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Financial Results Full Year 2012

Soren Ravn
Managing Director
26 February 2013

AGENDA
1. 2012 Full Year Review 2. Financial Results 3. Outlook 2013

FASTEST growing brewer with STRONG REVENUE growth 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 provision of royalty expenses in 2011 is excluded

Successful through-the-line CNY campaign to kick off Year of the Dragon…

Dec 1

Dec 15

Jan 1

Jan 15

Feb 1

Feb 15

Impactful EURO 2012 which delivered good growth & strengthened Carlsberg association with Football
Brand Most Associated with Football
CGL Competitor T 25% 66%

Source: Millward Brown, N = 329

1st ever 3-Nation “Where’s the Party?” – created another most talked about event

 First Tri-nation party involving MY,

HK and SG
 Reached estimate 2,167,359 target

consumers
 Significant increase > 26,000 in Facebook  First time 3X mini WTP parties in 3 cities

Carlsberg remains a strong No.1 beer brand in consumers’ mind
80 60 40 20 0 Jan 12 35

Forced Choice Preference

65

Carlsberg Competitor T

Jul 12

Dec 12

48

Top of Mind (%) – FY 2012
32

Brand Used Most Often (%) – FY 2012
44 32
Carlsberg Comp T Comp H

16

16

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

On Kronenbourg 1664, we continue our focus on strengthening the positioning of French Art of Pleasure
 L’Aperitif Fashion and Food & Beer pairing a key focus  Well received by both male & female drinkers  Full year volume 30% ahead of target, 3x previous

year’s volume

Asahi Super Dry gained strong momentum in both Modern & 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

We collaborate with customers & bring exciting events such as Oktoberfest & Halloween to key outlets

Income Statement FY 2012
RM’000
Revenue Operating expenses Other operating income Operating Profit Interest Income/ (Expense) Profit from associate Co. Profit Before Tax Profit After Tax

FY 2012
1,584,780 (1,346,263) 3,846 242,363 (4,317) 7,605 245,651 193,753

FY 2011
1,489,356 (1,276,448) 3,128 216,036 (3,602) 7,940 220,374 167,380

% Chng
6% -5% 23% 12% -20% -4% 11% 16%

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.

Balance Sheet & Cash Flow – 31 Dec 2012
RM’000
Balance Sheet: Non-current Assets Cash and Cash Equivalents Other Current Assets Total Assets Equity Liabilities Total Equity & Liabilities Cash Flow: Free Cash Flow 167,834 132,963 Increased non-current asset from investments in new machinery Reduced cash & liabilities from repayment of loans 203,816 57,688 307,815 569,319 306,866 262,453 569,319 192,018 72,196 297,308 561,522 289,364 272,158 561,522

2012

2011 (restated)

Share price maintains its momentum
Share Performance: Aug 2010 – 22 Feb 2013
14 13 12

CBMB Share Price (RM)

11 10 9 8 7 6 5 4 Aug 10

Jan 11

Jan 12

Jan 13

Dividend from 2008 – 2012 (Net of Tax)
100.0 90.0 80.0 70.0 63.0

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

Rate per share (Sen)

60.0

54.9 2.0 43.5

50.0
40.0

58.0 30.0 37.9 20.0 10.0 0.0 9.3 5.6 3.7 2008 17.3 13.5 3.8 2009 5.6 2010 3.8 2011 5.0 2012 49.1

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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