CARLSBERG
BREWERIES
ANNUAL REPORT
2024
As approved on the Company's Annual General Meeting on 20 March 2025
Monica Gregers Smith
Chair of the Meeting
CONTENTS
MANAGEMENT REVIEW FINANCIAL STATEMENTS
Introduction
Letter from the Chair &
the Group CEO 2
Meet our Executive Committee 4
Shaping our future 6
5-year key figures 8
2024 review and 2025 expectations
Group review 9
Capital allocation 11
2025 earnings expectation 12
Creating value
Our business model 13
Our beer portfolio 14
Our alcohol-free brews and non-beer
beverage portfolio 15
Our strategy 16
Governance
Risk management 24
Corporate governance 26
Supervisory Board 30
ESRS data points 32
Forward-looking statements 33
Sustainability statement
Content 34
General disclosures 35
Environment 45
Social 70
Governance 85
Appendices 88
Consolidated financial statements
Statements 93
Notes 98
Parent company financial statements
Statements 167
Notes 171
Reports
Management statement 186
Auditor’s reports 187
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
1 Carlsberg Breweries Group Annual Report 2024
AN EVENTFUL YEAR
LETTER FROM THE CHAIR & THE GROUP CEO
2024 was a year of major
events at Carlsberg, including
the launch of our refreshed
strategy and several
acquisitions. It was also a year
when our business was
impacted by a challenging
environment in some of our
major markets.
ACTIVITIES OF THE GROUP
The Carlsberg Breweries Group comprise the
beverage activities in the Carlsberg Group.
Carlsberg Breweries’ activities are focused on
the markets where the Group has the expertise
and the right products to secure a leading
position. Due to the variation of the markets,
the contribution to growth, earnings and
development within the Group differs, both at
present and in the longer-term projections.
The Parent Company’s main activities are
investments in national and international
breweries as well as license and export business.
The Parent Company has retail bonds listed at
the Luxembourg Stock Exchange.
FINANCIAL DELIVERY
Despite challenging consumer environment in
many markets, our teams achieved organic
volume and revenue growth of 0.4% and 2.4%
respectively.
As part of our refreshed strategy – Accelerate
SAIL – we want to restore gross margins to pre-
COVID levels over the coming years, and we
were pleased to see positive progress already
this year, with a 120bp improvement in gross
margin. Part of this improvement was
reinvested in the business in support of our key
growth categories and markets. Despite the
higher level of commercial investments, organic
operating profit grew by 5.9%.
It is testimony to the financial strength of the
Carlsberg Breweries Group that we have the
capacity to invest in the business and, at the
same time, continue our long-term earnings
growth trajectory.
Read about the Group’s financial results on
pages 9-10.
OUR REFRESHED STRATEGY
In February, we launched Accelerate SAIL with
ambitions to grow revenue organically by 4-6%
(CAGR) and to grow operating profit ahead of
that. To deliver on this ambition, we have set
clear priorities for where and how we will grow
our business. See page 6 for more information
on how we will achieve our growth ambitions
and pages 16-23 for more detailed information
on the Accelerate SAIL growth levers.
In addition to the higher growth investments,
we also need to ensure the engagement and
motivation of our more than 30,000
employees. Their support of Accelerate SAIL is
key for us to deliver on our growth ambitions.
“The Supervisory Board is
confident that Accelerate
SAIL – through its focus
on growth opportunities
in key markets and
categories, commercial
execution, cost
optimisation, and the new
growth culture principles –
will set up Carlsberg to
deliver top- and bottom-
line growth.”
Henrik Poulsen, Chair
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Letter from the Chair & the Group CEO
2 Carlsberg Breweries Group Annual Report 2024
HENRIK POULSEN JACOB AARUP-ANDERSEN
SUPERVISORY BOARD CHAIR
GROUP CEO
An important element of Accelerate SAIL was
therefore the launch of a structured growth
culture programme, operationalised through five
principles. These were developed by the
extended leadership team (our global top 90
leaders). To ensure commitment to the growth
principles, they will be embedded in our people
performance evaluation and remuneration.
We are very pleased with the excited reception
of the growth culture and principles by our
people, which gives us confidence that, together,
we will deliver results in line with our growth
ambitions.
EXPANDING OUR BUSINESS
In addition to our refreshed strategy, we
announced several acquisitions during the year
that will strengthen the Group and be
supportive of our growth ambitions.
The two most significant transactions were the
acquisition of Britvic plc in the UK and the buy-
out of the partners in our businesses in India
and Nepal.
We are also excited about the further expansion
of our global partnership with PepsiCo through
the bottling franchise in Kazakhstan and
Kyrgyzstan from 1 January 2026.
Read more about the acquisitions and the
extended partnership with PepsiCo on pages
6-7.
Any future capital allocations towards inorganic
opportunities will of course be subject to
rigorous analysis to ensure long-term value
creation and returns for our shareholder.
DIVESTING THE RUSSIAN
BUSINESS
In December, following the removal of the
Russian presidential decree, which transferred
Baltika Breweries to the temporary
management of the Russian Federal Agency for
State Property Management, we sold our
shares in the company to two long-standing
Baltika employees. As part of the agreement,
Baltika Breweries transferred its shareholdings
in the businesses in Kazakhstan and Azerbaijan
to Carlsberg, and we settled all outstanding
legal disputes.
Given the circumstances, we believe that this
deal was the best achievable outcome for our
employees, our shareholder and the continued
business.
CONTINUED COMMITMENT TO
DOING BETTER
Our ESG programme, Together Towards ZERO
and Beyond (TTZAB), is an integral part of
Accelerate SAIL. The programme focuses on the
most material environmental, social and
governance (ESG) topics impacting our business.
We are working hard to deliver on the bold
ambitions set out in TTZAB – from targeting a
net ZERO value chain and sourcing all raw
materials from regenerative agricultural
practices by 2040 to replenishing all the water
we consume at our breweries in areas with high
water risk by 2030.
We are pleased with the progress achieved in
2024, including a decline in our absolute
brewery carbon emissions of 58%, compared
with our baseline year 2015, and four new water
replenishment projects in China and Laos.
Within our ZERO farming footprint ambition, we
were excited to expand our sourcing of
regenerative raw materials to Denmark, joining
France, the UK and Finland, where we have also
started the transition to regenerative agriculture
practices.
While we are on track to deliver on our ESG
ambitions, we recognise that we still have
significant work ahead of us if we are to
succeed in our TTZAB ambitions.
REPORTING IN LINE WITH CSRD
In this year’s Annual Report, we are for the first
time reporting in accordance with the EU
Corporate Sustainability Reporting Directive
(CSRD) and the corresponding European
Sustainability Reporting Standards (ESRS). See
the sustainability statement, which starts on
page 34.
We welcome this opportunity to enhance
corporate transparency and reporting by
ensuring standardised, comparable and reliable
sustainability disclosure. We will seek to
continuously develop our external reporting in
the coming years as interpretation of the
standards and guidance evolves.
Our sustainability reporting is based on a
double materiality assessment as required by
the CSRD. The assessment confirmed that
TTZAB focuses our actions and commitments in
the areas that are most material for our
business and our stakeholders.
CHANGES TO THE EXECUTIVE
COMMITTEE
During 2024, we strengthened our Executive
Committee (ExCom) to align our top
management team with the priorities and
ambitions of Accelerate SAIL.
In June, Esther Wu, then Vice President,
Integrated Information Technology in the Asia
region, was appointed Chief Information Officer.
In August, Yves Briantais joined Carlsberg as
Chief Marketing Officer from a Global Executive
Vice President position at Colgate-Palmolive,
and Susanne Skippari joined the Group as Chief
Human Resources Officer from a position as
Executive Vice President, People and
Communications and member of the Executive
Board at Kone.
In September, Søren Brinck, then Executive Vice
President (EVP), Group Commercial and
Strategy, took over responsibility for the
Western Europe region following the retirement
of Graham Fewkes. Anders Røed, then
Managing Director of Brasseries Kronenbourg,
our French business, was appointed Chief
Strategy and Commercial Officer.
At the end of the year, Lars Lehmann, EVP,
Central & Eastern Europe and India left the
Group to pursue a CEO role in another
company. Lars will be replaced by Nikos
Kalaitzidakis no later than March 2025.
Although Graham will continue as special
advisor to the Group CEO, we want to thank
him and Lars for their significant contribution to
the Group during their long tenures.
THANK YOU
On behalf of the Supervisory Board and ExCom,
we would also like to take this opportunity to
thank the Group’s employees. We are
continuously impressed by the engagement and
enthusiasm of colleagues across the business
and their reception of Accelerate SAIL. We are
confident that we have the winning brands and
the capabilities, energy and determination to
deliver on our growth ambitions.
We also extend our thanks to all suppliers and
customers for their partnership, and express our
gratitude to our consumers around the world.
Henrik Poulsen Jacob Aarup-Andersen
Chair Group CEO
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Letter from the Chair & the Group CEO
3 Carlsberg Breweries Group Annual Report 2024
OUR EXECUTIVE COMMITTEE
Our Executive Committee
was strengthened and
expanded during 2024
to ensure alignment of
capabilities with the
priorities and
ambitions of
Accelerate SAIL
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our Executive Committee
4 Carlsberg Breweries Group Annual Report 2024
SØREN BRINCK
VICTOR SHEVTSOV
SUSANNE SKIPPARI ANDERS RØED
ESTHER WU
ULRICA FEARN
JACOB AARUP-
ANDERSEN
JOÃO ABECASIS
YVES BRIANTAIS
See the biographies of the
Executive Committee on the
following page.
JACOB AARUP-ANDERSEN
GROUP CEO
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.
ULRICA FEARN
CFO
Nationality: Swedish
Year of birth: 1973
Appointed to ExCom: 2023
Ulrica joined Carlsberg 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.
JOÃO ABECASIS
EVP, ASIA
Nationality: Portuguese
Year of birth: 1972
Appointed to ExCom: 2019
João joined Carlsberg 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.
YVES BRIANTAIS
CHIEF MARKETING OFFICER
Nationality: French
Year of birth: 1974
Appointed to ExCom: 2024
Yves Briantais joined Carlsberg in August 2024
from Colgate-Palmolive, where he most
recently served as Global Executive Vice
President, Design and Creative Capabilities. Yves
has 25 years of global, regional and local
experience across marketing disciplines. During
his time with Colgate-Palmolive, he held a
range of senior leadership roles with marketing
responsibilities for clusters, regions, categories
and global functions.
SØREN BRINCK
EVP, WESTERN EUROPE
Nationality: Danish
Year of birth: 1974
Appointed to ExCom: 2021
Søren took over the responsibility for Western
Europe in 2024, having been head of Group
Commercial and Strategy. He joined Carlsberg
in 2005. During his career at Carlsberg, Søren
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.
ANDERS RØED
CHIEF STRATEGY AND COMMERCIAL
OFFICER
Nationality: Norwegian
Year of birth: 1968
Appointed to ExCom: 2024
Anders has been with Carlsberg since 2010,
most recently as Managing Director of
Kronenbourg in France. Before that, he was
Managing Director of Ringnes in Norway, and
held senior management roles in marketing and
commercial in the Western Europe region and
at Ringnes. Before Carlsberg, Anders held senior
management positions at Storebrand and TINE
in Norway.
VICTOR SHEVTSOV
EVP, SUPPLY CHAIN
Nationality: Russian
Year of birth: 1970
Appointed to ExCom: 2021
Victor joined Carlsberg from PepsiCo in 2015 as
Vice President for our supply chain in Asia.
Victor’s solid end-to-end supply chain expertise
has been accrued through various supply chain
roles, including several operative and strategy
roles within supply chain across Europe and
Sub-Saharan Africa during his 20 years with
PepsiCo. Prior to PepsiCo, Victor worked for
Siemens.
SUSANNE SKIPPARI
CHIEF HUMAN RESOURCES OFFICER
Nationality: Finnish
Year of birth: 1974
Appointed to ExCom: 2024
Susanne joined Carlsberg in August 2024 from
KONE. Susanne has 25 years of experience in
human resources, including in senior leadership
positions. This includes 17 years across HR areas
at KONE, where most recently she served as
Executive Vice President, People and
Communications and a member of the
Executive Board. Prior to KONE, Susanne
worked at Nokia in various HR roles in Finland
and Argentina.
ESTHER WU
CHIEF INFORMATION OFFICER
Nationality: Hong Kong SAR Chinese
Year of birth: 1976
Appointed to ExCom: 2024
Esther joined Carlsberg in 2019 as head of IT in
the Asia region. Esther has more than 20 years
of strong technology and digital transformation
experience from various senior technology
positions in global companies. Prior to joining
Carlsberg, she was Head of Strategic Planning
and IT Transformation at Chanel. Before that,
she held management positions within IT at
thyssenkrupp Elevator and The Nielsen
Company.
NIKOS KALAITZIDAKIS
EVP, CENTRAL & EASTERN EUROPE
AND INDIA
Nationality: Greek
Year of birth: 1968
Appointed to ExCom: 2025
Nikos will join Carlsberg no later than March
2025 from The Olayan Group, where he was
responsible for the Food & Beverages division.
Prior to joining The Olayan Group, Nikos held
several executive roles at Coca-Cola HBC and
commercial management roles at Philip Morris
International. Nikos has extensive international
experience, having worked in several countries
in Central and Eastern Europe and Central Asia.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our Executive Committee
5 Carlsberg Breweries Group Annual Report 2024
SHAPING OUR FUTURE
During 2024, we took several
steps to support the future of
the Carlsberg Breweries Group
and the achievement of our
long-term growth ambitions.
OUR STRATEGY: ACCELERATE
SAIL
Accelerate SAIL was launched in February 2024. It
sets clear priorities for selected growth drivers
within our portfolio, geographies and capabilities,
and for how we want to improve supply chain
efficiency, develop a growth culture and continue
our well-embedded cost focus. It also re-
emphasises our commitment to sustainable
business practices through our Together Towards
ZERO and Beyond programme.
With Accelerate SAIL, we are making a clear
commitment to support our business and drive
compounding earnings growth. This includes
gradually restoring gross margins to pre-COVID
levels and increasing investments in marketing
and sales, capability building, and digital tools
and systems.
Consequently, we have raised our long-term
organic growth ambitions for revenue and
operating profit for the business (with 2024 as
the baseline):
• Organic revenue growth of 4-6% CAGR
(previously 3-5%).
• Organic operating profit growth ahead of
revenue growth.
Read more about the Accelerate SAIL priorities
on pages 16-23.
EXPANDING OUR SOFT DRINKS
BUSINESS
For more than 30 years, the production,
distribution and selling of soft drinks have been an
integral and value-accretive part of the Group’s
business in several markets, providing many
operational and financial synergistic benefits.
Our soft drinks portfolio includes both own and
partner-owned brands. It mainly consists of
beverages within the carbonated soft drinks,
energy drinks and water categories.
PepsiCo is our largest soft drinks partner. Up
until 2024, our partnership comprised five
markets: Norway, Sweden, Switzerland, Laos
and Cambodia. We also partner with Coca-Cola
in Denmark and Finland.
In 2024, soft drinks accounted for 16% of total
Group volumes.
Strengthening our partnership with
PepsiCo
In 2024, we were pleased to announce the
expansion of the PepsiCo partnership to four
new markets:
• The UK and Ireland, where we acquired
Britvic plc in January 2025.
• Kazakhstan and Kyrgyzstan, where we will
take over the soft drinks licences in these
markets from 1 January 2026.
In addition, we extended our bottling
agreements in Norway and Sweden, securing
our long-term cooperation with PepsiCo in
these two markets.
The extended partnership makes the Carlsberg
Breweries Group the largest partner for PepsiCo
in Europe and one of the biggest worldwide.
The increased cooperation will bring long-term
opportunities to the benefit of both companies.
“We’re happy to see our
long-standing partnership
with PepsiCo strengthening
with the addition of four
new markets, underlining
the long-term potential in
the collaboration between
our two companies.”
Jacob Aarup-Andersen, Group CEO
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Shaping our future
6 Carlsberg Breweries Group Annual Report 2024
Britvic is a leading integrated soft
drinks business in Europe, with a
comprehensive portfolio of market-
leading brands.
The company has been the bottling
partner for PepsiCo in the UK since
1987 and in Ireland since 2007, with
the Pepsi franchise accounting for
around half of total revenue.
The other half is generated by a
range of own brands in multiple soft
drinks segments. Many of these own
brands hold a no. 1 or 2 market
position in their respective segments.
Britvic is the largest supplier of
branded still soft drinks in the UK and
the second-largest supplier of
branded carbonated soft drinks.
Beyond the UK and Ireland, Britvic is
established in France and Brazil,
where it markets and sells owned
brands in a smaller number of
categories. In both markets, it is the
leading supplier of dilutables, also
called flavour concentrates.
The company has a proven track
record of growing, expanding and
revitalising its own brands, such as
Robinsons, Tango, MiWadi,
Ballygowan, Teisseire and Maguary.
Acquisition of Britvic
On 8 July, we announced the recommended offer
to acquire Britvic plc, one of the leading integrated
soft drinks businesses in Europe and a Pepsi bottler
in the UK and Ireland. The transaction was
completed on 16 January 2025.
The acquisition of Britvic plc is attractive for
Carlsberg Breweries Group strategically,
operationally and financially. It also brings on
board a company with a highly talented
workforce, a strong innovation track record and
consistent sustainability performance, and the
same strong commitment to science-based
climate targets as the Carlsberg Breweries
Group.
Incorporating Britvic into the Carlsberg Breweries
Group will be supportive of our Accelerate SAIL
growth ambitions, doubling our soft drinks
exposure to around 30% of total volumes. While
beer remains our core business, the increased
exposure to structurally growing categories will
improve the resilience of the Group, from both a
market and brand portfolio perspective.
In Western Europe, the acquisition will improve the
long-term revenue and operating profit growth
opportunities, and enhance operating margin.
In the UK, we will create a single, integrated
company, applying the same operating model
that we have successfully set up in other
markets with commercial and synergistic
benefits. In so doing, we will transform the
business into a leading supplier, offering
customers a comprehensive portfolio of strong
beer and soft drinks brands.
During the past decade, the share of low-calorie
cola of the total cola segment in the UK has
gone up by 18 percentage points. During the
same period, Pepsi Max’s share of the total cola
segment has more than doubled to almost 31%.
Compared with our experience with the cola
market in Norway and other Nordic markets,
we believe that there is more growth potential
for Pepsi Max in the UK, supported by
continued growth of the low-calorie segment
and market share gains.
Consequently, we intend to invest further in
Britvic and the combined business to accelerate
growth. The increased investments will mainly
be in sales and marketing, and will be allocated
to brands and categories for which we see
attractive growth opportunities.
We will leverage the combined company’s
broad-based opportunities for cross-selling
between beer and soft drinks, and for expanding
the distribution reach for growth categories.
Synergies
We expect to realise GBP 100m in synergies in
the combined business across a number of
areas, including direct and indirect procurement,
supply chain, administration and overheads.
While we have also identified a number of revenue
opportunities from the combination, these are not
included in the announced synergy estimates.
Taking over the Pepsi bottling franchise in
Kazakhstan and Kyrgyzstan
As of 1 January 2026, we will take over the
Pepsi bottling franchise in Kazakhstan and
Kyrgyzstan.
Carlsberg Kazakhstan holds a no. 1 position in
the beer market, with a market share of around
36%.
The new agreement will more than double our
business in Kazakhstan, consolidating our presence
in the market. It will also support us in further
building our business in neighbouring Kyrgyzstan.
To facilitate the significant increase in volumes,
during 2025 we intend to invest more than EUR
100m in building a new soft drinks facility in
Kazakhstan. The investment is expected to
deliver a double-digit ROIC from year 1 and be
accretive to Group ROIC by year 3.
Getting full control of India
and Nepal
India is one of the key growth markets in
Accelerate SAIL. It is an exciting beer market with a
positive long-term outlook, driven by increasing
disposable income, urbanisation, a growing on-
trade and the increasing popularity of beer.
We first entered India in 2007 and have since built
an attractive business. Today, we have a no. 2
market position and a market share of around
21%.
Up until November 2024, the holding company
of the Indian business – Carlsberg South Asia
Pte Ltd (CSAPL) – was owned 67% by
Carlsberg and 33% by CSAPL Holdings Pte Ltd
(CSAPLH). CSAPL also owned 90% of the
shares in Gorkha Brewery in Nepal.
On 2 August, following several years of
negotiations, we signed an agreement to
acquire CSAPLH’s 33% shareholding in CSAPL
and an additional 9.94% shareholding in Gorkha
Brewery.
Following the final closure of the deal on 29
November, the Group now owns 100% of the
Indian business and 99.94% of the Nepalese
business.
The full ownership enables us to accelerate
investments in India with the aim of increasing
capacity, expanding and developing the brand
portfolio, and increasing distribution to capture the
long-term volume and value growth opportunities
in this exciting growth market.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Shaping our future
7 Carlsberg Breweries Group Annual Report 2024
BRITVIC ACQUISITION
DELIVERING COMPELLING
SHAREHOLDER VALUE
CREATION
The acquisition valued the ordinary
share capital of Britvic plc at
approximately GBP 3.3bn on a fully
diluted basis.
The acquisition of Britvic plc is attractive
for Carlsberg Breweries’ shareholder:
• It is expected to become accretive
to the Group’s operating margin by
2027.
• Total synergies of GBP 100m are
expected to be realised by 2029, of
which GBP 80m are expected to be
realised by 2027.
• Return on invested capital (ROIC) is
expected to exceed the weighted
average cost of capital (WACC) of
7.0% in 2027.
• The acquisition will be fully debt-
financed. We expect to reach our net
interest-bearing debt/EBITDA
leverage target of below
2.5x by the end of 2027 at the latest.
5-YEAR KEY FIGURES
2024 2023 2022 2021 2020¹
Volumes (million hl)
Beer 101.2 101.0 101.0 98.8 110.1
Other beverages 24.5 24.1 24.4 20.4 20.0
DKK million
Income statement
Revenue 75,011 73,585 70,265 60,097 58,541
Gross profit 34,380 32,832 32,067 28,569 28,361
EBITDA 15,822 15,219 15,485 14,367 14,094
Operating profit before special items 11,452 11,147 11,313 10,137 9,718
Special items, net -522 -416 -94 623 -244
Financial items, net -854 -803 -714 -385 -403
Profit before tax 10,076 9,928 10,505 10,375 9,071
Income tax -1,962 -1,983 -1,844 -2,115 -2,240
Profit for the period, continuing operations 8,114 7,945 8,661 8,260 6,831
Net result from discontinued operations 2,258 -47,748 -6,490 -284 -
Profit for the period 10,372 -39,803 2,171 7,976 6,831
Attributable to
Non-controlling interests 1,147 1,011 1,171 1,163 778
Shareholder in Carlsberg Breweries A/S (net
profit) 9,225 -40,814 1,000 6,813 6,053
Statement of financial position
Total assets 103,836 102,183 105,798 114,738 108,100
Invested capital 56,083 51,431 50,463 52,846 69,555
Invested capital excl. goodwill 20,387 19,037 17,931 19,575 27,269
Net interest-bearing debt (NIBD)² 27,125 22,491 19,696 18,843 20,092
Equity, shareholder in Carlsberg Breweries A/S 18,944 14,021 22,481 34,079 28,815
Statement of cash flows
Cash flow from operating activities 11,317 11,615 12,794 11,818 10,866
Cash flow from investing activities -1,503 -6,657 -3,403 -3,965 -5,867
Free cash flow 9,814 4,958 9,391 7,853 4,999
2024 2023 2022 2021 2020¹
Investments
Acquisition of property, plant and
equipment, including right-of-use
assets -5,820 -4,977 -4,598 -4,311 -3,813
Acquisition and disposal of
subsidiaries, net 227 -822 - -621 -2,409
Financial ratios
Gross margin % 45.8 44.6 45.6 47.5 48.4
EBITDA margin % 21.1 20.7 22.0 23.9 24.1
Operating margin % 15.3 15.1 16.1 16.9 16.6
Effective tax rate % 19.5 20.0 17.5 20.4 24.7
Return on invested capital (ROIC) % 16.2 17.3 18.0 15.0 10.5
ROIC excl. goodwill % 41.5 45.7 49.9 39.9 27.1
NIBD/EBITDA x 1.71 1.47 1.27 1.34 1.43
Dividend per share (proposed) DKK 7,185 7,240 7,420 6,986 6,520
Payout ratio % 39 n.m. 370 51 54
Payout ratio, adjusted
3
% 48 49 45 51 51
1
Comparative figures for 2020 include the result from the discontinued operation in Russia.
2
Comparative figures for 2021 have not been restated.
3
Proposed dividend on number of shares at year-end as a percentage of net profit adjusted for special items after
tax, and in 2022-2024 also adjusted for net result from the discontinued operation in Russia.
Please refer to section 9.2 General accounting policies in the consolidated financial statements for definition and
calculation of key figures and ratios.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
5-year summary
8 Carlsberg Breweries Group Annual Report 2024
GROUP REVIEW
The Group delivered good
results with overall positive
development for all key
growth categories despite the
challenging environment in
some of our markets.
VOLUMES
Beer volumes grew organically by 0.2% due to
solid growth in CEEI that more than offset a
decline in Western Europe and Asia. Other
beverage volumes grew organically by 1.6%,
mainly driven by carbonated soft drinks in
Sweden, Finland and Laos, energy drinks in
CEEI and Beyond Beer products in China and
Ukraine.
Growth categories
Our portfolio of international and premium
brands grew by 2%, supported by very strong
growth in CEEI.
Alcohol-free brews grew by 6%. Growth was
broad based across most markets in Wester
Europe and CEEI.
Beyond Beer volumes grew by 5%, driven by
the Garage and Wind Flower Snow Moon
brands.
Our soft drinks portfolio grew by 1%, impacted
by the loss of the Schweppes brand in
Switzerland.
Volumes (million hl)
Beer 101.0 0.2 % 0.0 % - 101.2 0.2 %
Other beverages 24.1 1.6 % 0.0 % - 24.5 1.6 %
Total volume 125.1 0.4 % 0.1 % - 125.7 0.5 %
Operating profit 11,147 5.9 % -0.1 % -3.1 % 11,452 2.7 %
Operating margin (%) 15.1 15.3 20bp
Earnings expectations 2024
Date Expectations for operating profit
7 February 2024 Organic growth of 1-5%
13 August 2024 Organic growth of 4-6%
6 February 2025 Organic growth of 5.9% (reported).
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Group Review
9 Carlsberg Breweries Group Annual Report 2024
“The two most important
priorities on my agenda
in the coming years are
improving the gross
margin and deleveraging
our balance sheet. I’m
pleased with the first
steps achieved in 2024,
with a gross margin
improvement of 120bp.
And the sale of the
Russian business
supports our efforts
towards reaching our
leverage target.”
Ulrica Fearn
CFO
Gross profit/hl increased organically by 5%. The
improvement was due to the higher revenue/hl
and a 1% decline in cost of sales/hl thanks to
efficiency improvements, a positive country mix
and slightly lower commodity prices, the
combination of which more than offset
continued salary inflation, higher packaging
costs and increasing environmental fees. Gross
profit increased organically by 5.9%. The
reported gross margin was 45.8% (+120bp).
We maintained our focus on costs, supporting
our efforts to offset inflation and increase
growth investments in brands and commercial
activities. Marketing investments grew
organically and in reported terms by 6%. As a
percentage of revenue, reported marketing
investments increased to 8.7% (+30bp). Total
reported operating expenses increased by 5.3%,
impacted by higher logistics costs, higher sales
expenses, mainly in Asia, and higher commercial
IT investments.
Other operating activities declined by DKK 90m.
Profit from associates increased by DKK 35m,
mainly due to the good performance of Super
Bock in Portugal.
Operating profit before depreciation,
amortisation and impairment losses (EBITDA)
grew organically by 5.4% and by 4.0% in
reported terms to DKK 15,822m (including the
impact from hyperinflation accounting in Laos
of DKK +87m).
Total operating profit grew organically by 5.9%,
with positive contributions from all three
regions.
The reported operating profit before special
items grew by 2.7%, particularly impacted by
the hyperinflation accounting in Laos,
amounting to DKK -75m, and the weakening of
the Laotian, Ukrainian and Chinese currencies.
The reported operating margin improved by
20bp to 15.3%, mainly because of the improved
gross margin, which more than offset higher
commercial investments.
Section 1 of the consolidated financial statements
contains more details on operating activities.
Net special items (pre-tax) amounted to DKK
-522m (2023: DKK -416m). Special items are
detailed in section 3.1 of the consolidated
financial statements.
Financial items, net, amounted to DKK -854m
(2023: DKK -803m). Excluding currency gains
and losses, financial items, net, amounted to
DKK -1,012m (2023: DKK -654m). The increase
was mainly a result of higher interest rates on
bonds issued in 2023 and higher net interest-
bearing debt. Read more about net financial
items in section 4.3 of the consolidated financial
statements.
Tax totalled DKK -1,962m (2023: DKK -1,983m).
The effective tax rate was 19.5% (2023: 20.0%).
Tax is detailed in section 6 of the consolidated
financial statements.
The Carlsberg Breweries Group’s share of profit
from continuing operations amounted to DKK
6,967m (2023: DKK 6,934m). Impacted by
higher special items, net, financial items and tax
rate, and the impact from hyperinflation
accounting in Laos (DKK -2m).
The Group’s share of consolidated profit (net
profit) for the period was DKK 9,225m,
positively impacted by reversal of impairment
recognised in prior years of DKK 2,258m from
the disposal of the Russian business. Non-
controlling interests’ share of profit for the
period was DKK 1,147m (2023: DKK 1,011m).
ROIC was 16.2% (2023: 17.3%), mainly impacted
by the step acquisition in Nepal and
hyperinflation accounting, the latter reducing
ROIC by 90bp. ROIC excluding goodwill was
41.5% (2023: 45.7%).
CASH FLOW
Free operating cash flow amounted to DKK
6,388m (2023: DKK 7,549m).
The change in trade working capital was DKK
477m (2023: DKK 713m), mainly impacted by an
increase in trade payables. Average trade
working capital to revenue for the year
remained strong at -20.7% (2023: -20.3%). The
change in other working capital was DKK
-1,128m (2023: DKK -976m), mainly impacted
by other receivables.
Total operational investments amounted to
DKK -4,929m (2023: DKK -4,066m), of which
acquisition of property, plant and equipment
(CapEx) amounted to DKK -4,653m (2023:
DKK -3,877m). The higher CapEx was mainly
due to capacity expansion in Asia, including the
greenfield brewery in Foshan, China.
Total financial investments amounted to DKK
+3,426m (2023: DKK -2,591m). The difference
was mainly related to change in financial
investments, which in 2023 was negatively
impacted by cash in deposits not meeting the
definition of cash and cash equivalents. The
positive impact of acquisition of subsidiaries
related to Gorkha Brewery in Nepal. The
change in financial receivables included the
repayment of a loan to the partner in CSAPL,
which was settled as part of the acquisition of
the partner’s 33.33% shareholding in CSAPL.
Free cash flow amounted to DKK 9,814m (2023:
DKK 4,958m). The positive development was
mainly due to the rewinding of a deposit in
2023, financial receivables and acquisitions.
Net cash flow amounted to DKK -1,883m (2023:
DKK 5,254m). Cash flow from financing
activities amounted to DKK -13,955m (2023:
DKK 1,290m), impacted by non-controlling
interests of DKK -6,463m, including the
acquisition of 33.33% of the shares in CSAPL
and the acquisition of the 40% non-controlling
interest in Carlsberg Marston’s Brewing
Company, capital reduction and dividend to the
shareholder of DKK -5,258m, and the net
impact of bond repayment and ECP issuance of
DKK -2,234m.
The net cash flow from discontinued operations
of DKK 2,258m related to the sale of the
Russian business.
FINANCING
At 31 December 2024, net interest-bearing debt
amounted to DKK 27,125m (2023: DKK
22,491m). The increase of DKK 4,634m was
mainly the result of acquisition of non-
controlling interests, the dividend payout and
share buy-back, and CapEx, partly offset by the
proceeds from the disposal of the Russian
business. Net interest-bearing debt/EBITDA was
1.71x (2023: 1.47x).
Read more about capital structure, net interest-
bearing debt and borrowings in sections 4.1, 4.5
and 4.6 of the consolidated financial
statements.
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Group Review
10 Carlsberg Breweries Group Annual Report 2024
CAPITAL ALLOCATION
OUR PRIORITIES
We reconfirm our commitment to our capital allocation principles
– in place since 2016 – albeit we revised our leverage target in
2024.
INVESTING IN
OUR BUSINESS TO DRIVE
LONG-TERM
SUSTAINABLE GROWTH
6%
Our first priority is to ensure the right
investments in our business to drive
sustainable, compounding organic
earnings growth. In 2024, we
increased our marketing investments
by 6% organically in support of our
growth categories and markets.
Marketing investments/revenue
increased by 30bp to 8.7%.
TARGETTING NET
INTEREST-BEARING
DEBT/EBITDA OF BELOW
2.5x
1.71x
Our second priority is our leverage
target of NIBD/EBITDA below 2.5x.
In 2024, we revised our leverage
target from below 2.0x to below 2.5x
due to the increased exposure to
stable, hard currency cash flows
following the exit from Russia and
the acquisition of Britvic plc. As our
leverage increased to above our
target following completion of the
acquisition, we are committed to
reaching our target by the end of
2027 at the latest.
TARGETTING
AN ADJUSTED
PAYOUT RATIO OF
AROUND 50%
48%
Our third priority is to ensure a
consistent dividend payout to our
shareholder. We target a payout
ratio of around 50% of adjusted net
profit. At the Annual General Meeting
the Supervisory Board will propose a
dividend to be paid for 2024 of DKK
7,185 per share, or a total of DKK
3.6bn. This equals an adjusted
payout ratio of 48%.
DISTRIBUTING EXCESS
CASH TO SHAREHOLDER
1.7bn
Our fourth priority is to return excess
cash to the shareholder if we do not
engage in value-accretive M&A. In
2024, we distributed cash worth DKK
1.7bn by capital reduction.
VALUE-
ENHANCING
M&A
2024
We will carry out value-enhancing
M&A if relevant opportunities arise.
In 2024, we announced two major
deals. In July, we announced the
acquisition of Britvic plc, which was
completed in January 2025. In
November, the acquisition of our
partners’ shareholdings in the Indian
and Nepalese businesses was
completed. Read more about these
acquisitions on page 6-7.
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Capital Allocation
11 Carlsberg Breweries Group Annual Report 2024
2025 EARNINGS EXPECTATIONS
For 2025, we are expecting a
relatively stable consumer
environment, although
uncertainty related to
consumer sentiment in both
Asia and Europe remains.
For the business excluding Britvic, we expect a
moderate increase in our total cost base due to
slightly higher marketing investments and
investments in capability building and
technology, while we expect a flattish
development in cost of sales/hl.
The organic development in volumes, revenue
and operating profit will be impacted by the
loss of the San Miguel brand in the UK as of 31
December 2024, with an estimated negative
impact of 2-3 percentage points on organic
operating profit growth for the Group (included
in the earnings expectations).
Consequently, our earnings expectations for
2025 are:
• Organic operating profit growth of 1-5%.
Based on the currency spot rates at 5 February,
we assume a translation impact of around DKK
+150m for 2025. The currency impact does not
include the impact from hyperinflation
accounting in Laos or the currency impact on
profits in Britvic, as the latter will be included in
the acquisition impact in 2025.
EXPECTATIONS FOR BRITVIC
Britvic has been consolidated into Carlsberg’s
financial statements as of 16 January 2025.
Having owned the business for only three
weeks, we are still in the process of assessing
the commercial and financial details of the
company in terms of historical performance and
plans for the future. Our current assessment is
that the commercial and financial situation is in
line with our expectations, giving us confidence
in the business case on which we based our
offer.
For the full-year ending 30 September 2024,
Britvic plc reported an adjusted operating profit
of GBP 250m. We currently assume a similar
level in 2025, driven by underlying business
growth and initial cost synergies offset by items
such as additional commercial investments,
write-offs, accounting differences and impact of
purchase price allocation adjustments.
OTHER RELEVANT
ASSUMPTIONS
Other relevant assumptions, including the
impact from the Britvic acquisition, are:
• Financial expenses, excluding foreign
exchange losses or gains, of DKK 2.6-2.7bn.
The increase compared with 2024 is due to
higher financial leverage as a result of the
acquisition of Britvic plc and the buyout of
the partner in CSAPL.
• Reported effective tax rate of around 23%.
The increase compared with previous years is
due to the acquisition of Britvic plc and
deferred tax deductibility of the acquisition-
related interest expenses.
• Capital expenditure of around DKK 7-8bn
(including estimated capital expenditure for
Britvic), impacted by the construction of a
soft drinks bottling facility in Kazakhstan
ahead of the takeover of the Pepsi licence in
2026.
Forward-looking statements
Forward-looking statements are subject to risks
and uncertainties that could cause the Group’s
actual results to differ materially from those
expressed in the forward-looking statements.
Accordingly, forward-looking statements should
not be relied on as a prediction of actual results.
Please see page 33 for the full forward-looking
statements disclaimer.
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2025 earnings expectations
12 Carlsberg Breweries Group Annual Report 2024
DELIVERING ACROSS THE
VALUE CHAIN
OUR BUSINESS MODEL
We optimise supply chain and back
office systems and processes
We continuously optimise across our value chain to improve service and
profitability. We maximise asset utilisation and standardise processes and
systems to deliver timely data to support growth.
We focus on the markets where
we have a no. 1 or 2 position
Beer is a volume business with significant scale benefits. Our strong
market positions and the expansion of our market share in growth
markets drive economies of scale in sourcing, production, distribution and
sales, supporting the profitability of our business.
We engage in partnerships when
it adds value to our local businesses
We partner with soft drinks and other beverage producers in several
markets. These relationships broaden and enhance our brand portfolio
and expand our market presence, delivering synergies in supply chain,
logistics, sales and customer service.
We optimise our route-to-market
to cater for customer needs
Our customers range from small on-trade outlets to large retail accounts.
Our route-to-market approach varies by market to meet diverse needs
and ensure broad market access – from direct distribution to multi-layered
distributor networks tailored to local customs and logistics.
We deliver attractive portfolios
for all consumer occasions
Our brand portfolio is an appealing mix of international and local premium
beer brands, local core mainstream beer brands, and alcohol-free brews,
Beyond Beer and soft drinks brands. This diverse portfolio supports our
strong market positions and fosters customer and consumer loyalty.
Sustainability makes business sense
Sustainability is integral to our business success and our strategy,
Accelerate SAIL. Our Together Towards ZERO and Beyond programme
helps us mitigate and reduce our risk exposure, capitalise on opportunities
for business growth and strengthen long-term business resilience. This in
turn creates value for stakeholders throughout the value chain. See the
sustainability statement for further detail.
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Our business model
13 Carlsberg Breweries Group Annual Report 2024
Operating our business
Our activities are focused
on markets in which we
have the strength and
brand portfolio to secure a
leading position. We are
united across geographies
by our shared commitment
to our strategy and growth
culture, and our passion
tocontinuously strive
forgreat.
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Our brand portfolio
14 Carlsberg Breweries Group Annual Report 2024
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our brand portfolio
15 Carlsberg Breweries Group Annual Report 2024
OUR STRATEGY
ACCELERATE SAIL
Launched in February 2024, Accelerate SAIL sets high ambitions for top- and bottom-line growth as we sharpen our focus on selected
growth drivers within our portfolio, geographies and capabilities, for which we are ensuring sufficient investments and support. We are
also improving supply chain efficiency, continuing our well-embedded cost focus, developing a growth culture and maintaining our
commitment to ESG.
PORTFOLIO
CHOICES
GEOGRAPHICAL
PRIORITIES
EXECUTION
EXCELLENCE
FUNDING OUR
JOURNEY
WINNING
CULTURE
Accelerate
premium beer and AFB
Accelerate growth
in Asia
Excel at sales, marketing
and innovation
Optimise
sourcing
Build a
growth culture
Strengthen
mainstream core beer
Drive profitable growth
in strongholds
Drive digital
transformation
Unlock
supply chain efficiency
Together Towards
ZERO and Beyond
Step up in
Beyond Beer and soft drinks
Develop high-potential
markets
Manage supply chain
end to end
Continue
cost discipline
Live by
our Compass
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Our strategy
16 Carlsberg Breweries Group Annual Report 2024
OUR PORTFOLIO
CHOICES
In Accelerate SAIL, we
particularly focus on categories
with attractive long-term volume
and value growth opportunities.
This includes premium beer,
alcohol-free brews, Beyond Beer
and softdrinks.
We have a solid foundation with our local
mainstream power brands. With Accelerate SAIL,
we aim to transform our portfolio by increasing
our presence in key growth categories, capturing
our fair share across all the growing segments in
our markets. By increasing investments in
marketing and brand development, and
strengthening our execution capabilities, we aim to
accelerate growth of our premium-margin brands.
The soft drinks category presents long-term
growth opportunities and is an important part of
our business in many markets. It offers numerous
synergistic benefits and attractive prospects,
especially within the no-sugar segments, aligning
perfectly with our commitment to consumer
centricity and future-proofing our strategy.
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Our strategy
17 Carlsberg Breweries Group Annual Report 2024
SUPPORTING CARLSBERG GROWTH
WITH NEW GLOBAL CAMPAIGN
Carlsberg is one of our key international premium
brands. In 2024, we launched a new global
campaign: “Do the best things begin with curiosity?
