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"value": "70.3bnREVENUE (DKK)Revenue grew by 16.9% to DKK 70,265m (2021:DKK 60,097m). Revenue was positively impacted by the recovery of the on-trade in many markets in the first part of the year due to fewer restrictions. In addition, revenue was positively impacted by a positive brand mix andprice increases during the year. The negative net acquisition impact was due to the deconsolidation of Gorkha Brewery at the end of 2021.REVENUE DEVELOPMENT (%)7215.6%2.2%7068-0.9%66646260585654FX2021Acq2022OrganicThe positive currency impact related to the Chinese and Swiss currencies, which more than offset the depreciation of the Laotian kip and Ukrainian hryvinia.45.6%GROSS MARGINAlthough gross profit/hl increased by 7%, the gross margin declined by 190bp to 45.6% due to increased cost of sales. -1.1bnNET PROFIT (DKK)Special items, net, amounted to DKK -784m (2021: DKK 703m), primarily due to goodwill impairment in Central & Eastern Europe. Special items are detailed in section 3.1.11.5bnOPERATING PROFIT (DKK)Operating expenses increased by 14%, mainly impacted by significantly higher sales and marketing expenses in support of our brands and activities, and higher distribution expenses as a result of the on-trade recovery and higher energy costs. Operating expenses as a percentage of revenue declined by 70bp.Operating profit before depreciation, amortisation and impairment losses (EBITDA) increased by 9.0% to DKK 15,657m. The EBITDA margin declined by 160bp to 22.3%, impacted by the lower gross margin and higher operating expenses.Group operating profit grew by 13.2% to DKK 11,470m, driven by strong growth in Asia and Western Europe, while operating profit in Central & Eastern Europe was up by only 1.1%, impacted by the war in Ukraine.The operating margin declined by 60bp to 16.3%, mainly due to the higher commodity prices and energy costs. OPERATING PROFIT DEVELOPMENT (DKKbn)12.010.08.06.04.02.00.0201820192020202120222018-2020 as reported. 2021-2022 for continuing operations.Financial items, net, amounted to DKK -725m (2021: DKK -385m). Excluding currency gains and losses, financial items, net, amounted to DKK -506m (2021: DKK -333m). The increase was mainly due to 2021 being positively impacted by the reversal of the previous write-down of the loan to our partner in Carlsberg South Asia Pte Ltd. (CSAPL). Net interest expenses decreased slightly due to lower average funding costs. Financial items are detailed in section 4.1.Tax totalled DKK -1,778m (2021: DKK -2,154m). The effective tax rate declined by 270bp to 17.9%, mainly as a result of a one-off adjustment related to prior years. Tax is detailed in section 6.1.Profit for the period, continuing operations, was DKK 8,183m (2021: DKK 8,293m). Net result from Russian operations held for sale amounted to DKK -8.1bn due to the DKK -9.9bn write-down of the Russian business as detailed in section 5.1. The Carlsberg Group\u2019s share of profit for the period was DKK -1,063m (2021: DKK 6,846m). Non-controlling interests\u2019 share of profit for the period was DKK 1,171m (2021: DKK 1,163m).69.3EARNINGS PER SHARE, ADJUSTED (DKK)Adjusted earnings per share increased by 43.6% to DKK 69.3 (2021: DKK\ue7fe48.3), driven by the higher operating profit and a lower tax rate, and supported by the share buy-back, which more than offset higher financial costs.Earnings per share decreased by 116.0% to DKK -7.6 (2021: DKK 47.6) due to the write-down in Russia.EARNINGS PER SHARE (DKK)706050403020100-10-2020182019202020212022 EPS EPS-A12.9bnOPERATING CASH FLOW (DKK)Cash flow from operating activities amounted to DKK 12,949m (2021: DKK 12,278m). The change in trade working capital was DKK +1,908m (2021: DKK +733m), mainly due to strong cash management discipline and higher trade payables. Average trade working capital to revenue for the year was -21.5%, roughly on par with 2021 (-19.4%).The change in other working capital was DKK -465m (2021: DKK +616m), mainly impacted by VAT. Restructuring costs paid amounted to DKK -171m (2021: DKK -353m). Net interest etc. paid amounted to DKK -1,010m (2021: DKK -848m). The increase was mainly due to the settlement of financial instruments. Corporation tax paid was DKK -2,103m (2021: DKK -1,883m).9.9bnFREE CASH FLOW (DKK)Free cash flow amounted to DKK 9,884m (2021: DKK 8,211m), while free operating cash flow amounted to DKK 9,472m (2021: DKK 8,780m). Operational investments totalled DKK -3,477m (2021: DKK -3,498m). Acquisition of property, plant and equipment and intangible assets (CapEx) including real estate amounted to DKK -4,016m (2021: DKK -3,905m). Total financial investments amounted to DKK +410m (2021: DKK -567m), change is mainly attributable to deferred considerations related to the acquisition of Marston\u2019s brewing activities and the deconsolidation of the business in Nepal, both in 2021 as detailed in section 5.3.FREE CASH FLOW (DKKbn)121086420201820192020202120222018-2020 as reported. 2021-2022 for continuing operations. Free operating cash flow Free cash flowSECTION 1.1SIGNIFICANT EVENTS IN THE PERIODOn 28 March 2022, the Group announced its decision to seek a full divestment of the Russian business. Management considered that the Russian operations met the criteria to be classified as held for sale, as the business was available for immediate sale in its current condition, and the actions to complete the sale had been initiated and were expected to be completed within one year from the date of reclassification. The Russian business was classified as a disposal group held for sale and measured at fair value less cost of disposal. The fair value assessment is based on estimations of the net present value of expected future cash flows, and not on offers or price indications from potential buyers. The fair value of the business in Russia is highly sensitive to changes in the key assumptions applied. As of 1 January 2022 and until completion of the divestment, the Russian business will be presented separately in the main statements. Measurement of Group performance and calculation of key performance indicators are carried out for the continuing operations only. Comparative figures for 2021 for the income statement and the statement of cash flows have been restated accordingly, along with the associated disclosures. The statement of financial position has not been restated.For more details of discontinued operations and disposal group held for sale, see section 5.1.SECTION 1.2 SEGMENTATION OF OPERATIONSCHANGE IN CENTRAL & EASTERN EUROPE Following the announcement on 28 March 2022 that the Group would seek full disposal of the business in Russia, the Group\u2019s Central & Eastern Europe segment was changed effective 1 January 2022. Accordingly, the Russian business was separated out of the Central & Eastern Europe region and reported as Russian operations held for sale. There have not been any other changes to the segment structure. The disclosure in the Annual Report follows the new segmentation as used in the internal reporting to the Executive Committee since the announcement.Segmentation of income statementDKK millionCentral &Western EasternNotBeverages,Non-Carlsberg2022Europe AsiaEuropeallocatedtotalbeverageGroup, totalRevenue 34,888 23,682 11,679 16 70,265 - 70,265Total cost -30,245 -18,553 -9,415 -1,414 -59,627 -69 -59,696Share of profit after tax of associates 323 306 18 28 675 226 901Operating profit before special items 4,966 5,435 2,282 -1,370 11,313 157 11,470Special items, net -794 10 -784Financial items, net -714 -11 -725Profit before tax 9,805 156 9,961Income tax -1,844 66 -1,778Profit from continuing operations 7,961 222 8,183Net result from Russian operations held for sale -8,075 - -8,075Profit for the period -114 222 108Operating margin 14.2% 22.9% 19.5% 16.1% 16.3%2021Revenue 30,501 19,459 10,128 9 60,097 - 60,097Total cost -26,324 -14,653 -7,885 -1,357 -50,219 -85 -50,304Share of profit after tax of associates 195 49 14 1 259 77 336Operating profit before special items 4,372 4,855 2,257 -1,347 10,137 -8 10,129Special items, net 623 80 703Financial items, net -385 - -385Profit before tax 10,375 72 10,447Income tax -2,115 -39 -2,154Profit from continuing operations 8,260 33 8,293Net result from Russian operations held for sale -284 - -284Profit for the period 7,976 33 8,009Operating margin 14.3% 24.9% 22.3% 16.9% 16.9%SECTION 1.2 (CONTINUED)SEGMENTATION OF OPERATIONSREVENUE The Group\u2019s revenue arises primarily from the sale of beverages to its customers.In 2022, total revenue was positively impacted by volume growth and revenue/hl growth across all regions, partly offset by the deconsolidation of Gorkha Brewery. Other revenue by category is sales of products other than beverages that do not drive any volume, such as merchandise, services, by-products etc. In aggregate, other revenue accounts for around 1% of Group total revenue and is therefore not considered material.Not allocated revenue, DKK 16m (2021: DKK 9m), consisted of DKK 733m (2021: DKK 894m) in revenue and DKK -717m (2021: DKK -885m) from eliminations of sales between the geographical segments.The distribution of revenue between beer and other beverages relative to volumes is largely the same across regions.Revenue by categoryDKK million 2022 2021Beer revenue 53,466 46,720Other beverages 15,928 12,705Other revenue 871 672Total revenue 70,265 60,097Revenue and excise dutiesDKK million 2022 2021Revenue, including excise duties 95,147 82,883Excise duties -24,882 -22,786Revenue 70,265 60,097Geographical allocation of revenueDKK million 2022 2021Denmark (Carlsberg A/S\u2019 domicile) 4,487 3,897China 13,781 11,946United Kingdom 7,070 5,965Other countries 44,927 38,289Total 70,265 60,097VOLUMESThe organic growth in total volumes was a result of growth in Asia and Western Europe, while Central & Eastern Europe was impacted by declining volumes in Ukraine. Reported volume growth was negatively affected by the deconsolidation of Gorkha Brewery at the end of 2021.Group financial performanceChange ChangeVolumes (million hl) 2021 Organic Acq., net FX 2022 ReportedBeer 98.8 4.2% -0.6% - 102.4 3.6% Other beverages 20.4 12.9% -0.1% - 23.0 12.8% Total volume 119.2 5.7% -0.5% - 125.4 5.2% DKK millionRevenue 60,097 15.6% -0.9% 2.2% 70,265 16.9% Operating profit10,129 12.2% -1.0% 2.0% 11,470 13.2% Operating margin (%) 16.9 16.3 -60bpACCOUNTING ESTIMATESAND JUDGEMENTSThe 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 due to 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 a customer should be classified as a discount or a marketing expense. Generally, activities with the individual customer are accounted for as a discount, whereas costs related to broader marketing activities are classified as marketing expenses.OPERATING PROFIT BEFORE SPECIAL ITEMSNot allocated operating profit before special items, DKK -1,370m (2021: DKK -1,347m), related to central costs not managed by the regions, including costs of developing branding activities to support the strategic initiatives and general costs of centralised functions as well as various eliminations of DKK 21m (2021: DKK 67m). Group operating profit grew by 13.2%, supported by growth in all three regions. Organic growth in operating profit was 12.2%.OPERATING MARGINThe operating margin declined to 16.3% compared to 16.9% in 2021. The decline was due to margin pressure from higher commodity prices. NON-CONTROLLING INTERESTSThe Group\u2019s non-controlling interests consist of Lao Brewery, Carlsberg Chongqing Breweries Group, Carlsberg Malaysia Group and Carlsberg Marston's Brewing Group, as well as other minor interests, primarily in the Asia region. Non-controlling interests are not individually material to the Group\u2019s total profit.SECTION 1.2 (CONTINUED)SEGMENTATION OF OPERATIONSWhether the Group is acting as a principal or an agent is evaluated by management on a country-by-country basis. The Group has concluded that it is the principal in its revenue arrangements because it controls the goods before transferring them to the customer. Excise duties, taxes and feesThe classification of duties, taxes and fees paid to local authorities or brewery organisations etc. requires judgements on the classification to be made by management.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.ACCOUNTINGPOLICIESRevenueRecognition and measurementRevenue 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 sale- 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.Variable considerationThe 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 1.6. 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.Segment informationThe Group\u2019s beverage activities are segmented according to the three geographical regions where sales take place. These regions make up the Group\u2019s reportable segments. The segmentation reflects the geographical and strategic management, decision and reporting structure applied by the Executive Committee for monitoring the Group\u2019s strategic and financial targets. Segments are managed based on business performance measured as operating profit before special items.Not allocated comprises income and expenses incurred for ongoing support of the Group\u2019s overall operations and strategic development. The expenses include costs of running central functions and marketing, such as global sponsorships. The non-beverage segment, comprising research and real estate activities, is managed separately and therefore shown separately instead of geographically segmented.The geographical allocation of revenue and non-current assets is based on the selling entities\u2019 domicile and comprises countries individually accounting for more than 10% of the Group\u2019s consolidated revenue as well as the domicile country. Decisions on restructuring, acquisition and divestment of entities included in special items as well as on financing (financial income and expenses) and tax planning (income tax) are made based on information for the Group as a whole and therefore not segmented.The segmentation of the Group\u2019s assets and returns is disclosed in section 2.1.Reported figuresReported figures are analysed by looking at the impact of organic growth, net acquisitions and foreign exchange effects. The net acquisition effect is calculated as the effect of acquisitions and divestments, including any share obtained from an increase/decrease in ownership of associates, for a 12-month period from the acquisition/divestment date. The foreign exchange effect is calculated as the difference between the figures for the current reporting period translated at the current exchange rates and at the exchange rates applied in the previous reporting period. Organic growth is the remaining growth that is not related to acquisitions, divestments or foreign exchange effects.SECTION 1.3OPERATING EXPENSES, INVENTORIES AND DEPOSIT LIABILITIES1.3.1 COST OF SALES AND INVENTORIESCost of sales increased by 21% compared with 2021, mainly due to higher commodity prices and energy costs across regions and the organic increase in volumes in Asia and Western Europe. Cost of sales per hl increased by 15% compared with 2021.Cost of salesDKK million 2022 2021Cost of materials 21,655 17,190Direct staff costs 1,521 1,307Amortisation and depreciation 2,536 2,749Indirect production overheads 4,788 3,902Purchased finished goods and other costs 7,698 6,380Total 38,198 31,528Inventories increased by 6% compared with 2021, mainly as a result of finished goods being impacted by the increase in cost of sales per hl.InventoriesDKK million 2022 2021Raw materials 2,333 2,311Work in progress 344 333Finished goods 3,041 2,747Total 5,718 5,391Commodity price risks are, in particular, associated with externally sourced input materials, such as malt (barley), cans (aluminium), paper, sugar and glass & plastic (PET) bottles. The management of commodity price risks is coordinated centrally and aimed at achieving stable and predictable prices in the medium term. As the underlying markets for the specified categories vary, so does the way in which they are hedged against price increases.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 no later than at the end of the third quarter of the previous year, with a target hedge ratio of 90% at the beginning of the year in question.A significant part of the Group\u2019s barley exposure for 2022 had therefore been hedged through fixed-price purchase agreements established in 2021. Likewise, the majority of the exposure for 2023 was hedged in 2022.In the Group\u2019s long-term purchase agreements for cans, the aluminium price is variable and based on the global market price of aluminium (London Metal Exchange, LME).In 2022, the aluminium price risk was hedged using derivative financial instruments applying the same target hedge percentages as are applied for barley. The same has been done for 2023. The fair values of the derivative financial instruments are specified in section 4.8.For sugar, rolling forward hedges are used, with suppliers fixing prices linked to official indices, for example NY11. As for barley and aluminium, the majority of the 2022 sugar exposure had been hedged in 2021. Likewise, the majority of the exposure for 2023 was hedged in 2022.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\u2019s own products, most markets in Central & Eastern Europe and Asia are regulated with no possibility to hedge prices. In Western Europe, where most markets allow forward hedging, the majority of the Group\u2019s exposure is hedged on a rolling basis.In January 2023 the Group started to hedge fuel, linked to distribution expenses, via financial contracts \u2013 following a similar set-up to how aluminium is hedged.Hedging of raw material price riskDKK millionSensitivity assuming 100% efficiency Time of maturityEffectTonnes Average Aluminium Changeon OCIpurchasedprice (DKK) 2022 2023 20242022 20% 381 116,454 18,304 - 93,608 22,8462021 20% 313 85,440 15,741 85,440 - -Sensitivity assuming 100% efficiency Time of maturityEffectMWh Average Energy Changeon OCIpurchasedprice (DKK) < 1 year 1-5 years > 5 years2022 20% 34 289,966 420 - 99,123 190,843ACCOUNTING ESTIMATESAND JUDGEMENTSAt 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.ACCOUNTINGPOLICIESCost 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. Further, it comprises purchased finished goods that include cost of point-of-sale materials and third-party products sold to customers.SECTION 1.3 (CONTINUED)OPERATING EXPENSES, INVENTORIES AND DEPOSIT LIABILITIESIndirect 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.1.3.2 DEPOSITS ON RETURNABLE PACKAGING MATERIALSDeposits on returnable packaging materials amounted to DKK 1,627m (2021: DKK 1,504m). The capitalised value of returnable packaging materials was DKK 1,794m (2021: DKK 1,867m). The capitalised value of returnable packaging materials exceeds the deposits because each of the returnable packaging items circulates a number of times in the market and some markets have regulations that require the deposit value to be set lower than the cost of the returnable packaging materials.ACCOUNTING ESTIMATES AND JUDGEMENTSManagement 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. 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.ACCOUNTINGPOLICIESReturnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Returnable packaging materials are depreciated over 3-10 years. The accounting policies for property, plant and equipment are further described in section 2.3.