CARLSBERG GROUP
ANNUAL REPORT
2023
TO OUR SHAREHOLDERS
TO OUR SHAREHOLDERS
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2023 AT A GLANCE
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CREATING VALUE
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2023 REVIEW AND 2024 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 SUITE
ANNUAL REPORT
ENVIRONMENTAL, SOCIAL &
GOVERNANCE REPORT
REMUNERATION REPORT
HUMAN RIGHTS REPORT
TO OUR SHAREHOLDERS
We delivered solid results
in a year impacted by a
challenging trading
environment across our
regions.
SHAREHOLDER RETURNS
UKRAINE AND RUSSIA
LETTER FROM THE CHAIR & THE CEO
EMBARKING ON
CARLSBERG GROUP ANNUAL REPORT 2023 TO OUR SHAREHOLDERS 4
our people and the population in
Ukraine.
Because of the war, we announced
the sale of Baltika Breweries – our
Russian business – in June. Shortly
afterwards, a presidential decree
temporarily transferred the
management of the business to a
Russian federal agency. This step by
the Russian authorities had several
implications, including the full
impairment of the Russian business
in the Carlsberg Group’s accounts.
Read more on page 40.
CHANGING OF THE GUARDS
2023 saw a changing of the guards.
After eight years at the helm of the
Carlsberg Group, Cees ’t Hart retired
at the end of August. Cees leaves
behind an impressive legacy, having
delivered outstanding results during
his tenure.
We want to thank Cees for his
significant contribution to Carlsberg,
and to wish him all the best for the
next chapter of his life.
Jacob Aarup-Andersen joined
Carlsberg as new CEO in September,
and Ulrica Fearn joined the Group as
new CFO in January 2023. The
Supervisory Board is convinced that
we have the right team on board for
the next stage of Carlsberg’s value-
creating growth journey.
ACCELERATE SAIL
Our strategy, SAIL’27, was developed
by a broad group of leaders and
colleagues from across the Group in
late 2021 and early 2022 – before
the war in Ukraine and subsequently
high inflation. Because of these
significant events, in addition to
COVID-19, our focus in the past few
years has been on managing these
shorter-term challenges.
With the impact from these major
disruptions decreasing, it is now time
to sharpen the longer-term focus on,
and ensure sufficient investments in,
our future growth. Consequently, the
Executive Committee and extended
leadership team conducted a review
of the SAIL’27 priorities in late 2023
and early 2024, leading to the
refreshed Accelerate SAIL strategy.
We have increased our ambition for
top-line growth to 4-6% (previously
3-5%) to be achieved by accelerating
support for the most important
strategic growth levers, including our
premium beer brands, Beyond Beer
products and specific geographies.
We will also further strengthen our
capabilities, including digital, to build
an even more efficient, competitive
and scalable company.
Read more about Accelerate SAIL on
pages 19-20.
CONTINUED COMMITMENT TO
DOING BETTER
Our ESG programme, Together
Towards ZERO and Beyond (TTZAB),
is an integral part of Accelerate SAIL.
TTZAB focuses on 11 areas, which
were identified through an
assessment of the most material
environmental, social and governance
(ESG) topics for our business. This
year, we reconfirmed the relevance
of these topics through our first
double materiality assessment.
As part of TTZAB, we have ambitious
targets and commitments. These
enable us to tackle global social and
environmental challenges while
supporting our licence to operate and
our ability to brew better beers now
and in the future. We recognise that
the hardest work is ahead of us, and
we will need to challenge ourselves
to be able to succeed in our TTZAB
ambitions.
In September, we published the
results of the 2022 assessment of
our full value chain emissions,
confirming that we have achieved a
16% reduction in the relative value
chain emissions per hectolitre of beer
produced compared with 2015.
Read more about our ESG
programme and how we will achieve
our targets on pages 24-27, and in
detail in the ESG Report.
OUR PEOPLE
We are a purpose- and value-driven
organisation where respect,
responsibility, integrity and caring
about each other lead the way, and
where we win as a team.
We believe that the foundation for
sustained success rests upon fostering
a high organisational heartbeat and a
strong organisational culture that
integrates diversity, equity &
inclusion (DE&I).
We are committed to nurturing our
inclusive culture, to treating our
people with fairness, honesty and
kindness, and to making Carlsberg a
workplace where everyone belongs
and can be at their best.
In 2023 – one year ahead of schedule
– we reached our target of 30%
women in senior leadership roles. We
will continue to drive the DE&I
agenda and encourage you to read
more about it in our ESG Report.
THANK YOU
This past year, we were again
impressed by the high level of
engagement and commitment from
the Group’s employees, and we
would like to say thank you to each
and every one of them. In particular,
we want to acknowledge our long-
suffering colleagues in Ukraine.
We greatly appreciate the continued
support and trust shown to us by our
shareholders. We also extend our
thanks to all suppliers and customers
for their cooperation during 2023,
and express our gratitude to our
consumers around the world.
HENRIK JACOB
POULSEN AARUP-ANDERSEN
Chair Group CEO
TO OUR SHAREHOLDERS
Our new CEO and CFO share
their first impressions of
Carlsberg and their ideas for
the future.
Please share your initial views of
Carlsberg after joining the Group.
Jacob:
Ulrica:
What has impressed you the most?
Jacob:
Ulrica:
What do you enjoy the most?
Jacob:
Ulrica:
What can Carlsberg do better?
Jacob:
Ulrica:
MEET OUR CEO AND OUR CFO
A TALK WITH OUR
TO OUR SHAREHOLDERS
WELCOMING JACOB TO THE
CARLSBERG GROUP
EMBRACING OUR PURPOSE AND
STRATEGY…
… MEETING OUR REGIONS…
… UNDERSTANDING KEY
FUNCTIONS…
… ENDORSING TOGETHER
TOWARDS ZERO & BEYOND…
… AND FAMILIARISING HIMSELF
WITH THE ART OF BREWING
HIGHLIGHTS OF THE YEAR
KEY EVENTS
DURING 2023
ULRICA FEARN
JOINS CARLSBERG
SIGNING THE
UN WOMEN’S
EMPOWERMENT
PRINCIPLES
The Carlsberg Group signed the guiding
principles on women’s empowerment
and gender equity, further cementing
the company’s diversity, equity &
inclusion (DE&I) commitment.
Read more about our DE&I work
and targets in the ESG Report.
On 1 January, Ulrica
Fearn joined Carlsberg
as Chief Financial Ofcer
and member of the
Executive Board. Find
out more about Ulrica
on pages 5 and 54.
7CARLSBERG GROUP ANNUAL REPORT 2023 2023 AT A GLANCE
REFRESHED
VISUAL IDENTITY
We unveiled a refreshed brand
identity for the 1664 portfolio, elevating
the brand image and building on its
global success. Still undeniably French,
the refreshed brand identity is designed to
feel modern, be easily recognisable and
continue to build premium perceptions.
Read more on page 21.
ACQUISITION OF
WATERLOO BREWING
The Group acquired Waterloo Brewing in
Canada, strengthening our local business,
reducing logistics costs and improving our
growth prospects in the market.
BROOKLYN PILSNER
AND GLASTONBURY
FESTIVAL
Brooklyn Pilsner was the ofcial beer
of the Glastonbury Festival, the largest
greeneld music and performing arts event
in the world. Bars across the expansive site
served the ultimate summer refreshment
thanks to the beer’s crisp, bright and
refreshing taste. Read more about
Brooklyn on page 21.
KRONENBOURG
1664 IN THE UK
We terminated the licensee agreement
in the UK for the Kronenbourg 1664
brand. Bringing this iconic beer brand
home to Carlsberg Marston’s Brewing
Company is a great complement to
our local portfolio and will support
our Accelerate SAIL ambition of
strengthening and growing our
premium portfolio.
JANUARY MARCH
JUNEMARCH
JUNE
JUNE
JUNE
8CARLSBERG GROUP ANNUAL REPORT 2023 2023 AT A GLANCE
INVESTING
IN UKRAINE
THE RUSSIAN
BUSINESS
In 2023, Carlsberg invested around
EUR 40m in Ukraine, including in
a new production line at the Kiev
brewery, increasing can capacity
by 80%. The investment is
testament to Carlsberg’s ongoing
commitment to the business in
Ukraine. Read about the results in
Ukraine on page 38.
On 23 June, Carlsberg announced
that it had signed an agreement
to sell the Russian business. On 16
July, the Russian government issued
a presidential decree, temporarily
transferring the management of
our Russian business to the Russian
Federal Agency for State Property
Management. Read more on page 40.
CO
2
REDUCTIONS
AHEAD OF TARGET
We announced the result of the
updated assessment of our full
value chain carbon emissions,
showing better-than-targeted
performance. Our actual delivery
was a 16% reduction, ahead of the
target of 15% reduction versus 2015.
Read more on page 26.
WELCOMING JACOB
AARUP-ANDERSEN
HOME OF
CARLSBERG
On 1 September, we welcomed
Jacob Aarup-Andersen as the new
CEO of the Carlsberg Group. Jacob
has a strong strategic mindset and
global operational experience, and
is an engaging and purpose-led
leader. Meet Jacob on pages 5-6
and 54.
We opened the doors to Home
of Carlsberg, our new visitor
centre. The 3,000 m² exhibition is
located right where it all began,
and includes a restaurant and bar,
our brewery horses, architectural
buildings, beer tastings, old cellars
and – probably – the world’s
largest bottle collection.
FAREWELL TO
CEES ’T HART
We said farewell to Cees ’t Hart,
our CEO since June 2015. We
pay tribute to his remarkable
achievements at Carlsberg and
the invaluable steps he took
to drive Carlsberg’s progress.
Total annual cash returns to
shareholders in 2022 were 4.6
times higher than in 2015.
JUNE JUNE/JULY AUGUST
SEPTEMBER SEPTEMBER DECEMBER
+5.2% +1%+9.2%
1.23x
1.47x
2023 2022
DKK 3.4bn DKK 4.4bn
DKK 3.2bnDKK 3.7bn
2023 2022
Dividends Share buy-back
DKK 55.7
DKK 54.6
2023 2022
DKK 11.5bn
DKK 11.1bn
2023¹ 2022¹
20%²
19%²
2023 2022
2.8 kg CO e/hl
²
²
3.0 kg CO e/hl
2023 2022
2.5 hl/hl
2.5 hl/hl
2023 2022
2023¹ 2022¹
DKK 70.3bn
DKK 73.6bn
ROIC excl. goodwill ROIC
41.6%
15.2%
38.3%
14.5%
2023 2022
OUR PERFORMANCE
A SOLID SET
OF RESULTS
ORGANIC
GROWTH
VOLUME
GROWTH
ORGANIC
GROWTH
Read more about our nancial results
on pages 30-39 and in the ESG Report.
