ANNUAL
REPORT
2022
TO OUR SHAREHOLDERS
TO OUR SHAREHOLDERS
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THE YEAR AT A GLANCE
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STRATEGIC REVIEW
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2022 REVIEW AND 2023 EXPECTATIONS
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GOVERNANCE
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CONSOLIDATED FINANCIAL STATEMENTS
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PARENT COMPANY FINANCIAL
STATEMENTS
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REPORTS
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MANAGEMENT
REVIEW
FINANCIAL
STATEMENTS
OUR ANNUAL REPORTING
probably the best beer in the
world
ENVIRONMENTAL, SOCIAL &
GOVERNANCE REPORT
ANNUAL REPORT
REMUNERATION REPORT
TO OUR SHAREHOLDERS
2022 was a year of great
contrasts. Despite significant
challenges, Carlsberg delivered
strong results and increased
cash returns to shareholders.
FINANCIAL HEALTH
LETTER FROM THE CHAIR & THE CEO
STRONG RESULTS
The strength and resilience of Carlsberg, and particularly
our many colleagues across the Group, led the business to
deliver strong results despite significant challenges during
the year.
TO OUR SHAREHOLDERS
STRATEGIC HEALTH
SOCIETAL HEALTH
ORGANISATIONAL HEALTH
CHANGES TO EXCOM
LOOKING AHEAD
THANK YOU
Henrik Cees
Poulsen ’t Hart
Chair CEO
PAPER BOTTLE
In the largest pilot
to date, we trialled
our new Fibre Bottle,
putting the bio-based
and fully recyclable beer
bottle into the hands of
consumers for the rst
time. Read more in our
ESG Report.
TUBORG OPEN
2022 was the sixth year of
Tuborg Open, a campaign that
uses the power of music to
create unique experiences for
artists and fans around the
world. This year, Tuborg gave
six aspiring artists from around
the world the opportunity to
be mentored by Jason Derulo.
2022 HIGHLIGHTS
SAIL’27
Our new ve-year strategy,
SAIL’27, was built around
our purpose of brewing for a
better today and tomorrow,
and our ambition of being
the most successful,
professional and attractive
brewer in our markets.
Read more on pages 19-25.
WAR IN
UKRAINE
We strongly condemned
the Russian invasion of
Ukraine, which has led
to so much loss of life,
devastation and human
tragedy. Read more
about the impact of
the war on page 27.
KEY EVENTS
DURING 2022
LEAVING
RUSSIA
Following a strategic
review of the Carlsberg
Group’s presence in Russia,
we took the difcult
decision to seek a full
disposal of our Russian
business in Russia. Read
more on pages 27-28
.
2022 was an extraordinary year, with the terrible
war in Ukraine forming the backdrop for the business
environment. Nevertheless, many activities and
actions were carried out during the year.
1664 BLANC
The global 1664 Blanc
campaign “Good Taste
With a Twist” depicted
life on “Rue 1664”, a
world of French luxury
and elegance. Read
more about the iconic
premium 1664 Blanc
on page 30.
SOMERSBY
Somersby launched a
new global campaign,
set in the charming
Somersby garden,
highlighting the
playfulness, optimism
and welcoming attitude
of Somersby. Read
more on page 36.
FEBRUARY MARCH
APRIL MAY
NEW BOARD
CHAIR
Henrik Poulsen
became Chair of the
Supervisory Board.
Find Henrik
’
s CV on
page 53.
5CARLSBERG GROUP ANNUAL REPORT 2022 THE YEAR AT A GLANCE
JUNE
DOUBLE A
CDP RATING
The Carlsberg Group was again recognised
by the global environmental non-prot
organisation CDP for leadership in
corporate transparency and performance
on climate change and water security.
We retained our place on CDP’s annual
A List, and out of nearly 15,000 reviewed
companies we were among a small group
to achieve a double A rating.
We launched our new and enhanced ESG
programme, Together Towards ZERO and
Beyond, with updated targets and new
focus areas. Read more on pages 24-25
and in our ESG Report.
SPONSORING LIVERPOOL
TOGETHER TOWARDS
ZERO & BEYOND
Carlsberg and Liverpool Football Club
celebrated 30 years of partnership. Our
partnership is an iconic collaboration,
deeply rooted in our shared set of values.
CHANGE OF CFO
We announced that Ulrica Fearn
would join Carlsberg as Chief
Financial Ofcer and member
of the Executive Board on 1
January 2023. She brings strong
international nancial experience
from multiple senior positions in
global companies and industries.
See Ulrica’s CV on page 56.
CAPITAL
MARKETS DAY
We hosted a well-attended
capital markets day in Copenhagen,
outlining our strategic choices
and regional priorities. Watch
the presentations online: www.
carlsberggroup.com/newsroom/
capital-markets-day-2022/
AUGUST SEPTEMBER
CLEAN ELECTRICITY
Carlsberg Danmark signed a power
purchase agreement, securing new green
power generation in the form of a solar
farm of more than 70 hectares, equivalent
to approximately 105 football pitches, which
is expected to be completed and operational
in 2024. Read more in our ESG Report.
175TH
ANNIVERSARY
We celebrated the 175th anniversary of
the rst Carlsberg lager beer. Our founder’s
journey from home brewer to successful beer
visionary put J.C. Jacobsen and Carlsberg
on the map in the elds of brewing, research
and innovation. His pioneering spirit has
ever since been a true inspiration for our
brewmasters, who continue to develop
probably the best beer in the world.
NOVEMBER DECEMBER
6CARLSBERG GROUP ANNUAL REPORT 2022 THE YEAR AT A GLANCE
SEPTEMBER
7CARLSBERG GROUP ANNUAL REPORT 2022 THE YEAR AT A GLANCE
STRATEGIC PRIORITIES
We announced our new strategy, SAIL’27, in early February.
Our portfolio and regional growth priorities delivered good
results, and we remain condent in our strategic choices.
A GOOD START FOR
OUR SAIL’27 PRIORITIES
+10%
Our regional growth engine, Asia,
continued the growth trajectory in 2022.
Volumes grew organically by 10.3%,
despite headwinds in China due to
COVID-19 restrictions. Read more about
our results in Asia on pages 35-36.
CONTINUED
MOMENTUM IN ASIA
OUR GEOGRAPHICAL
PRIORITIES
OUR EXECUTION
EXCELLENCE
OUR PORTFOLIO
CHOICES
+51%
Carl’s Shop is our online B2B platform,
now available in 11 markets, serving 45,000
customers. In 2022, revenue on Carl's Shop
grew by 51%. Read more on page 22.
REVENUE GROWTH
ON CARL’S SHOP
+7%
Alcohol-free brews (AFB) remain an important
growth driver. While total AFB volumes fell
by 6% due to market decline in Ukraine, AFB
volumes in Western Europe grew by 7%,
supported by brands such as Tourtel Twist in
France and Okocim 0.0 in Poland.
AFB GROWTH
IN WESTERN EUROPE
OUR PORTFOLIO
CHOICES
16%
Growing our premium brands is a key
priority in SAIL’27. Premium brands include
both our international super premium
brands and premium lager brands as
well as local premium brands. In 2022,
our premium portfolio accounted for
approximately 16% of total volumes.
DRIVING
PREMIUM GROWTH
Read more about SAIL’27 on pages 19-25.
TOGETHER TOWARDS
ZERO & BEYOND
We have cut brewery emissions by 57% since 2015 on our way
to ZERO by 2030. Together with partners, we are working
towards a 30% value chain reduction by 2030 and now we are
going beyond by targeting a net ZERO value chain by 2040.
We have improved water efciency by 31% since 2015 to
2.5 hl per hl of beer. By 2030, we are targeting 2.0 hl/hl
globally – and 1.7 hl/hl at breweries in high-risk areas,
where we also aim to replenish 100% of the water we use.
In this new focus area, we have set bold ambitions for 2030
and 2040 to foster regenerative and sustainable agriculture.
Two of our brands are already sourcing barley that is grown
with regenerative practices that support biodiversity.
We have set a new target for 35% of our brews to be low-
or no-alcohol by 2030. We offer alcohol-free brews in 90% of
our markets and will extend this to 100% by 2030, as well as
promoting responsible drinking messaging and partnerships.
This new focus area aims to accelerate adoption of circular
packaging solutions, with 2030 targets to boost recycling
and increase use of recycled or renewable content. In 2022,
consumers in eight markets tested our prototype Fibre Bottle.
Our lost-time accident rate has decreased by 37% since 2015
and we are targeting ZERO accidents by 2030. In 2022, we
increased focus on our Life Saving Rules and behaviour-
based safety as we work to embed a ZERO Accidents Culture.
Together Towards ZERO and Beyond (TTZAB) is our enhanced
ESG programme. It is our response to global challenges such as
climate change and water scarcity, as well as society’s increasing
focus on health and wellbeing. Anchored in our purpose, TTZAB
is an integral part of SAIL’27.
Read more about Together Towards ZERO and Beyond
on page 24-25 and in the ESG Report, available online on
www.carlsberggroup.com
ZERO
Carbon
Footprint
ZERO
Water
Waste
ZERO
Farming
Footprint
ZERO
Irresponsible
Drinking
ZERO
Packaging
Waste
ZERO
Accidents
Culture
STRATEGIC PRIORITIES
8CARLSBERG GROUP ANNUAL REPORT 2022 THE YEAR AT A GLANCE
DKK 7.8bn
+12.2%+15.6%
2022 2021
1.23x
1.37x
2022 2021
Dividends Share buy-back
DKK 3.4bn
DKK 3.2bn
DKK 4.4bn
DKK 3.6bn
2022 2021
Adj. EPS Adj. EPS, continuing business
DKK 69.3
DKK 48.3
DKK 55.7
DKK 44.9
2022 2021
DKK 11.5bn
DKK 10.1bn
2022 2021
DKK 70.3bn
DKK 60.1bn
2022 2021
ROIC excl. goodwill ROIC
41.6%
33.6%
15.2%
12.5%
FINANCIAL RESULTS
A STRONG SET
OF RESULTS
ORGANIC
GROWTH
ORGANIC
GROWTH
1.23x15.2%
DKK 69.3
Read more about our 2022 results on pages 29-32.