Probably.” Since our founder opened his brewery in
1847, curiosity has been at the forefront of
everything we do. The Carlsberg Research
Laboratory, founded in 1875, is home to more than
100 scientists dedicated to not only brewing better
beer, but “brewing” a better world – from inventing
the pH scale in 1909 to winning a Nobel Prize for
click chemistry in 2022 and breeding climate-
tolerant plant types for future generations.
9%
CARLSBERG BRAND VOLUME GROWTH
What is the most important growth driver in the
Group’s beer portfolio?
Carlsberg has a strong brand portfolio, consisting of both local
power brands and international premium brands. This
combination allows us to cater for varying consumer needs and
occasions. In particular, we see very attractive volume and value
growth opportunities for our local and international premium
and alcohol-free brands by leveraging segment growth and
improving our market share.
Is soft drinks a new focus area in Accelerate SAIL?
Soft drinks has been an integral part of our business for decades.
We are now a Pepsi bottler in seven markets across Europe and
Asia, and a Coca-Cola bottler in two Nordic markets. Soft drinks
has multiple synergies with beer, including in areas such as back
office and administration, supply chain, logistics, sales and
customer service. As such, the combination of beer and soft
drinks drives top-line opportunities and bottom-line benefits.
“We’re ensuring the
right level of support
for our growth
categories to
support our top-
and bottom-line
growth ambitions.”
Yves Briantais, CMO
GEOGRAPHICAL
PRIORITIES
Our geographical footprint
spans Europe and Asia, across
which we have a no. 1 or2
position in 23 markets. The rest
of the world is serviced through
export or licence agreements.
While market dynamics differ between our
regions, our strategic levers are the same, albeit
with local adaptations.
Despite recent macroeconomic challenges and
weak consumer sentiment in some markets, Asia
has been and remains the key long-term volume
and value growth driver for the Group,
particularly in the key markets of China, Vietnam
and India, where we are leveraging our attractive
portfolios of international premium brands and
strong local brands.
In China, we will continue to support our
strongholds in the western part of the country.
In the big cities, we will strengthen our presence
and market share in the cities we already serve
by developing and advancing our route-to-
market, while continuing to seed for the future
by entering new big cities.
In Vietnam, we are continuing the execution of
our multi-year growth strategy with its clear
ambition of driving growth and market share
gains by expanding our portfolio and increasing
investments in key brands, regions and
capabilities.
In India, we achieved full control of the business
in November 2024. We will now accelerate our
growth journey in this exciting beer market by
expanding our portfolio, strengthening our
route-to-market and investing in capacity.
In our other stronghold markets across our
geographies, we are maintaining our focus on
driving profitable growth by strengthening our
portfolio growth categories, scale and leading
route-to-market set-up.
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Our strategy
18 Carlsberg Breweries Group Annual Report 2024
OUR BUSINESS ININDIA
We first entered India in 2007, when we acquired a
brewery in Himachal Pradesh. This was followed by a
greenfield brewery in Rajastan in 2008. Today, we
have seven breweries in India. With a focused portfolio
comprising Carlsberg and Tuborg, we have consistently
grown our market share, reaching a solid no. 2 position
with a market share of around 21%. Tuborg is the
largest and most popular international brand and
second largest brand overall in India. Having acquired
full ownership of the business, we are excited about our
future growth opportunities in India.
12%
VOLUME GROWTH IN INDIA
Will you change strategy in China in
light of the soft consumer sentiment?
We have not changed our view on China.
We remain committed to this market,
where we continue to see attractive long-
term volume and value growth
opportunities.
Are you looking to expand outside
your current regional exposure?
Beer is a scale business, and having a no.
1 or 2 market position and a strong
regional position are key to profitability.
We strongly believe that our regional
footprint offers appealing revenue and
earnings growth prospects, both in the
short and the long term.
“Our regional
footprint offers
appealing
revenue and
earnings
growth
prospects.”
Jacob Aarup-
Andersen
Group CEO
EXECUTION
EXCELLENCE
To be successful and achieve
our growth ambitions, we must
continuously improve our
commercial capabilities, drive
supply chain excellence and
master digital, data and
processes.
We have identified the key capabilities and
enablers for the delivery of our Accelerate SAIL
ambitions. These require improved tools,
processes and digitisation in areas such as value
management, sales
execution and business-to-
business e-commerce to drive revenue
growth, and in the areas of end-to-
end supply chain management
and transactional processes to
drive productivity.
We will ensure the right investments behind
these capabilities and enablers, many of which
rely heavily on digital components.
Consequently, investments will support the
digital transformation of our business.
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Our strategy
19 Carlsberg Breweries Group Annual Report 2024
TAKING VALUE MANAGEMENT TO
THE NEXT LEVEL
Building on our strong foundation, we are taking our
value management capabilities to the next level.
Leveraging machine learning and cloud computing,
our enhanced value management toolbox allows
improved and more efficient utilisation of data. Using
data from multiple external and internal sources, such
as shopper data, weather data, competitor pricing,
promotional activities, customer data and internal
data, the enhanced toolbox will deliver more accurate
and granular customer-level insights into elasticity
and impact on product, brand and portfolio, enabling
end-to-end simulations across pricing, promotions
and assortment. We have started the roll-out of the
toolbox, which we will continue in the coming years.
In what areas will digital
transformation be particularly
important?
Our digital transformation will be in all
areas of the business. We have set out to
change the traditional role of IT from
being a support function to being a
trusted and strategic business partner
across all functions, delivering impactful
solutions and innovations to unlock value.
Can you leverage the power of
GenAI across Carlsberg?
In the ever-evolving landscape of
technology, GenAI stands out as a
beacon of innovation, driving efficiency
and creativity across various industries.
When I was working in Asia, we launched
the value proposition for GenAI together
with key markets in the region. As we
integrate GenAI tools into our daily
operations, it is crucial for us to
understand both the immense potential
they hold and the risks they entail.
“Our new B2B
e-commerce
programme will
redefine how
we connect
with and know
our customers.”
Anders Roed
CSCO
Where will you step change
capabilities to achieve your ambitions?
We are prioritising seven key capabilities
across the commercial, supply chain and
back office areas, in which we will build
scalable, innovative digital platforms. Within
the commercial area we will particularly
focus on go-to-market excellence, value
management and marketing, while in the
back office area we are working on
simplifying and automating administrative
and retrospective reporting tasks to free up
resources to focus on driving insights and
proactively identifying opportunities for
growth.
What are you doing in e-commerce?
We have launched a digital transformation
programme that focuses on bringing the best
of modern-day e-commerce capabilities to
our customers. By leveraging advanced
analytics and AI capabilities, we aim to
deliver a personalised and seamless
experience to our customers, enabling them
to grow their business.
“The digital
transformation
of Carlsberg
is key to
deliver on
our growth
ambition.”
Esther Wu
CIO
FUNDING OUR
JOURNEY
Funding our Journey is a
crucial element in Accelerate
SAIL, as it will provide the
financial headroom for the
increased commercial
investments.
Being well embedded in our corporate culture,
the Funding our Journey mindset has served us
well since first introduced in 2015. We remain
committed to Funding our Journey and the
continuous strict focus on cost and cash.
In Accelerate SAIL, we are expanding the reach
of Funding our Journey, taking the programme
to the next level with a firm ambition to restore
gross margin to pre-COVID levels. This will
facilitate the step-up in investment levels
required to capture the growth opportunities for
our brands and in our markets.
We have identified significant savings and
efficiency opportunities within supply chain,
including in areas such as procurement, value
engineering and standardisation of raw and
packaging materials, production and brewing,
and logistics.
We are maintaining the focus on SG&A costs,
enabled by our operating cost management
(OCM) framework.
Supporting the delivery of our high ambitions,
we have anchored responsibility and
performance management of the supply chain
savings in ExCom to ensure top leadership
attention, fast execution and alignment
between functions, regions and markets.
Furthermore, incentive structures align with the
savings ambitions.
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Our strategy
20 Carlsberg Breweries Group Annual Report 2024
TRANSFORMING SUPPLY CHAIN
PLANNING
First launched in Malaysia in 2023, OnePlan is
a new-generation planning tool that brings
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 identification of
capacity constraints and faster response time
to changes in demand. Leveraging learnings
from Malaysia, we continued the market
preparation and roll-out in 2024.
What are the key levers to
restorethe gross margin to
pre-COVID levels?
As for supply chain levers, we will
not be dependent on commodity
prices coming down. The margin
improvement will mainly be driven
by initiatives within our control
related to procurement, raw materials
and packaging, and brewing and
production. However, the gross margin
will also benefit from pricing and, over
time, mix as we premiumise our
portfolio.
How important is
the development in
commodity prices for
the marginuplift?
Being sourced on the open
market, we are not in control
of commodity prices.
Consequently, we base
our margin ambition on
initiatives within our control.
Victor Shevtsov
EVP, Supply Chain
WINNING
CULTURE
We are a purpose-driven
company with high ambitions
and clear priorities. Our winning
culture is built on our ambition to
grow ourpeople, our growth
culture principles andour
contribution to societies at large.
We believe that our people and culture set us
apart.
To successfully deliver on our Accelerate SAIL
growth priorities, we need an even stronger
growth focus. We are therefore evolving our
culture to empower our entire organisation to
shift into growth mode. By translating our
growth principles into tangible behaviours, ways
of working, leadership practices and aligned
incentive programmes, we are creating the
foundation for success. Our growth culture is
the foundation for unlocking growth, enabling
us to deliver strong results today and tomorrow.
Living by our Compass is an integral part of our
Winning Culture. This entails doing business well
and responsibly, upholding our commitment to
making the right choices in how we conduct our
business as we brew for a better today and
tomorrow. We expect and empower all our people
to act ethically and make the right choices in their
daily work, setting the tone from the top, ensuring
that integrity underpins our business success and
reputation.
Our contribution to societies at large is delivered
through our comprehensive and ambitious ESG
programme, which is expanded on in the
following pages and in the sustainability
statement.
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Our strategy
21 Carlsberg Breweries Group Annual Report 2024
Are you changing the
corporate culture at
Carlsberg?
We are building on our already strong
performance-driven culture. While we
will evolve our culture to support our
growth ambitions, we remain
committed to the strengths that have
brought us to where we are today.
Is the growth culture well
embedded across Carlsberg?
We began our new growth journey in
2024 with the launch of Accelerate
SAIL and our growth culture principles.
Embedding a culture across a global
organisation takes time, but much of
the foundation we need is already in
place. We are now focused on
supporting our people in
embracing the growth
principles and, together,
continuously building
the culture we need
to succeed.
Susanne
Skippari
CHRO
OUR GROWTH CULTURE
Recognising that our people work in different
markets, cultures, functions and roles, we
launched five common growth principles, which
will serve as our north star for the behaviours
that we expect of our employees. Our growth
culture means striving for the extraordinary by
challenging the status quo, setting stretched
targets and driving innovation. It is about
fostering a workplace fuelled by positive energy,
compassion, collaboration and inclusion, where
achievements are celebrated. Our passion for
consumers is at the heart of everything we do,
making us true ambassadors for our brands. We
prioritise fast, make data-driven decisions and
embrace failures as opportunities to learn. Our
growth culture empowers, supports and grows
our people, enabling everyone to reach their full
potential.
We live by Semper Ardens
and constantly strive for the
extraordinary
We foster an environment of
positive energy and
compassion
We are passionate about the
consumer in everything we do
We decide fast and deliver
with excellence
We empower, support and
grow our people to reach their
full potential
TOGETHER TOWARDS
ZERO AND BEYOND
Our ESG programme, Together Towards
ZERO and Beyond (TTZAB), is an integral
part of Accelerate SAIL, focusing on the 11
most material ESG issues affecting our
business.
TTZAB is our response to global challenges such as climate
change, water scarcity and inequality. TTZAB supports our licence
to operate and reputation, and strengthens our relationships with
stakeholders.
Meeting our targets and commitments will be challenging and
demands transformative change – across our operations and
value chain – thatwe cannot achieve alone. Therefore, partnering
with suppliers, customers, consumers and communities remains
central to our approachas we drive progress Together Towards
ZERO and Beyond.
Read more about our ESG actions in the sustainability statement.
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Our strategy
22 Carlsberg Breweries Group Annual Report 2024
Responsible Sourcing
We strive to partner with suppliers who share
our values and responsible approach to doing
business.
Diversity, Equity & Inclusion
We are committed to providing a diverse and
inclusive global workplace where everyone
belongs and can be at their best.
Human Rights
We are committed to respecting the human
rights of the people connected to our business
and our value chain.
Living by our Compass
We are committed to conducting our business
with integrity in a responsible, honest and
ethical manner.
Community Engagement
We give back to the communities we are part
of through local partnerships, brand
campaigns and employee volunteering.
ZERO
CARBON
FOOTPRINT
ZERO
FARMING
FOOTPRINT
ZERO
PACKAGING
WASTE
ZERO
WATER WASTE
ZERO
IRRESPONSIBLE
DRINKING
ZERO
ACCIDENTS
CULTURE
DRIVING PROGRESS FOR TOGETHER TOWARDS ZERO AND BEYOND
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our strategy
23 Carlsberg Breweries Group Annual Report 2024
ZERO CARBON FOOTPRINT
We aim to eliminate carbon emissions from our breweries
by 2030 and reach net ZERO for our entire value chain by
2040. In 2024, the relative emissions at our breweries were
2.7 kg CO
2
e/hl. This was a reduction of 60% against our
2015 baseline. The absolute carbon emissions decreased by
58% in the same period. Our relative value chain emissions
declined by 3% from 2022 to 2024. Read more in the
sustainability statement.
-58%
absolute emissions from our breweries 2015-2024.
ZERO WATER WASTE
We are working hard to minimise our water usage across
our breweries. We target a water usage efficiency of 2.0 hl/
hl globally and 1.7 hl/hl at our breweries in high-risk areas.
We also target 100% replenishment of water consumption
at breweries in high-risk areas by 2030. Read more in the
sustainability statement.
4 new projects
on water replenishment in China and Laos.
ZERO FARMING FOOTPRINT
We aim to have 30% of our raw materials grown using
regenerative agricultural practices by 2030 and 100% by
2040. Recognising that our approach will vary depending
on geographic and climatic circumstances, our initial
actions include formalising the principles of regenerative
agriculture, engaging with our suppliers on the topic and
plugging new regenerative agriculture requirements into
our automated procurement process. Read more in the
sustainability statement.
ZERO ACCIDENTS CULTURE
We are creating a ZERO accidents culture that aims to
ensure that everyone returns home safely every day. We
want to achieve a year-on-year reduction in the accident
rate to achieve ZERO lost-time accidents. We put a strong
focus on instilling safe behaviours across our business.
Read more in the sustainability statement.
-69%
lost-time accidents 2015-2024.
ZERO PACKAGING WASTE
Our ambitious targets for 2030 include shifting 100% to
recyclable, reusable or renewable packaging, a 90%
collection and recycling rate for bottles and cans, a 50%
reduction in virgin fossil-based plastic and 50% recycled
content in bottles and cans. Our actions include projects
and innovations across markets, global collaboration with
suppliers, and industry engagement and advocacy to
support the roll-out of effective deposit return schemes.
Read more in the sustainability statement.
ZERO IRRESPONSIBLE DRINKING
Our targets reflect our commitment to responsible drinking,
moderation and enjoyment of our products as part of a
balanced lifestyle, and to offer consumers alternatives if
they choose not to consume alcohol. We promote
responsible drinking and have committed to having 100%
responsible drinking messaging through packaging and
brand activations, 100% availability of alcohol-free brews
and 35% of our brews to be low- or no-alcohol by 2030.
Read more in the sustainability statement.
RISK MANAGEMENT
In conducting our business and
executing our strategy, we
seek to manage risks in such a
way as to minimise the threats
they present.
As with any business, we face a number of risks
and uncertainties that could have both short-
term and long-term implications for the Group.
The aim of our risk management approach is to
address these risks and uncertainties in due time.
GOVERNANCE STRUCTURE
The Supervisory Board is ultimately responsible
for the risk management framework and its
effectiveness.
The Board is made aware of the material risks
facing the company on an ongoing basis. At
least once a year, the Board reviews the overall
risk matrix and conducts deep dives into
selected risks. The identified risks, including risk
development, are subsequently monitored by
the Board, ensuring that plans are in place to
manage the individual risks, such as strategic,
operational, financial and compliance risks.
The Supervisory Board may choose to delegate
the monitoring of one or more specific risks to a
board committee, which then reports back to
the Supervisory Board on progress.
The Executive Committee (ExCom) is
responsible for reviewing the overall risk
exposure associated with the Group’s activities
and ensuring that appropriate actions are taken.
RISK MANAGEMENT PROCESS
Our risk management process ensures timely
identification and proactive management of
risks and uncertainties throughout the year.
Risks are assessed according to a two-
dimensional heat map that estimates the
impact of the risk on operating profit or brand/
image and the likelihood of the risk
materialising.
The risks identified in the heat map represent
the most significant current and emerging risks
to the company over the next 3-5 years.
The identification of risks is founded on a
systematic bottom-up/top-down approach
involving markets, regions and functions. This is
complemented with external views, including
publicly available white papers from leading
organisations and enterprises.
Local and functional risk assessment workshops
follow the same principles and methodology as
Group-level risk assessment, and are held at
appropriate intervals, or as a minimum on an
annual basis.
Our most significant risks are assessed
holistically by ExCom, which considers changes
to the risk environment and the adequacy of
our risk response, generally applying a time
horizon of up to five years, although some risks
may have a longer time horizon.
ExCom assigns risk owners, who are responsible
for mitigating the risks through a programme of
risk management activities. Each key risk is
assigned to an ExCom member, who assumes
ultimate responsibility for risk mitigation.
ExCom conducts half-yearly reviews of the risk
heat map and mitigation plans, and also
conducts a deep dive into heightened risks at
least twice a year. Our principal risks are
presented to and discussed with the Supervisory
Board at least once a year.
Read about the management of sustainability
risks in the sustainability statement.
IDENTIFIED RISKS
The most significant risks are presented in the
following paragraphs. Other significant risks
identified included the digital transformation of
our company, supply chain interruption due to
climate risks and resource scarcity, upholding
product quality and safety, talent and
workforce shortage, and reputational risks
stemming from potential human rights and ESG
concerns.
Legal and regulatory compliance
Risk movement
Heightened versus last year.
Description
Carlsberg faces potential significant legal and
regulatory compliance risks as the regulatory
landscape expands, and the international focus
on competition law, anti-corruption, trade
sanctions, tax compliance and health standards
is increasing.
The risk is further exacerbated by the Group’s
growth in complex markets.
Failure to comply with regulations and Group
policies may lead to fines, claims, and brand
and reputation damage.
The Group is party to certain ongoing lawsuits
and disputes. These and their significance are
described in section 3.4 of the consolidated
financial statements.
Mitigation
We maintain a strong tone from the top and
continuously review and strengthen the Group-
wide control framework covering legal
compliance areas, including, but not limited to,
competition law, anti-bribery & corruption and
trade sanctions to reflect areas of increased
regulatory focus.
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Risk Management
24 Carlsberg Breweries Group Annual Report 2024
We periodically update our Code of Ethics &
Conduct and related Group legal and
compliance policies as needed. To ensure
thorough understanding, we provide mandatory
training to all relevant employees on a regular
basis. We also continuously strive to include
health concerns in our innovation efforts.
Read more about our compliance efforts in the
sustainability statement.
Macroeconomic and financial
volatility
Risk movement
Heightened versus last year.
Description
Across our regions, the Group is subject to a
volatile and uncertain macroeconomic and
financial environment, impacting inflation,
interest rates, unemployment and consumer
sentiment. The volatile macroeconomic
environment may also lead to governments
seeking to add additional revenue streams from
higher taxes, including excise duties.
Such conditions influence the Group in multiple
ways, including, but not limited to, the pricing of
raw and packaging materials, the ability to
implement price increases, and execution of the
Group’s growth agenda as set out in our
refreshed strategy, Accelerate SAIL.
In addition, the variability in financial markets,
interest rate fluctuations and currency instability
impact the Group’s financial flexibility.
Mitigation
We employ scenario planning and agile
financial management, leverage our value
management capabilities and deploy localised
strategies to address volatility and adapt to
market-specific challenges.
Our public affairs team, in cooperation with
relevant industry associations, seeks to engage
in fact-based dialogue with relevant public
authorities on changes in regulation, including
within the areas of tax and excise duty.
In addition, our well-embedded and rigorous
performance management system allows us to
quickly adapt to changes in the trading
environment.
These measures aim to safeguard growth,
maintain financial flexibility and ensure
operational stability across our key markets.
Geopolitical uncertainty
Risk movement
Heightened versus last year.
Description
The geopolitical environment is challenged by
wars, civil unrest and an increased level of
global geopolitical tensions.
The wider impact of these challenges may be
economic instability in key markets, inflation
and recession, posing a risk to operational
resilience and financial flexibility.
Mitigation
We monitor the global geopolitical situation on
an ongoing basis and develop scenarios for
intervention in the event that tensions emerge
or further evolve.
In our scenario analyses, we apply lessons
learned from various geographies, including the
impact and consequences of the situation in
Russia.
Consumer preferences
Risk movement
New.
Description
Consumer preferences are continuously
changing, including for areas such as
consumption occasions, liquid preferences,
alcohol intake, and purchasing habits and
patterns.
The Group faces a risk of market share and
volume loss if we fail to respond, adapt and
evolve our product portfolio to cater for
changing and emerging consumer trends and
the evolving beverage landscape.
Mitigation
Accelerate SAIL has a clear focus on stepping
up investments in and support of key growth
categories, including premium beer, alcohol-free
brews, Beyond Beer and soft drinks, and
capabilities, including within sales execution and
digital. See pages 16-23 for more information on
Accelerate SAIL.
To ensure a consumer-centric focus and
superior marketing and sales capabilities, in
2024 we further strengthened ExCom with the
appointment of a Chief Marketing Officer and a
Chief Strategy & Commercial Officer.
Cyber and IT security
Risk movement
Unchanged versus last year.
Description
The Carlsberg Breweries Group relies heavily on
technology and IT infrastructure for its day-to-
day business. A cyber attack or non-availability
of IT systems could have severe financial,
regulatory and reputational consequences for
our business.
Mitigation
Our Chief Information Security Officer (CISO)
leads an independent cyber security function
within our IT organisation. The CISO coordinates
risk mitigation plans and activities with ExCom
and the Supervisory Board.
As the cyber security threat assessment has
intensified in recent years, we have
strengthened our protective work to counter the
risk. Furthermore, we deploy a wide array of
advanced defensive technologies, as well as
continuing to embed our risk management
framework in all layers of the organisation. We
undertake regular testing of our security
controls via an ongoing series of technological
audits and breach simulations.
As the threat landscape remains difficult, we
continue to invest in improving our security and
mitigation activities.
Britvic integration
Risk movement
New.
Description
The Britvic acquisition is significant and entails
financial and operational risks until the
company has been successfully integrated. Any
integration process requires significant
operational resources on both sides, which may
impact our ability to execute other initiatives
and daily operations.
Mitigation
We prioritise thorough due diligence, robust
integration planning and clear governance
structures.
Dedicated teams are assigned to manage
business continuity and integration processes,
ensuring alignment with Carlsberg's operational
standards and strategic goals. Additionally, we
closely monitor resource allocation to minimise
disruption to ongoing initiatives and daily
operations.
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Risk Management
25 Carlsberg Breweries Group Annual Report 2024
CORPORATE GOVERNANCE
Our governance framework
aims to ensure value creation,
safeguard active and
transparent stewardship across
the Group and reduce risk.
The Carlsberg Breweries Group governance
framework is aligned with the Carlsberg Group.
A comprehensive description of the Carlsberg
Group’s corporate governance position is
available www.carlsberggroup.com/who-we-
The Group has policies for a number of key
areas, including, but 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 Supervisory Board is responsible for
overseeing that the Executive Committee has an
adequate system and resources in place to
ensure compliance with these policies.
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Corporate Governance
26 Carlsberg Breweries Group Annual Report 2024
INTERNAL CONTROL AND RISK
MANAGEMENT RELATED TO
THE OVERALL CONTROL
ENVIRONMENT FOR THE
FINANCIAL REPORTING PROCESS
The Supervisory Board and ExCom have overall
responsibility for the Carlsberg Breweries
Group’s internal control environment.
The Audit Committee is responsible for
monitoring the effectiveness of the overall
internal control environment and risk
management systems, in particular related to
the financial reporting process.
The Group has a number of policies and
procedures in key areas of financial reporting,
including the Finance Policy, the Accounting
Manual, the Controller Manual, the Use of
Auditors Policy, the Chart of Authority, the Risk
Management Policy, the Financial Risk
Management Policy, the Corporate Governance
Policy, the Information Security & Acceptable
Use Policy, the Stock Exchange Compliance
Policy, the Tax Policy and the Code of Ethics &
Conduct.
The policies and procedures apply to all
subsidiaries, and we expect standards similar to
those set out in the Carlsberg codes and policies
for non-controlled entities.
The Group’s internal control framework for
financial reporting is designed to reduce and
mitigate financial risks identified and ensure
reliable internal and external financial reporting.
It defines roles and responsibilities, and provides
assurance that key risks are covered by internal
control activities.
While systems and processes are not
standardised across all entities, all entities are
subject to the same set of internal key controls.
The Group continuously seeks to strengthen the
internal control environment through further
standardisation, increased automation, strong
analytics and transparent governance.
The internal financial control framework is
monitored through entities’ self-assessment of
the effectiveness of the implemented controls
and continuous testing of performance by the
Group’s Internal Controls function. The
monitoring of the performance of the controls
focuses on the adequacy of the controls, their
design and operating effectiveness, and the
efficiency of the overall controlling processes.
Risk assessment
In the internal control framework for financial
reporting, the Group has identified the risks that
could have a direct or indirect material impact
on the financial statements. Group entities are
required to carry out and document the internal
controls defined by the Group to cover the key
risks identified.
All Group entities are further required to
reassess the coverage and effectiveness of their
controls biannually and to document additions
to the local internal control framework for
financial reporting addressing local risks.
Furthermore, Group entities are required to
maintain mapping of risks related to the
segregation of duties and to implement
necessary compensating controls, thereby
continuously strengthening the internal control
environment and enforcing optimal segregation
of duties in the ERP systems.
The segregation of duties within the main ERP
systems is continuously monitored by the
Group’s Internal Control function.
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Corporate Governance
27 Carlsberg Breweries Group Annual Report 2024
Control activities and monitoring
The Group has implemented a formalised
financial reporting process, budget process,
estimates and monthly reporting on actual
performance. The accounting information
reported by all Group companies is reviewed by
controllers with regional or functional in-depth
knowledge of the individual companies/
functions and by technical accounting
specialists.
Controllers are continuously updated on best
practice relating to internal financial controls,
and trained in new accounting and reporting
requirements.
The entities in the Group are dependent on IT
systems. Any weaknesses in the system
controls or IT environment are compensated for
by manual controls to mitigate any significant
risk relating to the financial reporting.
The quality of processes and associated internal
controls is subject to continuous monitoring and
testing by the Group’s Internal Control function
as well as to regular internal audits.
The Audit Committee’s monitoring covers both
the internal control environment and business
risk.
The financial risks are assessed and reviewed at
multiple levels in the Group, including monthly
performance review meetings at ExCom level,
periodic review of control documentation, and
audits performed by Group Internal Audit.
GROUP INTERNAL AUDIT
Group Internal Audit provides objective and
independent assessment of the adequacy,
effectiveness and quality of the Group’s internal
controls. Group Internal Audit works in
accordance with a charter, which is reviewed
periodically and approved by the Audit
Committee.
Taking into account the annual review of
business risks (see pages 24-25), an internal
audit plan is drawn up for the year. The plan is
reviewed and approved by the Audit Committee.
In 2024, Group Internal Audit conducted audits
mainly in the areas of key operational
processes, financial reporting controls, brewery
operations, compliance (internal and external
regulation) and information technology.
In addition, Group Internal Audit continuously
assesses the adequacy of actions implemented
by management to address previously raised
risks and control issues.
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Corporate Governance
28 Carlsberg Breweries Group Annual Report 2024
1
SPEAKUP
Our whistleblower system
1
The Group encourages open communication
about company culture, ethics and values. We
provide several channels for our employees,
value chain workers, consumers and business
partners to report suspected breaches of our
Code of Ethics & Conduct, including bribery and
corruption, or other concerns, without fear of
retaliation.
While employees are encouraged to share
concerns directly with managers or local HR or
compliance representatives, any individual –
internal or external – can report concerns
anonymously through our SpeakUp system.
The SpeakUp system is a 24-hour grievance
mechanism operated by an external provider. It
is accessible via phone or online at
speakup@carlsberg.com, and available in local
languages across our markets.
We have robust processes in place to ensure
compliance with the EU Whistleblower
Protection Directive. The SpeakUp Manual,
which clarifies how investigations should be
undertaken, is regularly updated to reflect the
most recent changes in legislation and new
tools used in investigations.
Reviewing and investigating
complaints
2
All reports received through the SpeakUp
system or other channels are treated seriously.
To ensure confidentiality, an independent
SpeakUp Review team, which is part of Group
Internal Audit, reviews all reports.
Reporters receive acknowledgement upon
submission of a report and are notified when
investigations conclude.
Serious matters are overseen by our Integrity
Committee, chaired by the CFO, with members
from HR, Group Internal Audit and Legal &
Compliance, including follow-up of major
SpeakUp investigations, with a report to ExCom
and the Audit Committee at least quarterly. The
SpeakUp Summary report contains an overview
of all open and closed investigations during the
quarter and the time taken to resolve cases.
Remediation actions developed as a result of
serious matters are tracked by Group Internal
Audit to ensure they are implemented in a
timely manner. Where a matter is upheld, or
partially upheld, we take appropriate
disciplinary action as required.
Less serious matters are allocated to the
market to investigate, track and resolve with
timely remediation plans.
In 2024, we received 229 reports. These included
146 reports of suspected misconduct, compared
to 188 in 2023, covering issues such as bribery,
conflicts of interest and other integrity breaches.
Of the 147 cases closed, 72 were fully or
partially upheld, leading to actions, including 30
dismissals, 38 warnings and 26 feedback
meetings.
The incidents have not had any material impact
on the financial results of the Group.
Promoting a culture of speaking up
3
In Q1 2024, we launched an internal campaign
to promote SpeakUp throughout our markets.
As part of this campaign, information about
SpeakUp was disseminated through posters,
intranet articles and town hall or department
meetings in all markets where Carlsberg has
operations, and in export and licence markets
where such activities were conducted for the
first time.
In addition to regular SpeakUp campaigns, a
survey was initiated in Q4 2024 to understand
awareness among employees of the SpeakUp
system and experience of it in order to identify
areas for further improvement of the SpeakUp
process and understand reporting behaviours of
employees.
In order to assess how comfortable our
employees feel about speaking their minds, our
My Voice survey includes a question on whether
employees feel comfortable speaking freely. In
2024, this question scored 75, which was five
points above the external benchmark of nearly
1,100 companies – reflecting our commitment to
fostering a culture of safety, transparency and
open dialogue.
Protecting people raising concerns
4
The SpeakUp Manual and Code of Ethics &
Conduct explicitly prohibit retaliation against
those who report concerns in good faith or
participate in investigations. Managers may not
dismiss, demote, suspend, threaten, harass or in
any other way discriminate against an
employee who reports a suspected violation in
good faith.
1
G1-1; 10a, S1-3; 32a, 32b, 32c, 32d, S2-3; AR25, S2-3;
27a, 27b, 27c S4-3; 25a, 25b, 25c.
2
G1-1; 10e, G1-3; 18c, S1-3; 32e, G1-4; 24b, S2-3; 27d,
S4-3; 25d.
3
S1-3; 33, S2-3; 28, S4-3; 26.
4
G1-1, 10c, S1-3; 33, S2-3; 28, S4-3; 26.
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Corporate Governance
29 Carlsberg Breweries Group Annual Report 2024
SUPERVISORY BOARD
HENRIK POULSEN
Chair (since 2022)
Nationality: Danish
Year of birth: 1967
Appointed (until): 2021 (2025)
Board function: Non-executive, independent
director
Henrik Poulsen has extensive executive and
board experience in large international
companies, significant financial knowledge and
in-depth knowledge of mergers and
acquisitions, strategy, risk management, ESG,
transformation and innovation. He is Senior
Advisor to A.P. Moller Holding.
Henrik is Deputy Chair of the Board of
Directors, member of the Audit Committee and
Chair of the Remuneration Committee of Novo
Nordisk. He is Chair of the Board of Directors at
Faerch, and a member of the Boards of
Directors of Novo Holdings and Bertelsmann SE
& Co.
MAJKEN SCHULTZ
Nationality: Danish
Year of birth: 1958
Appointed (until): 2019 (2025)
Board function: Non-executive, non-
independent director
Majken Schultz has substantial experience as a
professor and advisor in change management,
organisational culture and branding, and in how
companies address future climate goals. She
has 25 years of board experience in companies
working in areas such as finance, consumer
products and food. In addition to her analytical
and strategic capabilities, she has a broad
international network and expertise.
Majken holds a PhD and is a Professor at
Copenhagen Business School and Chair of the
Board of Directors of the Carlsberg Foundation.
She is actively involved in the Danish business
community and is a founder partner in the CBS
board education programme. She is a member
of the Danish Committee on Foundation
Governance.
JACOB AARUP-ANDERSEN
Nationality: Danish
Year of birth: 1977
Appointed (until): 2023 (2025)
Board function: Executive, non-independent
director
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.
ULRICA FEARN
Nationality: Swedish
Year of birth: 1973
Appointed (until): 2023 (2025)
Board function: Executive, non-independent
director
Ulrica joined Carlsberg 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.
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Supervisory Board
30 Carlsberg Breweries Group Annual Report 2024
JUSTYN APELT-SALAMON
Nationality: Danish/Polish
Year of birth: 1980
Appointed (until): 2024 (2026)
Board function: Employee representative
Justyn Apelt-Salamon is Integrated Information
Technology (IIT) Senior Manager, Carlsberg
Breweries A/S.
EVA VILSTRUP DECKER
Nationality: Danish
Year of birth: 1964
Appointed (until): 2014 (2026)
Board function: Employee representative
Eva Vilstrup Decker is Senior Director, Customer
Service & Sourcing, Carlsberg Breweries A/S.
PETER PETERSEN
Nationality: Danish
Year of birth: 1969
Appointed (until): 2022 (2026)
Board function: Employee representative
Peter Petersen is President of the Staff
Association and Process Lead at Carlsberg
Supply Company Danmark A/S.
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Supervisory Board
31 Carlsberg Breweries Group Annual Report 2024
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ESRS data points
32 Carlsberg Breweries Group Annual Report 2024
FORWARD-LOOKING STATEMENTS
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 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:
geopolitical volatility, financial and economic
uncertainty (including interest rates and
exchange rates), financial and regulatory
developments, legal and regulatory compliance,
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, cyber and IT threats, issue of
new trade sanctions, 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.
