,8608,5746,3627,9976,686-1,7337,3273,573
Taxes -1,847-2,156-1,529-2,086-1,748-849-2,402-1,485
Profit from continuing operations 6,0136,4184,8335,9114,938-2,5824,9252,088
Discontinued operations 00000000
Minorities -609-543-638-480-524-344-371-806
Net profit or loss 5,4045,8754,1955,4314,414-2,9264,5541,282

Cash flow statements

DKKm 20102011201220132014201520162017
EBITDA 14,78914,57814,70814,22913,85820,93913,98218,114
Net interest paid -2,069-2,049-1,873-2,106-1,995-1,818-988-403
Taxes paid -1,887-1,642-2,265-2,354-2,168-2,140-1,847-1,937
Investments in working capital -986-1051,370-122-8591,845821,137
Other operating cash items 1,378-993-1,802-306-1,431-8,686-1,628-5,056
Cash flow from operations (CFFO) 11,2259,78910,1389,3417,40510,1409,60111,855
Capital expenditures (capex) -3,886-4,830-5,412-6,188-5,888-4,069-3,814-3,848
Acquisitions -2,554-344-894-2,820180305215208
Disposals 1982984181516541,1462,803666
Other investing cash items 6,2424,8765,8888,8575,0542,6187962,974
Cash flow from investing activities 6,2424,8765,8888,8575,0542,6187962,974
Free cash flow to equity holders (FCFE) 11,2259,78910,1389,3417,40510,1409,60111,855
Dividends paid 000-915-1,234-1,505-1,373-1,526
Share buy-backs 00000000
New share issues 00000000
Increase/(decrease) in debt -4,432-2,7813,263-46482-4,557-6,972-5,595
Other financing cash flows -6,598-10,798-10,003-7,542-3,365-885-4,774
Cash flow from financing activities (CFFF) -4,432-9,379-7,535-11,382-8,694-9,427-9,230-11,895
Discontinued activities and other 0000000
Net cash flow / Change in cash position 4102,603-2,041-1,289713371-40

Balance sheets

DKKm 20102011201220132014201520162017
Goodwill 50,77852,99745,70848,82652,86350,27044,65842,291
Other intangible assets 36,99336,04434,30231,84929,54622,65020,86314,288
Total intangible assets 87,77189,04180,01080,67582,40972,92065,52156,579
Fixed tangible assets 32,48031,84831,03432,50529,17326,67825,61523,941
Shares and associated companies 4,8775,0515,7681,8794,2774,6764,2503,784
Other financial assets 124134000000
Deferred tax assets 1,3011,1991,1921,1221,4301,6971,4591,509
Other non-current assets 1,7551,6552,1872,0792,1301,8541,060951
Total fixed assets 128,308128,928120,191118,260119,419107,82597,90586,764
Inventories 4,1914,3504,5424,7624,2933,8173,9633,834
Trade receivables 5,6877,8557,8727,9026,8515,7295,4934,624
Other current assets 3,3293,4363,5914,7164,4774,3995,0504,677
Cash and cash equivalents 2,7353,1455,7483,7072,4183,1313,5023,462
Total current assets 15,94218,78621,75321,08718,03917,07618,00816,597
Total assets 144,250147,714141,944139,347137,458124,901115,913103,361
Equity 64,24865,86659,52957,06352,43743,48940,58036,672
Non-controlling interests (minorities) 5,3815,7633,3893,6883,5603,7422,8392,595
Shareholders equity 69,62971,62962,91860,75155,99747,23143,41939,267
Pension liabilities 2,4343,2633,9133,0484,6265,2354,8373,317
Deferred tax liabilities 9,9479,6528,9308,1757,1475,9245,5854,941
Long-term provisions 1,5061,0011,0971,1283,0103,3743,5323,553
Convertible debt 00000000
Long-term debt 32,58734,36436,47930,46438,69031,47921,13723,340
Other long-term liabilities 9221,2621,2011,3541,4421,8993,1973,758
Total long-term liabilities 47,39649,54251,62044,16954,91547,91138,28838,909
Short-term debt 3,9591,8753,3529,5201,8354,5499,198931
Trade payables 9,38511,02111,90612,95412,04812,26013,54313,451
Other current liabilities 13,88113,64712,14811,95312,66312,95011,46510,803
Total current liabilities 27,22526,54327,40634,42726,54629,75934,20625,185
Total equity and liabilities 144,250147,714141,944139,347137,458124,901115,913103,361