We delivered a strong set of results for 2022, despite signicant
headwinds from the war in Ukraine, rising commodity and energy
costs, overall ination and the pandemic, particularly in China. Thanks
to the strong earnings, balance sheet and liquidity position, total cash
returns to shareholders increased by DKK 1bn.
9CARLSBERG GROUP ANNUAL REPORT 2022 THE YEAR AT A GLANCE
RETURN ON INVESTED
CAPITAL (ROIC)
NET INTEREST-BEARING
DEBT/EBITDA
ADJUSTED EPSOPERATING PROFITREVENUE
CASH RETURNS
TO SHAREHOLDERS
THE YEAR AT A GLANCE
5-YEAR SUMMARY
KEY
2022
2021
2020
2019
2018
¹
Investments
Financial ratios
Stock market ratios
Key figures and financial ratios for 2022 are presented for continuing activities unless otherwise stated. 2021 figures
have been restated accordingly.
2022
2021
2020
2019
2018
¹
Volumes (million hl)
DKK million
Income statement
Attributable to
Statement of financial position
Statement of cash flows
OUR REGIONS
WESTERN
EUROPE
11CARLSBERG GROUP ANNUAL REPORT 2022 THE YEAR AT A GLANCE
+5.4% +13.8% +12.6%
2022 2021
44.4m hl
42.1m hl
2022 2021
DKK 34.9bn
DKK 30.5bn
2022 2021
DKK 5.0bn
DKK 4.4bn
VOLUME
1
REVENUE
1
OPERATING PROFIT
1
NordicsFrance & Swizerland
VOLUME BY MARKET REGIONAL RESULTS
20%
40%
40%
UK, Poland
& Germany
It was a volatile year in Western Europe. The rst half was
positively impacted by the lack of on-trade restrictions, while
results in the second half were impacted by tough comparables
and the continued increase in commodity and energy costs.
1
Organic growth
SHARE OF REGIONS
35%
50%
39%
VOLUME
REVENUE
OPERATING
PROFIT
Malaysia & Singapore
ASIA
12CARLSBERG GROUP ANNUAL REPORT 2022 THE YEAR AT A GLANCE
OUR REGIONS
10.3% 18.8% 11.2%
2022 2021
48.3m hl
44.4m hl
2022 2021
DKK 23.7bn
DKK 19.5bn
2022 2021
DKK 5.4bn
DKK 4.9bn
Cambodia
& Laos
India & Vietnam
China & Hong Kong SAR
VOLUME BY MARKET
60%
21%
16%
3%
Asia delivered another set of strong results, with many markets
recovering from COVID-19 restrictions in 2021, although our
business in China was impacted by restrictions and lockdowns,
particularly at the end of the year.
REGIONAL RESULTS
VOLUME
1
REVENUE
1
OPERATING PROFIT
1
SHARE OF REGIONS
39%
34%
43%
VOLUME
REVENUE
OPERATING
PROFIT
1
Organic growth
CENTRAL & EASTERN
EUROPE
13CARLSBERG GROUP ANNUAL REPORT 2022 THE YEAR AT A GLANCE
OUR REGIONS
-0.1%
+14.7%
+0.1%
2022 2021
32.7m hl
32.7m hl
2022 2021
DKK 11.7bn
DKK 10.1bn
2022 2021
DKK 2.3bn
DKK 2.3bn
Export & Licence
CIS markets
Baltics
SHARE OF REGIONS
VOLUME BY MARKET
26%
16%
18%
23%
14%
7%
40%
16%
VOLUME
REVENUE
OPERATING
PROFIT
Ukraine
Balkan markets,
Italy & Greece
Our Central & Eastern Europe business was impacted
signicantly by the war in Ukraine. However, good volume
growth in the other markets, supported by the recovery
of the on-trade, offset the decline in Ukraine.
REGIONAL RESULTS
VOLUME
1
REVENUE
1
OPERATING PROFIT
1
1
Organic growth
OUR PREMIUM
BEER PORTFOLIO
OUR BRAND PORTFOLIO
Our premium beer portfolio spans both international and local
premium brands. Strengthening our position in premium is a key
strategic priority across our markets, with our strong premium
portfolio offering opportunities for volume and value growth.
14CARLSBERG GROUP ANNUAL REPORT 2022 STRATEGIC REVIEW
16%
SHARE OF
TOTAL VOLUME
-4%
volume
growth
+14%
volume
growth
+9%
volume
growth
+42%
volume
growth
+11%
volume
growth
15CARLSBERG GROUP ANNUAL REPORT 2022 STRATEGIC REVIEW
MAINSTREAM
CORE BEER
Our mainstream local power brands have strong local roots and
histories, and remain an important category in our beer portfolio,
providing scale and a solid backbone for our local businesses.
OUR BRAND PORTFOLIO
62%
SHARE OF
TOTAL VOLUME
ALCOHOL-FREE BREWS (AFB)
APPEALING BRANDS
IN AFB AND BEYOND BEER
Our brand portfolio also includes strong alcohol-free brews
and brands beyond beer. As part of SAIL’27, we are increasing
our focus on these categories, as we believe they represent
attractive long-term growth opportunities.
16CARLSBERG GROUP ANNUAL REPORT 2022 STRATEGIC REVIEW
BEYOND BEER
OUR BRAND PORTFOLIO
3%
AFB SHARE OF
TOTAL VOLUME
+1%
volume
growth
STRATEGIC REVIEW
We pursue perfection every
day. We strive to brew better
beers. Beers that stand at the
heart of moments that bring
people together. We do not
settle for immediate gain when
we can create a better
tomorrow for all of us.
Successful
Professional
Attractive
OUR PURPOSE
BREWING FOR A BETTER
18CARLSBERG GROUP ANNUAL REPORT 2022 STRATEGIC REVIEW
BUSINESS MODEL
Core beer is a volume business, and strong
market positions are key drivers of protability.
We have particular focus on the 21 markets in
Western Europe, Asia and Central & Eastern
Europe where we are no. 1 or 2.
BREWING FOR A BETTER
TODAY AND TOMORROW
In all our markets, we aim to lead in
sustainability because it is central to our purpose
and because we genuinely believe it is the right
thing to do – delivering tangible benets for our
business and for society as a whole.
The strength of our beer portfolio lies in the
strong local roots of our local power brands,
combined with our local and international
premium brands, alcohol-free brews and
brands beyond beer.
BREWING FOR A BETTER
TODAY AND TOMORROW
Our brands offer us powerful opportunities for
communicating with consumers. We use these
opportunities to encourage moderate, responsible
consumption of our products. We also increase
the availability of alcohol-free brews.
Our customers range from on-trade to
off-trade, from online to ofine. We aim to
become their preferred beer supplier, providing
products and services that deliver value
growth for them and us.
BREWING FOR A BETTER
TODAY AND TOMORROW
We develop digital solutions and services to help
our customers grow their business. We engage in
developing sustainable packaging solutions and
launching initiatives to increase collection and
recycling rates.
The Funding our Journey culture drives
efciencies and reduces costs. The focus of
our integrated supply chain is optimising asset
utilisation while brewing high-quality beer and
enabling our commercial growth agenda.
BREWING FOR A BETTER
TODAY AND TOMORROW
Recognising the need for strong actions in
the face of complex sustainability challenges,
Together Towards ZERO and Beyond sets
ambitious targets for carbon, water, agricultural
raw materials, packaging, and health & safety.
… AND STRIVE TO EXCEL
IN OUR SERVICE TO ON- AND
OFF-TRADE CUSTOMERS...
… WHERE WE DELIVER AN
ATTRACTIVE BEER PORTFOLIO FOR
ALL CONSUMER OCCASIONS...
WE FOCUS ON THE MARKETS
WHERE WE HAVE A NO. 1 OR 2
POSITION...
... BY OPTIMISING OUR
SUPPLY CHAIN AND IMPROVING
PROCESSES AND SYSTEMS.
OUR BUSINESS MODEL
ROOTED IN OUR PURPOSE
Our business model is rooted in our purpose and ambition.
It takes its starting point in our focus on our brands and the
art of brewing, how we excite our consumers with quality
brews, and our continuous striving to do better.
STRATEGIC REVIEW
We launched our new
strategy, SAIL’27, in early
2022. It is built around our
purpose and our ambition of
being the most successful,
professional and attractive
brewer in our markets.
OUR STRATEGY: SAIL’27
DISTINCT STRATEGIC
CREATING VALUE FOR ALL OUR
STAKEHOLDERS
SHAREHOLDERS
EMPLOYEES
SOCIETY
STRATEGIC REVIEW
The beer category continues
to offer attractive long-term
volume and value growth
opportunities. In addition,
we see further growth
opportunities for selected
categories beyond beer.
STEP UP IN PREMIUM
STRENGTHEN MAINSTREAM
CORE BEER
ACCELERATE ALCOHOL-FREE
BREWS
BEYOND BEER
SAIL’27
OUR PORTFOLIO
42%
BROOKLYN BRAND GROWTH
STEP UP IN PREMIUM
STRATEGIC REVIEW
We have an attractive and
widespread geographical
presence, with no. 1 or 2
positions in 21 markets across
Western Europe, Asia and
Central & Eastern Europe.
