The Baltic Sea segment primarily comprises the markets in Finland and the Baltic countries (Lithuania, Latvia and Estonia). Baltic Sea accounted for 46% of the Group’s net revenue and for 44% of allocated EBIT for 2018 (2017: 48% and 39%, respectively).

  • Positive product mix changes
  • Net revenue up 9% caused by good base line ¬development and by extraordinarily good weather
  • Earnings increase – EBIT margin now on group level
  • Launch of several craft/specialty beer products as well as low/no-calorie products

Development in 2018

Royal Unibrew’s volumes for 2018 showed a 2% increase on 2017 and were positively affected by extraordinarily good summer weather in the region combined with changes in the alcohol legislation in Finland, while less beer campaigning weighted negatively. Net revenue showed a 9% increase, benefitting from a positive mix effect, the good weather and the amended alcohol legislation in Finland, whereas restrictions in the Baltic countries had a negative effect.

Earnings before interest and tax (EBIT) of DKK 599 million were DKK 168 million above the 2017 figure and the EBIT margin went up by 4.0 percentage point from 14.0% to 18.0%. The earnings development was positively affected by the higher net revenue, a shift in market mix and a better product mix.






2018 2017 2018 2017
Q1-Q4 Q1-Q4 % changes Q4 Q4 % changes
Volume (thousand hectoliters) 5,441 5,354 2 1,142 1,247 -8
Net revenue (mDKK)) 3,338 3,076 9 735 745 -1
EBIT (mDKK) 599 431 107 75
EBIT margin (%) 18.0 14.0 14.5 10.1