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.1.3.3 SALES AND DISTRIBUTION EXPENSES Marketing expenses increased as marketing activities were resumed at levels similar to before COVID-19. Distribution expenses were impacted by the volume growth and the 9% increase in cost per hl was driven by higher fuel costs. Total marketing, sales and distribution expenses increased by 17%.Sales and distribution expensesDKK million 2022 2021Marketing expenses 5,793 4,757Sales expenses 5,120 4,542Distribution expenses 6,424 5,573Total 17,337 14,872ACCOUNTINGPOLICIESMarketing expenses consist of expenses for brand marketing and trade marketing.Brand marketing is an investment in the Group\u2019s brands and consists of brand-specific investments in the development of communication vehicles, the use of these 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.1.3.4 OTHER OPERATING ACTIVITIES, NET Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant and equipment. Other operating activities, netDKK million 2022 2021Gains and losses on disposal of property, plant and equipment and intangible assets, net 79 77On-trade loans, net 30 58Real estate, net 18 9Research centres, net -107 -95Other, net 48 26Total 68 75ACCOUNTINGPOLICIESGains 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 Denmark and France less funding received from the Carlsberg Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants are recognised in the income statement in the same period as the activities to which they relate. Product development costs are included in cost of sales.SECTION 1.4FOREIGN EXCHANGE RISK RELATED TO EARNINGSThe majority of the Group\u2019s activities take place outside Denmark and in currencies other than DKK. Foreign exchange risk is therefore a principal financial risk for the Group, and exchange rate fluctuations can have a significant impact on the income statement. The risk from exposure to fluctuations in EUR/DKK is considered to be limited due to Denmark\u2019s fixed exchange rate policy towards EUR and is consequently not hedged.REVENUE BY CURRENCY (%) 2022 (2021)CNY 20% (20%) EUR 18% (19%)GBP 10% (10%) DKK 9% (9%)NOK 7% (7%) CHF 6% (5%)SEK 4% (4%) PLN 4% (4%)LAK 3% (3%) Other 19% (19%)TRANSACTION RISKS ON PURCHASES AND SALESThe 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 for markets with a functional currency other than EUR. Hedging of EUR against the local currencies will effectively eliminate a significant part of the currency risk in the entities\u2019 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 accountedfor as cash flow hedges, cf. section 4.8. The hedged amounts and the sensitivity analysis regarding these hedges are shown in section 4.6.4.AsiaThe transaction risk is considered to be less significant due to lower sales and purchases in currencies other than the local functional currencies as well as the high correlation between USD and most of the Asian currencies. Furthermore, the currencies are expensive to hedge and, in some cases, not possible to hedge at all. As a consequence, the risk is not hedged.Central & Eastern EuropeThe largest foreign exchange risk in Central & Eastern Europe relates to Ukraine and Kazakhstan and the purchase of raw and packaging materials denominated in foreign currencies. For 2022 and 2023, the Group has chosen to hedge a portion of Carlsberg Ukraine\u2019s expenses in EUR and USD by designating bank deposits in these currencies as hedging instruments. Carlsberg Kazakhstan holds intercompany deposits in EUR and USD. The revaluation of these is recognised in financial items, and they are not designated as cash flow hedges, but will in economic terms give the Group some protection from depreciation of the local currency, KZT.TRANSLATION RISKThe Group is exposed to risk from translation of foreign entities into the Group\u2019s presentation currency, DKK. The single largest translation impact in respect of operating profit in 2022 was CNY due to the 9.0% appreciation of the currency compared with 2021 and the relative share of the Group\u2019s operating profit generated in China. Looking into 2023, and following the partial write-down of the net investment in Russia, the most significant currency volatility exposure in terms of operating profit and translation of net investments in foreign entities is CNY.The Group has chosen not to hedge the exposure arising from translation of revenue or earnings in foreign currencies. To reduce the risk, the Group has raised debt denominated in the currencies in which the Group generates significant earnings and cash flow as further described in section 4.6.Impact on operating profitDevelopments in exchange rates between DKK and the functional currencies had a positive impact of 2.0% on operating profit measured in DKK.The development in the RUB exchange rate does not impact operating profit but had a positive impact of 24.2% on the net result from Russian operations held for sale. The modest impact compared with the 32.7% change in the average exchange rate for the full year was due to the timing of the majority of the DKK 9.9bn write-down of the assets in disposal group held for sale in March 2022, cf. section 5.1.Functional Change in average FX Entities incurrencyrate 2021 to 2022The eurozone EUR -China CNY 9.0 %Norway NOK 0.7 %United Kingdom GBP 0.5 %Switzerland CHF 7.9 %Sweden SEK -4.5 %Laos LAK -21.0 %Russia RUB 32.7 %SECTION 1.5CASH FLOW FROM OPERATING ACTIVITIESThe change in trade working capital amounted to DKK 1,908m (2021: DKK 733m), mainly due to strong cash management discipline and higher trade payables.Average trade working capital to revenue for the year was -21.5% (2021: -19.4%).Cash flow from the change in other working capital declined by DKK 465m (2021: increase of DKK 616m), impacted by VAT, accruals for variable pay and provisions. The change in on-trade loans amounted to DKK 129m (2021: DKK 148m).Restructuring costs paid amounted to DKK -171m (2021: DKK -353m), a large part of which relates to termination benefits to employees made redundant due to optimisations and reorganisations across the Group.Net interest etc. paid amounted to DKK -1,010m (2021: DKK -848m). The increase was largely due to settlement of derivative financial instruments. Income tax paid amounted to DKK -2,103m (2021: DKK -1,883m). Supplier finance arrangements A number of the Group\u2019s 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 from the funding partner of invoices sent to Carlsberg.The arrangement is exclusively between the supplier and the supply chain finance providerand separate from Carlsberg\u2019s relationship with its suppliers. Carlsberg\u2019s liability to pay invoices is unaffected by the supplier finance arrangement and whether or not the suppliers opt for early payment, and the liability is recognised in trade payables until the due date of the invoice, which is in no case more than 180 days from the invoice date. Cessation 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.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.Other specifications of cash flow from operating activitiesDKK million Section 2022 2021Other non-cash itemsShare of profit after tax of associates 5.5 -901 -336Gain on disposal of property, plant and equipment and intangible assets, net 2.3 -79 -77Share-based payments 97 82Other items 16 -23Total -867 -354Trade working capitalInventories -1,271 -539Trade receivables -232 -1,710Trade payables, duties payable and deposits on returnable packaging materials 3,411 2,982Total 1,908 733Other working capitalOther receivables -495 -272Other payables 134 1,096Retirement benefit obligations and other liabilities related to operating profit before special items -72 -204Unrealised foreign exchange gains/losses -32 -4Total -465 616ACCOUNTINGPOLICIESTrade 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 vendors, 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. SECTION 1.6TRADE RECEIVABLESAND ON-TRADE LOANSThe Group\u2019s non-current receivables consist mainly of on-trade loans that fall due more than one year from the reporting date. Of the total non-current receivables, DKK 166m (2021: DKK 160m) falls due more than five years from the reporting date.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.Receivables included in the statement of financial positionNon-DKK millioncurrent Current TotalTrade Other 2022 ReceivablesreceivablesreceivablesReceivables from sales of goods and services - 4,825 - 4,825On-trade loans 644 242 - 886Other receivables 292 - 2,505 2,797Total receivables 936 5,067 2,505 8,5082021Receivables from sales of goods and services - 5,458 - 5,458On-trade loans 776 252 - 1,028Other receivables 299 - 2,355 2,654Total receivables 1,075 5,710 2,355 9,140RECEIVABLES FROM SALES OF GOODS AND SERVICES(BROKEN DOWN BY COUNTRY)2022 (2021)UK 16% (21%) Finland 8% (7%)Sweden 8% (6%) France 8% (6%)Poland 5% (5%) India 4% (4%)Ukraine 2% (4%) Other 49% (47%)ON-TRADE LOANSUnder 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 average effective interest rate on loans to the on-trade was 3.5% (2021: 3.2%). The interest income is recognised in other operating activities.On-trade loans recognised in other operating activities, netDKK million 2022 2021Interest and amortisation of on-trade loans 47 49Losses and write-downs on on-trade loans -17 9On-trade loans, net 30 58OTHER RECEIVABLESOther receivables primarily comprise VAT and similar government receivables, interest receivables and other financial receivables, which are associated with low risk. The distribution of receivables broken down by country is affected by market-specific changes in payment patterns. For receivables from sale 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 2021.ON-TRADE LOANS(BROKEN DOWN BY COUNTRY)2022 (2021)Germany 30% (26%)Switzerland 25% (23%)France 24% (24%)UK 12% (17%)Sweden 9% (10%)SECTION 1.6 (CONTINUED)TRADE RECEIVABLES AND ON-TRADE LOANS1.6.1 CREDIT RISKIn 2022, receivables not past due amounted to 78% (2021: 81%) of total gross receivables. The past-due share of gross loans to on-trade customers was 34% (2021: 31%). Total accumulated allowances for impairment losses on trade loans were DKK 438m (2021: DKK 464m).The share of trade receivables that is past-due increased from 15% to 18%. The credit risk is being closely managed in the markets, and assessed in light of rising instability across markets due to unpredictable energy prices and rising inflation and interest rates. The credit risk from the COVID-19pandemic decreased. Although the virus is still circulating, the impact on society has lessened significantly, and governments did not impose extensive new lockdowns and restrictions during 2022, except for some areas in Asia. The impact on the global risk pattern is evaluated at both local and Group level. Across regions and markets, customers are being impacted by unpredictable energy prices and rising inflation and interest rates. The market volatility and uncertainty remains high, as customers in many markets had not fully recovered from theCOVID-19 impact and are now faced with a challenging macroeconomic environment.The estimated impairment losses consider the expected impact from the increased risk of default across markets caused by unpredictable energy prices and rising inflation and interest rates. The increased credit risk on both trade receivables and on-trade loans observed across markets is expected to continue into 2023.Credit risk on receivablesDKK millionDKK millionWeightedWeightedGross Loss Receivables, averageGross Loss Receivables, average2022receivablesallowancenetloss rate2021receivablesallowancenetloss rateReceivables from sales of goods and servicesReceivables from sales of goods and servicesNot past due 4,453 -126 4,327 3% Not past due 5,155 -143 5,012 3% Overdue 1-30 days 483 -133 350 28% Overdue 1-30 days 479 -88 391 18% Overdue 31-90 days 191 -62 129 32% Overdue 31-90 days 70 -49 21 70% Overdue > 90 days 311 -292 19 94% Overdue > 90 days 371 -337 34 91% Receivables from sales of goods and services 5,438 -613 4,825Receivables from sales of goods and services 6,075 -617 5,458On-trade loansOn-trade loansNot past due 873 -104 769 12% Not past due 1,035 -139 896 13% Overdue 1-30 days 11 - 11 -Overdue 1-30 days 13 - 13 -Overdue 31-90 days 30 -7 23 23% Overdue 31-90 days 55 -22 33 40% Overdue > 90 days 410 -327 83 80% Overdue > 90 days 389 -303 86 78% On-trade loans 1,324 -438 886On-trade loans 1,492 -464 1,028Other receivablesOther receivablesNot past due 2,168 - 2,168 -Not past due 2,073 -3 2,070 0% Overdue 1-30 days 107 - 107 -Overdue 1-30 days 110 - 110 -Overdue 31-90 days 89 - 89 -Overdue 31-90 days 98 -5 93 5% Overdue > 90 days 449 -16 433 4% Overdue > 90 days 398 -17 381 4% Other receivables 2,813 -16 2,797Other receivables 2,679 -25 2,654Total 9,575 -1,067 8,508Total 10,246 -1,106 9,140SECTION 1.6 (CONTINUED)TRADE RECEIVABLES AND ON-TRADE LOANSACCOUNTING ESTIMATESAND JUDGEMENTSOn-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 is managed locally, and credit limits are set as considered appropriate for the customer, taking into account the current local market conditions.The local 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\u2019 inability to pay. Credit risk remains high and is expected to continue in 2023.At year-end 2022, management continued to assess the lifetime expected credit losses for both trade receivables and on-trade loans in line with 2021. 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 trade receivables and are concentrated in a few markets.The local entities manage and control these loans in accordance with Group guidelines.The credit risk on on-trade loans can be reduced by means of collateral and pledges of on-trade movables (equipment in bars, caf\u00e9s 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.Development in impairment losses on receivablesDKK million2021Receivables from sales of goods On-trade Other 2022and servicesloansreceivables Total TotalImpairment at 1 January -617 -464 -25 -1,106 -1,514Impairment losses recognised -135 -114 -4 -253 -296Realised impairment losses 31 36 2 69 93Reversed impairment losses 74 104 1 179 638Acquisition of entities, net - - - - 13Foreign exchange adjustments 6 - 10 16 -40Transferred to disposal group held for sale 28 - - 28 -Impairment at 31 December -613 -438 -16 -1,067 -1,106ACCOUNTINGPOLICIESReceivables are recognised initially at fair value and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables comprise sale 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 trade receivables. Loss rates are determined based on grouping of trade 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 trade receivables to a factor. Trade receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risk and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.On-trade loansDKK million 2022 2021Loans provided -261 -356Repayments 192 340Amortisation of on-trade loans 198 164Total 129 148ASSET BASEAND RETURNS115.3bnTOTAL ASSETS (DKK)Total assets declined by DKK 11.0bn, mainly due to the decision to seek a full divestment of the Russian business, which resulted in a write-down of the Russian business of DKK 9.9bn.Intangible assets amounted to DKK 49.2bn at 31 December 2022 (2021: DKK 68.5bn), mainly due to the carve-out of the Russian business and the impairment of goodwill in Central & Eastern Europe.Property, plant and equipment totalledDKK 23.7bn (2021: DKK 26.6bn), mainly impacted by the reclassification of Russia.Current assets declined by DKK 0.3bn to DKK 22.6bn, primarily due to a decline in trade receivables of DKK 0.6bn, impacted by the reclassification of the Russian business to disposal group held for sale and an increase in inventories of DKK 0.3bn, impacted by higher cost of sales, stocking in Asia prior to the Chinese New Year and the reclassification of the Russian business. Other receivables mainly increased due to fair value adjustment linked to higher aluminium prices. Cash and cash equivalents amounted to DKK 8.2bn (2021: DKK 8.3bn).ASSET BASE (DKKbn) 4.695.1-5.3-3.9-1.172.9-16.5 etc.closingAsset base, openingAsset base, Amortisation/adjustmentsdepreciationAcquisitions and disposals, incl. leases, netForeign exchange Impairment lossescf. section 5.1group held for sale, Reclassified to disposal4.0bnCAPEX (DKK)CapEx increased by DKK 115m. Asia and Central & Eastern Europe were the main contributors, driven by higher investments in filling capacity. CapEx to amortisation and depreciation, excluding right-of-use assets, increased to 106% (2021: 101%).15.2%ROIC Return on invested capital (ROIC) increased by 270bp to 15.2% as a result of higher operating profit, a lower effective tax rate, which was impacted by a one-off adjustment, and improved working capital. ROIC excluding goodwill improved by 800bp to 41.6%.2RETURN ON INVESTED CAPITAL(% 12-MONTH AVERAGE)423630241812620182019202020212022ROICROIC excl. goodwill2 2018-2020 as reported. 2021-2022 for continuing operations.1CAPEX AND AMORTISATION/2DEPRECIATION (DKKbn)5.08.0%4.07.0%3.06.0%2.05.0%1.04.0%20182019202020212022CapExAmortisation and depreciationCapEx/revenue1 Excluding the purchase of the Brooklyn brand rights in 2020.SECTION 2.1SEGMENTATION OF ASSETS AND RETURNSFollowing the classification of the Russian operations as held for sale in March 2022, the segmentation of assets and returns is presented only for the continuing operations. Invested capital for 2021 has been restated to include only the continuing operations so as to align it with the restatement of operating profitand support the calculation of a meaningful ROIC for 2021.At year-end, invested capital was down by DKK 3.4bn, primarily due to developments in currencies and goodwill impairment in Central & Eastern Europe. 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. They further include non-current financial assets other than financial instruments and tax assets.Not allocated comprises supporting companies without brewing activities and eliminations of investments in subsidiaries, receivables and loans.Geographical allocation of non-current assetsDKK million 2022 2021Denmark (Carlsberg A/S'domicile) 4,017 4,122China 15,906 15,876France 11,100 11,121Other countries 47,402 69,176Total 78,425 100,295Invested capitalDKK million 2022 2021Total assets excluding assets in disposal group held for sale, cf. section 5.1 103,723 104,294LessTax assets -1,731 -1,940Financial receivables, hedging instruments and receivables sold 615 926Cash and cash equivalents -8,163 -8,217Assets included 94,444 95,063Trade payables -21,917 -19,060Deposits on returnable packaging materials -1,627 -1,504Provisions, excl. restructurings -3,027 -3,209Other liabilities, excl. hedging instruments and contingent consideration -7,662 -7,655Liabilities offset -34,233 -31,428Invested capital 60,211 63,635Goodwill -38,453 -39,892Invested capital excl. goodwill 21,758 23,743Invested capital, average 62,053 63,206DKK millionCentral & Carlsberg Western Eastern NotBeverages,Non-Group, 2022Europe AsiaEuropeallocatedtotalbeveragetotalInvested capital 34,098 18,910 6,625 -474 59,159 1,052 60,211Invested capital excl. goodwill 13,857 3,652 3,671 -474 20,706 1,052 21,758Investments in associates 2,361 2,402 27 6 4,796 727 5,523Acquisition of property, plant and equipment and intangible assets 1,363 1,860 643 132 3,998 18 4,016Amortisation and depreciation 1,781 1,350 601 106 3,838 15 3,853Impairment losses, net 56 308 723 43 1,130 -10 1,120Return on invested capital (ROIC) 11.1% 20.9% 27.7% - 15.2% - 15.2% ROIC excl. goodwill 26.2% 112.4% 49.7% - 43.0% - 41.6% 2021Invested capital 35,582 20,244 7,402 -761 62,467 1,168 63,635Invested capital excl. goodwill 15,317 4,281 3,738 -761 22,575 1,168 23,743Investments in associates 2,271 2,363 30 5 4,669 501 5,170Acquisition of property, plant and equipment and intangible assets 1,340 1,800 566 191 3,897 8 3,905Amortisation and depreciation 1,796 1,488 605 102 3,991 17 4,008Impairment losses, net 17 460 - - 477 -86 391Return on invested capital (ROIC) 9.1% 20.3% 23.6% - 12.8% - 12.5% ROIC excl. goodwill 19.9% 153.4% 47.0% - 35.4% - 33.6% ACCOUNTING ESTIMATES AND JUDGEMENTSThe 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 excluding assets in disposal group held for sale, including assets held for sale and trade receivables sold, and excludes contingent considerations and income tax.ACCOUNTINGPOLICIESThe Group\u2019s assets and returns are segmented on the basis of geographical regions in accordance with the management reporting for the current year, cf. section 1.2.SECTION 2.2IMPAIRMENT2.2.1 RECOGNISED IMPAIRMENTSFollowing Russia\u2019s invasion of Ukraine and the decision to dispose of the Russian operations, Russia was separated from the Central & Eastern Europe CGU. The CGU was subsequently tested for impairment, leading to a write-down of goodwill of DKK 700m in March 2022. Impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date , including an update of the impairment test of the Central & Eastern Europe CGU. The tests did not identify further impairments.In addition to the goodwill impairment write-down, the Group recognised impairment losses of DKK 233m on returnable packaging in certain markets in Asia, DKK 22m on sales equipment and returnable packaging in Ukraine and DKK 172m on other items of property, plant and equipment, in total DKK 427m in 2022.In 2021, impairment losses of DKK 107m were recognised in relation to land use rights in China, DKK 130m on returnable packaging in certain markets in Asia, DKK 21m on other items of property, plant and equipment and DKK 244m on investments in associates in China. Reversals of impairment losses of DKK 111m in Denmark and China relating to assets that had been reclassified as held for sale were also recognised in 2021. Impairment of goodwill and other assets in Central & Eastern EuropeThe long-term outlook for operations and cash flows for the Central & Eastern Europe CGU has been negatively impacted by the war in Ukraine and an increasingly challenging macroeconomic environment. This indicated a decrease in the recoverable amount, for which reason management performed an impairment test for the Central & Eastern Europe region, leading to a write-down of goodwill of DKK 700m in March 2022. The impairment test was performed again at the reporting date with updated forecasts and assumptions. The reassessment of the expected future growth in the Central & Eastern Europe CGU and of the recoverable amount did not result in further impairment write-downs. Our business in Ukraine outperformed the full-year expectations for 2022 that were applied in the impairment test in March 2022, resulting in an increase in the recoverable amount calculated at the reporting date. The economic challenges in Ukraine are, however, expected to continue, affecting the long-term assumptions applied in the impairment test. The economic situation in Ukraine remains very uncertain, and the indirect impact of the war on the Central & Eastern Europe CGU in the form of rising commodity prices and energy costs coupled with higher interest and inflation rates has been and is expected to remain significant.The war in Ukraine resulted in the loss or destruction of sales equipment and returnable packaging materials deployed in the market, leading to a write-down of DKK 22m on property, plant and equipment.Other impairmentsIn certain markets in Asia, the return systems are not legally required but have been developed as a result of market practice in the beverage industry. The collection rates for returnable packaging have declined significantly since 2020 compared with previous years as a result of COVID-19 restrictions. Consequently, the Group reclassified the returnable packaging in the relevant markets from being recognised as property, plant and equipment to being recognised as inventory, thus ensuring timely cost recognition. This led to the recognition of impairment losses of DKK 233m compared to DKK 130m recognised in 2021 for lost returnable packaging. Impairment of the Russian operations held for saleFollowing the reclassification of the Russian operations as held for sale and separation