WESTERN EUROPE
ASIA
CENTRAL & EASTERN EUROPE
SAIL’27
OUR GEOGRAPHICAL
27%
VOLUME GROWTH IN
VIETNAM
ACCELERATE IN CORE MARKETS IN ASIA
STRATEGIC REVIEW
Excel in execution remains a
key priority in SAIL’27, with a
focus on optimising and
improving performance across
our value chain.
EXCEL AT POINT OF PURCHASE
MASTER DIGITAL, DATA AND
PROCESSES
DRIVE SUPPLY CHAIN
EXCELLENCE
SAIL’27
OUR EXECUTION
51%
REVENUE GROWTH ON CARL’S SHOP
MASTER DIGITAL
STRATEGIC REVIEW
To deliver on our ambition to
be the most successful,
professional and attractive
brewer in the markets where
we operate, our company
culture is key. Our winning
culture focuses on our people,
our behaviours and our
contribution to societies at
large.
PURPOSE- AND
PERFORMANCE-DRIVEN
LIVING BY OUR COMPASS
SAIL’27
OUR WINNING
DIVERSITY, EQUITY & INCLUSION
PURPOSE- AND PERFORMANCE-DRIVEN PEOPLE
THE HEART OF OUR
PURPOSE
cornerstone of our
culture
HIGH-PERFORMING
ORGANISATION
harvest from diverse
backgrounds, experiences
and perspectives
EQUITY IS
FUNDAMENTAL
Equity implies
fairness rather than
sameness.
IN OUR DNA
Diversity is part of
who we are!
BUILDS A SENSE OF
BELONGING
the freedom to
bring their best version of
themselves to work
moments that bring
people together for a
better today and
tomorrow
STRATEGIC REVIEW
TOGETHER TOWARDS ZERO
AND BEYOND
TTZAB – AN ENHANCEMENT
THE NEW ZEROS
STRATEGIC REVIEW
Read about our Winning
Culture, including much
more about Together
Towards ZERO and
Beyond, in our ESG Report.
RESPONSIBLE BARLEY IN FRANCE
TOGETHER TOWARDS ZERO AND BEYOND
POWER PURCHASE
AGREEMENT IN DENMARK
TOGETHER TOWARDS ZERO AND BEYOND
STRATEGIC REVIEW
Climate change is already
affecting our operations and
value chain. Across our regions,
we see its impact through land
degradation and more frequent
extreme weather events.
°
ADDRESSING CLIMATE RISKS
CLIMATE RISKS
Task Force on Climate-related Financial Disclosures (TCFD) reporting recommendations
Recommendation
Our disclosure in brief
Learn more
Governance
Strategy
°
Risks
Metrics and targets
2022 REVIEW AND 2023 EXPECTATIONS
2022 was a year of immense
challenges as a result of the
war in Ukraine, rising
commodity prices and energy
costs, and COVID-19,
particularly in Asia.
SAFEGUARDING OUR
UKRAINIAN BUSINESS
OUTBREAK OF WAR
BUSINESS CONTINUITY
MANAGING RUSSIA
DIVESTMENT OF THE RUSSIAN
BUSINESS
NAVIGATING 2022
MANAGING A
CARLSBERG UKRAINE
CARLSBERG GROUP ANNUAL REPORT 2022 2022 REVIEW AND 2023 EXPECTATIONS 28
The separation of the Russian
business from the rest of the Group
is complicated. The Russian
operations have been an integrated
part of our company, and the
separation process has involved
more than 150 separation
workstreams across business
functions.
The necessary steps for the
divestment were initiated alongside
the separation process, including a
process to clarify the impact of
sanctions and the Russian
government’s approval process,
select advisors, identify potential
buyers and formalise the sales
process.
A buyer-screening process has been
initiated, and specific requirements of
the bidders defined. A careful
screening process is under way to
evaluate the bidders’ appropriateness
to participate in any transaction.
We will take the needed time to
execute the separation and the
divestment to seek the best possible
solution for all stakeholders, in
particular our more than 8,000
employees and our shareholders.
Read more about the separation and
divestment of the Russian business in
section 5 of the consolidated
financial statements.
MANAGING INFLATION
The Group faced significant inflation
in its cost base in 2022. Despite
benefiting from the hedges made in
2021, cost of sales/hl increased
organically by 13% due to higher
commodity prices and energy costs.
Our hedging policy sets out the
principles by which we hedge our
commodity exposure. Section 1.4 of
the consolidated financial statements
describes our hedging of commodities.
WINDFORCE 12
To ensure the right and necessary
mitigating actions in the
unprecedented inflationary
environment, we launched the
WINDFORCE 12 programme, which
is a comprehensive and dynamic
approach to managing cost inflation.
WINDFORCE 12 is about creating
forward-looking transparency on the
inflationary impact by market on a
monthly basis using our Price
Increase Inflation Coverage (PIIC)
model.
By having this information available
in real time, our local operators are
able to develop an appropriate
basket of mitigating actions while
ensuring the right balance of the
“Golden Triangle” (see text, bottom
right). In an environment of high
inflation, our ambition will always be
to offset higher cost of sales through
higher revenue per hl in order to
safeguard the absolute gross profit
per hl.
The transparency and mitigating
actions allow our people to respond
with agility and a flexible mindset,
adapting to changes in the
environment on an ongoing basis.
The WINDFORCE 12 programme will
continue to be deployed in 2023.
PIIC
The purpose of our PIIC model is
two-fold: to increase the
transparency of total inflation in our
markets and to track how much price
increases are expected to offset the
inflationary pressure. In doing so, the
PIIC coverage also shows the
residual inflation pressure not
covered by price increases.
The PIIC inflation factor covers all
cost items in the income statement,
including cost of sales, SG&A and
marketing investments.
The PIIC price increase factor
includes list price increases,
promotions and various discounts to
determine the net price increase. We
aim to offset any deviance between
net price increase and the PIIC
inflation factor through mix,
innovations and other measures.
PIIC has been integrated in the
monthly reporting process for all
markets and regions.
COVID-19
The overall impact of the pandemic
was less severe in 2022, with the
most significant impact seen in
China.
Across Europe, our markets saw only
limited restrictions at the beginning
of the year. During Q1, the on-trade
began to recover. Our volumes
benefited from easy comparables,
particularly in the first half of the
year, as restrictions and lockdowns
were widespread in H1 2021.
Our Asian markets outside China
also saw good recovery following the
gradual removal of restrictions
during H1. In China, we had a strong
start to the year, while volumes,
particularly in Q2 and Q4, were
impacted by COVID-19 restrictions
and lockdowns in our strongholds
and big cities.
Read about our regional performance
on pages 33-38.
OUR GOLDEN
TRIANGLE
In applying our Golden Triangle, we
continuously seek to optimise the
balance between market share/
volumes, gross profit after logistics
(GPaL) margin, operating profit and
cash generation. We review the
balance of the Golden Triangle at
market, regional and Group level on a
monthly basis.
2022 REVIEW AND 2023 EXPECTATIONS
The Group delivered a
strong set of results despite
significant challenges posed
by the war in Ukraine, rising
input costs and COVID-19,
particularly in China.
VOLUMES
INCOME STATEMENT
GROUP
STRONG RESULTS IN A
Earnings expectations 2022
Date
Expectation for operating profit
Group
Change
Change
2021
Organic
Acq., net
FX
2022
Reported
Volumes (million hl)
Total volume
119.2
5.7%
-0.5%
-
125.4
5.2%
DKK million
2022 REVIEW AND 2023 EXPECTATIONS
19% CAGR
1664 BLANC VOLUME 2016-2022
STEP UP IN PREMIUM
2022 REVIEW AND 2023 EXPECTATIONS
STATEMENT OF FINANCIAL
POSITION
ASSETS
EQUITY AND LIABILITIES
Equity
Liabilities
2022 REVIEW AND 2023 EXPECTATIONS
increased
CASH FLOW
CASH FLOW FROM OPERATING
ACTIVITIES
CASH FLOW FROM INVESTING
ACTIVITIES
Cash flow from investing activities
was DKK -3,065m (2021: DKK
-4,067m).
Acquisition of property, plant
and equipment and intangible
assets amounted to DKK -4,018m
(2021: DKK -3,903m), while total
operational investments amounted
to DKK -3,477m (2021: DKK
-3,498m).
Total financial investments
amounted to DKK +410m (2021:
DKK -567m). The change is
mainly attributable to deferred
considerations related to the
activities and the deconsolidation of
the business in Nepal, both in 2021.
RETURN ON INVESTED CAPITAL
FINANCING
SHARE BUY-BACK
2022 PROGRAMME
2023 PROGRAMME
2022 REVIEW AND 2023 EXPECTATIONS
Results in Western Europe
were impacted by lifting of
COVID-19 restrictions in H1
and tough comparables and
cost increases in H2.
REGIONAL RESULTS
MARKETS
THE NORDICS
WESTERN EUROPE
GOOD RESULTS IN A
Our position
Our
operations
Markets
Market
position (no.)
Market
share¹ (%)
Breweries
Change
Change
2021
Organic
Acq., net
FX
2022
Reported
Volumes (million hl)
Total volume
42.1
5.4 %
0.0%
-
44.4
5.4%
DKK million
2022 REVIEW AND 2023 EXPECTATIONS
FRANCE
SWITZERLAND
POLAND
THE UK
GERMANY
+7%
AFB VOLUME GROWTH
IN WESTERN EUROPE
ACCELERATE AFB
2022 REVIEW AND 2023 EXPECTATIONS
Our Asia region delivered
another set of strong results,
with many markets recovering
from COVID-19 restrictions in
2021.
REGIONAL RESULTS
MARKETS
CHINA
VIETNAM
ASIA
STRONG RECOVERY
Our position
Our
operations
Markets
Market
position (no.)
