Half Year 2024 Royal Unibrew A/S Earnings Call Transcript
Key Points
- Royal Unibrew AS (FRA:0R1) achieved a 1% organic volume growth in Q2 despite poor weather conditions in June.
- The company reported a 4% organic net revenue growth in the quarter, driven by strong product mix and price increases.
- Royal Unibrew AS (FRA:0R1) increased its market shares in key categories and important brands.
- The company achieved a 9% reduction in absolute carbon emissions in the first half of 2024.
- An extraordinary dividend of DKK14.5 per share will be paid out in Q4, reflecting strong financial performance.
- The weather in June negatively impacted the company's performance in Q2.
- Net financial expenses increased significantly by 52% to DKK163 million in the first half due to higher net interest-bearing debt.
- The integration of the Belgium and Luxembourg markets is not expected to contribute to earnings in Q4 due to integration costs.
- The company faces macroeconomic uncertainty, impacting consumer spending in the on-trade segment.
- The Norwegian krone devaluation has affected profitability, requiring price increases to restore margins.
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Good morning, everybody. My name is Lars Jensen, and I'm the CEO of Royal Unibrew. With me today, I have our CFO, Lars Vestergaard, and we would like to welcome you to this webcast, where we will cover the release of our half-year results and afterwards, take your questions.
Now, please turn to slide number 3. We have had a strong start to the year with good momentum in the business and strong growth up until and including May. The weather in June had a negative impact on our performance in Q2. Despite the poor weather in June, we realized 1% organic volume growth in the quarter, driven by continued strong rebound in international and normalized Italian market, strong product mix and price increases across geographies, drove an organic net revenue growth of 4% in the quarter.
The price mix of 3% was positively impacted by strong product mix in Western Europe and negatively impacted by channel mix in Northern Europe and the country mix in
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