2012 Carlsberg Malaysia Analyst Briefing Full Year Results

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Financial ResultsFull Year 2012

Soren RavnManaging Director

26 February 2013


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AGENDA

1. 2012 Full Year Review

2. Financial Results

3. Outlook 2013


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FASTESTgrowing brewer

with STRONG

REVENUEgrowth of 6.4%PAT rose by 15.8% or 24.7%*

GOOD volume & value SHARE GAIN* If the one-off gain from reversal of over provisionof royalty expenses in 2011 is excluded


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Successful through-the-line CNY campaign to kick offYear of the Dragon

Dec 1 Dec 15 Jan 1 Jan 15 Feb 1 Feb 15


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Impactful EURO 2012 which delivered good growth &strengthened Carlsberg association with Football

CGL

Competitor T

66%

25%

Brand Most Associated with Football

Source: Millward Brown, N = 329
http://localhost/var/www/apps/conversion/tmp/scratch_8/Analyst%20Briefing%2026-02-2013/WTP%203-.mp4


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1st ever 3-Nation Wheres the Party? createdanother most talked about event

First Tri-nation party involving MY,

HK and SG

Reached estimate 2,167,359target

consumers

Significant increase > 26,000 in

Facebook

First time 3X mini WTP parties in 3

cities
http://localhost/var/www/apps/conversion/tmp/scratch_8/Analyst%20Briefing%2026-02-2013/WTP%203-.mp4


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Carlsberg remains a strong No.1 beer brand inconsumers mind

Source: Millward Brown Beer Tracker 2012, Rolling 3 mths on FC preference

65

35

0

20

40

60

80

Jan 12

Competitor T

Carlsberg

Dec 12Jul 12

Forced Choice Preference

48

32

16

Comp H

Carlsberg

Comp T

Top of Mind (%)

FY 201244

32

16

Brand Used Most Often (%)

FY 2012
http://localhost/var/www/apps/conversion/tmp/scratch_8/Analyst%20Briefing%2026-02-2013/LAF.mp4


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On Kronenbourg 1664, we continue our focus onstrengthening the positioning of French Art of Pleasure

LAperitifFashion and Food & Beer pairing a key focus Well received by both male & female drinkers

Full year volume 30% ahead of target, 3x previous

years volume
http://localhost/var/www/apps/conversion/tmp/scratch_8/Analyst%20Briefing%2026-02-2013/LAF.mp4http://localhost/var/www/apps/conversion/tmp/scratch_8/Analyst%20Briefing%2026-02-2013/LAF.mp4


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Asahi Super Dry gained strong momentum in bothModern & Traditional On-Trade

Launched Club Asahi in 2nd Half Facebook fans hit 60k

Total brand awareness reached 51% in Dec (vs. target of 30%)

Volume >35% ahead of target


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We collaborate with customers & bring exciting events such

as Oktoberfest & Halloween to key outlets


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RM000 FY 2012 FY 2011 % ChngRevenue 1,584,780 1,489,356 6%

Operating expenses (1,346,263) (1,276,448) -5%

Other operating income 3,846 3,128 23%

Operating Profit 242,363 216,036 12%

Interest Income/ (Expense) (4,317) (3,602) -20%

Profit from associate Co. 7,605 7,940 -4%

Profit Before Tax 245,651 220,374 11%

Profit After Tax 193,753 167,380 16%

Income Statement FY 2012

A one-off gain from the reversal of an over provision for royalty expenses in the prior year amounting

to RM12 million by CSPL was recorded in Q4 2011. By excluding the one-off gain, Profit after tax for

YR2012 is 24.7% higher than same period last year.


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RM000 2012 2011 (restated)Balance Sheet:

Non-current Assets 203,816 192,018

Cash and Cash Equivalents 57,688 72,196

Other Current Assets 307,815 297,308

Total Assets 569,319 561,522Equity 306,866 289,364

Liabilities 262,453 272,158

Total Equity & Liabilities 569,319 561,522

Cash Flow:

Free Cash Flow 167,834 132,963

Balance Sheet & Cash Flow 31 Dec 2012

Increased non-current asset from investments in new machinery

Reduced cash & liabilities from repayment of loans


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Share price maintains its momentum

CBMBSharePrice(RM)

Share Performance: Aug 2010 22 Feb 2013

4

5

6

7

8

9

10

11

12

13

14

Jan12

Jan13

Jan11

Aug10


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Page 14

3.7 3.8 5.6 3.8 5.0

5.6

13.5

37.949.1

58.0

2.0

9.3

17.3

43.5

54.9

63.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

2008 2009 2010 2011 2012

Interim & Special Interim DividendInterim Dividend (Single Tier)

Final & Special DividendFinal & Special Dividend (Single Tier)Special Final Dividend - Tax Exempted

Ratepershare(Sen)

Dividend from 2008 2012 (Net of Tax)


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Page 15

Year 2013 Outlook

MLM market to grow positively, albeit

at low single-digit

Exciting news on Carlsberg brand

Strong momentum for premium beer

Value pressure from customers


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Thank you

2012 Carlsberg Malaysia Analyst Briefing Full Year Results

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