9CARLSBERG GROUP ANNUAL REPORT 2023 2023 AT A GLANCE
ADJUSTED EPS, CONTINUING OPERATIONS
REVENUE
RETURN ON INVESTED CAPITAL (ROIC) ZERO CARBON FOOTPRINT
ZERO WATER WASTE
OPERATING PROFIT
PREMIUM BEER
NET INTEREST-BEARING DEBT/EBITDA
CASH RETURNS TO SHAREHOLDERS
FINANCIAL DELIVERY NON-FINANCIAL DELIVERY
2
Share of total volume.
1
Reported gures.
PRINCIPLES
MAINTAINED
10CARLSBERG GROUP ANNUAL REPORT 2023 2023 AT A GLANCE
+10%
1
2 3 4 5
1.47x 49% 3.2bn 2023
INVESTING IN
OUR BUSINESS TO
DRIVE LONG-TERM
SUSTAINABLE
GROWTH
TARGETING
NIBD/EBITDA
OF BELOW
2.0X.
TARGETING
AN ADJUSTED
PAYOUT RATIO
OF AROUND
50%
DISTRIBUTING
EXCESS CASH TO
SHAREHOLDERS
THROUGH SHARE
BUY-BACKS
VALUE-
ENHANCING
M&A
CAPITAL ALLOCATION
In 2023, we bought back 3,338,514
shares at an average price of DKK
958, equal to a total purchase price
of DKK 3.2bn.
At the Annual General Meeting
on 11 March 2024, the Supervisory
Board will recommend that 3.1m
treasury shares not used for
hedging of incentive programmes
be cancelled, equalling a decrease
of 2.3% in the total number of
shares.
We continued to invest in our
business in support of our SAIL’27
priorities. In Q4, we accelerated
our commercial investments in
support of our growth categories,
including premium beer, Beyond
Beer and growth in Asia. For the
year, marketing investments grew
organically by 10%.
We will continue to ensure
sufcient support of and
investments in our brands,
markets and capabilities to drive
sustainable, compounding growth.
We completed the acquisition of
Waterloo Brewing Ltd. in Canada.
In the UK, Carlsberg Marston’s
Brewing Company took over
the Kronenbourg 1664 brand,
terminating a licensee agreement.
The net interest-bearing debt
to EBITDA ratio remained
conservative at 1.47x.
This was well below our target of
below 2.0x
At the Annual General Meeting
on 11 March 2024, the Supervisory
Board will propose a dividend per
share of DKK 27, or a total of DKK
3.6bn. This equals a payout ratio
of 49% of adjusted net prot for
continuing operations.
We delivered well against our capital allocation principles. We
maintain our commitment to these principles and will ensure the
right balance of investing in compounding, protable, long-term
growth and delivering continued cash returns to our shareholders.
OUR REGIONS
WESTERN
EUROPE
11CARLSBERG GROUP ANNUAL REPORT 2023 2023 AT A GLANCE
-2.3% +8.9% +3.3%
2023² 2022²
43.4m hl
44.4m hl
DKK 37.3bn
DKK 34.9bn
2023² 2022²
DKK 5.0bn
DKK 5.0bn
2023² 2022²
VOLUME
1
REVENUE
1
OPERATING PROFIT
1
NordicsFrance, Switzerland
VOLUME BY MARKET REGIONAL RESULTS
20%
40%
40%
UK, Poland,
Germany
While volumes in Western Europe were impacted by bad
weather in many markets during the peak season and soft
consumer sentiment, revenue/hl growth was strong, supporting
organic revenue and operating prot growth.
1
Organic growth.
2
Reported gures.
SHARE OF REGIONS
35%
50%
40%
VOLUME
REVENUE
OPERATING
PROFIT
Malaysia, Singapore
ASIA
12CARLSBERG GROUP ANNUAL REPORT 2023 2023 AT A GLANCE
+3.7% +8.4% +7.9%
50.0m hl
48.3m hl
2023² 2022²
DKK 23.3bn
DKK 23.7bn
2023² 2022²
DKK 5.2bn
DKK 5.4bn
2023² 2022²
Cambodia,
Laos
India, Vietnam
China, Hong Kong SAR
VOLUME BY MARKET
60%
20%
17%
3%
The Asia region delivered another set of solid results despite
an increasingly challenging macroeconomic environment.
Volume growth was supported by good progress in markets
such as China, Vietnam and India. We increased our commercial
investments to drive long-term growth.
REGIONAL RESULTS
VOLUME
1
REVENUE
1
OPERATING PROFIT
1
SHARE OF REGIONS
40%
32%
42%
VOLUME
REVENUE
OPERATING
PROFIT
1
Organic growth.
2
Reported gures.
CENTRAL & EASTERN
EUROPE
13CARLSBERG GROUP ANNUAL REPORT 2023 2023 AT A GLANCE
-4.0% +11.9% +4.1%
31.7m hl
32.7m hl
2023³ 2022³
DKK 13.0bn
DKK 11.7bn
2023³ 2022³
DKK 2.2bn
DKK 2.3bn
2023³ 2022³
Export & License, Canada
Balkan markets,
Italy, Greece
Baltics
SHARE OF REGIONS
VOLUME BY MARKET
25%
18%
18%
15%
24%
7%
38%
16%
VOLUME
REVENUE
OPERATING
PROFIT
Ukraine
Kazakhstan,
Belarus, Azerbaijan
Results in Central & Eastern Europe were impacted by
weak consumer sentiment in many markets and adverse
weather during the peak season. Revenue/hl grew strongly
thanks to price increases and a positive mix from premium
and alcohol-free brews.
REGIONAL RESULTS
1
VOLUME
2
REVENUE
2
OPERATING PROFIT
2
1
Continuing operations.
2
Organic growth.
3
Reported gures.
3%
volume
growth
34%
volume
growth
0%
volume
growth
OUR BEER
PORTFOLIO
OUR BRAND PORTFOLIO
PREMIUM
BEER
MAINSTREAM
CORE BEER
14CARLSBERG GROUP ANNUAL REPORT 2023 2023 AT A GLANCE
20%
58%
+1%
SHARE OF
TOTAL VOLUMES
SHARE OF
TOTAL VOLUMES
VOLUME
GROWTH
3%
volume
growth
APPEALING BRANDS
IN AFB AND BEYOND BEER
ALCOHOL-FREE
BREWS (AFB)
BEYOND
BEER
SOFT
DRINKS
15CARLSBERG GROUP ANNUAL REPORT 2023 2023 AT A GLANCE
3% +3%
SHARE OF
TOTAL VOLUMES
VOLUME
GROWTH
6%
volume
decline
2023 AT A GLANCE
5-YEAR SUMMARY
KEY
2023
2022
2021
2020
2019
Investments
Financial ratios
Stock market ratios
Key figures and financial ratios in 2022-2023 are presented for continuing activities unless otherwise stated. 2021
figures have been restated accordingly.
2023
2022
2021
2020
2019
Volumes (million hl)
DKK million
Income statement
Attributable to
Statement of financial position
Statement of cash flows
CREATING VALUE
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 2023 CREATING VALUE
OUR 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 low- and alcohol-free brews.
Our customers range from on-trade to off-
trade, from online to ofine, and from small to
large. We aim to become their preferred beer
supplier, offering 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.
We optimise systems and processes
to deliver the right data at the right time
in support of our growth agenda, and
optimise asset utilisation while brewing
high-quality beer.
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
CREATING VALUE
Launched in early February
2022, SAIL’27 remains our
strategic frame, but with
Accelerate SAIL we will
sharpen our focus on long-
term compounding growth.
developed by a broad group of
leaders and employees in late 2021
and early 2022 before the war in
Ukraine and subsequent high
inflation. These significant events, in
addition to COVID-19, meant that the
focus in the past few years has been
on successfully navigating through
these shorter-term challenges.
OUR STRATEGY
ACCELERATE
CREATING VALUE FOR ALL OUR
STAKEHOLDERS
SHAREHOLDERS
EMPLOYEES
SOCIETY
CREATING VALUE
STEP UP PREMIUM GROWTH
ACCELERATE BEYOND BEER
ACCELERATE GROWTH IN ASIA
DRIVE PROFITABLE GROWTH IN
STRONGHOLDS
DRIVE DIGITAL
TRANSFORMATION
FUNDING OUR JOURNEY
BUILD A GROWTH CULTURE
TOGETHER TOWARDS ZERO
AND BEYOND
RAISING OUR AMBITIONS
21CARLSBERG GROUP ANNUAL REPORT 2023 CREATING VALUE
Step up in
premium
BROOKLYN
BEER DELIGHTS
FESTIVAL-GOERS
Recognised globally as an iconic
craft beer brand, Brooklyn is a
craft beer for the many, bringing
the welcoming spirit of Brooklyn to
the world. Embracing this essence
of diverse communities, common
values and self-expression, Brooklyn
Pilsner was the ofcial beer of the
Glastonbury Festival in the UK – the
world’s largest greeneld music and
performing arts event. As a festival
that encourages and stimulates
Step up in
premium
1664 – A LIFE-
STYLE BRAND
In 2023, we unveiled a refreshed
identity for 1664 to elevate the
brand image and build on its global
success. While the iconic blue bottle
is unchanged, the primary packaging
now features a more contemporary
iteration of the brand’s cockade,
variant styling, and a bold yet
elegant new bespoke typeface, all
printed on premium matte label
Strengthen mainstream
core beer
LEVERAGING
OUR CORE BRANDS
IN CHINA
Around 60% of our beer volumes
in China comprises local core beer
brands, which are well established
and enjoy strong market positions in
their home regions. Brands include
Dali, Xixia, Wusu and Chongqing.
While the local brands have slightly
different brand identities, they
share many similarities, including
an image of being trustworthy and
modern. To reinforce the strength
of the local power brands, in 2023
we successfully enhanced the
local bonding and consolidated
the brand equity of these brands,
sharpening their position in the local
regions. While acknowledging the
strong mainstream position, we
also strive for continued relevance
by driving bold innovation and
offering premium line extensions,
such as extra malt, white beer and
pure draft, applying a repeatable
commercial model across brands.
In 2023, our local mainstream core
beer portfolio in China grew by 7%.
culture around the world, there
were clear synergies with Brooklyn’s
values. Bars located across the
expansive site served Brooklyn
Pilsner throughout the ve-day
event, delighting festival-goers with
the ultimate summer refreshment.
We also engaged with a wide range
of other amazing music festivals
across Europe, including Roskilde
Festival, Copenhell and Queer
Distortion in Denmark, Sideway
Festival in Finland and 12 different
festivals in Poland, all serving up our
vibrant portfolio of beers. In 2023, we
reached close to one million happy
festival-goers, supporting the total
Brooklyn volume growth of 34%.
paper. Still undeniably French,
the refreshed brand identity was
designed to feel modern, be easily
recognisable and continue to build
premium perceptions. 1664 became
our key international super-premium
brand in 2016, and its continued
success builds upon well-executed
strategies for brand assets, portfolio
offerings, distribution and execution.
