Financial Performance

Volumes in 2021 showed a 23% increase and net revenue increased by 19%. The net revenue was impacted by positive developments in all categories and brands. EBIT amounted to DKK 176 million and was DKK 5 million above the 2020 figure. The EBIT margin went down by 3.0 percentage points from 22.2% to 19.2%. The earnings were negatively affected by the increased freight cost and raw material prices.

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In Q4 2021, volumes increased by 13%. Revenue increased by 25% in the same period, more than volumes because of market mix. The EBIT margin decreased by 4.1 percentage points from 19.9% in Q4 2020 to 15.8% in Q4 2021. This development is mainly affected by freight costs and increased raw material prices.

“In 2021, the International segment was challenged by higher freight costs and production capacity constraints. On the positive side, sell-out in most of our markets continued to increase significantly, as we strengthened our partnerships and expanded our geographical footprint.” – Michael Nørgaard Jensen, SVP International

Q4 Q4
mDKK 2021 2020 % changes % organic 2021 2020 % changes % organic
Volumes (thl) 1,229 1,002 23 23 322 285 13 13
Net revenue 917 772 19 19 248 199 25 25
EBIT 176 171 3 3 39 39 0 0
EBIT margin 19.2 22.2 15.8 19.9


Development and initiatives in 2021

Our FAXE beer brand continues to deliver strong growth rates in most of our key markets through 2021. We expanded our geographic footprint and strengthened our partnerships. We also succeeded in reaching sales of more than one million hectoliters worldwide, which makes FAXE our biggest beer brand on volume.

The Malt business is also performing well across all our core markets, including UK, North America, the Caribbean countries and Africa. Our partnerships across geographies have been strengthened. The cider/RTD category continues to grow significantly, driven by especially Asia, although at a somewhat lower pace due to COVID-19 restrictions and high freight costs.

Sell-out in our markets continues to be very high, driven by Africa and Asia.