out from the Central & Eastern Europe CGU, an impairment loss of DKK 9,949m was recognised in net result from Russian operations held for sale, cf. section 5.1.In 2021, impairment losses of DKK 950m on brands were recognised in the Russian operation. Significant amounts of goodwill and brandsGoodwill and brands with indefinite useful life relating to the acquisitions of Kronenbourg, Chongqing Brewery Group and the 40% non-controlling interest in Carlsberg Breweries A/S 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 CGUs based on the geographical segmentation. The international brands acquired with the 40% non-controlling interest in Carlsberg Breweries A/S and Kronenbourg 1664 are individually material and specified in section 2.2.3.Impairment of non-current assetsDKK million 2022 2021Intangible assetsGoodwill 700 -Other intangible assets 3 107Total 703 107Property, plant and equipmentPlant, machinery and equipment 427 151Reversal of impairment losses - -111Total 427 40Other non-current assetsAssets held for sale -10 -Investment in associates - 244Total impairment losses, net 1,120 391Of which recognised in special items, cf. section 3.1 786 175Impairment losses, Russian operations, net, cf. section 5.1 9,949 947SECTION 2.2 (CONTINUED)IMPAIRMENT ACCOUNTING ESTIMATES AND JUDGEMENTSIdentification of cash-generating unitsThe Group\u2019s management structure reflects the geographical segments, cf. section 1.2, 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 generated mostly 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.GoodwillGoodwill does not generate largely independent cash inflows on its own and is therefore allocated to the Group\u2019s 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. The Group gained control of Wernesgr\u00fcner Brewery in 2021. The goodwill recognised on this acquisition was allocated to the Western Europe CGU. Entities classified as held for sale and measured at fair value less costs of disposal are removed from the CGU to which they are allocated at the time of classification as held for sale.BrandsCash 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 with the total carrying amount of brands with indefinite useful life:\u2022 International brands\u2022 Kronenbourg 1664International brands is a group of brands recognised in connection with the acquisition of the 40% non-controlling interest in Carlsberg Breweries A/S and allocated to Western Europe. The carrying amount is not allocated to individual brands.Following the classification of the Russian business as held for sale, the brands recognised in Russia are no longer tested individually for impairment. Instead any impairment of the value of the Russian disposal group held for sale is allocated first to goodwill of the disposal group and subsequently pro rata to other assets of the disposal group, including brands.Corporate assetsThe Group has identified capitalised software relating to the Group\u2019s ERP systems as corporate assets, and as such these are peripheral to the generation of cash inflow. The Group\u2019s 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 assetsOther 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\u2019 future application, for example in relation to changes in production structure, restructurings or brewery closures. For investments in associates, examples of indications of impairment are loss-making activities or significant changes in the business environment.Key considerations in impairment tests Goodwill BrandsCGU level of test Geographical segment Individual brandMethod to estimate recoverable amount Value in use Value in useMethod to estimate present value of Expected value approach: multiple Traditional approach: single most future cash flowsprobability-weighted cash flowslikely future cash flowsDiscount rate Risk-free rate Risk-adjusted rateACCOUNTINGPOLICIESGoodwill 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\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use.For all assets, the value in use 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 as 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\u2019s new carrying amount does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.2.2.2 IMPAIRMENT TEST OF GOODWILLNEW SEGMENTATION FOR 2022The Group\u2019s segmentation and regional split of entities changed following the Group\u2019s decision to seek full disposal of the Russian business and exclude it from the Central & Eastern Europe region. The composition of CGUs changed accordingly, with goodwill of DKK 9,551m previously allocated to Russia being transferred to assets in disposal group held for sale, cf. section 5.1.The carrying amount of goodwill allocated to groups of CGUsDKK million 2022 2021Western Europe 20,241 20,265Asia 15,258 15,963Central & Eastern Europe 2,954 16,256Total 38,453 52,484Estimating expected cash flow involves developing multiple probability-weighted scenarios to reflect different outcomes in terms of timing and amount. Measurement of the forecast period growth rates reflects risk adjustments made to calculate the expected cash flows.SECTION 2.2 (CONTINUED)IMPAIRMENT Key assumptionsForecast Terminal Pre-tax cash flow period discount 2022growthgrowthrateWesternEurope -11.4% 0.5% 3.0%Asia -12.7% 1.0% 4.5%Central &EasternEurope -21.4% 2.0% 9.8%2021WesternEurope 1.0% 0.0% 1.7%Asia -10.0% 1.0% 4.5%Central &EasternEurope -24.0% 3.5% 6.3%The average cash flow growth in the forecast period reflects the significant risk adjustments included in the forecast specifically for the impairment test. 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\u2019s presentation currency, DKK.WESTERN EUROPEThe region primarily comprises mature beer markets, and market volumes tend to be flat. In recent years the region has seen improving beer category dynamics through innovations, increased interest in craft & speciality beers and alcohol-free brews, and an overall improved category perception.The region is generally characterised by well-established retail structures and a strong tradition of beer consumption. Consumption is generally resilient, although the on-trade channel tends to be impacted by a weak macroeconomic environment. In the past two years, the on-trade suffered as a result of restrictions and lockdowns across markets due to COVID-19. The COVID-19 situation remained uncertain in 2022, but is not expected to have a significant long-term effect.In 2023, the focus will be on mitigating the significant cost inflation, in particular for raw materials and packaging, but also other costs, such as logistics and wages. Mitigating actions include value management, channel and product mix, price increases and continuous cost focus as part of the Group\u2019s Funding the Journey culture. ASIAAsia\u2019s importance to the Group has increased significantly over the past decade, during which the Group has strengthened its presence in the region, both organically and through acquisitions.The Asian markets are very diverse but offer prospects for volume and value growth, underpinned by young populations, urbanisation, rising disposable income levels, growing economies and, in some markets, relatively low per capita beer consumption. However, as many Asian markets are emerging markets, development is subject to volatility. Both the on-trade and off-trade channels are generally characterised by a strong traditional outlet segment, but with the modern outlet segment growing in most markets. In 2020 and 2021, all markets in the region were impacted by COVID-19 at different times and to different extents. The impact from COVID-19 in China was most profound in the first quarter of 2020 and again in the second half of 2022, during which periods volumes were severely impacted. When the market was not subject to COVID-19-related lockdowns, our business performed strongly. The COVID-19 recovery in China, including consumer off-take during the Chinese New Year celebrations, is still uncertain.The general focus in the region remains profitable revenue growth, driven by premiumisation and volume growth. Activities include continued investment in and expansion of our international premium brands, in particular Tuborg, 1664 Blanc, Carlsberg and Somersby, and the strengthening and premiumisation of our local power brands.CENTRAL & EASTERN EUROPECentral & Eastern Europe consists of Ukraine, a number of smaller markets across southern and eastern Europe and our export & licence business.In 2022, the region was severely impacted by the war in Ukraine, which meant that the Russian business, formerly a part of the region, is now an asset held for sale. In Ukraine, the breweries were shut down for some time and volumes declined due to the war. The situation in Ukraine remains highly uncertain.In the rest of the region, the competitive environment is generally characterised by the presence of large global players. Due to the larger on-trade exposure, the southern part of the region was more exposed to COVID-19 in 2020 and 2021 than the eastern part where on-trade exposure is limited. In 2022, the southern part of the region benefited from the re-opening of the on-trade and the return of tourists.Management expects the current macroeconomic situation and developments to continue in the short term, with further increases in overall inflation compared with 2022. The Group will seek to mitigate rising costs through price increases, value management, channel and product mix and continuous cost focus. In the medium to long term, interest rates are expected to decline and stabilise at a level lower than currently observed in the market, although still with some volatility.ACCOUNTING ESTIMATES AND JUDGEMENTSGoodwillThe value in use is the discounted value of the expected future risk-adjusted cash flows. This involves developing multiple probability-weighted scenarios to reflect different outcomes in terms of timing and amount.Key assumptionsThe 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 2023-2025 represents management\u2019s best estimate of the impact from the COVID-19 pandemic. The probability weighting applied is based on past experience and the uncertainty of the prepared budget and target plans. Potential upsides and downsides identified during the budget process and in the daily business are reflected in the future cash flow scenarios for each CGU.The risk-adjusted cash flows are discounted using a rate that reflects the risk-free interest rate for each CGU. The interest rates used in the impairment testsSECTION 2.2 (CONTINUED)IMPAIRMENTare based on observable market data. Please refer to the description of discount rates in section 2.2.3.The key assumptions on which management bases its cash flow projections are:\u2022 Volumes\u2022 Sales prices\u2022 Input costs\u2022 Operating investments\u2022 Terminal period growthThe 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 considered. 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.VolumesProjections 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 pricesThe 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. Recent significant inflationary pressure has meant revenue growth compensating for rising input costs, especially in Europe. The short and medium-term forecast includes risk of delays in timing of increase of sales prices to compensate for future rise in input costs.Input costsInput costs in the budget and target plans are based on past experience and on:\u2022 Contracted raw and packaging materials\u2022 Contracted services within sales, marketing, production and logistics \u2022 Planned commercial investments\u2022 Cost optimisations not related to restructurings\u2022 Expected inflation The recent rise in inflation has increased the overall input cost level, especially in Europe. The short and medium-term forecast incorporates continued pressure on input cost. In the long term, projections follow the level of inflation unless long-term contracts are in place.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. Non-contracted capacity increases and new equipment are not included.Terminal period growthGrowth 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.2.2.3 IMPAIRMENT TEST OF BRANDSThe impairment test did not identify impairments in 2022.Following the classification of the Russian business as held for sale, the brands recognised in Russia, including the Baltika brand, are no longer tested individually for impairment. Brands with a carrying amount of DKK 4,532m were transferred to assets in disposal group held for sale end of March 2022.In 2022, significant brands represented 52% (2021: 64% including the Baltika brand) of the total carrying amount of brands with indefinite useful life.Brands with indefinite useful lifeDKK million 2022 2021Baltika brand N/A 4,410International brands 3,000 3,000Kronenbourg 1664 1,948 1,946Significant brands 4,948 9,356Western Europe 1,318 1,352Asia 1,457 1,536Central & Eastern Europe 846 1,522Not allocated 941 941Other brands 4,562 5,351Total brands 9,510 14,707Other brands comprise a total of 20 brands (2021: 21 brands, including other Russian brand) that are not individually material compared with the total carrying amount.Key assumptionsAverage Terminal Pre-tax Post-tax revenue period discount discount 2022growthgrowthraterateInternational brands 2.4% 1.9% 6.7% 6.5%Kronenbourg 1664 2.4% 1.6% 6.6% 6.4%2021Baltika brand 4.8% 4.0% 12.5% 10.9%International brands 1.5% 1.7% 4.9% 4.8%Kronenbourg 1664 1.3% 1.3% 4.4% 4.3%SECTION 2.2 (CONTINUED)IMPAIRMENTACCOUNTING ESTIMATES AND JUDGEMENTSBrandsThe 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 risk-free cash flows are discounted using a rate reflecting the risk-free interest rate with the addition of the risk premium associated with the individual brand.Key assumptionsThe key assumptions on which management bases its cash flow projection include the expected useful life, revenue growth, a theoretical tax amortisation benefit, the royalty rate and the discount rate.Expected useful lifeManagement 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\u2019s 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 growthAt 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\u2019s portfolio. The forecast period applied is comparable with 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 \u2013 such as market share and segment position \u2013 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 2.2.2.Tax benefitThe 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 5-15 years.Royalty rateRoyalties generated by a brand are based on the Group\u2019s 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.For some brands, the share of the total beer market profit exceeds the volume share to an extent that creates significant market entry barriers for competing brands and justifies a higher royalty rate.Royalty ratesInternational, 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%Discount ratesThe 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 brand.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\u2019s investments in the individual markets.2.2.4 SENSITIVITY TESTSSensitivity 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. Due to a challenging macroeconomic situation in some CGUs and groups of CGUs, the Group performed additional sensitivity tests in 2022 to ensure that no potential impairment had been overlooked. These did not identify any potential impairment. GOODWILLFollowing the impairment loss on goodwill recognised in Central & Eastern Europe in 2022, the CGU is sensitive to changes in the key assumptions applied in the impairment test. Management assesses that a reasonably possible negative change in a key assumption would cause the carrying amount of the CGU to exceed the recoverable amount. The test for impairment of goodwill did not identify any other 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.SECTION 2.2 (CONTINUED)IMPAIRMENTKey assumptionsThe key assumptions relevant to the assessment of the recoverable amount are:\u2022 Discount rate\u2022 Volumes\u2022 Sales prices\u2022 Input costs\u2022 Operating investments\u2022 Terminal period growthThe assumptions for volume and pricing are closely linked, as are the assumptions for input costs and operating investments, which makes individual sensitivity testing on the basis of these four assumptions highly impractical. Instead, sensitivity testing is performed for the overall free cash flow growth rate, in both the forecast period and the terminal period.The sensitivity test for the maximum decline in growth rate in the forecast period assumes a year-on-year decline in the nominal growth rate, thereby estimating the accumulated effect of a negative change for the full forecast period. The sensitivity tests are performed with all other assumptions unchanged, as it is relevant to assess the sensitivity to, for example, a decline in the growth rate independently of changes in the discount rate. This is because the growth rate in itself might be impacted by changes in other market factors.The sensitivity calculated also assumes a straight-line impact despite the fact that changes in market dynamics and adjustments to these will in practice have different impacts in the individual years and might not apply in the long term.An increase in interest rates without a corresponding change in inflation would result in a lower recoverable amount and could potentially lead to impairment. The recoverable amount of the Central & Eastern Europe CGU exceeds the carrying amount by DKK 1.2bn. A change of either a 1.4 percentage point increase in the risk-free interest rate, a 1.7 percentage point decrease in the terminal period growth rate or a 25.5% decline in the forecast period average growth rate for free cash flow would result in the recoverable amount being equal to the carrying amount of the CGU.BRANDSFor 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 brands to be low.Key assumptionsThe key assumptions relevant to the assessment of the recoverable amount are:\u2022 Volume \u2022 Price \u2022 Discount rateThe assumptions for volume and pricing 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.SECTION 2.3 INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDKK million Intangible assets Property, plant and equipment Asset baseOther Other equipment, intangible Land and Plant and fixtures and 2022 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January54,227 26,181 5,054 85,462 19,839 30,272 15,729 65,840 151,302Additions, including right-of-use assets- - 345 345 611 2,013 1,992 4,616 4,961Disposals- -32 -165 -197 -373 -582 -1,502 -2,457 -2,654Transfers- - - - 201 -360 159 - -Transferred to disposal group held for sale-9,551 -12,466 -433 -22,450 -2,089 -3,929 -1,322 -7,340 -29,790Foreign exchange adjustments etc.-3,831 -1,706 -88 -5,625 -386 -1,182 -596 -2,164 -7,789Cost at 31 December40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January1,743 11,231 4,013 16,987 8,509 19,653 11,030 39,192 56,179Disposals- -32 -163 -195 -142 -529 -1,442 -2,113 -2,308Amortisation and depreciation- 21 208 229 638 1,356 1,719 3,713 3,942Impairment losses700 - 3 703 2 106 319 427 1,130Transferred to disposal group held for sale- -7,934 -336 -8,270 -898 -3,204 -957 -5,059 -13,329Foreign exchange adjustments etc.-51 -1,032 -59 -1,142 -155 -785 -404 -1,344 -2,486Amortisation, depreciation and impairment losses at 31 December2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December38,453 9,723 1,047 49,223 9,849 9,635 4,195 23,679 72,902Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 167 5 214 386 386Carrying amount at 31 December - - - - 1,089 11 440 1,540 1,540SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDKK million Intangible assets Property, plant and equipment Asset baseOther Other equipment, intangible Land and Plant and fixtures and 2021 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January 52,064 24,056 4,967 81,087 19,228 28,479 15,614 63,321 144,408Acquisition of entities 214 654 9 877 42 -51 -182 -191 686Additions, including right-of-use assets - - 341 341 328 1,970 2,021 4,319 4,660Disposal and deconsolidation of entities -301 - -20 -321 -102 -209 -379 -690 -1,011Disposals - -2 -386 -388 -273 -674 -1,975 -2,922 -3,310Transfers - - - - 65 -483 96 -322 -322Foreign exchange adjustments etc. 2,250 1,473 143 3,866 551 1,240 534 2,325 6,191Cost at 31 December 54,227 26,181 5,054 85,462 19,839 30,272 15,729 65,840 151,302Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January 1,572 9,427 4,027 15,026 8,165 18,155 10,702 37,022 52,048Disposal and deconsolidation of entities - - -7 -7 -40 -147 -329 -516 -523Disposals - -2 -369 -371 -186 -642 -1,846 -2,674 -3,045Amortisation and depreciation - 19 206 225 673 1,450 2,048 4,171 4,396Impairment losses - 950 107 1,057 5 22 124 151 1,208Reversal of impairment losses - - - - -86 -4 -24 -114 -114Transfers - - - - -145 -29 - -174 -174Foreign exchange adjustments etc. 171 837 49 1,057 123 848 355 1,326 2,383Amortisation, depreciation and impairment losses at 31 December 1,743 11,231 4,013 16,987 8,509 19,653 11,030 39,192 56,179Carrying amount at 31 December 52,484 14,950 1,041 68,475 11,330 10,619 4,699 26,648 95,123Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 174 6 205 385 385Carrying amount at 31 December - - - - 887 11 420 1,318 1,318SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment under construction amounted to DKK 1,197m (2021: DKK 1,193m). 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, coolers and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights. 