In 2023, 1664 grew by 3%, supported
by strong growth in both existing
and new markets, such as Norway,
Finland, Switzerland, Serbia, Ukraine
and Vietnam.
22CARLSBERG GROUP ANNUAL REPORT 2023 CREATING VALUE
Step up in premium
and Accelerate Beyond Beer
TAKE A BREAK
AND CHILL
Wind Flower Snow Moon (WFSM)
is one of our local premium brands
in China. It comes from the beautiful
Yunnan province and was rst
launched in 1996. The name, bottle
and labelling elegantly encapsulate
the spirit and nature of Yunnan,
encouraging consumers to take a
break to chill and enjoy life. Thanks
to continual updates to drive a
modern and young image, and
activations in both the off- and
on-trade and online, the brand has
delivered strong growth despite
the challenges of COVID, almost
tripling volumes since 2016. In 2023,
we expanded the reach of WFSM
through the launch of the low-alcohol
WFSM in the Beyond Beer space.
The low-alcohol WFSM will play
in the premium-plus segment and
be a vehicle for further expansion
outside the home region of Yunnan.
At the same time as attracting new
consumers, the low-alcohol WFSM
leverages the young adult, chill and
joyful positioning of the premium
WFSM beer. In 2023, total WFSM
volumes increased by more than 60%.
Strengthen mainstream
core beer
MYTHOS
– THE BEER
OF CHOICE
Mythos, our local power brand in
Greece, was initially introduced in
Thessaloniki in 1997. It is a modern
and dynamic brand that encourages
consumers to live life to the fullest.
Thanks to a series of updates, such
as the launch of Mythos Radler in
2014, implementation of the pull-off
cap in 2016 and the introduction of
Mythos Ice in 2020, Mythos has
cemented its place as one of the
most popular beer brands in Greece.
Despite the difculties faced during
the COVID-19 pandemic, we took
the initiative to revamp Mythos
in 2022, positioning it as the beer
of choice for an inclusive society
where entertainment and fun are
considered fundamental rights. The
2023 campaign featured TV and
online commercials accessible to
hearing- and sight-impaired people,
showcasing Mythos’ support of
real people’s ght for an inclusive
society. Strengthened market share
and volume growth of 3% in 2023
are testimony to Mythos’ success.
23CARLSBERG GROUP ANNUAL REPORT 2023 CREATING VALUE
Execution
excellence
TECH-ENABLED
SALES
EXECUTION
Faced with an increasingly
competitive environment, the need
to digitise, analyse and optimise
sales in stores has never been
greater. Image recognition powered
by articial intelligence (AI) enables
us to turn images into insights to
unlock the potential of every shelf
across all outlet channels and fuel
our data-driven approach in sales
execution. More specically, AI-
Accelerate growth
in Asia
STRENGHTENING
OUR BUSINESS
IN VIETNAM
Vietnam is one of the largest
beer markets in the world with a
very strong beer culture among
consumers – more than 90% of
alcohol consumed is beer. We have
been present in this core Asian
market since 1993, and now hold a
strong position in the central part of
the country with the Huda brand. The
market posted a good post-COVID
recovery in 2022 but came under
signicant pressure in 2023 because
of the country’s economic downturn.
Despite this, we still believe Vietnam
holds exciting growth opportunities
for us, and expanding our business
and building a winning portfolio in
this market remain an important
priority within Accelerate SAIL. Our
winning portfolio includes Carlsberg,
1664 Blanc, Tuborg, Somersby and
the core mainstream brand Huda. In
2022 and 2023, we step-changed our
execution capabilities and expanded
our business, resulting in volume
growth of 8%.
Manage supply
chain end to end
TRANSFORMING
SUPPLY CHAIN
CAPABILITIES
We are transforming our end-to-end
supply chain planning capability to
enhance our agility and improve our
supply chain resilience. In 2023, we
went live in the rst market with
OnePlan, which is a programme
that will transform our supply
chain planning capabilities and be
a key growth enabler. OnePlan is
a new-generation planning tool,
bringing together all aspects of
supply chain planning, including
demand, supply, inventory,
production and materials planning.
It enables a fully connected sales
and operations planning (S&OP)
process and near-real-time “what if”
scenario planning, as well as faster
identication of capacity constraints
and faster response time to changes
in demand. The signicant benets
of OnePlan will not only be seen in
the supply chain, but will also be
tangible in the commercial area by
improving demand visibility across
customers and products, and in
nance by increasing the speed of
data availability and analysis.
powered image recognition allows
our sales teams to identify in-store
performance gaps and delivers real-
time actionable insights to increase
revenue opportunities at all points
of sale; provides instant visibility
in channels, brands, products and
competitors to improve compliance
and drive sales; reduces audit
time; and enables cost efciencies.
Additionally, implementing image
recognition supports our culture
of continuous improvement and
innovation. During the year, we
began the roll-out of AI-powered
image recognition across Western
Europe and Asia.
CREATING VALUE
Our ESG programme, Together
Towards ZERO and Beyond
(TTZAB), is an integral part of
Accelerate SAIL and our
response to global challenges
such as climate change, water
scarcity and inequality.
OUR ESG REPORTING
OUR ESG PROGRAMME
TOGETHER TOWARDS
CREATING VALUE
30%
REACHING OUR 2024 TARGET FOR WOMEN IN
LEADERSHIP ROLES
TOGETHER TOWARDS ZERO & BEYOND
26CARLSBERG GROUP ANNUAL REPORT 2023 CREATING VALUE
Together Towards ZERO
and Beyond
REDUCING VALUE
CHAIN CARBON
EMISSIONS PER
HL BY 16% FROM
2015 TO 2022
More details on our value chain
carbon emissions reductions can
be found in the ESG Report.
In 2023, we completed our latest
three-year analysis of our value
chain carbon emissions, based on
2022 data. The analysis conrmed
that we have slightly exceeded our
target to cut value chain emissions
per hl of beer produced by 15% by
2022 from the 2015 baseline. To
reach our target of a net ZERO value
chain by 2040, we will continue to
work closely with our suppliers as
they play a critical role in helping us
reduce our carbon footprint at every
stage of the value chain.
HOW DID WE ACHIEVE
OUR TARGET?
Cooling
Reduction in emissions from
fridges and beer dispense
equipment through the use of
energy management devices,
decarbonisation of national
electricity grids and other
initiatives.
Packaging
Carbon intensity reduced
across all packaging types, and
recycling rates for PET bottles
and aluminium cans improved.
Progress was counteracted by
an increased share of cans and
fewer rellable glass bottles in
the overall packaging mix.
Transportation
& distribution
Reduction primarily achieved
by efciency improvements,
supported by marginal
improvements from
electrication and reduced
business travel.
Breweries
Reductions supported by the
elimination of coal, increased
energy efciency and use
of renewable electricity and
innovative solutions, such as
the extraction of biogas at
on-site wastewater treatment
plants.
Agriculture
& processing
Lower-carbon solutions in
malting processes were a
major progress driver, while
increased usage of rice
and sugars added carbon
intensity.
% OF TOTAL VALUE CHAIN
EMISSIONS IN 2022
EMISSIONS REDUCTIONS
2015-2022
24% 45% 10%10%11%
CoolingPackagingBreweries
Transportation
& distribution
Agriculture
& processing
-18% -41% -3% -10% -26%
27CARLSBERG GROUP ANNUAL REPORT 2023 CREATING VALUE
Together Towards ZERO
and Beyond
PUTTING
WATER ON TAP
IN CAMBODIA
Around one in ve people lack
essential access to clean water in
Cambodia. Our new partnership
with the social enterprise TapEffect
will establish water supply and
associated infrastructure, providing
Together Towards ZERO
and Beyond
TEAMING UP
WITH THE TOUR
DE FRANCE
Tourtel Twist offers alcohol-free beer
mixes combined with fruit juices free
of colouring, sweeteners and articial
avours. This tasty and healthy
combination has made it France’s
most popular alcohol-free beer and
our biggest-selling alcohol-free brand
in Western Europe. For Tourtel Twist,
2023 was the second of three years
as an ofcial supplier of the Tour
de France. The partnership with the
Tour de France generated around
340 million contacts through TV and
social media advertising, supporting
our efforts to raise awareness of
responsible drinking. In 2024, Tourtel
will not only be an ofcial supplier
of the Tour de France but also
an ofcial supporter of the Paris
Olympics.
Together Towards ZERO
and Beyond
A NEW
REGENERATIVE
BREW FOR THE UK
Our journey towards 100%
regenerative barley in the UK has
begun. Carlsberg Marston’s Brewing
Company and the Archer-Daniels-
Midland Company contracted 23
farmers to grow an estimated 686
tonnes of regeneratively grown
barley in 2023 using techniques such
as no- or low-tillage, planting cover
crops and restricting chemical use to
the minimum required. The harvest
will be used to brew Carlsberg
Danish Pilsner from 2024. We aim to
expand this pilot to source enough
regenerative barley to brew all
Carlsberg beer in the UK by 2027,
and we are committed to making
our brews in the UK with 100%
regenerative barley by 2031.
access to clean water for more than
6,800 people in a remote rural area
in Pursat province. The project will
include a treatment plant, clean
storage, a pumping system and
over 50 km of pipework. Within
two years, it is expected to deliver
7 million litres of water per month.
By 2025, it is projected to yield
around 25% of the water needed
to replenish consumption at our
brewery in Sihanoukville.
Read more about these and other
case stories in the ESG Report.
CREATING VALUE
Climate change is 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
ZERO
FARMING FOOTPRINT
TOGETHER TOWARDS ZERO & BEYOND
CREATING VALUE
Task Force on Climate-related Financial Disclosures (TCFD) reporting recommendations
Recommendation
Our disclosure in brief
Learn more
Governance
Strategy
Risks
Metrics and targets
°
2023 REVIEW AND 2024 EXPECTATIONS
The Group delivered a
solid set of results in a
challenging environment.
VOLUMES
INCOME STATEMENT
GROUP
SOLID RESULTS IN A
Earnings expectations 2023
Date
Expectation for operating profit
Group
Change
Change
2022
Organic
Acq., net
FX
2023
Reported
Volumes (million hl)
Total volume
125.4
-0.5%
0.2%
-
125.1
-0.3%
DKK million
2023 REVIEW AND 2024 EXPECTATIONS
HOME OF CARLSBERG
SEE, HEAR AND TASTE THE STORY OF
CARLSBERG
OUR WINNING CULTURE
2023 REVIEW AND 2024 EXPECTATIONS
STATEMENT OF FINANCIAL
POSITION
ASSETS
EQUITY AND LIABILITIES
Equity
Liabilities
2023 REVIEW AND 2024 EXPECTATIONS
CASH FLOW
254
CASH FLOW FROM OPERATING
ACTIVITIES
CASH FLOW FROM INVESTING
ACTIVITIES
Cash flow from investing activities
was DKK -6,729m (2022: DKK
-3,065m).
