XCSE:CARL-A ESEF Report
CARLSBERG A/S (XCSE:CARL-A)
ESEF Report
2024-08-28
For: 2024-06-30
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Added on
September 22, 2026
Company announcement 37/2024
13 August 2024
Page 1 of 29
SOLID ORGANIC OPERATING PROFIT GROWTH AND
INCREASED EARNINGS EXPECTATIONS
FINANCIAL STATEMENT AS AT 30 JUNE 2024
Unless otherwise stated, comments in this announcement refer to H1 performance.
CONTINUED VOLUME GROWTH SUPPORTED BY THE PREMIUM
PORTFOLIO DESPITE BAD WEATHER AND WEAK CONSUMER
SENTIMENT
Organic volume growth 1.4%
• Organic volume development in Western Europe -1.7%, Asia +1.9% and Central & Eastern Europe
and India (CEEI) +4.5%.
• Total premium beer category +4%, Beyond Beer +4%, alcohol-free brews +6%.
• International brand volume growth: Tuborg +8%, Carlsberg +12%, 1664 Blanc +4% and Brooklyn
+4%.
REVENUE GROWTH IN ALL REGIONS
Organic revenue growth 3.9%
• Revenue/hl +2%, with positive contribution from all regions.
• Organic revenue growth in Western Europe +1.3%, Asia +4.7% and CEEI +8.8%.
• Reported revenue growth of 2.6% to DKK 38,766m, impacted by currencies.
SOLID ORGANIC OPERATING PROFIT GROWTH
Organic operating profit growth 4.7%
• Operating profit growth driven by solid gross profit improvement, partly offset by an increase in
marketing investments of almost 20%.
• Reported operating profit growth of 1.0% to DKK 6,336m.
• Reported net profit for continuing operations of DKK 3,737m (-4.2%), impacted by higher net
financials.
• Adjusted net profit for continuing operations of DKK 3,869m (-3.4%).
• Adjusted earnings per share for continuing operations of DKK 28.6 (-2%).
• Free operating cash flow of DKK 3,613m.
DRIVING SHAREHOLDER VALUE
Total share buy-back and dividend payment of DKK 5.5bn
• NIBD/EBITDA 1.65x.
• ROIC down 70bp to 14.5%; excluding goodwill down 360bp to 37.6%, impacted by currencies.
• Share buy-back terminated on 8 July due to the Group’s recommended offer to acquire Britvic plc
and the expected subsequent increase in financial leverage.
CVR.no. 61056416
LEI 529900100WJQYB5GYZ19
SUBSEQUENT EVENTS
• On 8 July, we announced the recommended offer to acquire Britvic plc.
• On 8 July, we announced the acquisition of Marston’s 40% stake in Carlsberg Marston’s Limited.
The transaction was completed on 31 July.
• On 2 August, we announced the signing of an agreement to acquire the remaining 33.33% of
Carlsberg South Asia Pte Ltd (the holding company for Carlsberg India and the business in
Nepal).
2024 EARNINGS EXPECTATIONS
Based on the solid business performance year to date, we are adjusting our earnings expectations
for 2024:
• Organic growth in operating profit of +4-6% (previously 1-5%).
• Based today’s spot rates, we assume a translation impact on operating profit of around DKK
-300 for 2024 (previously DKK -250m).
CEO Jacob Aarup-Andersen: “It’s been an exciting year for Carlsberg with the launch of our
refreshed strategy – Accelerate SAIL – and higher growth ambitions, the recommended offer for
Britvic, and the signing of an agreement that will give us full control of our businesses in India and
Nepal. These major events will support the long-term health of our business, our brands and
delivery of our long-term growth ambitions.
“We continued to step up sales and marketing investments behind our key growth categories and
saw above-average growth of premium, Beyond Beer and alcohol-free brews.
“Our performance management remains strong, and as a result of continued solid execution and
good cost control, we’re increasing our earnings expectations for the year despite volumes in Q2
being challenged by bad weather and weak consumer sentiment in some Asian markets.”
Contacts
Investor Relations: Peter Kondrup +45 2219 1221
Iben Steiness +45 2088 1232
Media Relations: Kenni Leth +45 5171 4368
For more news, sign up at www.carlsberggroup.com/subscribe.
Carlsberg will present the results at a conference call tomorrow, 14 August, at 9.30 a.m. CET. Dial-in
information and a slide deck will be available on www.carlsberggroup.com.
Company announcement 37/2024
13 August 2024
Page 2 of 29
www.carlsberggroup.com
KEY FIGURES AND FINANCIAL RATIOS
Key figures and financial ratios for 2023 are presented for continuing activities unless otherwise stated.
DKK million
H1
2024
H1
2023 2023
Volumes (million hl)
Beer 53.4 52.4 101.0
Other beverages 12.3 12.4 24.1
Income statement
Revenue 38,766 37,788 73,585
Gross profit 17,945 16,882 32,832
EBITDA 8,355 8,229 15,179
Operating profit before special items 6,336 6,272 11,105
Special items, net -139 -169 -431
Financial items, net -550 -332 -844
Profit before tax 5,647 5,771 9,830
Income tax -1,199 -1,212 -1,859
Profit from continuing operations 4,448 4,559 7,971
Loss from discontinued operations¹ - -404 -47,748
Profit for the period 4,448 4,155 -39,777
Attributable to:
Non-controlling interests 711 660 1,011
Shareholders in Carlsberg A/S (net profit) 3,737 3,495 -40,788
Shareholders in Carlsberg A/S (net profit), continuing operations 3,737 3,899 6,960
Shareholders in Carlsberg A/S (net profit), continuing operations, adjusted² 3,869 4,005 7,425
Statement of financial position
Total assets 112,274 121,006 111,831
Invested capital 63,195 61,616 61,089
Invested capital excl. goodwill 24,767 23,280 22,774
Net interest-bearing debt (NIBD) 25,219 22,364 22,351
Equity, shareholders in Carlsberg A/S 21,661 28,286 23,234
Statement of cash flows
Cash flow from operating activities 5,881 6,108 11,607
Cash flow from investing activities 122 -2,324 -6,729
Free cash flow 6,003 3,784 4,878
Financial ratios, continuing operations
Gross margin % 46.3 44.7 44.6
EBITDA margin % 21.6 21.8 20.6
Operating margin % 16.3 16.6 15.1
Effective tax rate % 21.2 21.0 18.9
Return on invested capital (ROIC) % 14.5 15.2 14.5
ROIC excl. goodwill % 37.6 41.2 38.3
NIBD/EBITDA x 1.65 1.46 1.47
Stock market ratios
Earnings per share (EPS) DKK 27.6 25.5 -299.7
EPS, continuing operations DKK 27.6 28.5 51.1
EPS, adjusted², continuing operations¹ DKK 28.6 29.3 54.6
Share price (B shares) DKK 835.6 1,090.5 846.8
Weighted average number of shares, excl. treasury shares 1,000 135,223 136,836 136,089
1
The discontinued operation in Russia was deconsolidated as of July 2023.
2
Adjusted for special items after tax.
Company announcement 37/2024
13 August 2024
Page 3 of 29
www.carlsberggroup.com
MAJOR EVENTS SHAPING THE FUTURE OF CARLSBERG
This year, the Carlsberg Group has announced several major initiatives that will support the future
of the company and the achievement of our long-term ambitions.