Market
share (%)
Breweries
Change
Change
2021
Organic
Acq., net
FX
2022
Reported
Volumes (million hl)
Total volume
44.4
10.3 %
-1.4%
-
48.3
8.9%
DKK million
2022 REVIEW AND 2023 EXPECTATIONS
INDIA
LAOS
CAMBODIA
MALAYSIA AND SINGAPORE
+70%
SOMERSBY GROWTH IN ASIA
GROW BEYOND BEER & ACCELERATE IN CORE MARKETS IN ASIA
2022 REVIEW AND 2023 EXPECTATIONS
It was a difficult year in
Central & Eastern Europe due
to the war in Ukraine. Good
volume growth in the other
markets in the region almost
offset the decline in Ukraine.
REGIONAL RESULTS
MARKETS
UKRAINE
CENTRAL & EASTERN EUROPE
A DIFFICULT YEAR
Change
Change
2021
Organic
Acq., net
FX
2022
Reported
Volumes (million hl)
Total volume
32.7
-0.1%
0.0%
-
32.7
-0.1%
DKK million
Our position
Our
operations
Markets
Market
position (no.)
Market
share¹ (%)
Breweries²
2022 REVIEW AND 2023 EXPECTATIONS
SOUTH-EASTERN EUROPE
EASTERN EUROPE
EXPORT & LICENSE
+4%
EXPORT & LICENCE VOLUME GROWTH
DRIVE VALUE AND BUILD SCALE IN EXPORT & LICENCE MARKETS
2022 REVIEW AND 2023 EXPECTATIONS
On 28 March, we announced
the decision to seek a full
divestment of our Russian
business following Russia’s
invasion of Ukraine.
SEPARATION OF THE BUSINESS
DISPOSAL OF THE BUSINESS
VOLUMES AND INCOME
STATEMENT
STATEMENT OF FINANCIAL
POSITION
RUSSIAN OPERATIONS HELD FOR SALE
EXECUTING
2022 REVIEW AND 2023 EXPECTATIONS
SAIL’27 reinforces and
expands our priorities for
delivering shareholder value:
organic growth in revenue and
operating profit, improved
return on invested capital,
disciplined capital allocation
and ambitious sustainability
targets.
DRIVING LONG-TERM GROWTH
LEVERAGE
DIVIDEND PAYOUT
SHARE BUY-BACK
2022
2023
VALUE-ENHANCING M&A
CAPITAL ALLOCATION
DISCIPLINED
2022 REVIEW AND 2023 EXPECTATIONS
There are significant
uncertainties for 2023,
which will be another
challenging year.
Forward-looking statements
2023 EARNINGS EXPECTATIONS
EARNINGS
2022 REVIEW AND 2023 EXPECTATIONS
The EU Taxonomy Regulation
is a new legislative act that
aims to provide a framework
for sustainable investment by
classifying economic activities
based on their environmental
impact.
THE TAXONOMY FRAMEWORK
SCOPE OF ECONOMIC ACTIVITIES FOR
CARLSBERG
Activity
Substantial
contribution to
ELIGIBILITY AT CARLSBERG
REVENUE
TAXONOMY REPORTING
REPORTING AGAINST
TAXONOMY ELIGIBILITY
2022
DKKbn
Revenue
OpEx
CapEx¹
Total
70.3
2.6
5.0
2022 REVIEW AND 2023 EXPECTATIONS
CAPEX
•
•
•
OPEX
TOWARDS TAXONOMY
ALIGNMENT
TOGETHER TOWARDS ZERO AND
BEYOND AND THE EU TAXONOMY
ACCOUNTING PRACTICE
GOVERNANCE
Our governance framework
aims to ensure value creation,
safeguard active and
transparent stewardship across
the Group and reduce risk.
RECOMMENDATIONS ON
CORPORATE GOVERNANCE
OUR COMPASS
CORPORATE GOVERNANCE
FOCUS ON
Download our statutory
report on corporate
governance
Download our policies
Download our ESG Report
GOVERNANCE
THE ANNUAL GENERAL
MEETING
COMPOSITION OF THE
SUPERVISORY BOARD
DIVERSITY AND COMPETENCIES
Supervisory Board meetings
Board member
Chairship
meetings attended
Board
meetings attended
3
3
3
3
3
3
3
GOVERNANCE
SUPERVISORY BOARD
EVALUATION PROCESS
THE WORK OF THE
SUPERVISORY BOARD
THE CARLSBERG
FOUNDATION
GOVERNANCE
BOARD COMMITTEES
THE NOMINATION COMMITTEE
Nomination Committee meetings
Committee member
Committee meetings attended
Compliance
Governance and risk management
SUPERVISORY
BOARD 2022
MAIN TOPICS OF DISCUSSION
Strategy
Organisation, people, succession planning
and talent management
GOVERNANCE
THE REMUNERATION COMMITTEE
THE AUDIT COMMITTEE
INTERNAL CONTROL AND RISK
MANAGEMENT RELATED TO
THE FINANCIAL REPORTING
PROCESS
OVERALL CONTROL ENVIRONMENT
Remuneration Committee meetings
Committee member
Committee meetings attended
Audit Committee meetings
Committee member
Committee meetings attended
GOVERNANCE
RISK ASSESSMENT
CONTROL ACTIVITIES AND
MONITORING
GROUP INTERNAL AUDIT
SPEAK UP
GOVERNANCE
In conducting our business and
executing our strategy, we
seek to manage risks in such a
way as to minimise the threats
they present.
GOVERNANCE STRUCTURE
SHORT- AND MID-TERM RISK
ASSESSMENT
LONG-TERM RISK ASSESSMENT
-
RISKS IDENTIFIED FOR 2023
DIVESTMENT OF RUSSIAN BUSINESS
Risk movement
Description
RISK MANAGEMENT
MANAGING
IDENTIFIED
RISKS
FOR 2023
RISKS WITH HIGHEST
POTENTIAL IMPACT AND
LIKELIHOOD
OTHER IDENTIFIED RISKS
GOVERNANCE
Mitigation
CONSUMER PRICE ELASTICITY
Risk movement
Description
Mitigation
ECONOMIC INSTABILITY/RECESSION
Risk movement
Description
Mitigation
PARTNERSHIPS
Risk movement
Description
GOVERNANCE
Mitigation
LEGAL AND REGULATORY
COMPLIANCE
Risk movement
Description
Mitigation
SUPPLY CHAIN-RELATED BUSINESS
INTERRUPTION
Risk movement
Description
Mitigation
CYBER AND IT SECURITY
Risk movement
Description
Mitigation
GOVERNANCE
SUPERVISORY BOARD
SUPERVISORY
HENRIK POULSEN
CHAIR (SINCE 2022)
MAJKEN SCHULTZ
DEPUTY CHAIR (SINCE 2022)
HANS ANDERSEN
MIKAEL ARO
CARL BACHE
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
Board Chair
Board Deputy Chair
Board Member
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
Board Chair
Board Member
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
Board Chair
Board Member
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
Board Member
GOVERNANCE
MAGDI BATATO
LILIAN FOSSUM BINER
RICHARD BURROWS
EVA VILSTRUP DECKER
PUNITA LAL
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
Board Member
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
Board Member
GOVERNANCE
ERIK LUND
OLAYIDE OLADOKUN
SØREN-PETER FUCHS OLESEN
TENNA SKOV THORSTED
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
Board Member
BOARD FUNCTION
BOARD COMMITTEES
PROFESSION
OTHER BOARD POSITIONS
GOVERNANCE
EXECUTIVE COMMITTEE
OUR SENIOR
CEES ’T HART
CEO
ULRICA FEARN
CFO
JOÃO ABECASIS
EXECUTIVE VICE PRESIDENT,
ASIA
SØREN BRINCK
EXECUTIVE VICE PRESIDENT,
STRATEGY AND DIGITAL
GRAHAM FEWKES
EXECUTIVE VICE PRESIDENT,
WESTERN EUROPE
GOVERNANCE
JORIS HUIJSMANS
CHIEF HUMAN RESOURCES OFFICER
LARS LEHMANN
EXECUTIVE VICE PRESIDENT,
CENTRAL & EASTERN EUROPE
VICTOR SHEVTSOV
EXECUTIVE VICE PRESIDENT,
SUPPLY CHAIN
GOVERNANCE
Carlsberg A/S is listed on
Nasdaq Copenhagen. The
Company has around 57,000
registered shareholders.
MAJOR SHAREHOLDERS
SHAREHOLDER RETURN
INVESTOR RELATIONS
GROUP WEBSITE
SHARE INFORMATION
INFORMATION
CARLSBERG B SHARE 2022
SHAREHOLDER GEOGRAPHIC SPLIT
Share information
Share class
A
B
Total
Financial calendar 2023
Event
Date
200
400
600
800
1,000
1,200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
US
48%
UK
15%
DK
17%
Other 20%
CARLSBERG GROUP ANNUAL REPORT 2022 FORWARD-LOOKING STATEMENTS 59
This Annual Report contains
forward-looking statements,
including statements about the
Group’s sales, revenues, earnings,
spending, margins, cash flow,
inventory, products, actions, plans,
strategies, objectives and guidance
with respect to the Group's future
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
the words “believe, anticipate,
expect, estimate, intend, plan,
project, will be, will continue, will
result, could, may, might”, or any
variations of such words or other
words with similar meanings.
Any such 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 geopolitical
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 raw materials and
packaging materials, cost of energy,
production- and distribution-related
issues, information technology
failures, breach or unexpected
termination of contracts, market-
driven price reductions, market
acceptance of new products, changes
in consumer preferences, launches of
rival products, stipulation of fair
value in the opening balance sheet of
acquired entities, litigation,
environmental issues and other
unforeseen factors.
New risk factors can 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.
Forward-looking statements
FORWARD-LOOKING
STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
...................................
.........................................................
.........
........
......................
............................................................
PARENT COMPANY FINANCIAL
STATEMENTS
..............................................