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Forward-looking statements
33 Carlsberg Breweries Group Annual Report 2024
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General disclosures
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General disclosures
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2
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General disclosures
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General disclosures
41 Carlsberg Breweries Group Annual Report 2024
Carlsberg value chain and
presentation of sustainability-
related impacts, risks and
opportunities (IROs)
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General disclosures
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General disclosures
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General disclosures
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Environment
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Environment
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Environment
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Environment
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Environment
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Environment
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Environment
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Environment
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54 Carlsberg Breweries Group Annual Report 2024
ACCOUNTING POLICIES continued
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Environment
55 Carlsberg Breweries Group Annual Report 2024
GHG intensity (market-based) 110
Climate
change
mitigation
Climate
change
adaptation
Water (7)
Pollution
(8)
Circular
economy
(9)
Biodiversity
(10)
Climate
change
mitigation
Climate
change
adaptation
Water (13)
Pollution
(14)
Circular
economy
(15)
Biodiversity
(16)
Minimum
safeguards
(17)
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Environment
56 Carlsberg Breweries Group Annual Report 2024
Climate change
mitigation (5)
Climate change
adaptation (6)
Water (7)
Pollution (8)
Circular
economy (9)
Biodiversity (10)
Climate change
mitigation (11)
Climate change
adaptation (12)
Water (13)
Pollution (14)
Circular
economy (15)
Biodiversity (16)
Minimum
safeguards (17)
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Environment
57 Carlsberg Breweries Group Annual Report 2024
Climate change
mitigation (5)
Climate change
adaptation (6)
Water (7)
Pollution (8)
Circular
economy (9)
Biodiversity (10)
Climate change
mitigation (11)
Climate change
adaptation (12)
Water (13)
Pollution (14)
Circular
economy (15)
Biodiversity (16)
Minimum
safeguards (17)
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Environment
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Environment
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Environment
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Environment
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Environment
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Environment
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Environment
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Environment
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Environment
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Environment
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Environment
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Environment
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Social
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Social
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Social
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Social
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Social
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Social
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Social
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Social
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Social
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Social
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Social
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Social
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Social
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Social
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Social
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Governance
85 Carlsberg Breweries Group Annual Report 2024
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Governance
86 Carlsberg Breweries Group Annual Report 2024
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Governance
87 Carlsberg Breweries Group Annual Report 2024
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Appendices
88 Carlsberg Breweries Group Annual Report 2024
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Appendices
APPENDIX 1: Data points that derive from other EU legislation
89 Carlsberg Breweries Group Annual Report 2024
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Appendices
90 Carlsberg Breweries Group Annual Report 2024
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Appendices
APPENDIX 3: BP-2 disclosures on value chain estimates and measurement uncertainties
91 Carlsberg Breweries Group Annual Report 2024
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Appendices
APPENDIX 4: ADDITIONAL ACCOUNTING POLICIES
92 Carlsberg Breweries Group Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Income statement 94
Statement of comprehensive income 94
Statement of financial position 95
Statement of changes in equity 96
Statement of cash flows 97
Notes 98
SECTION 1
OPERATING ACTIVITIES
1.1 Segmentation of operations
98
1.2 Operating expenses and inventories
101
1.3 Cash flow from operating
activities
102
1.4 Trade and other receivables
103
SECTION 2
ASSET BASE AND RETURNS
2.1 Segmentation of assets and returns
107
2.2 Intangible assets and property, plant
and equipment
109
2.3 Impairment
113
SECTION 3
SPECIAL ITEMS, PROVISIONS AND
OTHER LIABILITIES
3.1 Special items
120
3.2 Provisions
122
3.3 Other liabilities
123
3.4 Contingent liabilities
123
SECTION 4
FINANCING COSTS, CAPITAL
STRUCTURE AND EQUITY
4.1
Capital structure and financial risk
management 124
4.2
Equity 125
4.3
Financial income and expenses 126
4.4
Financial assets and liabilities 128
4.5
Net interest-bearing debt 129
4.6
Borrowings and cash 129
4.7
Interest rate risk 131
4.8
Foreign exchange and commodity
risk 132
4.9
Funding and liquidity risk 136
SECTION 5
ACQUISITIONS, NON-CONTROLLING
INTERESTS, ASSOCIATES AND
DISCONTINUED OPERATION AND
DISPOSALS
5.1 Acquisitions
138
5.2 Non-controlling interests and
associates
142
5.3 Disposals and discontinued
operations
143
5.4 Contingent considerations
145
SECTION 6
TAX
6.1 Income tax 146
6.2 Tax assets and liabilities 147
SECTION 7
STAFF COSTS AND REMUNERATION
7.1 Staff costs 149
7.2 Remuneration 150
7.3 Share-based payments 150
7.4
Retirement benefit obligations and
similar obligations 152
SECTION 8
OTHER DISCLOSURE REQUIREMENTS
8.1
Hyperinflation 155
8.2
Fees to auditors 157
8.3
Related parties 157
8.4
Events after the reporting period 158
SECTION 9
BASIS FOR PREPARATION
9.1 Significant accounting estimates and
judgements
159
9.2 General accounting policies 159
9.3 Changes in accounting policies 161
9.4 New legislation 161
9.5 Key definitions 162
SECTION 10
GROUP COMPANIES
10 Group companies 163
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93 Carlsberg Breweries Group Annual Report 2024
INCOME STATEMENT
DKK million Section 2024 2023
Revenue 1.1.1 75,011 73,585
Cost of sales 1.2.1 -40,631 -40,753
Gross profit 34,380 32,832
Sales and distribution expenses 1.2.2 -19,242 -18,355
Administrative expenses -4,343 -4,042
Other operating activities, net 1.2.3 45 135
Share of profit after tax of associates 5.2 612 577
Operating profit before special items 11,452 11,147
Special items, net 3.1 -522 -416
Financial income 4.3 1,009 792
Financial expenses 4.3 -1,863 -1,595
Profit before tax 10,076 9,928
Income tax 6.1 -1,962 -1,983
Profit from continuing operations 8,114 7,945
Net result from discontinued operations 5.3 2,258 -47,748
Profit for the period 10,372 -39,803
Attributable to
Non-controlling interests 5.2 1,147 1,011
Shareholder in Carlsberg Breweries A/S (net profit) 9,225 -40,814
STATEMENT OF COMPREHENSIVE INCOME
DKK million Section 2024 2023
Profit for the period 10,372 -39,803
Other comprehensive income
Retirement benefit obligations 7.4 -93 -71
Income tax 6.1 12 -29
Items that will not be reclassified to the income statement -81 -100
Foreign exchange adjustments of foreign entities 4.2, 4.3 874 37,781
Hyperinflation restatement of equity 8.1 2,428 -
Fair value adjustments of hedging instruments 4.2, 4.3 2 920
Income tax 6.1 30 -44
Items that will be reclassified to the income statement 3,334 38,657
Other comprehensive income 3,253 38,557
Total comprehensive income 13,625 -1,246
Attributable to
Non-controlling interests 2,138 753
Shareholder in Carlsberg Breweries A/S 11,487 -1,999
Total comprehensive income for the period arises from
Continuing operations 11,367 6,272
Discontinued operations 2,258 -7,518
Total comprehensive income 13,625 -1,246
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94 Carlsberg Breweries Group Annual Report 2024
STATEMENT OF FINANCIAL POSITION
DKK million Section 31 Dec. 2024 31 Dec. 2023
ASSETS
Non-current assets
Intangible assets 2.2, 2.3 43,663 40,390
Property, plant and equipment 2.2, 2.3 26,883 24,248
Investments in associates 5.2 3,938 4,706
Receivables 1.4 812 879
Tax assets 6.2 1,984 1,755
Total non-current assets 77,280 71,978
Current assets
Inventories 1.2.1 5,953 5,811
Trade receivables 1.4 4,947 5,171
Tax receivables 381 219
Other receivables 1.4 2,490 2,551
Prepayments 1,184 835
Deposits and securities 4.6.2 59 2,236
Cash and cash equivalents 4.6.2 11,542 13,382
Total current assets 26,556 30,205
Total assets 103,836 102,183
DKK million Section 31 Dec. 2024 31 Dec. 2023
EQUITY AND LIABILITIES
Equity
Share capital 4.2.1 496 497
Reserves -496 -2,819
Retained earnings 18,944 16,343
Equity, shareholder in Carlsberg Breweries A/S 18,944 14,021
Non-controlling interests 2,841 2,515
Total equity 21,785 16,536
Non-current liabilities
Borrowings 4.5, 4.6.1 27,392 30,763
Retirement benefit obligations 7.4 1,275 1,357
Tax liabilities 6.2 4,076 4,160
Provisions 3.2 1,720 1,554
Other liabilities 3.3 1,495 314
Total non-current liabilities 35,958 38,148
Current liabilities
Borrowings 4.5, 4.6.1 10,748 8,503
Trade payables 23,311 22,172
Deposits on returnable packaging materials 1,728 1,717
Provisions 3.2 942 921
Tax payables 1,204 1,052
Other liabilities 3.3 8,160 13,134
Total current liabilities 46,093 47,499
Total liabilities 82,051 85,647
Total equity and liabilities 103,836 102,183
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STATEMENT OF CHANGES IN EQUITY
2024 Section Shareholder in Carlsberg Breweries A/S
DKK million
Share
capital
Currency
translation
Hedging
reserves
Total
reserves
Retained
earnings Total
Non-
controlling
interests
Total
equity
Equity at 1 January 497 -2,639 -180 -2,819 16,343 14,021 2,515 16,536
Profit for the period - - - - 9,225 9,225 1,147 10,372
Other comprehensive income 4.2.2 - 2,042 281 2,323 -61 2,262 991 3,253
Total comprehensive income for the period - 2,042 281 2,323 9,164 11,487 2,138 13,625
Capital reduction 4.2.1 -1 - - - -1,659 -1,660 - -1,660
Refund to parent company for exercise of share-based payments - - - - -83 -83 - -83
Change in expected future refunds for exercise of share-based payments - - - - 55 55 - 55
Share-based payments 7.3 - - - - 100 100 - 100
Dividend paid to the shareholder 4.2.1 - - - - -3,598 -3,598 -1,376 -4,974
Non-controlling interests 5.2 - - - - -1,378 -1,378 -436 -1,814
Total changes in equity -1 2,042 281 2,323 2,601 4,923 326 5,249
Equity at 31 December 496 -597 101 -496 18,944 18,944 2,841 21,785
2023 Section Shareholder in Carlsberg Breweries A/S
DKK million
Share
capital
Currency
translation¹
Hedging
reserves¹
Total
reserves
Retained
earnings Total
Non-
controlling
interests
Total
equity
Equity at 1 January 498 -40,889 -822 -41,711 63,694 22,481 2,820 25,301
Profit for the period - - - - -40,814 -40,814 1,011 -39,803
Other comprehensive income 4.2.2 - 38,250 642 38,892 -77 38,815 -258 38,557
Total comprehensive income for the period - 38,250 642 38,892 -40,891 -1,999 753 -1,246
Capital reduction 4.2.1 -1 - - - -2,999 -3,000 - -3,000
Refund to parent company for exercise of share-based payments - - - - -126 -126 - -126
Change in expected future refunds for exercise of share-based payments - - - - 162 162 - 162
Share-based payments 7.3 - - - - 126 126 1 127
Dividend paid to the shareholder 4.2.1 - - - - -3,695 -3,695 -1,149 -4,844
Non-controlling interests 5.2 - - - - 72 72 90 162
Total changes in equity -1 38,250 642 38,892 -47,351 -8,460 -305 -8,765
Equity at 31 December 497 -2,639 -180 -2,819 16,343 14,021 2,515 16,536
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. Following the
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96 Carlsberg Breweries Group Annual Report 2024
STATEMENT OF CASH FLOW
DKK million Section 2024 2023
Operating profit before special items 11,452 11,147
Depreciation, amortisation and impairment losses 2.2 4,370 4,072
Operating profit before depreciation, amortisation and impairment
losses 15,822 15,219
Other non-cash items -631 -496
Change in trade working capital 477 713
Change in other working capital -1,128 -976
Restructuring costs and other special items paid -222 -530
Interest etc. received 507 328
Interest etc. paid -1,088 -564
Income tax paid -2,420 -2,079
Cash flow from operating activities 1.3 11,317 11,615
Acquisition of property, plant and equipment 2.2 -4,653 -3,877
Acquisition of intangible assets 2.2 -362 -356
Disposal of property, plant and equipment and intangible assets 2.2 85 177
Change in on-trade loans 1.3 1 -10
Total operational investments -4,929 -4,066
Free operating cash flow 6,388 7,549
Acquisition of subsidiaries 5.1 254 -826
Disposal of subsidiaries -27 4
Acquisition of associates 5.2 -161 -7
Change in financial investments 4.6.2 2,179 -2,248
Change in financial receivables 389 -26
Dividends received 792 512
Total financial investments 3,426 -2,591
Cash flow from investing activities -1,503 -6,657
Free cash flow 9,814 4,958
DKK million Section 2024 2023
Shareholder in Carlsberg Breweries A/S 4.2.1 -5,258 -6,695
Non-controlling interests 4.2.1 -6,463 -1,106
External financing 4.6.1 -2,234 9,091
Cash flow from financing activities -13,955 1,290
Net cash flow from continuing operations -4,141 6,248
Net cash flow from discontinued operations¹ 5.3 2,258 -994
Net cash flow -1,883 5,254
Cash and cash equivalents at 1 January 13,382 8,163
Cash and cash equivalents included in discontinued operations
at 1 January - 1,194
Foreign exchange adjustment of cash and cash equivalents 11 -1,229
Cash and cash equivalents at 31 December¹ 4.6.2 11,510 13,382
¹ Cash and cash equivalents less bank overdrafts.
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97 Carlsberg Breweries Group Annual Report 2024
SECTION 1
OPERATING ACTIVITIES
The Group’s businesses are managed from the perspective of Carlsberg’s operating segments and
selected financial data is presented on this basis. Further, detailed in the sections below are the key
amounts recognised when arriving at the Group’s operating profit before special items, cash flow
from operating activities and trade and other receivables.
Operating margin
1
DKKbn
9.7 10.1 11.3 11.1 11.5
16.6%
16.9%
16.1%
15.1%
15.3%
Operating profit before special items (DKKbn) Operating margin
2020 2021 2022 2023 2024
0.0
10.0
20.0%
1
2020 including Russia, 2021-2024 excluding Russia.
IN THIS SECTION:
1.1 Segmentation of operations
98
1.1.1 Revenue
99
1.1.2 Operating profit before special items
100
1.1.3 Operating margin
100
1.2 Operating expenses and inventories
101
1.2.1 Cost of sales and inventories
101
1.2.2 Sales and distribution expenses
101
1.2.3 Other operating activities, net
102
1.3 Cash flow from operating activities
102
1.4 Trade and other receivables
103
1.4.1 Receivables
103
1.4.2 On-trade loans
104
1.4.3 Credit risk
105
SECTION 1.1
SEGMENTATION OF OPERATIONS
Segmentation of income statement
DKK million
2024
Western
Europe Asia
Central &
Eastern
Europe and
India
Not
allocated
Carlsberg
Breweries
Group, total
Revenue 38,081 20,466 16,454 10 75,011
Cost of sales -21,154 -10,266 -9,206 -5 -40,631
Sales and distribution expenses -10,294 -4,807 -3,570 -571 -19,242
Share of profit after tax of associates 362 54 196 - 612
Other expenses -1,721 -815 -835 -927 -4,298
Operating profit before special items 5,274 4,632 3,039 -1,493 11,452
Special items, net
-522
Financial items, net
-854
Profit before tax
10,076
Income tax
-1,962
Profit from continuing operations
8,114
Net result from discontinued operations 2,258
Profit for the period 10,372
Operating margin 13.9% 22.6% 18.5% 15.3%
CHANGES TO SEGMENTATION
The regional structure of the Group was changed as of 1 January 2024, with the aim of rebalancing
the regions in terms of size and number of business units. Entities in India and Nepal moved from the
Asia region to Central & Eastern Europe, now renamed Central & Eastern Europe and India. At the
same time, Carlsberg Shared Services moved from Not allocated to Western Europe. The disclosure
in the Annual Report follows the new regional segmentation as used in the internal reporting to the
Executive Committee throughout 2024. The comparative figures for 2023 have been restated
accordingly.
Not allocated comprises income and expenses incurred for ongoing support of the Group’s overall
operations and strategic development. The expenses include costs of running central functions and
marketing, such as global sponsorships.
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98 Carlsberg Breweries Group Annual Report 2024
SECTION 1.1 (CONTINUED)
SEGMENTATION OF OPERATIONS
DKK million
2023
Western
Europe Asia
Central &
Eastern
Europe and
India
Not
allocated
Carlsberg
Breweries
Group, total
Revenue 37,317 20,780 15,467 21 73,585
Cost of sales -21,269 -10,503 -8,919 -62 -40,753
Sales and distribution expenses -9,771 -4,753 -3,273 -558 -18,355
Share of profit after tax of associates 307 49 221 - 577
Other expenses -1,609 -987 -650 -661 -3,907
Operating profit before special items 4,975 4,586 2,846 -1,260 11,147
Special items, net
-416
Financial items, net
-803
Profit before tax
9,928
Income tax
-1,983
Profit from continuing operations
7,945
Net result from discontinued operations -47,748
Profit for the period -39,803
Operating margin 13.3% 22.1% 18.4% 15.1%
Not allocated revenue, DKK 10m (2023: DKK 21m), consisted of DKK 875m (2023: DKK 750m) in
revenue and DKK -865m (2023: DKK -729m) from eliminations of sales between the geographical
segments.
ACCOUNTING POLICIES
Segment information
The Group’s beverage activities are segmented according to the three geographical regions where sales
take place. These regions make up the Group’s reportable segments.
The segmentation reflects the geographical and strategic management, decision and reporting structure
applied by the Executive Committee for monitoring the Group’s strategic and financial targets. Segments
are managed based on business performance measured as operating profit before special items.
The geographical allocation of revenue and non-current assets is based on the selling entities’ domicile
and comprises countries individually accounting for more than 10% of the Group’s consolidated revenue as
well as the domicile country.
Decisions on items included in special items such as significant impairments, restructurings, disposals, and
step acquisitions of entities as well as on financing (financial income and expenses) are made based on
information for the Group as a whole and therefore not segmented. A similar approach is taken regarding
tax associated with these transactions. The segmentation of the Group’s assets and returns is disclosed in
section 2.1.
1.1.1 REVENUE
Revenue by category
DKK million 2024 2023
Beer 55,279 54,312
Other beverages 18,649 18,277
Other goods and services 1,083 996
Total 75,011 73,585
Revenue and excise duties
DKK million 2024 2023
Revenue, including excise duties 100,366 97,740
Excise duties -25,355 -24,155
Total 75,011 73,585
Geographical allocation of revenue
DKK million 2024 2023
Denmark (Carlsberg Breweries A/S’ domicile) 5,039 4,919
China 12,883 13,354
UK 8,249 7,902
Other countries 48,840 47,410
Total 75,011 73,585
The Group’s revenue arises primarily from the sale of beverages to its customers. In 2024, total
revenue was positively impacted by volume growth and improved revenue/hl growth driven by
premium growth and price increases. Reported revenue growth was partly offset by a negative
currency impact.
Other goods and services by category is sales of products other than beverages that do not drive any
volume, such as merchandise, services and by-products. In aggregate, other revenue accounts for
around 1% of the Group’s total revenue and is therefore not considered material.
The distribution of revenue between beer and other beverages relative to volumes is largely the same
across regions.
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99 Carlsberg Breweries Group Annual Report 2024
SECTION 1.1 (CONTINUED)
SEGMENTATION OF OPERATIONS
1.1.2 OPERATING PROFIT BEFORE SPECIAL ITEMS
Group operating profit increased by 2.7% with positive contributions from all three regions partly
offset by the hyperinflation accounting in Laos and by currency impact. Organic growth in operating
profit was 5.9%.
1.1.3 OPERATING MARGIN
The operating margin increased to 15.3% compared to 15.1% in 2023. The increase was mainly driven
by improved gross margin, which more than offset higher marketing investments.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group considers all terms and activities in contracts with customers in order to determine the
performance obligation, the transaction price and the allocation of the transaction price.
If the consideration in a contract includes a variable amount, the Group estimates the consideration to
which it will be entitled in exchange for transferring goods to the customer. The variable consideration is
estimated at contract inception based on expected sales volumes using historical and year-to-date sales
data and other information about trading with the individual customer or with a group of customers.
The Group estimates discounts using either the expected value method or the most likely amount method,
depending on which method better predicts the amount of consideration to which it will be entitled.
The most likely amount method is used for contracts with a single contract sum, while the expected value
method is used for contracts with more than one threshold because of the complexity and the activities
agreed with the individual customer.
Certain contracts related to specific major events that are held within such a short time period that it is not
possible to sell all the goods during the event (e.g. football matches) give the customer the right to return
the goods within a specified period.
The Group uses the expected value method to estimate the goods that will not be returned, as this method
best predicts the amount of variable consideration to which the Group will be entitled. For goods that are
expected to be returned, the Group recognises a refund liability instead of revenue.
Management makes judgements when deciding whether supporting activities with customers should be
classified as a discount or a marketing expense. Generally, activities with an individual customer are
accounted for as a discount, whereas costs related to broader marketing activities are classified as
marketing expenses.
Whether the Group is acting as a principal or an agent is assessed by management on a country-by-
country basis. The Group has concluded that it acts as the principal in its revenue arrangements because it
controls the goods before transferring them to the customer.
Excise duties, taxes and fees
The classification of duties, taxes and fees paid to local authorities or brewery organisations etc. requires
management to make judgements on the classification.
Locally imposed duties, taxes and fees are typically based on product type, alcohol content, consumption
of certain raw materials, such as glue, plastic or metal in caps, and energy consumption. These are
classified as either sales- or production-related.
Excise duties are generally imposed by the tax authorities as taxes on consumption and are collected by
the Group on behalf of the authorities when the goods are transferred to the customers and thereby ready
for consumption.
Taxes and fees related to the input/use of goods in production, distribution etc. are recognised as part of
the cost of the goods or services purchased. The type of authority or organisation imposing the duty, tax
or fee and the objective of this are key factors when determining the classification.
ACCOUNTING POLICIES
Revenue
Recognition and measurement
Revenue from contracts with customers comprises sales of goods, royalty income, rental income from
non-stationary equipment, service fees and sales of by-products.
Revenue from the sale of own-produced finished goods, goods for resale (third-party products) and by-
products is recognised at the point in time when the control of goods and products is transferred to the
customer, which is generally upon delivery. For contracts providing the customer with a right of return
within a specified period, the Group considers the timing of recognition.
Revenue from sales- or usage-based royalties is recognised when (a) the customer subsequently sells or
uses the goods, or (b) the performance obligation to which some or all of the sales- or usage-based
royalty has been allocated is satisfied (or partially satisfied), whichever is later.
Revenue from contracts with customers is measured at an amount that reflects the expected consideration
for those goods. Amounts disclosed as revenue exclude discounts, VAT and excise duties collected on
behalf of authorities.
The Group considers whether contracts include separate performance obligations to which a portion of the
transaction price needs to be allocated. In determining the transaction price, the Group considers the
effects of variable consideration. No element of financing is deemed present, as payment is generally
made on the basis of cash on delivery or up to 30 days of credit.
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100 Carlsberg Breweries Group Annual Report 2024
SECTION 1.1 (CONTINUED)
SEGMENTATION OF OPERATIONS
Variable consideration
The Group offers various discounts depending on the nature of the customer and business.
Discounts comprise off-invoice discounts, volume- and activity-related discounts, including specific
promotion prices offered, and other discounts. Furthermore, discounts include the difference between the
present value and the nominal amount of on-trade loans to customers, cf. section 1.4.
Off-invoice discounts arise from sales transactions where the customer immediately receives a reduction in
the sales price. This also includes cash discounts and incentives for early payments.
Volume- and activity-related discounts is a broad term covering incentives for customers to sustain
business with the Group over a longer time and may be related to a current campaign or a sales target
measured in volumes or total value. Examples include discounts paid as a lump sum, discounts for
meeting certain sales targets or progressive discounts offered in step with increasing sales to a customer.
Other discounts include listing fees, i.e. fees for certain listings on shelves, in coolers or in favourable store
locations, as specific promotions of this nature are closely related to the volumes sold.
SECTION 1.2
OPERATING EXPENSES AND INVENTORIES
1.2.1 COST OF SALES AND INVENTORIES
Cost of sales
DKK million 2024 2023
Cost of materials 23,282 23,811
Direct staff costs 1,638 1,555
Amortisation and depreciation 2,571 2,411
Indirect production overheads 5,311 5,145
Purchased finished goods and other costs 7,829 7,831
Total 40,631 40,753
Cost of sales declined by 0.3% compared with 2023, due to enhanced efficiencies and slightly lower
commodity prices. Cost of sales per hl declined by 0.8% compared with 2023.
Inventories
DKK million 2024 2023
Raw materials 2,445 2,359
Work in progress 343 399
Finished goods 3,165 3,053
Total 5,953 5,811
Inventories increased by 2% compared with 2023, driven by an increase in packaging materials in
Central & Eastern Europe and India and higher finished goods in Asia.
ACCOUNTING ESTIMATES AND JUDGEMENTS
At least once a year, management assesses whether the standard cost of inventories approximates the
actual cost. During the year, the standard cost is revised if it deviates by more than 5% from the actual
cost. Indirect production overheads are calculated on the basis of relevant assumptions as to capacity
utilisation, production time and other factors.
The calculation of the net realisable value of inventories is relevant to packaging materials, point-of-sale
materials and spare parts. The net realisable value is normally not calculated for beer and soft drinks due
to their limited shelf-life, which means that slow-moving goods must be scrapped instead.
ACCOUNTING POLICIES
Cost of sales comprises cost of materials used in own-produced finished goods, including malt (barley),
hops, glass, cans, other packaging materials, direct labour, indirect production overheads and standard
cost variations. It further comprises purchased finished goods, which include cost of point-of-sale materials
and third-party products sold to customers.
Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and
software, as well as maintenance and depreciation of machinery, plant and equipment used for
production.
The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes
the purchase cost and costs directly related to bringing inventories to the relevant place of sale and
getting them ready for sale, for example insurance, freight and duties.
Inventories are measured at the lower of standard cost (own-produced finished goods) and weighted
average cost (other inventories), or net realisable value. The net realisable value is the estimated selling
price less costs of completion and costs necessary to make the sale, also taking into account
marketability, obsolescence and developments in expected selling price.
The cost of scrapped/impaired goods is expensed in the function (line item) responsible for the loss, i.e.
losses during distribution are included in distribution expenses, while scrapping of products due to sales not
meeting forecasts is included in sales expenses.
1.2.2 SALES AND DISTRIBUTION EXPENSES
Sales and distribution expenses
DKK million 2024 2023
Marketing expenses 6,539 6,169
Sales expenses 5,599 5,371
Distribution expenses 7,104 6,815
Total 19,242 18,355
Marketing expenses increased due to greater investments in brands and activities. Distribution
expenses increased by 4% as a result of higher warehousing and employee expenses. Total
marketing, sales and distribution expenses increased by 5%.
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101 Carlsberg Breweries Group Annual Report 2024
SECTION 1.2 (CONTINUED)
OPERATING EXPENSES AND INVENTORIES
ACCOUNTING POLICIES
Marketing expenses consist of expenses for brand marketing and trade marketing.
Brand marketing is an investment in the Group’s brands and consists of brand-specific investments in the
development of communication vehicles, which are used to drive the sale of branded products, sales
campaigns and sponsorships.
Trade marketing is promotional activities directed towards customers, such as the supply of point-of-sale
materials, promotional materials and trade offers.
Sales expenses comprise costs relating to general sales activities, write-downs for bad debt losses, wages
and salaries as well as depreciation and impairment of sales equipment. Distribution expenses comprise
costs incurred in distributing goods, wages and salaries, and depreciation and impairment of distribution
equipment.
1.2.3 OTHER OPERATING ACTIVITIES, NET
Other operating activities, net
DKK million 2024 2023
Gains and losses on disposal of property, plant and equipment and intangible assets 44 47
On-trade loans 18 95
Real estate 18 13
Research centres -90 -71
Other 55 51
Total 45 135
Other operating activities are secondary to the principal activities of the Group and include income
and expenses relating to rental properties, restaurants, on-trade loans, research activities, and gains
and losses on disposal of intangible assets and property, plant and equipment.
ACCOUNTING POLICIES
Gains and losses on disposal of intangible assets and property, plant and equipment are determined as the
sales price less selling costs and the carrying amount at the disposal date.
On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less
impairment.
Expenses relating to research activities comprise research in France. Product development costs are
included in cost of sales.
SECTION 1.3
CASH FLOW FROM OPERATING ACTIVITIES
Other specifications of cash flow from operating activities
DKK million Section 2024 2023
Other non-cash items
Share of profit after tax of associates 5.2 -612 -577
Gain on disposal of property, plant and equipment and intangible
assets, net 2.2 -44 -47
Share-based payments 100 127
Hyperinflation 8.1 -87 -
Other items 12 1
Total -631 -496
Trade working capital
Inventories -22 -143
Trade receivables 81 224
Trade payables, duties payable and deposits on returnable packaging
materials 418 632
Total 477 713
Other working capital
Other receivables -439 -24
Other payables -325 -167
Retirement benefit obligations and provisions -350 -782
Unrealised foreign exchange gains/losses -14 -3
Total -1,128 -976
Change in on-trade loans
Loans provided -547 -448
Repayments 303 218
Total amortisation of on-trade loans 245 220
Total 1 -10
The change in trade working capital was DKK 477m (2023: DKK 713m), mainly impacted by an
increase in trade payables. Average trade working capital to revenue for the year was -20.7% (2023:
-20.3%). The change in other working capital was DKK -1,128m (2023: DKK -976m), mainly impacted
by other receivables.
Restructuring costs and other special items paid amounted to DKK -222m (2023: DKK -530m),
mainly due to various restructuring and optimisation projects across Western Europe and acquisition
costs.
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102 Carlsberg Breweries Group Annual Report 2024
SECTION 1.3 (CONTINUED)
CASH FLOW FROM OPERATING ACTIVITIES
Net interest etc. paid amounted to DKK -581m (2023: DKK -236m). The increase was mainly due to
an increase in net interest expenses, partially offset by settlement of financial instruments.
Income tax paid amounted to DKK -2,420m (2023: DKK -2,079m).
SUPPLIER FINANCE ARRANGEMENTS
A number of the Group’s suppliers participate in supplier finance arrangements, with a supply chain
finance provider and related financial institutions acting as a funding partner. When suppliers
participate in these programmes, they have the option of receiving early payment but, regardless of
whether or not the suppliers choose early payment, the liability is recognised in trade payables until
the due date of the invoice. Payment terms for suppliers included in a supplier finance arrangement
typically range from 60 to 180 days and payment terms for similar suppliers not included range from
15 to 140 days. Termination of the supplier finance arrangement would not constitute a significant risk
in terms of liquidity because of the amounts involved and the number of supply chain finance
providers.
Carrying amount of liabilities involved in supplier finance arrangements
DKK million 2024
Suppliers have received payment 2,364
Suppliers have not received payment 278
Total 2,642
SALE OF RECEIVABLES
Carlsberg has chosen to sell some of its trade receivables in selected Western European markets in
non-recourse factoring agreements to expedite cash collection from groups of customers. Carlsberg
does not carry any credit risk on these customers and has no continuing involvement in these trade
receivables, which have therefore been derecognised.
The impact on average trade working capital from the use of supplier finance arrangements and
factoring is limited, as the utilisation is similar to previous years.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The deposit on returnable packaging materials is estimated based on movements during the year in
recognised liabilities, loss of returnable packaging materials in the market, planned changes in packaging
types and historical information about return rates.
ACCOUNTING POLICIES
Trade payables are recognised initially at fair value and subsequently measured at cost. Trade payables
comprise purchase of goods and services, including payables to supplier finance providers, and
retrospective rebates to customers, and are part of the normal working capital cycle. The cash flow arising
from all trade payables is part of cash flow from operating activities.
The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit
price, an estimate of the number of bottles, kegs, cans and crates in circulation, and expected return rates.
SECTION 1.4
TRADE AND OTHER RECEIVABLES
1.4.1 RECEIVABLES
The Group’s trade receivables consist of receivables from sales of goods and services and on-trade
loans. Non-current receivables consist mainly of on-trade loans that fall due more than one year
from the reporting date.
Receivables included in the statement of financial position
DKK million
Non-
current Current Total
2024 Receivables
Trade
receivables
Other
receivables
Receivables from sales of goods and services - 4,699 - 4,699
On-trade loans 617 248 - 865
Other receivables 195 - 2,490 2,685
Total receivables 812 4,947 2,490 8,249
2023
Receivables from sales of goods and services - 4,935 - 4,935
On-trade loans 657 236 - 893
Other receivables 222 - 2,551 2,773
Total receivables 879 5,171 2,551 8,601
The carrying amount of receivables approximates their fair value. For on-trade loans, the fair value is
calculated as discounted cash flows using the interest rate at the reporting date.
Other receivables primarily comprise VAT and similar government receivables, interest receivables
and other financial receivables. These are associated with low risk.
Of the total non-current receivables, DKK 123m (2023: DKK 124m) falls due more than five years from
the reporting date.
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103 Carlsberg Breweries Group Annual Report 2024
SECTION 1.4 (CONTINUED)
TRADE AND OTHER RECEIVABLES
RECEIVABLES FROM SALES OF GOODS AND SERVICES
(BROKEN DOWN BY COUNTRY)
The distribution of receivables broken down by country is affected by market-specific changes in
payment patterns. For receivables from sales of goods and services, the distribution is furthermore
impacted by the value of receivables sold. The overall level of receivables sold in non-recourse
factoring schemes was similar to the level in 2023.
1.4.2 ON-TRADE LOANS
On-trade loans recognised in other operating activities, net
DKK million 2024 2023
Interest and amortisation of on-trade loans recognised in other operating activities 60 60
Losses and write-downs on on-trade loans -42 35
On-trade loans, net 18 95
Under certain circumstances, the Group grants loans to on-trade customers in France, the UK,
Switzerland, Germany and Sweden. On-trade loans are spread across a large number of customers/
debtors and consist of several types of loan, including loans repaid in cash or through reduced
discounts and guarantees for loans provided by third parties, cf. section 3.4.
The operating entities monitor and control these loans in accordance with Group guidelines.The
specification of the cash flow related to on-trade loans is specified in section 1.3.
The average effective interest rate on loans to the on-trade was 4.6% (2023: 4.7%). The interest
income is recognised in other operating activities.
ON-TRADE LOANS
(BROKEN DOWN BY COUNTRY)
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104 Carlsberg Breweries Group Annual Report 2024
2024 2023
g
UK 17% 18%
g
Sweden 10% 8%
g
Poland 7% 9%
g
Denmark 6% 7%
g
India 6% 4%
g
Ukraine 3% 2%
g
France 3% 6%
g
Other 48% 46%
2024 2023
g
Germany 34% 32%
g
France 30% 28%
g
Switzerland 23% 26%
g
Sweden 10% 10%
g
UK 3% 4%
SECTION 1.4 (CONTINUED)
TRADE AND OTHER RECEIVABLES
1.4.3 CREDIT RISK
Credit risk on receivables
DKK million
2024
Gross
receivables
Loss
allowance
Receivables,
net
Weighted
average
loss rate
Receivables from sales of goods and services
Not past due 4,584 -212 4,372 5%
Overdue 1-30 days 249 -46 203 18%
Overdue 31-90 days 167 -53 114 32%
Overdue > 90 days 343 -333 10 97%
Receivables from sales of goods and services 5,343 -644 4,699
On-trade loans
Not past due 791 -94 697 12%
Overdue 1-30 days 11 -1 10 9%
Overdue 31-90 days 28 -3 25 11%
Overdue > 90 days 471 -338 133 72%
On-trade loans 1,301 -436 865
Other receivables
Not past due 2,529 -9 2,520 -
Overdue 1-30 days 24 - 24 -
Overdue 31-90 days 66 - 66 -
Overdue > 90 days 88 -13 75 15%
Other receivables 2,707 -22 2,685
Total 9,351 -1,102 8,249
Credit risk on receivables
DKK million
2023
Gross
receivables
Loss
allowance
Receivables,
net
Weighted
average
loss rate
Receivables from sales of goods and services
Not past due 4,809 -186 4,623 4%
Overdue 1-30 days 362 -97 265 27%
Overdue 31-90 days 87 -46 41 53%
Overdue > 90 days 343 -337 6 98%
Receivables from sales of goods and services 5,601 -666 4,935
On-trade loans
Not past due 864 -102 762 12%
Overdue 1-30 days 15 -2 13 13%
Overdue 31-90 days 25 -4 21 16%
Overdue > 90 days 415 -318 97 77%
On-trade loans 1,319 -426 893
Other receivables
Not past due 2,553 -1 2,552 -
Overdue 1-30 days 23 - 23 -
Overdue 31-90 days 66 - 66 -
Overdue > 90 days 146 -14 132 10%
Other receivables 2,788 -15 2,773
Total 9,708 -1,107 8,601
In 2024, receivables not past due amounted to 85% (2023: 85%) of total gross receivables.
The past-due share of gross loans to on-trade customers was 39% (2023: 34%). Total accumulated
allowances for impairment losses on on-trade loans were DKK 436m (2023: DKK 426m) and the
share of receivables from sales of goods and services past due was unchanged compared with 2023
at 14%.
The credit risk on trade receivables is assessed locally and monitored at Group level. The on-trade
channel, especially in Western Europe, continues to experience challenges as a result of a weak
consumer sentiment. As a result, the credit risk for on-trade loans has increased on a collective basis
since initial recognition, which is why loss allowances are measured at an amount equal to the
lifetime expected credit losses. This is the same as for receivables from sales of goods and services.
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105 Carlsberg Breweries Group Annual Report 2024
SECTION 1.4 (CONTINUED)
TRADE AND OTHER RECEIVABLES
Development in impairment losses on receivables
DKK million
2023
2024
Receivables
from sales
of goods
and services
On-trade
loans
Other
receivables Total Total
Impairment at 1 January -666 -426 -15 -1,107 -1,067
Additional impairment losses recognised -23 -32 -7 -62 -151
Realised during the year 5 3 - 8 27
Reversal of impairment losses 78 17 - 95 115
Acquisition of entities -33 - - -33 -24
Disposal of entities - 4 - 4 -
Foreign exchange adjustments -5 -2 - -7 -7
Impairment at 31 December -644 -436 -22 -1,102 -1,107
ACCOUNTING ESTIMATES AND JUDGEMENTS
On-trade loan agreements are complex, cover several aspects of the customer relationship and may vary
from agreement to agreement. Management assesses the recognition and classification of income and
expenses for each agreement, including the allocation of payments from the customer between revenue,
discounts, interest (other operating activities) and repayment of the loan.
Management also assesses both individually and on a portfolio basis whether developments in local
conditions for on-trade customers could impact the expected credit losses. Exposure to credit risk on
receivables and loans is managed locally, and credit limits are set as considered appropriate for the
customer, taking into account the current local market conditions. When assessing the risk locally, entities
assess the credit risk and adhere to Group guidelines, which include setting credit limits, encouraging cash
payment, purchasing credit insurance and holding collateral.
In assessing credit risk, management analyses the need for impairment of trade receivables and on-trade
loans due to customers’ inability to pay.
At year-end 2024, management continued to assess the lifetime expected credit losses for both
receivables from goods and services and on-trade loans in line with 2023.
Expected credit losses are assessed for portfolios of receivables based on customer segments, historical
information on payment patterns, terms of payment and concentration maturity. The expected impact
includes the risk of insolvencies due to lack of liquidity.
The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-
trade loans carry a higher risk than receivables from sales of goods and services and are concentrated in a
few markets.
The credit risk on on-trade loans can be reduced by means of collateral and pledges of on-trade movables
(equipment in bars, cafés etc.). The fair value of the pledged on-trade movables cannot be estimated
reliably but is assessed to be insignificant, as they cannot readily be reused.
ACCOUNTING POLICIES
Receivables are recognised initially at the transaction price and subsequently measured at amortised cost
less loss allowance or impairment losses. Trade receivables comprise sales of goods and services as well
as short-term on-trade loans to customers. Other receivables comprise VAT receivables, loans to partners
and associates, interest receivables and other financial receivables.
For on-trade loans, any difference between the present value and the nominal amount at inception is
treated as a prepaid discount to the customer, and the discount is recognised in the income statement in
accordance with the terms of the agreement.
The market interest rate is used as the discount rate, corresponding to the money market rate based on
the maturity of the loan with the addition of a risk premium. The effective interest on these loans is
recognised in other operating activities, net. The amortisation of the difference between the discount rate
and the effective interest rate is included as a discount in revenue.
The Group applies the simplified approach to measure expected credit losses. This entails recognising a
lifetime expected loss allowance for all receivables from sales of goods and services. Loss rates are
determined based on grouping of receivables sharing the same credit risk characteristics and past-due
days.
Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or
lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since
initial recognition.
In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves
selling receivables from sales of goods and services to a factor. Receivables subject to factoring
agreements are derecognised once the criteria for derecognition have been met and all substantial risks
and rewards transferred. The Group does not have any continuing involvement once the receivables have
been derecognised.
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106 Carlsberg Breweries Group Annual Report 2024
SECTION 2
ASSET BASE
AND RETURNS
Return on invested capital (ROIC) is a performance ratio that shows how efficiently our businesses
are performing. There is a continued focus on ROIC as part of the Group’s Accelerate SAIL strategy to
continue to create value for stakeholders.
Additionally, this section provides details on the Group’s intangible assets and property, plant and
equipment and the results of the impairment testing.
Return on invested capital
1
DKKbn
69.6 52.8 50.5 51.4 56.1
10.5%
15.0%
18.0%
17.3%
16.2%
Invested capital ROIC (12-month average)
2020 2021 2022 2023 2024
0.0
40.0
80.0
0.0%
10.0%
20.0%
1
2020 including Russia, 2021-2024 excluding Russia.
IN THIS SECTION:
2.1 Segmentation of assets and returns
107
2.2 Intangible assets and property, plant and equipment
109
2.3 Impairment
113
2.3.1 Recognised impairments
113
2.3.2 Significant amounts of goodwill and brands
114
2.3.3 Impairment test of goodwill
114
2.3.4 Impairment test of brands
116
2.3.5 Impairment of other assets
117
2.3.6 Sensitivity tests
119
SECTION 2.1
SEGMENTATION OF ASSETS AND RETURNS
DKK million
2024
Western
Europe Asia
Central &
Eastern
Europe and
India
Not
allocated¹
Carlsberg
Breweries
Group
Invested capital 26,721 20,062 9,912 -612 56,083
Invested capital excl. goodwill 11,126 4,556 5,317 -612 20,387
Investments in associates 2,813 893 225 7 3,938
Acquisition of property, plant and
equipment and intangible assets 1,838 2,328 828 21 5,015
Amortisation and depreciation 1,905 1,553 808 61 4,327
Impairment losses, net 224 67 -1 37 327
Return on invested capital (ROIC) 15.4% 19.2% 24.5% - 16.2%
ROIC excl. goodwill 35.5% 105.7% 37.0% - 41.5%
2023
Invested capital 26,909 15,156 9,652 -286 51,431
Invested capital excl. goodwill 11,190 1,776 6,357 -286 19,037
Investments in associates 2,439 896 1,365 6 4,706
Acquisition of property, plant and
equipment and intangible assets 1,534 1,803 720 176 4,233
Amortisation and depreciation 1,860 1,288 744 87 3,979
Impairment losses, net 338 -100 127 40 405
Return on invested capital (ROIC) 14.6% 23.1% 23.7% - 17.3%
ROIC excl. goodwill 33.9% 228.1% 35.4% - 45.7%
¹ Not allocated comprises supporting companies without brewing activities, and eliminations of investments in
subsidiaries, receivables and loans.
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107 Carlsberg Breweries Group Annual Report 2024
SECTION 2.1 (CONTINUED)
SEGMENTATION OF ASSETS AND RETURNS
Geographical allocation of non-current assets
DKK million 2024 2023
Denmark (Carlsberg Breweries A/S’ domicile) 4,257 4,130
China 16,395 15,612
France 10,850 11,125
Other countries 42,982 38,477
Total 74,484 69,344
Non-current assets comprise intangible assets and property, plant and equipment owned by the
segment/country, even if the income is earned outside the segment/country that owns the asset.
Invested capital
DKK million 2024 2023
Total assets 103,836 102,183
Less
Tax assets -1,984 -1,755
Financial receivables, hedging instruments and receivables sold 609 205
Deposits and securities -59 -2,236
Cash and cash equivalents -11,542 -13,382
Assets included 90,860 85,015
Trade payables -23,311 -22,172
Deposits on returnable packaging materials -1,728 -1,717
Provisions, excl. restructurings -2,400 -2,390
Other liabilities, excl. hedging instruments and contingent and deferred considerations -7,338 -7,305
Liabilities offset -34,777 -33,584
Invested capital 56,083 51,431
Goodwill -35,696 -32,394
Invested capital excl. goodwill 20,387 19,037
Invested capital, average¹ 56,275 52,387
¹ Gorkha Brewery was acquired in November 2024 and Waterloo Brewing was acquired in March 2023, so neither
had a full-year impact on average invested capital in their respective year of acquisition.
Non-current assets included in invested capital further comprise financial assets other than financial
instruments and tax assets.
At year-end, invested capital was up by DKK 4.7bn, primarily due to the acquisition of Gorkha
Brewery, hyperinflation in Laos and the construction of Foshan Brewery in China.
Gorkha Brewery was acquired in November 2024 so it did not have a full-year impact on average
invested capital. This is reflected in the development in ROIC as seen below, which declined 110bp,
predominantly impacted by hyperinflation.
ROIC (%)
17.3
0.5
-0.3
-0.7
0.1
0.2
-0.9
16.2
2023
EBIT after
tax
Tax rate Assets
Liabilities FX Hyperinflation 2024
ACCOUNTING ESTIMATES AND JUDGEMENTS
The calculation of return on invested capital (ROIC) uses operating profit before special items adjusted for tax
based on the effective tax rate, and invested capital, including assets held for sale and trade receivables sold, and
excludes contingent considerations and income tax.
ACCOUNTING POLICIES
The Group’s assets and returns are segmented on the basis of geographical regions in accordance with the
management reporting for the current year, cf. section 1.1.
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108 Carlsberg Breweries Group Annual Report 2024
SECTION 2.2
INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT
DKK million Intangible assets Property, plant and equipment Asset base
2024 Goodwill Brands
Other
intangible
assets Total
Land and
buildings
Plant and
machinery
Other
equipment,
fixtures and
fittings Total Total
Cost
Cost at 1 January
34,000 8,983 5,061 48,044 18,237 27,487 14,640 60,364 108,408
Acquisition of entities
1,313 - - 1,313 61 44 6 111 1,424
Additions, including right-of-use assets
- 30 334 364 603 2,893 2,324 5,820 6,184
Disposal and deconsolidation of entities
-205 -219 -2 -426 -49 -180 -10 -239 -665
Disposals
- -45 -61 -106 -128 -182 -1,376 -1,686 -1,792
Transfers
- - - - 663 -784 121 - -
Hyperinflation restatement
1,680 112 - 1,792 405 907 596 1,908 3,700
Foreign exchange adjustments etc.