In February, we launched our refreshed strategy, Accelerate SAIL, including higher long-term
organic growth ambitions for revenue and earnings. We have started the implementation of several
initiatives and increased investments in sales and marketing to drive growth in key categories, such
as premium beer, Beyond Beer and alcohol-free brews, as well as in volume and value growth in
key markets in Asia.
In July, we announced the recommended offer to acquire Britvic plc. The acquisition will support the
Group’s growth ambitions, enhance our top- and bottom-line growth profile in Western Europe, be
transformative for our business in the UK and further strengthen our relationship with PepsiCo.
In August, we signed an agreement giving us full control of the businesses in India and Nepal.
Growing in India is a key priority of Accelerate SAIL, and upon completion of the agreement, we will
be able to accelerate investments to capture the long-term growth opportunities in this market.
PORTFOLIO
PREMIUM PORTFOLIO
Our premium portfolio grew by 4%, supported by increased marketing investments. We saw mid-
single-digit percentage growth in Asia and high-teens percentage growth in Central & Eastern
Europe and India (CEEI), while volumes in Western Europe were impacted by bad weather and
declined by low single-digit percentages.
Premium Carlsberg volumes were up by 24%, with very strong growth seen in many markets, such
as China, India, Ukraine, Germany and Serbia. Premium Tuborg volumes grew by 8%, supported by
growth in markets such as China, Vietnam and Ukraine. 1664 Blanc delivered 4% volume growth,
supported by growth in all three regions and particularly in many Eastern European markets,
Vietnam, Switzerland and Poland.
MAINSTREAM CORE BEER
Total mainstream core beer volumes grew by 1% with low-single digit percentage growth in Asia
and CEEI partly offset by a slight volume decline in Western Europe. We saw good growth for
brands such as Dali and Wusu in China, Tuborg in India and Zatecky in Kazakhstan.
ALCOHOL-FREE BREWS
Alcohol-free brew volumes grew by 6%, supported by strong growth in Ukraine and the Middle East
and solid growth in most Western European markets. The alcohol-free versions of the international
brands Carlsberg, Tuborg and Garage saw double-digit growth, while local alcohol-free brands such
as Fix, Lvivske, Lübzer and Eriksberg also delivered strong growth.
BEYOND BEER
Beyond Beer volumes grew by 4%, mainly driven by the Garage brand in CEEI. Somersby declined
slightly, mainly due to weak development in Poland.
STRUCTURAL CHANGES AND SUBSEQUENT EVENTS
In January, the Carlsberg Group and the Danish craft brewer Mikkeller established a sales and
distribution agreement for the Danish market. As part of the agreement, Carlsberg acquired a 20%
stake in Mikkeller.
Company announcement 37/2024
13 August 2024
Page 4 of 29
www.carlsberggroup.com
In June, we announced a strategic partnership between Brasserie du Pays Flamand and our French
business, Brasseries Kronenbourg, aimed at accelerating the roll-out of the Anosteké brand in
France. As part of the agreement, we will acquire a minority stake in Brasserie du Pays Flamand.
On 8 July, we announced the recommended offer for Britvic plc, amounting to approximately GBP
3.3bn. The acquisition will be carried out by way of a scheme of arrangement under Part 26 of the
UK Companies Act 2006. It is currently expected that the scheme will become effective during the
first quarter of 2025.
On 8 July, we announced the purchase of the remaining 40% of Carlsberg Marston’s Limited from
Marston’s PLC at a price of GBP 206m, giving us 100% ownership of our UK business. The
transaction was completed on 31 July.
On 2 August, we announced the signing of an agreement to acquire the remaining 33.33% of
Carlsberg South Asia Pte. Ltd. (CSAPL, the holding company of the businesses in India and Nepal)
and 9.94% of Gorkha Brewery in Nepal, giving us 99.94% ownership of this business. Consequently,
these acquisitions will give us full control of two important Asian businesses. The total purchase
price is USD 744m. The transactions are expected to complete in Q4 2024. USD 207m of the USD
744m will be retained by Carlsberg to be released subject to potential claims under the share
purchase agreement (likely after 3-5 years).
2024 EARNINGS EXPECTATIONS
We are adjusting our earnings expectations for 2024 due to continued solid business performance
year to date and continued cost control that compensate for the bad weather in Q2 in several
markets and weak consumer sentiment in some Asian markets.
Consequently, we now expect:
• Organic growth in operating profit of 4-6%.
Based on today’s spot rates, we assume a translation impact on operating profit of around DKK
-300m for 2024 (previously DKK 250m).
Financial expenses, excluding foreign exchange losses or gains, are expected to be around DKK
1.2bn (previously DKK 1.1bn). The increase is due to the purchase of the remaining 40% of Carlsberg
Marston’s Limited in July, the expected completion in Q4 of the acquisition of the remaining 33.33%
of CSAPL and financing costs related to establishment of bridge financing facilities for the
recommended offer for Britvic plc.
Other relevant assumptions are unchanged:
• Reported effective tax rate of around 21%.
• Capital expenditure of around DKK 5.0bn.
Forward-looking statements
Forward-looking statements are subject to risks and uncertainties that could cause the Group’s
actual results to differ materially from those expressed in the forward-looking statements.
Accordingly, forward-looking statements should not be relied on as a prediction of actual results.
Please see page 13 for the full forward-looking statements disclaimer.
Company announcement 37/2024
13 August 2024
Page 5 of 29
www.carlsberggroup.com
GROUP FINANCIAL REVIEW
Change Change
H1 2023 Organic Acq., net FX 2024 Reported
Volumes (million hl)
Beer 52.4 1.9 % 0.1 % - 53.4 2.0 %
Other beverages 12.4 -0.6 % 0.0 % - 12.3 -0.6 %
Total volume 64.8 1.4 % 0.1 % - 65.7 1.5 %
DKK million
Revenue 37,788 3.9 % 0.3 % -1.6 % 38,766 2.6 %
Operating profit 6,272 4.7 % 0.0 % -3.7 % 6,336 1.0 %
Operating margin (%) 16.6 16.3 -30bp
The Group delivered solid performance despite challenging weather conditions in several markets in
Q2.
Beer volumes grew organically by 1.9% (Q2: +1.4%), mainly because of solid volume growth in CEEI.
Other beverage volumes declined organically by 0.6% (Q2: -0.7%). Consequently, total volumes
grew by 1.4% (Q2: +1.0%).
Revenue/hl increased by 2% (Q2: +1%), resulting in organic revenue growth of 3.9% (Q2: +1.9%). The
revenue/hl improvement was driven by premium growth and price increases, partly offset by
negative channel and country mix.
Reported revenue grew by 2.6% (Q2: +1.2%). The adverse currency impact mainly related to the
Chinese, Laotian and Ukrainian currencies.
Gross profit increased organically by 8.2%. Cost of sales/hl declined slightly by 1%, primarily due to
efficiency improvements and country mix. Higher revenue/hl and slightly lower cost of sales/hl
meant gross profit/hl increased organically by 7%. The reported gross margin improved by 160bp to
46.3%.
We increased sales and marketing investments – the latter by almost 20% organically – with higher
investments in all three regions. Consequently, marketing investments to revenue increased by 110bp
to 8.7%.
