Scandinavian Tobacco Group A/S: Annual Report 2021

Company Announcement
No. 15/2022

                                                                                                       Copenhagen, 8 March 2022

Full-year report, 1 January - 31 December 2021

Scandinavian Tobacco Group A/S reports record full year 2021 result and expects 2022 organic EBITDA growth in the range of 0-6%

For the full year of 2021 Scandinavian Tobacco Group delivered a 18.4% organic EBITDA growth in line with the guidance of a 16-20% growth, a free cash-flow before acquisitions at DKK 1.4 billion (DKK 1.0-1.3 billion) and an increase in adjusted Earnings Per Share of 51% (>35%). The expectation for organic EBITDA growth in 2022 is in the range of 0-6%. Approval of a new share buy-back programme of up to DKK 700 million.

For the fourth quarter of 2021 organic net sales increased by 2% and organic EBITDA grew 14%. The results were driven by continued strong demand for handmade cigars in the US, price increases across most product categories and continued cost efficiencies. The integration of Agio Cigars approaches completion.  

Q4 Highlights

CEO Niels Frederiksen: “We deliver particularly strong financial results for 2021 based on a strong demand for handmade cigars in the US, Agio synergies and a favorable market mix. During the year we showed good progress on our strategy “Rolling Towards 2025” across the business and edged closer to our vision of becoming the undisputed, global leader in cigars”.  

Dividend for 2021 and approval of new share buy-back programme in 2022

At the Annual General Meeting on 31 March 2022, the Board of Directors will propose an increase in the ordinary dividend of 15% to DKK 7.50 per share. Furthermore, the Board of Directors has approved a new share buy-back programme of a total value of up to DKK 700 million. The purpose of the share buy-back programme is to adjust the capital structure and meet obligations relating to the Group´s share-based incentive programme. Further details of the share buy-back including the specific starting date will be communicated in a separate Company Announcement.

Financial Guidance 2022

The Annual Report for 2021 is available for download on:

For further information, please contact:
Investors: Torben Sand, Head of IR, phone +45 5084 7222 or

Media: Simon Mehl Augustesen, Director of Group Communications, phone: +1 484-379-8725 or

A conference call will be held on 9 March 2022 at 10.00 CEST. Dial-in information and an accompanying presentation will be available at around 09:00 CEST.