564 124 47 735 120 198 48 366 1,101
Cost at 31 December
37,352 8,985 5,379 51,716 19,912 30,383 16,349 66,644 118,360
Amortisation, depreciation and impairment losses
Amortisation, depreciation and impairment losses at 1 January
1,606 2,280 3,768 7,654 8,393 17,539 10,184 36,116 43,770
Disposal and deconsolidation of entities
- - -1 -1 -17 -80 -8 -105 -106
Disposals
- -45 -61 -106 -114 -166 -1,267 -1,547 -1,653
Amortisation and depreciation
- 14 190 204 792 1,333 1,998 4,123 4,327
Impairment losses
- 125 40 165 30 43 23 96 261
Transfers
- - - - 1 26 -27 - -
Hyperinflation restatement
- - - - 109 459 352 920 920
Foreign exchange adjustments etc.
50 65 22 137 6 112 40 158 295
Amortisation, depreciation and impairment losses at 31 December
1,656 2,439 3,958 8,053 9,200 19,266 11,295 39,761 47,814
Carrying amount at 31 December
35,696 6,546 1,421 43,663 10,712 11,117 5,054 26,883 70,546
Right-of-use assets included at 31 December
Amortisation and depreciation - - - - 273 26 294 593 593
Carrying amount at 31 December - - - - 1,275 112 661 2,048 2,048
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109 Carlsberg Breweries Group Annual Report 2024
SECTION 2.2 (CONTINUED)
INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT
DKK million Intangible assets Property, plant and equipment Asset base
2023 Goodwill Brands
Other
intangible
assets Total
Land and
buildings
Plant and
machinery
Other
equipment,
fixtures and
fittings Total Total
Cost
Cost at 1 January 34,224 8,977 4,924 48,125 17,660 26,132 14,459 58,251 106,376
Acquisition of entities 645 147 15 807 151 269 11 431 1,238
Additions, including right-of-use assets - 75 275 350 503 2,265 2,209 4,977 5,327
Disposals - -2 -87 -89 -313 -308 -1,821 -2,442 -2,531
Transfers - - 4 4 377 -531 121 -33 -29
Foreign exchange adjustments etc. -869 -214 -70 -1,153 -141 -340 -339 -820 -1,973
Cost at 31 December 34,000 8,983 5,061 48,044 18,237 27,487 14,640 60,364 108,408
Amortisation, depreciation and impairment losses
Amortisation, depreciation and impairment losses at 1 January 1,692 2,254 3,653 7,599 7,867 16,539 10,265 34,671 42,270
Disposals - - -86 -86 -170 -286 -1,734 -2,190 -2,276
Amortisation and depreciation - 16 185 201 660 1,316 1,802 3,778 3,979
Impairment losses - 525 46 571 40 85 46 171 742
Reversal of impairment losses - -400 - -400 - - - - -400
Transfers - - - - -1 6 -1 4 4
Foreign exchange adjustments etc. -86 -115 -30 -231 -3 -121 -194 -318 -549
Amortisation, depreciation and impairment losses at 31 December 1,606 2,280 3,768 7,654 8,393 17,539 10,184 36,116 43,770
Carrying amount at 31 December 32,394 6,703 1,293 40,390 9,844 9,948 4,456 24,248 64,638
Right-of-use assets included at 31 December
Amortisation and depreciation - - - - 184 14 251 449 449
Carrying amount at 31 December - - - - 1,156 79 513 1,748 1,748
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110 Carlsberg Breweries Group Annual Report 2024
SECTION 2.2 (CONTINUED)
INTANGIBLE ASSETS AND PROPERTY, PLANT AND
EQUIPMENT
Property, plant and equipment under construction amounted to DKK 1,814m (2023: DKK 1,887m).
Property, plant and equipment under construction are recognised in plant and machinery until
completion. Other equipment, fixtures and fittings include transport, office and draught beer
equipment, fridges and returnable packaging materials.
Other intangible assets include software, land use rights and beer delivery rights.
Capital expenditure
DKK million 2024 2023
Additions, including right-of-use assets 6,184 5,327
Less right-of-use assets -968 -721
Additions 5,216 4,606
Additions payable at the end of the reporting period -188 -363
Capitalised depreciation -1 -2
Capitalised interest expenses -12 -8
Acquisition of property, plant and equipment and intangible assets 5,015 4,233
Amortisation, depreciation and impairment losses
Intangible assets
Property, plant and
equipment
DKK million 2024 2023 2024 2023
Cost of sales 50 49 2,521 2,362
Sales and distribution expenses 107 117 1,298 1,190
Administrative expenses 87 81 307 275
Special items 125 125 93 122
Total 369 372 4,219 3,949
Gain/loss on disposal of assets
DKK million 2024 2023
Gain on disposal of property, plant and equipment and intangible assets 100 74
Loss on disposal of property, plant and equipment and intangible assets -56 -27
Continuing operations 44 47
Net result from discontinued operations - 12
Total 44 59
Cash flow from disposal of property, plant and equipment and intangible assets was DKK 85m
(2023: DKK 177m).
RIGHT-OF-USE ASSETS
The Group leases various properties and warehouses, production equipment, cars and trucks. Leases
are negotiated on an individual basis and contain a wide range of different terms and conditions.
At 31 December 2024, the carrying amount of right-of-use assets was DKK 2,048m (2023: DKK
1,748m). During the year, additions amounted to DKK 968m (2023: DKK 721m) and depreciation to
DKK 593m (2023: DKK 449m).
Lease expenses recognised in the income statement, relating to short-term leases and leases of low-
value assets, amounted to DKK 54m (2023: DKK 48m). Such contracts usually comprise the lease of
copy and printing machines, coffee machines, small IT devices and similar equipment.
For disclosures of interest expenses, cash flow and lease liabilities, please refer to sections 4.3 and
4.6.1.
CAPITAL COMMITMENTS
The Group has entered into various capital commitments that will not take effect until after the
reporting date and have therefore not been recognised in the consolidated financial statements.
Capital commitments in 2024 amounted to DKK 173m (2023: DKK 144m).
CONTINGENT ASSETS
The Group has a contractual right to receive compensation following the termination of the exclusive
licensed production and distribution agreement with Mahou San Miguel in the UK on 31 December
2024. Estimating the compensation that will be received is associated with a high degree of
uncertainty.
ACCOUNTING ESTIMATES AND JUDGEMENTS
Useful life and residual value of intangible assets with finite useful life and property,
plant and equipment
Useful life and residual value are initially assessed both in acquisitions and in business combinations.
Management assesses brands and property, plant and equipment for changes in useful life. If an indication
of a reduction in the value or useful life exists, such as changes in production structure, restructuring or
brewery closures, the asset is tested for impairment. If necessary, the asset is written down or the
amortisation/depreciation period is reassessed and, if necessary, adjusted in line with the asset’s changed
useful life. When changing the amortisation or depreciation period due to a change in the useful life, the
effect on amortisation/depreciation is recognised prospectively as a change in accounting estimates.
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111 Carlsberg Breweries Group Annual Report 2024
SECTION 2.2 (CONTINUED)
INTANGIBLE ASSETS AND PROPERTY, PLANT AND
EQUIPMENT
Management assesses the local business model to determine whether the Group has a legal or
constructive obligation to accept returns of packaging materials from the market and the level of control.
This entails the Group considering, among other things, the return rate and the annual circulation in the
individual markets. These factors are assessed annually. Returnable packaging materials controlled by the
Group are capitalised as property, plant and equipment and depreciated over the expected useful life.
Lease and service contracts
At inception of a contract, management assesses whether the contract is or contains a lease.
Management considers the substance of any service being rendered to classify the arrangement as either
a lease or a service contract. Particular importance is attached to whether fulfilment of the contract
depends on the use of specific assets. The assessment involves judgement of whether the Group obtains
substantially all the economic benefits from the use of the specified asset and whether it has the right to
direct how and for what purpose the asset is used. If these criteria are satisfied at the commencement
date, a right-of-use asset and a lease liability are recognised in the statement of financial position.
In determining the lease term, management considers all the facts and circumstances that create an
economic incentive to exercise an extension option or not to exercise a termination option. Extension or
termination options are only included in the lease term if the lease is reasonably certain to be extended or
not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of
purchase options follows the same principles as those applied for extension options.
The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not
objectively assessable, the Group estimates the costs when separating the service component from the
lease.
ACCOUNTING POLICIES
Cost
Intangible assets and property, plant and equipment are initially recognised at cost and subsequently
measured at cost less accumulated amortisation or depreciation and impairment losses.
Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the
asset is available for use. The cost of acquired brand rights is accounted for using the accumulated cost
approach if the total consideration includes an earn-out dependent on the brands’ future performance.
The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-
suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings
attributable to the construction of the asset, and is included in plant and machinery.
Research and development costs are recognised in the income statement as incurred. Development costs
of intangible assets, for example software, are recognised as other intangible assets if the costs are
expected to generate future economic benefits.
For assets acquired in business combinations, including brands and property, plant and equipment, cost at
initial recognition is determined by estimating the fair value of the individual assets in the purchase price
allocation.
Goodwill is only acquired in business combinations and is measured in the purchase price allocation.
Goodwill is not amortised but is subject to an annual impairment test, cf. section 2.3.
Where individual components of an item of property, plant and equipment have different useful lives, they
are accounted for as separate items.
Returnable packaging materials that the Group controls through a legal or constructive obligation are
capitalised as property, plant and equipment.
Subsequent costs, for example in connection with replacement of components of property, plant and
equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in
future economic benefits for the Group. The replaced components are derecognised from the statement of
financial position and recognised as an expense in the income statement. Costs incurred for ordinary
repairs and maintenance are recognised in the income statement as incurred.
Useful life, amortisation, depreciation and impairment losses
Useful life and residual value are determined at the acquisition date and reassessed annually. If the
residual value exceeds the carrying amount, depreciation is discontinued.
Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the
assets, taking into account any residual value. The expected useful life and residual value are determined
based on past experience and expectations of the future use of assets.
Depreciation is calculated on the basis of the cost less the residual value and impairment losses.
Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and
administrative expenses depending on the use of the asset.
The expected useful life is as follows:
Software Normally 3-5 years. Group-wide systems developed as an integrated
part of a major business development programme: 5-7 years
Delivery rights Depending on contract; if no contract term has been agreed,
normally not exceeding 5 years
Customer agreements/relationships Depending on contract with the customer; if no contract exists,
normally not exceeding 20 years
Land Not depreciated
Buildings 20-40 years
Technical installations 15 years
Brewery equipment 15 years
Filling and bottling equipment 8-15 years
Technical installations in
warehouses
8 years
On-trade and distribution
equipment
5 years
Fixtures and fittings, other plant
and equipment
5-8 years
Hardware 3-5 years
Returnable packaging materials 3-10 years
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112 Carlsberg Breweries Group Annual Report 2024
SECTION 2.2 (CONTINUED)
INTANGIBLE ASSETS AND PROPERTY, PLANT AND
EQUIPMENT
Impairment
Impairment losses of a non-recurring nature are recognised under special items.
Leases
At the commencement date, the Group recognises a lease liability and a corresponding right-of-use asset
at the same amount, except for short-term leases of 12 months or less and leases of low-value assets,
which are not recognised.
A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct
costs less any lease incentives received. The Group has applied the practical expedient option allowed
under IFRS Accounting Standards by using a portfolio approach for the recognition of lease contracts
related to assets of the same nature and with similar lease terms, i.e. cars and trucks.
Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and
adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the shorter of
the lease term and the useful life of the asset. The impairment testing of right-of-use assets follows the
same principles as those applied for property, plant and equipment, cf. section 2.3.
Right-of-use assets are recognised as property, plant and equipment.
Government grants and other funding
Grants and funding received for the acquisition of assets and development projects are recognised in the
statement of financial position by deducting the grant from the carrying amount of the asset. The grant is
recognised in the income statement over the life of the asset as a reduced depreciation charge.
SECTION 2.3
IMPAIRMENT
2.3.1 RECOGNISED IMPAIRMENTS
The impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting
date.
IMPAIRMENT TEST 2024
The impairment tests prepared at 31 December 2024 did not identify any indication of impairment of
goodwill.
The Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western
Europe. In addition, impairment losses of DKK 136m primarily related to Western Europe were
recognised on other intangible assets and property, plant and equipment, of which DKK 93m was
recognised in special items.
In Asia, impairment losses of DKK 66m were recognised on financial assets.
Impairment of non-current assets
DKK million Section 2024 2023
Intangible assets
Brands 2.3.4 125 525
Reversal of impairment losses 2.3.4 - -400
Other intangible assets 2.3.5 40 46
Total 165 171
Property, plant and equipment
Plant, machinery and equipment 2.3.5 96 171
Total 96 171
Other non-current assets
Assets held for sale 2.3.5 - 14
Investment in associates 2.3.5 - 49
Financial assets 2.3.5 66 -
Total impairment losses, net 327 405
Of which recognised in special items 3.1 284 310
Impairment, discontinued operation in Russia, net 5.3 -2,258 7,002
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113 Carlsberg Breweries Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
IMPAIRMENT TEST 2023
In 2023, the Group recognised impairment losses of DKK 305m on brands with indefinite useful life in
Western Europe, DKK 70m in Central & Eastern Europe and India, and DKK 97m in Asia. In addition,
impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe and
India for the use of brands from the discontinued operation in Russia. In total, impairment losses on
brands amounted to DKK 525m.
Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment
losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.
Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and
equipment, of which DKK 122m was recognised in special items. Impairment losses on other non-
current assets totalled DKK 63m and were recognised in special items.
IMPAIRMENT OF DISCONTINUED OPERATION IN RUSSIA
Following the issuance of the presidential decree in July 2023, temporarily transferring the
management of our Russian business to the Russian government, the business was fully impaired –
resulting in an impairment loss of DKK 7,002m – and deconsolidated. The disposal of the Russian
business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods
in net result from discontinued operations, cf. section 5.3.
2.3.2 SIGNIFICANT AMOUNTS OF GOODWILL AND BRANDS
Goodwill and brands with indefinite useful life relating to the acquisitions of Kronenbourg and
Chongqing Brewery Group. Each accounted for 10% or more of the total carrying amount of goodwill
and brands with indefinite useful life at the reporting date. Goodwill from these acquisitions has been
allocated to cash-generating units (CGUs) based on the geographical segmentation.
The Kronenbourg 1664 and Chongqing brands are individually material and specified in section 2.3.4.
2.3.3 IMPAIRMENT TEST OF GOODWILL
The carrying amount of goodwill is related to the CGUs and allocated to the Group’s geographical
segments, which is the level at which it is monitored for internal management purposes.
The carrying amount of goodwill allocated to groups of CGUs
DKK million 2024 2023
Western Europe 15,595 15,720
Asia¹ 15,506 13,381
Central & Eastern Europe and India¹ 4,595 3,293
Total 35,696 32,394
¹ The goodwill recognised on the acquisition of Gorkha Brewery in 2024 and on the acquisition of Waterloo
Brewing Ltd in 2023 was allocated to the Central & Eastern Europe and India CGU. The goodwill recognised on the
acquisition of Jing-A Group in 2023 was allocated to the Asia CGU.
The impairment tests prepared at year-end 2024 did not identify any indication of impairment of
goodwill. Management’s view is that excess value in the Group’s CGUs is fairly resilient to any likely
and reasonable deteriorations in the key assumptions applied.
In 2024, the approach to measuring recoverable amount was changed. In previous years, the
expected cash flow approach was applied. This involved developing multiple probability-weighted
scenarios to reflect different outcomes in terms of timing and amount of future cash flows. The risk-
adjusted cash flows were discounted using a rate that reflected the risk-free interest rate for each
CGU. For 2024, the traditional approach has been applied to measure recoverable amount. This
entails a single set of estimated cash flows and a discount rate that incorporates all the expectations
about future cash flows. Consequently, the key assumptions for 2023 and 2024 are not comparable.
Key assumptions
2024
Forecast
cash flow
growth
Terminal
period
growth
Pre-tax
discount
rate
Western Europe -7.8% 1.0% 6.9%
Asia 19.3% 2.5% 12.7%
Central & Eastern Europe and India -4.2% 3.0% 14.5%
2023
Western Europe -17.0% 0.5% 3.4%
Asia -16.2% 1.0% 4.3%
Central & Eastern Europe -0.9% 2.0% 8.2%
Cash flow projections for the individual CGUs are based on financial forecasts for the following three
years as approved by management. Potential upsides are not identified and adjusted in the cash
flows used for impairment testing. Growth is projected in nominal terms and therefore does not
translate into cash flow at the same growth rate in the Group’s presentation currency, DKK.
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114 Carlsberg Breweries Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
ACCOUNTING ESTIMATES AND JUDGEMENTS
Goodwill
The value in use is the discounted value of the projected future cash flows. The discount rates applied are
after tax and reflect current specific risks in the individual markets.
Key assumptions
The cash flow is based on the budget and target plans for the next three years. Cash flows beyond the
three-year period are extrapolated using the terminal period growth rate. The budget and plans for
2025-2027 represent management’s best estimate.
The cash flows are discounted using a rate that incorporates all the expectations about the future cash
flows and the appropriate risk premium for each CGU. The interest rates used in the impairment tests are
based on observable market data. Please refer to the description of discount rates in the section below.
The key assumptions on which management bases its cash flow projections are:
• Volumes
• Sales prices
• Input costs
• Operating investments
• Terminal period growth
The assumptions are determined at CGU level and are based on past experience, external sources of
information and industry-relevant observations for each CGU. Local conditions, such as expected
developments in macroeconomic and market conditions specific to the individual CGUs, are taken into
consideration. The assumptions are challenged and verified by management at CGU and Group level.
The budget and target plan processes consider events or circumstances that are relevant to reliably
projecting the short-term performance of each CGU. Examples include significant campaign activities,
changes in excise duties etc., which may have a short-term impact but are non-recurring. Given their short-
term nature, they are not taken into consideration when estimating the terminal period growth rate.
Volumes
Projections are based on past experience, external market data, planned commercial initiatives, such as
marketing campaigns and sponsorships, and the expected impact on consumer demand and the level of
premiumisation. If relevant, the projections are adjusted for the expected changes in the level of
premiumisation. No changes in market share are assumed in the medium or long term.
Demographic expectations general to the industry, such as the development in population, consumption
levels, generation-shift patterns, rate of urbanisation and macroeconomic trends, are also considered in
medium- and long-term projections.
Events and circumstances can impact the timing of volumes entering the market. These include excessive
stocking related to an increase in excise duties, campaign activities, and the timing of national holidays
and festivals. Such short-term effects are not material to volume projections and do not impact the long-
term projections.
Sales prices
The level of market premiumisation and the locally available portfolio are key drivers in identifying price
points. When planning pricing structures, factors including price elasticity, local competition and inflation
expectations can also impact the projection. Increases in excise duties are typically passed on to the
customers immediately or with a delay of no more than a few months. Since the increase is a pass-
through cost and thereby compensated for by price increases at the time of implementation, it does not
impact the long-term sales price growth and is therefore not taken into consideration in the projections
unless circumstances specifically indicate otherwise. No changes to duties in the short or medium term are
taken into consideration unless there is a firm plan to introduce changes.
Significant inflationary pressure in recent years has meant revenue growth compensating for rising input
costs. The short- and medium-term forecasts include the risk of delays in increasing sales prices to
compensate for future rises in input costs.
Input costs
Input costs in the budget and target plans are based on past experience and on:
• Contracted raw and packaging materials
• Contracted services within sales, marketing,
production and logistics
• Planned commercial investments
• Cost optimisations not related to restructurings
• Expected inflation
The elevated level of inflation in recent years has increased the overall input cost level. The short- and
medium-term forecast incorporates lower pressure on input costs compared with previous years.
In the long term, projections follow the level of inflation.
Operating investments
Projections are based on past experience of the level of necessary maintenance of existing production
capacity, including replacement of parts. This also includes scheduled production line overhauls and
improvements to existing equipment. Uncommitted capacity increases and new equipment are not
included.
Terminal period growth
Growth rates are projected to be equal to or below the expected rate of general inflation and assume no
nominal economic growth. The projected growth rates and the discount rates applied are compared to
ensure a sensible correlation between the two.
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115 Carlsberg Breweries Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
Discount rates
The discount rate is a weighted average cost of capital (WACC) that reflects the risk-free interest rate with
the addition of a risk premium relevant to each market.
The risk-free interest rates used in the impairment tests are based on observed market data. For countries
where long-term risk-free interest rates are not observable or valid due to specific national or
macroeconomic conditions, the interest rate is estimated based on observations from other markets and/
or long-term expectations expressed by international financial institutions considered reliable by the
Group.
The added credit risk premium (spread) for the risk-free interest rate is fixed at market price or slightly
higher, reflecting the expected long-term market price. The aggregate interest rate, including spread,
thereby reflects the long-term interest rate applicable to the Group’s investments in the individual markets.
2.3.4 IMPAIRMENT TEST OF BRANDS
In 2024, significant brands represented 52% (2023: 50%) of the total carrying amount of brands with
indefinite useful life.
Brands with indefinite useful life
DKK million 2024 2023
Kronenbourg 1664 1,952 1,950
Chongqing 1,333 1,293
Significant brands 3,285 3,243
Western Europe 694 1,028
Asia 477 363
Central & Eastern Europe and India 960 920
Not allocated 945 945
Other brands 3,076 3,256
Total brands 6,361 6,499
Other brands comprise a total of 20 brands (2023: 20 brands) that are not individually material
compared with the total carrying amount.
Key assumptions
2024
Average
revenue
growth
Terminal
period
growth
Pre-tax
discount
rate
Post-tax
discount
rate
Kronenbourg 1664 2.0% 1.8% 6.7% 6.3%
Chongqing 2.7% 1.5% 7.5% 7.2%
2023
Kronenbourg 1664 2.8% 1.6% 7.2% 6.7%
Chongqing 2.0% 1.5% 7.8% 7.4%
IMPAIRMENT OF BRANDS IN WESTERN EUROPE
In 2024, brand impairment losses totalling DKK 125m were recognised on various local and regional
brands. The ale category continued its long-standing decline in the UK as the category overall suffers
from consumers switching over to more modern-styled craft beers. In Germany the market shows a
decline in volumes due to the industry as a whole having been hit hard by inflation, with high raw
material and logistics costs.
In 2023, impairment losses of DKK 305m were recognised, reflecting a long-term decline within the
ale category in the UK due to changing consumer preferences.
IMPAIRMENT OF BRANDS IN CENTRAL & EASTERN EUROPE AND INDIA
No brand impairments were recognised in 2024.
In 2023, a local Lithuanian mainstream brand was impaired by DKK 70m, reflecting a decline in
exports. Additionally, brand rights in Central & Eastern Europe and India for the use of brands from
the discontinued operation in Russia were unilaterally terminated by Carlsberg, resulting in
impairment losses of DKK 53m.
IMPAIRMENT OF BRANDS IN ASIA
No brand impairments were recognised in 2024.
In 2023, an impairment loss of DKK 97m was recognised on the local Angkor brand in Cambodia. The
local business operates in a very challenging environment in terms of competitive conditions, and a
change in consumer preference resulted in a decline in volumes and margins, in particular for the beer
category.
In China, impairments of DKK 400m were reversed on the mainstream brand Chongqing. The brand
was impaired in 2016 following sales declines due to premiumisation in the Chinese market. Since
then, brand volumes have recovered significantly, and expectations for the mainstream category in
China have improved, resulting in the reversal of the impairment.
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116 Carlsberg Breweries Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
2.3.5 IMPAIRMENT OF OTHER ASSETS
In 2024, impairment losses were recognised on other intangible assets, DKK 40m (primarily related to
centrally owned IT assets), and on property, plant and equipment, DKK 96m, primarily in Western
Europe, totalling DKK 136m.
The residual investment in the former associate Tibet Lhasa Brewery Ltd., now reported as a financial
asset, was impaired resulting in a write-down of DKK 66m.
In 2023, impairment losses were recognised on other intangible assets, DKK 46m, on property, plant
and equipment, DKK 171m, and on other non-current assets, DKK 63m, totalling DKK 280m.
ACCOUNTING ESTIMATES AND JUDGEMENTS
Brands
The test for impairment of brands is performed using the relief from royalty method and is based on the
expected future cash flows generated from the royalty payments avoided for the individual brand for the
next 10 years and projections for subsequent years.
The cash flows are discounted using a weighted average cost of capital (WACC) that reflects the risk-free
interest rate with the addition of a risk premium relevant to the individual market where cash flows are
generated, cf. section 2.3.3. For brands where cash flows are generated in more than one market, the cash
flows generated in secondary markets are adjusted for the inflationary difference compared to the
inflation in the main market before being discounted.
Key assumptions
The key assumptions on which management bases its cash flow projection include the expected useful life,
revenue growth, a theoretical tax amortisation benefit, the royalty, terminal growth rate and the discount
rate.
Expected useful life
Management has assessed that the value of brands with indefinite useful life can be maintained for an
indefinite period, as these are well-established brands in their markets, having existed for decades or even
centuries. The beer industry is characterised as being very stable with consistent consumer demand and a
predictable competitive environment, and is expected to be profitable for the foreseeable future. Control of
the brands is legally established and enforceable indefinitely.
In management’s opinion, the risk of the useful life of these brands becoming finite is minimal because of
their individual market positions and because current and planned marketing initiatives are expected to
sustain their useful life.
Revenue growth
At the time of acquisition of any individual brand, a revenue growth curve is forecast based on a long-term
strategic view of the risk and opportunities relevant to the brand. The curve is projected for a 10-year
horizon. This horizon reliably reflects the lengthy process of implementing brand strategies to support a
brand occupying its intended place in the Group’s portfolio. The forecast period applied is comparable to
the common term of the majority of licence agreements to which the Group is party.
In the local markets, the product portfolio usually consists of local power brands and international
premium brands. When projecting revenue growth for local brands, in addition to their commercial
strength – such as market share and segment position – the forecast takes into consideration the
demographics of the primary markets, including expected developments in population, consumption levels,
generation-shift patterns, rate of urbanisation, beer market maturity, level of premiumisation,
circumstances generally limiting the growth opportunities for alcoholic beverages etc.
For brands with global or regional presence, enhanced investments in product development and marketing
are expected. The expected growth rate for these brands is generally higher than for more localised
brands and is usually highest early in the 10-year period.
Depending on the nominal growth expectations for the individual brand, the revenue growth in individual
years may be above, equal to or below the forecast inflation level in the markets where the brand is
present.
When preparing budgets, consideration is given to events or circumstances that are relevant to reliably
projecting the short-term performance of each brand. Examples include significant campaign activities,
changes in excise duties etc., which may have a short-term impact but are non-recurring and quickly
absorbed by the business. Since the impact is not material to the long-term projections, it is not taken into
consideration when estimating the long-term and terminal period growth rates. Please refer to the
description of the impact of increases in excise duties in the description of sales prices in section 2.3.3.
Tax benefit
The theoretical tax benefit applied in the test uses tax rates and amortisation periods based on current
legislation. The impairment test applies tax rates in the range of 15-31% and amortisation periods of 5-20
years.
Royalty rate
Royalties generated by a brand are based on the Group’s total income from the brand and are earned
globally, i.e. the income is also earned outside the CGU that owns the brand. If external licence
agreements for the brand already exist, the market terms of such agreements are taken into consideration
when assessing the royalty rate that the brand is expected to generate in a transaction with independent
parties. The royalty rate is based on the actual market position of the individual brand in the global,
regional and local markets, and assumes a 10-year horizon. This term is common to the beverage industry
when licensing brands.
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117 Carlsberg Breweries Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
Royalty rates
International, premium and
speciality beers 3.5-7.5%
Strong regional and national brands 3.0-5.0%
Local and mainstream brands 2.0-3.5%
Identification of cash-generating units
The Group’s management structure reflects the geographical segments, cf. section 1.1, and decisions are
made by the regional managements responsible for performance, operating investments and growth
initiatives in their respective regions.
There is significant vertical integration of the production, logistics and sales functions, supporting and
promoting optimisations across the Group or within regions.
Assets, other than goodwill and brands with regional and global presence, are allocated to individual cash-
generating units (CGUs), being the level at which the assets generate largely independent cash inflows. As
the Group operates with local sales and production organisations, the cash inflows are mostly generated
locally, and the CGUs are therefore usually identified at country level.
The determination of CGU allocation is made, and cash inflows are assessed in connection with the
purchase price allocation, within 12 months from the date of acquisition.
Goodwill
Goodwill does not generate largely independent cash inflows on its own and is therefore allocated to the
Group’s geographical segments, which is the level at which it is monitored for internal management
purposes.
At the time of acquisition of entities, goodwill is allocated to a CGU. The structure and groups of CGUs are
reassessed every year.
Brands
Cash flows for brands are separately identifiable and brands are therefore tested individually for
impairment. This test is performed in addition to the test for impairment of goodwill.
The following brands are considered significant when comparing their carrying amount to the total
carrying amount of brands with indefinite useful life:
• Kronenbourg 1664
• Chongqing
Corporate assets
The Group has identified capitalised software relating to the Group’s ERP systems as corporate assets, and
as such these are peripheral to the generation of cash inflows. The Group’s ERP landscape is closely linked
to the internal management structure, and the identified assets are therefore tested for impairment at the
CGU level to which goodwill is allocated.
Other non-current assets
Other non-current assets are tested for impairment when indications of impairment exist.
For property, plant and equipment, management performs an annual assessment of the assets’ future
application, for example in relation to changes in production structure, restructurings or brewery closures.
Key considerations in impairment tests Goodwill Brands
CGU level of test Geographical Individual brand
Method to estimate recoverable amount Value in use Fair value less cost
of disposal
Method to estimate present value of future cash flows
Traditional
approach: single
most likely future
Traditional
approach: single
most likely future
Discount rate Risk-adjusted rate Risk-adjusted rate
For investments in associates, examples of indications of impairment are loss-making activities or
significant changes in the business environment.
ACCOUNTING POLICIES
Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially
before the end of the year of acquisition. The test is performed at the level where cash flows are
considered to be generated: either at CGU level or at the level of a group of CGUs. All assets are tested if
an event or circumstance indicates that the carrying amount may not be recoverable. If an asset’s carrying
amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable amount is the
higher of the asset’s fair value less costs of disposal and its value in use.
For all assets, the recoverable amount is assessed based on budget and target plan with reference to the
expected future net cash flows. The assessment is based on the lowest CGU affected by the changes that
indicate impairment. The cash flow is discounted by a rate adjusted for any risk specific to the asset, if
relevant to the calculation method applied.
Impairment losses on goodwill and brands, significant losses on property, plant and equipment,
investments in associates, and losses arising on significant restructurings of processes and structural
adjustments are recognised in special items. Minor losses are recognised in the income statement in the
relevant line item.
Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of
changes in the assumptions and estimates underlying the impairment calculation. Impairment is only
reversed to the extent that the asset’s new carrying amount does not exceed the carrying amount of the
asset after amortisation/depreciation had the asset not been impaired.
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118 Carlsberg Breweries Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
2.3.6 SENSITIVITY TESTS
Sensitivity tests have been performed to determine the lowest forecast and terminal period growth
rates and/or highest discount rates that can occur in the groups of CGUs and brands with indefinite
useful life without leading to any impairment loss.
GOODWILL
The test for impairment of goodwill did not identify any CGUs or groups of CGUs to which goodwill is
allocated where a reasonably possible negative change in a key assumption would cause the carrying
amount to exceed the recoverable amount.
BRANDS
For brands that were previously written down, a reasonably possible negative change in a key
assumption would cause the carrying amount of these brands to exceed the recoverable amount.
However, management considers the risk of a significant write-down on these brands to be low.
KEY ASSUMPTIONS
The key assumptions relevant to the assessment of the recoverable amount are:
• Useful life
• Revenue growth
• Royalty rate
• Discount rate
• Terminal growth rate
The assumptions for volume and price are closely linked, which, together with the presence of
multiple sub-brands in various geographies within each brand, makes individual sensitivity testing on
the basis of these two assumptions highly impractical. Instead, sensitivity testing is performed for the
overall revenue growth rate, in both the forecast period and the terminal period.
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119 Carlsberg Breweries Group Annual Report 2024
SECTION 3
SPECIAL ITEMS,
PROVISIONS AND
OTHER LIABILITIES
IN THIS SECTION:
3.1 Special items
120
3.2 Provisions
122
3.3 Other liabilities
123
3.4 Contingent liabilities
123
SECTION 3.1
SPECIAL ITEMS
Special items
DKK million Section 2024 2023
Special items, income
Revaluation gain on step acquisitions of former associates 5.1 440 20
Derecognition of loan and payables to the discontinued operation in
Russia - 350
Income 440 370
Special items, expenses
Impairment of brands 2.3.4 -125 -525
Reversal of impairment losses 2.3.4 - 400
Costs related to acquisition and disposal of entities etc. -413 -117
Restructuring projects and provisions -261 -141
Impairment of property, plant and equipment 2.3.5 -93 -33
Reversal of provisions made in prior years 3.2 69 100
Impairment of non-current assets in Cambodia and Tibet Lhasa 2.3.5 -66 -152
Cost of termination of a licensee agreement - -196
Impairment of receivables from the discontinued operation in Russia - -76
Impairment of assets and other war-related costs in Ukraine -40 -28
Other expenses -33 -18
Expenses -962 -786
Special items, net -522 -416
Impact of special items on operating profit
DKK million 2024 2023
If special items had been recognised in operating profit before special items,
they would have been included in the following line items:
Cost of sales -269 -501
Sales and distribution expenses -192 -6
Administrative expenses -501 58
Other operating activites, net 479 17
Financial Items -39 16
Special items, net -522 -416
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120 Carlsberg Breweries Group Annual Report 2024
SECTION 3.1 (CONTINUED)
SPECIAL ITEMS
SPECIAL ITEMS, INCOME
In 2024, the Group gained control of Gorkha Brewery, Nepal, which had been consolidated as an
investment in an associate prior to the acquisition. The investment was remeasured at a fair value of
DKK 1,794m and a revaluation adjustment of DKK 484m, net of reclassification of accumulated
currency exchange adjustments of DKK -44m, DKK 440m was recognised as part of special items, cf.
section 5.1.2.
In 2023, a loan of DKK 297m and payables for brand rights of DKK 53m, totalling DKK 350m, were
derecognised. Both the loan and the payables were owed to the discontinued operation in Russia
prior to the issuance of the presidential decree on 16 July 2023.
SPECIAL ITEMS, EXPENSES
In 2024 and 2023, the Group carried out various restructuring projects across Western Europe and
Asia. The restructuring projects were the result of the continued focus on cost and efficiency
initiatives, and included changes in the production and distribution operations and related
organisational changes, including termination of employees and impairment of assets mainly in
Western Europe.
In 2024, the restructuring projects mainly related to Norway, the UK and Germany. In Norway the
distribution model will change in 2026, with the cessation of direct distribution to larger off-trade
customers, resulting in redundancies. Our businesses in Germany and the UK have been impacted by
lower volumes, resulting in redundancies, decommissioning of production capacity and asset write-
offs.
In 2024 and 2023, costs related to acquisition and disposal of entities can mainly be attributed to the
acquisition of the Britvic Group, the step acquisition of Gorkha Brewery, and the disposal of the
Russian business.
In 2024, the Group recognised impairment losses totalling DKK 125m on brands in Western Europe
2023 DKK 525m for the three regions), cf. section 2.3.4. In 2023, impairment losses of DKK 400m
previously recognised on brands in Asia were reversed, cf. section 2.3.4.
In 2024, the residual investment in the former associate Tibet Lhasa Brewery Ltd., now reported as a
financial asset, was impaired, resulting in a write-down of DKK 66m, c.f. section 2.3.5. In 2023, our
business in Cambodia was negatively impacted by the challenging environment, resulting in the
recognition of impairment losses of DKK 152m on non-current assets. Impairment losses of DKK 76m
were recognised on receivables from the discontinued operation in Russia that are no longer expected
to be received.
Provisions of DKK 69m recognised in prior years for legal claims that did not materialise were
reversed in 2024 (2023: DKK 100m). In 2023, the Group terminated the licensee agreement for
Kronenbourg 1664 in the UK, resulting in a cost of DKK 196m.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The use of special items entails management judgement in the separation from ordinary items.
Management carefully considers individual items and projects (including restructurings) in order to ensure
the correct distinction and split between operating activities and significant income and expenses of a
special nature.
Management initially assesses the entire restructuring project and recognises all present costs of the
project. The projects are assessed on an ongoing basis, with additional costs possibly being incurred during
the lifetime of the project.
The estimate includes expenses related to termination of employees, onerous contracts, break fees and
other obligations arising in connection with restructurings. Management reassesses the useful life and
residual value of non-current assets used in an entity undergoing restructuring.
ACCOUNTING POLICIES
Special items include significant income and expenses of a special nature in relation to the Group’s
revenue-generating activities that cannot be attributed directly to the Group’s ordinary operating activities.
Special items also include significant non-recurring items, including termination benefits related to
retirement of members of the Executive Committee, impairment of goodwill and brands, significant
provisions in relation to certain disputes and lawsuits, gains and losses on the disposal of activities and
associates, revaluation of the shareholding in an entity held immediately before a step acquisition or
deconsolidation of that entity, and transaction costs in a business combination.
Significant restructuring of processes and structural adjustments are included in special items. Special
items are shown separately from the Group’s ordinary operations to facilitate a better understanding of
the Group’s financial performance.
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121 Carlsberg Breweries Group Annual Report 2024
SECTION 3.2
PROVISIONS
DKK million
2024 Restructurings
Onerous
contracts
Other Total
Provisions at 1 January 2024 85 366 2,024 2,475
Additional provisions recognised 235 - 433 668
Used during the year -56 -16 -197 -269
Reversal of unused provisions -1 -125 -278 -404
Transfers - - 186 186
Discounting 2 3 20 25
Foreign exchange adjustments etc. -3 9 -25 -19
Provisions at 31 December 2024 262 237 2,163 2,662
Classified as
Non-current provisions 128 200 1,392 1,720
Current provisions 134 37 771 942
Total 262 237 2,163 2,662
Restructuring provisions relate to termination benefits to employees made redundant, primarily as a
result of a restructuring project accounted for as special items. The restructuring provision of DKK
262m in 2024 primarily relates to various projects across the regions.
Provisions for onerous contracts primarily relate to contract brewing in Asia and are expected to be
utilised by 2028.
Other provisions of DKK 2,163m include ongoing disputes and lawsuits of varying content and
employee obligations other than retirement benefits. Transfers of DKK 186m have been reclassified
from other payables.
Timing of settlement of ongoing disputes and lawsuits cannot be determined, whereas the remaining
liabilities are expected to be settled in one to two years.
ACCOUNTING ESTIMATES AND JUDGEMENTS
In connection with restructurings, management assesses the timing of the costs to be incurred, which
influences the classification as current or non-current liabilities. Provision for onerous contracts is based on
agreed terms with the other party and expected fulfilment of the contract, based on the current estimate
of volumes, use of raw materials etc.
Management assesses provisions, contingent assets and liabilities, and the likely outcome of pending or
probable lawsuits etc. on an ongoing basis. The outcome depends on future events, which are by nature
uncertain. In assessing the likely outcome of lawsuits and tax disputes etc., management relies on external
legal advice and established precedents.
Provision for onerous contracts is based on agreed terms with the other party and expected fulfilment of
the contract, based on the current estimate of volumes, use of raw materials etc.
ACCOUNTING POLICIES
Provisions, including profit-sharing provisions, are recognised when, as a result of events arising before or
at the reporting date, the Group has a legal or a constructive obligation and it is probable that there may
be an outflow of economic benefits to settle the obligation.
Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest
rate is used as the discount rate.
Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to
those affected no later than at the reporting date. On acquisition of entities, restructuring provisions in the
acquiree are only included in the opening balance when the acquiree has a restructuring liability at the
acquisition date.
A provision for onerous contracts is recognised when the benefits expected to be derived by the Group
from a contract are lower than the unavoidable costs of meeting its obligations under the contract.
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122 Carlsberg Breweries Group Annual Report 2024
SECTION 3.3
OTHER LIABILITIES
DKK million 2024 2023
Other liabilities by origin
Staff costs payable 2,270 2,284
Excise duties and VAT payable 2,537 2,404
Other payables 2,646 2,946
Deferred income 286 369
Contingent and deferred considerations 1,916 5,445
Total 9,655 13,448
Classified as
Non-current liabilities 1,495 314
Current liabilities 8,160 13,134
Total 9,655 13,448
ACCOUNTING POLICIES
Other liabilities include excise duties (specific taxes imposed on sales of beer and soft drinks), VAT,
withholding tax, accrued interest and payroll, e.g. salaries, overtime, vacation and bonus.
Other liabilities (current) are initially recognised at fair value and subsequently at amortised cost.
SECTION 3.4
CONTINGENT LIABILITIES
The Group operates in very competitive markets where consolidation is taking place within the industry and
among our customers and suppliers, all of which influences our business in different ways.
In the ordinary course of business, the Group is party to certain lawsuits, disputes etc. of varying
content and scope, some of which are referred to below. The resolution of these lawsuits, disputes
etc. is associated with uncertainty, as they depend on relevant applicable proceedings, such as
negotiations between the parties affected, government actions and court rulings.
In October and November 2021, the Group’s associate in Portugal, Super Bock Group, received decisions on
the alleged anticompetitive practices in two ongoing cases. In the first case, the Portuguese Court of Appeal
confirmed the fine of EUR 24m issued by the competition authority, and in the second case the Portuguese
competition authority imposed a fine of EUR 33m on Super Bock. Both decisions have been appealed to
the Supreme Court by Super Bock. Subsequently, on account of Super Bock’s alleged anticompetitive
practices, a separate private enforcement claim of EUR 400m was filed by a consumer protection
association against Super Bock for compensation of Portuguese consumers for alleged harm. There have
been no further significant developments in this case. In November 2024, another separate private
enforcement claim was filed by a consumer protection association. The complaint does not indicate a
specific amount of damages being sought, but instead provides a range of EUR 83-467m. Super Bock is in
the process of assessing the claim and potential exposure.