We maintained our strict cost focus. The organic increase in operating expenses of 9.6% mainly
related to higher sales and marketing investments, as well as higher logistics costs. Administrative
expenses increased in line with revenue.
Income from associates declined, mainly due to lower income from associates in China and
Vietnam, partly offset by higher income from Portugal.
Operating profit before depreciation, amortisation and impairment losses (EBITDA) grew by 4.6%
organically and by 1.5% in reported terms, the latter impacted by currencies.
Operating profit grew organically by 4.7%, mainly driven by Asia and CEEI. The reported operating
profit increase of 1.0% was primarily impacted by the Laotian and Chinese currencies. While the
reported gross margin improved, the reported operating margin contracted by 30bp to 16.3%,
mainly due to higher sales and marketing investments.
Company announcement 37/2024
13 August 2024
Page 6 of 29
www.carlsberggroup.com
Reported net profit increased to DKK 3,737m (2023: DKK 3,495m). Adjusted net profit for continuing
operations (adjusted for special items after tax) declined by 3.4% to DKK 3,869m, as the organic
operating profit growth was offset by the adverse currency impact, higher financial expenses and
higher non-controlling interests.
Adjusted earnings per share, continuing operations, were DKK 28.6 (2023: DKK 29.3), positively
impacted by the lower number of shares.
Return on invested capital (12-month average) declined by 70bp to 14.5% due to the currency
impact, acquisitions and a higher tax rate. ROIC excluding goodwill was 37.6% (2023: 41.2%).
Net interest-bearing debt was DKK 25.2bn (2023: DKK 22.4bn), impacted by cash returns to
shareholders in H1 in the form of share buy-backs (DKK 1.9bn) and dividends to shareholders and
non-controlling interests (DKK 4.5bn). Net interest-bearing debt/EBITDA was 1.65x (1.47x at year-
end 2023).
REGIONAL PERFORMANCE
WESTERN EUROPE
Change Change
H1 2023 Organic Acq., net FX 2024 Reported
Volumes (million hl)
Beer 14.3 -1.3 % 0.0 % - 14.1 -1.3 %
Other beverages 7.3 -2.4 % 0.0 % - 7.1 -2.4 %
Total 21.6 -1.7 % 0.0 % - 21.2 -1.7 %
DKK million
Revenue 18,382 1.3 % 0.0 % 1.3 % 18,862 2.6 %
Operating profit 2,551 1.0 % 0.0 % 0.8 % 2,598 1.8 %
Operating margin (%) 13.9 13.8 -10bp
After a solid start to the year up until May, total volumes for the half year declined organically by
1.7% (Q2: -3.0%), impacted by poor weather in most markets in June and difficult comparables
because of good weather in June 2023. Other beverages declined by 2.4% due to the loss of the
Schweppes brand in Switzerland and lower volumes in Denmark and Norway.
For the half year, revenue/hl increased organically by 3% (Q2: +2%), mainly because of price
increases, which were partly offset by a negative channel and country mix. In addition, revenue/hl in
Q1 was positively impacted by the inclusion of excise duties in the UK following last year’s
termination of the Kronenbourg 1664 licensee agreement.
Organic revenue growth was 1.3%. In Q2, revenue declined organically by 1.3% due to the weak
June. Reported revenue growth was 2.6% (Q2: -0.2%), with a positive currency impact from the
Swiss, Polish and UK currencies.
Despite the volume decline, the region delivered organic operating profit growth of 1.0%. This was
driven by higher revenue/hl, which more than offset a significant increase in marketing investments
and higher logistics costs. Reported operating profit increased by 1.8% due to the positive currency
impact.
Company announcement 37/2024
13 August 2024
Page 7 of 29
www.carlsberggroup.com
MARKET COMMENTS
Our Nordic business delivered a positive start to the year up until May, with volume growth in all
four markets. However, this development was reversed in June due to very bad weather, and
volumes for the half year declined slightly. In Denmark, we strengthened our beer market share
across all categories, while our soft drinks market share was flat. In Sweden, volumes grew for the
half year, supported in particular by good performance for the premium beer and soft drinks
portfolios. In Norway, our overall market share was flat but grew in the premium segment. Volumes
in Finland also grew for the half year, with broad-based growth across the beer categories and soft
drinks portfolio.
In France, volumes declined by high-single-digit percentages, impacted by poor weather throughout
Q2. We gained market share in premium, while overall market share development was weak due to
a lower level of promotional activities than the general market.
In Switzerland, volumes declined by mid-single-digit percentages, severely impacted by bad weather
in June. Our market share (YTD May) improved, driven by the Feldschlösschen brand and alcohol-
free brews. 1664 Blanc grew strongly following the relaunch of the brand in Q1. Soft drinks volumes
declined due to the loss of the Schweppes brand.
Our volumes were flat in Poland. Our premium portfolio saw very strong growth, including for
international brands such as 1664 Blanc, Grimbergen and Brooklyn, and the local Zatecky brand.
Alcohol-free line extensions of local brands, such as Okocim and Zatecky, also saw good growth.
In the UK, volumes grew by low-single-digit percentages, mainly because of the good performance
of Carlsberg Danish Pilsner. 1664 Blanc was launched at the beginning of 2024 with good initial
results. We took over production of 1664 Kronenbourg from April. The San Miguel licence
agreement was not renewed by our partner and will terminate at the end of 2024. This will have a
substantial impact on volume and earnings in the UK in 2025.
ASIA
Change Change
H1 2023 Organic Acq., net FX 2024 Reported
Volumes (million hl)
Beer 22.0 2.5 % 0.0 % - 22.5 2.5 %
Other beverages 3.4 -2.1 % 0.0 % - 3.3 -2.1 %
Total 25.4 1.9 % 0.0 % - 25.8 1.9 %
DKK million
Revenue 11,784 4.7 % 0.3 % -6.2 % 11,646 -1.2 %
Operating profit 2,891 5.3 % -0.1 % -7.7 % 2,819 -2.5 %
Operating margin (%) 24.5 24.2 -30bp
In Asia, beer volumes grew by 2.5% (Q2: 1.0%), supported by growth in China, Laos and Vietnam.
Volume development for other beverages was -2.1%, mainly impacted by Cambodia.
Revenue grew organically by 4.7% (Q2: +1.9%). Revenue/hl increased organically by 3% (Q2: +1%),
positively impacted by solid growth for the international premium brands and price increases. The
weaker revenue/hl development in Q2 was due to a negative country mix and weakening brand
mix. Reported revenue development was -1.2% (Q2: -1.7%), impacted by the weaker Laotian and
Chinese currencies.
Company announcement 37/2024
13 August 2024
Page 8 of 29
www.carlsberggroup.com
Although we significantly increased our investments in marketing and sales, operating profit grew
organically by 5.3%. Adverse foreign exchange movements, mainly related to the Chinese and
Laotian currencies, led to a reported decline in operating profit of 2.5%. Despite the solid revenue
development, the operating margin declined by 30bp to 24.2%.
MARKET COMMENTS
In China, our business continued to outperform the market, although we saw a slowdown in Q2 due
to heavy rainfalls in southern China and weak consumer sentiment. Nevertheless, growth of our
premium portfolio outperformed the core mainstream portfolio, with good growth for brands such
as Carlsberg, Tuborg and Wind Flower Snow Moon.