Acquisition of property, plant and
equipment and intangible assets
(CapEx) amounted to DKK -4,243m
(2022: DKK -4,018m), while total
operational investments amounted
to DKK -4,138m (2022: DKK
-3,475m), also impacted by a small
negative contribution from the
change in on-trade loans compared
with a positive contribution in 2022.
Total financial investments
amounted to DKK -2,591m (2022:
DKK +410m), mainly attributable to
the placement of cash in deposits not
meeting the definition of cash and
cash equivalents. In the cash flow
statement, this is presented as
acquisition of financial investments.
RETURN ON INVESTED CAPITAL
FINANCING
SHARE BUY-BACK
2023 PROGRAMME
2024 PROGRAMME
2023 REVIEW AND 2024 EXPECTATIONS
It was a challenging year for
Western Europe with
significant cost increases, a
weakening consumer
sentiment and bad weather
during the high season in Q3.
MARKETS
THE NORDICS
WESTERN EUROPE
SOLID RESULTS IN A
Our position
Our
operations
Markets
Market
position (no.)
Market
share¹ (%)
Breweries
Change
Change
2022
Organic
Acq., net
FX
2023
Reported
Volumes (million hl)
Total volume
44.4
-2.3%
0.0%
-
43.4
-2.3%
DKK million
2023 REVIEW AND 2024 EXPECTATIONS
FRANCE
SWITZERLAND
POLAND
THE UK
GROWING
ALCOHOL-FREE BREWS IN SWEDEN
ACCELERATE ALCOHOL-FREE BREWS
2023 REVIEW AND 2024 EXPECTATIONS
Our Asia region delivered
another set of solid results in
an increasingly challenging
macroeconomic environment,
particularly in South-East Asia
and China.
MARKETS
CHINA
VIETNAM
ASIA
ANOTHER SET
Our position
Our
operations
Markets
Market
position (no.)
Market
share (%)
Breweries
Change
Change
2022
Organic
Acq., net
FX
2023
Reported
Volumes (million hl)
Total volume
48.3
3.7%
0.0%
-
50.0
3.7%
DKK million
2023 REVIEW AND 2024 EXPECTATIONS
INDIA
LAOS
CAMBODIA
MALAYSIA AND SINGAPORE
TUBORG
SEXTUPLING VOLUMES IN ASIA
STEP UP IN PREMIUM AND ACCELERATE IN CORE MARKETS IN ASIA
CARLSBERG GROUP ANNUAL REPORT 2023 2023 REVIEW AND 2024 EXPECTATIONS 38
Volumes in Central & Eastern
Europe were impacted by bad
weather during the season,
inflation and the transfer of
the Kronenbourg 1664 licence
volume in the UK to Western
Europe.
Volumes were also impacted by the
termination of the Kronenbourg
1664 licensee agreement in the UK,
which was previously managed in
the Export & License division.
Consequently, organic beer volume
development was -4.0%. Other
beverage volumes declined
organically by 4.2%, despite growth
of energy drinks in the eastern part
of the region.
The volume decline in H2 was
more pronounced than in H1, as
volumes in H2 were impacted by
the Kronenbourg 1664 licensee
termination and less easy
comparables in Ukraine, because
volumes in Q1 2022 were severely
impacted by the outbreak of the war.
Organic revenue growth was
11.9% due to a significant increase
in revenue/hl of 17% thanks to price
increases in all markets and a
positive product mix despite pressure
on disposable income.
Despite significant increases in the
total cost base, including cost of
sales and marketing investments,
operating profit grew organically by
4.1%. Although the higher costs were
compensated for in absolute terms,
the operating margin contracted by
230bp to 17.2%.
MARKETS
UKRAINE
The health and safety of our
Ukrainian colleagues remain our first
priority as the country remains at
war.
Volume development during the year
varied significantly between quarters,
with strong volume growth in Q1 due
to comparables, as production
stopped in Q1 2022 following the
CENTRAL & EASTERN EUROPE
RESULTS IMPACTED
BY WEATHER AND INFLATION
Change
Change
2022
Organic
Acq., net
FX
2023
Reported
Volumes (million hl)
Beer
29.1
-4.0%
0.9%
-
28.2
-3.1%
Other beverages
3.6
-4.2%
0.2%
-
3.5
-4.0%
Total volume
32.7
-4.0%
0.8%
-
31.7
-3.2%
DKK million
Revenue
11,679
11.9%
3.5%
-4.4%
12,959
11.0 %
Operating profit
2,282
4.1%
-0.5%
-6.2%
2,224
-2.6%
Operating margin (%)
19.5
17.2
-230bp
Our position
Our
operations
Markets
Market
position (no.)
Market
share¹ (%)
Breweries²
Ukraine
n.a.
n.a.
3
Belarus
1
33
1
Kazakhstan
1
38
1
Azerbaijan
1
73
1
The Baltics
1-2
26-40
2
Italy
4
6
1
Greece
2
25
2
Bulgaria
1
47
2
Croatia
3
16
1
Serbia
3
24
1
¹ YTD Sept. 2023. ² Breweries with capacity above 100,000 hl.
Source: Carlsberg estimates.
2023 REVIEW AND 2024 EXPECTATIONS
SOUTH-EASTERN EUROPE
THE BALTICS
EASTERN EUROPE
EXPORT & LICENSE
UKRAINE
CONTINUED SUPPORT
DRIVE VALUE AND BUILD SCALE IN CENTRAL & EASTERN EUROPE
2023 REVIEW AND 2024 EXPECTATIONS
On 28 March 2022, we
announced the decision to
seek a full divestment of our
Russian business following
Russia’s invasion of Ukraine.
RUSSIA
RUSSIA
2023 REVIEW AND 2024 EXPECTATIONS
2024 is the first year of
Accelerate SAIL, and we will
be stepping up investments in
support of our growth
priorities and enablers.
Forward-looking statements
2024 EARNINGS EXPECTATIONS
EARNINGS
CARLSBERG GROUP ANNUAL REPORT 2023 GOVERNANCE 42
Our governance framework
aims to ensure value creation,
safeguard active and
transparent stewardship across
the Group and reduce risk.
The governing bodies of the
Carlsberg Group are the Supervisory
Board and the Executive Board.
None of the members of the
Supervisory Board are or have been
involved in the executive
management of the Group.
The Supervisory Board hires and
supervises the CEO and the CFO,
who are formally registered as
executive directors of the Company.
The CEO and CFO are not members
of the Supervisory Board.
The Executive Committee (ExCom)
includes the CEO, the CFO and a
wider group of Executive Vice
Presidents, portrayed on pages 54-
55. The Executive Committee
collectively prepares and implements
the Company’s strategic plans.
RECOMMENDATIONS ON
CORPORATE GOVERNANCE
The Supervisory Board is responsible
for the Company’s corporate
governance framework and
compliance with the Danish
corporate governance
recommendations and statutory
requirements.
The Company complies with
all but two of the current
recommendations:
• With respect to the recommendation
to publish quarterly reports, the
Group has chosen to only publish
full- and half-year reports.
• With respect to the recommendation
that a majority of the members of a
board committee should be
independent, in 2023 two of the
four members of the Nomination
Committee and two of the four
members of the Remuneration
Committee were independent.
The Company’s statutory report on
corporate governance includes the
full list of recommendations, with
comments on the Group’s position on
each recommendation.
OUR COMPASS
The Supervisory Board is responsible
for overseeing that the Executive
Committee has an adequate system
and resources in place to ensure
compliance with the Company’s
codes and policies in relation to its
business activities.
The Company is dedicated to
conducting business with integrity in
a responsible, honest and ethical
manner. Living by these values – our
Compass – is an integrated part of
our strategy, Accelerate SAIL,
mitigates risks and protects our
reputation as a responsible brewer.
Our Compass consists of a Code of
Ethics & Conduct and our Group
policies, which guide everyone in the
Group on everyday decisions and
actions, setting out the ethical
standards for our behaviour both
within the company and towards
external business partners such as
customers and suppliers.
Group policies include, but are not
limited to, anti-bribery & corruption,
labour & human rights, diversity,
equity & inclusion, competition law,
information security & acceptable
use, trade sanctions, data protection,
data ethics, risk management,
finance, marketing, corporate
communication, responsible drinking
and public & government affairs.
The ESG Report includes a thorough
description of how we implement
and live by our Compass in our day-
to-day actions, including areas such
as anti-bribery & corruption,
compliance and our Speak Up
system, as well as how we work with
and seek to ensure high standards
for data ethics as described in our
Data Ethics Policy.
THE ANNUAL GENERAL
MEETING
The 2023 Annual General Meeting
(AGM) took place on 13 March. The
minutes of the meeting are available
on www.carlsberggroup.com.
Rules and deadlines applying to the
AGM and other general meetings are
stipulated in the Company’s Articles
of Association, available on
www.carlsberggroup.com along with
other AGM-related information.
COMPOSITION OF THE
SUPERVISORY BOARD
The members of the Supervisory
Board and their board meeting
attendance are shown in the table on
page 43.
CORPORATE GOVERNANCE
Governance
FOCUS ON
CORPORATE GOVERNANCE
Download our statutory
report on corporate
governance
Download our policies
www.carlsberggroup.com/sustainability/
download/download-our-policies
Download our ESG Report
CARLSBERG GROUP ANNUAL REPORT 2023 GOVERNANCE 43
The Supervisory Board currently has
eight members elected by the
General Meeting and, in accordance
with the Danish Companies Act, five
members elected by the employees.
Six of the eight members elected
by the General Meeting have an
international business background
and, in addition, competencies
related to FMCG, finance, ESG,
supply chain, procurement, mergers
& acquisitions, Carlsberg’s three key
regions and emerging markets.
The other two members are affiliated
to the Carlsberg Foundation, the
Company’s largest shareholder, in
their capacity as members of the
Carlsberg Foundation Board, and
both have an academic background.
These members are bearers of the
Carlsberg Group culture and heritage
and the values stemming from our
founder, J.C. Jacobsen, and the
Supervisory Board sees these
members as patrons of the same.
The employee representatives are
elected for a term of four years.
They have the same rights and
obligations as the members elected
by the General Meeting. The current
employee representatives were
elected in 2022 and the next election
will take place in 2026.
Information on the Supervisory
Board members is available on
pages 51-53. Detailed CVs can be
found on www.carlsberggroup.com.
DIVERSITY AND COMPETENCIES
The Supervisory Board recognises
the value and benefits of diversity in
respect of experience, culture,
international experience and gender.
Consequently, diversity is of high
priority for the Supervisory Board,
and it has laid down the following
specific objectives in relation to
international experience and gender:
• With regard to international
experience, the objective is that
50% or more of the Supervisory
Board members elected by the
General Meeting should have
substantial international experience
from managing large corporations
or institutions. The Supervisory
Board fulfils the objective regarding
international experience.
