Q3 2020 Trading Statement - Seite 2

Earnings before interest and tax (EBIT) for Q3 was DKK 108 million higher than in 2019 and amounted to DKK 600 million (2019: DKK 492 million). In Q1-Q3, EBIT increased by DKK 61 million compared to 2019 and amounted to DKK 1,263 million (Q1-Q3 2019: DKK 1,202 million). The EBIT margin increased by 1.3 percentage point to 21.7% in the period Q1-Q3, as a consequence of focus on cost management.

Free cash flow amounted to DKK 889 million in Q3 2020 compared to DKK 427 in Q3 2019. In Q1-Q3, free cash flow was DKK 1,479 million compared to DKK 1,039 million in Q1-Q3 2019 and was positively affected by an extraordinary beer campaign in Finland and extended payment terms for VAT and employee tax.

Outlook

The outlook for 2020 is narrowed to the upper half of the previously guided interval: EBIT DKK 1,475-1,525 million.

SELECTED FINANCIAL HIGHLIGHTS AND KEY RATIOS
mDKK		Q1-Q3 2020	Q1-Q3 2019	Q3 2020	Q3 2019
Volume (thousand hectolitres)		8,446	8,489	3,177	3,027
Net revenue		5,824	5,905	2,258	2,114
EBITDA		1,532	1,453	699	574
EBITDA margin (%)		26.3	24.6	31.0	27,2
EBIT		1,263	1,202	600	492
EBIT margin (%)		21.7	20.4	26.5	23,3
Profit before tax		1,251	1,191	603	491
Net profit for the period		980	918	475	377
Free cash flow *		1,479	1,039	889	427
Net interest-bearing debt		1,837	2,681
ROIC incl. goodwill (%)**		20.5	19.2
ROIC excl. goodwill (%)**		33.7	31.0
NIBD/EBITDA (times)**		1.0	1.5
Equity ratio (%)		41	34
* Compared to the Annual Report 2019 the definition of free cash flow has been updated to reflect market practice of the IFRS 16 implementation.
Comparables for 2019 have been adjusted. ** Running 12-months

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