Annual Report 2023 - Seite 2

Earnings before interest, tax, depreciation and amortization (EBITDA) for 2023 showed a DKK 211 million increase and amounted to DKK 2,208 million compared to DKK 1,997 million in 2022. EBIT for 2023 amounted to DKK 1,638 million, DKK 122 million higher than the 2022 figure. The positive development in both EBITDA and EBIT were primarily driven by strong execution in our mature multi-beverage markets, price initiatives across our Group, and secondly by acquisitions. The EBIT margin for 2023 was 12.7% compared to 13.2% in 2022.

The free cash flow in 2023 amounted to DKK 1,143 million, which was an increase of DKK 566 million compared to 2022. Cash flows from operating activities showed a DKK 642 million increase compared to the 2022 figures, and cash used in investing activities showed a DKK 54 million increase. Further repayment on lease facilities increased by DKK 22 million.

Selected financial highlights and ratios

mDKK	2023	2022
Volumes (million hectoliters)	14.1	13.4
Net revenue	12,927	11,487
EBITDA	2,208	1,997
EBITDA margin (%)	17.1	17.4
Earnings before interest and tax (EBIT)	1,638	1,516
EBIT margin (%)	12.7	13.2
Profit before tax	1,406	1,785
Net profit for the year	1,095	1,491
mDKK	2023	2022
Net interest-bearing debt (NIBD)	6,426	4,460
NIBD/EBITDA (x)	2.9	2.2
Equity ratio (%)	32	36

Outlook for 2024
We expect organic EBIT growth of 5-15% in 2024 (equivalent to a reported EBIT in the range of DKK 1.8-1.95 billion, including acquisitions) and net revenue of around DKK 15 billion.

Uncertainty regarding the macroeconomic development and consumer behavior remains unchanged. Total cost per hectoliter is not expected to organically decrease significantly in 2024.

Revenue