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HIGHLIGHTSOrganic revenue growth of 10.0%; reported growth of 13.8% to DKK 66,634m.Revenue/hl +3%.Total organic volume growth of 7.4%; reported growth of 9.3% to 142.2m hl.
Tuborg volume +17%, Carlsberg +5%, 1664 Blanc +24%, Grimbergen -3% and Somersby +10%.Craft & speciality +15%; alcohol-free brews +17%.Organic operating profit growth of 12.5%; reported growth of 12.0% to DKK 10,862m.Reported operating margin -30bp to 16.3%; excluding acquisitions +30bp to 16.9%.Adjusted net profit growth of 9% to DKK 6,943m, supported by lower financial costs and a lower�tax rate; reported net profit growth of 14% to DKK 6,846m.Adjusted earnings per share +11% to DKK 48.3.Free cash flow of DKK 8,876m.ROIC increased by 140bp to 10.3%; excluding goodwill +430bp to 27.5%.Net interest-bearing debt/EBITDA of 1.24x (2020: 1.51x).The Supervisory Board will propose to the Annual General Meeting a 9% increase in dividend to�DKK 24 per share, equal to an adjusted payout ratio of 49%.During 2021 and up until 28 January 2022, the Company bought back shares amounting to DKK�4.0bn. Once again in 2022, the Company intends to execute quarterly share buy-back�programmes, launching the first DKK 1bn programme today, which will run until 22 April. We will provide information on the next quarterly share buy-back programme in connection with the Q1�trading statement on 28 April.Yesterday, the Group announced its updated strategy, SAIL�27, including a long-term organic revenue ambition of 3-5% CAGR and organic operating profit growth above revenue growth. See separate announcement for details.2022 EARNINGS EXPECTATIONS2022 will be another challenging year. COVID-19 is expected to continue to impact our markets to�various degrees. At the same time, our business will be impacted by substantial increases in input�costs, which we aim to offset in absolute terms through higher revenue/hl and continued tight�focus on costs. The higher revenue/hl may have a negative impact on beer consumption. As a�result, 2022 guidance is:�� Organic operating profit growth of 0-7%.�Based on the currency spot rates at 3 February, we assume a translation impact of around DKK�+250m for 2022.CEO Cees �t Hart says: �We�re very satisfied with the Group�s 2021 performance. Although our business was significantly impacted by COVID-19, we delivered strong top- and bottom-line�growth and free cash flow. Our results in 2021 are well above the pre-pandemic levels of 2019.�The Group�s financial situation is very strong, and we�re pleased to announce that the Supervisory�Board recommends another solid increase in dividends for 2021 and a new share buy-back�programme. The significantly higher input costs and continued impact from COVID-19 will pose�challenges in 2022, but we�re well prepared.�We have also launched our new strategy, SAIL�27, with clear priorities for our portfolio,�geographies, execution and culture and with ambitious long-term growth aspirations for the�Group. Building on the strong foundation of SAIL�22 and our ambitions for the next strategy
period, we�re convinced that we can continue our sustainable long-term value creation.�

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2021 Financial Statement

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