Supervisory Board m
eetings
Board
member
Chair
ship
meeting
s attended
Board
meetings attended
Henrik Poulsen
1,2
(Chair)
Majken Schultz
1
(Deputy Chair)
Hans Andersen
3
Mikael Aro
1,2
Carl Bache
1
Magdi Batato
1,2
Lilian Fossum Biner
1,2
Richard Burrows
1
Eva Vilstrup Decker
3
Punita Lal
1,2
Erik Lund
3
Ivan Nielsen
3
Olayide Oladokun
3
Søren
-Peter Fuchs Olesen
1
Tenna Skov Thorsted
3
1
Elected by the General Meeting.
2
Independent.
3
Employee-elected.
Attended meeting. Did not attend meeting (position of hop leaf does not represent actual meeting).
Not a Board member at the time.
THE CARLSBERG FOUNDATION
The Carlsberg Foundation is the Company’s largest shareholder.
According to its Charter, the Foundation must own shares equivalent
to at least 51% of the votes in Carlsberg A/S. At 31 December, the
Carlsberg Foundation held 29% of the capital and 77% of the votes in
Carlsberg A/S.
The Foundation is a long-term, value-oriented shareholder,
supporting the Group in creating sustainable value growth through the
execution of its strategy and adherence to the Company’s capital
allocation priorities.
The Foundation participates pro rata in the share buy-back
programmes. The dividends from Carlsberg A/S are given back to
society by granting funds to foster and support academic research
within natural sciences, humanities and social sciences, and funds for
cultural and socially beneficial purposes. The Foundation also grants
funds to the Carlsberg Research Laboratory. In 2023, dividends
received by the Foundation amounted to DKK 1.1bn.
CARLSBERG GROUP ANNUAL REPORT 2023 GOVERNANCE 44
• With regard to gender, the target
SUPERVISORY BOARD
EVALUATION PROCESS
Each year, the Chair of the
Supervisory Board heads a structured
evaluation of the Board’s work,
accomplishments and competencies.
In 2023, the evaluation was
facilitated by an external
consultancy firm. The process
included online questionnaires,
mapping of board composition,
competencies, benchmarking, review
of various board materials and an
in-depth personal interview with
each board member and selected
executives.
The external consultancy firm
prepared an evaluation report, which
was discussed with the Board, and
each board member, the CEO and
the CFO received feedback on their
performance.
The overall conclusions of the
evaluation were that meetings are
well planned, prepared and
conducted with an open and
constructive dialogue, that board
members are professional, diligent,
knowledgeable and demonstrate
ability to adapt to a volatile world
and business landscape, and that the
Supervisory Board’s cooperation and
dialogue with the Executive
Management are characterised by
respect and trust.
The evaluation also resulted in a list
of ideas to improve the Board work
and an action plan with specific
initiatives for 2024. In addition to the
externally facilitated evaluation
process, the Chair had a one-to-one
conversation with each member of
the Board and ExCom.
THE WORK OF THE
SUPERVISORY BOARD
The main topics of discussion at the
Supervisory Board meetings in 2023
are presented in the box on page 45.
The CEO and CFO always attend the
Supervisory Board meetings and, in
order to ensure transparency, the
members of ExCom are also invited
and attend when relevant. This gives
the Supervisory Board better insight
into the business and exposure to the
full group of senior executives.
In connection with most Supervisory
Board meetings, key people from the
Group present a market, a function,
a specific risk or other relevant
topics.
BOARD COMMITTEES
The Supervisory Board has
established three board committees:
the People & Culture (previously
Nomination), the Remuneration and
the Audit Committee. Each year, the
Supervisory Board considers whether
the number and scope of the
committees are appropriate.
Management and share of
women, parent company, Carlsberg A/S
Target
2023
2027
Supervisory Board
Total members¹
Share of women
40%
Other management levels
²
Total members
Share of women
35%
¹ Elected by the Annual General Meeting ²
Other management levels employed
by Carlsberg A/S in Denmark, as defined by the Danish Companies Act.
GOVERNANCE
THE PEOPLE & CULTURE
COMMITTEE
THE REMUNERATION COMMITTEE
People & Culture Committee meetings
Committee member
Committee meetings attended
Governance, compliance and risk
management
SUPERVISORY
BOARD 2023
MAIN TOPICS OF REVIEW AND
DISCUSSION
Strategy
Organisation, people, succession planning
and talent management
GOVERNANCE
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
RISK MANAGEMENT PROCESS
IDENTIFIED RISKS
RISK MANAGEMENT
MANAGING
MOST SIGNIFICANT
CURRENT RISKS
Economic instability/geopolitical tension
Cybercriminal attack
Ability to take price increases
Breach of or other non-compliance
GOVERNANCE
OTHER EMERGING AND LONG-
TERM RISKS
ECONOMIC INSTABILITY/
GEOPOLITICAL TENSION
Risk movement
Description
Mitigation
CYBER AND IT SECURITY
Risk movement
Description
Mitigation
GOVERNANCE
ABILITY TO TAKE PRICE INCREASES
Risk movement
Description
Mitigation
LEGAL AND REGULATORY
COMPLIANCE
Risk movement
Description
Mitigation
GOVERNANCE
SUPERVISORY BOARD
SUPERVISORY
HENRIK POULSEN
CHAIR
MAJKEN SCHULTZ
DEPUTY CHAIR
MIKAEL ARO
MAGDI BATATO
LILIAN FOSSUM BINER
RICHARD BURROWS
EVA VILSTRUP DECKER
PUNITA LAL
ERIK LUND
IVAN NIELSEN
OLAYIDE OLADOKUN
SØREN-PETER FUCHS OLESEN
TENNA SKOV THORSTED¹
GOVERNANCE
HENRIK POULSEN
CHAIR (SINCE 2022)
MAJKEN SCHULTZ
DEPUTY CHAIR (SINCE 2022)
MIKAEL ARO
MAGDI BATATO
LILIAN FOSSUM BINER
RICHARD BURROWS
EVA VILSTRUP DECKER
GOVERNANCE
PUNITA LAL
ERIK LUND
IVAN NIELSEN
OLAYIDE OLADOKUN
SØREN-PETER FUCHS OLESEN
TENNA SKOV THORSTED
CARLSBERG GROUP ANNUAL REPORT 2023 GOVERNANCE 54
EXECUTIVE COMMITTEE
OUR SENIOR
MANAGEMENT TEAM
JACOB AARUP-ANDERSEN
GROUP CEO
ULRICA FEARN
CFO
JOÃO ABECASIS
EXECUTIVE VICE PRESIDENT,
ASIA
SØREN BRINCK
EXECUTIVE VICE PRESIDENT, GROUP
COMMERCIAL AND STRATEGY
GRAHAM FEWKES
EXECUTIVE VICE PRESIDENT,
WESTERN EUROPE
Nationality: Danish
Year of birth: 1977
Appointed to ExCom: 2023
Jacob joined Carlsberg on 1
September 2023. Prior to joining
Carlsberg, Jacob served as CEO of
ISS, a global leader in facility
management with 350,000
employees operating in 60 countries
globally. Prior to ISS, he had
executive leadership roles at Danske
Bank and Danica Pension. Before
that, Jacob worked as an investment
professional in firms including TPG-
Axon Capital and Goldman Sachs.
Jacob is a member of the Board of
Directors of SEB Group.
Nationality: Swedish
Year of birth: 1973
Appointed to ExCom: 2023
Ulrica joined the Carlsberg Group on
1 January 2023. Before joining
Carlsberg, Ulrica was CFO of
Equinor, Norway. Prior to Equinor,
she was Director, Group Finance at
BT Group. She began her career at
Diageo, where she spent almost 20
years in various senior finance and
other management roles across
Europe, APAC and the USA. Ulrica is
a member of the Board of Directors
of Capgemini.
Nationality: Portuguese
Year of birth: 1972
Appointed to ExCom: 2019
João joined the Carlsberg Group in
2011 as CCO and later CEO of Super
Bock, our associate in Portugal. In
2016, he became Vice President for
smaller markets in the Western
Europe region. He has also served as
interim Managing Director of
Carlsberg Danmark. In 2017, he
became Managing Director of our
French business, Kronenbourg. He
became CCO and a member of
ExCom in 2019. Earlier in his career,
João held a range of sales and
marketing roles at Unilever.
Nationality: Danish
Year of birth: 1974
Appointed to ExCom: 2021
Søren joined Carlsberg’s commercial
team in 2005. During his career at
Carlsberg, he has held various
management positions at Group,
regional and market level. From
2009 to 2019, he was Managing
Director in Denmark, Norway and
Greece, and after that he was SVP,
Asia. Before joining Carlsberg, Søren
worked as a consultant at Accenture
and was a manager at Arla Foods.
Nationality: British
Year of birth: 1968
Appointed to ExCom: 2014
Graham joined the Carlsberg Group
as Vice President Commercial, Asia
in 2008, before becoming SVP of
Group Sales, Marketing & Innovation
in 2014. Prior to his current role, he
served as EVP, Asia from 2015 to
2021. Graham has strong experience
in the global drinks business, having
served in a wide range of
international sales and marketing
roles for Grand Metropolitan plc,
Foster’s Brewing Group and S&N plc.
GOVERNANCE
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 56,000
registered shareholders.
MAJOR SHAREHOLDERS
SHAREHOLDER RETURN
INVESTOR RELATIONS
GROUP WEBSITE
SHARE INFORMATION
INFORMATION
CARLSBERG B SHARE 2023
SHAREHOLDER GEOGRAPHIC
SPLIT
Share information
Share class
A
B
Total
Financial calendar 2024
Event
Date
600
700
800
900
1,000
1,100
1,200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
US
50%
UK
13%
DK
17%
Other
20%
CARLSBERG GROUP ANNUAL REPORT 2023 FORWARD-LOOKING STATEMENTS 57
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
AND ESEF
ESEF data
D
omicile of entity
D
escription of nature of entity’s operations and principal
activities
C
ountry of incorporation
P
rincipal place of business
L
egal form of entity
N
ame of reporting entity or other means of identification
A
ddress of entity's registered office
Phone number
Corporate website
CVR No.
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
...................................
.........................................................
.........
........
......................
............................................................
PARENT COMPANY FINANCIAL
STATEMENTS
..............................................
.........................................................
REPORTS
...................
...................................
SECTION 1
OPERATING
..................
....................................................
........................................................
........................................................
..................
SECTION 2
ASSET BASE
...........................................................
..................................................
................................
SECTION 3
SPECIAL ITEMS, PROVISIONS
...............................................
.....................................................
...........................................
.................................
SECTION 4
FINANCING COSTS, CAPITAL
............
...............
.......................
........................................
................................
.........................................
........................................................
........................
.........
SECTION 5
DISCONTINUED OPERATIONS,
.......................