Our volumes in Vietnam grew by low-single-digit percentages, cycling double-digit growth in H1 last
year. The market declined by an estimated low-single-digit percentage. Our international premium
brands, in particular 1664 Blanc and Tuborg, delivered strong growth. Our local mainstream brand
Huda also continued to grow.
In Laos, our volumes grew by mid-single-digit percentages, driven by all categories: beer, soft drinks
and water. Following strong growth in recent years, we faced capacity constraints during the peak
season. We continued to take significant price increases to offset the high inflation.
Total volumes in Cambodia declined significantly, mainly due to weaker energy drink volumes.
Our businesses in Malaysia and Singapore delivered solid performance, supported by growth of the
Carlsberg brand and the premium brand Sapporo, for which we took over production, sales and
distribution from 1 January.
CENTRAL & EASTERN EUROPE AND INDIA (CEEI)
Change Change
H1 2023 Organic Acq., net FX 2024 Reported
Volumes (million hl)
Beer 16.1 3.9 % 0.3 % - 16.8 4.2 %
Other beverages 1.7 10.1 % 0.1 % - 1.9 10.2 %
Total 17.8 4.5 % 0.3 % - 18.7 4.8 %
DKK million
Revenue 7,616 8.8 % 1.2 % -1.6 % 8,254 8.4 %
Operating profit 1,428 14.1 % 0.1 % -2.0 % 1,601 12.2 %
Operating margin (%) 18.8 19.4 60bp
The CEEI region delivered very good results. Total volumes grew organically by 4.5% (Q2: +6.0%),
helped by easy comparables with Q2 last year in south-east Europe, which was impacted by poor
weather. We gained market share in most markets in the region.
Revenue grew organically by 8.8% (Q2: +9.8%). The organic revenue/hl growth of 4% (Q2: +4%)
was driven by price increases and a positive product mix.
The volume growth, positive revenue/hl development and very good cost control, which more than
offset higher marketing investments, led to strong organic operating profit growth of 14.1%.
Reported operating profit growth was 12.2%, mainly because of the depreciation of the Ukrainian
currency. The operating margin improved by 60bp to 19.4%.
Company announcement 37/2024
13 August 2024
Page 9 of 29
www.carlsberggroup.com
MARKET COMMENTS
In a volatile environment, our volumes in Ukraine grew organically by double-digit percentages.
Revenue/hl continued to improve, supported by strong growth of the premium portfolio, particularly
for brands such as 1664 Blanc, Carlsberg and Tuborg. The alcohol-free brews portfolio also grew
strongly.
Our markets in south-east Europe delivered good performance with solid volume growth in all
markets supported by very good performance of our premium portfolios, in particular 1664 Blanc
and Tuborg.
Our volumes in India grew by low-double-digit percentages despite “dry days” being enforced in
connection with the elections and challenging weather conditions impacting one of our breweries.
Our national market share strengthened, supported by good growth for Carlsberg Elephant and
Tuborg Strong.
The export & licence business delivered solid volume growth. This growth was mainly driven by
licence markets, notably Turkey, where both the Tuborg and Carlsberg brands continued their very
positive momentum, and by alcohol-free brews in the Middle East.
CENTRAL COSTS (NOT ALLOCATED)
Central costs, net, were DKK 667m (2023: DKK 584m). Central costs are incurred for ongoing
support of the Group’s overall operations and strategic development. In particular, they cover the
costs of running central functions, including marketing. The higher costs were mainly due to higher
marketing and technology investments.
OTHER ACTIVITIES (NON-BEVERAGE)
The operation of the Carlsberg Research Laboratory and the non-controlling holding in the
Carlsberg Byen company in Copenhagen are reported separately from the beverage activities. The
non-beverage activities generated DKK -15m (2023: DKK -14m).
COMMENTS ON THE FINANCIAL STATEMENTS
ACCOUNTING POLICIES
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, as
issued by the International Accounting Standards Board (IASB) and adopted by the EU, and
additional Danish disclosure requirements for interim financial reporting by listed companies.
The consolidated financial statements have been prepared using accounting policies for recognition
and measurement consistent with those applied to the consolidated financial statements for 2023.
INCOME STATEMENT
Please see pages 6-7 for a review of operating profit.
Net special items (pre-tax) amounted to DKK -139m (2023: DKK -169m) and were mainly impacted
by costs related to M&A activities. A specification of special items is included in note 4.
Financial items, net, amounted to DKK -550m against DKK -332m in 2023. Excluding foreign
exchange losses, net, of DKK -98m, financial items, net, amounted to DKK -452m (2023: DKK
-311m). The increase was mainly due to higher interest rates on bonds issued in 2023 and higher net
interest-bearing debt. A specification of net financial items is included in note 5.
Company announcement 37/2024
13 August 2024
Page 10 of 29
www.carlsberggroup.com
Tax totalled DKK -1,199m against DKK-1,212m in 2023. The effective tax rate was 21.2% versus
21.0% in 2023.
Non-controlling interests were DKK 711m (2023: DKK 660m). The increase was mainly driven by
higher profitability in Laos and the UK.
The Carlsberg Group’s share of consolidated profit (net profit) was DKK 3,737m (2023: DKK
3,495m). Adjusted net profit (adjusted for special items after tax) declined by 3.4% to DKK 3,869m,
as the organic operating profit growth of 4.7% was offset by the adverse currency impact, higher
financial items, net and higher non-controlling interests.
STATEMENT OF FINANCIAL POSITION
ASSETS
Total assets amounted to DKK 112.3bn at 30 June 2024 (31 December 2023: DKK 111.8bn).
Total non-current assets amounted to DKK 82.8bn at 30 June 2024 (31 December 2023: DKK
81.6bn). The increase mainly related to property, plant and equipment, which increased by DKK
0.7bn to DKK 25.1bn, partly due to the new brewery in Foshan, China.
Current assets amounted to DKK 29.5bn at 30 June 2024 (31 December 2023: DKK 30.2bn), as the
seasonality impact on inventories and trade receivables was offset by lower cash and cash
equivalents. Inventories and trade receivables amounted to DKK 14.6bn, an increase of DKK 3.7bn
from 31 December 2023, while cash and cash equivalents declined to DKK 10.7bn (31 December
2023: DKK 13.4bn), impacted by the dividend payout to shareholders and share buy-back of DKK
-5.5bn.
EQUITY AND LIABILITIES
Total equity amounted to DKK 24.0bn at 30 June 2024 (31 December 2023: DKK 25.7bn), DKK
21.7bn of which was attributable to shareholders in Carlsberg A/S and DKK 2.3bn to non-controlling
interests.
The net change in equity of DKK -1.7bn is mainly explained by the profit for the period of DKK
4.4bn, offset by total dividends paid of DKK -4.5bn and share buy-back of DKK -1.9bn.
Total liabilities increased to DKK 88.3bn against DKK 86.1bn at 31 December 2023, primarily due to
seasonality.
Long- and short-term borrowings amounted to DKK 37.1bn (31 December 2023: DKK 39.1bn): long-
term borrowings were DKK 30.8bn (31 December 2023: DKK 30.8bn) and short-term borrowings
were DKK 6.3bn (31 December 2023: DKK 8.3bn). The decline in short-term borrowings was due to
the repayment of a EUR 1bn bond.