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.Amortisation, depreciation and impairment lossesIntangible assets Property, plant and equipmentDKK million 2022 2021 2022 2021Cost of sales 47 138 2,489 2,611Sales and distribution expenses 65 39 1,211 1,124Administrative expenses 108 98 267 228Special items 700 3 96 -72Continuing operations 920 278 4,063 3,891Net result from Russian operations held for sale 12 1,004 77 317Total 932 1,282 4,140 4,208At 31 December 2022, the carrying amount of right-of-use assets was DKK 1,540m (2021: DKK 1,318m). During the year, additions amounted to DKK 706m (2021: DKK 437m) and depreciation to DKK 386m (2021: DKK 385m).Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK 49m (2021: DKK 33m). Such contracts comprise the lease of copy and printing machines, coffee machines, small IT devices and similar equipment.For disclosures of the interest expenses, cash flow and lease liabilities, please refer to sections 4.1, 4.4.1 and 4.7.Cash flow from disposal of property, plant and equipment and intangible assets was DKK 412m (2021: DKK 257m). 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 2022 amounted to DKK 100m (2021: DKK 132m).Capital expenditureDKK million 2022 2021Additions, including right-of-use assets 4,961 4,660Right-of-use assets -706 -437Additions 4,255 4,223Additions payable at the end of the reporting period -145 -Transferred to assets in disposal group held for sale -92 -320Acquisition of property, plant and equipment and intangible assets 4,018 3,903Gain/loss on disposal of assetsDKK million 2022 2021Gain on disposal of property, plant and equipment and intangible assets 110 102Loss on disposal of property, plant and equipment and intangible assets -31 -26Continuing operations 79 76Net result from Russian operations held for sale 4 17Total 83 93ACCOUNTING ESTIMATESAND JUDGEMENTSUseful 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 and 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\u2019s 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.Lease and service contractsAt 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.SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTIn 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.ACCOUNTINGPOLICIESCost 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\u2019 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 2.2.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.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 ascost of sales, sales and distribution expenses, and administrative expenses depending on the use ofthe asset.The expected useful life is as follows: Brands with finite useful life Normally 20 yearsSoftware Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer Depending on contract with the agreements/customer; if no contract exists, relationshipsnormally not exceeding 20 yearsBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in warehouses 8 yearsOn-trade and distribution equipment 5 yearsFixtures and fittings, other plant and equipment 5-8 yearsReturnable packaging materials 3-10 yearsHardware 3-5 yearsLandNot depreciatedImpairmentImpairment losses of a non-recurring nature are recognised under special items.LeasesAt 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.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 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 earlier 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 2.2.Right-of-use assets are recognised as property, plant and equipment.The Group has elected not to recognise right-of-use assets and liabilities for leases with a term of 12 months or less and leases of low-value assets. Lease payments related to such leases are recognised in the income statement as an expense on a straight-line basis over the lease term.Government grants and other fundingGrants 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.SPECIAL ITEMS, PROVISIONSAND OTHER LIABILITIES264mSPECIAL ITEMS, INCOME (DKK)Impacted by reversal of provisions made in purchase price allocations in previous years.-1,048mSPECIAL ITEMS, EXPENSES(DKK)Impacted by write-down of goodwill and property, plant and equipment as well as losses related to the war in Ukraine.SECTION 3.1SPECIAL ITEMSSPECIAL ITEMS, INCOMEIn 2022, the Group recognised reversal of provisions made in purchase price allocations in prior years, mainly in Asia, of DKK 217m (2021: 1,238m), reversal of provisions in Western Europe of DKK 37m (2021: DKK 52m) and reversal of impairment losses in Denmark of DKK 10m (2021: DKK 83m). In 2021, the Group also recognised a gain on disposal of entities of DKK 15m and a revaluation gain on the retained investment in Gorkha Brewery (DKK 38m).SPECIAL ITEMS, EXPENSESIn 2022, write-down of goodwill allocated to the Central & Eastern Europe region, including the goodwill related to our business in Ukraine, was recognised at DKK 700m.A significant number of customers and sales outlets in Ukraine have been negatively impacted by the war. Consequently, impairments of doubtful trade receivables, obsolete inventories and lost plant and equipment were recognised at DKK 79m.Special itemsDKK million 2022 2021Special items, incomeReversal of provisions made in purchase price allocations in prior years 217 1,238Reversal of provisions made in prior years 37 52Reversal of impairment losses 10 83Gain on disposal of entities - 15Revaluation gain on deconsolidation of Gorkha Brewery - 38Income 264 1,426Special items, expensesGoodwill impairment\u00b9 -700 -Impairment of trade receivables, inventories and commercial assets in Ukraine\u00b9 -79 -Impairment of property, plant and equipment -74 -Impairment of investment in associates - -244Restructuring projects and provisions -76 -270Costs related to acquisition of entities etc. -92 -48Donations -27 -Adjustment of contingent consideration - -129COVID-19, personal protective equipment and donations - -32Expenses -1,048 -723Special items, net -784 703During 2021 and 2022, the Group continued to carry out various restructuring projects as part of the ongoing focus on cost and efficiency initiatives, which also included impairment of property, plant and equipment in Asia of DKK 74m in 2022.The COVID-19 pandemic had less impact in most markets in 2022 compared with previous years, as there were fewer COVID-19-related restrictions. The Group donated DKK 27m in 2022, DKK 25m of which to the Ukrainian relief effort.SECTION 3.1 (CONTINUED)SPECIAL ITEMSIn 2021 the Group recognised an impairment loss of DKK 244m related to the Tibet Lhasa Brewery caused by disturbances in the operation and management of the company. Fair value adjustments of the contingent consideration for the acquisition of Marston\u2019s brewing activities, which was completed in 2020, amounted to DKK -129m.Impact of special items on operating profitDKK million 2022 2021If special items had been recognised in operating profit before special items, they would have been included in the following line items:Cost of sales -98 -68Sales and distribution expenses -5 -42Administrative expenses -15 -226Other operating income 34 1,397Other operating expenses - -358Impairment of goodwill -700 -Special items, net -784 703DKK millionOnerous 2022 RestructuringscontractsOther TotalProvisions at 1 January 2022 178 456 2,754 3,388Transfer to disposal group held for sale -18 - - -18Additional provisions recognised 39 36 209 284Used during the year -79 - -126 -205Reversal of unused provisions -31 - -304 -335Discounting - 4 16 20Foreign exchange adjustments etc. -5 -10 -8 -23Provisions at 31 December 2022 84 486 2,541 3,111Classified asNon-current provisions 2 475 1,827 2,304Current provisions 82 11 714 807Total 84 486 2,541 3,111SECTION 3.2 PROVISIONSRestructuring 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 84m in 2022 primarily relates to various restructuring projects mainly concerning centralised Group functions.Provisions for onerous contracts primarily related to contract brewing in Asia and are expected to be utilised by 2028.Other provisions of DKK 2,541m relate to ongoing disputes and lawsuits of varying content and scope, employee benefits, provisions made in connection with purchase price allocations (PPA provisions) and employee obligations other than retirement benefits, among other things. Timing of settlement of ongoing disputes, lawsuits and PPA provisions cannot be determined, whereas the remaining liabilities are expected to be settled in one to two years.Total provisions have been impacted by reversal of provisions made in purchase price allocations in previous years in Asia, as described in section 3.1, and reversal of other contractual obligations that did not materialise, in total DKK 335m.ACCOUNTING ESTIMATESAND JUDGEMENTSThe 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 ESTIMATESAND JUDGEMENTSIn 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. ACCOUNTINGPOLICIESSpecial items include significant income and expenses of a special nature in relation to the Group\u2019s revenue-generating activities that cannot be attributed directly to the Group\u2019s 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 cessation of consolidation 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\u2019s ordinary operations to facilitate a better understanding of the Group\u2019s financial performance.SECTION 3.2 (CONTINUED)PROVISIONSManagement 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.ACCOUNTINGPOLICIESProvisions, 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.SECTION 3.3OTHER LIABILITIESDKK million 2022 2021Classified asNon-current liabilities 305 449Current liabilities 13,503 12,677Total 13,808 13,126Other liabilities by originStaff costs payable 2,335 3,118Excise duties and VAT payable 2,487 2,933Other payables 2,835 2,200Deferred income 574 621Contingent consideration 5,577 4,254Total 13,808 13,126For a detailed description of contingent considerations, see section 5.4.ACCOUNTINGPOLICIESOther liabilities include excise duties (specific taxes imposed on sales of beer and soft drinks), VAT, withholding tax, accrued interest, payroll, e.g. salaries, overtime, vacation and bonus.Other liabilities (current) are initially recognised at fair value and subsequently at amortised cost. SECTION 3.4CONTINGENT LIABILITIESThe Group operates in very competitive markets where consolidation is taking place within the industry and among its customers and suppliers, all of which in different ways influences its business.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 2020, the German Supreme Court overruled the Higher Regional Court of D\u00fcsseldorf, which in 2019 had ruled in favour of Carlsberg Deutschland in relation to the competition case from 2014, in which the Federal Cartel Office in Germany issued a decision and imposed a fine of EUR 62m for alleged infringement of the competition rules in 2007. The German Supreme Court referred the competition case back to a new Senate for full new proceedings, which are ongoing and expected to conclude in the first half of 2023.In October 2021, the French competition authority issued a Statement of Objection against a large number of FMCG companies, including three entities in the Group \u2013 Kronenbourg SAS, Carlsberg Breweries A/S and Carlsberg A/S \u2013 for alleged participation in an anticompetitive agreement not to advertise the non-use of bisphenol A (BPA). Carlsberg did not agree with the French competition authority and prepared its defence in the case during 2021, which was submitted in the first quarter of 2022. The competition authority held hearings with the companies named in the case in January 2023, and a ruling is expected in the second half of 2023. In October and November 2021, the Group's associate Super Bock in Portugal received decisions on the alleged anticompetitive practice in two ongoing cases. In the first case the Court of Portuguese 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. Since the formal notification by the court in 2021 about a private enforcement claim of EUR 400m, filed by a consumer protection association against Super Bock Group, for compensation for Portuguese consumers for alleged harm on account of Super Bock\u2019s alleged anticompetitive practices, there have been no significant developments in the case.For some time, the Group has had serious disagreements pertaining to the Shareholders\u2019 Agreement between Carlsberg and our partner CSAPL Holdings Pte Ltd (CSAPLH) in relation to Carlsberg South Asia Pte Ltd (CSAPL), of which Carlsberg owns two thirds and CSAPLH the remaining one third. CSAPL is the holding company for the businesses in India (100%) and Nepal (90%). The disagreements concern CSAPLH\u2019s numerous allegations of breaches by Carlsberg of the Shareholders\u2019 Agreement and governance matters. Carlsberg was of the view that it had not committed any breach, but rather that CSAPLH had breached the Shareholders\u2019 Agreement. SECTION 3.4 (CONTINUED)CONTINGENT LIABILITIESAt the request of CSAPLH, the disagreements were referred to arbitration in Singapore. A liability award was issued by the arbitration tribunal on 4 May 2022. Carlsberg considers its position to be entirely vindicated by the liability award and is very satisfied with this outcome. The tribunal did not grant CSAPLH the relief it had been seeking based on the various allegations relating to governance and breach of the Shareholders\u2019 Agreement raised in the arbitration and publicly. The tribunal found CSAPLH to be in incurable material breach of the Shareholders\u2019 Agreement. As remedy for the material breaches committed by CSAPLH, the arbitration tribunal awarded Carlsberg the right to call CSAPLH\u2019s shares in CSAPL. Carlsberg immediately invoked the right to begin the call option valuation process, and CSAPLH subsequently exercised its right under the Shareholders\u2019 Agreement to begin the put option valuation process. In accordance with the Shareholders\u2019 Agreement, the put option price has been determined as the simple average of two valuations assessed by two independent external valuers, which are internationally recognised accounting firms, one appointed by each shareholder. The put option valuation was released by the valuers on 6 February 2023, stating a value for CSAPLH\u2019s shares in CSAPL of USD 744m (DKK 5,188m). CSAPLH has on 6 February, issued a formal put notice to sell its 33% shareholding in CSAPL to the Group at the put option valuation amount. The put option liability recognised in the consolidated financial statements has been adjusted to reflect the put option valuation amount received from the valuers as the acquisition of the shares may be completed at that price. A transaction could potentially be completed in 2023, subject to the clarification of any disputes raised by the shareholders and timelines for any regulatory approvals. CSAPLH has previously asked for an amount for its 33% shareholding in CSAPL that the Group considered to be unreasonably high and not to reflect the fair value of the shareholding. From the put option valuation received, it is the Group\u2019s assessment that key assumptions, which the Group considers to be unreasonable, may have been applied in the valuation performed by CSAPLH\u2019s appointed valuer. The put option valuation can be disputed by the shareholders if the valuations are conducted in breach of the Shareholders\u2019 Agreement, including, but not limited to, circumstances where the valuations are tainted by fraud or manifest error. The Group will work with its external advisors to evaluate its position and assess whether CSAPLH has committed additional breaches of the Shareholders\u2019 Agreement, which would justify further legal steps against CSAPLH.In addition to the disputes with our partner in CSAPL regarding India and Nepal, there is also a dispute with the local 10% shareholder in Gorkha Brewery, a related party to the Group\u2019s 33% partner in CSAPL. The conclusion of the put or call option process and the increase to 100% ownership of CSAPL do not settle the dispute with the local shareholder, and Gorkha Brewery therefore remains not consolidated until the dispute is settled separately. A Nepalese High Court judgment was expected in 2022 but has been postponed and is now expected in H1 2023. A favourable ruling would not immediately lead to reconsolidation of the Nepalese business, which would require demonstration of the consistent ability to exercise our rights as the majority shareholder. Please refer to section 5.3.Management and the general counsel continuously assess these risks and their likely outcome. It is the opinion of management and the 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. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\u2019s financial position, net profit or cash flow, in excess of items recognised in the statement of financial position. GUARANTEES AND COMMITMENTSThe Group has issued guarantees for loans etc. raised by third parties (non-consolidated entities) of DKK 205m (2021: DKK 224m). 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\u2019s financial position. Capital commitments, lease liabilities and service agreements are described in section 2.3.FINANCING COSTS, CAPITALSTRUCTURE AND EQUITY19.3bnNET INTEREST-BEARING DEBT (DKK)Gross financial debt amounted to DKK 28.6bn (2021: DKK 28.9bn). Net interest-bearing debt was DKK 19.3bn, an increase of DKK 0.2bn compared with year-end 2021. The classification of Russia as held for sale did not have have a significant impact on net interest-bearing debt.The liquidity position remained strong due to the free cash flow of DKK 9.9bn and access to a EUR 2bn credit facility, which was unutilised at 31 December 2022.The leverage ratio, measured as net interest-bearing debt to EBITDA, was 1.23x at year-end (2021: 1.37x). The financial leverage was kept slightly more conservative than in past years anticipating the acquisition of our partner\u2019s 33% shareholding in CSAPL.CHANGES IN NET INTEREST-BEARING DEBT (DKKbn)19.20.6 19.30.64.44.43.0-12.9NIBD NIBD Cash flow, at 1 JanuaryDividends, totalShare buy-backInvesting activitiesOther movementsat 31 DecemberLease liabilities, netoperating activities4.4bnSHARE BUY-BACK (DKK)During 2022, the Company repurchased shares worth DKK 4.4bn under the quarterly share buy-back programmes initiated in 2021 and 2022.34.7bnEQUITY (DKK)Equity amounted to DKK 34.7bn (2021: DKK 48.8bn), DKK\ue7fe31.9bn of which was attributable to shareholders in Carlsberg A/S and DKK 2.8bn to non-controlling interests.The change in equity of DKK -14.0bn was mainly foreign exchange losses on translation of DKK 3.9bn, the dividend payout of DKK 4.4bn and the share buy-back of DKK 4.4bn.LEVERAGE RATIO (NIBD/EBITDA)1.61.41.21.02018 2019 2020 2021 20222018-2020 as reported. 2021-2022 for continuing operations.\ue603-725mNET FINANCIAL ITEMS (DKK)Financial items, net, amounted to DKK -725m (2021: DKK -385m). Excluding currency losses and fair value adjustments, financial items, net, amounted to DKK -506m (2021: DKK -333m). The increase was mainly due to 2021 being positively impacted by the reversal of the previous write-down of the loan to our partner in CSAPL.SECTION 4.1FINANCIAL INCOME AND EXPENSESInterest income primarily relates to interest on cash and cash equivalents measured at amortised cost.Foreign exchange losses, net, include fair value adjustments of hedges not designated as hedging instruments and foreign exchange losses. The fair value adjustment of hedges not designated as hedging instruments amounted to DKK -121m (2021: DKK -23m), cf. section 4.8. Financial items in Russian operations held for sale are not included in the financial items, but foreign exchange gains and losses on continuing operations\u2019 RUB-denominated payables and receivables with respect to Russian operations held for sale are included. Foreign exchange losses and fair value adjustments amounted to DKK -219m (2021: DKK -52m).Of the net change in fair value of cash flow hedges transferred to the income statement, DKK 69m (2021: DKK 216m) has been included in revenue and cost of sales, DKK -16m (2021: DKK 4m) in other financial items, and DKK -2m in property, plant and equipment (2021: DKK 0m).FINANCIAL ITEMS, NET (DKKm)-800-600-400-2000201820192020202120222018-2020 as reported. 