.........................................................
REPORTS
...................
...................................
SECTION 1
OPERATING ACTIVITIES
.............
..................
................................
...................................................
........................................................
..............................................................
SECTION 2
ASSET BASE AND RETURNS
...........................................................
..................................................
................................
SECTION 3
SPECIAL ITEMS, PROVISIONS AND
OTHER LIABILITIES
...............................................
.....................................................
...........................................
.................................
SECTION 4
FINANCING COSTS, CAPITAL
STRUCTURE AND EQUITY
............
.......................
........................................
................................
.........................................
.....................................................
.....................
.........
SECTION 5
ACQUISITIONS, DISPOSALS,
ASSOCIATES AND JOINT VENTURES
...............
................
...................
...................
.................................................
SECTION 6
TAX
................................................
......................
SECTION 7
STAFF COSTS AND REMUNERATION
.................................................
..........................................
........................
.........................
SECTION 8
OTHER DISCLOSURE REQUIREMENTS
.................................
......................................
........................................
......
SECTION 9
BASIS FOR PREPARATION
......................................
................
..........
.......................................
SECTION 10
GROUP COMPANIES
....................................
CONSOLIDATED
FINANCIAL STATEMENTS
INCOME STATEMENT
DKK million Section 2022 2021¹
Revenue 1.2 70,265 60,097
Cost of sales 1.3.1 -38,198 -31,528
Gross profit 32,067 28,569
Sales and distribution expenses 1.3.3 -17,337 -14,872
Administrative expenses -4,229 -3,979
Other operating activities, net 1.3.4 68 75
Share of profit after tax of associates 5.5 901 336
Operating profit before special items 11,470 10,129
Special items, net 3.1 -784 703
Financial income 4.1 347 571
Financial expenses 4.1 -1,072 -956
Profit before tax 9,961 10,447
Income tax 6.1 -1,778 -2,154
Profit from continuing operations 8,183 8,293
Net result from Russian operations held for sale 5.1 -8,075 -284
Profit for the period 108 8,009
Attributable to
Non-controlling interests 1.2 1,171 1,163
Shareholders in Carlsberg A/S (net profit) -1,063 6,846
DKK
Earnings per share 8.1
Earnings per share of DKK 20 (EPS) -7.6 47.6
Continuing operations 50.1 49.6
Russian operations held for sale -57.7 -2.0
Diluted earnings per share of DKK 20 (EPS-D) -7.6 47.4
Continuing operations 50.0 49.4
Russian operations held for sale -57.6 -2.0
¹ Comparative figures for 2021 have been restated, cf. section 5.1.
STATEMENT OF COMPREHENSIVE INCOME
DKK million Section 2022 2021
Profit for the period 108 8,009
Other comprehensive income
Retirement benefit obligations 7.4 586 578
Share of other comprehensive income in associates 5.5 - 10
Income tax 6.1 -73 20
Items that will not be reclassified to the income statement 513 608
Foreign exchange adjustments of foreign entities 4.1 -3,926 3,307
Fair value adjustments of hedging instruments 4.1 -759 -323
Income tax 6.1 100 83
Items that will be reclassified to the income statement -4,585 3,067
Other comprehensive income -4,072 3,675
Total comprehensive income -3,964 11,684
Attributable to
Non-controlling interests 603 1,120
Shareholders in Carlsberg A/S -4,567 10,564
Total comprehensive income for the period arises from
Continuing operations 6,944 10,430
Russian operations held for sale -10,908 1,254
Total comprehensive income -3,964 11,684
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 61
STATEMENT OF FINANCIAL POSITION
DKK million Section 31 Dec. 2022 31 Dec. 2021
ASSETS
Non-current assets
Intangible assets 2.2, 2.3 49,223 68,475
Property, plant and equipment 2.2, 2.3 23,679 26,648
Investments in associates 5.5 5,523 5,172
Receivables 1.6 936 1,075
Tax assets 6.2 1,731 1,922
Total non-current assets 81,092 103,292
Current assets
Inventories 1.3.1 5,718 5,391
Trade receivables 1.6 5,067 5,710
Tax receivables 214 171
Other receivables 1.6 2,505 2,355
Prepayments 964 929
Cash and cash equivalents 4.4.2 8,163 8,344
Current assets 22,631 22,900
Assets in disposal group held for sale 5.1 11,618 191
Total current assets 34,249 23,091
Total assets 115,341 126,383
DKK million Section 31 Dec. 2022 31 Dec. 2021
EQUITY AND LIABILITIES
Equity
Share capital 4.3.2 2,837 2,905
Reserves -41,711 -37,691
Retained earnings 70,776 80,283
Equity, shareholders in Carlsberg A/S 31,902 45,497
Non-controlling interests 2,820 3,259
Total equity 34,722 48,756
Non-current liabilities
Borrowings 4.2, 4.4.1 22,865 22,755
Retirement benefit obligations 7.4 1,557 2,345
Tax liabilities 6.2 4,841 6,350
Provisions 3.2 2,304 2,446
Other liabilities 3.3 305 449
Total non-current liabilities 31,872 34,345
Current liabilities
Borrowings 4.2, 4.4.1 5,781 6,167
Trade payables 21,917 20,642
Deposits on returnable packaging materials 1.3.2 1,627 1,504
Provisions 3.2 807 942
Tax payables 1,012 1,350
Other liabilities 3.3 13,503 12,677
Current liabilities 44,647 43,282
Liabilities in disposal group held for sale 5.1 4,100 -
Total current liabilities 48,747 43,282
Total liabilities 80,619 77,627
Total equity and liabilities 115,341 126,383
The Russian operations are presented as assets/liabilities in disposal group held for sale in 2022. Comparative figures
have not been restated, meaning the Russian operations are included line by line in the statement of financial position
for 2021. For more information, see section 5.1.
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 62
STATEMENT OF CHANGES IN EQUITY
DKK million Section
Shareholders in Carlsberg A/S
2022
Share
capital
Currency
translation¹
Hedging
reserves¹
Total
reserves
Retained
earnings Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2,905 -37,198 -493 -37,691 80,283 45,497 3,259 48,756
Profit for the period - - - - -1,063 -1,063 1,171 108
Other comprehensive income 4.3.4 - -3,691 -329 -4,020 516 -3,504 -568 -4,072
Total comprehensive income for the period - -3,691 -329 -4,020 -547 -4,567 603 -3,964
Cancellation of treasury shares 4.3.2 -68 - - - 68 - - -
Share-based payments 7.3 - - - - 97 97 - 97
Dividends paid to shareholders 4.3.3 - - - - -3,389 -3,389 -1,042 -4,431
Share buy-back 4.3.3 - - - - -4,400 -4,400 - -4,400
Non-controlling interests - - - - -1,336 -1,336 - -1,336
Total changes in equity -68 -3,691 -329 -4,020 -9,507 -13,595 -439 -14,034
Equity at 31 December 2,837 -40,889 -822 -41,711 70,776 31,902 2,820 34,722
¹ The currency translation and hedging reserves within equity related to Russian operations held for sale represent losses of DKK 39.7 bn and DKK 0.6 bn respectively (31 December 2021: losses of DKK 37 .0bn and DKK 0.5 bn). Upon completion of
the disposal, the accumulated currency translation reserve within equity related to the Russian operations will be reclassified from equity to the income statement and included in the net result from the Russian operations.
DKK million Section
Shareholders in Carlsberg A/S
2021
Share
capital
Currency
translation
Hedging
reserves
Total
reserves
Retained
earnings Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2,963 -40,215 -609 -40,824 78,599 40,738 2,624 43,362
Profit for the period - - - - 6,846 6,846 1,163 8,009
Other comprehensive income 4.3.4 - 3,017 116 3,133 585 3,718 -43 3,675
Total comprehensive income for the period - 3,017 116 3,133 7,431 10,564 1,120 11,684
Cancellation of treasury shares 4.3.2 -58 - - - 58 - - -
Share-based payments 7.3 - - - - 82 82 - 82
Dividends paid to shareholders 4.3.3 - - - - -3,187 -3,187 -499 -3,686
Share buy-back 4.3.3 - - - - -3,600 -3,600 - -3,600
Non-controlling interests - - - - 957 957 -16 941
Acquisition of entities - - - - -57 -57 131 74
Deconsolidation of entities - - - - - - -101 -101
Total changes in equity -58 3,017 116 3,133 1,684 4,759 635 5,394
Equity at 31 December 2,905 -37,198 -493 -37,691 80,283 45,497 3,259 48,756
An adjustment has been made to the opening balance of equity for 2021 to correct a prior-period error in the share of equity attributed to non-controlling interests. The adjustment reduced the non-controlling interests’ share of equity by DKK
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 63
STATEMENT OF CASH FLOWS
DKK million Section 2022 2021¹
Operating profit before special items 11,470 10,129
Depreciation, amortisation and impairment losses 2.3 4,187 4,238
Operating profit before depreciation, amortisation and impairment losses 15,657 14,367
Other non-cash items -867 -354
Change in trade working capital 1,908 733
Change in other working capital -465 616
Restructuring costs paid -171 -353
Interest etc. received 213 68
Interest etc. paid -1,223 -916
Income tax paid -2,103 -1,883
Cash flow from operating activities 1.5 12,949 12,278
Acquisition of property, plant and equipment and intangible assets 2.3 -4,018 -3,903
Disposal of property, plant and equipment and intangible assets 412 257
Change in on-trade loans 1.6 129 148
Total operational investments -3,477 -3,498
Free operating cash flow 9,472 8,780
Acquisition and disposal of subsidiaries, net 5.3 - -621
Acquisition and disposal of associates, net 5.3 -48 -48
Acquisition and disposal of financial investments, net -20 -
Change in financial receivables 196 -189
Dividends received 282 291
Total financial investments 410 -567
Other investments in real estate 2 -2
Total other activities 2 -2
Cash flow from investing activities -3,065 -4,067
Free cash flow 9,884 8,211
Shareholders in Carlsberg A/S 4.3.3 -3,389 -3,187
Share buy-back 4.3.3 -4,400 -3,600
Non-controlling interests 4.3.3 -1,042 -550
External financing 4.4.1 -1,128 -1,608
Cash flow from financing activities -9,959 -8,945
Net cash flow from continuing operations -75 -734
Net cash flow from Russian operations held for sale 5.1 1,771 662
Net cash flow 1,696 -72
Cash and cash equivalents at 1 January 8,344 7,958
Foreign exchange adjustment of cash and cash equivalents -683 458
Cash and cash equivalents included in disposal group held for sale -1,194 -
Cash and cash equivalents at 31 December 4.4.2 8,163 8,344
¹ Comparative figures for 2021 have been restated, cf. section 5.1.