Current liabilities excluding short-term borrowings increased to DKK 43.5bn (31 December 2023:
DKK 38.9bn) due to normal seasonality. The most significant increase was trade payables, which
rose by DKK 3.6bn compared with 31 December 2023.
CASH FLOW
Free cash flow amounted to DKK 6,003m versus DKK 3,784m in 2023. The increase was mainly due
to the unwinding of cash placed in deposits not meeting the definition of cash and cash equivalents
at year-end 2023.
Company announcement 37/2024
13 August 2024
Page 11 of 29
www.carlsberggroup.com
Net cash flow from continuing operations amounted to DKK -2,693m (2023: DKK 3,484m). In
addition to the development in free cash flow, the difference year-on-year is explained by a higher
share buy-back and the repayment of a EUR 1bn bond in May this year compared with the issuance
of a EUR 750m bond in May 2023.
CASH FLOW FROM OPERATING ACTIVITIES
Cash flow from operating activities amounted to DKK 5,881m against DKK 6,108m in 2023.
EBITDA was DKK 8,355m (2023: DKK 8,229m).
The change in total working capital was DKK -836m (2023: DKK -105m). The change in trade
working capital was DKK 453m (2023: DKK 685m). Average trade working capital to revenue
(MAT) remained strong at -20.4%. The change in other working capital was DKK -1,289m (2023:
DKK -790m), impacted by other payables.
Restructuring costs and other special items amounted to DKK -87m (2023: DKK -294m). Net
interest etc. paid amounted to DKK -238m (2023: DKK -349m). Corporation tax paid was DKK
-1,089m (2023: DKK -1,130m).
CASH FLOW FROM INVESTING ACTIVITIES
Cash flow from investing activities was DKK 122m against DKK -2,324m in 2023.
Operational investments totalled DKK -2,268m (2023: DKK -1,762m). Acquisition of property, plant
and equipment and intangible assets amounted to DKK -2,279m (2023: DKK -1,792m) and included
investments in a new brewery in China and capacity expansion in Laos.
Total financial investments amounted to DKK 2,390m (2023: DKK -562m), mainly attributable to
the unwinding of the placement of cash in deposits not meeting the definition of cash and cash
equivalents at year-end 2023.
FINANCING
At 30 June 2024, gross financial debt amounted to DKK 37.1bn and net interest-bearing debt to
DKK 25.2bn. The difference of DKK 11.9bn mainly comprised cash and cash equivalents of DKK
10.7bn.
Net interest-bearing debt/EBITDA was 1.65x (1.47x at year-end 2023).
Of the gross financial debt, 83% (DKK 30.8bn) was long term, i.e. with maturity of more than one
year from 30 June 2024. At the end of June 2024, the duration was 4.4 years.
CHANGES TO THE EXECUTIVE COMMITTEE
On 3 June, Esther Wu, previously Vice President, Integrated Information Technology in the Asia
region, was appointed Chief Information Officer (CIO), joining the Executive Committee (ExCom).
On 19 August, Yves Briantais will join the Group as Chief Marketing Officer (CMO) and member of
ExCom. Yves joins Carlsberg from Colgate-Palmolive, where he most recently served as Global
Executive Vice President, Design and Creative Capabilities.
On 1 September, Søren Brinck, currently EVP, Group Commercial and Strategy, will take over
responsibility for the Western Europe region, following the retirement of Graham Fewkes. Graham
will continue as a special advisor to the Group CEO, with particular focus on partnerships.
Company announcement 37/2024
13 August 2024
Page 12 of 29
www.carlsberggroup.com
On 1 September, Anders Roed, currently Managing Director Brasseries Kronenbourg, our French
business, will join ExCom as Chief Strategy and Commercial Officer.
In early September, Susanne Skippari will join the Group as Chief Human Resources Officer (CHRO)
and member of ExCom. Susanne joins Carlsberg from KONE, where she most recently served as
Executive Vice President, People and Communications, and a member of the Executive Board.
SHARE BUY-BACK
On 30 April, the Carlsberg Group launched the second quarterly share buy-back programme of
2024 with the intention to repurchase B shares of up to DKK 1bn during the period 30 April to 9
August 2024.
However, following the announcement of the Group’s recommended offer to acquire Britvic plc and
the subsequent expected increase in financial leverage, the share buy-back programme was
terminated on 8 July.
At termination, the Company had bought a total of 711,577 shares at a total value of DKK 660.2m.
FINANCIAL CALENDAR
The financial year follows the calendar year, and the following schedule has been set for the
remainder of 2024:
31 October Q3 trading statement
FORWARD-LOOKING STATEMENTS
This Company announcement contains forward-looking statements, including, but not limited to,
guidance, expectations, strategies, objectives and statements regarding future events or prospects
with respect to the Group’s future financial and operating results. Forward-looking statements
include, without limitation, any statement that may predict, forecast, indicate or imply future results,
performance or achievements, and may contain words such as "expect", "estimate", "intend", "will be",
"will continue", "will result", "could", "may", "might" or any variations of such words or other words
with similar meanings. Forward-looking statements are subject to risks and uncertainties that could
cause the Group’s actual results to differ materially from the results discussed in such forward-
looking statements. Prospective information is based on management’s then current expectations or
forecasts. Such information is subject to the risk that such expectations or forecasts, or the
assumptions underlying such expectations or forecasts, may change. The Group assumes no
obligation to update any such forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting such forward-looking statements.
Some important risk factors that could cause the Group’s actual results to differ materially from
those expressed in its forward-looking statements include, but are not limited to: economic and
political uncertainty (including interest rates and exchange rates), financial and regulatory
developments, demand for the Group’s products, increasing industry consolidation, competition from
other breweries, the availability and pricing of materials used by the Group, cost of energy,
production- and distribution-related issues, IT failures, market-driven price reductions, litigation,
environmental issues and other unforeseen factors. The nature of the Group’s business means that
risk factors and uncertainties may arise, and it may not be possible for management to predict all
such risk factors, nor to assess the impact of all such risk factors on the Group’s business or the
extent to which any individual risk factor, or combination of factors, may cause results to differ
materially from those contained in any forward-looking statement. Accordingly, forward-looking
statements should not be relied on as a prediction of actual results.