2021-2022 for continuing operations.Financial items, netFinancial items, net, excl. fair value and FXFinancial items recognised in the income statementDKK million 2022 2021Financial incomeInterest income 220 90Interest on plan assets, defined benefit plans 120 99Reversal of impairments of financial assets - 363Other 7 19Total 347 571Financial expensesInterest expenses -519 -499Capitalised financial expenses 2 4Foreign exchange losses, net -219 -52Interest expenses on obligations, defined benefit plans -158 -138Interest expenses, lease liabilities -23 -13Other -155 -258Total -1,072 -956Financial items, net, recognised in the income statement -725 -385Financial items excluding foreign exchange, net -506 -333Financial items recognised in other comprehensive incomeDKK million 2022 2021Foreign exchange adjustments of foreign entitiesForeign currency translation of foreign entities -3,926 3,124Recycling of cumulative translation differences of entitiesdisposed of, deconsolidated or discontinued from use of equity method - 183Total -3,926 3,307Fair value adjustments of hedging instrumentsChange in fair value of effective portion of cash flow hedges -313 361Change in fair value of cash flow hedges transferred to the income statement and property, plant and equipment -51 -57Change in fair value of net investment hedges -395 -464Total -759 -160Financial items, net, recognised in other comprehensive income -4,685 3,147SECTION 4.2NET INTEREST-BEARING DEBTOf the gross financial debt at year-end, 80% (2021: 79%) was non-current, i.e. with maturity of more than one year.Gross financial debt amounted to DKK 28.6bn (2021: DKK 28.9bn). Non-current borrowings totalled DKK 22.9bn (2021: DKK 22.8bn) and current borrowings totalled DKK 5.8bn (2021: DKK 6.2bn). A EUR 750m EMTN bond matured in November 2022 and was partly refinanced by a EUR 500m EMTN bond maturing in October 2025. The Group continuously assesses the maturity and repayment profile of its debt.The difference of DKK 9.3bn between gross financial debt and net interest-bearing debt mainly comprised cash and cash equivalents and on-trade loans.Net interest-bearing debtDKK million 2022 2021Non-current borrowings 22,865 22,755 Current borrowings 5,781 6,167 Gross financial debt 28,646 28,922 Cash and cash equivalents -8,163 -8,344 Net financial debt 20,483 20,578 Loans to associates, interest-bearing portion -275 -238 On-trade loans, net -492 -578 Other receivables, net -390 -600 Net interest-bearing debt\u00b9 19,326 19,162 \u00b9 Net interest-bearing debt, excluding disposal group held for sale, amounted to DKK 19,191m in 2021.SECTION 4.3CAPITAL STRUCTURE 4.3.1 CAPITAL STRUCTUREManagement regularly assesses whether the Group\u2019s capital structure is in the interests of the Group and its shareholders.The overall objective is to ensure a continued development and strengthening of the Group\u2019s 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.Carlsberg A/S\u2019 share capital is divided into two classes (A shares and B shares). Combined with the Carlsberg Foundation\u2019s position as majority shareholder (in terms of control), management considers that this structure will remain advantageous for all of the shareholders, enabling and supporting the long-term development of the Group.The Group targets a leverage ratio below 2.0x. At the end of 2022, the leverage ratio was 1.23x (2021: 1.37x). The Group currently uses share buy-back programmes to return excess cash to shareholders.The share buy-back programmes are initiated based on a cautious evaluation of the Group\u2019s funding flexibility and credit resources available. The size and duration of each programme depend on the expected organic and inorganic investments needed to grow the business and the Group\u2019s intention to maintain a leverage ratio below 2.0x.The Group generally intends to cancel treasury shares that are not used for hedging of incentive programmes.The Group is rated by Moody\u2019s Investors Service and Fitch Ratings. Management assesses the risk of changes in the Group\u2019s 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. 4.3.2 SHARE CAPITALAt the Annual General Meeting on 14\ue7feMarch 2022, it was decided to reduce the share capital of Carlsberg A/S by a nominal amount of DKK 68,000,000 to a nominal amount of DKK 2,837,136,120 by cancelling 3,400,000 of the B shares held by the Company, each with a nominal value of DKK 20. The cancellation was completed on 12\ue7feApril 2022. These shares had been repurchased as part of the Company\u2019s share buy-back programme.At the Annual General Meeting on 13\ue7feMarch 2023, the Supervisory Board will recommend that 4,500,000 treasury shares not used for the hedging of the incentive programme be cancelled.Share capitalClass A shares Class B shares Total share capitalNominalNominalNominalShares ofvalue,Shares ofvalue,Shares ofvalue,DKK 20DKK \u2019000DKK 20DKK \u2019000DKK 20DKK \u20190001 January 2021 33,699,252 673,985 114,457,554 2,289,151 148,156,806 2,963,136Cancellation of treasury shares - - -2,900,000 -58,000 -2,900,000 -58,00031 December 2021 33,699,252 673,985 111,557,554 2,231,151 145,256,806 2,905,136Cancellation of treasury shares - - -3,400,000 -68,000 -3,400,000 -68,00031 December 2022 33,699,252 673,985 108,157,554 2,163,151 141,856,806 2,837,136A shares carry 20 votes per DKK 20 share. B shares carry two votes per DKK 20 share. A preferential right to an 8% non-cumulative dividend is attached to B shares. Apart from votes and dividends, all shares rank equally.SECTION 4.3 (CONTINUED)CAPITAL STRUCTURE4.3.3 EQUITYDIVIDENDSThe Group proposes a dividend of DKK 27.00 per share (2021: DKK 24.00 per share), amounting to DKK 3,830m (2021: DKK 3,486m). The proposed dividend has been included in retained earnings at 31 December 2022.Dividends to be paid out in 2023 for 2022, net of dividends on treasury shares held at 31 December 2022, will amount to DKK 3,708m (paid out in 2022 for 2021: DKK 3,405m). EQUITY (DKKbn)48.80.10.5-3.934.7-4.4-4.4-1.3-0.6EquityperiodHedgingEquity atinterestsProfit for the obligationsat 1 JanuaryadjustmentsDividends paidShare buy-backNon-controlling31 DecemberForeign exchange Retirement benefit SHARE BUY-BACK AND TREASURY SHARESOn 4\ue7feFebruary 2022, the Company announced its intention to continue the share buy-back programme. The 2022 programme has been executed as quarterly programmes, and 4,751,576 B shares worth DKK 4.4bn have been repurchased in 2022. Ending with the fourth quarterly programme, which was finalised on 27\ue7feJanuary 2023, the Company has repurchased a total of 4,913,102 B shares at a total purchase price of DKK 4.5bn over a 12-month period. According to the authorisation of the Annual General Meeting, the Supervisory Board may, in the period until 13 March 2027, allow the Company to acquire treasury shares up to a total holding of 10% of the nominal share capital at a price quoted on Nasdaq Copenhagen at the time of acquisition with a deviation of up to 10%. The permitted holding of treasury shares covers those acquired in share buy-back programmes. The Company holds no class A shares.Transactions with shareholders in Carlsberg A/SDKK million 2022 2021Dividends paid to shareholders -3,389 -3,187 Share buy-back -4,400 -3,600 Total -7,789 -6,787 Dividends paid to non-controlling interests amounted to DKK 1,042m (2021: DKK 550m).Treasury sharesPercentage Fair value, Shares ofNominalof share DKKmDKK 20value, DKKmcapital1 January 2021 2,979 3,055,175 61.1 2.1 %Acquisition of treasury shares 3,355,625 67.1 2.3 %Cancellation of treasury shares -2,900,000 -58.0 -2.0 %Used to settle share-based payments -146,282 -2.9 -0.1 %31 December 2021 3,800 3,364,518 67.3 2.3 %Acquisition of treasury shares 4,751,576 95.0 3.3 %Cancellation of treasury shares -3,400,000 -68.0 -2.3 %Used to settle share-based payments -200,709 -4.0 -0.1 %31 December 2022 4,169 4,515,385 90.3 3.2 %Treasury sharesCost of acquisition, consideration received and treasury share dividends received are recognised directly in equity as retained earnings. Capital reductions from the cancellation of treasury shares are deducted from the share capital at an amount corresponding to the nominal value of the shares and added to retained earnings.Proceeds from the sale of treasury shares in connection with the settlement of share-based payments are recognised directly in equity.ACCOUNTINGPOLICIESProposed dividendsThe proposed dividend is recognised as a liability at the date when it is adopted at the Annual General Meeting (declaration date).SECTION 4.3 (CONTINUED)CAPITAL STRUCTURE4.3.4 OTHER COMPREHENSIVE INCOMEOther comprehensive income has mainly been impacted by the negative foreign exchange adjustment from translation of Group entities with a functional currency other than DKK. Of the DKK 3.9bn foreign exchange loss, around DKK 3.0bn relates to the timing of the write-down of RUB-denominated assets classified as disposal group held for sale. This was recognised in March 2022, when RUB had depreciated 10% compared with the end of 2021.Other comprehensive income as recognised in the statement of changes in equityDKK millionNon-Other CurrencyHedgingRetainedcontrollingcomprehen-2022translationreservesearnings Totalinterestssive incomeForeign exchange adjustments of foreign entities -3,384 - 4 -3,380 -546 -3,926Value adjustments of hedging instruments -395 -344 - -739 -20 -759Retirement benefit obligations - - 589 589 -3 586Income tax 88 15 -77 26 1 27Total -3,691 -329 516 -3,504 -568 -4,0722021Foreign exchange adjustments of foreign entities 3,379 - - 3,379 -72 3,307Value adjustments of hedging instruments -464 134 - -330 7 -323Retirement benefit obligations - - 580 580 -2 578Share of other comprehensive income in associates - - 10 10 - 10Income tax 102 -18 -5 79 24 103Total 3,017 116 585 3,718 -43 3,6754.3.5 FINANCIAL RISK MANAGEMENTThe Group\u2019s 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. These risks are described in the following sections:\u2022 Foreign exchange risk: sections 1.4 and 4.6\u2022 Interest rate risk: section 4.5 \u2022 Commodity risk: section 1.3.1\u2022 Credit risk: sections 1.6.1 and 4.4.2 \u2022 Funding and liquidity risk: section 4.7The Group\u2019s 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 50-52).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.Debt instruments and deposits in foreign currency reduce the overall risk but will generally not achieve the objective of reducing volatility in specific items in the income statement, unless they are designated as cash flow hedges.SECTION 4.4BORROWINGS AND CASH4.4.1 BORROWINGSTotal borrowings decreased by DKK 0.3bn. Non-current borrowings were unchanged, as the EUR 500m EMTN bond that matures in September 2023 was reclassified as current and a new EUR 500m EMTN bond maturing in October 2025 was issued. Current borrowings decreased by DKK 0.4bn due to the repayment of a EUR 750m EMTN bond in November, partly offset by the aforementioned reclassification of the EUR 500m bond and issuance under the commercial paper programme.Gross financial debtDKK million 2022 2021Non-currentIssued bonds 21,470 21,452Bank borrowings 70 78Lease liabilities 1,203 1,012Other borrowings 122 213Total 22,865 22,755CurrentIssued bonds 3,714 5,573Bank borrowings 271 116Lease liabilities 390 375Commercial paper and other borrowings 1,406 103Total 5,781 6,1671Total borrowings28,646 28,922Fair value 26,694 29,575\u00b9 Total borrowings, excluding disposal group held for sale, amounted to DKK 28,893m in 2021.An overview of issued bonds is provided in section 4.5.Changes in gross financial debtDKK million 2022 2021Gross financial debt at 1 January 28,922 30,250Proceeds from issue of bonds 3,708 -Instalments on and proceeds from borrowings, non-current -5,583 -1,001Instalments on and proceeds from borrowings, current - -216Instalments on lease liabilities -423 -405Commercial paper and other borrowings 1,170 14External financing -1,128 -1,608Change in bank overdrafts - -135Gross financial debt reclassified to disposal group held for sale -29 -Increase in lease liabilities 629 275Other, including foreign exchange adjustments and amortisation 252 140Gross financial debt at 31 December 28,646 28,922ACCOUNTINGPOLICIESBorrowingsBorrowings 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 liabilityThe 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 purchase, results in a corresponding adjustment of the related right-of-use assets, cf. section 2.3.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 it not recognising extension or termination options on an ongoing basis.4.4.2 CASHCash and cash equivalents include short-term marketable securities with a term of three months or less at the acquisition date that are subject to an insignificant risk of changes in value. Short-term bank deposits amounted to DKK 1,530m at 31 December 2022 (2021: DKK 735m). The average interest rate on these deposits was 6.2% (2021: 3.3%). Total cash at bank amounted to DKK 8,163m in 2022 (2021: DKK 8,344m).Additional cash and cash equivalents of DKK 1,194m included in assets in disposal group held for sale are not available for general use in the Group due to currency restrictions.ASSESSMENT OF CREDIT RISKThe Group is exposed to credit risk on cash and cash equivalents (including fixed deposits), investments and derivative financial instruments with a positive fair value due to uncertainty as to whether the counterparty will be able to meet its contractual obligations as they fall due.\ue7feThe 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 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 loans to the Group.\ue7feGroup Treasury manages and monitors the Group\u2019s gross credit exposure to banks and operates with individual limits on banks, based on rating and access to netting of assets and liabilities. 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 8,163m (2021: DKK 8,344m) represents the maximum credit exposure related to cash and cash equivalents. The credit risk on receivables is described in section 1.6.1.SECTION 4.5INTEREST RATE RISKThe Group\u2019s exposure to interest rate risk in the income statement is considered low due to the limited amounts of net financial debt at variable interest rates. Interest rate risk is monitored on net financial debt, i.e. borrowings, cash and cash equivalents and derivative financial instruments. The target is to have a duration between three and eight years. At 31 December 2022, the duration was 4.1 years (2021: 4.8 years). Interest rate risk is mainly managed using fixed-rate bonds, which are all denominated in EUR. At the reporting date, 106% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year (2021: 106%). On a gross debt basis, 76% was at fixed interest rates (2021: 75%). Most of the Group\u2019s 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, 127% of the Group\u2019s net debt is in EUR, which is why the interest rate exposure primarily relates to the development in the interest rates for EUR.SENSITIVITY ANALYSISSince the Group has more cash and cash equivalents than borrowings with a floating interest rate, 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 would lead to a decrease in net interest expenses of DKK 12m (2021: DKK 11m). The impact reflects a relatively high percentage of the gross debt being at fixed interest rates and the high portion of cash. The analysis assumes a parallel shift in the relevant yield curves.If the market interest rate had been 1 percentage point higher at the reporting date, it would have led to a financial gain of DKK842m (2021: DKK 997m), and a similar loss had the interest rate been 1 percentage point lower. However, since all fixed-rate borrowings are measured at amortised cost, there is no impact on other comprehensive income or the income statement. The fair value of total gross borrowings was DKK 1,952m lower than the carrying amount (2021: DKK 653m higher). The change is due to the increase in interest rates during 2022.The sensitivity analysis is based on the financialinstruments (borrowing, cash and derivative financial instruments) recognised at the reporting date. The sensitivity analysis assumes a parallel shift in interest rates and that all other variables remain constant, in particular foreign exchange rates and interest rate differentials between thedifferent currencies. The analysis was performed on the same basis as for 2021. The Group did not enter into any new interest rate swaps in 2022 or 2021.Net financial debt by currencyDKK millionGross Gross Netfinancial debt, Net financial 2022financial debtfinancial debt Fixedfixed %debt, fixed %\u00b9EUR 27,040 26,083 21,530 80% 83% CNY 94 -3,560 - - -USD 345 -35 104 30% -297% Other 1,167 -2,005 37 3% -2% Total 28,646 20,483 21,671 76% 106% 2021EUR 27,598 25,227 21,515 78% 85% CNY 35 -2,777 - - -USD 413 42 194 47% 462% Other 876 -1,914 9 1% -Total 28,922 20,578 21,718 75% 106% \u00b9 The percentage of net debt at fixed interest rates is above 100% in some currencies, as the total cash exceeds the current debt. In some currencies the percentage of net debt at fixed interest rates is negative, as the total cash exceeds the total debt.Interest rate riskDKK millionAverageeffectiveInterest interest Carrying Interest 2022raterate Fixed foramountrate riskIssued bondsEUR 500m maturing 6 September 2023 Fixed 0.7% < 1 year 3,714 Fair valueEUR 1,000m maturing 28 May 2024 Fixed 2.6% 1-2 years 7,421 Fair valueEUR 500m maturing 12 October 2025 Fixed 3.4% 2-3 years 3,705 Fair valueEUR 500m maturing 30 June 2027 Fixed 0.5% 4-5 years 3,699 Fair valueEUR 400m maturing 1 July 2029 Fixed 1.0% > 5 years 2,948 Fair valueEUR 500m maturing 11 March 2030 Fixed 0.7% > 5 years 3,697 Fair valueTotal 1.7% 25,184Total 2021 1.6% 27,025Bank borrowings and other borrowingsFloating-rate Floating 1.8% < 1 year 3,262 Cash flowFixed-rate Fixed 1.7% > 1 year 200 Fair valueTotal 3,462Total 2021 1,897SECTION 4.6FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.6.1 CURRENCY PROFILE OF BORROWINGSThe Group is exposed to foreign exchange risk on borrowings denominated in a currency other than the functional currency of the local entities reporting the debt, 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.4.6.2 HEDGING OF NET INVESTMENTS IN FOREIGN SUBSIDIARIESThe Group holds a number of investments in foreign subsidiaries where the translation of net assets to DKK is exposed to foreign exchange risks. The revaluation of the net investment is recognised in OCI. The net investment in RUB continues to constitute a significant risk in terms of revaluation of the net investment, due both to the size of the net investment and to the volatility of RUB. The Group hedges part of this foreign exchange exposure by selling foreign currencies via FX forwards and NDFs, and designates these as net investment hedges. This mainly applies to net investments in CHF, CNY, MYR and NOK. The basis for hedging is reviewed at least once a year, and the two parameters, risk reduction and cost, are balanced. At the 2022 review it was decided to stop hedging the PLN net investment due to the high cost of hedging and to increase the hedging of CNY. The latter reflects the increase in exposure and the currently relatively low cost of hedging. In economic terms, having debt in foreign currencyor creating synthetic debt via forward exchange contracts constitutes hedging of the DKK value of future cash flows arising from operating activities or specific transactions. Where the notional amounts of forward exchange contracts do not exceed the net investment, the fair value adjustments are recognised in other comprehensive income. 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 2023. At 31 December 2022, 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 2022 amounted to DKK 38m (2021: DKK -232m). 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 -2,282m (2021: DKK -1,893m), of which -24m (2021: -24m) relates to hedging of net investments in RUB. Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities. 4.6.3 EXCHANGE RATE RISK ON CASH AND BORROWINGSThe main principle for funding of subsidiaries is that cash and borrowings should be denominated in local currency or hedged to local currency to avoid foreign exchange risk. However, in some Group entities, cash and borrowings are denominated in a currency other than the functional currency of the local entity without the foreign exchange risk being hedged. This applies primarily to a few entities in Central & Eastern Europe that hold cash and loans in EUR and USD and in this way obtain either hedge accounting or proxy hedging of the foreign exchange risk associated with the purchase of goods in foreign currency in these markets. Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2022principalof swapswapCHF 254 1,180 1,434 NOK 182 696 878EUR 27,040 -8,173 18,867USD 345 2,985 3,330CNY 94 3,632 3,726Other 731 -320 411Total 28,646 - 28,646Total 2021 28,922 - 28,922Net investment hedges2022 2021Hedging of invest-Intra-group loans,ment, amount inamount in local Other comprehensive Fair value of Fair value of local currencycurrencyincome (DKK) Average hedged ratederivativesderivativesDKK million 2022 2021 2022 2021 2022 2021 2022 2021 Asset Liability Asset LiabilityCNY -3,907 -2,407 - - -12 -323 1.0355 0.9611 83 - - -109MYR -128 -292 - - -21 -28 1.5560 1.5022 - -3 - -15HKD - - -2,128 -1,079 -49 -64 - - - - - -CHF -310 -263 - - -109 -80 7.4334 6.8305 - -58 - -93NOK -1,300 -1,300 3,000 3,000 -94 62 0.7179 0.7269 16 - - -19SEK - - 2,217 2,717 -136 -42 - - - - - -Other - -175 18 67 26 11 - - - - 4 -Total -395 -464 99 -61 4 -236SECTION 4.6 (CONTINUED)FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.6.4 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISIMPACT ON INCOME STATEMENTFor the impact of currency on operating profit and financial items, please refer to sections 1.4 and 4.1 respectively.IMPACT ON STATEMENT OF FINANCIAL POSITIONFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained in a number of currencies. In 2022, net interest-bearing debt increased by DKK 431m (2021: decreased by DKK 267m) due to changes in foreign exchange rates. SENSITIVITY ANALYSISAn adverse development in the exchange rates would, all other things being equal, have had the hypothetical impact on the income statement and other comprehensive income (OCI) for 2022 illustrated in the tables. The calculations are based on items in the statement of financial position at 31 December 2022.Income statementThe hypothetical impact ignores the fact that the subsidiaries\u2019 initial recognition of revenue, cost and debt would be similarly exposed to theexchange rate developments.Other comprehensive incomeOther comprehensive income is affected by changes in the fair value of currency derivatives designated as cash flow hedges of future purchases.Exchange rate sensitivity - income statement20222021EUREUREURGrossExposure, EffectEffectDKK millionreceivablepayablecashexposurenet of hedging Changeon P/Lon P/LEUR/GBP - -32 32 - - 5% - -43EUR/NOK 94 -459 319 -46 -46 5% -2 -14EUR/CHF 124 -272 77 -71 -71 5% -4 7EUR/PLN 684 -638 -15 31 31 5% 2 6EUR/KZT - -23 149 126 126 10% 13 11EUR/RUB 20 -242 556 334 334 10% 33 -3EUR/UAH - -24 - -24 -24 10% -2 13Total40 -232021USDUSDUSDGrossExposure, EffectEffect2022receivablepayablecashexposurenet of hedging Changeon P/Lon P/LUSD/LAK 10 -170 257 97 97 10% 10 6USD/KZT - - 182 182 182 10% 18 10USD/RUB - - 116 116 116 10% 12 -USD/UAH - -1 - -1 -1 10% - 9Total40 25Exchange rate sensitivity - other comprehensive income2022 2021Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0,7208 -975 5% -49 0.7189 -39SEK/DKK 0,6869 -832 5% -42 0.7284 -30PLN/DKK 1,4694 -691 5% -35 1.6039 -26CHF/DKK 7,5080 -523 5% -26 6.9171 -22USD/DKK 7,5926 383 10% 38 6.3627 33RUB/DKK 0,1071 -578 20% -116 0.0822 -128UAH/DKK 0,2212 -311 20% -62 N/A -Other N/A -342 5-30% -53 N/A -12Total -345 -224SECTION 4.6 (CONTINUED)FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIESAPPLIED EXCHANGE RATESThe average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per currency throughout the year.Applied exchange ratesClosing rate Average rateDKK 2022 2021 2022 2021Swiss franc (CHF) 7.5520 7.1760 7.4190 6.8777Chinese yuan (CNY) 1.0106 1.0296 1.0569 0.9700Euro (EUR) 7.4365 7.4365 7.4397 7.4369Pound sterling (GBP) 8.3845 8.8604 8.7235 8.6837Indian rupee (INR) 0.0840 0.0878 0.0903 0.0852Laotian kip (LAK) 0.0004 0.0006 0.0005 0.0006Norwegian krone (NOK) 0.7073 0.7459 0.7374 0.7323Polish zloty (PLN) 1.5887 1.6180 1.5859 1.6310Russian rouble (RUB) 0.0983 0.0894 0.1134 0.0855Swedish krona (SEK) 0.6686 0.7260 0.7002 0.7330SECTION 4.7FUNDING AND LIQUIDITY RISKLiquidity risk results from the Group\u2019s potential inability to meet the obligations associated with its financial liabilities, for example settlement of financial debt and paying 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 SOURCESThe Group is diversifying its access to funding to avoid relying on one single source of funding.The Group still has access to a committed EUR 2bn revolving credit facility (RCF) maturing in 2026, 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.At 31 December 2022, bonds accounted for 88% of the gross funding. FUNDING STRATEGY AND REACTION TO INCREASED UNCERTAINTYSince March 2020 and the first COVID-19 lockdowns in Western Europe, the Group has maintained an increased focus on liquidity, and a special effort has been made to improve cash flow forecasting, including introducing frequent short-term cash flow updates. As Western European markets came out of lockdown in 2022, cash generation normalised, but the geopolitical situation surrounding Ukraine required continued strong focus on short-term liquidity. During 2022, the Group obtained a EUR 500m short-term bank loan to provide an additional buffer against adverse market conditions. The loan was repaid when Carlsberg issued a EUR 500m EMTN bond in October.Committed credit facilities and credit resources availableDKK millionTotal committedUtilised2021 loans and portion of UnutilisedUnutilised credit credit creditcredit 2022facilitiesfacilitiesfacilitiesfacilitiesCurrent< 1 year 6,930 5,781 1,149 1,149Total current committed loans and credit facilities6,930 5,781 1,149 1,149Non-current1-2 years 7,904 7,904 - -2-3 years 3,823 3,823 - -3-4 years 14,982 105 14,877 -4-5 years 3,775 3,775 - 14,874> 5 years 7,258 7,258 - -Total non-current committed loans and credit facilities 37,742 22,865 14,877 14,874Cash and cash equivalents8,163 8,344Current portion of utilised credit facilities - - -5,781 -6,167Credit resources available (total non-current committed loans and credit facilities less net debt)17,259 17,051SECTION 4.7 (CONTINUED)FUNDING AND LIQUIDITY RISKCREDIT RESOURCES AVAILABLEThe Group uses the term \u201ccredit resources available\u201d to determine the adequacy of access to credit facilities.Credit resources available include cash 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\u2019s credit resources available. Net financial debt is the Group\u2019s net interest-bearing debt, excluding interest-bearing assets other than cash, as these assets are not actively managed in relation to liquidity risk. Net financial debt is shown in section 4.2.At 31 December 2022, the Group had total credit resources available of DKK 17,259m, consisting of cash and cash equivalents of DKK 8,163m plus committed unutilised non-current credit facilities of DKK 14,877m less utilisation of current facilities of DKK 5,781m. Including current credit facilities of DKK 1,149m, total committed unutilised credit facilities amounted to DKK 16,026m.Credit resources available at year-end 2022 were unchanged from year-end 2021, due to the strong cash flow and ongoing funding activities.The credit resources available and access to unused committed credit facilities are considered reasonable in light of the Group\u2019s 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 subsidiaries. Central & Eastern Europe 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 China.MATURITY OF FINANCIAL LIABILITIESThe 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 28,757m in 2022 (2021: DKK 29,098m), whereas the total carrying amount was DKK 28,646m (2021: DKK\ue7fe28,922m). The difference between these amounts arises at initial recognition and istreated as a cost that is capitalised 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 2022. The cash flow is estimated based on the notional amount of the above-mentioned borrowings and expected interest rates at year-end 2022 and 2021. Interest on debt recognised at year-end 2022 and 2021 for which no contractual obligation exists (current borrowing and cash pools) 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 2.8% (2021: 1.5%). The increase is due to the increase in interest rates seen for most currencies during 2022.Time to maturity for non-current borrowingsDKK million2022 1-2 years 2-3 years 3-4 years 4-5 years > 5 years TotalIssued bonds 7,421 3,705 - 3,698 6,646 21,470 Bank borrowings 21 23 22 4 - 70 Lease liabilities 356 95 82 72 598 1,203 Other non-current borrowings 106 - 1 1 14 122 Total 7,904 3,823 105 3,775 7,258 22,865 Total 2021 4,198 7,599 82 62 10,814 22,755 Maturity of financial liabilitiesDKK millionMaturityContractualMaturity> 1 yearMaturityCarrying2022cash flows< 1 year< 5 years> 5 yearsamountDerivative financial instrumentsDerivative financial instruments, payables 372 366 6 - 396Non-derivative financial instrumentsGross financial debt 28,757 5,786 15,666 7,305 28,646Interest expenses 1,205 695 419 91 N/ATrade payables and other liabilities 23,544 23,544 - - 23,544Contingent liabilities 205 205 - - 205Contingent considerations 5,596 5,281 315 - 5,596Non-derivative financial instruments 59,307 35,511 16,400 7,396 -Financial liabilities 59,679 35,877 16,406 7,396 -Total 2021 57,284 33,222 13,011 11,051 -SECTION 4.8DERIVATIVE FINANCIAL INSTRUMENTSThe Group enters into various derivative financial instruments to hedge foreign exchange and commodity risks, cf. sections 1.3 and 1.4, and seeks to apply hedge accounting when this is possible. Hedging of future, highly probable forecast transactions is designated as cash flow hedges. In 2022, the Group entered into its first Power Purchase Agreement (PPA) as part of the Together Towards ZERO and Beyond (TTZAB) effort to decarbonise the Group. The PPA is a 10-year agreement and is designated as a hedge of electricity consumption at the brewery in Fredericia, Denmark. The market value at 31 December 2022 was DKK 83m and is presented together with aluminium hedges in other instruments.The Group 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.The impact on other comprehensive income and the fair value of derivatives classified as cash flow hedges is presented in the cash flow hedge table. The impact on other comprehensive income from exchange rate instruments relates to hedges of Group entities\u2019 purchases and sales in currencies other than their functional currencies.At 31 December 2022, hedging reserves included DKK -843m in relation to cash flow hedges for which hedge accounting is no longer applied. Of the total reserve, DKK -595m relates to hedges of the original acquisition of the Russian operations currently held for sale. This amount will be reclassified from equity to the income statement and included in the net result from Russian operations held for sale at the time of disposal. Fair value adjustments of derivative financial instruments that are not designated as either net investment hedges or cash flow hedges are recognised in financial income and expenses.Of the DKK -356m reported in OCI regarding other instruments, DKK -71m is realised gains on aluminium hedges transferred to Russian operations held for sale. Of the DKK -8m reported regarding exchange rate instruments, DKK 211m is realised losses transferred to Russian operations held for sale.Cash flow hedgesDKK million Expected recognitionOthercomprehen-Fair value Fair value Fair value, 2024 2022sive incomereceivablespayablesnet 2023and laterExchange rate instruments -8 62 -19 43 43 -Other instruments -356 101 -202 -101 -183 82Total -364 163 -221 -58 -140 82Othercomprehen-Fair value Fair value Fair value, 2021sive incomereceivablespayablesnet 2022Exchange rate instruments -20 13 -47 -34 -34Other instruments 161 240 - 240 240Total 141 253 -47 206 206Financial derivatives not designated as hedging instruments (economic hedges)DKK millionIncome Fair value Fair value 2022statementreceivablespayables Fair value, netExchange rate instruments -105 90 -105 -15Ineffectiveness -16 - - -Total -121 90 -105 -152021Exchange rate instruments -27 86 -32 54Ineffectiveness 4 - - -Total -23 86 -32 54ACCOUNTING ESTIMATESAND JUDGEMENTSWhen entering into financial instruments, management assesses whether the instrument is an effective hedge of recognised assets and liabilities, 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 with 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.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.SECTION 4.8 (CONTINUED)DERIVATIVE FINANCIAL INSTRUMENTSACCOUNTINGPOLICIESDerivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at their fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \u2022 Fair value hedges of the fair value of recognised assets or liabilities \u2022 Cash flow hedges of particular risks associated with the cash flow from forecast transactions \u2022 Net investment hedges of currency fluctuations in subsidiaries or associates.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 a fair value hedge and 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 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.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are recognised in other comprehensive income. On complete or partial disposal of the financial investment, the portion of the hedging instrument that is recognised in other comprehensive income and relates to that financial investment is recognised in the income statement when the gain or loss on disposal is recognised. Hedges of net investments in foreign subsidiaries and associates are accounted for in the same way as cash flow hedges.DISCONTINUED OPERATIONS, ACQUISITIONS, DISPOSALS AND ASSOCIATESRussian operations held for sale On 28 March, the Group announced its decision to seek a full divestment of its Russian business, following Russia\u2019s invasion of Ukraine. SECTION 5.1DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALEIn March 2022, the Group announced its decision to seek a full divestment of its Russian business, following Russia\u2019s invasion of Ukraine. The net result from Russian operations held for sale is presented separately in the income statement and as net cash flow fromRussian operations held for sale in the statement of cash flows. The comparative figures have been restated accordingly.Until completion of the divestment, the Russian business will not be part of the Central & Eastern Europe region and is therefore not included in the segment disclosures, cf. section 2.Analysis of net result from Russian operations held for saleDKK million 2022 2021 Revenue 10,207 6,537Costs -8,228 -6,755Profit before tax from Russian operations held for sale 1,979 -218Income tax -105 -66Profit from Russian operations held for sale 1,874 -284Impairment loss recognised on the remeasurement to fair value less costs to sell -9,949 -Net result from Russian operations held for sale -8,075 -284In the statement of financial position, the Russian business is presented as assets and liabilities in disposal group held for sale. The comparative figures for 2021 have not been restated. Financial performance Revenue grew by 56% to DKK 10.2bn due to price increases and the appreciation of RUB during the year. Despite significant input cost increases, profit from Russian operations held for sale increased to DKK 1.9bn, supported by depreciation being discontinued from March 2022, a positive foreign exchange impact of around DKK 0.3bn and reversal of a tax provision of around DKK 0.2bn. The net result was DKK -8.1bn, due to the impairment charge of DKK 9.9bn.SECTION 5.1 (CONTINUED)DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALEGoodwill allocated to Russia of DKK 9,551m was classified as held for sale as of 28 March 2022. The allocation was made on a historic basis, which, in the opinion of management, best reflects the goodwill associated with the operations held for sale. The goodwill was originally recognised in several separate transactions. Major classes of assets and liabilities in disposal group held for saleDKK million 2022 2021 Intangible assets 5,483 17,796Property, plant and equipment2,989 2,562Inventories 1,015 776Receivables937 828Cash and cash equivalents\u00b91,194 127Assets in disposal group held for sale 11,618 22,089Borrowings101 -Tax liabilities, retirement benefit obligations etc.1,144 1,275Trade payables1,892 1,585Other liabilities963 771Liabilities in disposal group held for sale 4,100 3,631Net assets in disposal group held for sale 7,518 18,458\u00b9 Cash and cash equivalents are not available for general use in the Group because of currency restrictions.Net cash flow from Russian operations held for saleDKK million 2022 2021 Cash flow from operating activities 1,952 981Cash flow from investing activities-376 -316Cash flow from financing activities 195 -3Net cash flow from Russian operations held for sale 1,771 662ASSETS HELD FOR SALE It is management\u2019s assessment that the shareholdings in the legal entities that will be divested are available for immediate sale subject to governmental approval in Russia. As is customary when disposing of businesses, the Group has elected to conduct a structured separation process to eliminate the need for transitional service arrangements to the greatest extent possible. Immediately after the intention to dispose of the Russian operations was announced, a project plan was initiated outlining the actions required to complete all stages of transferring the business, which was estimated to take up to 12 months. Successful completion of the process of separating the business within 12 months could be influenced by the political situation in Russia, as governmental approval is required, which could potentially prolong the process. As the Russian operations are an integrated part of the Group, the separation process is complex, involving more than 150 separation workstreams across business functions, which has extended the divestment process compared with an immediate sale involving transitional service arrangements. The Group can at any time elect to suspend the separation work and complete an immediate sale of the relevant shareholdings if required. The necessary steps for the divestment were initiated alongside the separation process. Since the announcement, a process has been running to clarify the impact of sanctions and the Russian government\u2019s approval process, select advisors, identify potential buyers and formalise the sales process. A buyer-screening process has been initiated, and specific requirements of the bidders defined. A careful screening process is under way to evaluate the bidders\u2019 appropriateness to participate in any transaction. An offer process is expected to commence in Q1 2023 with the aim of signing a divestment agreement by mid-2023.FAIR VALUE ESTIMATIONOn classification of the Russian operations as held for sale, management estimated the fair value of the business (the expected sales price less cost of disposal). The inputs applied in the estimation of the fair value are categorised as level 3 in the fair value hierarchy, as they are not based on observable market data. The Russian operations are considered to be a rare asset to be classified as held for sale, which is reflected in the estimation of the fair value. The valuation was performed for the Russian business on a stand-alone basis, which excludes synergies from the integration into the Group and the right to produce and sell the Carlsberg brand, and increases the required return on investment. This negatively impacted the valuation compared with the value attributed to the Russian business in previous years\u2019 impairment tests. Remeasurement of the Russian operations classified as held for sale at fair value resulted in recognition of a write-down of DKK 9,949m in 2022. The overall political situation in Russia is uncertain, impacting the valuation. Presidential Decrees have been issued setting out prohibitions and restrictions on the sale of certain Russian companies, directly or indirectly. For the time being, it is uncertain how these Decrees will affect the divestment processSECTION 5.1 (CONTINUED)DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALEin practice. However, they could potentially impact the timing of the divestment and the value realised in a sales transaction, as authorisation from the Special Government Commission in Russia is required for the divestment. It is assessed that the legal requirements for completing the divestment are fulfilled to the extent these are within the Group\u2019s control. These uncertainties are considered to be reflected in the assumptions applied in the valuation.The estimated fair value recognised in the consolidated financial statements reflects the value expected to be realised in a sales transaction, factoring in all regulatory processes and approvals currently known or indicated by the authorities. However, there is continuing uncertainty with regard to the regulatory requirements in Russia, and there may be further changes, which may impact the valuation of the business.Valuation process and modelThe valuation is based not on external offers for the business but on estimations of the net present value of expected future cash flows in local currency (RUB), as the cash flow projections are largely denominated in RUB.The valuation is based on a 10-year forecast of free cash flows using budgets and forecasts for 2023-2025 prepared by local management in the Russian business, with the forecast for the remaining seven years based on general projections for the key assumptions. Cash flows beyond the 10-year period are extrapolated using a terminal period growth rate. Assumptions applied in the short to medium term generally reflect management\u2019s expectations considering all relevant factors and are based on experience and external sources of information, where possible and relevant. The valuation excludes potential premiums that may arise as part of the price discovery process, such as a synergy premium that some buyers may be able to access, or any other scarcity premium.Key assumptionsManagement has estimated the following key assumptions based on level 3 inputs:\u2022 Post-tax discount rate 21%\u2022 Terminal period growth rate 4%\u2022 Compounded annual growth in unadjusted free cash flow in the forecast period 5%In addition, management has assessed the validity of the official foreign currency exchange rate (RUB/DKK) applied, published by the Central Bank of Russia. Discount rateThe discount rate applied is a post-tax weighted average cost of capital (WACC). The assumptions for determining the discount rate are subject to a very high degree of volatility and uncertainty due to the current macroeconomic situation in Russia. The war has resulted in increased inflation in Russia. The effect is seen in the higher interest rate incorporated in the WACC used for discounting cash flows, as well as the increase in the inflation rates used to project cash flows.The estimation of the WACC is based on a country-specific 10-year swap rate for RUB debt, with the addition of a credit spread estimated using an individual credit assessment of the Russian business. The equity risk premium and beta have also been estimated for the Russian business on a stand-alone basis.In addition to estimation of the discount rate being performed on a stand-alone basis, the significant discount rate increase compared with what was applied in previous years for impairment testing of Russian assets can be attributed to the increase in equity risk premium. The increase in equity risk premium is linked to the increased uncertainty surrounding the Russian economy in general and the factors surrounding the successful completion of the divestment in particular. This includes, but is not limited to, any regulatory requirements on or limitations of any sales price that can be obtained in a sales transaction. International financial institutions have updated Russia\u2019s risk status to the highest level, reflecting their belief that the political situation in the country has significantly increased the risks for foreign investors, which is why the increased discount rate is considered appropriate.Growth ratesThe growth rates in the budgets and forecasts for 2023-2025 are based on expected market developments in Russia, taking the war and the general macroeconomic environment into consideration. The terminal period growth rate is assumed to be slightly lower than the Central Bank of Russia\u2019s long-term inflation target of around 4%.Profit margins in the forecast period are assumed to be flat and at levels realised in previous years with no significant restructurings included, resulting in steady year-on-year growth in free cash flow.Foreign currency exchange rate The fair value has been recognised in