In December 2023, Chongqing Jiawei Beer Co. Ltd., in which the Group holds a 33% shareholding,
raised a claim for damages of RMB 631m against Chongqing Brewery Co. Ltd. for alleged breach of
contract in relation to a contract brewing agreement between the parties. In June 2022, Chongqing
Jiawei Beer Co. Ltd. had withdrawn previous claims based on substantially similar allegations. Based
on the facts and evidence currently put forward, the claims are not considered to have any merit. It is
possible that a ruling can go against Chongqing Brewery Co. Ltd. However, assessing a potential fine
or damages is associated with a high degree of uncertainty. A ruling would be appealable.
Management and the Group General Counsel continuously assess these risks and their likely
outcome. It is the opinion of management and the Group General Counsel that, apart from items
recognised in the statement of financial position, the outcome of these lawsuits, disputes etc. cannot
be reliably estimated in terms of amount or timing, or the risk of a negative outcome is considered to
be remote. The Group does not expect the ongoing lawsuits and disputes to have a material impact
on the Group’s financial position, net profit or cash flow, in excess of items recognised in the
statement of financial position.
GUARANTEES AND COMMITMENTS
The Group has issued guarantees for third-party obligations (non-consolidated entities) of DKK 220m
(2023: DKK 201m). No guarantees have been issued for loans raised by associates. Certain
guarantees etc. are issued in connection with disposal of entities and activities, and in connection with
on-trade loans. Apart from items recognised in the statement of financial position or disclosed in the
consolidated financial statements, these guarantees etc. will not have a material effect on the
Group’s financial position. Capital commitments, lease liabilities and service agreements are described
in section 2.2.
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123 Carlsberg Breweries Group Annual Report 2024
SECTION 4
FINANCING COSTS,
CAPITAL STRUCTURE
AND EQUITY
Leverage ratio
1
Dkkbn
20.1 18.8 19.7 22.5 27.1
1.43x
1.34x
1.27x
1.47x
1.71x
NIBD NIBD/EBITDA
2020 2021 2022 2023 2024
0.0
25.0
0.00x
2.50x
1
2020 including Russia, 2021-2024 excluding Russia.
IN THIS SECTION:
4.1 Capital structure and financial risk management
124
4.2 Equity
125
4.3 Financial income and expenses
126
4.4 Financial assets and liabilities
128
4.5 Net-interest bearing debt
129
4.6 Borrowings and cash
129
4.7 Interest rate risk
131
4.8 Foreign exchange and commodity risk
132
4.8.1 Net revenue
132
4.8.2 Operating profit
133
4.8.3 Net finance
133
4.8.4 Consolidated profit and other comprehensive income
133
4.8.5 Impact on financial statements and sensitivity analysis
134
4.8.6 Commodity risk
136
4.9 Funding and liquidity risk
136
SECTION 4.1
CAPITAL STRUCTURE AND FINANCIAL RISK
MANAGEMENT
The Group’s activities mean it is exposed to a variety of financial risks, including market risk (foreign
exchange risk, interest rate risk and commodity risk), credit risk and liquidity risk, cf. sections 4.7-4.9.
To reduce exposure to these risks, the Group enters into a variety of financial instruments and
generally seeks to apply hedge accounting to reduce volatility in the income statement.
The Group’s financial risks are managed by Group Treasury in accordance with the Financial Risk
Management Policy approved by the Supervisory Board as an integrated part of the overall risk
management process. The risk management governance structure is described in the management
review (pages 24-25).
Management regularly assesses whether the Group’s capital structure is in the interests of the Group
and its shareholder.
The overall objective is to ensure a continued development and strengthening of the Group’s capital
structure that supports long-term profitable growth and a solid increase in key earnings and ratios.
This includes assessment of and decisions on the split of financing between share capital and
borrowings, which is a long-term strategic decision to be made in connection with significant
investments and other transactions.
The Group targets a leverage ratio below 2.5x. Leverage is measured as net interest-bearing debt/
EBITDA; see section 4.5 for more about net interest-bearing debt. The leverage ratio at the end of
2024 was 1.71x (2023: 1.47x).
The Group is rated by Moody’s Investors Service and Fitch Ratings. Management assesses the risk of
changes in the Group’s investment-grade rating as an element in strategic decisions on capital
structure. Identification and monitoring of risks that could change the rating were carried out on an
ongoing basis throughout the year. Following the closing of the Britvic Group acquisition in January
2025, Fitch issued a Rating Action Commentary in which it left the long-term rating unchanged but
with a negative outlook. See the Carlsberg Group’s website for further details. Moody’s has not issued
any update following the closing of the Britvic transaction.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
124 Carlsberg Breweries Group Annual Report 2024
SECTION 4.2
EQUITY
EQUITY (DKKbn)
16.5
8.1
2.3
0.9
2.4 0.1
-1.7
-1.8
-5.0
21.8
Equity
at 1
January
Continuing
operations
Discontinued
operations
Foreign
exchange
adjustments
Hyper-
inflation
Other
Capital
reduction
Non-
controlling
interests
Dividends
paid
Equity at
31
December
4.2.1 TRANSACTIONS WITH SHAREHOLDERS
SHARE CAPITAL
Total share capital
Shares of
DKK
1,000
Nominal
value,
DKK ’000
1 January 2023 498,000 498,000
Capital reduction -1,000 -1,000
31 December 2023 497,000 497,000
Capital reduction -1,000 -1,000
31 December 2024 496,000 496,000
The share capital amounts to DKK 496m divided into shares in denominations of DKK 1,000 and multiples thereof.
None of the shares confer any special rights. The share capital is fully owned by Carlsberg A/S, Copenhagen,
Denmark.
Transactions with the shareholder in Carlsberg Breweries A/S
DKK million 2024 2023
Dividend paid to the shareholder -3,598 -3,695
Capital reduction -1,660 -3,000
Total -5,258 -6,695
DIVIDENDS
The Group proposes a dividend of DKK 7,185 per share (2023: DKK 7,240 per share), amounting to
DKK 3,564m (2023: DKK 3,598m). The proposed dividend has been included in retained earnings at 31
December 2024. Dividends paid out to the shareholder in Carlsberg Breweries A/S do not impact
taxable income in Carlsberg Breweries A/S.
Dividends to non-controlling interests of DKK 43m were declared and reported as payable at 31
December 2023 and paid out in 2024. At 31 December 2024, dividends to non-controlling interests of
DKK 55m were payable.
NON-CONTROLLING INTERESTS
Transactions with non-controlling interests
DKK million 2024 2023
Dividends paid to non-controlling interests -1,364 -1,495
Consideration paid for acquisition of non-controlling interests -5,099 -
Total -6,463 -1,495
The acquisition of non-controlling interests in 2024 mainly related to shares in Carlsberg South Asia
and Carlsberg Marston’s Brewing Company, cf. section 5.2.
ACCOUNTING POLICIES
Proposed dividends
The proposed dividend is recognised as a liability at the date when it is adopted at the Annual General
Meeting (declaration date).
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
125 Carlsberg Breweries Group Annual Report 2024
SECTION 4.2 (CONTINUED)
EQUITY
4.2.2 OTHER COMPREHENSIVE INCOME
Other comprehensive income has mainly been impacted by the restatement adjustment for
hyperinflation in Laos of DKK 2.4bn and positive foreign exchange adjustments of DKK 0.9bn from
translation of Group entities with a functional currency other than DKK.
Other comprehensive income as recognised in the statement of changes in equity
DKK million
2024
Currency
translation
Hedging
reserves
Retained
earnings Total
Non-
controlling
interests
Other
comprehen-
sive income
Foreign exchange
adjustments of foreign
entities 816 - - 816 58 874
Hyperinflation
restatement of equity at 1
January 1,481 - - 1,481 947 2,428
Value adjustments of
hedging instruments -312 310 - -2 4 2
Retirement benefit
obligations - - -76 -76 -17 -93
Income tax 57 -29 15 43 -1 42
Total 2,042 281 -61 2,262 991 3,253
2023
Foreign exchange
adjustments of foreign
entities 38,025 - 14 38,039 -258 37,781
Value adjustments of
hedging instruments 212 698 - 910 10 920
Retirement benefit
obligations - - -62 -62 -9 -71
Income tax 13 -56 -29 -72 -1 -73
Total 38,250 642 -77 38,815 -258 38,557
SECTION 4.3
FINANCIAL INCOME AND EXPENSES
Financial items recognised in the income statement
DKK million 2024 2023
Financial income
Interest income 460 418
Foreign exchange gains 188 -
Fair value adjustment gains - 60
Interest on plan assets, defined benefit plans 298 309
Reversal of impairments of financial assets 5 -
Monetary gain on hyperinflation restatement 50 -
Other 8 5
Total 1,009 792
Financial expenses
Interest expenses -1,060 -752
Capitalised financial expenses 12 8
Foreign exchange losses - -209
Fair value adjustment losses -80 -
Interest expenses on obligations, defined benefit plans -335 -339
Interest expenses, lease liabilities -57 -32
Bank fees -178 -142
Other -165 -129
Total -1,863 -1,595
Financial items, net, recognised in the income statement -854 -803
Financial items excluding foreign exchange, net -1,012 -654
Interest income primarily relates to interest on cash and cash equivalents and interest expenses
primarily relate to issued bonds measured at amortised cost.
The fair value adjustment of derivative financial instruments that are not designated as hedging
instruments amounted to DKK -80m (2023: DKK 60m of gains), and includes DKK -2m regarding
ineffective portions of aluminium hedges designated as cash flow hedges.
Foreign exchange gains amounted to DKK 188m (2023: DKK -209m of losses) and the monetary
gain from hyperinflation to DKK 50m (2023: DKK 0m), cf. section 8.1. In total foreign exchange and
fair value adjustment gains and losses and the monetary gain from hyperinflation amounted to DKK
158m (2023: DKK -149m).
The Group enters into derivative financial instruments to hedge foreign exchange and commodity
risks, cf. section 4.8, and seeks to apply hedge accounting when this is possible. Hedging of future,
highly probable forecast transactions is designated as cash flow hedges.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
126 Carlsberg Breweries Group Annual Report 2024
SECTION 4.3 (CONTINUED)
FINANCIAL INCOME AND EXPENSES
Positive fair values of derivatives are recognised as other receivables and negative values as other
liabilities and are presented in section 4.4.
The impact on other comprehensive income and the fair value of derivatives designated as cash flow
hedges, and the impact on the income statement and the fair value of derivates not designated as
hedging instruments are presented in the tables below. The impact on other comprehensive income
and the fair value of derivatives designated as net investment hedges is presented in section 4.8.4.
Total net gain on cash flow hedges recognised in other comprehensive income was DKK 314m with
gains on aluminium and exchange rate instruments and losses on interest rate instruments and
energy. The energy hedge is a power purchase agreement that secures fixed-price electricity for 10
years and commenced in October 2024.
Financial derivatives not designated as hedging instruments (economic hedges)
DKK million
2024
Income
statement
Fair value
receivables
Fair value
payables
Fair value,
net
Exchange rate instruments -78 41 -73 -32
Ineffectiveness -2 - - -
Total -80 41 -73 -32
2023
Exchange rate instruments 69 101 -53 48
Ineffectiveness -9 - - -
Total 60 101 -53 48
Financial items recognised in other comprehensive income
DKK million 2024 2023
Foreign exchange adjustments of foreign entities
Foreign currency translation of foreign entities 918 -3,143
Reclassification of cumulative translation differences of step-acquired and
deconsolidated entities -44 40,924
Total 874 37,781
Fair value adjustments of hedging instruments
Change in fair value of effective portion of cash flow hedges 246 -174
Change in fair value of cash flow hedges transferred or reclassified to the income
statement, intangible assets and property, plant and equipment 68 882
Change in fair value of net investment hedges -312 212
Total 2 920
Financial items, net, recognised in other comprehensive income 876 38,701
Of the net change in fair value of cash flow hedges transferred or reclassified to the income
statement, DKK 64m (2023: DKK -280m) has been included in revenue and cost of sales, DKK 0m
(2023: DKK -22m) in special items, DKK 2m (2023: DKK 0m) in financial items, DKK 0m (2023:
DKK -545m) in net result from discontinued operations, and DKK 2m (2023: DKK -18m) in intangible
assets and property, plant and equipment.
Cash flow hedges
DKK million Expected recognition
2024
Other
comprehen-
sive income
Fair value
receivables
Fair value
payables
Fair value,
net 2024
2026
and later
Exchange rate instruments 261 158 -151 7 7 -
Interest rate instruments -15 - -15 -15 -2 -13
Aluminium 116 116 -2 114 114 -
Energy -48 - - - - -
Total 314 274 -168 106 119 -13
2023
Other
comprehen-
sive income
Fair value
receivables
Fair value
payables
Fair value,
net 2024
2025
and later
Exchange rate instruments -73 7 -116 -109 -109 -
Aluminium 231 62 -57 5 -10 15
Energy -35 48 - 48 2 46
Reclassification from OCI 585 - - - - -
Total 708 117 -173 -56 -117 61
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
127 Carlsberg Breweries Group Annual Report 2024
SECTION 4.3 (CONTINUED)
FINANCIAL INCOME AND EXPENSES
ACCOUNTING ESTIMATES AND JUDGEMENTS
When entering into financial instruments, management assesses whether the instrument is an effective
hedge of expected future cash flows or financial investments. The effectiveness of recognised hedging
instruments is assessed at least twice a year.
Fair values of derivative financial instruments are calculated on the basis of level 2 input consisting of
current market data and generally accepted valuation methods. Internally calculated values are used, and
these are compared with external market quotes on a quarterly basis. For currency, aluminium and
electricity derivatives, the calculation is as follows:
a) The forward market rate is compared to the agreed rate on the derivatives, and the difference in cash
flow at the future point in time is calculated.
b) The amount is discounted to present value. Where relevant, the discounting rate includes a credit risk
adjustment.
When entering into a contract, management assesses whether the contract contains embedded derivatives
and whether they meet the criteria for separate classification and recognition. The Group currently does
not have any embedded derivatives that meet the criteria for separate classification and recognition.
ACCOUNTING POLICIES
Derivative financial instruments are initially recognised at fair value on the trade date and subsequently
remeasured at fair value at the reporting date.
The accounting for subsequent changes in fair value depends on whether the derivative is designated as
one of:
• Cash flow hedges of particular risks associated with the cash flow from forecast transactions
• Net investment hedges of currency fluctuations in subsidiaries or associates
• Derivatives not designated as hedging instruments
The fair values of derivative financial instruments are presented in other receivables or payables, and
positive and negative values are offset only when the Group has the right and the intention to settle
several financial instruments net.
Changes in the fair value of derivative financial instruments not designated in a hedge relationship are
recognised in financial income or expenses in the income statement.
Changes in the effective portion of the fair value of derivative financial instruments that are designated
and qualify as a cash flow hedge of items that will impact the income statement are recognised in the
hedging reserve within equity. When the hedged transaction materialises, amounts previously recognised
in other comprehensive income are transferred to the same item as the hedged item. For hedges of raw
and packaging materials, the realised gains and losses will go via a basis adjustment of inventory. The
effectiveness is assessed at least twice a year.
Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are
initially recognised in other comprehensive income. On completion the realised gain/loss is recognised as a
base adjustment to the carrying amount of the investment.
Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and
associates are recognised in other comprehensive income and only transferred to the income statement on
disposal or in the case of impairments. Notional amounts, average hedge rates and fair values are
disclosed in section 4.8.4.
SECTION 4.4
FINANCIAL ASSETS AND LIABILITIES
The table below sets out the value of derivative and non-derivative financial instruments and whether
they are measured at fair value or amortised cost.
DKK million Section 2024 2023
Financial assets at fair value
Derivatives not designated as hedging instruments 4.3 41 101
Derivatives designated as hedging instruments 4.3, 4.8 293 200
Financial assets at amortised cost
Trade receivables 1.4 4,699 4,935
On-trade loans 1.4 865 893
Other receivables 1.4 2,685 2,773
Deposits and securities 59 2,236
Cash and cash equivalent 4.6.2 11,542 13,382
Total financial assets 20,184 24,520
Financial liabilities at fair value
Derivatives not designated as hedging instruments 4.3 73 53
Derivatives designated as hedging instruments 4.3, 4.8 246 269
Contingent considerations 101 5,445
Borrowings and other financial liabilities at amortised cost
Non-current and current borrowings 4.6 38,140 39,266
Trade payables 23,311 22,172
Deposit liabilities 1,728 1,717
Other liabilities 8,936 7,299
Total financial liabilities 72,535 76,221
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
128 Carlsberg Breweries Group Annual Report 2024
SECTION 4.5
NET INTEREST-BEARING DEBT
Net interest-bearing debt (NIBD) is the measure of financial debt used in the calculation of leverage.
NIBD is composed of interest-bearing liabilities less interest-bearing assets.
The difference of DKK 11.0bn between gross financial debt and net interest-bearing debt mainly
comprised cash and cash equivalents, deposits and securities, and the interest-bearing portion of on-
trade loans on the asset side, and deferred considerations on the liability side.
Net interest-bearing debt
DKK million 2024 2023
Non-current borrowings 27,392 30,763
Current borrowings 10,748 8,503
Gross financial debt 38,140 39,266
Deposits and securities -59 -2,236
Cash and cash equivalents -11,542 -13,382
Net financial debt 26,539 23,648
Loans to associates -277 -276
On-trade loans -457 -460
Deferred considerations 1,626 -
Other receivables -306 -421
Net interest-bearing debt 27,125 22,491
SECTION 4.6
BORROWINGS AND CASH
4.6.1 BORROWINGS
Gross financial debt amounted to DKK 38,140m (2023: DKK 39,266m). Non-current borrowings
totalled DKK 27,392m (2023: DKK 30,763m) and current borrowings totalled DKK 10,748m (2023:
DKK 8,503m). The Group continuously assesses the maturity and repayment profile of its debt. No
major refinancing has been carried out in 2024, but the Group has secured a GBP 4.3bn bridge facility
to finance the acquisition of the Britvic Group and refinanced the revolving credit facility, cf. section
4.9. Total borrowings decreased by DKK 1.1bn. Non-current borrowings decreased by DKK 3.4bn, as a
EUR 0.5bn EMTN bond that matures in September 2025 was reclassified to current. Current
borrowings increased by DKK 2.2bn as the net effect of the repayment of a EUR 1bn EMTN bond in
May 2024, the reclassification mentioned above and issuance of commercial paper. Of the gross
financial debt at year-end, 72% (2023: 78%) was non-current, i.e. with maturity of more than one
year.
Gross financial debt
DKK million 2024 2023
Non-current
Issued bonds 25,603 29,270
Bank borrowings 100 136
Lease liabilities 1,668 1,335
Other borrowings 21 22
Total 27,392 30,763
Current
Issued bonds 3,726 7,448
Bank borrowings 186 323
Lease liabilities 455 466
Commercial paper and other borrowing 6,381 266
Total 10,748 8,503
Total borrowings 38,140 39,266
Fair value 37,855 38,614
An overview of issued bonds is provided in section 4.7.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
129 Carlsberg Breweries Group Annual Report 2024
SECTION 4.6 (CONTINUED)
BORROWINGS AND CASH
Time to maturity for non-current borrowings
DKK million
2024 1-2 years 2-3 years 3-4 years 4-5 years > 5 years Total
Issued bonds 5,587 3,719 5,191 2,965 8,141 25,603
Bank borrowings 35 16 2 47 - 100
Lease liabilities 343 248 180 123 774 1,668
Other borrowings 2 1 1 1 16 21
Total 5,967 3,984 5,374 3,136 8,931 27,392
Total 2023 4,210 5,752 3,838 5,261 11,702 30,763
Changes in gross financial debt
DKK million 2024 2023
Gross financial debt at 1 January 39,266 29,037
Proceeds from issue of bonds - 15,272
Instalments on and proceeds from borrowings, non-current - -3,725
Instalments on and proceeds from borrowings, current -7,460 -
Instalments on lease liabilities -547 -466
Commercial paper and other borrowings, net 5,773 -1,990
External financing -2,234 9,091
Change in bank overdrafts¹ 31 -
Increase in lease liabilities¹ 896 674
Intercompany loans 157 54
Change in net interest-bearing debt from acquisition and disposals of entities¹ -66 417
Other, including foreign exchange adjustments and amortisation¹ 90 -7
Gross financial debt at 31 December 38,140 39,266
1
Non-cash item.
ACCOUNTING POLICIES
Borrowings
Borrowings are initially recognised at fair value less transaction costs and subsequently measured at
amortised cost using the effective interest method. Accordingly, the difference between the fair value less
transaction costs and the nominal value is recognised under financial expenses over the term of the loan.
Lease liability
The lease liability is measured at the present value of the remaining lease payments at the reporting date,
discounted using the incremental borrowing rate for similar assets, taking into account the terms of the
leases. A remeasurement of the lease liability, for example a change in the assessment of an option to
extend, results in a corresponding adjustment of the related right-of-use assets, cf. section 2.2.
Extension or termination options are included in the lease term if the lease is reasonably certain to be
extended or not terminated. Consequently, all cash outflows that are reasonably certain to impact the
future cash balances are recognised as lease liabilities at initial recognition of lease contracts. The Group
reassesses the circumstances leading to extension or termination options not being recognised.
4.6.2 CASH AND DEPOSITS
Cash and cash equivalents include short-term marketable securities with an original term of less than
three months or deposits with a maturity of more than three months with contractual rights to
terminate without significant costs, which are subject to an insignificant risk of changes in fair value
and form part of the short-term cash planning. Short-term bank deposits amounted to DKK 5,799m
at 31 December 2024 (2023: DKK 6,896m). The average interest rate on deposits was 4.8% (2023:
4.5%). Total cash including deposits amounted to DKK 11,601m in 2024 (2023: DKK 15,618m).
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
130 Carlsberg Breweries Group Annual Report 2024
SECTION 4.6 (CONTINUED)
BORROWINGS AND CASH
Cash and deposits
DKK million 2024 2023
Cash and
deposits
Derivative
financial
instruments
Cash and
deposits
Derivative
financial
instruments
AA range 4,022 42 5,743 3
A range 6,126 264 8,476 245
BBB range 650 6 756 4
Not rated or below BBB range 803 - 643 48
Total 11,601 312 15,618 300
ASSESSMENT OF CREDIT RISK
The Group is exposed to credit risk on cash and cash equivalents (including deposits) and derivative
financial instruments with a positive fair value, depending on the creditworthiness of the
counterparty.
The Group has established a credit policy under which financial transactions may be entered into
only with financial institutions with a solid credit rating, defined as BBB. Carlsberg only enters into
interest, foreign exchange and aluminium derivatives with relationship banks, and the associated
credit risk is mitigated to some extent by entering into ISDA agreements, partly because it is the
same group of banks extending credit to the Group. The fair values of the derivatives reported above
are the gross fair value receivables without taking account of the potential offset against fair value
payables with the same bank.
Carlsberg operates with individual limits on banks, based on rating and other factors. For some of the
markets in which the Group operates and holds cash, the financial institutions do not have a BBB
rating, in which case an exemption is approved by Group Treasury.
EXPOSURE TO CREDIT RISK
The carrying amount of DKK 11,601m (2023: DKK 15,618m) represents the maximum credit exposure
related to cash and cash equivalents and deposits. The credit risk on receivables is described in
section 1.4.3.
SECTION 4.7
INTEREST RATE RISK
Interest rate risk is monitored on net financial debt, i.e. borrowings, cash and cash equivalents,
deposits and securities, and derivative financial instruments. The target is to have a duration between
three and eight years. At 31 December 2024, the duration excluding interest rate swaps was 4.0 years
(2023: 5.7 years). Interest rate risk is mainly managed using fixed-rate bonds, which are all
denominated in EUR. At the reporting date, 97% of the net financial debt consisted of fixed-rate
borrowings with interest rates fixed for more than one year (2023: 125%). During 2024 Carlsberg has
entered into forward-starting interest rate swaps to hedge the interest rate risk on the bonds to be
issued following the acquisition of the Britvic Group. These swaps are not included in the table below.
Including the forward-starting interest rate swaps, the duration at 31 December 2024 would have
been 8.9 years.
Net financial debt by currency
DKK million
2024
Gross
financial
debt
Net
financial
debt Fixed
Gross
financial
debt, fixed
%
Net
financial
debt, fixed
%¹
EUR 36,211 31,254 25,623 71% 82%
CNY 133 -991 - - -
USD 96 -217 - - -
Other 1,700 -3,507 207 12% -6%
Total 38,140 26,539 25,830 68% 97%
2023
EUR 37,355 29,166 29,291 78% 100%
CNY 146 -2,801 - - -
USD 214 -273 - - -
Other 1,551 -2,444 261 17% -11 %
Total 39,266 23,648 29,552 75% 125%
¹ In some currencies the percentage of net debt at fixed interest rates is negative, as the total cash exceeds the
total debt.
On a gross debt basis, 68% was at fixed interest rates (2023: 75%). Significant parts of the Group’s
cash and cash equivalents are held in currencies other than EUR, whereas EUR accounts for the
predominant part of the fixed-rate borrowings. As a result, 118% of the Group’s net debt is in EUR,
which is why the interest rate exposure primarily relates to interest rate developments for EUR.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
131 Carlsberg Breweries Group Annual Report 2024
SECTION 4.7 (CONTINUED)
INTEREST RATE RISK
SENSITIVITY ANALYSIS
Total cash and cash equivalents, including deposits, exceed borrowings with a floating interest rate,
hence an increase in interest rates would result in a decrease in net interest expenses. It is estimated
that a 1 percentage point interest rate increase across currencies would lead to a decrease in net
interest expenses of DKK 7m (2023: DKK 61m).
All debts are carried at amortised cost, and changes in the interest rate will not impact the carrying
amount of debt but will impact the fair value of debt, cf. section 4.6.1. The fair value of total gross
borrowings was DKK 285m lower than the carrying amount (2023: DKK 652m lower).
The fair value adjustment of the forward-starting interest rate swaps is recognised in other
comprehensive income, and realised gains/losses will be amortised over the tenor of the forecast
debt issuance. If all interest rates across tenor and currencies had been 1 percentage point higher at
the reporting date, it would have led to a gain of DKK 2,367m (2023: DKK 1,326m), and a similar loss
had the interest rate been 1 percentage point lower. Of this amount, DKK 1,300m relates to interest
rate swaps.
Interest rate risk
DKK million
2024
Interest
rate
Average
effective
interest rate Fixed for
Carrying
amount
Interest
rate risk
Issued bonds
EUR 500m maturing 13 October 2025 Fixed 3.4% < 1 year 3,726 Fair value
EUR 750m maturing 26 November 2026 Fixed 3.6% 1-2 years 5,587 Fair value
EUR 500m maturing 30 June 2027 Fixed 0.5% 2-3 years 3,719 Fair value
EUR 700m maturing 5 October 2028 Fixed 4.2% 3-4 years 5,191 Fair value
EUR 400m maturing 1 July 2029 Fixed 1.0% 4-5 years 2,965 Fair value
EUR 500m maturing 11 March 2030 Fixed 0.7% > 5 years 3,715 Fair value
EUR 600m maturing 5 October 2033 Fixed 4.4 % > 5 years 4,426 Fair value
Total 2.8% 29,329
Total 2023 2.7% 36,718
Bank borrowings and other borrowings
Floating-rate Floating 3.2% < 1 year 8,584 Cash flow
Fixed-rate Fixed 6.7% > 1 year 227 Fair value
Total 8,811
Total 2023 2,548
The sensitivity analysis is based on the financial instruments (borrowing, cash and cash equivalents,
deposits and securities, and derivative financial instruments) recognised at the reporting date.
The analysis was performed on the same basis as for 2023.
SECTION 4.8
FOREIGN EXCHANGE AND COMMODITY RISK
4.8.1 NET REVENUE
Developments in exchange rates between DKK and the functional currencies had a negative impact
of -0.7% on revenue and -3.1% on operating profit measured in DKK.
REVENUE BY CURRENCY (%)
2024 2023
g
EUR 19% 19%
g
CNY 17% 18%
g
GBP 11% 11%
g
DKK 9% 9%
g
CHF 6% 6%
g
NOK 6% 6%
g
PLN 4% 4%
g
SEK 4% 4%
g
LAK 4% 3%
g
Other 20% 20%
EUR and DKK are in a fixed exchange rate relationship and consequently EUR is not hedged.
Entities in
Functional
currency
Change in
average FX
rate 2023 to
2024
The eurozone EUR 0.1 %
China CNY -2.1 %
Norway NOK -1.5 %
UK GBP 2.7 %
Switzerland CHF 1.9 %
Sweden SEK 0.5 %
Laos LAK -13.9 %
Ukraine UAH -9.1 %
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
132 Carlsberg Breweries Group Annual Report 2024
SECTION 4.8 (CONTINUED)
FOREIGN EXCHANGE AND COMMODITY RISK
4.8.2 OPERATING PROFIT
TRANSACTION RISK
The Group is exposed to transaction risks on purchases and sales in currencies other than the local
functional currencies. The Group aims to hedge 70-90% of future cash flows in currencies other than
the local functional currency on a four-quarter rolling basis.
WESTERN EUROPE
For the entities in Western Europe, a major part of the purchases in foreign currencies is in EUR. This
also applies to markets with a functional currency other than EUR.
Hedging of EUR against the non-EUR local currencies will effectively eliminate a significant part of
the currency risk in the entities’ operating profit in local currency. At Group level, these hedges are
effectively a hedge of (parts of) the revenue in the relevant currency and are accounted for as cash
flow hedges, cf. section 4.3. The hedged amounts and the sensitivity analysis regarding these hedges
are shown in section 4.8.5.
ASIA
The transaction risk is considered to be less significant due to lower purchases of raw and packaging
materials in currencies other than the local functional currencies as well as the high correlation
between USD and most of the Asian currencies. An exception is Laos, which has a significant spend in
USD that is not possible to hedge.
CENTRAL & EASTERN EUROPE AND INDIA
The largest foreign exchange risk relates to Ukraine and Kazakhstan and their raw and packaging
materials in foreign currency. For 2024 and 2025, the Group has chosen to hedge a portion of
Ukraine’s expenses in EUR and USD by designating bank deposits in these currencies as hedging
instruments. Carlsberg Kazakhstan holds intercompany deposits in EUR and USD, and the
revaluation of these is recognised in financial items. They are not designated as cash flow hedges,
but, in economic terms, will give the Group some protection against depreciation of the local
currency.
4.8.3 NET FINANCE
The Group is exposed to foreign exchange risk on borrowings and trade payables denominated in a
currency other than the functional currency of the local entities reporting these, as well as the risk
that arises when net cash inflow is generated in one currency and borrowings are denominated and
have to be repaid in another currency. The main currencies impacting net finance during 2024 were
LAK and USD. The combined net foreign exchange and fair value adjustment loss, including the
effect from hyperinflation in 2024, was DKK 158m (2023: DKK -149m).
Currency profile of borrowings
Before and after derivative financial instruments
DKK million
2024
Original
principal
Effect
of swap
After
swap
CHF 475 912 1,387
GBP 318 -22,774 -22,456
EUR 36,211 17,639 53,850
USD 96 1,555 1,651
CNY 133 4,148 4,281
Other 907 -1,480 -573
Total 38,140 - 38,140
Total 2023 39,266 - 39,266
4.8.4 CONSOLIDATED PROFIT AND OTHER COMPREHENSIVE INCOME
Consolidated profit and net investment are exposed to foreign exchange translation risks where only
the latter can be hedged for accounting purposes. The revaluation of the net investment is recognised
in other comprehensive income, and the Group hedges part of this foreign exchange exposure by
selling foreign currencies via foreign exchange forwards and non-deliverable forwards (NDF),
designating these as net investment hedges. The basis for hedging is reviewed at least once a year,
and the cost of hedging is balanced against the risk reduction.
Two of the most significant net risks relate to foreign exchange adjustment of net investments in
CNY and CHF, both of which are partly hedged.
All the forward exchange contracts mature during 2025. At 31 December 2024, all adjustments of financial
instruments have been recognised in other comprehensive income. Fair value adjustments of loans
designated as strategic intra-group loans have also been recognised in other comprehensive income.
The fair value of derivatives used as net investment hedges recognised at 31 December 2024
amounted to DKK-59m (2023: DKK -13m).
The closing balance in the equity reserve for currency translation of hedges of net investments for
which hedge accounting no longer applies amounted to DKK -1,975m (2023: DKK -1,962m) on a pre-
tax basis.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
133 Carlsberg Breweries Group Annual Report 2024
SECTION 4.8 (CONTINUED)
FOREIGN EXCHANGE AND COMMODITY RISK
Net investment hedges
2024 Fair value of derivatives
DKK million
Hedging of
investment,
amount in
local
currency
Intra-group
loans,
amount in
local
currency
Other
comprehensive
income (DKK)
Average
hedged rate Asset Liability
CNY -4,707 - -99 0.9650 - -57
MYR -164 - -17 1.4863 - -18
HKD - -4,896 -226 - - -
CHF -280 - 92 8.0578 16 -3
NOK -450 3,000 -87 0.6263 3 -
SEK - -4,895 -3 - - -
GBP - 237 47 - - -
SGD - 28 -5 - - -
CAD - 106 -14 - - -
Total -312 19 -78
2023 Fair value of derivatives
DKK million
Hedging of
investment,
amount in
local currency
Intra-group
loans,
amount in
local currency
Other
comprehensive
income (DKK)
Average
hedged rate Asset Liability
CNY -4,707 - 253 0.9713 71 -5
MYR -128 - 16 1.5616 12 -
HKD - -3,609 84 - - -
CHF -294 - -100 7.8708 - -79
NOK -450 3,000 -53 0.6300 - -12
SEK - 2,245 7 - - -
GBP - 44 -11 - - -
SGD - 72 -2 - - -
CAD - 104 -6 - - -
Reclassified to the
income statement - - 24 - - -
Total 212 83 -96
4.8.5 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY
ANALYSIS
Fluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash
held in a number of currencies. In 2024, net interest-bearing debt increased by DKK 65m (2023: DKK
614m) because of changes in foreign exchange rates and amortisation.
EXCHANGE RATE SENSITIVITY ANALYSIS
An increase in the exchange rates would, all other things being equal, have had the hypothetical
impact on other comprehensive income (OCI) for 2024 illustrated in the below table and vice versa
for a decrease in exchange rates. The calculation is based on cash flow hedges existing as at 31
December 2024. The sensitivity to GBP is due to the hedging of the Britvic Group acquisition and
consequently higher than under normal circumstances.
Exchange rate sensitivity – other comprehensive income
2024 2023
DKK million
Average
hedged rate
Notional
amount Change
Effect
on OCI
Average
hedged rate
Effect
on OCI
NOK/DKK 0.6310 -663 5% -33 0.6412 -36
SEK/DKK 0.6523 -648 5% -32 0.6453 -40
PLN/DKK 1.6912 -693 5% -35 1.5994 -36
CHF/DKK 7.9583 -438 5% -22 7.8496 -31
USD/DKK 6.5736 -46 5% -2 6.7677 -16
GBP/DKK 9.0272 22,496 5% 1,125 - -
UAH/DKK 0.1718 -387 20% -77 0.1875 -55
Other N/A -28
Total 924 -242
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
134 Carlsberg Breweries Group Annual Report 2024
SECTION 4.8 (CONTINUED)
FOREIGN EXCHANGE AND COMMODITY RISK
APPLIED EXCHANGE RATES
The average exchange rate was calculated using the monthly exchange rates weighted according to
the phasing of the revenue per currency through the year.
Applied exchange rates
Closing rate Average rate
DKK 2024 2023 2024 2023
Swiss franc (CHF) 7.9067 8.0485 7.8216 7.6744
Chinese yuan (CNY) 0.9786 0.9493 0.9549 0.9752
Euro (EUR) 7.4600 7.4529 7.4591 7.4510
Pound sterling (GBP) 8.9934 8.5759 8.8184 8.5829
Indian rupee (INR) 0.0838 0.0812 0.0824 0.0834
Laotian kip (LAK) 0.0003 0.0003 0.0003 0.0004
Norwegian krone (NOK) 0.6298 0.6630 0.6412 0.6510
Polish zloty (PLN) 1.7489 1.7175 1.7338 1.6467
Ukrainian hryvnia (UAH) 0.1705 0.1766 0.1711 0.1882
Swedish krona (SEK) 0.6495 0.6717 0.6523 0.6491
4.8.6 COMMODITY RISK
Commodity price risk is associated with externally sourced input materials, such as malt (barley),
cans (aluminium), paper, sugar and glass & plastic (PET) bottles. Commodity risk management is
coordinated centrally and aimed at achieving predictable prices in the medium term.
As the underlying markets for the commodity categories are different, so is the way in which they are
hedged.
The most common form of hedging is fixed-price purchase agreements with suppliers in local
currencies.
For barley and aluminium, the two most significant commodity exposures, Group policy is to have a
minimum of 70% hedged for a given year by the end of the third quarter of the previous year, with a
target hedge ratio of 90% at the beginning of the year.
A significant part of the Group’s barley exposure for 2024 had therefore been hedged through fixed-
price purchase agreements entered into in 2023. Likewise, the majority of the exposure for 2025 was
hedged in 2024.
In the Group’s long-term purchase agreements for cans, the aluminium price is variable and based on
the global market price of aluminium (London Metal Exchange, LME), and in some contracts the can
price also varies with respect to the aluminium spot premium.
The aluminium price risk has been hedged for both 2024 and 2025, and for 2024 the aluminium spot
premium was hedged using derivative financial instruments, applying hedge percentages in line with
the policy. The fair values of the derivative financial instruments are specified in section 4.4.
For sugar we enter into rolling forward hedges with suppliers fixing prices linked to official indices, for
example NY11. As with barley and aluminium, the majority of the 2024 sugar exposure had been
hedged in 2023. Likewise, the majority of the exposure for 2025 was hedged in 2024.
Other commodities, such as PET resins, paper, rice and corn, are also hedged directly via suppliers
fixing prices to the extent possible.
For electricity and natural gas used in production of the Group’s own products, most markets in
Central & Eastern Europe and India and Asia are regulated with no possibility to hedge prices. In
Western Europe, where most markets allow forward hedging, the majority of the Group’s exposure is
hedged up to a 15-month rolling basis. For the electricity used at the Fredericia site in Denmark,
Carlsberg has entered a 10-year virtual PPA, which went live October 2024.
ALUMINIUM PRICE SENSITIVITY ANALYSIS
An increase in the LME price of aluminium would, all other things being equal, have had the
hypothetical impact on other comprehensive income (OCI) for 2024 as illustrated in the table and vice
versa for a decrease in aluminium prices. The calculation is based on hedges existing as at 31
December 2024.
Hedging of raw material price risk
DKK million
Sensitivity assuming
100% efficiency Time of maturity
Aluminium Change
Effect
on OCI
Tonnes
purchased
Average
price (DKK) 2024 2025 2026
2024 20% 333 93,341 17,189 - 82,826 10,515
2023 20% 371 116,529 16,238 93,582 22,947 -
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
135 Carlsberg Breweries Group Annual Report 2024
SECTION 4.9
FUNDING AND LIQUIDITY RISK
Liquidity risk results from the Group’s potential inability to meet the obligations associated with its
financial liabilities, for example settlement of financial debt and payment of suppliers.
The Group’s overall objective is to ensure continuous access, at the right price, to the financial
resources needed for operations and growth.
The aim is to ensure effective liquidity management, which involves obtaining sufficient committed
credit facilities to ensure adequate financial resources and, to some extent, tapping a range of
funding sources.
DIVERSIFIED FUNDING SOURCES
The Group diversifies its access to funding to avoid relying on a single source of funding.
The Group has access to a committed EUR 2bn revolving credit facility (RCF) maturing in 2029 with
options to extend by 1+1 years, which is currently not being utilised. In addition, the Group has
committed cash pool bank overdraft facilities to cover the day-to-day liquidity needs and
uncommitted access to the Euro Commercial Paper (ECP) market, which provides short-term funding.
In 2024, the Group arranged a GBP 4.3bn bridge facility to ensure certainty of funds in relation to the
Britvic Group acquisition. The use of funds from this facility is limited to specific purposes and has not
been included in the table below or in the calculation of credit resources available.
At 31 December 2024, bonds accounted for 77% of the gross funding.
Committed credit facilities and credit resources available
DKK million
2024
Total
committed
loans and
credit
facilities
Utilised
portion of
credit
facilities
Unutilised
credit
facilities
2023
Unutilised
credit
facilities
Current
< 1 year 11,996 10,748 1,248 1,149
Total current committed loans and credit facilities
11,996 10,748 1,248 1,149
Non-current
1-2 years 5,977 5,967 10 -
2-3 years 3,984 3,984 - 14,912
3-4 years 5,553 5,374 179 -
4-5 years 18,115 3,136 14,979 -
> 5 years 8,931 8,931 - -
Total non-current committed loans and credit facilities 42,560 27,392 15,168 14,912
Cash and cash equivalents and deposits 11,601 15,618
Current portion of utilised credit facilities - - -10,748 -8,338
Credit resources available (total non-current
committed loans and credit facilities less net debt) 16,021 22,192
CREDIT RESOURCES AVAILABLE
The Group uses the term “credit resources available” to determine the adequacy of access to credit
facilities.