................
...................
...................
.................................................
SECTION 6
TAX
................................................
......................
SECTION 7
STAFF COSTS AND
.................................................
..........................................
........................
.........................
SECTION 8
OTHER DISCLOSURE
.................................
......................................
........................................
......
SECTION 9
BASIS FOR
......................................
................
..........
.......................................
.....................
SECTION 10
GROUP
....................................
CONSOLIDATED
FINANCIAL STATEMENTS
INCOME STATEMENT STATEMENT OF COMPREHENSIVE INCOME
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 59
DKK million Section 2023 2022
Revenue 1.1 73,585 70,265
Cost of sales 1.2.1 -40,753 -38,198
Gross profit 32,832 32,067
Sales and distribution expenses 1.2.2 -18,355 -17,337
Administrative expenses -4,077 -4,229
Other operating activities, net 1.2.3 124 68
Share of profit after tax of associates 5.5 581 901
Operating profit before special items 11,105 11,470
Special items, net 3.1 -431 -784
Financial income 4.1 695 347
Financial expenses 4.1 -1,539 -1,072
Profit before tax 9,830 9,961
Income tax 6.1 -1,859 -1,778
Profit from continuing operations 7,971 8,183
Loss from discontinued operations¹ 5.1 -47,748 -8,075
Profit for the period -39,777 108
Attributable to
Non-controlling interests 1.1 1,011 1,171
Shareholders in Carlsberg A/S (net profit) -40,788 -1,063
DKK
Earnings per share 8.1
Earnings per share of DKK 20 (EPS) -299.7 -7.6
Continuing operations 51.1 50.1
Discontinued operations -350.8 -57.7
Diluted earnings per share of DKK 20 (EPS-D) -299.7 -7.6
Continuing operations 51.0 50.0
Discontinued operations -350.8 -57.7
¹ The discontinued operation in Russia was deconsolidated as of July 2023, cf. section 5.1.
DKK million Section 2023 2022
Profit for the period -39,777 108
Other comprehensive income
Retirement benefit obligations 7.4 -73 586
Income tax 6.1 -28 -73
Items that will not be reclassified to the income statement -101 513
Foreign exchange adjustments of foreign entities 4.1 37,781 -3,926
Fair value adjustments of hedging instruments 4.1 920 -759
Income tax 6.1 -44 100
Items that will be reclassified to the income statement 38,657 -4,585
Other comprehensive income 38,556 -4,072
Total comprehensive income -1,221 -3,964
Attributable to
Non-controlling interests 753 603
Shareholders in Carlsberg A/S -1,974 -4,567
Total comprehensive income for the period arises from
Continuing operations 6,297 6,944
Discontinued operations -7,518 -10,908
Total comprehensive income -1,221 -3,964
STATEMENT OF FINANCIAL POSITION
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 60
DKK million Section 31 Dec. 2023 31 Dec. 2022
ASSETS
Non-current assets
Intangible assets 2.2, 2.3 49,100 49,223
Property, plant and equipment 2.2, 2.3 24,405 23,679
Investments in associates 5.5 5,437 5,523
Receivables 1.5 881 936
Tax assets 6.2 1,810 1,731
Total non-current assets 81,633 81,092
Current assets
Inventories 1.2.1 5,811 5,718
Trade receivables 1.5 5,102 5,067
Tax receivables 356 214
Other receivables 1.5 2,476 2,505
Prepayments 835 964
Deposits and securities 4.5.2 2,236 -
Cash and cash equivalents 4.5.2 13,382 8,163
Current assets 30,198 22,631
Assets in discontinued operations¹ 5.1 - 11,618
Total current assets 30,198 34,249
Total assets 111,831 115,341
DKK million Section 31 Dec. 2023 31 Dec. 2022
EQUITY AND LIABILITIES
Equity
Share capital 4.4.3 2,747 2,837
Reserves -2,819 -41,711
Retained earnings 23,306 70,776
Equity, shareholders in Carlsberg A/S 23,234 31,902
Non-controlling interests 2,515 2,820
Total equity 25,749 34,722
Non-current liabilities
Borrowings 4.3, 4.5.1 30,763 22,865
Retirement benefit obligations 7.4 1,387 1,557
Tax liabilities 6.2 4,823 4,841
Provisions 3.2 1,565 2,304
Other liabilities 3.3 314 305
Total non-current liabilities 38,852 31,872
Current liabilities
Borrowings 4.3, 4.5.1 8,338 5,781
Trade payables 22,159 21,917
Deposits on returnable packaging materials 1,717 1,627
Provisions 3.2 944 807
Tax payables 1,052 1,012
Other liabilities 3.3 13,020 13,503
Current liabilities 47,230 44,647
Liabilities in discontinued operations¹ 5.1 - 4,100
Total current liabilities 47,230 48,747
Total liabilities 86,082 80,619
Total equity and liabilities 111,831 115,341
¹ The discontinued operation in Russia was deconsolidated as of July 2023, cf. section 5.1.
STATEMENT OF CHANGES IN EQUITY
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 61
DKK million Section
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 - - - - -40,788 -40,788 1,011 -39,777
Other comprehensive income 4.4.4 - 38,250 642 38,892 -78 38,814 -258 38,556
Total comprehensive income for the period - 38,250 642 38,892 -40,866 -1,974 753 -1,221
Cancellation of treasury shares 4.4.2 -90 - - - 90 - - -
Share-based payments 7.3 - - - - 129 129 1 130
Dividends paid to shareholders 4.4.3 - - - - -3,695 -3,695 -1,149 -4,844
Share buy-back 4.4.3 - - - - -3,200 -3,200 - -3,200
Non-controlling interests - - - - 72 72 90 162
Total changes in equity -90 38,250 642 38,892 -47,470 -8,668 -305 -8,973
Equity at 31 December 2,747 -2,639 -180 -2,819 23,306 23,234 2,515 25,749
¹ Prior to the deconsolidation of the discontinued operation in Russia, the related accumulated currency translation and hedging reserves within equity represented losses of DKK 40.9 bn and DKK 0.5 bn respectively (31 December 2022: losses of
DKK million Section
Shareholders in Carlsberg A/S
2022
Share
capital
Currency
translation
Hedging
reserves
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 4.4.4 - -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 4.4.2 -68 - - - 68 - - -
Share-based payments 7.3 - - - - 97 97 - 97
Dividends paid to shareholders 4.4.3 - - - - -3,389 -3,389 -1,042 -4,431
Share buy-back 4.4.3 - - - - -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
STATEMENT OF CASH FLOWS
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 62
DKK million Section 2023 2022
Operating profit before special items 11,105 11,470
Depreciation, amortisation and impairment losses 2.3 4,074 4,187
Operating profit before depreciation, amortisation and impairment losses 15,179 15,657
Other non-cash items -499 -867
Change in trade working capital 698 1,908
Change in other working capital -780 -465
Restructuring costs and other special items paid -552 -171
Interest etc. received 329 213
Interest etc. paid -602 -1,223
Income tax paid -2,166 -2,103
Cash flow from operating activities 1.4 11,607 12,949
Acquisition of property, plant and equipment and intangible assets 2.3 -4,243 -4,018
Disposal of property, plant and equipment and intangible assets 115 414
Change in on-trade loans 1.5 -10 129
Total operational investments -4,138 -3,475
Free operating cash flow 7,469 9,474
Acquisition and disposal of subsidiaries, net 5.3 -822 -
Acquisition and disposal of associates, net 5.3 -7 -48
Acquisition and disposal of financial investments, net 4.5.2 -2,248 -20
Change in financial receivables -26 196
Dividends received 512 282
Total financial investments -2,591 410
Cash flow from investing activities -6,729 -3,065
Free cash flow 4,878 9,884
Shareholders in Carlsberg A/S 4.4.3 -3,695 -3,389
Share buy-back 4.4.3 -3,200 -4,400
Non-controlling interests 4.4.3 -1,106 -1,042
External financing 4.5.1 9,371 -1,128
Cash flow from financing activities 1,370 -9,959
Net cash flow from continuing operations 6,248 -75
Net cash flow from discontinued operations¹ 5.1 -994 1,771
Net cash flow 5,254 1,696
Cash and cash equivalents at 1 January 8,163 8,344
Cash and cash equivalents included in discontinued operations at 1 January 1,194 -
Foreign exchange adjustment of cash and cash equivalents -1,229 -683
Cash and cash equivalents included in discontinued operations - -1,194
Cash and cash equivalents at 31 December 4.5.2 13,382 8,163
¹ The discontinued operation in Russia was deconsolidated as of July 2023, cf. section 5.1.
SECTION 1
OPERATING
ACTIVITIES
REVENUE DEVELOPMENT (%)
OPERATING PROFIT DEVELOPMENT (DKKbn)
2019-2020 including Russia. 2021-2023 excluding Russia.
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 63
9.2%
0.6%
-5.1%
2022
Organic
Acq.
FX
2023
56
60
64
68
72
76
80
2019
2020
2021
2022
2023
0.0
2.0
4.0
6.0
8.0
10.0
12.0
EARNINGS PER SHARE, CONTINUING
OPERATIONS (DKK)
FREE CASH FLOW (DKKbn)
2019-2020 including Russia. 2021-2023 excluding Russia.
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 64
2019
2020
2021
2022
2023
0
10
20
30
40
50
60
EPS, continuing operations
EPS-A, continuing operations
2019
2020
2021
2022
2023
0
2
4
6
8
10
12
Free operating cash flow
Free cash flow
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 65
SECTION 1.1 (CONTINUED)
SEGMENTATION OF
OPERATIONS
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 66
SECTION 1.1 (CONTINUED)
SEGMENTATION OF
OPERATIONS
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 67
SECTION 1.2
OPERATING
EXPENSES AND
INVENTORIES
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 68
SECTION 1.2 (CONTINUED)
OPERATING
EXPENSES AND
INVENTORIES
ACCOUNTING ESTIMATES
AND JUDGEMENTS
ACCOUNTING
POLICIES
ACCOUNTING
POLICIES
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 69
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 70
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 71
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 72
SECTION 1.5 (CONTINUED)
TRADE AND OTHER
RECEIVABLES
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 73
SECTION 1.5 (CONTINUED)
TRADE AND OTHER
RECEIVABLES
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 74
SECTION 2
ASSET BASE
AND RETURNS
ASSET BASE, CONTINUING OPERATIONS
(DKKbn)
CAPEX
1
AND AMORTISATION/
DEPRECIATION
1
(DKKbn)
1
Excluding the purchase of the Brooklyn brand rights in 2020.
RETURN ON INVESTED CAPITAL
2
(% 12-MONTH AVERAGE)
2
2019-2020 including Russia. 2021-2023 excluding Russia.