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 64
SECTION 1
OPERATING
ACTIVITIES
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 65
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 66
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 67
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 68
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 69
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 70
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 71
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 72
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 73
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 74
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 75
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 76
SECTION 2
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 77
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 78
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 79
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 80
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 81
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 82
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 83
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 84
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 85
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 86
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 87
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 88
SECTION 3
¹ See section 2.2.
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 89
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 90
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 91
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 92
SECTION 4
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 93
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 94
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 95
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 96
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 97
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 98
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 99
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 100
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 101
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 102
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 103
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 104
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 105
SECTION 5
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 106
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 107
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 108
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 109
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 110
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 111
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 112
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 113
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 114
SECTION 6
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 115
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 116
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 117
SECTION 7
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 118
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 119
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 120
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 121
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 122
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 123
SECTION 8
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 124
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 125
SECTION 9
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 126
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 127
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 128
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 129
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 130
SECTION 10
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 131
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 132
CARLSBERG GROUP ANNUAL REPORT 2022 CONSOLIDATED FINANCIAL STATEMENTS 133
PARENT COMPANY FINANCIAL STATEMENTS
PARENT COMPANY FINANCIAL
STATEMENTS
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SECTION 1
SUBSIDIARIES AND RELATED PARTIES
.......................
.............................................
SECTION 2
CAPITAL STRUCTURE
.............................................
.........................
.................................................
SECTION 3
STAFF COSTS AND REMUNERATION
..................
................
SECTION 4
OTHER DISCLOSURE REQUIREMENTS
.................
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SECTION 5
GENERAL ACCOUNTING POLICIES
.....................
PARENT COMPANY FINANCIAL STATEMENTS
INCOME STATEMENT
DKK million Section 2022 2021
Administrative expenses -41 -86
Other operating activities, net 4.1 195 1
Operating profit before special items 154 -85
Special items 4.4 -15 80
Financial income 2.1 3,592 3,264
Financial expenses 2.1 -17 -6
Profit before tax 3,714 3,253
Income tax 4.7 109 -30
Profit for the period 3,823 3,223
Attributable to
Dividend to shareholders 3,830 3,486
Reserves -7 -263
Profit for the period 3,823 3,223
STATEMENT OF COMPREHENSIVE INCOME
DKK million Section 2022 2021
Profit for the period 3,823 3,223
Other comprehensive income
Retirement benefit obligations 3.2 -8 1
Income tax 4.7 2 -
Items that will not be reclassified to the income statement -6 1
Other comprehensive income -6 1
Total comprehensive income 3,817 3,224
CARLSBERG GROUP ANNUAL REPORT 2022 PARENT COMPANY FINANCIAL STATEMENTS 135
STATEMENT OF FINANCIAL POSITION
DKK million Section 31 Dec. 2022 31 Dec. 2021
ASSETS
Non-current assets
Intangible assets 4.5 - 2
Property, plant and equipment 4.5 166 163
Investments in subsidiaries 1.1 30,080 34,426
Receivables 327 324
Tax assets 4.7 11 -
Total non-current assets 30,584 34,915
Current assets
Receivables 1.2 426 55
Tax receivables 6 25
Other receivables 1.2 431 630
Current assets 863 710
Assets held for sale 4.5 - 129
Total current assets 863 839
Total assets 31,447 35,754
DKK million Section 31 Dec. 2022 31 Dec. 2021
EQUITY AND LIABILITIES
Equity
Share capital 2.3 2,837 2,905
Retained earnings 28,351 32,189
Total equity 31,188 35,094
Non-current liabilities
Retirement benefit obligations 3.2 32 26
Deferred tax liabilities 4.7 - 21
Provisions 4.3 21 5
Total non-current liabilities 53 52
Current liabilities
Borrowings 1.2 1 407
Trade payables 49 34
Provisions 4.3 25 47
Other liabilities 131 120
Total current liabilities 206 608
Total liabilities 259 660
Total equity and liabilities 31,447 35,754
CARLSBERG GROUP ANNUAL REPORT 2022 PARENT COMPANY FINANCIAL STATEMENTS 136
STATEMENT OF CHANGES IN EQUITY
DKK million Section Shareholders in Carlsberg A/S
2022 Share capital
Retained
earnings Total equity
Equity at 1 January 2,905 32,189 35,094
Profit for the year 3,823 3,823
Other comprehensive income - -6 -6
Total comprehensive income for the period - 3,817 3,817
Cancellation of treasury shares -68 68 -
Share-based payments 3.1 - -4 -4
Share-based payments to employees in subsidiaries - 70 70
Share buy-back 2.3 - -4,400 -4,400
Dividends paid to shareholders 2.3 - -3,389 -3,389
Total changes in equity -68 -3,838 -3,906
Equity at 31 December 2,837 28,351 31,188
2021
Equity at 1 January 2,963 35,589 38,552
Profit for the period 3,223 3,223
Other comprehensive income - 1 1
Total comprehensive income for the year - 3,224 3,224
Cancellation of treasury shares -58 58 -
Share-based payments 3.1 - 14 14
Share-based payments to employees in subsidiaries - 91 91
Share buy-back 2.3 - -3,600 -3,600
Dividends paid to shareholders 2.3 - -3,187 -3,187
Total changes in equity -58 -3,400 -3,458
Equity at 31 December 2,905 32,189 35,094
STATEMENT OF CASH FLOWS
DKK million Section 2022 2021
Operating profit before special items 154 -85
Depreciation and amortisation 4.4 17 18
Operating profit before depreciation and amortisation 171 -67
Other non-cash items -219 15
Change in working capital 119 376
Interest etc. received 4 1
Interest etc. paid -16 -6
Income tax paid 99 67
Cash flow from operating activities 158 386
Acquisition of property, plant and equipment and intangible assets -18 -6
Disposal of property, plant and equipment and intangible assets 354 3
Total operational investments 336 -3
Acquisition and disposal of subsidiaries, net -25 -
Dividends from subsidiaries 1.2 3,582 3,260
Capital reductions in subsidiaries 1.2 4,535 4,000
Total financial investments 8,092 7,260
Other investments in real estate - -2
Total other activities
-
-2
Cash flow from investing activities 8,428 7,255
Free cash flow 8,586 7,641
Shareholders in Carlsberg A/S 2.3 -7,789 -6,787
External financing 2.2 -797 -854
Cash flow from financing activities -8,586 -7,641
Net cash flow - -
Cash and cash equivalents at 1 January - -
Cash and cash equivalents at 31 December - -
CARLSBERG GROUP ANNUAL REPORT 2022 PARENT COMPANY FINANCIAL STATEMENTS 137
SECTION 1
SUBSIDIARIES AND
RELATED PARTIES
SECTION 1.1
INVESTMENTS IN
SUBSIDIARIES
Share-based payments to employees in
subsidiaries comprise exercised as well as
outstanding share-based incentive instruments.
Investments in subsidiaries
DKK million 2022 2021
Cost
Cost at 1 January 34,426 38,733
Capital reductions -4,535 -4,000
Share-based payments
to employees, net 189 -307
Cost at 31 December 30,080 34,426
Carrying amount at
31 December 30,080 34,426
Please see section 10 in the consolidated financial
statements for a list of companies in the Carlsberg Group.
ACCOUNTING ESTIMATES
AND JUDGEMENTS
Indications of impairment of investments in
subsidiaries are assessed annually by management.
Impairment tests are performed by applying the same
principles as the tests for impairment of goodwill in
the Group, cf. section 2.2 in the consolidated financial
statements.
It is management’s assessment that no indications of
impairment existed at year-end 2022. Impairment
tests have therefore not been carried out for
subsidiaries.
ACCOUNTING
POLICIES
Dividends on investments in subsidiaries are
recognised in the income statement of the Parent
Company in the financial year in which the dividend is
declared.
Investments in subsidiaries are measured at the lower
of cost and recoverable amount.
Share-based payments granted to employees of the
Company’s subsidiaries and the recharge of expenses
to the subsidiaries in connection with the employees’
exercise of share-based awards are recognised as
contributions to and reductions of the investment in
the subsidiaries respectively.
SECTION 1.2
RELATED PARTIES
The Carlsberg Foundation, H.C. Andersens
Boulevard 35, 1553 Copenhagen V, Denmark,
exercises control over Carlsberg A/S. The
Foundation holds 29.2% of the shares and
76.2% of the voting power in Carlsberg A/S,
excluding treasury shares.
The following transactions took place between
the Carlsberg Foundation and the Carlsberg
Group in 2022:
• The Carlsberg Foundation received a dividend
from Carlsberg A/S and participated pro rata
in the Carlsberg A/S share buy-back.
• Carlsberg A/S received statutory funding and
grants for research and development.
• Visit Carlsberg A/S, a 100% owned subsidiary
of the Carlsberg Group, hosted and
administered events at the Carlsberg
Academy, which is owned by the Carlsberg
Foundation.
