CABGY Carlsburg AS (PK)

By Dominic Chopping

Carlsberg AS reported fourth-quarter and full-year results for 2020 on Friday. Here's what we watched:

EARNINGS: Net profit attributable to shareholders for 2020 fell to DKK6.03 billion, compared with DKK6.57 billion in the previous year, and against DKK5.82 billion expected in a FactSet poll. The company doesn't disclose full quarterly figures in its full-year trading statements.

REVENUE: The Copenhagen-based brewer said revenue fell by 13% to 12.45 billion Danish kroner ($2.0 billion) in the fourth quarter and by 11% to DKK58.54 billion in the full year. A FactSet consensus estimate had seen revenue at DKK13.07 billion in the fourth quarter and DKK59.11 billion in the full year.

WHAT WE WATCHED:

--GUIDANCE: Carlsberg said that in 2021 it expects to deliver between 3% and 10% organic growth in operating profit, and a negative currency translation impact on operating profit of around DKK200 million.

--BEVERAGE VOLUMES: 4Q beer volumes fell 0.4% on the year, while total volumes fell 1.8%. Carlsberg said some markets benefited from populations that weren't able to travel, while others suffered from lack of tourism or temporary ruralization as migrant workers left the cities.

--SHAREHOLDER RETURNS: The brewer proposed a new share-buyback program of DKK750 million to run until April 23 and raised its dividend to DKK22 a share from DKK21 last year.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

February 05, 2021 04:33 ET (09:33 GMT)

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