Company announcement 37/2024
13 August 2024
Page 13 of 29
www.carlsberggroup.com
MANAGEMENT STATEMENT
Executive Board of Carlsberg A/S
Supervisory Board of Carlsberg A/S
Company announcement 37/2024
13 August 2024
Page 14 of 29
www.carlsberggroup.com
FINANCIAL STATEMENTS
Income statement
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Note 1 Segment reporting by region (beverages)
Note 2 Segment reporting by activity
Note 3 Segment reporting by half year
Note 4 Special items
Note 5 Net financial expenses
Note 6 Debt and credit facilities
Note 7 Net interest-bearing debt
Note 8 Events after the reporting period
Company announcement 37/2024
13 August 2024
Page 15 of 29
www.carlsberggroup.com
INCOME STATEMENT
DKK million
H1
2024
H1
2023 2023
Revenue 38,766 37,788 73,585
Cost of sales -20,821 -20,906 -40,753
Gross profit 17,945 16,882 32,832
Sales and distribution expenses -9,794 -8,896 -18,355
Administrative expenses -2,100 -2,037 -4,077
Other operating activities, net 20 37 124
Share of profit after tax of associates 265 286 581
Operating profit before special items 6,336 6,272 11,105
Special items, net -139 -169 -431
Financial income 227 149 695
Financial expenses -777 -481 -1,539
Profit before tax 5,647 5,771 9,830
Income tax -1,199 -1,212 -1,859
Profit from continuing operations 4,448 4,559 7,971
Loss from discontinued operations¹ - -404 -47,748
Profit for the period 4,448 4,155 -39,777
Attributable to
Non-controlling interests 711 660 1,011
Shareholders in Carlsberg A/S (net profit) 3,737 3,495 -40,788
DKK
Earnings per share of DKK 20 (EPS) 27.6 25.5 -299.7
Continuing operations 27.6 28.5 51.1
Discontinued operations¹ - -3.0 -350.8
Diluted earnings per share of DKK 20 (EPS-D) 27.6 25.5 -299.7
Continuing operations 27.6 28.4 51.0
Discontinued operations¹ - -2.9 -350.8
¹ The discontinued operation in Russia was deconsolidated as of July 2023.
Company announcement 37/2024
13 August 2024
Page 16 of 29
www.carlsberggroup.com
STATEMENT OF COMPREHENSIVE INCOME
DKK million
H1
2024
H1
2023 2023
Profit for the period 4,448 4,155 -39,777
Other comprehensive income
Retirement benefit obligations -30 -47 -73
Income tax - - -28
Items that will not be reclassified to the income statement -30 -47 -101
Foreign exchange adjustments of foreign entities 210 -2,516 37,781
Fair value adjustments of hedging instruments 81 142 920
Income tax 22 -12 -44
Items that will be reclassified to the income statement 313 -2,386 38,657
Other comprehensive income 283 -2,433 38,556
Total comprehensive income 4,731 1,722 -1,221
Attributable to
Non-controlling interests 713 500 753
Shareholders in Carlsberg A/S 4,018 1,222 -1,974
Total comprehensive income for the period arises from
Continuing operations 4,731 3,543 6,297
Discontinued operations¹ - -1,821 -7,518
Total comprehensive income 4,731 1,722 -1,221
¹ The discontinued operation in Russia was deconsolidated as of July 2023.
Company announcement 37/2024
13 August 2024
Page 17 of 29
www.carlsberggroup.com
STATEMENT OF FINANCIAL POSITION
DKK million 30 June 2024 30 June 2023 31 Dec. 2023
ASSETS
Intangible assets 49,209 49,029 49,100
Property, plant and equipment 25,077 23,591 24,405
Financial assets 8,474 8,097 8,128
Total non-current assets 82,760 80,717 81,633
Inventories 6,521 6,700 5,811
Trade receivables 8,080 7,923 5,102
Other receivables 4,204 4,344 3,667
Deposits and securities – – 2,236
Cash and cash equivalents 10,709 11,237 13,382
Current assets 29,514 30,204 30,198
Assets in discontinued operations¹ - 10,085 –
Total current assets 29,514 40,289 30,198
Total assets 112,274 121,006 111,831
EQUITY AND LIABILITIES
Equity, shareholders in Carlsberg A/S 21,661 28,286 23,234
Non-controlling interests 2,341 2,429 2,515
Total equity 24,002 30,715 25,749
Borrowings 30,794 21,175 30,763
Tax liabilities, provisions, retirement benefit obligations etc. 7,742 8,395 8,089
Total non-current liabilities 38,536 29,570 38,852
Borrowings 6,284 13,620 8,338
Trade payables 25,803 25,054 22,159
Deposits on returnable packaging materials 2,030 1,905 1,717
Other liabilities 15,619 15,754 15,016
Current liabilities 49,736 56,333 47,230
Liabilities in discontinued operations¹ - 4,388 -
Total current liabilities 49,736 60,721 47,230
Total liabilities 88,272 90,291 86,082
Total equity and liabilities 112,274 121,006 111,831
¹ The discontinued operation in Russia was deconsolidated as of July 2023.
Company announcement 37/2024
13 August 2024
Page 18 of 29
www.carlsberggroup.com
STATEMENT OF CHANGES IN EQUITY
DKK million Shareholders in Carlsberg A/S
2024
Share
capital
Currency
translation
Hedging
reserves
Total
reserves
Retained
earnings Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2,747 -2,639 -180 -2,819 23,306 23,234 2,515 25,749
Profit for the period - - - - 3,737 3,737 711 4,448
Other comprehensive income - 151 160 311 -30 281 2 283
Total comprehensive income for the period - 151 160 311 3,707 4,018 713 4,731
Cancellation of treasury shares -62 - - - 62 - - -
Share-based payments - - - - 65 65 - 65
Dividends paid to shareholders - - - - -3,601 -3,601 -876 -4,477
Share buy-back - - - - -1,899 -1,899 - -1,899
Non-controlling interests - - - - -156 -156 -11 -167
Total changes in equity -62 151 160 311 -1,822 -1,573 -174 -1,747
Equity at 30 June 2,685 -2,488 -20 -2,508 21,484 21,661 2,341 24,002
DKK million Shareholders in Carlsberg A/S
2023
Share
capital
Currency
translation¹
Hedging
reserves¹
Total
reserves
Retained
earnings Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2,837 -40,889 -822 -41,711 70,776 31,902 2,820 34,722
Profit for the period - - - - 3,495 3,495 660 4,155
Other comprehensive income - -2,263 35 -2,228 -45 -2,273 -160 -2,433
Total comprehensive income for the period - -2,263 35 -2,228 3,450 1,222 500 1,722
Cancellation of treasury shares -90 - - - 90 - - -
Share-based payments - - - - 58 58 - 58
Dividends paid to shareholders - - - - -3,695 -3,695 -891 -4,586
Share buy-back - - - - -1,289 -1,289 - -1,289
Non-controlling interests - - - - 88 88 - 88
Total changes in equity -90 -2,263 35 -2,228 -1,298 -3,616 -391 -4,007
Equity at 30 June 2,747 -43,152 -787 -43,939 69,478 28,286 2,429 30,715
¹ At 30 June 2023, prior to the deconsolidation of the discontinued operation in Russia in July 2023, the related accumulated currency translation and hedging reserves within equity represented losses of DKK 41.9 bn and
DKK 0.5 bn respectively.