• Carlsberg A/S leased parking spaces from the
Carlsberg Foundation.
• Carlsberg Breweries A/S leased storage
facilities in the researcher apartments.
• The Group delivered beer and soft drinks to
the Carlsberg Foundation.
These transactions are described in further
detail in sections 4.3 and 8.3 of the
consolidated financial statements.
It is estimated that the benefit for the Carlsberg
Group corresponds to the value of the services
provided to the Carlsberg Foundation, which in
turn corresponds to what each party would
have had to pay to have the same deliverables
provided by external parties.
OTHER RELATED PARTIES
Related parties also comprise Carlsberg A/S’
Supervisory Board and Executive Board, their
close family members and companies in which
these persons have significant influence. During
the year, there were no transactions between
these parties and the Group, except for
remuneration as disclosed in section 3.
CARLSBERG GROUP ANNUAL REPORT 2022 PARENT COMPANY FINANCIAL STATEMENTS 138
SECTION 1.2 (CONTINUED)
RELATED PARTIES
No losses on loans to or receivables from
subsidiaries and associates were recognised or
provided for in either 2022 or 2021.
Transactions with subsidiaries
DKK million 2022 2021
Other operating activities,
net 273 47
Interest income 4 1
Interest expenses -11 -1
Dividends received 3,582 3,260
Capital reductions 4,535 4,000
Recharge of share-based
payments 92 136
Loans 716 321
Receivables 35 55
Borrowings -1 -407
Trade payables -8 -7
Other payables -6 -6
The fair value of receivables and borrowings in
subsidiaries corresponds to the carrying amount
in all material respects.
SECTION 2
CAPITAL
STRUCTURE
SECTION 2.1
FINANCIAL ITEMS
Interest income relates to interest from loans to
subsidiaries, whereas interest expenses relate to
interest on borrowings.
Financial items recognised
in the income statement
DKK million 2022 2021
Financial income
Interest income 4 1
Dividends from
subsidiaries 3,582 3,260
Other 6 3
Total 3,592 3,264
Financial expenses
Interest expenses -11 -1
Other -6 -5
Total -17 -6
Financial items, net 3,575 3,258
No financial items were recognised in other
comprehensive income. The average effective
interest rate on loans to subsidiaries was 0.61%
(2021: 0.01%) and on loans from subsidiaries
0.68% (2021: 0.03%).
SECTION 2.2
NET INTEREST-
BEARING DEBT
Net interest-bearing debt
DKK million 2022 2021
Borrowings 1 407
Gross interest-bearing debt 1 407
Loans to subsidiaries -716 -321
Net interest-bearing debt -715 86
Changes in net interest-bearing debt
Net interest-bearing debt at 1 January 86 940
Cash flow from operating activities, excluding interest-bearing part -158 -386
Cash flow from investing activities -8,428 -7,255
Share buy-back 4,400 3,600
Dividends to shareholders 3,389 3,187
Other -4 -
Total change -801 -854
Net interest-bearing debt at 31 December -715 86
CARLSBERG GROUP ANNUAL REPORT 2022 PARENT COMPANY FINANCIAL STATEMENTS 139
SECTION 2.3
SHARE CAPITAL
SHARE CAPITAL
At the Annual General Meeting on 14March
2022, it was decided to reduce the share capital
of Carlsberg A/S by a nominal amount of DKK
68,000,000 to a nominal amount of DKK
2,837,136,120 by cancelling 3,400,000 of the B
shares held by the Company, each with a
nominal value of DKK 20. The cancellation was
completed on 12April 2022. These shares had
been repurchased as part of the Company’s
share buy-back programme.
At the Annual General Meeting on 13March
2023, the Supervisory Board will recommend
that 4,500,000 treasury shares not used for the
hedging of the incentive programme be
cancelled.
Share capital
Class A shares Class B shares Total share capital
Shares of
DKK 20
Nominal
value,
DKK ’000
Shares of
DKK 20
Nominal
value,
DKK ’000
Shares of
DKK 20
Nominal
value,
DKK ’000
1 January 2021 33,699,252 673,985 114,457,554 2,289,151 148,156,806 2,963,136
Cancellation of
treasury shares - - -2,900,000 -58,000 -2,900,000 -58,000
31 December 2021 33,699,252 673,985 111,557,554 2,231,151 145,256,806 2,905,136
Cancellation of
treasury shares - - -3,400,000 -68,000 -3,400,000 -68,000
31 December 2022 33,699,252 673,985 108,157,554 2,163,151 141,856,806 2,837,136
A shares carry 20 votes per DKK 20 share. B shares carry two votes per DKK 20 share. A preferential right to an 8% non-
cumulative dividend is attached to B shares. Apart from votes and dividends, all shares rank equally.
DIVIDENDS
The proposed dividend of DKK 27.00 per share
(2021: DKK 24.00 per share), amounting to
DKK 3,830m (2021: DKK 3,486m), has
been included in retained earnings at
31 December 2022.
Dividends to be paid out in 2023 for 2022, net
of dividends on treasury shares held at 31
December 2022, will amount to DKK 3,708m
(paid out in 2022 for 2021: DKK 3,405m).
Dividends paid out in 2022 for 2021, net of
dividends on treasury shares, amounted to DKK
3,389m (paid out in 2021 for 2020: DKK
3,187m). Dividends paid out to shareholders in
Carlsberg A/S do not impact taxable income in
Carlsberg A/S.
SHARE BUY-BACK AND TREASURY SHARES
On 4February 2022, the Company announced
its intention to continue the share buy-back
programme. The 2022 programme has been
executed as quarterly programmes, and
4,751,576 B shares worth DKK 4.4bn have been
repurchased in 2022. Ending with the fourth
quarterly programme, which was finalised on
27January 2023, the Company has
repurchased a total of 4,913,102 B shares at a
total purchase price of DKK 4.5bn over a 12-
month period.
According to the authorisation of the Annual
General Meeting, the Supervisory Board may,
in the period until 13March 2027, allow the
Company to acquire treasury shares up to a
total holding of 10% of the nominal share
capital at a price quoted on Nasdaq
Copenhagen at the time of acquisition with a
deviation of up to 10%. The permitted holding
of treasury shares covers those acquired in
share buy-back programmes. The Company
holds no class A shares.
Transactions with shareholders
in Carlsberg A/S
2022 2021
Dividends to shareholders -3,389 -3,187
Acquisition of treasury
shares -4,400 -3,600
Total -7,789 -6,787
In the 2022 financial year, the Company
acquired class B treasury shares of a nominal
amount of DKK 95m (2021: DKK 67m) at an
average price per share of DKK 926 (2021: DKK
1,073). Class B treasury shares are acquired and
disposed of as part of the share buy-back
programme and to facilitate settlement of the
share-based incentive programmes.
At 31 December 2022, the fair value of treasury
shares amounted to DKK 4,169m (2021: DKK
3,800m). The holdings of treasury shares are
specified in section 4.3 in the consolidated
financial statements.
CARLSBERG GROUP ANNUAL REPORT 2022 PARENT COMPANY FINANCIAL STATEMENTS 140
SECTION 3
STAFF COSTS AND
REMUNERATION
SECTION 3.1
STAFF COSTS AND
REMUNERATION
The remuneration of the Supervisory Board, the
executive directors and key management
personnel is described in detail in the
Remuneration Report.
In 2022, the Supervisory Board received
total remuneration of DKK 10.36m (2021:
DKK10.05m), comprising fixed salary only.
SHARE-BASED INCENTIVE PROGRAMMES
The executive directors in the Parent Company
are the same as for the Carlsberg Group.
Staff costs and remuneration
DKK million 2022 2021
Salaries and other remuneration 106 110
Retirement benefit costs - defined contribution plans 6 5
Share-based payments 29 42
Total 141 157
Staff costs are included in the following items in the income statement
Administrative expenses 3 46
Other operating activities, net 64 59
Total staff costs recognised by the Parent Company 67 105
Staff costs recognised by other Group companies 74 52
Total 141 157
The Company had an average of 89 (2021: 97) full-time employees during the year.
Please refer to section 7.3 in the consolidated
financial statements for share-based incentive
programmes for the executive directors.
PERFORMANCE SHARES
Besides the executive directors, one employee
in the Parent Company participates in the
Group’s performance share programmes as
described in section 7.3 in the consolidated
financial statements. Refunds etc. between
Carlsberg A/S and its subsidiaries are
recognised directly in equity.
ACCOUNTING
POLICIES
Staff costs are recognised in the financial year in
which the employee renders the related service. The
fair value of share-based incentives, which is expensed
over the vesting period of the programme according
to the service conditions, is recognised in staff costs
and offset directly against equity.
The fair value of share-based incentives granted to
employees in subsidiaries is recognised as investments
in subsidiaries and offset directly against equity.
The difference between the purchase price and the
selling price for the exercise of share-based incentives
is settled between Carlsberg A/S and the individual
subsidiary and offset directly against investments in
subsidiaries.
The difference between the fair value of the Parent
Company’s equity instruments and the exercise price
of outstanding share-based incentives is recognised as
a receivable and offset directly against investments in
subsidiaries.
Share-based incentives granted to the Parent
Company’s own employees are recognised and
measured in accordance with the accounting policies
used by the Group.
SECTION 3.2
RETIREMENT
BENEFIT
OBLIGATIONS
Retirement benefit obligations and similar
obligations comprise payments to retired
directors that are not covered by an insurance
company. The plan is unfunded.
Total obligations amounted to DKK 32m (2021:
DKK 26m) and include actuarial losses of DKK
-8m (2021: DKK 1m) and benefits paid in the
year of DKK 3m (2021: DKK 3m).
Of the expected payment obligation, DKK 4m is
due within one year, DKK 16m between one
and five years and DKK 12m after more than
five years from the reporting date.