Credit resources available include cash, deposits and unutilised credit facilities with more than 12
months to maturity less utilised credit facilities with less than 12 months to maturity and
uncommitted working capital facilities
Net financial debt is used internally to monitor the Group’s available credit resources. Net financial
debt is the Group’s gross debt less cash and deposits. Net financial debt is shown in section 4.5.
At 31 December 2024, the Group had total credit resources available of DKK 16,021m, consisting of
cash and cash equivalents and deposits of DKK 11,601m plus committed unutilised non-current credit
facilities of DKK 15,168m less utilisation of current facilities of DKK 10,748m. Including current credit
facilities of DKK 1,248m, total committed unutilised credit facilities amounted to DKK 16,416m.
Credit resources available at year-end 2024 were DKK 6.2bn lower than at year-end 2023, primarily
as a result of the decrease in cash and deposit and increase in utilisation of short term credit facilities.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
136 Carlsberg Breweries Group Annual Report 2024
SECTION 4.9 (CONTINUED)
FUNDING AND LIQUIDITY RISK
The credit resources available and access to unused committed credit facilities are considered
reasonable in light of the Group’s current needs in terms of financial flexibility.
The Group uses cash pools for day-to-day liquidity management in most of its entities in Western
Europe, as well as intra-group loans to and from subsidiaries. Central & Eastern Europe and India
and Asia are less integrated in terms of cash pools, and liquidity is managed via intra-group loans.
For some markets in Asia, intra-group loans are not possible, and surplus liquidity will be paid out in
the form of dividends, which results in a time lag between when the cash flow is generated and when
it becomes available for repayment of Group debts. The most significant cash balances related to this
delay are in India and Ukraine. Cash balances held in Ukraine of DKK 1.4bn are temporarily
unavailable for Group purposes due to the ongoing war.
Maturity of financial liabilities
DKK million
2024
Contractual
cash flows
Maturity
< 1 year
Maturity
> 1 year
< 5 years
Maturity
> 5 years
Carrying
amount
Derivative financial instruments
Derivative financial instruments, payables 296 296 - - 319
Non-derivative financial instruments
Gross financial debt 38,338 10,776 18,566 8,996 38,140
Interest expenses 3,852 1,084 2,038 730 N/A
Trade payables and deposits on
returnable packing materials 25,039 25,039 - - 25,039
Contingent liabilities 220 220 - - N/A
Contingent considerations 1,916 433 1,483 - 1,916
Non-derivative financial instruments 69,365 37,552 22,087 9,726 -
Financial liabilities 69,661 37,848 22,087 9,726 -
Total 2023 73,477 38,997 21,724 12,756 -
MATURITY OF FINANCIAL LIABILITIES
The table lists the contractual maturities of financial liabilities, including estimated interest payments
and excluding the impact of netting agreements, and thus summarises the gross liquidity risk.
The risk implied by the values reflects the one-sided scenario of cash outflows only. Trade payables
and other financial liabilities originate from the financing of assets in ongoing operations, such as
property, plant and equipment, and investments in working capital, for example inventories and trade
receivables.
The nominal amount/contractual cash flow of gross financial debt totalled DKK 38,338m in 2024
(2023: DKK 39,443m), whereas the total carrying amount was DKK 38,140m (2023: DKK39,266m).
The difference between these amounts relates to establishment costs, which are capitalised on initial
recognition and amortised over the duration of the borrowings.
The interest expense is the contractual cash flows expected on the gross financial debt existing at 31
December 2024.
The cash flow is estimated based on the notional amount of the above-mentioned borrowings and
expected interest rates at year-end 2024 and 2023. Interest on debt recognised at year-end 2024 and
2023 for which no contractual obligation exists (current borrowing and other debts) has been
included for a two-year period. The synthetic interest on lease liabilities has also been included for a
two-year period. The interest applied to the part of the debt where no contractual obligation exists is
3.25% for 2025 and 3.0% for 2026 (2023: 4.0% for 2024 and 2.5% for 2025)
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
137 Carlsberg Breweries Group Annual Report 2024
SECTION 5
ACQUISITIONS, NON-
CONTROLLING
INTERESTS AND
ASSOCIATES,
DISPOSALS AND
DISCONTINUED
OPERATIONS
This section describes the acquisition of the Britvic Group, which took place after the reporting date
31 December 2024, the purchase of Marston’s plc’s 40% stake in Carlsberg Marston’s Brewing
Company and the buyout of the partners in our business in India and Nepal as well as the related
contingent and deferred considerations. In addition, the section describes the disposal of the Russian
business.
IN THIS SECTION:
5.1 Acquisitions
138
5.1.1 Acquisitions completed after the end of reporting period
138
5.1.2 Acquisitions completed in the reporting period
139
5.2 Non-controlling interests and associates
142
5.3 Disposals and discontinued operations
143
5.4 Contingent considerations
145
SECTION 5.1
ACQUISITIONS
5.1.1 ACQUISITIONS COMPLETED AFTER THE END OF THE REPORTING
PERIOD
Britvic Group
On 17 December 2024, Carlsberg and Britvic plc announced that clearance for the acquisition of
Britvic plc by Carlsberg had been received from both the European Commission and the UK
Competition and Markets Authority, and that as a result all regulatory conditions had been satisfied.
The Scheme was sanctioned by the Court on 15 January 2025 and became effective on 16 January
2025 when the Court Order was delivered to the UK Registrar of Companies, and Carlsberg obtained
control from this date.
About Britvic Group
The Britvic Group is an integrated soft drinks business in Europe.
The company has been the bottling partner for Pepsi in the UK since 1987 and in Ireland since 2007,
with the Pepsi franchises accounting for around half of total revenue. The other half is generated
from a range of own brands in multiple soft drinks segments.
Beyond the UK and Ireland, the Britvic Group is established in France and Brazil, where it markets
and sells owned brands in a smaller number of categories.
Strategic rationale and synergies
The acquisition of Britvic is attractive for Carlsberg from a strategic, operational and financial angle.
It supports the Group’s Accelerate SAIL growth ambitions; it enhances the top- and bottom-line
growth profile and cash generation in Western Europe; and it transforms our business in the UK.
Incorporating Britvic into the Group will double the Group’s soft drinks exposure to around 30% of
total volumes. While beer remains our core business, the increased exposure to the growing soft
drinks category will improve the Group’s resilience, both from a market and a brand portfolio
perspective.
For many years, the production, distribution and selling of soft drinks have been an integral and value-
accretive part of the Group’s business in several markets, providing multiple operational and financial
synergistic benefits. Similarly to these markets, the Group intends to create an integrated beverage
company in the UK, creating a multi-beverage supplier of scale, benefiting from an efficient supply chain
and distribution network, and providing customers with a comprehensive portfolio of market-leading
brands and leading customer service.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
138 Carlsberg Breweries Group Annual Report 2024
SECTION 5.1 (CONTINUED)
ACQUISITIONS
The Group expects to realise synergies across a number of areas including direct and indirect
procurement, supply chain, administration and overheads, and these will be achieved across
Carlsberg and Britvic's combined business. The majority of these synergies are expected to be
realised by 2027.
Consideration
The acquisition values the ordinary share capital of Britvic at approximately GBP 3.3bn on a fully
diluted basis.
Britvic shareholders have received:
• GBP 13.15 for each Britvic share (the “acquisition value”)
The acquisition value for each Britvic share comprises:
• GBP 12.90 in cash for each Britvic share (the “acquisition price”), and
• A special dividend payment of GBP 0.25 per Britvic share. The dividend was paid by Britvic on 27
January 2025.
The total consideration amounted to DKK 29,481m.
The acquisition will be fully debt-financed.
Transaction costs
Total transaction costs recognised as at 31 December 2024 amounted to DKK 263m and are
recognised as part of special items, cf. section 3.1.
Fair value of acquired net assets and goodwill
The detailed work on preparing the purchase price allocation of the fair value of identified assets,
liabilities and contingent liabilities, including review of the opening balances of the Britvic Group’s
entities, has not commenced. Management has had limited access to Britvic’s financial information
prior to closing, which means no provisional purchase price allocation has been prepared and no
further disclosures are available. Acquired goodwill is not deductible for tax purposes.
Adjustments are likely to be made to all items in the opening statement of financial position.
Accounting for the acquisition will be completed within the 12-month period required by IFRS 3.
5.1.2 ACQUISITIONS COMPLETED IN THE REPORTING PERIOD
2024
Gorkha Brewery
On 29 November 2024, the Group gained control of Gorkha Brewery (Nepal) through the acquisition
of an additional 9.94% of the shares in Gorkha Brewery, giving Carlsberg a 99.94% ownership
interest, cf. section 5.2.
The step acquisition of Gorkha Brewery was carried out to obtain control of the business so as to
further strengthen the Group’s presence in central Asia and realise synergies by collaborating with
our business in India. The shareholdings held before obtaining control were remeasured at a fair
value of DKK 1,794m. Net of reclassification of accumulated currency exchange adjustment of DKK
-44m, a gain of DKK 440m was recognised as part of special items, cf. section 3.1.
The fair value of the shareholding held before obtaining control of Gorkha Brewery has been
measured by an independent external valuer at the net present value of expected future cash flows.
The expected cash flows were based on business plans for the next three years and projections for
subsequent years prepared by local management. Key parameters were revenue growth, operating
margin, future capital expenditure and growth expectations beyond the forecast period. The forecast
future cash flows were discounted using a weighted average cost of capital (WACC) of 17.5%, an
average annual growth rate in the forecast period of around 2% and a residual period growth rate of
5.4%.
The purchase price allocation of the fair value of identified assets, liabilities and contingent liabilities
is ongoing. Adjustments are therefore expected to be made to several items in the opening statement
of financial position, including to brands and property, plant and equipment. Acquired goodwill is not
deductible for tax purposes. The accounting treatment of the acquisition will be completed within the
12-month period required by IFRS.
In 2024, revenue and profit for the period include DKK 36m and DKK 291m respectively from Gorkha
Brewery. Had the acquisition been included in profit or loss from 1 January 2024, revenue would have
been DKK 682m and profit for the period would have been DKK 311m.
No other material enterprises or activities were acquired in 2024.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
139 Carlsberg Breweries Group Annual Report 2024
SECTION 5.1 (CONTINUED)
ACQUISITIONS
Acquisitions
DKK million 2024 2023
Net assets and goodwill recognised
Intangible assets 1,313 807
Property, plant and equipment 111 270
Right-of-use assets - 161
Financial assets 175 -
Inventories 71 91
Trade and other receivables 311 109
Cash and cash equivalents 527 5
Total assets 2,508 1,443
Borrowings and lease liabilities - 417
Deferred tax liabilities - 43
Trade payables 229 104
Other payables 485 48
Total liabilities 714 612
Acquired net assets 1,794 831
Consideration paid 249 760
Fair value of contingent considerations - 24
Fair value of previously held investment 1,543 47
Foreign exchange translation difference 2 -
Fair value of total consideration transferred 1,794 831
Elements of cash consideration paid
DKK million 2024 2023
Cash -249 -760
Cash and cash equivalents, acquired 527 -66
Total cash consideration paid 278 -826
Contingent consideration -24 -
Total consideration transferred 254 -826
2023
In 2023, the Group gained control of two businesses, Waterloo Brewing and Jing-A Group. The
purchase price allocation of the fair value of the identified assets, liabilities and contingent liabilities
for both businesses was completed in 2023.
Waterloo Brewing
On 7 March 2023, the Group acquired 100% of the Canadian Waterloo Brewing company for a cash
consideration of CAD 144m (DKK 734m). The company was fully consolidated at the acquisition date.
The purpose of the acquisition was to strengthen the Group’s market position and to deliver supply
chain and other synergies. The calculated goodwill represents staff competences and synergies from
expected optimisations of sales and distribution, supply chain and procurement, possible product
innovations, increase in market share and access to new customers.
Jing-A Group
In September 2023, Carlsberg gained control of Jing-A Group through the acquisition of an additional
26.5% of the shares, giving Carlsberg a 75.5% ownership interest, cf. section 5.2. The non-controlling
interest holds an option to sell its remaining shareholding to Carlsberg and, in accordance with the
Group’s accounting policies, the non-controlling interest was not recognised. Instead the contingent
consideration payable was recognised at fair value, cf. section 5.4. The contingent consideration of
DKK 24m was paid in July 2024, finalising the 100% acquisition of the Jing-A Group.
The step acquisition of Jing-A Group was completed to further strengthen the Group’s presence in the
growing craft beer segment in China. The shareholdings held before obtaining control were
remeasured at a fair value of DKK 47m, with the revaluation adjustment, DKK 20m, recognised in
special items.
Completed purchase price allocations
Management believes that the purchase prices for Waterloo Brewing and Jing-A Group’s activities,
which are accounted for in the consolidated financial statements, reflect the best estimate of the
total fair value of these businesses.
The purchase price allocation of the fair value of the identified assets, liabilities and contingent
liabilities for both businesses was completed in 2023.
Intangible assets
Goodwill related to Waterloo Brewing, DKK 533m, was allocated to the Central & Eastern Europe
and India CGU in line with the allocation of the Group’s existing Canadian business. Goodwill related
to Jing-A Group, DKK 110m, was allocated to the Asia CGU. The goodwill is not deductible for tax
purposes.
The value of brands was estimated using the Group’s principles described above. Brands with a fair
value of DKK 164m were recognised and classified as an intangible asset with an indefinite useful life.
Property, plant and equipment
The fair value and expected useful life of the brewery equipment and related buildings of the
acquired brewery were determined with assistance from external engineering experts in the brewery
industry.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
140 Carlsberg Breweries Group Annual Report 2024
SECTION 5.1 (CONTINUED)
ACQUISITIONS
Financial impact of acquisitions
Revenue in 2023 included DKK 431m from Waterloo Brewing and Jing-A Group. Had the acquisitions
been completed at the beginning of the reporting period, revenue would have included DKK 577m
from these companies. Profit for the period includes DKK -29m from Waterloo Brewing and Jing-A
Group. Had the acquisitions been completed at the beginning of the reporting period, profit for the
period would have included DKK -31m from these companies.
ACCOUNTING ESTIMATES AND JUDGEMENTS
Assessment of control
The classification of entities where Carlsberg controls less than 100% of the voting rights is based on an
assessment of the contractual and operational relationship between the parties. This includes assessing
the conditions in shareholder agreements, contracts etc.
Consideration is also given to the extent to which each party can govern the financial and operating
policies of the entity, how the operation of the entity is designed, and which party possesses the relevant
knowledge and competences to operate the entity.
Another factor relevant to this assessment is the extent to which each of the parties can direct the
activities and affect the returns, for example by means of rights, reserved matters or casting votes.
Purchase price allocation procedures
For acquisitions of entities, the assets, liabilities and contingent liabilities of the acquiree are recognised
using the acquisition method in accordance with IFRS 3. The most significant assets acquired generally
comprise goodwill, brands, property, plant and equipment, receivables and inventories.
No active market exists for the majority of the acquired assets and liabilities, in particular in respect of
acquired intangible assets. Accordingly, management makes estimates of the fair value of acquired assets,
liabilities and contingent liabilities. Depending on the nature of the item, the determined fair value of an
item may be associated with uncertainty and possibly adjusted subsequently.
The unallocated purchase price (positive amount) is recognised in the statement of financial position as
goodwill and allocated to the Group’s cash-generating units.
Brands
The model and assumptions applied are consistent with those used in impairment testing, and are
described in further detail in section 2.3.4.
Property, plant and equipment
The fair value of land and buildings, and standard production and office equipment is based, as far as
possible, on the fair value of assets of similar type and condition that may be bought and sold in the open
market.
Property, plant and equipment for which there is no reliable evidence of the fair value in the market (in
particular breweries, including production equipment) are valued using the depreciated replacement
method.
This method is based on the replacement cost of a similar asset with similar functionality and capacity.
The calculated replacement cost is then reduced to reflect functional and physical obsolescence. The
expected synergies and the user-specific intentions for the expected use of assets are not included in the
determination of the fair value.
ACCOUNTING POLICIES
Acquisitions
The acquisition date is the date when the Group effectively obtains control of an acquired subsidiary or
significant influence over an associate.
The cost of a business combination comprises the fair value of the consideration agreed upon, including
the fair value of any consideration contingent on future events.
In a step acquisition, the Group gains control of an entity in which it already held a shareholding before
gaining control. The shareholding held before the step acquisition is remeasured at fair value at the
acquisition date and added to the fair value of the consideration paid for the shareholding acquired in the
step acquisition, and accounted for as the total cost of the shareholding in the acquired entity. The gain or
loss on the remeasurement is recognised in the income statement under special items.
Goodwill and fair value adjustments in connection with the acquisition of an entity are treated as assets
and liabilities belonging to the foreign entity and translated into the foreign entity’s functional currency at
the exchange rate at the transaction date.
The acquired entities’ identifiable assets, liabilities and contingent liabilities are measured at fair value at
the acquisition date.
Identifiable intangible assets are recognised if they are separable or arise from a contractual right.
Deferred tax on revaluations is recognised.
The identifiable assets, liabilities and contingent liabilities on initial recognition at the acquisition date are
subsequently adjusted up until 12 months after the acquisition. The effect of the adjustments is recognised
in the opening balance of equity, and the comparative figures are restated accordingly if the amount is
material.
Changes in estimates of contingent purchase considerations are recognised in the income statement under
special items, unless they qualify for recognition directly in equity.
Cash flow to acquire subsidiaries is presented in financial investments and includes cash and cash
equivalents in the acquiree.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
141 Carlsberg Breweries Group Annual Report 2024
SECTION 5.2
NON-CONTROLLING INTERESTS AND ASSOCIATES
NON-CONTROLLING INTERESTS
Transactions with non-controlling interests
DKK million Changes in equity
2024
Shareholder in
Carlsberg
Breweries A/S
Non-controlling
interests Total equity
Changes in ownership 1,160 436 1,596
Transaction cost related to changes in ownership 24 - 24
Fair value adjustments of contingent consideration and other
transactions with non-controlling interests 194 - 194
Recognised in equity 1,378 436 1,814
The Group’s non-controlling interests consist of Lao Brewery, Carlsberg Chongqing Breweries Group,
Carlsberg Malaysia Group and other non-controlling interests, primarily in the Asia region. Non-
controlling interests are not individually material to the Group’s total profit.
2024
On 31 July, the Group acquired 40% of Carlsberg Marston’s Brewing Company for a purchase price of
DKK 1,832m (GBP 206m) and now owns 100% of the company. The acquisition resulted in an
adjustment to equity of DKK -1,477m and derecognition of non-controlling interests of DKK 345m.
On 29 November, the Group completed its acquisition of the remaining 33% of Carlsberg South Asia
Pte Ltd (CSAPL) for a purchase price of DKK 4,991m (USD 706m) and now owns 100% of the
company. The derecognition of the previous put liability to purchase the shareholding was recognised
directly in equity and amounted to DKK 5,263m, resulting in a net impact from the transaction on
equity of DKK 272m.
On 4 December, the Group received the remaining 10% shareholding in Carlsberg Kazakhstan from
Baltika Breweries as part of the agreement to dispose of the Russian business, cf. section 5.3. The
transfer resulted in an adjustment to equity of DKK 45m and derecognition of non-controlling
interests of DKK 91m.
2023
The Group did not complete any acquisitions or disposals of non-controlling interests in 2023.
ASSOCIATES
Key figures for associates
DKK million Carlsberg Breweries Group share
2024
Profit
after tax
Other
comprehensive
income
Total
comprehensive
income
Investments in
associates
Total 612 - 612 3,938
2023
Total 577 - 577 4,706
Investments in associates mainly include the businesses in Portugal (60%), Myanmar (61%) and four
associates in China (50%). The total investment in these associates amounted to DKK 2,190m at 31
December 2024 (2023: DKK 2,295m).
The Group’s effective ownership of Super Bock Group, Portugal, is 60%. Nevertheless, Super Bock
remains an associate of the Group due to the ownership structure. Please refer to section 10 for
further details.
Despite the 61% legal ownership share in Myanmar Carlsberg, the entity is classified as an associate
due to the structure of the agreement with the partner and the business environment in the country.
For associates in which the Group holds an ownership interest of less than 20% and participates in
the management of the entity, the Group is considered to be exercising significant influence. None of
the associates are material to the Group.
2024
On 16 January 2024, the Group acquired a 20% stake in the Danish craft brewer Mikkeller and
entered into a sales and distribution agreement for the Danish market. The purchase price was DKK
130m, of which DKK 15m was deferred to 2025.
On 25 July 2024, the Group acquired a minority stake in Brasserie du Pays Flamand for DKK 46m
with the aim of accelerating the roll-out of the Anosteké brand in France.
On 29 November 2024, the Group gained control of the associate Gorkha Brewery through a step
acquisition, cf. section 5.1.
2023
In Q4, the Group gained control of the associate Jing-A Group through a step acquisition, cf. section
5.1, and recognised a write-down of a minor associate in Cambodia of DKK 49m, cf. section 2.3.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
142 Carlsberg Breweries Group Annual Report 2024
SECTION 5.2 (CONTINUED)
NON-CONTROLLING INTERESTS AND ASSOCIATES
Fair value of investment in listed associates
DKK million 2024 2023
The Lion Brewery Ceylon, Sri Lanka 581 384
ACCOUNTING POLICIES
On acquisition of non-controlling interests, i.e. subsequent to the Group obtaining control, acquired net
assets are not measured at fair value. The difference between the cost and the non-controlling interests’
share of the total carrying amount is transferred from the non-controlling interests’ share of equity to
equity attributable to the shareholder in Carlsberg Breweries A/S. The amount deducted cannot exceed
the non-controlling interests’ share of equity immediately before the transaction.
On disposal of shareholdings to non-controlling interests, the difference between the sales price and the
share of the total carrying amount, including goodwill acquired by the non-controlling interests, is
transferred from equity attributable to the shareholder in Carlsberg Breweries A/S to the non-controlling
interests.
Cash flow to acquire or dispose of non-controlling interests is presented in financing activities.
Investments in associates are recognised according to the equity method, which entails measurement at
cost and adjustment for the Group’s share of the profit or loss and other comprehensive income of the
associate after the date of acquisition. The share of the result must be calculated in accordance with the
Group’s accounting policies. The proportionate share of unrealised intra-group profits and losses is
eliminated. Investments in associates with negative net asset values are measured at DKK 0.
If the Group has a legal or constructive obligation to cover a deficit in the associate, the deficit is
recognised under provisions. Any amounts owed by associates are written down to the extent that the
amount owed is deemed irrecoverable.
Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.
SECTION 5.3
DISPOSALS AND DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS
2024
On 4 December 2024, the Group completed the disposal of Baltika Breweries for a cash consideration
of RUB 34bn and also received Baltika Breweries’ shareholdings in Carlsberg Azerbaijan and
Carlsberg Kazakhstan, cf. section 5.2. The resulting reversal of impairment recognised in prior periods
of DKK 2,258m was recognised in net result from discontinued operations.
Receipt of the shareholding in Carlsberg Azerbaijan did not have any impact on the consolidated
financial statements, as the Group had continued to consolidate the business.
2023
The disposal was the conclusion of a period when the Group did not exercise control over the Russian
business because of a presidential decree issued on 16 July 2023 that temporarily transferred the
management of Baltika Breweries to the Russian government. According to the presidential decree,
Carlsberg retained title to the shares in Baltika Breweries, but otherwise no longer had any control or
influence over the management of the business.
Following the loss of control over Baltika Breweries, the Russian business was fully impaired,
resulting in an impairment loss of DKK 7,002m, and deconsolidated from July 2023. Upon
deconsolidation, the currency translation and hedging reserves within equity related to the Russian
business were reclassified from equity to the income statement and included in net result from
discontinued operations.
The accumulated currency translation reserve reclassified to the income statement represented a loss
of DKK 40,949m and included the accumulated fair value of net investment hedges of DKK 24m, cf.
section 4.8. The accumulated hedging reserve reclassified to the income statement represented a loss
of around DKK 545m and included both active hedges and hedges for which hedge accounting was
no longer applied, cf. section 4.2.
FINANCIAL PERFORMANCE
The net result from discontinued operations for 2023 included only the six months of operation until
the date of loss of control. The reported revenue amounted to DKK 4,305m and profit to DKK 758m.
The net result was DKK -47,748m, impacted by the reclassification from equity of accumulated losses
on currency translation and hedges of DKK 41,504m and the write-down of the investment by DKK
7,002m. The net cash flow from discontinued operations amounted to DKK -994m, negatively
impacted by the deconsolidation of DKK 2,495m of cash and cash equivalents in the Russian
operation.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
143 Carlsberg Breweries Group Annual Report 2024
SECTION 5.3 (CONTINUED)
DISPOSALS AND DISCONTINUED OPERATIONS
Analysis of net result from discontinued operations
DKK million 2024 2023
Revenue - 4,305
Costs - -3,337
Profit before tax from discontinued operations - 968
Income tax - -210
Profit after tax from discontinued operations - 758
Impairment losses 2,258 -7,002
Accumulated currency translation and hedging reserves reclassified from equity to
the income statement - -41,504
Net result from discontinued operations 2,258 -47,748
Net cash flow from discontinued operations
DKK million 2024 2023
Cash flow from operating activities - 1,531
Cash flow from investing activities 2,258 -2,588
Cash flow from financing activities - 63
Net cash flow from discontinued operations 2,258 -994
DISPOSALS OF ENTITIES
The Group disposed of two minor entities in 2024 (2023: 0).
ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group classifies non-current assets and disposal groups as held for sale when management assesses
that their carrying amounts will be recovered through a sale rather than continued use. Management’s
assessment is based on an evaluation of whether the sale is highly probable and the asset or disposal
group is available for immediate sale in its current condition. Actions required to complete the sale should
indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will
be withdrawn. Management must be committed to the plan to sell the asset and the sale must be
expected to be completed within one year from the date of the classification.
On classification, management estimates the fair value. Non-current assets and disposal groups classified
as held for sale are measured at the lower of their carrying amount and fair value less costs of disposal.
Costs of disposal are the incremental costs directly attributable to the disposal of an asset (disposal
group), excluding finance costs and income tax expenses.
Depending on the nature of the non-current assets and the disposal group’s activity, assets and liabilities,
the estimated fair value may be associated with uncertainty and possibly adjusted subsequently.
Measurement of the fair value of disposal groups is categorised as level 3 in the fair value hierarchy, as
measurement is not based on observable market data.
ACCOUNTING POLICIES
Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale
are those directly associated with the assets that will be transferred in the transaction. The classification is
changed to assets and liabilities in discontinued operations respectively. Immediately before classification
as held for sale, the assets or disposal groups are remeasured in accordance with the Group’s accounting
policies. Thereafter, they are measured at the lower of their carrying amount and fair value less costs to
sell. Any impairment loss is allocated first to goodwill, and then to remaining assets on a pro rata basis,
except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit
assets, which continue to be measured in accordance with the Group’s accounting policies. Property, plant
and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
Impairment losses on initial classification as held for sale, and subsequent gains and losses on
remeasurement are recognised in the income statement.
Non-current assets and disposal groups held for sale are presented separately as current lines in the
statement of financial position, and the main elements are specified in this section. Comparative figures
are not restated.
A disposal group is presented as discontinued operations if it is a group of companies, i.e. part of a
geographical area of operations that has either been disposed of or is classified as held for sale.
Discontinued operations are excluded from the results of continuing operations and presented separately
as profit/loss from discontinued operations in the income statement. Comparative figures are restated.
Cash flow from discontinued operations is presented separately as net cash flow from discontinued
operations in the statement of cash flows and specified in this section. Comparative figures are restated.
Disposals and loss of control
Gains or losses on the disposal or liquidation of subsidiaries and associates are recognised as the
difference between the sales price and the carrying amount of net assets (including goodwill) at the date
of disposal or liquidation, and net of foreign exchange adjustments recognised in other comprehensive
income, and costs to sell or liquidation expenses.
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144 Carlsberg Breweries Group Annual Report 2024
SECTION 5.4
CONTINGENT CONSIDERATIONS
Contingent considerations relate to options held by non-controlling interests in subsidiaries to sell
their shares to the Group and to deferred payments in the acquisition of entities contingent on
market conditions.
In 2024, the Group acquired 33.33% of Carlsberg South Asia Pte Ltd (CSAPL), cf. section 5.2, resulting
in the derecognition of the put option liability related to the shareholding amounting to DKK 5,263m.
Of the consideration for the shares, DKK 1.8m was retained by the Group, while DKK 0.3bn will be
settled in early 2025 and the rest will be released dependent on potential claims under the share
purchase agreement (likely after 3-5 years). The Group previously called in a loan made to CSAPLH,
the loan having become due and payable in full. In January 2022, the Singapore court of appeal
finally confirmed that the loan with interest was repayable to Carlsberg in full, totalling DKK 0.4bn.
The loan was repaid in full on 29 November 2024.
The contingent considerations at the end of the reporting period related to put options on the shares
in Brewery Alivaria, Belarus.
The ownership percentage at which shares subject to put options are consolidated differs from the
legal ownership interest held by the Group. Both the legal and the consolidated ownership are stated
in section 10.
The carrying amount of contingent considerations is determined in accordance with the terms and
conditions agreed with the holders of the options.
Contingent considerations
DKK million 2024 2023
Contingent considerations at 1 January 5,445 5,577
Additions - 23
Payments -23 -
Disposals -5,536 -
Fair value adjustments 215 -155
Contingent considerations at 31 December 101 5,445
Of the contingent considerations, DKK 0m (2023: DKK 304m) is expected to fall due after more than
12 months.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The fair value of contingent considerations linked to put options is measured on the basis of level 3 input
consisting of non-observable data, such as entity-specific discount rates and industry-specific expectations
of price developments, and generally accepted valuation methods, including discounted cash flows and
multiples.
ACCOUNTING POLICIES
Fair value adjustments of put options granted to non-controlling interests are recognised directly in the
statement of changes in equity.
Other contingent considerations (earn-outs) that are not linked to a future transfer of additional
shareholdings are measured in accordance with the terms of the contract with the seller. The revaluation
of such contingent considerations is recognised in special items.
Shares subject to put options are consolidated as if the shares had already been acquired.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
145 Carlsberg Breweries Group Annual Report 2024
SECTION 6
TAX
In 2024, we contributed with direct and indirect taxes such as corporate taxes, excise duties,
employee taxes etc. Our corporate income tax payments amounted to DKK 2,420m (2023: DKK
2,079m) .
Further details on our tax contribution and approach to tax can be found in the Group’s Tax Report.
IN THIS SECTION:
6.1 Income tax
146
6.2 Tax assets and liabilities
147
SECTION 6.1
INCOME TAX
Reconciliation of the effective tax rate for the year
2024 2023
% DKK million % DKK million
Nominal weighted tax rate 19.7 1,983 20.0 1,991
Change in tax rate - - - -5
Adjustments to tax for prior years 1.1 109 0.1 6
Non-capitalised tax assets and liabilities -3.5 -354 -3.2 -319
Non-taxable income -0.5 -53 -0.3 -28
Non-deductible expenses 3.0 299 2.5 250
Tax incentives etc. -1.5 -146 -1.7 -168
Special items 0.2 21 2.2 219
Withholding taxes 2.6 259 1.4 141
Other, including tax in associates -1.6 -156 -1.0 -104
Effective tax rate for the year 19.5 1,962 20.0 1,983
Effective tax rate for the year, excluding the tax effect
of transactions in special items and other non-recurring
tax impacts 21.7 - 20.9 -
The nominal weighted tax rate for the Group is calculated as the domestic tax rates applicable to
profits in the entities as a proportion of each entity’s share of the Group’s profit before tax.
The Group’s total tax cost was impacted by tax incentives related to e.g. R&D incentives, non-
deductible expenses and increased withholding tax expenses, resulting in an effective tax rate of
19.5% (2023: 20.0%).
The impact from non-recurring items primarily comprised movement in uncertain tax positions and
prior-year adjustments. Excluding non-recurring items and tax thereon, the effective tax rate would
have been 21.7% (2023: 20.9%).
The Group is not expected to be materially impacted by the OECD/EU Pillar Two Model Rules and
their local implementation. Most countries where the Group has operations impose taxation in excess
of 15%, and the remainder are expected to increase the tax rate such that all markets not covered by
the transitional safe harbour rules are still expected to show an effective tax rate in excess of 15%.
As such, these rules are not expected to result in either materially increased tax payments or a
change to the Group’s effective tax rate.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
146 Carlsberg Breweries Group Annual Report 2024
SECTION 6.1 (CONTINUED)
INCOME TAX
Income tax
2024 2023
DKK million
Income
statement
Other
comprehen-
sive income
Total
comprehen-
sive income
Income
statement
Other
comprehen-
sive income
Total
comprehen-
sive income
Tax for the year can be
specified as follows
Current tax 2,340 -57 2,283 2,142 -8 2,134
Change in deferred tax
and non-current tax
payables during the year -487 15 -472 -160 81 -79
Change in deferred tax as
a result of change in tax
rate - - - -5 - -5
Adjustments to tax for
prior years 109 - 109 6 - 6
Total 1,962 -42 1,920 1,983 73 2,056
Tax recognised in other comprehensive income
2024 2023
DKK million
Recognised
item before
tax
Tax income/
expense After tax
Recognised
item before
tax
Tax income/
expense After tax
Foreign exchange
adjustments -874 - -874 -37,781 - -37,781
Hedging instruments -2 -30 -32 -920 44 -876
Retirement benefit
obligation 93 -12 81 71 29 100
Total -783 -42 -825 -38,630 73 -38,557
ACCOUNTING POLICIES
Income tax comprises current tax and changes in deferred tax for the year, including changes as a result of
a change in the tax rate. The tax expense relating to the profit/loss for the year is recognised in the
income statement, while the tax expense relating to items recognised in other comprehensive income is
recognised in the statement of comprehensive income.
If the Group obtains a tax deduction on computation of the taxable income in Denmark or in foreign
jurisdictions as a result of share-based payment programmes, this tax effect of the programmes is
recognised in tax on profit/loss for the year.
SECTION 6.2
TAX ASSETS AND LIABILITIES
Of the total deferred tax assets recognised, DKK 334m (2023: DKK 231m) relates to tax losses carried
forward, the utilisation of which depends on future positive taxable income exceeding the realised
deferred tax liabilities. It is management’s opinion that these tax losses carried forward can be utilised
within the foreseeable future.
Tax assets not recognised of DKK 1,020m (2023: DKK 1,163m) primarily relate to tax losses that are
not expected to be utilised in the foreseeable future. Tax losses that will not expire amounted to DKK
1,050m (2023: DKK 890m).
Distribution of reserves for other subsidiaries will not trigger a significant tax liability based on current
tax legislation.
Specification of deferred tax
Deferred tax assets Deferred tax liabilities
DKK million 2024 2023 2024 2023
Intangible assets 143 114 1,282 1,371
Property, plant and equipment 357 459 1,253 938
Current assets 1,148 918 35 126
Provisions and retirement benefit obligations 607 441 2,128 2,350
Fair value adjustments 37 133 159 97
Tax losses 334 231 - -
Other 198 213 59 32
Total before offset 2,824 2,509 4,916 4,914
Offset -840 -754 -840 -754
Deferred tax assets and liabilities at 31 December 1,984 1,755 4,076 4,160
Expected to be used as follows
Within one year 1,217 899 258 387
After more than one year 767 856 3,818 3,773
Total 1,984 1,755 4,076 4,160
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
147 Carlsberg Breweries Group Annual Report 2024
SECTION 6.2 (CONTINUED)
TAX ASSETS AND LIABILITIES
Changes to non-current tax assets and liabilities
DKK million 2024 2023
Tax assets and liabilities at 1 January, net 2,405 2,464
Adjustments to prior years 2 67
Acquisition of entities -3 43
Disposal of entities -55 -
Recognised in other comprehensive income 15 81
Recognised in the income statement, net, continuing operations -487 -160
Change in tax rate - -5
Foreign exchange adjustments 215 -85
Tax assets and liabilities at 31 December, net 2,092 2,405
Recognised as follows
Tax liabilities 4,076 4,160
Tax assets -1,984 -1,755
Tax assets and liabilities at 31 December, net 2,092 2,405
ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group recognises deferred tax assets, including the expected tax value of tax losses carried forward, if
management assesses it can be offset against positive taxable income in the foreseeable future. This
assessment is made annually and based on budgets and business plans for the coming years, including
planned commercial initiatives under our control.
Carlsberg operates in a large number of tax jurisdictions where tax legislation is highly complex and
subject to interpretation. Management assesses uncertain tax positions to ensure recognition and
measurement of tax assets and liabilities.
ACCOUNTING POLICIES
Current tax payable and receivable are recognised in the statement of financial position as tax for the
year, adjusted for tax related to prior years and tax paid.
Deferred tax on all temporary differences between the carrying amount and the tax base of assets and
liabilities is measured using the balance sheet liability method. However, deferred tax is not recognised on
temporary differences relating to goodwill that is not deductible for tax purposes or on office premises and
other items where temporary differences, apart from business combinations, arise at the acquisition date
without affecting either profit/loss for the year or taxable income.
Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on
the planned use of the asset or settlement of the liability.
Deferred tax assets, related to tax losses carried forward, are recognised at the expected value of their
utilisation, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.
Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset
current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to
realise the assets and settle the liabilities simultaneously. Deferred tax assets are recognised only to the
extent that it is probable that the assets will be utilised.
Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable
when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of
changes in tax rates is recognised in the income statement. Changes to deferred tax on items recognised in
other comprehensive income are, however, recognised in other comprehensive income.
Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/
EU Pillar Two Model Rules and their local implementation.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
148 Carlsberg Breweries Group Annual Report 2024
SECTION 7
STAFF COSTS AND
REMUNERATION
This section provides details on staff costs, further details on the remuneration of the executive
directors and key management personnel, and details of the share-based incentive programmes.
Disclosures related to retirement benefit obligations, covering both defined contribution and defined
benefit plans, are also included.
Further details on the remuneration policy can be found in the Remuneration Report.
Employees by segment
1
IN THIS SECTION:
7.1 Staff costs
149
7.2 Remuneration
150
7.3 Share-based payments
150
7.4 Retirement benefit obligations and similar obligations
152
SECTION 7.1
STAFF COSTS
Staff costs
DKK million 2024 2023
Salaries and other remuneration 9,173 9,139
Severance payments 64 43
Social security costs 1,335 1,339
Retirement benefit costs – defined contribution plans 451 412
Retirement benefit costs – defined benefit plans 180 167
Share-based payments 100 127
Other employee benefits 161 151
Total¹ 11,464 11,378
¹ In 2023, DKK 606m related to the discontinued operation.
Staff costs are included in the following line items in the income statement
Cost of sales 3,315 3,075
Sales and distribution expenses 5,888 5,428
Administrative expenses 2,144 2,145
Other operating activities, net 49 46
Financial expenses (pensions) 37 30
Special items (restructurings) 31 48
Net result from discontinued operations - 606
Total 11,464 11,378
Average number of employees¹ 31,783 34,894
¹ In 2023, an average of 3,938 employees related to the discontinued operation.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
149 Carlsberg Breweries Group Annual Report 2024
2024 2023
g
Western Europe 34% 34%
g
Asia 41% 41%
g
Central & Eastern Europe and India 24% 24%
g
Other 1% 1%
1
Continuing operations only.
SECTION 7.2
REMUNERATION
Remuneration
Executive directors¹
Key management
personnel
DKK million 2024 2023 2024 2023
Current Current Former²
Fixed salary
20.8
11.4 11.2 29.7 27.5
Cash bonus
13.9
10.6 11.2 16.2 21.7
Other benefits
0.6
0.2 0.5 9.4 4.2
Cash compensation for forfeited LTI³
-
12.9 - - -
Severance payments
-
- - - 4.8
Remuneration settled in cash 35.3 35.1 22.9 55.3 58.2
Non-monetary benefits
-
1.3 0.1 0.3 2.5
Share-based payments
23.8
16.0 35.3 20.1 13.9
Remuneration, non-monetary and share-
based 23.8 17.3 35.4 20.4 16.4
Total cash and non-cash 59.1 52.4 58.3 75.7 74.6
¹ The executive directors are Jacob Aarup-Andersen and Ulrica Fearn.
² Cees 't Hart resigned as CEO on 31 August 2023, but was remunerated for an additional two months during
which he supported the company in an advisory capacity.
³ As compensation for forfeited long-term incentive awards from their previous employers, Jacob Aarup-Andersen
and Ulrica Fearn were paid DKK 12m and DKK 0.9m respectively, amounts that were used for the purchase of
Carlsberg shares. Jacob Aarup-Andersen was also added to the running 2022-2024 and 2023-2025 long-term
incentive schemes. Further information can be found in the Remuneration Report.
The remuneration of the executive directors and key management personnel is described in detail in
the Remuneration Report.
The remuneration of the executive directors increased, driven by a full year of salary paid to Jacob
Aarup-Andersen, compared to only a partial year in 2023. The remuneration of key management
personnel increased in 2024, partly due to an increase in the number of members.
The Supervisory Board of Carlsberg Breweries A/S is not separately remunerated for this role.
All elements except for share-based payments are classified as short-term employee benefits. Share-
based payments are classified as long-term employee benefits.