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 75
ROIC
ROIC excl. goodwill
2019
2020
2021
2022
2023
5
10
15
20
25
30
35
40
45
2019
2020
2021
2022
2023
1.0
2.0
3.0
4.0
5.0
4.0%
5.0%
6.0%
7.0%
8.0%
CapEx
Amortisation and depreciation
CapEx/revenue
72.9
6.4
-1.4
-4.0
-0.4
73.5
Asset base,
opening
Acquisitions and
disposals, incl.
leases, net
Foreign exchange
adjustments
Amortisation/
depreciation
Impairment losses
etc.
Asset base,
closing
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 76
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 77
SECTION 2.2 (CONTINUED)
IMPAIRMENT
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 78
SECTION 2.2 (CONTINUED)
IMPAIRMENT
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 79
SECTION 2.2 (CONTINUED)
IMPAIRMENT
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 80
SECTION 2.2 (CONTINUED)
IMPAIRMENT
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 81
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 82
SECTION 2.3 (CONTINUED)
INTANGIBLE ASSETS
AND PROPERTY,
PLANT AND
EQUIPMENT
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 83
SECTION 2.3 (CONTINUED)
INTANGIBLE ASSETS
AND PROPERTY,
PLANT AND
EQUIPMENT
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 84
SECTION 2.3 (CONTINUED)
INTANGIBLE ASSETS
AND PROPERTY,
PLANT AND
EQUIPMENT
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 85
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 86
SECTION 3.1 (CONTINUED)
SPECIAL ITEMS
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 87
SECTION 3.2 (CONTINUED)
PROVISIONS
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 88
SECTION 3.4 (CONTINUED)
CONTINGENT
LIABILITIES
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 89
SECTION 4
FINANCING COSTS, CAPITAL
STRUCTURE AND EQUITY
CHANGES IN NET INTEREST-BEARING DEBT
(DKKbn)
LEVERAGE RATIO (NIBD/EBITDA)
2019-2020 including Russia. 2021-2023 excluding Russia.
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 90
2019 2020 2021 2022 2023
1.0
1.2
1.4
1.6
1.8
2.0
19.3
-11.6
5.9
0.8
4.8
3.2
0.6
-0.6
22.4
NIBD
at 1 January
Cash flow,
operating activities
Investing activities,
excl. acquisition of entities, net
Acquisition of
shareholdings
Dividends, total
Share buy-back
Lease liabilities, net
Other movements
NIBD
at 31 December
FINANCIAL ITEMS, NET (DKKm)
2019-2020 including Russia. 2021-2023 excluding
Russia.
Financial items, net
Financial items, net, excl. fair value and FX
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 91
2019
2020
2021
2022
2023
-800
-600
-400
-200
0
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 92
SECTION 4.4 (CONTINUED)
CAPITAL STRUCTURE
EQUITY
1
(DKKbn)
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 93
34.7
8.0
-6.2
-3.1 -0.1
0.2
-4.8
-3.2
0.2 25.7
Equity
at 1 January
Profit from continuing
operations
Loss from discontinued
operations
Foreign exchange
adjustments
Retirement benefit
obligations
Hedging
Dividends paid
Share buy-back
Non-controlling
interests
Equity at
31 December
1
Excluding the gross impact of the reclassification of cumulative currency translation and hedge losses related to the
discontinued operation that has no net impact on total equity.
SECTION 4.4 (CONTINUED)
CAPITAL STRUCTURE
ACCOUNTING
POLICIES
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 94
SECTION 4.5
BORROWINGS
AND CASH
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 95
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 96
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 97
SECTION 4.7 (CONTINUED)
FOREIGN EXCHANGE
RISK RELATED TO
NET INVESTMENTS
AND FINANCING
ACTIVITIES
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 98
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 99
SECTION 4.8 (CONTINUED)
FUNDING AND
LIQUIDITY RISK
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 100
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 101
SECTION 4.9 (CONTINUED)
DERIVATIVE
FINANCIAL
INSTRUMENTS
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 102
SECTION 5
DISCONTINUED OPERATIONS, ACQUISITIONS,
DISPOSALS AND ASSOCIATES
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 103
SECTION 5.1 (CONTINUED)
DISCONTINUED
OPERATIONS
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 104
SECTION 5.1 (CONTINUED)
DISCONTINUED
OPERATIONS
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 105
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 106
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 107
SECTION 5.3 (CONTINUED)
ACQUISITIONS
AND DISPOSALS
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 108
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 109
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 110
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 111
SECTION 6.1 (CONTINUED)
INCOME TAX
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 112
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 113
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 114
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 115
SECTION 7.3 (CONTINUED)
SHARE-BASED
PAYMENTS
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 116
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 117
SECTION 7.4 (CONTINUED)
RETIREMENT
BENEFIT
OBLIGATIONS
AND SIMILAR
OBLIGATIONS
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 118
SECTION 7.4 (CONTINUED)
RETIREMENT
BENEFIT
OBLIGATIONS
AND SIMILAR
OBLIGATIONS
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 119
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 120
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 121
SECTION 9
BASIS FOR
PREPARATION
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 122
SECTION 9.2 (CONTINUED)
GENERAL
ACCOUNTING
POLICIES
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 123
SECTION 9.2 (CONTINUED)
GENERAL
ACCOUNTING
POLICIES
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 124
SECTION 9.2 (CONTINUED)
GENERAL
ACCOUNTING
POLICIES
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 125
SECTION 9.4
NEW LEGISLATION
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 126
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 127
SECTION 9.5 (CONTINUED)
NEW SEGMENTATION
2024
CARLSBERG GROUP ANNUAL REPORT 2023 PART OF MANAGEMENT REVIEW - NOT AUDITED 128
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 129
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 130
CARLSBERG GROUP ANNUAL REPORT 2023 CONSOLIDATED FINANCIAL STATEMENTS 131
PARENT COMPANY FINANCIAL STATEMENTS
PARENT COMPANY FINANCIAL
STATEMENTS
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SECTION 1
SUBSIDIARIES AND
.......................
.............................................
SECTION 2
CAPITAL
.............................................
.........................
.................................................
SECTION 3
STAFF COSTS AND
..................
................
SECTION 4
OTHER DISCLOSURE
.................
.......................................................
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...........................................
...................................................................
...............................................
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SECTION 5
GENERAL
.....................
PARENT COMPANY FINANCIAL STATEMENTS
INCOME STATEMENT STATEMENT OF COMPREHENSIVE INCOME
CARLSBERG GROUP ANNUAL REPORT 2023 PARENT COMPANY FINANCIAL STATEMENTS 133
DKK million Section 2023 2022
Administrative expenses -32 -41
Other operating activities, net 4.1 -29 195
Operating profit before special items -61 154
Special items, net -15 -15
Financial income 2.1 3,713 3,592
Financial expenses 2.1 -42 -17
Profit before tax 3,595 3,714
Income tax 4.6 123 109
Profit for the period 3,718 3,823
Attributable to
Dividend to shareholders 3,709 3,830
Reserves 9 -7
Profit for the period 3,718 3,823
DKK million Section 2023 2022
Profit for the period 3,718 3,823
Other comprehensive income
Retirement benefit obligations 3.2 -2 -8
Income tax 4.6 1 2
Items that will not be reclassified to the income statement -1 -6
Other comprehensive income -1 -6
Total comprehensive income 3,717 3,817
STATEMENT OF FINANCIAL POSITION
CARLSBERG GROUP ANNUAL REPORT 2023 PARENT COMPANY FINANCIAL STATEMENTS 134
DKK million Section 31 Dec. 2023 31 Dec. 2022
ASSETS
Non-current assets
Property, plant and equipment 4.4 222 166
Investments in subsidiaries 1.1 27,271 30,080
Receivables 341 327
Tax assets 4.6 37 11
Total non-current assets 27,871 30,584
Current assets
Receivables 1.2 208 426
Tax receivables 137 6
Other receivables 254 431
Total current assets 599 863
Total assets 28,470 31,447
DKK million Section 31 Dec. 2023 31 Dec. 2022
EQUITY AND LIABILITIES
Equity
Share capital 2.3 2,747 2,837
Retained earnings 25,419 28,351
Total equity 28,166 31,188
Non-current liabilities
Retirement benefit obligations 3.2 30 32
Provisions 4.3 10 21
Total non-current liabilities 40 53
Current liabilities
Trade payables 100 49
Provisions 4.3 23 25
Other liabilities 141 132
Total current liabilities 264 206
Total liabilities 304 259
Total equity and liabilities 28,470 31,447
STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOWS
CARLSBERG GROUP ANNUAL REPORT 2023 PARENT COMPANY FINANCIAL STATEMENTS 135
DKK million Section Shareholders in Carlsberg A/S
2023
Share
capital
Retained
earnings Total equity
Equity at 1 January 2,837 28,351 31,188
Profit for the period 3,718 3,718
Other comprehensive income - -1 -1
Total comprehensive income for the period - 3,717 3,717
Cancellation of treasury shares -90 90 -
Share-based payments 3.1 - 1 1
Share-based payments to employees in subsidiaries - 155 155
Share buy-back 2.3 - -3,200 -3,200
Dividends paid to shareholders 2.3 - -3,695 -3,695
Total changes in equity -90 -2,932 -3,022
Equity at 31 December 2,747 25,419 28,166
2022
Equity at 1 January 2,905 32,189 35,094
Profit for the period 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
DKK million Section 2023 2022
Operating profit before special items -61 154
Depreciation and amortisation 4.4 16 17
Operating profit before depreciation and amortisation -45 171
Other non-cash items -20 -219
Change in working capital 181 119
Interest etc. received 18 4
Interest etc. paid -40 -16
Income tax paid -34 99
Cash flow from operating activities 60 158
Acquisition of property, plant and equipment and intangible assets -72 -18
Disposal of property, plant and equipment and intangible assets - 354
Total operational investments -72 336
Acquisition and disposal of subsidiaries, net - -25
Dividends from subsidiaries 1.2 3,695 3,582
Capital reductions in subsidiaries 1.2 3,000 4,535
Total financial investments 6,695 8,092
Cash flow from investing activities 6,623 8,428
Free cash flow 6,683 8,586
Shareholders in Carlsberg A/S 2.3 -6,895 -7,789
External financing 2.2 212 -797
Cash flow from financing activities -6,683 -8,586
Net cash flow - -
Cash and cash equivalents at 1 January - -
Cash and cash equivalents at 31 December - -
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.
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 2023. 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 29.4% of the shares and
76.7% 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 2023:
• 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.
• The Carlsberg Foundation contributed to
Home of Carlsberg A/S to support the
rebuilding of the Carlsberg Visitor Centre.
• Home of 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 in
Carlsberg Byen.
• The Group delivered beer and soft drinks to
the Carlsberg Foundation.