local currency and translated into the Group\u2019s presentation currency (DKK) at the official exchange rate on the reporting date. This is currently considered to be the best estimate. Any adjustment to the consolidated value of the Russian business due to changes in the exchange rate has been recognised in other comprehensive income and included in the currency translation reserve within equity. It is currently not known whether the disposal will be settled in RUB or another currency. The RUB exchange rate is subject to significant uncertainty, and there is a risk that a disposal settled in e.g. EUR or USD would be completed at an exchange rate that is lower than the official RUB exchange rate. However, given the uncertainty related to the factors surrounding completion of the transaction, the valuation is maintained in RUB and the value is translated into DKK at the official exchange rate. Fair value reassessed at 31 December 2022The fair value of the disposal group held for sale was reassessed at 31 December 2022. The enterprise value in local currency remained largely unchanged compared with the initial valuation of 28 March. The net asset value in DKK increased during the year to DKK 7.5bn, mainly due to the appreciation of the Russian rouble (DKK/RUB 0.0983 at 31 December compared to 0.0794 at 31 March) and the improved net cash position because of the positive development in the operating result.SECTION 5.1 (CONTINUED)DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALECash proceeds from the disposalIf the proceeds from the disposal are in RUB, there is a significant risk that the cash received will not be immediately available for general use in the Group because of the currency restrictions in place and the limited exchange of RUB in the financial markets.RECYCLING EQUITY RESERVES ON COMPLETION OF THE DIVESTMENTOn completion of the divestment, the currency translation and hedging reserves within equity related to the Russian business will be reclassified from equity to the income statement and included in the net result from Russian operations held for sale. At 31 December 2022, the accumulated currency translation reserve related to the Russian business represented a loss of around DKK 39.7bn (2021: loss of DKK 37.0bn), around half of which was recognised when the RUB depreciated significantly in December 2014 following the Russian invasion and annexation of Crimea. This figure includes the fair value of net investment hedges of DKK -24.0m (2021: DKK -24.0m); see section 4.6.The accumulated hedging reserve related to the Russian business represented a loss of around DKK 0.6bn (2021: loss of DKK 0.5bn) and includes both active hedges and hedges for which hedge accounting is no longer applied; see section 4.8.After reclassification of the reserves to the income statement, the amount will be recognised in retained earnings and there will be no change in total equity. The reclassification will have no effect on the Group\u2019s cash position.SENSITIVITY ANALYSISA sensitivity analysis of the key assumptions in the assessment of the fair value has been performed to determine the sensitivity to changes in the key assumptions applied in the valuation. Key assumptionsThe key assumptions relevant to the assessment of the fair value are:\u2022 Post-tax discount rate\u2022 Terminal period growth rate\u2022 Compounded annual growth in unadjusted free cash flow\u2022 Foreign currency exchange rate (RUB/DKK)Sensitivity analysis1%-point 1%-point DKK millionincreasedecreaseDiscount rate ~-300 ~400Terminal period growth rate ~100 ~-100Growth in free cash flow ~400 ~-400Foreign exchange rate ~100 ~-100ACCOUNTING ESTIMATES AND JUDGEMENTSThe 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\u2019s 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 expense. Depending on the nature of the non-current assets and the disposal group\u2019s 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.ACCOUNTINGPOLICIESAssets 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. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\u2019s 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\u2019s 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 net result from discontinued operations held for sale in the income statement. Comparative figures are restated.Cash flow from discontinued operations is presented separately as net cash flow from Russian operations held for sale in the statement of cash flows and specified in this section. Comparative figures are restated.The disposal group/assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. Comparative figures are not restated.Additional disclosures are provided in this section. All other sections of the financial statements include amounts for continuing operations, unless indicated otherwise.SECTION 5.2INVESTMENT MODEL AND RISKSMARKET ACCESSIn the beer industry, access to local markets is highly dependent on establishing good relationships with customers in the on- and off-trade channels, national distributors, local suppliers and relevant authorities governing the beverage industry. Often, the most efficient way of establishing such relations is by acquiring a local brewer or engaging with a local partner that already has the relevant relationships. When the Group expands its business to new geographies, it often therefore does so in collaboration with a local partner. Such a partnership can take different legal forms and impacts the consolidated financial statements accordingly. In addition to its activities in the beer industry, the Group operates in the soft drinks industry, an industry dominated by large global brand owners. The Group is engaged in long-term contractual partnerships to produce, distribute and sell third-party soft drink brands. In addition to granting the right to produce, the brand owners usually provide recipes and/or raw materials, while the Group has the necessary production capabilities and distribution platform.INVESTMENT MODELEntering into a partnership can reduce the financial exposure and mitigate the business risks associated with entering new markets or expanding the activities in an existing market. The financial exposure, however, varies depending on the structure of the partnership. Business and financial success, and the related risks, depend on the ability of the Group and the local partner to forge a strong and aligned cooperation.In some markets, the Group enters as a non-controlling shareholder, providing a degree of financing and contributing knowledge of the beer industry. The Group thus leaves control with the partner and recognises the investment as an associate.Other investments are structured as joint ventures, where the Group and the local partner jointly make the operational decisions and share strategic and tactical responsibility. More commonly, the Group structures its partnerships such that it exercises managementcontrol, usually by way of majority of the voting rights. These investments are fully consolidated subsidiaries, which are just as important as other types of partnership for success in the local markets, but mean that the Group has increased financial exposure. Investments in businesses in which the Group exercises management control often involve put and/or call options or a similar structure.IMPACT ON FINANCIAL STATEMENTSInvestments in associates are consolidated in the financial statements using the equity method. The accounting risks associated with these entities are limited to the investment made, the proportionate share of the net profit and any specific additional commitments to banks or other parties, as well as specific guarantees or loans the Group provides to the partnership. In businesses where the Group exercises management control, the consolidated financials are impacted by full exposure to the earnings and other financial risks. From an accounting point of view, the Group treats any put options held by partners in such entities as if they had already been exercised by the partner, i.e. anticipating that the acquisition will occur. The accounting impact is that the non-controlling interests are not recognised, and no part of net profits or equity is attributed to them. Instead, the dividends received by the partner from the business are classified as financial expenses for the purpose of accounting. Common to all partnerships is the risk of disagreement and, ultimately, dissolution. Disagreements with partners on the operational management and strategic directions of partnerships may limit our ability to manage the growth and risk profile of our business. The Group continuously seeks to promote a fair and mutually beneficial development of the partnerships, which is crucial to be successful. However, in certain partnerships the partners\u2019 pursuit of goals and priorities that are different from those of the Group might result in disagreements, affecting operational and financial performance. Different goals and priorities of this kind can become more pronounced in the period when a partner has the right to exit the partnership. A dissolution will initially impact the accounting treatment of an investment. The accounting treatment will depend on whether the Group or its partner is exiting the business. In the long term, however, the impact on the operation of the local entity and the collaboration with customers, distributors, authorities etc. can be significant if the partner was instrumental in managing these relationships. The risk of a partnership dissolution may therefore have a negative impact on the underlying business and the financial performance recognised in the consolidated financial statements. The Group is involved in many partnerships, one being the 67% shareholding in Carlsberg South Asia Pte Ltd. (CSAPL), Singapore, which is the parent company of the Group\u2019s activities in India (100%) and Nepal (90%). The company is jointly owned with a partner (33%). In 2022, the Group invoked its right to begin the call process, and the partner exercised its put option under the Shareholders\u2019 Agreement. A put option valuation certificate was issued on 6 February 2023 after which our partner issued a formal put notice to sell its 33% shareholding in CSAPL to the Group, cf. section 5.4. For the purpose of the consolidated financial statements, the put option is accounted for as if it had already been exercised. CSAPL and its investments in India and Nepal are therefore included in the consolidated financial statements, with no profits or equity attributed to the non-controlling shareholder. Please refer to section 3.4 for a detailed description of the dispute with the partner in CSAPL.Partnerships in the soft drinks industry are based on long-term contractual agreements and come to an end when the contract terminates. The termination of a significant partnership with a global soft drink brand owner would have a negative impact on the Group\u2019s financial performance.SECTION 5.3ACQUISITIONS AND DISPOSALSACQUISITION OF ENTITIES Acquisitions after the reporting date 2022On 15 December 2022, it was announced that the Group had entered into an agreement to acquire Waterloo Brewing Ltd., Canada, for a cash consideration of approximately CAD 144m (DKK 742m). The transaction is expected to close in the first half of 2023, subject to approval by Waterloo Brewing\u2019s shareholders and the satisfaction or waiver of other customary closing conditions.2021In January 2021, Carlsberg acquired 100% of the German Wernesgr\u00fcner Brewery for a cash consideration of DKK 511m. The purchase price allocation of the fair value of identified assets, liabilities and contingent liabilities was completed in 2021, resulting in recognition of goodwill of DKK 267m.DECONSOLIDATION OF ENTITIESThe local shareholder owning 10% of the shares in Gorkha Brewery, Nepal, is a related party to the Group\u2019s 33% partner in CSAPL. In addition to the ongoing disputes with our partner in CSAPL regarding India and Nepal, there is also a dispute with the local 10% shareholder in Gorkha Brewery. Contrary to its legal and contractual rights, the Group\u2019s influence on the business operations in Nepal has been restricted since 2021 through actions that hamper its right of decision-making and insight into the business. The Group therefore decided to cease full consolidation of the Nepalese business with effect from the end of 2021. We contested the actions in Nepal through the local courts. A Nepalese High Courtjudgment was expected in 2022 but has been postponed and is now expected in H1 2023. A favourable ruling would not immediately lead to reconsolidation of the Nepalese business, which would require demonstration of the consistent ability to exercise our rights as the majority shareholder. Until the rights as majority shareholder are de facto re-established, the Group continues not to consolidate the Nepalese business. The inability to exercise the rights of the majority shareholder in the Nepalese business has a negative impact on the value of the business. This should, in the opinion of the Group, be reflected in the valuations of the put and call options, cf. section 5.4.CASH FLOWCash flow to acquire or dispose of shareholdings in associates and when gaining control of subsidiaries is included in financial investments, while the cash flow on acquisition of an additional shareholding in a subsidiary, i.e. acquiring non-controlling interests, is presented in financing activities. In 2022, the Group made a capital injection of DKK 48m in an associate. Elements of cash consideration paid and receivedDKK million 2022 2021Consideration paid for acquisition of entities - -214Consideration received for disposal of entities - 21Cash and cash equivalents acquired/disposed of - -428Acquisition and disposal of entities, net - -621Consideration paid for acquisition of associates - -48Consideration paid for increase of investment in associates -48 -Acquisition and disposal of associates, net -48 -48Cash flow from acquisition of shareholdings, total -48 -669ACCOUNTING ESTIMATES AND JUDGEMENTSAssessment 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 proceduresFor acquisitions of entities, the assets, liabilities and contingent liabilities of the acquiree are recognised using the acquisition method. 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\u2019s cash-generating units.BrandsThe value of the brands acquired and their expected useful life are assessed based on the individual brand\u2019s market position, expected long-term developments in the relevant markets and profitability. The estimated value includes all future cash flows associated with the brand, including the related value of customer relations etc. Management determines the useful life based on the brand\u2019s relative local, regional and global market strength, market share, and the current and planned marketing efforts that are helping to maintain and increase its value. When the value of a well-established brand is expected to be maintained for an indefinite period in the relevant markets, and these markets are expected to be profitable for a long period, the useful life of the brand is determined to be indefinite.Brands are measured using the relief from royalty method, under which the expected future cash flows are based on key assumptions about expected useful life, royalty rate, growth rate and the theoretical tax effect. A post-tax discount rate is used that reflects the risk-free interest rate with the addition of a risk premium associated with the particular brand. The model and assumptions applied are consistent with those used in impairment testing, and are described in further detail in section 2.2.3.Customer agreements and portfolios The value of acquired customer agreements and customer portfolios is assessed based on the local market and trading conditions. For most entities, there is a close relationship between brands and sales. Consumer demand for beer and other beverages drives sales, and therefore the value of a brand is closely linked to consumer demand, while there is no separate value attached to customers (shops, bars etc.), as their choice of products is driven by consumer demand. The relationship between brands and customers is carefully considered so that brands and SECTION 5.3 (CONTINUED)ACQUISITIONS AND DISPOSALScustomer agreements are not both recognised on the basis of the same underlying cash flows.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. Completed purchase price allocations Management believes that the purchase prices for the Wernesgr\u00fcner Brewery activities, which are accounted for in the consolidated financial statements, reflect the best estimate of the total fair value of these businesses and the proportionate value of identified assets, liabilities and contingent liabilities of the non-controlling interests, and accordingly the allocation of goodwill to controlling interests, but not to non-controlling interests.The purchase price allocations of the identified assets, liabilities and contingent liabilities were completed within 12 months of the acquisitions. The main revaluation adjustments related to brands, property, plant and equipment, and deferred tax liabilities, which in turn mainly related to brands. GoodwillGoodwill was allocated to the Western Europe CGU in line with the allocation of the Group\u2019s existing German business. The goodwill is not deductible for tax purposes.Wernesgr\u00fcner BreweryBrandsThe value of brands was estimated using the Group\u2019s principles described above. A brand with a fair value of DKK 113m was recognised and classified as an intangible asset with an indefinite useful life.Property, plant and equipmentThe 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 and resulted in a positive revaluation adjustment of DKK 53m.Financial impact of acquisitionRevenue and net profit included in the consolidated financial statements since the acquisition at 1 January 2021 were DKK 156m and DKK 7m respectively. ACCOUNTINGPOLICIESAcquisitionsThe 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.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\u2019s functional currency at the exchange rate at the transaction date.The acquired entities\u2019 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. 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. The shareholding retained after the loss of control of subsidiaries is remeasured at fair value and accounted for as the fair value on initial recognition of a financial asset or the cost of an investment in an associate. Gains or losses on the loss of control of subsidiaries are recognised as the difference between the fair value of the retained shareholding and the carrying amount of the derecognised net assets (including goodwill) at the date of loss of control, and net of foreign exchange adjustments recognised in other comprehensive income.SECTION 5.4CONTINGENT CONSIDERATIONSContingent 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.At the end of the reporting period, the contingent considerations related to put options on the shares in CSAPL, Brewery Alivaria, Belarus, and in a minor craft brewery in Western Europe. In accordance with the Group\u2019s accounting policy, shares subject to put options are consolidated as if the shares had already been acquired. The ownership percentage at which these subsidiaries are consolidated therefore differs from the legal ownership interest retained 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. Of the contingent considerations, DKK 0.3bn (2021: DKK 0.4bn) is expected to fall due after more than 12 months.PUT OPTION FOR SHARES IN CARLSBERG SOUTH ASIA PTE LTD (CSAPL)A liability award was issued by the arbitration tribunal in May 2022. The arbitration tribunal awarded Carlsberg the right to call our partner CSAPL Holdings Pte Ltd\u2019s (CSAPLH) shares in CSAPL. Carlsberg immediately invoked its right to begin the call option valuation process, and CSAPLH subsequently exercised its right under the Shareholders\u2019 Agreement to begin the put option valuation process. The put option price has been determined as the simple average of two valuations assessed by two independent external valuers, which are internationally recognised accounting firms, oneappointed by each shareholder. The put option valuation was released by the valuers on 6 February 2023, stating a value for CSAPLH\u2019s shares in CSAPL of USD 744m (DKK 5,188m). CSAPLH has on 6 February, issued a formal put notice to sell its 33% shareholding in CSAPL to the Group at the put option valuation amount. The put option liability recognised in the consolidated financial statements has been adjusted to reflect the put option valuation amount received from the valuers as the acquisition of the shares may be completed at that price. A transaction could potentially be completed in 2023, subject to the clarification of any disputes raised by the shareholders and timelines for any regulatory approvals. CSAPLH has previously asked for an amount for its 33% shareholding in CSAPL that the Group considered to be unreasonably high and not to reflect the fair value of the shareholding. From the put option valuation received, it is the Group\u2019s assessment that key assumptions, which the Group considers to be unreasonable, may have been applied in the valuation performed by CSAPLH\u2019s appointed valuator. The put option valuation can be disputed by the shareholders if the valuations are conducted in breach of the Shareholders\u2019 Agreement, including, but not limited to, circumstances where the valuations are tainted by fraud or manifest error. The Group will work with its external advisors to evaluate its position and assess whether CSAPLH has committed additional breaches of the Shareholders\u2019 Agreement, which would justify further legal steps against CSAPLH.The fair value of the put option increased by DKK 1.4bn in 2022.