The underlying actuarial assumptions are based
on local economic and labour market
conditions. The discount rate was 0.5% (2021:
0.5%). The rate of increase in future retirement
benefit obligations was 0% (2021: 0%).
During the year, DKK 0m (2021: DKK 0m)
was recognised in the income statement and
DKK-8m (2021: DKK 1m) in other
comprehensive income.
CARLSBERG GROUP ANNUAL REPORT 2022 PARENT COMPANY FINANCIAL STATEMENTS 141
SECTION 4
OTHER DISCLOSURE
REQUIREMENTS
SECTION 4.1
OTHER OPERATING
ACTIVITIES, NET
Other operating activities are secondary to the
principal activities of the Group and include
income and expenses relating to rental
properties and research activities.
Other operating activities, net
DKK million 2022 2021
Gain on disposal of
intangible asset 225 -
Real estate, net -1 -9
Research activities,
including the Carlsberg
Research Laboratory, net -27 11
Other, net -2 -1
Total 195 1
Gain on disposal of intangible asset comprises
an internal sale of a licence to a subsidiary in
the Carlsberg Group.
Research expenses are partially financed
through funding received from the Carlsberg
Foundation for the operation of the Carlsberg
Research Laboratory and other grants.
ACCOUNTING
POLICIES
The funding and grants are recognised in the income
statement in the same period as the activities to
which they relate.
SECTION 4.2
CASH FLOW
Change in working capital of DKK 119m (2021:
DKK 376m) consists of trade payables and
other liabilities of DKK127m (2021: DKK 379m)
and retirement benefit obligations and other
provisions of DKK-8m (2021: DKK -3m).
Cash flow from operational investments of DKK
336m mainly comprises an internal sale of a
licence (DKK 225m) and disposal of land and
buildings (DKK 129m) classified as assets held
for sale in 2021 (DKK 129m).
Other activities cover real estate activities.
SECTION 4.3
PROVISIONS
Provisions primarily comprise warranty
provisions regarding real estate disposed of
and provisions for ongoing disputes.
At 31 December 2022, total provisions
amounted to DKK 46m (2021: DKK 52m).
Provisions amounting to DKK 6m (2021: DKK
3m) were utilised in 2022. In 2022, unutilised
provisions of DKK 0m (2021: DKK 1m) were
reversed.
Of total provisions, DKK 25m (2021: DKK 47m)
falls due within one year, DKK 21m (2021: DKK
4m) between one and five years and DKK 0m
(2021: DKK 1m) falls due after more than five
years from the end of the reporting period.
SECTION 4.4
SPECIAL ITEMS
Special items of DKK -15m (2021: DKK 80m)
relates to the closing of a dormant subsidiary
and an adjustment related to gain on disposal
of land and buildings in 2021.
SECTION 4.5
ASSET BASE AND
LEASES
Property, plant and equipment totalled DKK
166m (2021: DKK 163m) and comprised land
and buildings of DKK 122m (2021: DKK 127m)
and plant and machinery of DKK 44m (2021:
DKK 36m).
Depreciation and amortisation of DKK 17m
(2021: DKK 18m) were included in
administrative expenses.
All lease contracts in Carlsberg A/S at 31
December 2022 were related to short-term
leases and leases of low-value assets. The
lease expenses recognised in the income
statement amounted to DKK 1m (2021: DKK
1m). Such contracts comprise the lease of copy
and printing machines, coffee machines,
parking spaces, small IT devices and similar
equipment.
SECTION 4.6
FEES TO AUDITORS
Fees to auditors appointed by the Annual
General Meeting
DKK million 2022 2021
Statutory audit 0.3 0.3
Assurance engagements 0.1 -
Tax advisory - -
Other services 0.4 -
Total 0.8 0.3
CARLSBERG GROUP ANNUAL REPORT 2022 PARENT COMPANY FINANCIAL STATEMENTS 142
SECTION 4.7
TAX
Deferred tax assets amounted to DKK 18m
(2021: DKK 13m) and comprised provisions and
retirement benefit obligations of DKK 17m
(2021: DKK13m), and land and buildings of
DKK 1m (2021: tax losses etc. DKK 0m).
The utilisation of tax loss carried forward
depends on future positive taxable income
exceeding the realised deferred tax liabilities.
Unrecognised, non-expiring tax losses
amounted to DKK 493m (2021: DKK 210m).
Deferred tax liabilities amounted to DKK 7m
(2021: DKK 34m) and comprised tax on
property, plant and equipment.
Deferred tax, net, amounted to an asset of DKK
11m (2021: liability of DKK 21m). Of the deferred
tax assets, DKK 0m (2021: DKK 13m) is
expected to be used within one year.
The net change in deferred taxes of
DKK 32m primarily comprised a prior-year
adjustment of DKK 26m compared with a
change in tax provision of DKK -10m and a joint
taxation contribution of DKK -93m in 2021.
The total tax for the year recognised in the
income statement comprised an income of DKK
109m (2021: expense of DKK 30m), significantly
affected by prior-year adjustments.
The administration company, Carlsberg A/S,
has unlimited and joint legal responsibility with
the other Danish companies under the joint
taxation scheme for withholding taxes on
dividends, interest and royalties.
Reconciliation of tax for the year
DKK million 2022 2021
Calculated tax on profit 817 716
Adjustments to tax for prior
years -140 5
Non-deductible expenses 6 27
Tax-free dividend and tax-
exempt items -792 -718
Tax for the year -109 30
ACCOUNTING ESTIMATES
AND JUDGEMENTS
Carlsberg A/S recognises deferred tax assets,
including the tax base of tax loss carryforwards, if
management assesses that these tax assets can be
offset against positive taxable income in the
foreseeable future. This judgement is made annually
and based on budgets and business plans for the
coming years.
ACCOUNTING
POLICIES
Carlsberg A/S is the administration company and
subject to the Danish rules on mandatory joint
taxation of the Carlsberg Group’s Danish companies.
Carlsberg A/S accordingly pays all income taxes to
the tax authorities under the joint taxation scheme.
Danish subsidiaries are included in the joint taxation
from the date when they are included in the
consolidated financial statements and up to the date
when they are excluded from the consolidation. The
jointly taxed Danish companies are taxed under the
on-account tax scheme.
On payment of joint taxation contributions, the
current Danish income tax is allocated between the
Danish jointly taxed companies in proportion to their
taxable income. Companies with tax losses receive
joint taxation contributions from other companies that
have used the tax losses to reduce their own taxable
profit (full absorption).
CARLSBERG GROUP ANNUAL REPORT 2022 PARENT COMPANY FINANCIAL STATEMENTS 143
SECTION 5
GENERAL
ACCOUNTING POLICIES
SECTION 4.8
CONTINGENT
LIABILITIES AND
OTHER
COMMITMENTS
Carlsberg A/S has issued guarantees to
subsidiaries for pension obligations of DKK
357m (2021: DKK 342m).
Carlsberg A/S is jointly registered for Danish
VAT and excise duties with Carlsberg Breweries,
Carlsberg Danmark, Carlsberg Supply Company
Danmark and various other Danish subsidiaries,
and is jointly and severally liable for payment
of VAT and excise duties.
Carlsberg A/S is party to certain lawsuits,
disputes etc. of various scopes. In
management’s opinion, apart from items
recognised in the statement of financial
position or disclosed in the financial statements,
the outcome of these lawsuits, disputes etc. will
not have a material negative effect on the
Company’s financial position.
SECTION 4.9
EVENTS AFTER THE
REPORTING PERIOD
Apart from the events recognised or disclosed
in the financial statements, no events have
occurred after the reporting date of importance
to the financial statements.
The financial statements of Carlsberg A/S for
2022 have been prepared in accordance with
International Financial Reporting Standards
(IFRS) as adopted by the EU and further
requirements in the Danish Financial
Statements Act.
The financial statements are presented in
Danish kroner (DKK), which is the presentation
currency.
The accounting policies for the Parent
Company are the same as for the Group, cf.
section 9 in the consolidated financial
statements and the individual sections.
SIGNIFICANT ACCOUNTING ESTIMATES
AND JUDGEMENTS
In preparing Carlsberg A/S’ financial
statements, management makes various
accounting estimates and judgements that
form the basis of presentation, recognition and
measurement of the Company’s assets and
liabilities.
The estimates and judgements made are based
on historical experience and other factors that
management assesses to be reliable, but that
by their very nature are associated with
uncertainty and unpredictability. These
estimates and judgements may therefore prove
incomplete or incorrect, and unexpected events
or circumstances may arise.
The significant accounting estimates and
judgements made and accounting policies
specific to the Parent Company are presented
in the explanatory notes.
CARLSBERG GROUP ANNUAL REPORT 2022 PARENT COMPANY FINANCIAL STATEMENTS 144
REPORTS
Executive Board of Carlsberg A/S
Supervisory Board of Carlsberg A/S
CARLSBERG GROUP ANNUAL REPORT 2022 FINANCIAL STATEMENTS 145
REPORTS
INDEPENDENT
AUDITOR’S REPORTS
CARLSBERG GROUP ANNUAL REPORT 2022 FINANCIAL STATEMENTS 146
CARLSBERG GROUP ANNUAL REPORT 2022 FINANCIAL STATEMENTS 147
CARLSBERG GROUP ANNUAL REPORT 2022 FINANCIAL STATEMENTS 148
CARLSBERG GROUP ANNUAL REPORT 2022 FINANCIAL STATEMENTS 149
CVR No 3377 1231
CARLSBERG GROUP ANNUAL REPORT 2022 FINANCIAL STATEMENTS 150
Phone +45 3327 3300
CVR No. 61056416
Editor: Carlsberg Group Investor Relations
Design & layout: Operate & Omnidocs
Proofreading: Borella projects
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