Company announcement 37/2024
13 August 2024
Page 19 of 29
www.carlsberggroup.com
STATEMENT OF CASH FLOWS
DKK million
H1
2024
H1
2023 2023
Operating profit before special items 6,336 6,272 11,105
Depreciation, amortisation and impairment losses 2,019 1,957 4,074
Operating profit before depreciation, amortisation and impairment losses¹ 8,355 8,229 15,179
Other non-cash items -224 -243 -499
Change in trade working capital 453 685 698
Change in other working capital -1,289 -790 -780
Restructuring costs and other special items paid -87 -294 -552
Interest etc. received 261 130 329
Interest etc. paid -499 -479 -602
Income tax paid -1,089 -1,130 -2,166
Cash flow from operating activities 5,881 6,108 11,607
Acquisition of property, plant and equipment and intangible assets -2,279 -1,792 -4,243
Disposal of property, plant and equipment and intangible assets 40 50 115
Change in on-trade loans -29 -20 -10
Total operational investments -2,268 -1,762 -4,138
Free operating cash flow 3,613 4,346 7,469
Acquisition and disposal of subsidiaries, net - -802 -822
Acquisition and disposal of associates, net -115 - -7
Acquisition and disposal of financial investments, net 2,233 -1 -2,248
Change in financial receivables -8 -14 -26
Dividends received 280 255 512
Total financial investments 2,390 -562 -2,591
Cash flow from investing activities 122 -2,324 -6,729
Free cash flow 6,003 3,784 4,878
Shareholders in Carlsberg A/S -3,601 -3,695 -3,695
Share buy-back -1,899 -1,289 -3,200
Non-controlling interests -919 -891 -1,106
External financing -2,277 5,575 9,371
Cash flow from financing activities -8,696 -300 1,370
Net cash flow from continuing operations -2,693 3,484 6,248
Net cash flow from discontinued operations² - 2,026 -994
Net cash flow -2,693 5,510 5,254
Cash and cash equivalents at 1 January 13,382 8,163 8,163
Cash and cash equivalents included in discontinued operations² at 1 January - 1,194 1,194
Foreign exchange adjustment of cash and cash equivalents 20 -1,015 -1,229
Cash and cash equivalents included in discontinued operations² - -2,627 -
Cash and cash equivalents at period-end³ 10,709 11,225 13,382
1
Impairment losses exclude those reported in Special items.
2
The discontinued operation in Russia was deconsolidated as of July 2023.
³ Cash and cash equivalents less bank overdrafts.
Company announcement 37/2024
13 August 2024
Page 20 of 29
www.carlsberggroup.com
NOTE 1 (PAGE 1 OF 2)
SEGMENT REPORTING BY REGION
Q2
2024
Q2
2023
H1
2024
H1
2023 2023
Beer (million hl)
Western Europe 8.2 8.4 14.1 14.3 28.7
Asia 11.3 11.3 22.5 22.0 39.1
Central & Eastern Europe and India 10.2 9.6 16.8 16.1 33.2
Total 29.7 29.3 53.4 52.4 101.0
Other beverages (million hl)
Western Europe 3.9 4.1 7.1 7.3 14.7
Asia 1.8 1.8 3.3 3.4 5.9
Central & Eastern Europe and India 1.1 1.0 1.9 1.7 3.5
Total 6.8 6.9 12.3 12.4 24.1
Revenue (DKK million)
Western Europe 10,810 10,831 18,862 18,382 37,317
Asia 5,890 5,993 11,646 11,784 20,780
Central & Eastern Europe and India 4,934 4,557 8,254 7,616 15,467
Not allocated 1 2 4 6 21
Beverages, total 21,635 21,383 38,766 37,788 73,585
Non-beverage - - - - -
Total 21,635 21,383 38,766 37,788 73,585
Operating profit before depreciation, amortisation and special items (EBITDA, DKK million)
Western Europe 3,499 3,427 6,825
Asia 3,474 3,531 5,914
Central & Eastern Europe and India 1,988 1,781 3,594
Not allocated -590 -494 -1,114
Beverages, total 8,371 8,245 15,219
Non-beverage -16 -16 -40
Total 8,355 8,229 15,179
Operating profit before special items (DKK million)
Western Europe 2,598 2,551 4,975
Asia 2,819 2,891 4,586
Central & Eastern Europe and India 1,601 1,428 2,846
Not allocated -667 -584 -1,260
Beverages, total 6,351 6,286 11,147
Non-beverage -15 -14 -42
Total 6,336 6,272 11,105
Operating margin (%)
Western Europe 13.8 13.9 13.3
Asia 24.2 24.5 22.1
Central & Eastern Europe and India 19.4 18.8 18.4
Not allocated - - -
Beverages, total 16.4 16.6 15.1
Non-beverage - - -
Total 16.3 16.6 15.1
Company announcement 37/2024
13 August 2024
Page 21 of 29
www.carlsberggroup.com
NOTE 1 (PAGE 2 OF 2)
SEGMENT REPORTING BY REGION
DKK million
30 June
2024
30 June
2023 2023
Invested capital, period-end
Western Europe 35,744 34,596 34,670
Asia 16,106 15,381 15,976
Central & Eastern Europe and India 10,788 10,642 9,992
Not allocated -105 68 -286
Beverages, total 62,533 60,687 60,352
Non-beverage 662 929 737
Total 63,195 61,616 61,089
Invested capital excl. goodwill, period-end
Western Europe 15,273 14,228 14,190
Asia 1,797 1,154 1,776
Central & Eastern Europe and India 7,140 6,901 6,357
Not allocated -105 68 -286
Beverages, total 24,105 22,351 22,037
Non-beverage 662 929 737
Total 24,767 23,280 22,774
Return on invested capital, ROIC (%), 12-month average
Western Europe 11.4 11.1 11.4
Asia 21.5 22.6 21.9
Central & Eastern Europe and India 23.6 23.2 22.9
Not allocated - - -
Beverages, total 14.7 14.9 14.8
Non-beverage - - -
Total 14.5 15.2 14.5
Return on invested capital excl. goodwill (%), 12-month average
Western Europe 26.9 26.7 27.0
Asia 195.7 278.0 228.1
Central & Eastern Europe and India 36.3 35.5 35.4
Not allocated - - -
Beverages, total 38.9 41.8 40.0
Non-beverage - - -
Total 37.6 41.2 38.3
Company announcement 37/2024
13 August 2024
Page 22 of 29
www.carlsberggroup.com
NOTE 2
SEGMENT REPORTING BY ACTIVITY
H1 2024 H1 2023
DKK million Beverages
Non-
beverages Total Beverages
Non-
beverages Total
Revenue 38,766 - 38,766 37,788 - 37,788
Operating profit before special items 6,351 -15 6,336 6,286 -14 6,272
Special items, net -139 - -139 -154 -15 -169
Financial items, net -530 -20 -550 -326 -6 -332
Profit before tax 5,682 -35 5,647 5,806 -35 5,771
Income tax -1,204 5 -1,199 -1,217 5 -1,212
Profit from continuing operations 4,478 -30 4,448 4,589 -30 4,559
Loss from discontinued operations - - - -404 - -404
Profit for the period 4,478 -30 4,448 4,185 -30 4,155
Attributable to:
Non-controlling interests 711 - 711 660 - 660
Shareholders in Carlsberg A/S (net profit) 3,767 -30 3,737 3,525 -30 3,495
Company announcement 37/2024
13 August 2024
Page 23 of 29
www.carlsberggroup.com
NOTE 3
SEGMENT REPORTING BY HALF-YEAR
DKK million
H1
2024
H1
2023 2023
Revenue
Western Europe 18,862 18,382 37,317
Asia 11,646 11,784 20,780
Central & Eastern Europe and India 8,254 7,616 15,467
Not allocated 4 6 21
Beverages, total 38,766 37,788 73,585
Non-beverages - - -
Total 38,766 37,788 73,585
Operating profit before special items
Western Europe 2,598 2,551 4,975
Asia 2,819 2,891 4,586
Central & Eastern Europe and India 1,601 1,428 2,846
Not allocated -667 -584 -1,260
Beverages, total 6,351 6,286 11,147