Growth rates

[%] 20102011201220132014201520162017
Sales growth 0.0%6.0%7.0%1.0%-2.0%-1.0%-4.0%0.0%
EBITDA growth 0.0%-1.0%1.0%-3.0%-3.0%51.0%-33.0%30.0%
EBITA growth 0.0%0.0%-6.0%3.0%-11.0%68.0%-37.0%46.0%
EBIT growth 0.0%-4.0%0.0%1.0%-8.0%-8.0%-2.0%8.0%
EBT growth 0.0%9.0%-26.0%26.0%-16.0%-126.0%-523.0%-51.0%
Earnings growth 0.0%9.0%-29.0%29.0%-19.0%-166.0%-256.0%-72.0%

Margins

[%] 20102011201220132014201520162017
EBITDA-margin 18.0%17.0%16.0%15.0%15.0%23.0%16.0%21.0%
EBITA-margin 13.0%12.0%11.0%11.0%10.0%17.0%11.0%16.0%
EBIT-margin 13.0%11.0%11.0%11.0%10.0%9.0%10.0%10.0%
EBT-margin 10.0%10.0%7.0%9.0%7.0%-2.0%8.0%4.0%
Earnings-margin 7.0%7.0%5.0%6.0%5.0%-3.0%5.0%1.0%

Other key figures

DKKm 20102011201220132014201520162017
Tax rate 24.0%25.0%24.0%26.0%26.0%-49.0%33.0%42.0%
Net working capital balance (NWC) -10,059-9,027-8,049-7,527-9,090-11,265-10,502-11,119
Net interest bearing debt (NIBD) 36,24536,35737,99639,32542,73338,13231,67024,126
Invested capital (including goodwill) 105,874107,986100,914100,07698,73085,36375,08963,393
Invested capital (excluding goodwill) 55,09654,98955,20651,25045,86735,09330,43121,102
Enterprise value (EV) 121,90198,530123,370131,701117,255132,101124,566136,353

Share data

20102011201220132014201520162017
Shares outstanding, millions (excl. treasury) 153153153153153153153153
Market capitalisation (DKKm) 85,65662,17385,37492,37674,52293,96992,896112,227
Market capitalisation (DKKm) 85,65662,17385,37492,37674,52293,96992,896112,227
Share price (DKK) 572.0416.7580.0625.0523.0628.5607.0703.0
Earnings per share (EPS), (DKK) 35.133.836.835.928.9-19.229.48.3
Dividend per share (DPS), (DKK) 5.05.56.08.09.09.010.016.0

Price multiples

20102011201220132014201520162017
Price/Earnings (P/E) 15.9x10.6x20.4x17.0x16.9x-32.1x20.4x87.5x
Price/Sales (P/S) 1.1x0.7x0.9x1.0x0.8x1.0x1.1x1.3x
Price/Book value (P/B) 1.3x0.9x1.4x1.6x1.4x2.2x2.3x3.1x

Enterprise value (EV) multiples

20102011201220132014201520162017
Enterprise value/Sales (EV/Sales) 1.5x1.1x1.3x1.4x1.3x1.5x1.4x1.6x
Enterprise value/EBITDA (EV/EBITDA) 8.2x6.8x8.4x9.3x8.5x6.3x8.9x7.5x
Enterprise value/EBITA (EV/EBITA) 11.4x9.2x12.3x12.7x12.8x8.6x12.8x9.6x
Enterprise value/EBIT (EV/EBIT) 11.9x10.0x12.5x13.2x12.7x15.6x15.0x15.2x