ACCOUNTING POLICIES
Staff costs are recognised in the financial year in which the employee renders the related service.
The cost of share-based payments, which is expensed over the vesting period of the programme according
to the service conditions, is recognised in staff costs and provisions or equity, depending on how the
programme is settled with the employees.
Key management personnel comprise the Executive Committee, excluding the executive directors. Other
management personnel included in the share-based payment schemes comprise vice presidents and other
key employees in central functions as well as the management of significant subsidiaries.
SECTION 7.3
SHARE-BASED PAYMENTS
The Group has set up share-based incentive programmes to attract, retain and motivate the Group’s
executive directors and other levels of management personnel, and to align their interests with those
of the shareholders. There is no share-based remuneration of the Supervisory Board.
The Group has one type of share-based payment known as performance shares.
Entitlement to performance shares requires fulfilment of service in the vesting period (3 years) but
does not have any exercise price. Instead, the shares are transferred to the recipients based on
achievement of the KPIs attached to the shares.
PERFORMANCE SHARES
The number of performance shares granted is the maximum number of performance shares that can
vest. The number of shares outstanding at the end of the period is the number expected to vest,
based on the extent to which the vesting conditions are expected to be met. The number of shares
expected to vest is revised on a regular basis.
In 2024, 163 employees (2023: 156 employees) across the Group were awarded performance shares.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
150 Carlsberg Breweries Group Annual Report 2024
SECTION 7.3 (CONTINUED)
SHARE-BASED PAYMENTS
For the 2024 and 2023 grants, vesting is subject to achievement of five KPIs: total shareholder return,
adjusted EPS growth, organic revenue growth, growth in ROIC and achievement of ESG targets. For
prior grants yet to vest, vesting is subject to four KPIs: total shareholder return, adjusted EPS growth,
organic revenue growth and growth in ROIC. The average share price at vesting was DKK 939 (2023:
DKK 965). The average contractual life at the end of 2024 was 1.4 years (2023: 1.3 years).
Performance shares
Executive
directors
Key
management
personnel
Other
management
personnel¹ Total
31 December 2022 116,669 47,427 242,843 406,939
Granted 85,487 21,826 99,185 206,498
Forfeited/adjusted/transferred -127,722 -17,388 21,832 -123,278
Exercised/settled -24,536 -10,758 -75,819 -111,113
31 December 2023 49,898 41,107 288,041 379,046
Granted 40,500 43,311 108,898 192,709
Forfeited/adjusted/transferred -2,942 -18,776 -67,927 -89,645
Exercised/settled – -12,978 -85,998 -98,976
31 December 2024 87,456 52,664 243,014 383,134
¹ Including retired employees.
Performance share disclosures
DKK million 2024 2023
Fair value at grant date 104 120
Cost of shares granted in the year 38 44
Total cost of performance shares 100 127
Cost not yet recognised 172 147
Fair value at 31 December 180 253
Key information
Performance shares
DKK million 2024 2023
Assumptions
Expected volatility 21% 23%
Risk-free interest rate 2.4% 2.8%
Expected dividend yield 0.0/2.9% 0.0/2.7%
Expected life, years 3.0 3.0
Fair value at measurement date DKK 529-930 DKK 570-989
ACCOUNTING ESTIMATES AND JUDGEMENTS
The volatility of performance shares is based on the historical volatility of the price of Carlsberg A/S’ class
B shares over the previous three years. For share options, the volatility is based on similar data over the
previous eight years.
The share price and the exercise price of share options are calculated as the average price of Carlsberg
A/S’ class B shares on Nasdaq Copenhagen during the first five trading days after publication of Carlsberg
A/S’ financial statements.
The risk-free interest rate is based on Danish government bonds of the relevant maturity. The expected life
is based on exercise at the end of the exercise period.
ACCOUNTING POLICIES
The fair value of granted performance shares is estimated using a stochastic (quasi-Monte Carlo)
valuation model of market conditions and a Black-Scholes call option-pricing model of non-market and
service conditions, taking into account the terms and conditions upon which the performance shares were
granted. The market condition is based on a ranking of the total shareholder return of Carlsberg A/S’ class
B shares versus a peer group of publicly traded companies in the alcoholic beverage sector.
On initial recognition of performance shares, the number of awards expected to vest is estimated and
subsequently revised for any changes. Accordingly, recognition is based on the number of awards that
ultimately vest.
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151 Carlsberg Breweries Group Annual Report 2024
SECTION 7.4
RETIREMENT BENEFIT OBLIGATIONS
AND SIMILAR OBLIGATIONS
Obligation, net
2024 2023
DKK million
Present
value of
obligation
Fair value
of plan
assets
Obligation,
net
Present
value of
obligation
Fair value
of plan
assets
Obligation,
net
Obligation at 1 January 10,031 8,674 1,357 9,495 7,970 1,525
Recognised in the income
statement¹
Current service cost 190 - 190 169 - 169
Past service cost -10 - -10 -2 - -2
Net interest on the net defined
benefit obligation (asset) 335 298 37 339 309 30
Total 515 298 217 506 309 197
Remeasurements
Gain/loss from changes in
demographic assumptions -21 - -21 -59 - -59
Gain/loss from changes in
financial assumptions 245 132 113 392 58 334
Asset ceiling - -1 1 - 204 -204
Total 224 131 93 333 262 71
Other changes
Contributions to plans - 315 -315 - 295 -295
Benefits paid -602 -519 -83 -563 -490 -73
Foreign exchange adjustments
etc. 154 148 6 260 328 -68
Total -448 -56 -392 -303 133 -436
Obligation at 31 December 10,322 9,047 1,275 10,031 8,674 1,357
¹ The total return on plan assets for the year amounted to DKK 430m (2023: DKK 367m).
A number of employees are covered by retirement benefit plans. The nature of the plans varies
depending on labour market conditions in the individual countries. Benefits are generally based on
wages/salaries and length of employment.
Retirement benefit obligations cover both present and future retirees’ entitlement to retirement
benefits.
DEFINED CONTRIBUTION PLANS
A defined contribution plan is a post-employment benefit plan under which the Group pays
contributions to a separate independent company. The Group’s legal or constructive obligation is
limited to the contributions.
In 2024, 71% (2023: 71%) of the Group’s retirement benefit costs related to defined contribution plans.
The expense recognised in relation to these contributions was DKK 451m (2023: DKK 412m).
DEFINED BENEFIT PLANS
A defined benefit plan guarantees employees a certain level of pension benefits for life. The pension
is based on seniority and salary at the time of retirement. The Group assumes the risk associated
with future developments in interest rates, inflation, mortality and disability etc.
The most significant plans are in the UK and Switzerland, representing 38% and 49% respectively
(2023: 42% and 45%), while the eurozone countries represented 5% (2023: 5%) of the gross
obligation at 31 December 2024.
The majority of the obligations are funded, with assets placed in independent pension funds, mainly
in Switzerland and the UK. Most of the plan assets are quoted investments. In some countries,
primarily Germany, Sweden and China, the obligation is unfunded. The retirement benefit obligations
for these unfunded plans amounted to DKK 1,178m (2023: DKK 1,104m) or 11% (2023: 11%) of the
gross obligation.
In 2024, the Group’s obligation, net, regarding defined benefit plans decreased by DKK 82m
compared with 2023, primarily impacted by changes in financial assumptions in the UK, Switzerland
and Sweden.
The Group has a three-yearly valuation process to agree on any future funding arrangements in the
UK. The most recent one was completed in 2022. The Group expects to contribute DKK 108m (2023:
DKK 104m) to the plan assets in 2025, which is in line with the agreed funding arrangement, under
which the Group will contribute DKK 216m up to 2026. Plan assets do not include shares in the Group
or properties used by Group companies.
A recent UK Court of Appeal decision in the case of Virgin Media Ltd vs. NTL Pension Trustees II Ltd
considered the implications of section 37 of the Pension Schemes Act 1993. Section 37 of the Pension
Schemes Act 1993 only allows the rules of contracted-out schemes in respect of benefits to be altered
where certain requirements are met. The Group’s view is that it is appropriate that no adjustment is
made to the Group’s financial statements, as there is no reason to believe the relevant requirements
have not been complied with in the UK.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
152 Carlsberg Breweries Group Annual Report 2024
SECTION 7.4 (CONTINUED)
RETIREMENT BENEFIT OBLIGATIONS
AND SIMILAR OBLIGATIONS
Breakdown of plan assets
2024 2023
DKK
million %
DKK
million %
Shares¹ 1,350 13 1,098 12
Bonds and other securities 6,284 66 6,197 67
Real estate 1,680 18 1,643 18
Cash and cash equivalents 265 3 284 3
Total 9,579 100 9,222 100
¹ The breakdown of plan assets excludes the asset ceiling of DKK -532m in 2024 (2023: DKK -548m).
Assumptions applied
2024 CHF UK EUR Other
Weighted
average
Discount rate 1.1% 5.6% 1.4-3.3% 3.1% 3.1%
Growth in wages and salaries 1.0% 3.7% 0.3-2.9% 4.6% 2.3%
2023
Discount rate 1.9% 4.8% 2.1-4% 3.6% 3.3%
Growth in wages and salaries 1.2% 3.6% 2.5-4.5% 4.9% 2.4%
Sensitivity analysis
2024 2023
DKK million +0.5% -0.5 % +0.5% -0.5 %
Discount rate -607 677 -573 639
Growth in wages and salaries 43 -41 25 -22
+1 year -1 year +1 year -1 year
Mortality 320 -295 302 -306
Maturity of retirement benefit obligations
DKK million < 1 year 1-5 years > 5 years Total
2024 606 2,852 6,864 10,322
2023 602 2,748 6,681 10,031
The actuarial gain and foreign exchange adjustment recognised in other comprehensive income
amounted to DKK 147m (2023: DKK 25m), comprising a foreign exchange adjustment of DKK -54m
and a net actuarial loss of DKK 93m.
The accumulated actuarial loss and foreign exchange adjustment recognised at 31 December 2024
was DKK 2,419m (2023: DKK2,272m), with actuarial net losses of DKK 2,657m(2023: DKK 2,564m).
ASSUMPTIONS APPLIED
In 2024, the discount rate used for the defined benefit plans in Western Europe was determined by
reference to market yields on high-quality corporate bonds. In the Asian countries, where no deep
market in high-quality corporate bonds exists, the discount rate was determined by reference to
market yields on government bonds.
The mortality tables used in Carlsberg UK are S3PMA/S3PFA_M tables for post-retirement, while the
Swiss entities use BVG 2020 for valuation of their retirement benefit obligations.
SENSITIVITY ANALYSIS
The sensitivity analysis is based on a change in one of the assumptions, while all other assumptions
remain constant. This is highly unlikely, however, as a change in one assumption would probably
affect other assumptions as well. When calculating the obligation on the basis of a changed
assumption, the same method has been applied as when calculating the defined benefit obligation.
EXPECTED MATURITY AND DURATION
Defined benefit obligations are primarily expected to mature after five years. The expected duration
of the obligations at year-end 2024 was 14 years. The duration is calculated using a weighted
average of the duration divided by the obligation.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The value of the Group’s defined benefit plans is based on valuations from external actuaries. The
valuation is based on a number of actuarial assumptions, including discount rates, expected growth in
wages and salaries, mortality and retirement benefits.
The present value of the net obligation is calculated by using the projected unit credit method and
discounting the defined benefit plan by a discount rate for each country. The discount rate is determined
by reference to market yields on high-quality corporate bonds. Where high-quality corporate bonds are
not available, the market yields on government bonds are used instead.
Mortality assumptions are based on the Group entity’s best estimate of the mortality of plan members
during and after employment and include expected changes in mortality. Due to the broad range of
entities comprising the retirement benefit obligation, several different mortality tables are used to
calculate the future retirement benefit obligation.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
153 Carlsberg Breweries Group Annual Report 2024
SECTION 7.4 (CONTINUED)
RETIREMENT BENEFIT OBLIGATIONS
AND SIMILAR OBLIGATIONS
ACCOUNTING POLICIES
Contributions paid to a defined contribution plan are recognised in the income statement in the period
during which services are rendered by employees. Any contributions outstanding are recognised in the
statement of financial position as other liabilities.
The Group’s net obligation recognised in the statement of financial position in respect of defined benefit
plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan
assets calculated by a qualified actuary.
The present value is determined separately for each plan by discounting the estimated future benefits that
employees have earned in return for their service in the current and prior years.
The costs of a defined benefit plan are recognised in the income statement and include service costs, net
interest based on actuarial estimates and financial expectations.
Service costs comprise current service cost and past service cost. Current service cost is the increase in the
present value of the defined benefit obligation resulting from employee services in the current period. Past
service cost is the change in the present value of the obligation regarding employee services in prior years
that arises from a plan amendment or a curtailment. Past service costs are recognised immediately,
provided employees have already earned the changed benefits.
Realised gains and losses on curtailment or settlement are recognised under staff costs.
Interest on retirement benefit obligations and the interest on return on plan assets are recognised as
financial income or financial expenses.
Differences between the development in retirement benefit assets and liabilities and realised amounts at
year-end are designated as actuarial gains or losses and recognised in other comprehensive income. As
they will never be reclassified to the income statement, they are included in retained earnings.
If a retirement benefit plan constitutes a net asset, the asset is recognised only if it offsets future refunds
from the plan or will lead to reduced future payments to the plan.
Realised gains and losses on the adjustment of retirement benefit obligations as a result of termination of
a significant number of positions in connection with restructurings are recognised under special items.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
154 Carlsberg Breweries Group Annual Report 2024
SECTION 8
OTHER DISCLOSURE
REQUIREMENTS
IN THIS SECTION:
8.1 Hyperinflation
155
8.2 Fees to auditors
157
8.3 Related parties
157
8.4 Events after the reporting period
158
SECTION 8.1
HYPERINFLATION
At the end of 2024, the economy of Laos was deemed to be hyperinflationary. The financial
reporting for the Group’s entity Lao Brewery was adjusted effective 1 January 2024 to ensure that the
consolidated financial statements reflect the current purchasing power by restating reported figures
based on changes in the general price index and applying closing exchange rates for translation into
the Group’s presentation currency, DKK.
Inflation restatement
DKK million
2024 (before
restatement)
Non-
monetary
items
Items in the
income
statement
Period-end
retranslation
Total
adjustments
2024
(reported)
P&L
Revenue 74,796 - 144 71 215 75,011
Operating profit
before special items 11,527 -153 61 17 -75 11,452
Profit for the period 10,375 -71 57 11 -3 10,372
Attributable to
Non-controlling
interests 1,148 -28 21 5 -1 1,147
Shareholder in
Carlsberg Breweries
A/S (net profit) 9,227 -43 36 6 -2 9,225
DKK million
2024 (before
restatement)
Restatement
of non-
monetary
items
Depreciation
/unwinding
of deferred
tax
Period-end
retranslation
Total
adjustments
2024
(reported)
Financial position
Goodwill 34,028 1,668 - - 1,668 35,696
Brands 6,434 112 - - 112 6,546
Property, plant and
equipment 26,062 983 -153 -9 821 26,883
Total assets 101,235 2,763 -153 -9 2,601 103,836
Equity, shareholder in
Carlsberg Breweries
A/S 17,471 1,550 -74 -3 1,473 18,944
Non-controlling
interests 1,899 991 -47 -2 942 2,841
Total equity 19,370 2,541 -121 -5 2,415 21,785
Deferred tax liabilities 3,890 222 -32 -4 186 4,076
Total equity and
liabilities 101,235 2,763 -153 -9 2,601 103,836
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
155 Carlsberg Breweries Group Annual Report 2024
SECTION 8.1 (CONTINUED)
HYPERINFLATION
Inflation restatement
DKK million
2024 (before
restatement)
Non-
monetary
items
Items of the
income
statement
Period-end
retranslation
Total
adjustments
2024
(reported)
Cash flows
Operating profit
before special items 11,527 -153 61 17 -75 11,452
Depreciation,
amortisation and
impairment losses 4,208 153 - 9 162 4,370
Other non-cash items -544 - -61 -26 -87 -631
Cash flow from
operating activities 11,317 - - - - 11,317
IMPACT ON THE CONSOLIDATED FINANCIAL STATEMENTS
The application of hyperinflation accounting did not have a material impact on the Group’s income
statement or statement of cash flows. However, the restatement of the Group’s statement of
financial position had a significant impact, increasing the carrying amount of goodwill by DKK
1,668m, brands by DKK 112m and property, plant and equipment by DKK 821m, mainly due to
restatement of carrying amounts recognised in connection with the step acquisition of Lao Brewery
in 2011. Similarly, equity increased by DKK 2,415m, mainly due to the restatement of non-monetary
items of DKK 2,428m as of 1 January 2024, recognised in other comprehensive income, and the
restatement effect of DKK 113m from changes in the price index during the year, recognised in the
income statement.
The impact on revenue was DKK 215m and on profit for the period DKK -3m, negatively impacted by
the higher depreciation and amortisation as a result of the restatement of property, plant and
equipment, partly offset by the monetary gain of DKK 50m in financial income. The impact of
retranslation to exchange rates at 31 December 2024 was insignificant, as the LAK/DKK exchange
rate closed at around the same level as at the beginning of the year.
ACCOUNTING POLICIES
Income statement
Transactions in the period have been restated to reflect changes in the price index from the time of initial
recognition to the end of the reporting period, with the exception of depreciation, which has been
recalculated based on the inflation-adjusted carrying amount of the restated non-monetary assets.
Non-monetary items
The non-monetary items – goodwill, brands, property, plant and equipment and deferred tax – have been
restated to take account of inflation since initial recognition, which was no earlier than September 2011,
when the Group gained control of the business, and up to 31 December 2024. The restatement was offset
in other comprehensive income. The restatement of non-monetary items exceeded the recoverable
amount of the assets and was therefore reduced by DKK 630m, net of tax.
Monetary items
Monetary items, mainly consisting of receivables and payables, are not subject to restatement, as the
carrying amount already reflects the purchasing power at the reporting date.
Equity
Equity includes the restatement adjustment of non-monetary items at the beginning of the period. The
restatement adjustment for inflation in the reporting period has been recognised in other comprehensive
income.
Statement of cash flows
In the statement of cash flows, operating profit before special items includes a non-cash effect from the
inflation restatement, which has been reversed in the line other non-cash items.
Price index
The restatement for hyperinflation of the financial statements of Lao Brewery has been performed by
applying the development in the consumer price index provided by the Bank of Laos, calculated as an
average year-to-date conversion factor. In 2024, the inflation rate in Laos was 21.3% (2023: 31.2%).
Retranslation from LAK to DKK
The financial statements of Lao Brewery, including restatement adjustments, have been translated into
DKK by applying the LAK/DKK exchange rate at the reporting date, instead of the Group’s normal practice
of translating the income statement using the exchange rate at the transaction date or a monthly average
exchange rate. The LAK/DKK exchange rate decreased from 0.0003302 at the beginning of the year to
0.0003299 at 31 December 2024. The average rate was 0.000321.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
156 Carlsberg Breweries Group Annual Report 2024
SECTION 8.2
FEES TO AUDITORS
Fees to auditors appointed by the Annual General Meeting
DKK million 2024 2023
PwC, including network firms
Statutory audit 30 28
Assurance engagements 6 2
Tax advisory 4 3
Other services 3 1
Total 43 34
Fees for services other than the statutory audit of the financial statements provided by
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, amounted to DKK 7m
(2023: DKK 2m). This includes other assurance opinions including limited assurance on the
sustainability statement, agreed-upon procedures as well as tax-, accounting- and compliance-
related services.
SECTION 8.3
RELATED PARTIES
RELATED PARTIES EXERCISING CONTROL
Carlsberg A/S, J.C. Jacobsens Gade 1, 1799 Copenhagen V, Denmark, holds all the shares in Carlsberg
Breweries A/S.
The following transactions took place with the parent and ultimate parent (the Carlsberg Foundation)
in 2024:
Carlsberg Breweries A/S paid a dividend of DKK 7,240 per share amounting to DKK 3,598m (2023:
DKK 3,695m), received interest of DKK 45m net and at 31 December 2024 has receivable of DKK 161m
against Carlsberg A/S.
OTHER ACTIVITIES
Home of Carlsberg A/S, a 100%-owned subsidiary of the Carlsberg Breweries Group, hosted and
administered events at the Carlsberg Academy, which is owned by the Carlsberg Foundation, at a
value of DKK 0.5m (2023: DKK 1m).
The Group’s delivery of beer and soft drinks to the Carlsberg Foundation is charged at ordinary listing
price minus a discount. In 2024, the deliveries amounted to DKK 0.1m (total sales of goods) (2023:
DKK 0.1m).
Carlsberg Breweries A/S leases storage facilities in the researcher apartments in Carlsberg Byen.
These lease agreements are with subsidiaries of the Foundation. The two annual lease payments
amounted to DKK 0.3m (2023: DKK 0.2m) and the leases are on market terms.
It is estimated that the benefit to the Carlsberg Group corresponds to the value of the other activities
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 Breweries 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 7.2.
The income statement and the statement of financial position include the following
transactions
DKK million 2024 2023
Carlsberg A/S
Other operating activities, net -33 -40
Interest income 48 36
Interest expenses -3 -4
Dividends paid -3,598 -3,695
Capital reduction -1,660 -3,000
Recharge of share-based payments -83 -126
Loans 161 -
Receivables 9 75
Borrowings - -165
Trade payables -24 -39
Associates
Revenue 51 61
Cost of sales -676 -733
Sales expenses -8 -9
Interest income 19 22
Loans 274 273
Receivables 212 444
Trade payables and other liabilities -75 -70
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
157 Carlsberg Breweries Group Annual Report 2024
SECTION 8.4
EVENTS AFTER THE REPORTING PERIOD
On 8 July 2024, Carlsberg announced a recommended offer to acquire the Britvic Group. The Britvic
Group shareholders approved the recommended offer on 27 August. On 17 December 2024, Carlsberg
and Britvic plc announced that clearance for the acquisition of Britvic plc by Carlsberg had been
received from both the European Commission and the UK Competition and Markets Authority, and
that as a result all regulatory conditions had been satisfied. The Scheme was sanctioned by the Court
on 15 January 2025 and became effective on 16 January 2025 when the Court Order was delivered to
the UK Registrar of Companies, and Carlsberg obtained control from this date, cf. section 5.1.
Apart from the above and events recognised or disclosed in the consolidated financial statements, no
events have occurred after the reporting period of importance to the consolidated financial
statements.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
158 Carlsberg Breweries Group Annual Report 2024
SECTION 9
BASIS FOR
PREPARATION
IN THIS SECTION:
9.1 Significant accounting estimates and judgements
159
9.2 General accounting policies
159
9.3 Changes in accounting policies
161
9.4 New legislation
161
9.5 Key definitions
162
SECTION 9.1
SIGNIFICANT ACCOUNTING ESTIMATES AND
JUDGEMENTS
The consolidated financial statements cover the period 1 January to 31 December. In preparing the
consolidated financial statements, management makes various accounting estimates and judgements
that form the basis of presentation, recognition and measurement of the Group’s assets, liabilities,
income and expenses.
Other estimates and judgements made are based on historical experience and other factors that
management assesses to be reliable, but that, by their nature, are associated with uncertainty and
unpredictability and may therefore prove incomplete or incorrect.
Areas involving significant estimates and judgements:
Receivables Section 1
Impairment testing, useful life and residual value Section 2
Restructurings, provisions and contingencies Section 3
Acquisitions and disposals, including contingent considerations Section 5
Tax assets and liabilities Section 6
Defined benefit obligations Section 7
SECTION 9.2
GENERAL ACCOUNTING POLICIES
The Group’s consolidated financial statements for 2024 have been prepared in accordance with IFRS
Accounting Standards as issued by the International Accounting Standards Board and in accordance
with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish
Financial Statements Act.
The consolidated financial statements are presented in Danish kroner (DKK), which is the Parent
Company’s functional currency, and all values are rounded to the nearest DKK million, unless
otherwise stated.
The accounting policies set out below have been used consistently in respect of the financial year and
the comparative figures.
DEFINING MATERIALITY
Significant items are presented individually in the financial statements as required by IAS 1. Other
items that are considered relevant to stakeholders and necessary for an understanding of the Group’s
business model, including research, real estate and geographical diversity, are also presented
individually in the financial statements.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
159 Carlsberg Breweries Group Annual Report 2024
SECTION 9.2 (CONTINUED)
GENERAL ACCOUNTING POLICIES
The consolidated financial statements are prepared as a consolidation of the financial statements of
the Parent Company, Carlsberg Breweries A/S, and its subsidiaries according to the Group’s
accounting policies.
Subsidiaries are all the entities over which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has
the ability to affect those returns through its power to direct the activities of the entity.
Entities over which the Group exercises significant influence, but which it does not control, are
considered associates. Significant influence is generally obtained by direct or indirect ownership or
control of less than 50% of the voting rights or participation in the management of the company. The
assessment of whether Carlsberg Breweries A/S exercises control or significant influence includes
potential voting rights exercisable at the reporting date. Entities that by agreement are managed
jointly with one or more other parties are considered joint ventures.
On consolidation, intra-group income and expenses, shareholdings, balances and dividends, and
realised and unrealised gains are eliminated. Unrealised gains on transactions with associates are
eliminated in proportion to the Group’s ownership share of the entity.
Unrealised losses are eliminated in the same way as unrealised gains to the extent that impairment
has not taken place.
The accounting items of subsidiaries are included in full in the consolidated financial statements.
Non-controlling interests’ share of subsidiaries’ profit/loss for the year and of equity is included in the
Group’s profit/loss and equity but is disclosed separately. Entities acquired or established during the
year are recognised in the consolidated financial statements from the date of acquisition or
formation. Entities disposed of or discontinued are recognised in the consolidated income statement
until the date of disposal or discontinuation. The comparative figures are not restated.
FOREIGN CURRENCY TRANSLATION
A functional currency is determined for each of the reporting entities in the Group. The functional
currency is the primary currency used for the reporting entity’s operations. Transactions denominated
in currencies other than the functional currency are considered transactions denominated in foreign
currencies.
On initial recognition, transactions denominated in foreign currencies are translated to the functional
currency at the exchange rates at the transaction date. Foreign exchange differences arising between
the exchange rates at the transaction date and at the date of payment are recognised as financial
income or expenses.
Receivables, payables and other monetary items denominated in foreign currencies are translated at
the exchange rates at the reporting date. The difference between the exchange rates at the reporting
date and at the date at which the receivable or payable arose or the exchange rate in the latest
consolidated financial statements is recognised as financial income or expenses.
On recognition of entities with a functional currency other than the presentation currency, the income
statement and statement of cash flows are translated at the exchange rates at the transaction date,
and the statement of financial position items are translated at the exchange rates at the reporting
date. Foreign exchange differences arising on translation of the opening balance of equity, and of the
income statement on the reporting date, are recognised in other comprehensive income and
attributed to a separate translation reserve in equity. Foreign exchange differences arising on the
translation of the proportionate share of associates are likewise recognised in other comprehensive
income.
Foreign exchange adjustment of balances with entities that are considered part of the investment in
the entity is recognised in other comprehensive income. Correspondingly, foreign exchange gains and
losses on the part of loans and derivative financial instruments that are designated as hedges of
investments in foreign entities, and that effectively hedge against corresponding foreign exchange
gains and losses on the investment in the entity, are also recognised in other comprehensive income
and attributed to a separate translation reserve in equity.
When the gain or loss from a complete or partial disposal of an entity is recognised, the share of the
cumulative exchange differences recognised in other comprehensive income is recognised in the
income statement. The same approach is adopted on repayment of balances that constitute part of
the net investment in the entity.
INCOME STATEMENT
The presentation of the Group’s income statement is based on the internal reporting structure, as
IFRS Accounting Standards do not provide a specific disclosure requirement.
Special items are not directly attributable to ordinary operating activities and are shown separately in
order to facilitate a better understanding of the Group’s financial performance.
CASH FLOW
Cash flow is calculated using the indirect method and is based on operating profit before special
items adjusted for depreciation, amortisation and impairment losses. Cash flow cannot be derived
directly from the statement of financial position and income statement.
FINANCIAL RATIOS AND NON-IFRS FINANCIAL MEASURES
The Group uses certain additional financial measures to provide management, investors and
investment analysts with additional measures to evaluate and analyse the Company’s results. These
non-IFRS financial measures are defined and calculated by the Group and therefore may not be
comparable with other companies’ measures.
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160 Carlsberg Breweries Group Annual Report 2024
SECTION 9.2 (CONTINUED)
GENERAL ACCOUNTING POLICIES
The non-IFRS financial measures disclosed in the Annual Report are:
• Organic development
• Payout ratio, adjusted
SECTION 9.3
CHANGES IN ACCOUNTING POLICIES
CHANGED ACCOUNTING POLICIES
AND CLASSIFICATION IN THE ANNUAL REPORT 2024
The Annual Report 2024 has been prepared using the same accounting policies for recognition and
measurement as those applied to the consolidated financial statements for 2023, except for the
following Amendments that were adopted as of 1 January 2024:
• Amendments to IAS 1 “Presentation of Financial Statements: Classification of Liabilities as Current
or Non-current” and “Classification of Liabilities as Current or Non-current - Deferral of Effective
Date” and “Non-current Liabilities with Covenants”
• Amendment to IFRS 16 “Leases: Lease Liability in a Sale and Leaseback”
• Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures:
Supplier Finance Arrangements”
These Amendments cover areas that are not material and/or relevant for the Group.
SECTION 9.4
NEW LEGISLATION
NEW AND AMENDED IFRS ACCOUNTING STANDARDS
The following Amendments to IFRS Accounting Standards became effective as of 1 January 2025:
• Amendment to IAS 21 “The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability”
The Amendment is not expected to have any significant impact on the financials or the Group’s
accounting policies, as it covers areas that are not material and/or relevant for the Group.
NEW AND AMENDED IFRS ACCOUNTING STANDARDS AND
INTERPRETATIONS NOT YET ADOPTED BY THE EU
The following new or amended IFRS Standards and Amendments, which will become effective in
future years, have been issued but not yet adopted by the EU:
• IFRS 18 “Presentation and Disclosure in Financial Statements”
• IFRS 19 “Subsidiaries without Public Accountability: Disclosures”
• Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity” and
“Classification and Measurement of Financial Instruments”
The Amendments are not mandatory for the financial reporting for 2024. The Group expects to adopt
the new Standards and Amendments when they become mandatory.
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161 Carlsberg Breweries Group Annual Report 2024
SECTION 9.5
KEY DEFINITIONS
Glossary and calculation of key figures and financial ratios disclosed in the Annual Report
FINANCIAL RATIOS
Gross margin Gross profit as a percentage of revenue.
EBITDA margin
1
Operating profit before depreciation, amortisation and impairment losses
as a percentage of revenue.
Operating margin Operating profit before special items
1
as a percentage of revenue.
Return on invested capital (ROIC) Operating profit before special items
1
adjusted for tax as a percentage of
average invested capital
2
calculated as a 12-month rolling average (MAT).
Return on invested capital excluding
goodwill (ROIC excl. goodwill)
Operating profit before special items
1
adjusted for tax as a percentage of
average invested capital
2
excluding goodwill calculated as a 12-month
rolling average (MAT).
Effective tax rate
1
Income tax as a percentage of profit before tax.
NIBD/EBITDA
1
Net interest-bearing debt
3
divided by operating profit before depreciation,
amortisation and impairment losses.
Payout ratio Proposed dividend for the year as a percentage of consolidated profit,
excluding non-controlling interests.
Payout ratio, adjusted Proposed dividend for the year on number of shares at year-end as a
percentage of consolidated profit, adjusted for special items after tax
1
,
excluding non-controlling interests.
GLOSSARY
EBITDA
1
Operating profit before depreciation, amortisation and impairment losses.
Free cash flow
4
Cash flow from operating activities less cash flow from investing activities.
Free operating cash flow Cash flow from operating activities less operational investments.
Leverage ratio
1
NIBD/EBITDA.
NCI Non-controlling interests.
OCI Other comprehensive income.
Off-trade Sale of beverages for consumption off the premises (e.g. retailers).
On-trade Sale of beverages for consumption on the premises (e.g. restaurants,
hotels and bars).
Operating profit Operating profit before special items
1
.
Reported figures Reported figures include organic growth, net acquisitions and foreign
exchange effects.
Organic development
1
Measure of growth excluding the impact of acquisitions, disposals and
foreign exchange from year-on-year comparisons.
Volumes
1
The Group’s sale of beverages in consolidated entities and sale of the
Group’s products under licence agreements.
1
This key figure, ratio or elements thereof are not defined in or deviate from the definitions of the Danish Finance
Society.
² The calculation of invested capital is specified in section 2.1.
³ The calculation of net interest-bearing debt is specified in section 4.5.
4
The calculation of free cash flow is specified in the statement of cash flows.
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162 Carlsberg Breweries Group Annual Report 2024
SECTION 10
GROUP COMPANIES
This section lists the subsidiaries and associates in the Group. Parent direct ownership shows the legal
ownership held by the immediate holding company in the Group. Cross-holdings held by fully owned
companies in the Group are aggregated. Consolidated ownership shows the share of the result of the
entity that is attributed to the shareholder in Carlsberg Breweries A/S in the consolidated financial
statements.
Western Europe
Place of
incorporation Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Carlsberg Danmark A/S Denmark 100% 100%
Carlsberg Supply Company Danmark A/S Denmark 100% 100%
Carlsberg Sweden Holding 2 AB Sweden 100% 100%
Carlsberg Sverige AB Sweden 100% 100%
Carlsberg Supply Company Sverige AB Sweden 100% 100%
Ringnes Norge AS Norway 1 100% 100%
Ringnes AS Norway 100% 100%
Ringnes Brygghus AS Norway 100% 100%
Solo AS Norway 91% 91%
Ringnes Supply Company AS Norway 100% 100%
Ringnes Farris Eiendom AS Norway 100% 100%
Ringnes Imsdal Eiendom AS Norway 100% 100%
Ringnes Administrasjon Eiendom AS Norway 100% 100%
Ringnes Gjelleråsen Eiendom AS Norway 100% 100%
Oy Sinebrychoff Ab Finland 100% 100%
Sinebrychoff Supply Company Oy Finland 100% 100%
Carlsberg Deutschland Holding GmbH Germany 100% 100%
Carlsberg Deutschland Logistik GmbH Germany 100% 100%
Tuborg Deutschland GmbH Germany 100% 100%
Carlsberg Deutschland GmbH Germany 4 100% 100%
Duckstein GmbH Germany 100% 100%
Holzmarkt Beteiligungsgesellschaft mbH Germany 100% 100%
Holsten-Brauerei AG Germany 100% 100%
Carlsberg Supply Company Deutschland
GmbH Germany 100% 100%
Carlsberg Supply Company Polska SA Poland 100% 100%
Carlsberg Polska Sp. z o.o. Poland 100% 100%
Carlsberg UK Holdings Limited UK 1 100% 100%
Carlsberg Marston's Limited UK 100% 100%
Carlsberg Marston's Brewing Company Ltd. UK 100% 100%
Marston's Beer Company Limited UK 100% 100%
CMBC Supply Limited UK 100% 100%
CM Brewery Holdings Limited UK 1 100% 100%
Emeraude S.A.S. France 7 100% 100%
Kronenbourg S.A.S. France 2 100% 100%
Kronenbourg Supply Company S.A.S. France 100% 100%
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163 Carlsberg Breweries Group Annual Report 2024
SECTION 10 (CONTINUED)
GROUP COMPANIES
Western Europe
Place of
incorporation Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Feldschlösschen Getränke Holding AG Switzerland 3 100% 100%
Feldschlösschen Getränke AG Switzerland 100% 100%
Schlossgarten Gastronomie AG Switzerland 100% 100%
SB Swiss Beverage AG Switzerland 100% 100%
Feldschlösschen Supply Company AG Switzerland 100% 100%
Carlsberg Supply Company AG Switzerland 100% 100%
Nya Carnegiebryggeriet AB Sweden 100% 100%
E.C. Dahls Bryggeri AS Norway 100% 100%
Monster the Cat GmbH Switzerland 100% 100%
Grimbergen Abbey Brewery Belgium 100% 100%
Zatecky Pivovar spol. S.r.o. Czechia 100% 100%
Asia
Place of
incorporation Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Carlsberg Asia Pte Ltd Singapore 100% 100%
Carlsberg Brewery Hong Kong Ltd Hong Kong SAR 4 100% 100%
Guangzhou Carlsberg Investment Company
Limited China 100% 100%
Chongqing Brewery Co., Ltd China A 60% 60%
Carlsberg Chongqing Breweries Company
Limited
China
B 8 51% 79%
Kunming Huashi Brewery Company Limited
China
100% 79%
Carlsberg (China) Breweries and Trading
Company Limited
China
100% 79%
Carlsberg Brewery (Guangdong) Ltd China 99% 79%
Xinjiang Wusu Breweries Co., Ltd China 5 100% 79%
Ningxia Xixia Jianiang Brewery Limited China 70% 56%
Beijing Capital Brewing Jinmai Trading
Company Limited
China
100% 79%
G-Shell Asia Pacific (Beijing) Food Company
Limited
China
100% 79%
Carlsberg Beer Enterprise Management
(Chongqing) Company Limited
China
100% 79%
Carlsberg Brewery (Anhui)
Company Ltd
China
75% 60%
Asia
Place of
incorporation Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Carlsberg Tianmuhu Brewery (Jiangsu)
Company Ltd
China
100% 79%
Lao Brewery Co. Ltd Laos 61% 61%
Carlsberg Korea Ltd. South Korea 100% 100%
Carlsberg Brewery Malaysia Berhad Malaysia A 51% 51%
Carlsberg Marketing Sdn BHD Malaysia 100% 51%
Euro Distributors Sdn BHD Malaysia 100% 51%
Carlsberg Singapore Pte Ltd Singapore 100% 51%
Maybev Pte Ltd
Singapore
C 51% 26%
Carlsberg Vietnam Trading Co. Ltd Vietnam 100% 100%
Carlsberg Vietnam Breweries Ltd Vietnam 100% 100%
Paduak Holding Pte. Ltd Singapore 100% 100%
Carlsberg Supply Company Asia Ltd Hong Kong SAR 100% 100%
Caretech Limited Hong Kong SAR 100% 100%
Cambrew Limited Cambodia 2 100% 100%
Cambrew Properties Ltd Cambodia 100% 100%
Angkor Beverage Co Ltd Cambodia 100% 100%
CB Distribution Co., Ltd Thailand 100% 100%
Central & Eastern Europe and India
Place of
incorporation Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Carlsberg Azerbaijan LLC Azerbaijan 100% 100%
Baku Piva JSC Azerbaijan 91% 91%
Carlsberg Kazakhstan Ltd Kazakhstan 90% 100%
Carlsberg Beverages Central Asia LLP Kazakhstan 100% 100%
Carlsberg Kyrgyzstan LLC Kyrgyzstan 100% 100%
PJSC Carlsberg Ukraine Ukraine 1 100% 100%
Carlsberg South Asia Pte Ltd Singapore 100% 100%
South Asian Breweries Pte Ltd Singapore 100% 100%
Carlsberg India Pvt. Ltd India 100% 100%
A Listed company.
B Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and
Guangzhou Carlsberg Consultancy and Management Services Co Ltd (49%), resulting in a consolidated ownership
of 79%.
C Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia
Berhad (51%), resulting in a consolidated ownership of 26%.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
164 Carlsberg Breweries Group Annual Report 2024
SECTION 10 (CONTINUED)
GROUP COMPANIES
Central & Eastern Europe and India
Place of
incorporation Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Gorkha Brewery Pvt. Ltd Nepal D, E 100% 100%
G.B. Marketing Pvt Ltd Nepal E 100 % 100 %
Baltic Beverages Holding AB Sweden 100% 100%
Carlsberg Serbia Ltd Serbia 100% 100%
Carlsberg BH d.o.o.
Bosnia and
Herzegovina 100% 100%
Carlsberg Montenegro d.o.o. Montenegro 100% 100%
Carlsberg Croatia d.o.o. Croatia 100% 100%
Carlsberg Bulgaria AD Bulgaria 100% 100%
OJSC Brewery Alivaria Belarus E, F 78% 89%
Vista BY Co LLC Belarus 100% 100%
Carlsberg Italia S.p.A. Italy 100% 100%
Carlsberg Horeca Srl Italy 100% 100%
T&C Italia Srl Italy 100% 100%
Olympic Brewery SA Greece 100% 100%
Hellenic Beverage Company SA Greece 100% 100%
Carlsberg Hungary Kft. Hungary 100% 100%
Saku Ölletehase AS Estonia 100% 100%
Aldaris JSC Latvia 100% 100%
Svyturys-Utenos Alus UAB Lithuania 99% 99%
CTDD Beer Imports Ltd Canada 100% 100%
Carlsberg Canada Inc. Canada 100% 100%
Kronenbourg Breweries Canada Inc. Canada 100% 100%
Carlsberg USA Inc. USA 100% 100%
D In November 2024, the Group gained control of Gorkha Brewery through the acquisition of an additional
33.33% of the shares in the holding company Carlsberg South Asia Pte Ltd and an additional 9.94% of the shares
in Gorkha Brewery.
E Company not audited by PwC.
F Consolidated ownership is higher than the legal ownership due to written put options.
