Volumes in 2020 showed a 6% increase and net revenue increased by 11%. The net revenue was impacted by positive developments in all categories and brands. EBIT amounted to DKK 171 million and were DKK 39 million above the 2019 figure. The EBIT margin went up by 3.2 percentage points from 19.0% to 22.2%. The earnings development was positively affected by a better product mix and savings on travel costs.
In Q4 2020, volumes increased by 30% as some markets were restocked to reflect sale out. Revenue increased by 16% in the same period, less than volumes because of market mix. The EBIT margin increased by 5.9 percentage points from 14.0% in Q4 2019 to 19.9% in Q4 2020. This development can partly be explained by impairment in Q4 of DKK 7 million last year (Q4-2019 EBIT-margin adjusted for impairment 18.2%).
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Development and initiatives in 2020
The impact from COVID-19 has been fragmented in the International segment and we have seen countries in Asia moving towards a more normal situation with a reopening of bars and restaurants faster than in countries in Europe.With reference to the Danish Vikings, our FAXE brand had a great year in 2020, especially in Africa. We have built the brand over many years in close cooperation with our local distributers offering affordable premium products to the consumers. In 2020, we also supplemented the FAXE brand with a non alcoholic variant with great taste.
The Tempt cider brand continues to grow significantly in Asia, where the COVID-19 impact was mainly seen in the beginning of the year.
The Malt business is also performing well across countries, and we have invested in digital campaigns as well as new packaging formats to support the positioning of the malt brands.
In 2021, we will focus on the areas that have performed increasingly well in the past couple of years.
Donation of Supermalt
Supermalt can in many respects be considered a dietary supplement, and during the COVID-19 outbreak we have donated Supermalt and Vitamalt to hospitals in Africa and the Caribbean to support patients and health staff.
No matter what happens in the world, we all need a break, socializing and fun – with a Vitamalt event we supported the yearly carnival in London, which in 2020 was organized as a virtual carnival.