These transactions are described in further
detail in sections 4.4 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 2023 PARENT COMPANY FINANCIAL STATEMENTS 136
Investments in subsidiaries
DKK million 2023 2022
Cost
Cost at 1 January 30,080 34,426
Capital reductions -3,000 -4,535
Share-based payments
to employees, net 191 189
Cost at 31 December 27,271 30,080
Carrying amount at
31 December 27,271 30,080
SECTION 1.2 (CONTINUED)
RELATED PARTIES
No losses on loans to or receivables from
subsidiaries and associates were recognised or
provided for in either 2023 or 2022.
The fair value of receivables from 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
borrowings incurred and repaid throughout the
year.
No financial items were recognised in other
comprehensive income. The average effective
interest rate on loans to subsidiaries was 3.99%
(2022: 0.61%) and on borrowings from
subsidiaries 4.25% (2022: 0.68%).
SECTION 2.2
NET INTEREST-
BEARING DEBT
CARLSBERG GROUP ANNUAL REPORT 2023 PARENT COMPANY FINANCIAL STATEMENTS 137
Transactions with subsidiaries
DKK million 2023 2022
Other operating activities,
net 40 273
Interest income 18 4
Interest expenses -36 -11
Dividends received 3,695 3,582
Capital reductions 3,000 4,535
Recharge of share-based
payments 126 92
Loans 503 716
Receivables 43 35
Trade payables -74 -8
Other payables -1 -6
Financial items recognised
in the income statement
DKK million 2023 2022
Financial income
Interest income 18 4
Dividends from
subsidiaries 3,695 3,582
Other - 6
Total 3,713 3,592
Financial expenses
Interest expenses -36 -11
Other -6 -6
Total -42 -17
Financial items, net 3,671 3,575
DKK million 2023 2022
Loans to subsidiaries -503 -716
Net interest-bearing debt -503 -716
Changes in net interest-bearing debt
Net interest-bearing debt at 1 January -716 86
Cash flow from operating activities, excluding interest-bearing part -60 -158
Cash flow from investing activities -6,623 -8,428
Share buy-back 3,200 4,400
Dividends to shareholders 3,695 3,389
Other 1 -5
Total change 213 -802
Net interest-bearing debt at 31 December -503 -716
SECTION 2.3
SHARE CAPITAL
SHARE CAPITAL
At the Annual General Meeting on 13March
2023, it was decided to reduce the share capital
of Carlsberg A/S by a nominal amount of DKK
90,000,000 to a nominal amount of DKK
2,747,136,120 by cancelling 4,500,000 of the B
shares held by the Company, each with a
nominal value of DKK 20. The cancellation was
completed on 11April 2023. These shares had
been repurchased as part of the Company’s
share buy-back programme.
At the Annual General Meeting on 11March
2024, the Supervisory Board will recommend
that 3,100,000 treasury shares not used for the
hedging of the incentive programme be
cancelled.
DIVIDENDS
The proposed dividend of DKK 27.00 per share
(2022: DKK 27.00 per share), amounting to
DKK 3,709m (2022: DKK 3,830m), has
been included in retained earnings at
31 December 2023.
Dividends to be paid out in 2024 for 2023, net
of dividends on treasury shares held at 31
December 2023, will amount to DKK 3,621m
(paid out in 2023 for 2022: DKK 3,708m).
Dividends paid out in 2023 for 2022, net of
dividends on treasury shares, amounted to DKK
3,695m (paid out in 2022 for 2021: DKK
3,389m). 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 7February 2023, the Company announced
its intention to continue the share buy-back
programme executed as quarterly programmes.
In 2023, a total of 3,338,514 B shares worth
DKK 3.2bn were repurchased. The 2023
programme ended with the fourth quarterly
programme, which was finalised on 26January
2024. Under this programme the Company has
repurchased a total of 3,160,923 B shares at a
total purchase price of DKK 3.0bn 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.
In the 2023 financial year, the Company
acquired class B treasury shares of a nominal
amount of DKK 67m (2022: DKK 95m) at an
average price per share of DKK 959 (2022: DKK
926). 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 2023, the fair value of treasury
shares amounted to DKK 2,746m (2022: DKK
4,169m). The holdings of treasury shares are
specified in section 4.4 in the consolidated
financial statements.
CARLSBERG GROUP ANNUAL REPORT 2023 PARENT COMPANY FINANCIAL STATEMENTS 138
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 2022 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
Cancellation of
treasury shares - - -4,500,000 -90,000 -4,500,000 -90,000
31 December 2023 33,699,252 673,985 103,657,554 2,073,151 137,356,806 2,747,136
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.
Transactions with shareholders
in Carlsberg A/S
2023 2022
Dividends to shareholders -3,695 -3,389
Acquisition of treasury
shares -3,200 -4,400
Total -6,895 -7,789
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 2023, the Supervisory Board received
total remuneration of DKK 10.31m (2022:
DKK10.36m), comprising fixed salary only.
SHARE-BASED INCENTIVE PROGRAMMES
The executive directors in the Parent Company
are the same as for the Carlsberg Group. 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 30m (2022:
DKK 32m) and include actuarial losses of DKK
2m (2022: DKK 8m) and benefits paid in the
year of DKK 4m (2022: DKK 3m).
Of the expected payment obligation, DKK 4m is
due within one year, DKK 16m between one
and five years and DKK 10m 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% (2022:
0.5%). The rate of increase in future retirement
benefit obligations in 2022 and in 2023 was
0%.
Retirement benefit obligations had no impact
on the income statement in either 2022 or
2023. DKK-2m (2022: DKK -8m) was
recognised in other comprehensive income.
CARLSBERG GROUP ANNUAL REPORT 2023 PARENT COMPANY FINANCIAL STATEMENTS 139
Staff costs and remuneration
DKK million 2023 2022
Salaries and other remuneration 116 106
Retirement benefit costs - defined contribution plans 6 6
Share-based payments 52 29
Total 174 141
Staff costs are included in the following items in the income statement
Administrative expenses 2 3
Other operating activities, net 62 64
Total staff costs recognised by the Parent Company 64 67
Staff costs recognised by other Group companies 110 74
Total 174 141
The Company had an average of 88 (2022: 89) full-time employees during the year.
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.
In 2022, 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 181m (2022:
DKK 119m) consists of trade payables and other
liabilities of DKK65m (2022: DKK 127m) and
retirement benefit obligations and provisions of
DKK110m (2022: DKK -8m).
Cash flow from operational investments of DKK
-72m (2022: DKK 336m) comprises acquisition
of buildings.
SECTION 4.3
PROVISIONS
Provisions primarily comprise warranty
provisions regarding real estate disposed of
and provisions for ongoing disputes.
At 31 December 2023, total provisions
amounted to DKK 33m (2022: DKK 46m).
Provisions amounting to DKK 33m (2022: DKK
6m) were utilised in 2023.
Of total provisions, DKK 23m (2022: DKK 25m)
falls due within one year and DKK 10m (2022:
DKK 21m) between one and five years from the
end of the reporting period.
SECTION 4.4
ASSET BASE AND
LEASES
Property, plant and equipment totalled DKK
222m (2022: DKK 166m) and comprised land
and buildings of DKK 190m (2022: DKK 122m)
and plant and machinery of DKK 32m (2022:
DKK 44m).
Depreciation and amortisation of DKK 16m
(2022: DKK 17m) was included in administrative
expenses.
All lease contracts in Carlsberg A/S at 31
December 2023 related to short-term leases
and leases of low-value assets. The lease
expenses recognised in the income statement
amounted to DKK 1m (2022: DKK 1m). Such
contracts comprise the lease of copy and
printing machines, coffee machines, parking
spaces, small IT devices and similar equipment.
SECTION 4.5
FEES TO AUDITORS
CARLSBERG GROUP ANNUAL REPORT 2023 PARENT COMPANY FINANCIAL STATEMENTS 140
Other operating activities, net
DKK million 2023 2022
Gain on disposal of
intangible asset - 225
Real estate, net -1 -1
Research activities,
including the Carlsberg
Research Laboratory, net -26 -27
Other, net -2 -2
Total -29 195
Fees to auditors appointed by the Annual
General Meeting
DKK million 2023 2022
Statutory audit 0.6 0.3
Assurance engagements 0.1 0.1
Tax advisory - -
Other services - 0.4
Total 0.7 0.8
SECTION 4.6
TAX
Deferred tax assets amounted to DKK 43m
(2022: DKK 18m) and comprised provisions and
retirement benefit obligations of DKK 14m
(2022: DKK17m), and receivables of DKK 29m
(2022: land and buildings DKK 1m).
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 139m (2022: DKK 493m).
Deferred tax liabilities amounted to DKK 6m
(2022: DKK 7m) and comprised tax on
property, plant and equipment.
Deferred tax, net, amounted to an asset of DKK
37m (2022: asset of DKK 11m). Of the deferred
tax assets, DKK 0m (2022: DKK 0m) is
expected to be used within one year.
The net change in deferred taxes of
DKK 26m primarily comprised a prior-year
adjustment of DKK 24m (2022: DKK 26m).
The total tax for the year recognised in the
income statement comprised an income of DKK
123m (2022: income of DKK 109m), 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.
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). The Parent Company has
applied the exception to recognise and disclose
information about deferred tax in the OECD/EU Pillar
Two Model Rules and their local implementation.
CARLSBERG GROUP ANNUAL REPORT 2023 PARENT COMPANY FINANCIAL STATEMENTS 141
Reconciliation of tax for the year
DKK million 2023 2022
Calculated tax on profit 791 817
Adjustments to tax for prior
years -100 -140
Non-deductible expenses - 6
Tax-free dividend and tax-
exempt items -814 -792
Tax for the year -123 -109
SECTION 5
GENERAL
ACCOUNTING POLICIES
SECTION 4.7
CONTINGENT
LIABILITIES AND
OTHER
COMMITMENTS
Carlsberg A/S has issued guarantees to
subsidiaries in Sweden for pension obligations
of DKK 389m (2022: DKK 357m) and
guarantees for pension obligations in the UK,
cf. section 7.4 in the consolidated financial
statements.
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 4.8
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
2023 have been prepared in accordance with
IFRS Accounting Standards 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 2023 PARENT COMPANY FINANCIAL STATEMENTS 142
REPORTS
MANAGEMENT
STATEMENT
CARLSBERG GROUP ANNUAL REPORT 2023 REPORTS 143
Executive Board of Carlsberg A/S
Supervisory Board of Carlsberg A/S
REPORTS
INDEPENDENT
AUDITOR’S REPORTS
REPORT ON THE AUDIT OF THE
FINANCIAL STATEMENTS
CARLSBERG GROUP ANNUAL REPORT 2023 REPORTS 144
CARLSBERG GROUP ANNUAL REPORT 2023 REPORTS 145
CARLSBERG GROUP ANNUAL REPORT 2023 REPORTS 146
CARLSBERG GROUP ANNUAL REPORT 2023 REPORTS 147
CARLSBERG GROUP ANNUAL REPORT 2023 REPORTS 148
CVR No 3377 1231
REPORTS