Not allocated
Place of
incorporation Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Carlsberg Finans A/S Denmark 100% 100%
Carlsberg International A/S Denmark 100% 100%
Home of Carlsberg A/S Denmark 100% 100%
Carlsberg Invest A/S Denmark 100% 100%
Carlsberg Integrated Information Technology
A/S
Denmark 100% 100%
Carlsberg Captive Insurance Company A/S Denmark 100% 100%
Carlsberg Central Office A/S Denmark 100% 100%
Traitomic A/S Denmark 100% 100%
Carlsberg Shared Services Sp. z o.o. Poland 100% 100%
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165 Carlsberg Breweries Group Annual Report 2024
SECTION 10 (CONTINUED)
GROUP COMPANIES
Associates
Place of
incorporation Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Bjergsø Holding ApS Denmark E 25 20% 20%
Sinergie Proattive Srl Italy 36% 36%
Brasserie du Pays Flamand France 28% 28%
Knopp Oy Finland 50% 50%
Viacer S.G.P.S., Lda Portugal G 29% 29%
Super Bock Group, S.G.P.S., S.A. Portugal G 11 56% 60%
Serviced Dispense Equipment (Holdings) Limited UK 2 33% 20%
Nuuk Imeq A/S Greenland E 32% 32%
Chongqing Jiawei Beer Co. Ltd China 33% 26%
Lanzhou Huanghe Jianiang Brewery Company
Limited
China 50% 50%
Qinghai Huanghe Jianiang Brewery Company
Ltd
China 50% 50%
Jiuquan West Brewery Company Limited China 50% 50%
Tianshui Huanghe Jianiang Brewery Company
Ltd
China 50% 50%
Lion Brewery (Ceylon) PLC Sri Lanka A, E, H 25% 13%
Hanoi Beer Alcohol and Beverage Joint Stock
Corporation
Vietnam E 17% 17%
Carlsberg Distributors Taiwan Limited Taiwan 1 50% 50%
NCC Crowns Private Limited India 33% 33%
Bottlers Nepal Limited Nepal 1 22% 20%
Myanmar Carlsberg Co. Ltd Myanmar E 1 61% 61%
G Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock), with a 56%
shareholding, with Carlsberg Breweries A/S owning the remaining 44%. In addition, Carlsberg Breweries A/S has a
direct ownership share of 29% in Viacer without exercising control. Therefore, both Viacer and Super Bock are
considered associates of the Group. The Group's direct and indirect ownership of Super Bock totals 60%.
H Lion Brewery (Ceylon) PLC is owned by Carlsberg Brewery Malaysia Berhad (25%). Carlsberg owns 51% of
Carlsberg Brewery Malaysia Berhad, resulting in 13% of the result being attributed to the shareholder in Carlsberg
Breweries A/S.
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166 Carlsberg Breweries Group Annual Report 2024
PARENT COMPANY FINANCIAL STATEMENTS
PARENT COMPANY FINANCIAL
STATEMENTS
Income statement 167
Statement of comprehensive income 167
Statement of financial position 168
Statement of changes in equity 169
Statement of cash flows 169
Notes 170
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167 Carlsberg Breweries Group Annual Report 2024
SECTION 1
SUBSIDIARIES AND RELATED
PARTIES
1.1 Investment in subsidiaries 170
1.2 Special items 171
1.3 Related parties 172
SECTION 2
CAPITAL STRUCTURE
2.1 Share capital 173
2.2 Financial income and expenses 173
2.3 Net interest-bearing debt 174
2.4 Borrowings and cash 174
2.5 Credit risk 174
2.6
Foreign exchange risk related to net
investments and financing activities 175
2.7 Interest rate risk 175
2.8 Liquidity risk 176
2.9 Derivative financial instruments 176
SECTION 3
OPERATING ACTIVITIES
3.1 Operating expenses 178
3.2 Cash flow from operating activities 178
3.3 Receivables 178
SECTION 4
STAFF COSTS AND
REMUNERATION
4.1 Staff costs and remuneration 179
4.2 Share-based payments 179
SECTION 5
OTHER DISCLOSURE
REQUIREMENTS
5.1 Provisions 181
5.2 Fees to auditors 181
5.3 Asset base and leases 181
5.4 Tax 182
5.5
Contingent liabilities and other
commitments 183
5.6 Events after the reporting period 183
SECTION 6
GENERAL ACCOUNTING POLICIES
6 General accounting policies 184
INCOME STATEMENT
DKK million Section 2024 2023
Revenue 2,920 2,765
Cost of sales 3.1 -1,098 -1,082
Gross profit 1,822 1,683
Sales and distribution expenses 3.1 -1,023 -799
Administrative expenses -956 -492
Other operating activities, net 3.1 429 257
Operating profit before special items 272 649
Special items, net 1.2 1,037 -14,035
Financial income 2.2 6,690 12,253
Financial expenses 2.2 -2,700 -1,903
Profit before tax 5,299 -3,036
Income tax 5.4 200 -102
Profit for the period 5,499 -3,138
Attributable to
Dividend to shareholder 3,564 3,598
Reserves 1,935 -6,736
Profit for the period 5,499 -3,138
STATEMENT OF COMPREHENSIVE INCOME
DKK million Section 2024 2023
Profit for the period 5,499 -3,138
Other comprehensive income
Value adjustments of hedging instruments 177 605
Income tax 5.4 -39 -
Items that may be reclassified to the income statement 138 605
Other comprehensive income 138 605
Total comprehensive income 5,637 -2,533
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168 Carlsberg Breweries Group Annual Report 2024
STATEMENT OF FINANCIAL POSITION
DKK million Section 31 Dec. 2024 31 Dec. 2023
ASSETS
Non-current assets
Intangible assets 5.3 1,484 1,490
Property, plant and equipment 5.3 370 394
Investments in subsidiaries 1.1 68,860 62,304
Investments in associates 1.1 3,040 2,910
Receivables 3.3 1,096 750
Tax assets 5.4 116 119
Total non-current assets 74,966 67,967
Current assets
Trade receivables 3.3 1,230 980
Tax receivables 161 21
Other receivables 3.3 20,053 21,016
Prepayments 38 29
Deposits and securities - 2,236
Cash and cash equivalents 2.4 5,741 6,478
Total current assets 27,223 30,760
Total assets 102,189 98,727
DKK million Section 31 Dec. 2024 31 Dec. 2023
EQUITY AND LIABILITIES
Equity
Share capital 2.1 496 497
Hedging reserves 462 324
Retained earnings 28,413 28,151
Total equity 29,371 28,972
Non-current liabilities
Borrowings 2.4 29,817 33,528
Tax liabilities 5.4 381 576
Provisions 5.1 7 7
Other liabilities etc. 1,947 501
Total non-current liabilities 32,152 34,612
Current liabilities
Borrowings 2.4 37,437 32,730
Trade payables 1,710 1,134
Deposits on returnable packaging materials 44 46
Provisions 5.1 10 67
Other liabilities etc. 1,465 1,166
Total current liabilities 40,666 35,143
Total liabilities 72,818 69,755
Total equity and liabilities 102,189 98,727
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169 Carlsberg Breweries Group Annual Report 2024
STATEMENT OF CHANGES IN EQUITY
DKK million Shareholder in Carlsberg Breweries A/S
2024
Share
capital
Hedging
reserves
Retained
earnings Total equity
Equity at 1 January 497 324 28,151 28,972
Profit for the period - - 5,499 5,499
Other comprehensive income - 138 - 138
Total comprehensive income for the period - 138 5,499 5,637
Capital reduction -1 - -1,659 -1,660
Settlement of share-based payments - - -34 -34
Share-based payments - - 54 54
Dividend paid to shareholder - - -3,598 -3,598
Total changes in equity -1 138 262 399
Equity at 31 December 496 462 28,413 29,371
2023
Equity at 1 January 498 -281 37,898 38,115
Profit for the period - - -3,138 -3,138
Other comprehensive income - 605 - 605
Total comprehensive income for the period - 605 -3,138 -2,533
Capital reduction -1 - -2,999 -3,000
Settlement of share-based payments - - 7 7
Share-based payments - - 78 78
Dividend paid to shareholder - - -3,695 -3,695
Total changes in equity -1 605 -9,747 -9,143
Equity at 31 December 497 324 28,151 28,972
STATEMENT OF CASH FLOWS
DKK million Section 2024 2023
Operating profit before special items 272 649
Depreciation and amortisation 35 39
Operating profit before depreciation and amortisation 307 688
Other non-cash items 3.2 54 78
Change in working capital 3.2 -57 659
Restructuring costs and other special items 128 -88
Interest etc. received 1,522 1,261
Interest etc. paid -2,237 -1,562
Income tax paid -175 48
Cash flow from operating activities -458 1,084
Acquisition of property, plant and equipment -4 -5
Acquisition of intangible assets - -8
Total operational investments -4 -13
Acquisition of subsidiaries -3,469 -
Capital injections in subsidiaries -137 -111
Acquisition of associates -115 -
Change in financial investments 2,236 -2,236
Change in financial receivables 373 -13
Dividends received 4,897 4,349
Total financial investments 3,785 1,989
Cash flow from investing activities 3,781 1,976
Free cash flow 3,323 3,060
Shareholder in Carlsberg Breweries A/S 2.1 -5,258 -6,695
External financing 2.4 1,219 8,762
Cash flow from financing activities -4,039 2,067
Net cash flow -716 5,127
Cash and cash equivalents at 1 January 6,478 1,368
Foreign exchange adjustment of cash and cash equivalents -21 -17
Cash and cash equivalents at 31 December 2.4 5,741 6,478
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
170 Carlsberg Breweries Group Annual Report 2024
SECTION 1
SUBSIDIARIES AND RELATED PARTIES
SECTION 1.1
INVESTMENTS IN SUBSIDIARIES
Investments in subsidiaries
DKK million 2024 2023
Cost
Cost at 1 January 92,639 85,973
Acquisition of entities 263 -
Additions 5,143 6,673
Disposals - -7
Cost at 31 December 98,045 92,639
Value adjustments
Value adjustments at 1 January 30,335 16,959
Impairment losses 1,100 13,500
Reversal of impairment -2,250 -124
Value adjustments at 31 December 29,185 30,335
Carrying amount at 31 December 68,860 62,304
Please see section 10 in the consolidated financial statements for a list of companies in the Carlsberg
Breweries Group.
In 2024, the Group completed its acquisition of the remaining 33% of Carlsberg South Asia Pte Ltd
(CSAPL) for a purchase price including transaction costs of DKK 5,006m (USD 708m) and now owns
100% of the company.
Capital injections of DKK 263m to Carlsberg UK Holdings Ltd., DKK 100m in Home of Carlsberg A/S
and DKK 37m in Carlsberg Italia S.p.A. were made in 2024.
Impairment losses of DKK 1,100m in 2024 related to the investment in Carlsberg UK Holdings, the
holding company for the Group’s operations in the UK, which is expected to be affected by declining
volumes and earnings due to the termination of the San Miguel licence agreement.
Impairment losses of DKK 2,250m previously recognised on the investment in Carlsberg Sweden
Holding 2 AB were reversed. On 4 December 2024, the Group completed the disposal of Baltika
Breweries for a cash consideration of RUB 34bn and also received Baltika Breweries’ shareholdings in
Carlsberg Azerbaijan and Carlsberg Kazakhstan.
In 2023, additions primarily included shares in a subsidiary of the Carlsberg Breweries Group that
were received as a non-cash dividend distribution of DKK 6,329m from Carlsberg Sweden Holding 2
AB.
In 2023, impairment losses of DKK 13,500m were recognised on investments in subsidiaries. Of the
total impairment, DKK 12,168m related to the investment in Carlsberg Sweden Holding 2 AB, which
through intermediate companies is the owner of the Group’s investments in Russia. The impairment
was because of the loss of control of the Russian operation following the presidential decree of 16
July 2023.
Impairment losses of DKK 1,313m in 2023 related to the investment in Caretech Ltd., the holding
company for the Group’s operations in Cambodia, which had been affected by a significant decline in
volumes.
Reversal of impairment of DKK 124m in 2023 related to a minor European entity.
Investments in associates
DKK million 2024 2023
Cost
Cost at 1 January 2,910 2,910
Additions 130 -
Cost at 31 December 3,040 2,910
Value adjustments
Value adjustments at 1 January - -
Value adjustments at 31 December - -
Carrying amount at 31 December 3,040 2,910
In 2024, Carlsberg Breweries and Danish craft brewer Mikkeller established a sales and distribution
agreement for the Danish market. As part of the agreement, Carlsberg Breweries acquired a 20%
stake in Mikkeller.
Introduction 2024 review and 2025 expectations Creating value Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
171 Carlsberg Breweries Group Annual Report 2024
SECTION 1.1 (CONTINUED)
INVESTMENTS IN SUBSIDIARIES
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 2.3 in the consolidated financial statements.
It is management’s assessment that no further indications of impairment existed at year-end 2024.
Impairment tests have therefore not been carried out for investments in other 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.
SECTION 1.2
SPECIAL ITEMS
Special items
DKK million 2024 2023
Special items, income
Derecognition of loan from Baltika Breweries - 297
Income - 297
Impairment of investments in subsidiaries -1,100 -13,500
Reversal of impairment of investments in subsidiaries 2,250 124
Reclassification of cash flow hedges - -606
Cost of termination of a licensee agreement - -173
Costs related to acquisition and disposal of entities etc. -137 -77
Reversal of provisions made in prior years 58 15
Impairment of receivables from Baltika Breweries - -76
Restructuring projects and provisions -34 -23
Other expenses - -16
Expenses 1,037 -14,332
Special items, net 1,037 -14,035
Impact of special items on operating profit
DKK million 2024 2023
If special items had been recognised in operating profit before special items, they
would have been included in the following items:
Cost of sales - -173
Administrative expenses -171 104
Other operating activites, net 58 15
Financial expenses 1,150 -13,981
Special items, net 1,037 -14,035
2024
In 2024, impairment of investments in subsidiaries, DKK 1,100m, was recognised as a result of the UK
business, which is expected to be affected by declining volumes and earnings due to the termination
of the San Miguel licence agreement.
Reversal of impairment of investments in Carlsberg Sweden Holding 2 AB, DKK 2,250m, was
recognised as a consequence of the Group’s disposal of Baltika Breweries for a cash consideration of
RUB 34bn, cf. section 5.3 in the consolidated financial statements.
In 2024 and 2023, costs mainly related to the disposal of the Russian operation.
Provisions of DKK 58m recognised in prior years for legal claims that did not materialise were
reversed.
Restructuring costs of DKK 34m relate to various restructuring projects as part of the ongoing focus
on cost and efficiency initiatives.
2023
Impairment of investments in subsidiaries mainly related to the investment in Carlsberg Sweden
Holding 2 AB, cf. section 1.1.
A loan of DKK 297m provided by Baltika Breweries to Carlsberg Breweries was derecognised, as the
loan is no longer payable following the seizure of Baltika Breweries.
Carlsberg Breweries recognised a cost of DKK 173m when the Company terminated the licensee
agreement for Kronenbourg 1664 in the UK.
Following the deconsolidation of the Russian operation, the value of hedges relating to the original
acquisition of the Russian operation was reclassified from equity to special items. The total amount
of the reclassification was DKK 596m. Additional losses of DKK 10m regarding hedges of financial
investments were reclassified from the cash flow hedge reserve to special items.
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172 Carlsberg Breweries Group Annual Report 2024
SECTION 1.3
RELATED PARTIES
Related party disclosures
DKK million 2024 2023
Carlsberg A/S
Other operating activities, net -17 -18
Interest income 48 36
Interest expenses -3 -4
Loans 161 -
Dividend paid -3,598 -3,695
Capital reduction -1,660 -3,000
Receivables from the sale of goods and services 2 2
Recharge of share-based payments 46 82
Borrowings - -165
Trade payables -4 -4
Associates
Interest income 18 19
Receivables from the sale of goods and services 133 122
Prepayments 65 -
Borrowings -10 -8
Subsidiaries
Revenue 1,065 890
Cost of sales -1,064 -994
Sales and distribution expenses -38 -44
Administrative expenses -343 -162
Other operating activities, net 450 275
Interest income 1,154 1,146
Interest expenses -1,275 -1,119
Loans 19,935 20,306
Dividend 77 20
Receivables 1,394 1,370
Borrowings -31,232 -28,894
Trade payables and other liabilities etc. -1,069 -719
Carlsberg A/S, J.C. Jacobsens Gade 1, 1799 Copenhagen V, Denmark, holds all the shares in Carlsberg
Breweries A/S.
The following transactions took place between Carlsberg Breweries A/S and the parent in 2024:
• Carlsberg Breweries leased storage facilities in the researcher apartments.
The dividend paid to Carlsberg A/S is described in further detail in section 4.2 in the consolidated
financial statements.
It is estimated that the benefit for the Carlsberg Breweries 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 Breweries 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 4.
Dividends of DKK 437m (2023: DKK 274m) were received from associates. No losses on loans to or
receivables from subsidiaries or associates were recognised or provided for in either 2024 or 2023.
Dividends of DKK 4,517m (2023: DKK 10,418m) were received from subsidiaries.
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173 Carlsberg Breweries Group Annual Report 2024
SECTION 2
CAPITAL STRUCTURE
SECTION 2.1
SHARE CAPITAL
Share capital
DKK million
Shares of
DKK 1,000
Nominal
value, DKK
'000
1 January 2023 498,000 498,000
Capital reduction -1,000 -1,000
31 December 2023 497,000 497,000
Capital reduction -1,000 -1,000
31 December 2024 496,000 496,000
The share capital amounts to DKK 496m divided into shares in denominations of DKK 1,000 and
multiples thereof. None of the shares confer any special rights. The share capital is owned by
Carlsberg A/S, Copenhagen, Denmark.
In November 2024, the share capital was reduced from DKK 497m to DKK 496m through a cash
distribution of nominally DKK 1m at a (per 100) price of DKK 166,000, corresponding to a total cash
distribution to Carlsberg A/S of DKK 1,660m.
The dividend paid out to the shareholder in 2024 relating to 2023 amounted to DKK 3,598m (paid
out in 2023 for 2022: DKK 3,695m).
Carlsberg Breweries A/S proposes a dividend of DKK 7,185 per share, in total DKK 3,564m (2023:
DKK 7,240 per share, in total DKK 3,598m). The proposed dividend is included in retained earnings at
31 December 2024.
The dividend paid out to the shareholder in Carlsberg Breweries A/S does not impact taxable income
in Carlsberg Breweries A/S.
SECTION 2.2
FINANCIAL INCOME AND EXPENSES
DKK million 2024 2023
Financial income
Interest income 1,479 1,355
Dividends from subsidiaries and associates 4,954 10,692
Foreign exchange gains, net 257 206
Total 6,690 12,253
Financial expenses
Interest expenses -2,278 -1,857
Fair value adjustments, net -362 -
Bank and commitment fees -59 -22
Other -1 -24
Total -2,700 -1,903
Financial items, net 3,990 10,350
Interest income relates to interest on cash and cash equivalents and loans to subsidiaries, whereas
interest expenses relate to interest on borrowings.
Foreign exchange adjustments of balances with foreign entities that are considered part of the total
net investment in the entity are recognised in the income statement.
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174 Carlsberg Breweries Group Annual Report 2024
SECTION 2.3
NET INTEREST-BEARING DEBT
Net interest-bearing debt
DKK million 2024 2023
Non-current borrowings 29,817 33,528
Current borrowings 37,437 32,730
Gross financial debt 67,254 66,258
Deposits and securities - -2,236
Cash and cash equivalents -5,741 -6,478
Net financial debt 61,513 57,544
Loans to Group companies and other interest-bearing items -20,159 -20,651
Deferred consideration, interest-bearing 1,626 -
Net interest-bearing debt 42,980 36,893
SECTION 2.4
BORROWINGS AND CASH
Gross financial debt
DKK million 2024 2023
Non-current borrowings
Issued bonds 25,603 29,270
Bank borrowings -36 -
Lease liabilities 350 358
Borrowings from Group companies 3,900 3,900
Total 29,817 33,528
Current borrowings
Issued bonds 3,726 7,448
Lease liabilities 24 26
Other borrowings 33,687 25,256
Total 37,437 32,730
Total non-current and current borrowings 67,254 66,258
Fair value 66,969 65,606
Other borrowings mainly comprise borrowings from Group companies and – for 2024 – issued
commercial papers.
Borrowings are measured at amortised cost. The fair value of borrowings in subsidiaries corresponds
to the carrying amount in all material respects.
Changes in gross financial debt
DKK million 2024 2023
Gross financial debt at 1 January 66,258 56,185
Proceeds from issue of bonds - 15,272
Instalments on and proceeds from borrowings, non-current -7,460 -3,725
Instalments on and proceeds from European commercial paper 6,276 -1,302
Change in current borrowings from Group companies 2,173 -745
Change in current loans to Group companies 492 -1,099
Instalments on lease liabilities -10 -26
Other -252 387
Financing 1,219 8,762
Intercompany loans -492 1,099
Other, including foreign exchange adjustments and amortisation 269 212
Gross financial debt at 31 December 67,254 66,258
Cash and cash equivalents amounted to DKK 5,741m (2023: DKK 8,714m including deposits). Cash
and cash equivalents are not associated with any significant credit risks.
SECTION 2.5
CREDIT RISK
Credit risk is the risk of a counterparty failing to meet its contractual obligations and so inflicting a
loss on the Carlsberg Breweries Group. Group policy is that financial transactions may be entered into
only with financial institutions with a solid credit rating, defined as BBB.
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175 Carlsberg Breweries Group Annual Report 2024
SECTION 2.6
FOREIGN EXCHANGE RISK RELATED TO NET
INVESTMENTS AND FINANCING ACTIVITIES
Exchange rate sensitivity – other comprehensive income
2024 2023
DKK million
Average
hedged rate
Notional
amount % change
Effect on
OCI
Average
hedged rate Effect on OCI
USD/DKK 6,7415 -127 5% -6 6.7737 -12
GBP/DKK 9,0260 22,565 5% 1,128 N/A N/A
Other N/A -42 5% -2 N/A -23
Total 1,120 -35
Carlsberg Breweries A/S’ main activity is owning a number of subsidiaries and funding the capital
required for both net investments and loans to subsidiaries. As a consequence, Carlsberg Breweries
A/S is exposed to foreign exchange risk from its lending to and borrowing from external parties and
Group companies as well as financial instruments. Carlsberg Breweries A/S manages these exposures
within limits, which on a net basis leads to only insignificant foreign exchange exposure. The
exceptions are semi-equity loans and derivatives designated as net investment hedges, which are
recognised in other comprehensive income in the consolidated financial statements and accounted
for in the Parent Company income statement. For more details on semi-equity loans and net
investment hedges, see section 4.8 in the consolidated financial statements.
Currency profile of borrowings
Before and after derivative financial instruments
DKK million
2024
Original
principal
Effect of
swap After swap
CHF 1,683 912 2,595
GBP 2,233 -22,775 -20,542
EUR 45,246 17,638 62,884
USD - 1,556 1,556
DKK 8,766 320 9,086
CNY 1,328 4,149 5,477
HKD 4,500 82 4,582
Other 3,496 -1,882 1,614
Total 67,252 - 67,252
Total 2023 66,258 - 66,258
SECTION 2.7
INTEREST RATE RISK
Interest rate risk
DKK million
2024
Interest
rate
Average
effective
interest rate Fixed for
Carrying
amount
Interest
rate risk
Issued bonds
EUR 500m maturing 13 October 2025 Fixed 3.4% < 1 year 3,726 Fair value
EUR 750m maturing 26 November 2026 Fixed 3.6% 1-2 years 5,587 Fair value
EUR 500m maturing 30 June 2027 Fixed 0.5% 2-3 years 3,719 Fair value
EUR 700m maturing 5 October 2028 Fixed 4.2% 3-4 years 5,191 Fair value
EUR 400m maturing 1 July 2029 Fixed 1.0% 4-5 years 2,965 Fair value
EUR 500m maturing 11 March 2030 Fixed 0.7% > 5 years 3,715 Fair value
EUR 600m maturing 5 October 2033 Fixed 4.4% > 5 years 4,426 Fair value
Total issued bonds 2.8% 29,329
Total issued bonds 2023 2.7% 36,718
Bank borrowings and other borrowings
Floating-rate Floating 3.1% < 1 year 6,691 Cash flow
Fixed-rate Fixed > 1 year - Fair value
Total bank borrowings and other
borrowings 6,691
Total bank borrowings and other
borrowings 2023 481
Carlsberg Breweries A/S fills the role of internal bank in the Group. The Group’s interest rate risk
target, which is to have a duration of three to eight years, excludes intercompany loans. Interest rate
risks are mainly managed using bonds with fixed interest and interest rate swaps. Most lending to
and borrowing from subsidiaries and associates is at floating interest rates.
The Company’s loan portfolio consists of issued bonds, bilateral loan agreements, syndicated credit
facilities, commercial papers and loans from subsidiaries.
At the reporting date, 38% of the gross loan portfolio consisted of fixed-rate borrowings with interest
rates fixed for more than one year (2023: 44%). At 31 December 2024, Carlsberg Breweries A/S had
borrowed DKK 31,232m from subsidiaries and associates (2023: DKK 29,059m), and provided
interest-bearing loans to subsidiaries, associates and partners of DKK 20,159m (2023: DKK 20,651m).
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176 Carlsberg Breweries Group Annual Report 2024
SECTION 2.8
LIQUIDITY RISK
Time to maturity for non-current borrowings
DKK million
2024 1-2 years 2-3 years 3-4 years 4-5 years > 5 years Total
Issued bonds 5,587 3,719 5,191 2,965 8,141 25,603
Lease liabilities 23 23 23 23 258 350
Borrowings from Group
companies and other - 3,900 - -36 - 3,864
Total 5,610 7,642 5,214 2,952 8,399 29,817
Total 2023 3,744 5,601 7,634 5,202 11,347 33,528
Liquidity risk results from the Group’s potential inability to meet the obligations associated with its
financial liabilities, for example settlement of financial debt and paying suppliers.
The Group’s liquidity is managed by Group Treasury. The aim is to ensure effective liquidity
management, which involves obtaining sufficient committed credit facilities to ensure adequate
financial resources and, to some extent, tapping a range of funding sources.
Carlsberg Breweries A/S is the main funding vehicle in the Carlsberg Breweries Group. Accordingly,
reference is made to section 4.9 in the Carlsberg Breweries Group financial statements regarding the
liquidity risk.
Maturity of financial liabilities
DKK million
2024
Contractual
cash flows
Maturity
< 1 year
Maturity
> 1 year
< 5 years
Maturity
> 5 years
Carrying
amount
Derivative financial instruments
Derivative financial instruments, payables 361 361 - - 384
Non-derivative financial instruments
Financial debt, gross 67,452 37,465 21,523 8,464 67,254
Interest expenses 5,668 2,031 2,911 726 N/A
Trade payables and other liabilities 1,754 1,754 - - 1,754
Contingent liabilities 1,164 1,164 - - -
Contingent and deferred considerations 1,815 332 1,483 - 1,815
Non-derivative financial instruments 77,853 42,746 25,917 9,190 -
Financial liabilities 78,214 43,107 25,917 9,190 -
Financial liabilities 2023 75,220 37,375 25,472 12,373 -
SECTION 2.9
DERIVATIVE FINANCIAL INSTRUMENTS
Financial derivatives not designated as hedging instruments (economic hedges)
DKK million
2024
Income
statement
Fair value
receivables
Fair value
payables
Fair value,
net
Exchange rate instruments -336 62 -146 -84
Other instruments -26 94 -75 19
Total -362 156 -221 -65
2023
Exchange rate instruments 354 274 -241 33
Other instruments 43 118 -68 50
Total 397 392 -309 83
The Company enters into various derivative financial instruments to hedge foreign exchange,
commodity and interest rate risks, and seeks to apply hedge accounting when this is possible.
Hedging of future, highly probable forecast transactions is designated as cash flow hedges. Fair value
adjustments of derivative financial instruments that are not designated as cash flow hedges are
recognised in financial income and expenses. This also applies to commodity hedges that are
designated as cash flow hedges in the consolidated financial statements but not in the Parent
Company financial statements.
Hedging of raw material price risk
DKK million
Sensitivity assuming 100%
efficiency Time of maturity
Aluminium Change
Effect
on OCI
Tonnes
purchased
Average
price (DKK) 2024 2025 2026
2024 20% 72 20,110 17,422 - 20,681 3,480
2023 20% 86 27,018 16,155 22,047 4,971 -
Energy Change
Effect
on OCI
MWh
purchased
Average
price (DKK) < 1 year 1-5 years > 5 years
2024 - - - - - - -
2023 20% 29 289,966 420 12,123 116,000 161,843
Currency forwards and options have been entered into to cover the foreign exchange risk on
transactions expected to take place in 2024 and 2025, including the Company’s purchases and sales
in currencies other than the functional currency and the acquisition of Britvic.
The Company monitors the cash flow hedge relationships twice a year to assess whether the hedge
is still effective. Positive fair values of derivatives are recognised as other receivables and negative
values as other liabilities.
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177 Carlsberg Breweries Group Annual Report 2024
SECTION 2.9 (CONTINUED)
DERIVATIVE FINANCIAL INSTRUMENTS
The fair value of derivatives designated as cash flow hedges is presented in the table of cash flow
hedges below.
Interest rate swaps have been entered into to hedge part of the interest rate risk related to the
financing of the acquisition of Britvic.
The Company’s process for hedging of raw material price risk is the same as that of the Carlsberg
Breweries Group. Accordingly, reference is made to section 4.8 in the Carlsberg Breweries Group
financial statements regarding the commodity risk.
Cash flow hedges
DKK million
Expected
recognition
2024
Other
comprehen-
sive income
Fair value
receivables
Fair value
payables
Fair value,
net 2025
2026 and
later
Exchange rate instruments 192 156 -148 8 8 -
Interest rate swaps -15 - -15 -15 -2 -13
Total 177 156 -163 -7 6 -13
2023 2024
Exchange rate instruments - 7 - 7 7 -
Reclassification from OCI 605 - - - -
Total 605 7 - 7 7 -
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178 Carlsberg Breweries Group Annual Report 2024
SECTION 3
OPERATING ACTIVITIES
SECTION 3.1
OPERATING EXPENSES
Cost of sales
DKK million 2024 2023
Purchased finished goods and other costs 1,098 1,082
Total 1,098 1,082
Sales and distribution expenses
DKK million 2024 2023
Marketing expenses 735 559
Sales expenses 239 186
Distribution expenses 49 54
Total 1,023 799
Other operating activities, net
DKK million 2024 2023
Management fee from Group companies 507 337
Other, net -78 -80
Total 429 257
SECTION 3.2
CASH FLOW FROM OPERATING ACTIVITIES
Cash flows
DKK million 2024 2023
Other non-cash items
Share-based payments 54 78
Total 54 78
Change in working capital
Receivables -267 594
Trade payables and other liabilities 302 476
Other provisions -58 -418
Unrealised foreign exchange gains/losses -34 7
Total -57 659
SECTION 3.3
RECEIVABLES
Receivables included in the statement of financial position
DKK million 2024 2023
Trade receivables 1,230 980
Other receivables 20,053 21,016
Total current receivables 21,283 21,996
Non-current receivables 1,096 750
Total 22,379 22,746
Receivables by origin
DKK million 2024 2023
Receivables from sales of goods and services 149 117
Prepayments 65 -
Receivables from Group companies 1,396 1,372
Other loans 160 -
Dividend income 77 20
Loans to Group companies 19,935 20,306
Loans, fair value of hedging instruments and other receivables 597 931
Total 22,379 22,746
Trade receivables comprise invoiced goods and services.
Other receivables comprise VAT receivables, loans to subsidiaries and associates, interest receivables
and other financial receivables.
The fair value of receivables in subsidiaries corresponds to the carrying amount in all material
respects.
Please see section 1.3 in the consolidated financial statements for more details.
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179 Carlsberg Breweries Group Annual Report 2024
SECTION 4
STAFF COSTS AND REMUNERATION
SECTION 4.1
STAFF COSTS AND REMUNERATION
Staff costs and remuneration
DKK million 2024 2023
Salaries and other remuneration 617 612
Severance payments 2 -1
Social security costs 6 6
Retirement benefit costs – defined contribution plans 46 39
Share-based payments 54 78
Other employee benefits 7 6
Total 732 740
Staff costs are included in the following items in the income statement
Sales and distribution expenses 213 186
Administrative expenses 519 554
Total 732 740
The Company had an average of 490 (2023: 431) full-time employees during the year.
The remuneration of the Supervisory Board, the executive directors and key management personnel
is described in detail in section 7.2 in the consolidated financial statements.
The Supervisory Board of Carlsberg Breweries A/S is not remunerated.
Remuneration of executive directors is based on a fixed salary, cash bonus payments and non-
monetary benefits, such as company car, telephone etc. Furthermore, performance share
programmes and incentive schemes have been established for executive directors. These programmes
and schemes cover a number of years.
Employment contracts for executive directors contain terms and conditions that are considered
common to executive board members in Danish listed companies, including terms of notice and non-
competition clauses.
Staff costs and remuneration also cover costs and remuneration for executive directors of the
Company who are contractually employed by other Group companies, with the related cost
recognised and payment is made in those companies.
Remuneration of executive directors and the Supervisory Board is specified in section 7.2 in the
consolidated financial statements
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.
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180 Carlsberg Breweries Group Annual Report 2024
SECTION 4.2
SHARE-BASED PAYMENTS
Share-based payments
Number
Performance shares
Executive
directors
Other
management
personnel¹ Total
Performance shares outstanding at 31 December 2022 116,669 95,100 211,769
Granted 85,487 41,645 127,132
Forfeited/expired/adjusted -127,722 45,475 -82,247
Exercised -24,536 -32,510 -57,046
Performance shares outstanding at 31 December 2023 49,898 149,710 199,608
Granted 40,500 51,513 92,013
Forfeited/expired/adjusted -2,942 -66,146 -69,088
Exercised – -24,366 -24,366
Performance shares outstanding at 31 December 2024 87,456 110,711 198,167
¹ Including retired employees.
Share-based incentive programmes have been set up for management personnel at Carlsberg
Breweries A/S. Please refer to section 7.3 in the consolidated financial statements for general
descriptions of the programmes.
PERFORMANCE SHARES
The number of performance shares granted is the maximum number of performance shares that can
vest. The number of shares outstanding at the end of the period is the estimated number of shares
expected to vest, based on an assessment of the extent to which the vesting conditions are expected
to be met. The number of shares expected to vest is revised on a regular basis.
Regular performance shares
In 2024, 46 employees (2023: 43 employees) in Carlsberg Breweries A/S were awarded performance
shares.
Vesting is subject to achievement of five KPIs: total shareholder return, adjusted EPS growth, organic
revenue growth, growth in ROIC and ESG goals. The average share price at transfer was DKK 939
(2023: DKK 965). The average contractual life at the end of 2024 was 1.5 years (2023: 1.4 years).
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181 Carlsberg Breweries Group Annual Report 2024
SECTION 5
OTHER DISCLOSURE REQUIREMENTS
SECTION 5.1
PROVISIONS
Provisions
DKK million Total
Provisions at 1 January 2024 74
Additional provisions recognised 1
Reversal of unused provisions -58
Provisions at 31 December 2024 17
Classified as
Non-current provisions 7
Current provisions 10
Total 17
Provisions primarily relate to ongoing disputes, lawsuits, restructurings etc. In 2024, provisions of DKK
58m recognised in prior years for legal claims that did not materialise were reversed.
SECTION 5.2
FEES TO AUDITORS
Fees to the auditors appointed by the Annual General Meeting are specified as follows.
DKK million 2024 2023
Statutory audit 3 3
Other assurance engagements - 1
Tax advisory - 1
Total 3 5
SECTION 5.3
ASSET BASE AND LEASES
DKK million Intangible assets
Property,
plant and
equipment Asset base
2024 Brands
Other
intangible
assets Total Total Total
Cost
Cost at 1 January 1,916 228 2,144 499 2,643
Additions, including right-of-use assets - - - 5 5
Cost at 31 December 1,916 228 2,144 504 2,648
Amortisation, depreciation and impairment
losses
Amortisation, depreciation and impairment losses
at 1 January 426 228 654 105 759
Amortisation and depreciation 6 - 6 29 35
Amortisation, depreciation and impairment
losses at 31 December 432 228 660 134 794
Carrying amount at 31 December 1,484 - 1,484 370 1,854
2023
Cost
Cost at 1 January 1,912 228 2,140 323 2,463
Additions, including right-of-use assets 4 4 8 180 188
Disposals - -4 -4 -4 -8
Cost at 31 December 1,916 228 2,144 499 2,643
Amortisation, depreciation and impairment
losses
Amortisation, depreciation and impairment losses
at 1 January 420 228 648 55 703
Disposals - -4 -4 22 18
Amortisation and depreciation 6 4 10 28 38
Amortisation, depreciation and impairment
losses at 31 December 426 228 654 105 759
Carrying amount at 31 December 1,490 - 1,490 394 1,884
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182 Carlsberg Breweries Group Annual Report 2024
SECTION 5.3 (CONTINUED)
ASSET BASE AND LEASES
Of the depreciation and amortisation of DKK 35m (2023: DKK 38m), DKK 6m (2023: DKK 6m) was
included in cost of sales, whereas DKK 29m (2023: DKK 32m) was included in sales and distribution
expenses.
Carlsberg Breweries A/S leases various properties and equipment. At 31 December 2024, the carrying
amount of right-of-use assets was DKK 359m (2023: DKK 384m). During the year, additions
amounted to DKK 1m, relating to car leases (2023: DKK 175m relating to the commencement of a
lease contract for extension of the existing premises), and depreciation to DKK 25m (2023: DKK
26m).
The lease expenses recognised in the income statement relate to short-term leases, and leases of
low-value assets were insignificant. Such contracts comprise the lease of copy and printing machines,
coffee machines, small IT devices and similar equipment.
SECTION 5.4
TAX
Specification of deferred tax
Deferred tax assets Deferred tax liabilities
DKK million 2024 2023 2024 2023
Intangible assets - - 60 75
Property, plant and equipment 31 30 - -
Current assets and liabilities - 35 14 65
Provisions and retirement benefit obligations 40 20 400 400
Fair value adjustments 110 - 45 -
Tax losses 73 - - -
Total before offset 254 85 519 540
Offset -138 34 -138 34
Deferred tax assets and liabilities at 31 December 116 119 381 574
Expected to be used as follows
Within one year 6 - 45 -
After more than one year 110 119 336 574
Total 116 119 381 574
The total tax for the year recognised in the income statement of DKK 200m (2023: DKK -102m) was
significantly impacted by non-deductible impairments in special items.
Hedging instruments recognised in other comprehensive income before tax amounted to DKK 177m
(2023: DKK 0.4m), with a tax expense of DKK 39m (2023: DKK 0m).
The administration company, Carlsberg A/S, has unlimited and joint legal responsibility for Danish
withholding taxes with the Parent Company. Not recognised tax assets from tax losses amounted to
DKK 100m (2023: DKK 42m).
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183 Carlsberg Breweries Group Annual Report 2024
SECTION 5.4 (CONTINUED)
TAX
Income tax expenses
2024 2023
DKK million
Income
statement
Other
comprehe-
nsive
income
Total
comprehe-
nsive
income
Income
statement
Other
comprehe-
nsive
income
Total
comprehe-
nsive
income
Tax for the year can be specified as
follows
Current tax 26 -39 -13 -75 – -75
Change in deferred tax during the
year 120 – 120 -115 – -115
Adjustments to tax for prior years 54 – 54 88 – 88
Total 200 -39 161 -102 – -102
Reconciliation of tax for the year
DKK million 2024 2023
Calculated tax on profit at 22% -1,105 668
Adjustments to tax for prior years 54 88
Non-deductible expenses -138 -3,336
Change to recognised deferred tax items 63 40
Withholding taxes -18 -9
Dividends and other tax-exempt items 1,344 2,447
Tax for the year 200 -102
ACCOUNTING ESTIMATES AND JUDGEMENTS
Carlsberg Breweries A/S recognises deferred tax assets, including the tax base of tax losses carried
forwards, 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 is 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 until 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.
SECTION 5.5
CONTINGENT LIABILITIES AND OTHER COMMITMENTS
Carlsberg Breweries A/S has issued guarantees for loans etc. raised by subsidiaries and associates
(non-consolidated share of loan) of DKK 1,164m (2023: DKK 1,150m).
Carlsberg Breweries A/S is jointly registered for Danish VAT and excise duties with Carlsberg A/S,
Carlsberg Danmark A/S and various other minor Danish subsidiaries, and is jointly and severally
liable for payment of VAT and excise duties.
Carlsberg Breweries 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 5.6
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.
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184 Carlsberg Breweries Group Annual Report 2024
SECTION 6
GENERAL ACCOUNTING POLICIES
The financial statements of Carlsberg Breweries A/S for 2024 have been prepared in accordance with
IFRS Accounting Standards as issued by the International Accounting Standards Board, and 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 Breweries 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.
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185 Carlsberg Breweries Group Annual Report 2024
REPORTS
MANAGEMENT
STATEMENT
Executive Board of Carlsberg Breweries A/S
Supervisory Board of Carlsberg Breweries A/S
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REPORTS
INDEPENDENT
AUDITOR’S REPORT
OUR OPINION
BASIS FOR OPINION
KEY AUDIT MATTERS
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STATEMENT ON MANAGEMENT’S REVIEW
MANAGEMENT’S RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL
STATEMENTS
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REPORTS
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