Non-beverages -15 -14 -42
Total 6,336 6,272 11,105
Special items, net -139 -169 -431
Financial items, net -550 -332 -844
Profit before tax 5,647 5,771 9,830
Income tax -1,199 -1,212 -1,859
Profit from continuing operations 4,448 4,559 7,971
Loss from discontinued operations - -404 -47,748
Profit for the period 4,448 4,155 -39,777
Attributable to:
Non-controlling interests 711 660 1,011
Shareholders in Carlsberg A/S (net profit) 3,737 3,495 -40,788
Company announcement 37/2024
13 August 2024
Page 24 of 29
www.carlsberggroup.com
NOTE 4
Special items
DKK million
H1
2024
H1
2023 2023
Special items, income
Derecognition of loan and payables to the discontinued operation in Russia - - 350
Revaluation gain on acquisition of Jing-A Group - - 20
Gain on disposal of entities - 11 11
Reversal of provisions made in prior years - 100 -
Income - 111 381
Special items, expenses
Impairment of brands - - -525
Reversal of impairment losses - - 400
Impairment of non-current assets in Cambodia - - -152
Impairment of property, plant and equipment - - -33
Impairment of receivables from the discontinued operation in Russia - - -76
Reversal of provisions made in prior years - - 100
Cost of termination of a licensee agreement - -196 -196
Restructuring projects and provisions -1 -43 -141
Costs related to acquisition and disposal of entities etc. -108 - -117
Impairment of assets and other war-related costs in Ukraine -12 -7 -28
Donations - - -2
Other expenses -18 -34 -42
Expenses -139 -280 -812
Special items, net -139 -169 -431
Company announcement 37/2024
13 August 2024
Page 25 of 29
www.carlsberggroup.com
NOTE 5
NET FINANCIAL EXPENSES
DKK million
H1
2024
H1
2023 2023
Financial income
Interest income 224 146 381
Interest on plan assets, defined benefit plans - - 309
Other 3 3 5
Total 227 149 695
Financial expenses
Interest expenses -534 -315 -752
Capitalised financial expenses 10 3 8
Foreign exchange losses, net -98 -21 -151
Interest expenses on obligations, defined benefit plans -24 -25 -339
Interest expenses, lease liabilities -19 -13 -32
Bank fees -74 -68 -142
Other -38 -42 -131
Total -777 -481 -1,539
Financial items, net, recognised in the income statement -550 -332 -844
Financial items excluding foreign exchange, net -452 -311 -693
Company announcement 37/2024
13 August 2024
Page 26 of 29
www.carlsberggroup.com
NOTE 6
DEBT AND CREDIT FACILITIES
DKK million
Time to maturity for non-current borrowings,
30 June 2024 1-2 years 2-3 years 3-4 years 4-5 years > 5 years Total
Issued bonds 3,722 9,299 - 5,186 11,097 29,304
Bank borrowings 66 36 17 5 - 124
Lease liabilities 403 123 104 71 644 1,345
Other non-current borrowings 2 1 1 1 16 21
Total 4,193 9,459 122 5,263 11,757 30,794
Financial liabilities, 30 June 2023 526 3,854 9,396 92 7,307 21,175
DKK million
Currency split of net financial debt¹
30 June
2024
30 June
2023
EUR 23,293 18,897
USD 2,753 2,857
CHF 1,762 2,029
Other currencies -1,439 -225
Total 26,369 23,558
¹After currency swap.
DKK million
Committed credit facilities
30 June
2024
30 June
2023
< 1 year 7,433 14,769
1-2 years 19,116 531
2-3 years 9,459 18,749
3-4 years 122 9,396
4-5 years 5,263 92
> 5 years 11,757 7,307
Total 53,150 50,844
Current 7,433 14,769
Non-current 45,717 36,075
Company announcement 37/2024
13 August 2024
Page 27 of 29
www.carlsberggroup.com
NOTE 7
NET INTEREST-BEARING DEBT
DKK million
H1
2024
H1
2023
2023
Issued bonds 29,304 19,652 29,270
Bank borrowings 124 154 136
Lease liabilities 1,345 1,247 1,335
Other non-current borrowings 21 122 22
Total non-current borrowings 30,794 21,175 30,763
Issued bonds - 11,159 7,448
Bank borrowings 265 335 323
Lease liabilities 443 392 466
Other current borrowings 5,576 1,734 101
Total current borrowings 6,284 13,620 8,338
Gross financial debt 37,078 34,795 39,101
Deposits and securities - - -2,236
Cash and cash equivalents -10,709 -11,237 -13,382
Net financial debt 26,369 23,558 23,483
Loans to associates, interest-bearing portion -292 -281 -276
On-trade loans, net -452 -473 -460
Other receivables, net -406 -440 -396
Other interest-bearing assets, net -1,150 -1,194 -1,132
Net interest-bearing debt 25,219 22,364 22,351
Changes in net interest-bearing debt
H1
2024
H1
2023 2023
Net interest-bearing debt at beginning of period 22,351 19,326 19,326
Cash flow from operating activities -5,881 -6,108 -11,607
Cash flow from investing activities, excl. acquisition of entities, net 1,996 1,521 5,907
Cash flow from acquisition of entities etc., net -2,118 803 822
Dividends to shareholders and non-controlling interests 4,520 4,586 4,801
Share buy-back 1,899 1,289 3,200
Acquired net interest-bearing debt - 366 417
Change in interest-bearing lending 2,206 99 -2,043
Effect of currency translation 6 461 614
Lease liabilities, net 216 -90 567
Other 24 111 347
Total change 2,868 3,038 3,025
Net interest-bearing debt, end of period 25,219 22,364 22,351
Company announcement 37/2024
13 August 2024
Page 28 of 29
www.carlsberggroup.com
NOTE 8
EVENTS AFTER THE REPORTING PERIOD
Apart from the events recognised or disclosed in this announcement, no events have occurred after
the reporting period of importance to the financial statements.
RECOMMENDED OFFER TO ACQUIRE BRITVIC PLC
On 8 July, we announced the recommended offer for Britvic plc, amounting to approximately GBP
3.3bn. The acquisition will be carried out by way of a scheme of arrangement under Part 26 of the
UK Companies Act 2006. It is currently expected that the scheme will become effective during the
first quarter of 2025. The cash offer is described in detail in a separate company announcement of 8
July 2024.
ACQUISITION OF REMAINING 40% OF CARLSBERG MARSTON’S LIMITED
On 8 July, we announced the purchase of the remaining 40% of Carlsberg Marston’s Limited from
Marston’s PLC at a price of GBP 206m, giving us 100% ownership of our UK business. The
transaction was completed on 31 July.
AGREEMENT TO ACQUIRE REMAINING SHARES IN CSAPL
On 2 August, we announced the signing of an agreement to acquire the remaining 33.33% of
Carlsberg South Asia Pte. Ltd. (CSAPL, the holding company of the businesses in India and Nepal)
and 9.94% of Gorkha Brewery in Nepal, giving us 99.94% ownership and full control of two
important Asian businesses. The total purchase price is USD 744m. The transactions are expected to
complete in Q4 2024. USD 207m of the USD 744m will be retained by Carlsberg to be released
subject to potential claims under the share purchase agreement (likely after 3-5 years).
Company announcement 37/2024
13 August 2024
Page 29 of 29
www.carlsberggroup.com