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 338m. The loan had not been repaid as of 31 December 2022. Contingent considerationsDKK million 2022 2021Contingent considerations at 1 January 4,254 5,290Additions - 16Payments - -247Transfer to disposal group held for sale -13 -Fair value adjustments 1,336 -805Contingent considerations at 31 December 5,577 4,254ACCOUNTING ESTIMATES AND JUDGEMENTSThe fair value of contingent considerations linked to put options is calculated 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.Estimates are based on updated information since initial recognition of the contingent consideration, including new budgets and sales forecasts, discount rates etc. The assumptions applied are in line with those used in the impairment tests as described in section 2.2 but reflecting the different models and valuation techniques required. The fair values of other contingent considerations are measured at the expected future price of selected shares.ACCOUNTINGPOLICIESOn 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\u2019 share of the total carrying amount, including goodwill, is transferred from the non-controlling interests\u2019 share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot exceed the non-controlling interests\u2019 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 shareholders in Carlsberg A/S to the non-controlling interests\u2019 share of equity.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.SECTION 5.5ASSOCIATESInvestments in associates include the businesses in Portugal (60%), Myanmar (61%), Gorkha Brewery (90%), Carlsberg Byen in Denmark (25%) and four associates in China (50%). The total investment in these associates amounted to DKK 4,307m at 31 December 2022 (2021: DKK 3,908m). The Group\u2019s ownership of Super Bock, 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.In 2021, disputes with the local non-controlling shareholder prevented the Group from exercising its rights as a controlling shareholder in Gorkha Brewery, Nepal. The Group decided to cease full consolidation of the company from 31 December 2021 and it was therefore reclassified as an associate and recognised at fair value, DKK 1,188m, cf. section 5.3.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 environment in the country.In 2021, disputes with the partner regarding the management of Tibet Lhasa Brewery meant that the Group lost its significant influence in the company. The investment was therefore reclassified from associates to other financial investments. The disputes resulted in significant disruptions to the operation of the company, which negatively impacted the financial performance. The investment was therefore written down to its recoverable amount, cf. section 2.2.For associates in which the Group holds an ownership interest of less than 20% and participates in the management of the associate the Group is considered to be exercising significant influence. None of the associates are material to the Group.Fair value of investment in listed associatesDKK million 2022 2021The Lion Brewery Ceylon, Sri Lanka 214 355Key figures for associatesDKK millionCarlsberg Group shareOther Total Profit comprehensive comprehensive Investments in 2022after taxincomeincomeassociatesTotal 901 - 901 5,5232021Total 336 10 346 5,172ACCOUNTINGPOLICIESInvestments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for the Group\u2019s 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\u2019s 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.TAX17.9%TAX RATETax rate is down from 20.6% in 2021, mainly as a result of adjustments to prior years.1.6bn Deferred tax liability transferred to disposal group held for sale (DKK).SECTION 6.1INCOME TAXThe nominal weighted tax rate for the Group is calculated as domestic tax rates applicable to profits in the entities as a proportion of each entity\u2019s share of the Group\u2019s profit before tax.The Group\u2019s total tax cost was DKK -389m (2021: DKK -58m) lower than the Group\u2019s nominal weighted tax expense. Compared with the nominal weighted tax expense, the total tax expense was negatively impacted by the effect on deferred tax assets of changes in tax rates and non-deductible expenses (particularly marketing expenses and intercompany charges) and positively impacted by prior-year adjustments and tax incentives, resulting in an effective tax rate of 17.9% (2021: 20.6%). The negative impact from special items comprised primarily non-deductible impairments. Excluding special items and tax thereon, the effective tax rate would be 16.6% (2021: 22.6%).It is not possible to deduct all interest and fair value adjustments due to various interest deductibility restriction rules. Therefore, tax on such adjustments fluctuates from year to year.Reconciliation of the effective tax rate for the year2022 2021% DKK million % DKK millionNominal weighted tax rate 21.7 2,167 21.2 2,212Change in tax rate 2.1 206 -0.1 -14Adjustments to tax for prior years -3.8 -393 -0.4 -41Non-capitalised tax assets and liabilities -2.2 -216 -0.8 -81Non-taxable income -0.2 -22 -0.4 -43Non-deductible expenses 2.1 214 3.2 333Tax incentives etc. -2.3 -229 - -1Special items 1.3 126 -2.3 -239Withholding taxes 0.8 83 1.3 131Other, including tax in associates -1.6 -158 -1.1 -103Effective tax rate for the year 17.9 1,778 20.6 2,154Effective tax rate for the year, excluding the effect of non-taxable and non-deductible transactions in special items 16.6 - 22.6 -ACCOUNTINGPOLICIESIncome 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 6.1 (CONTINUED)INCOME TAXIncome tax expenses2022 2021Other Total Other Total Income comprehensive comprehensive Income comprehensive comprehensive DKK millionstatementincomeincomestatementincomeincomeTax for the year can be specified as followsCurrent tax 2,205 -25 2,180 2,402 -83 2,319Change in deferred tax and non-current tax payables during the year -240 -2 -242 -193 -20 -213Change in deferred tax as a result of change in tax rate 206 - 206 -14 - -14Adjustments to tax for prior years -393 - -393 -41 - -41Total 1,778 -27 1,751 2,154 -103 2,051Tax recognised in other comprehensive income2022 2021Recognised Tax income/ Recognised Tax income/ DKK millionitem before taxexpense After taxitem before taxexpense After taxForeign exchange adjustments 3,926 - 3,926 -3,307 - -3,307Hedging instruments 759 -100 659 323 -83 240Retirement benefit obligations -586 73 -513 -578 -20 -598Share of other comprehensive income in associates - - - -10 - -10Total 4,099 -27 4,072 -3,572 -103 -3,675SECTION 6.2TAX ASSETS AND LIABILITIESOf the total deferred tax assets recognised, DKK 285m (2021: DKK 43m) 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\u2019s opinion that these tax losses carried forward can be utilised within a foreseeable future. Tax assets not recognised of DKK 1,123m (2021: DKK 1,373m) primarily relates to tax losses that are not expected to be utilised in a foreseeable future. Of these, tax losses that will not expire amounted to DKK 932m (2021: DKK 1,042m). Tax losses of DKK 342m (2021: DKK 331m) can only be carried forward for a limited number of years.Deferred tax of DKK 23m (2021: DKK 39m) has been recognised in respect of future dividend distributions. Distribution of reserves for other subsidiaries will not trigger a significant tax liability based on current tax legislation.Changes in deferred tax and non-current tax payables for the year amounted to DKK 240m (2021: DKK 193m), in addition to Russian tax liabilities being reclassified to disposal group held for sale. Changes to non-current tax assets and liabilitiesDKK million 2022 2021Tax assets and liabilities at 1 January, net 4,428 4,498Tax assets and liabilities, net reclassified to disposal group held for sale -1,645 -Adjustments to prior years 290 -34Acquisition of entities - 172Recognised in other comprehensive income -2 -20Recognised in the income statement, net continuing operations -240 -193Recognised in the income statement, net discontinuing operations - 42Change in tax rate 206 -14Foreign exchange adjustments 73 -23Tax assets and liabilities at 31 December, net 3,110 4,428Recognised as followsTax liabilities 4,841 6,350Tax assets -1,731 -1,922Tax assets and liabilities at 31 December, net 3,110 4,428Specification of deferred taxDeferred tax assetsDeferred tax liabilitiesDKK million 2022 2021 2022 2021Intangible assets 253 519 1,956 3,451Property, plant and equipment 139 220 1,041 1,635Current assets 1,000 453 46 19Provisions and retirement benefit obligations 518 2,395 2,509 2,942Fair value adjustments 39 34 17 45Tax losses 285 43 - -Other 250 - 25 -Total before offset 2,484 3,664 5,594 8,092Offset -753 -1,742 -753 -1,742Deferred tax assets and liabilities at 31 December 1,731 1,922 4,841 6,350Expected to be used as followsWithin one year 890 1,097 515 835After more than one year 841 825 4,326 5,515Total 1,731 1,922 4,841 6,350ACCOUNTING ESTIMATESAND JUDGEMENTSThe Group recognises deferred tax assets, including the expected tax value of tax loss 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 makes assessments on uncertain tax positions to ensure recognition and measurement of tax assets and liabilities. ACCOUNTINGPOLICIESCurrent tax payable and receivable are recognised in the statement of financial position as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account respectively.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 is recognised on expected dividend payments from subsidiaries and associates in countries levying withholding tax on distributions. Deferred tax assets related to tax loss carried forward are recognised under other non-current assets 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.STAFF COSTS ANDREMUNERATIONRussian operations held for sale More than 8,000 employees will leave the Group when the divestment completes as expected in 2023.PensionsDefined benefit obligations were affected by higher discount rates across markets.EMPLOYEES BY SEGMENT (%) 2022 (2021)Western Europe 26% (26%)Asia 36% (36%)Central & Eastern Europe 15% (15%)Russian operations held for sale 21% (21%)Other 2% (2%)EMPLOYEES BY FUNCTION (%)2022 (2021)Production 28% (28%)Sales & Distribution 44% (43%)Administration 7% (8%)Russian operations held for sale 21% (21%)SECTION 7.1STAFF COSTSStaff costs increased in 2022, impacted by currencies and merit increases.Staff costsDKK million 2022 2021Salaries and other remuneration 9,430 8,531Severance payments 57 81Social security costs 1,453 1,287Retirement benefit costs \u2013 defined contribution plans 391 335Retirement benefit costs \u2013 defined benefit plans 181 188Share-based payments 97 82Other employee benefits 113 93Total 11,722 10,597Of which:Continuing operations 10,388 9,593Discontinued operations 1,334 1,004Total 11,722 10,597Staff costs are included in the following line items in the income statementCost of sales 2,911 2,651Sales and distribution expenses 5,150 4,859Administrative expenses 2,132 1,905Other operating activities, net 95 118Financial expenses (pensions) 38 39Special items (restructurings) 62 21Net result from Russian operations held for sale 1,334 1,004Total 11,722 10,597Average number of employees, continuing operations 30,834 31,058Average number of employees, discontinued operations 8,072 8,317Average number of employees 38,906 39,375SECTION 7.2REMUNERATIONThe remuneration of the Supervisory Board, the executive directors and key management personnel is described in detail in the Remuneration Report.The remuneration of key management personnel increased in 2022, primarily because of the impact of better performance on the KPIs measured in long-term incentive programmes and changes to the composition of the Executive Committee. In 2022, the Supervisory Board received total remuneration of DKK 10.36m (2021: DKK 10.05m), comprising fixed salary only.All elements except for share-based payments are classified as short-term employee benefits. Share-based payments are classified as long-term employee benefits.RemunerationKey management Executive directors\u00b9personnelDKK million 2022 2021 2022 2021Fixed salary 21.0 20.7 28.8 29.1Cash bonus 19.4 20.7 28.7 30.1Other benefits 1.1 1.1 7.9 6.0Severance payments - - 7.5 3.4Remuneration settled in cash 41.5 42.5 72.9 68.6Non-monetary benefits 0.4 0.4 0.2 3.1Share-based payments 28.0 31.1 9.5 3.5Remuneration, non-monetary and share-based 28.4 31.5 9.7 6.6Total cash and non-cash 69.9 74.0 82.6 75.2\u00b9 Executive directors consist of Cees 't Hart and Heine Dalsgaard. Heine Dalsgaard resigned as CFO on 31 December 2022.ACCOUNTINGPOLICIESStaff 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 7.3SHARE-BASED PAYMENTSThe Group has set up share-based incentive programmes to attract, retain and motivate the Group\u2019s 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 two types of share-based payment: share options and performance shares. Share options entitle the holder to purchase class B shares in Carlsberg A/S at a predetermined price after completing three years of service. Share options are exercisable for five years.Entitlement to performance shares also 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 SHARESThe 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 2022, 160 employees (2021: 178 employees) across the Group were awarded performance shares.Vesting is subject to achievement of four KPIs: total shareholder return, adjusted EPS growth, organic revenue growth and growth in ROIC. The average share price at vesting was DKK 1,086 (2021: DKK 976). The average contractual life at the end of 2022 was 1.2 years (2021: 1.2 years). SECTION 7.3 (CONTINUED)SHARE-BASED PAYMENTSShare optionsNo share options have been granted since 2016. All outstanding options at 1 January were exercised during the year. The average share price at exercise was DKK 1,063.Share option disclosuresDKK million 2022 2021Fair value at 31 December - 70Performance sharesKey Other Executive management management directorspersonnelpersonnel Total31 December 2020 142,612 54,551 279,341 476,504Granted 50,805 15,800 126,068 192,673Forfeited/adjusted/transferred -13,027 -13,202 -84,575 -110,804Exercised/settled -44,212 -17,022 -85,048 -146,28231 December 2021 136,178 40,127 235,786 412,091Granted 33,753 20,071 109,528 163,352Forfeited/adjusted/transferred -7,263 -1,028 -16,460 -24,751Exercised/settled -45,999 -11,743 -83,898 -141,64031 December 2022 116,669 47,427 244,956 409,052Performance share disclosuresDKK million 2022 2021Fair value at grant date 88 110Cost of shares granted in the year 25 34Total cost of performance shares 97 82Cost not yet recognised 150 147Fair value at 31 December 306 454Key informationPerformance shares2022 2021AssumptionsExpected volatility 24.0% 23.3%/23.7%Risk-free interest rate 0.0% 0.0% Expected dividend yield 0.0/2.4% 0.0/2.2%Expected life, years 3.0 3.0Fair value at measurement date DKK 404-987 DKK 512-961Share optionsExercise price NumberFixed, Other weighted Executive management averagedirectorspersonnelTotal31 December 2020 518 114,984 - 114,98431 December 2021 518 114,984 - 114,984Exercised 518 -114,984 - -114,98431 December 2022 - - - -ACCOUNTING ESTIMATESAND JUDGEMENTSThe volatility of performance shares is based on the historical volatility of the price of Carlsberg A/S\u2019 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\u2019 class B shares on Nasdaq Copenhagen during the first five trading days after publication of Carlsberg A/S\u2019 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.ACCOUNTINGPOLICIESThe 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 other conditions, taking into account the terms and conditions upon which the performance shares were granted.On initial recognition of performance shares, an estimate is made of the number of awards expected to vest and subsequently revised for any changes. Accordingly, recognition is based on the number of awards that ultimately vest.SECTION 7.4RETIREMENT BENEFIT OBLIGATIONS AND SIMILAR OBLIGATIONSA 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 and salaries and length of employment.Retirement benefit obligations cover both present and future retirees\u2019 entitlement to retirement benefits.DEFINED CONTRIBUTION PLANSA defined contribution plan is a post-employment benefit plan under which the Group pays contributions to a separate independent company. The Group\u2019s legal or constructive obligation is limited to the contributions. In 2022, 68% (2021: 64%) of the Group\u2019s retirement benefit costs related to defined contribution plans. The expense recognised in relation to these contributions was DKK 391m (2021: DKK 335m).DEFINED BENEFIT PLANSA 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 42% and 44% respectively (2021: 50% and 38%), while the eurozone countries represented 5% (2021: 5%) of the gross obligation at 31 December 2022.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 based on a quoted market price. In some countries, primarily Germany, Sweden and China, the obligation is unfunded. The retirement benefit obligations for these unfunded plans amounted to DKK 1,180m (2021: DKK 1,562m) or 12% (2021: 11%) of the gross obligation.In 2022, the Group\u2019s obligation, net, on defined benefit plans decreased by DKK 788m compared with 2021. The change was primarily driven by changes in the actuarial assumptions in the UK, Sweden and Germany, partly offset by the effect of the asset ceiling in Switzerland, DKK 569m.Obligation, net2022 2021Present Fair value Present Fair value value of of plan Obligation,value of of plan Obligation,DKK millionobligationassetsnetobligationassetsnetObligation at 1 January 13,851 11,506 2,345 13,588 10,654 2,934Recognised in the income statement\u00b9Current service cost 192 - 192 183 - 183Past service cost -11 - -11 5 - 5Net interest on the net defined benefit obligation (asset) 158 120 38 138 99 39Total 339 120 219 326 99 227RemeasurementsGain/loss from changes in demographic assumptions -89 - -89 -29 - -29Gain/loss from changes in financial assumptions -3,823 -2,757 -1,066 -114 564 -678Asset ceiling - -569 569 - -129 129Total -3,912 -3,326 -586 -143 435 -578Other changesContributions to plans - 242 -242 - 253 -253Benefits paid -760 -681 -79 -685 -596 -89Acquisition and disposal of entities, net - - - -5 - -5Transferred to disposal group held for sale -6 - -6 - - -Foreign exchange adjustments etc. 15 109 -94 770 661 109Total -751 -330 -421 80 318 -238Obligation at 31 December 9,527 7,970 1,557 13,851 11,506 2,345\u00b9 The total return on plan assets for the year amounted to DKK -2,637m (2021: DKK 663m).SECTION 7.4 (CONTINUED)RETIREMENT BENEFIT OBLIGATIONS AND SIMILAR OBLIGATIONSThe Group has a triennial valuation process to agree on any future funding arrangements. The most recent one was completed in 2020. The Group expects to contribute DKK 109m (2021: DKK 80m) to the plan assets in 2023, which is in line with the agreed funding arrangement, under which the Group will contribute DKK 402m up to 2026. Plan assets do not include shares in the Group or properties used by Group companies.The actuarial gain and foreign exchange adjustment recognised in other comprehensive income amounted to DKK 543m (2021: DKK 421m), comprising a foreign exchange adjustment of DKK -43m and a net actuarial gain of DKK 586m.The accumulated actuarial loss and foreign exchange adjustment recognised at 31 December 2022 was DKK 2,322m (2021: DKK\ue7fe2,865m), with actuarial net losses of DKK\ue7fe2,566m (2021: DKK 3,152m).Assumptions appliedIn 2022, the discount rate used for the defined benefit plans in Western Europe was determined by reference to market yields on 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_Middle tables for post-retirement, while the Swiss entities use BVG 2020 for valuation of their retirement benefit obligations.Sensitivity analysisThe 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 durationDefined benefit obligations are primarily expected to mature after five years. The expected duration of the obligations at year-end 2022 was 13 years. The duration is calculated using a weighted average of the duration divided by the obligation.Breakdown of plan assets2022 2021DKKDKKmillion %million %Shares 970 12 1,345 12 Bonds and other securities 4,685 59 7,485 65 Real estate 2,122 27 2,088 18 Cash and cash equivalents 193 2 588 5 Total 7,970 100 11,506 100 Assumptions appliedWeighted2022 CHF UK EUR OtheraverageDiscount rate 2.3% 5.0% 1.5 - 3.8% 3.8% 3.7%Growth in wages and salaries 1.2% 3.6% 0.2 - 4.5% 2.5% 2.5%2021Discount rate 0.3% 1.8% 0.3 - 0.9% 2.1% 1.2%Growth in wages and salaries 1.0% 2.5% 0.2 - 2.8% 2.6% 1.9%Sensitivity analysis2022 2021DKK million +0.5% -0.5 % +0.5% -0.5 %Discount rate -541 597 -1,097 1,251Growth in wages and salaries 23 -19 81 -73+1 year -1 year +1 year -1 yearMortality 265 -282 522 -520Maturity of retirement benefit obligationsDKK million < 1 year 1-5 years > 5 years Total2022 585 2,570 6,372 9,5272021 731 2,921 10,199 13,851SECTION 7.4 (CONTINUED)RETIREMENT BENEFIT OBLIGATIONS AND SIMILAR OBLIGATIONSACCOUNTING ESTIMATESAND JUDGEMENTSThe value of the Group\u2019s 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\u2019s 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.ACCOUNTINGPOLICIESContributions 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\u2019s 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.OTHER DISCLOSUREREQUIREMENTS7,785mProfit attributable to shareholders in Carlsberg A/S, adjusted for special items after tax and net result from Russian operations held for sale (DKK).69.3Earnings per share, adjusted for special items after tax (DKK).SECTION 8.1EARNINGS PER SHAREDuring 2022, the Group repurchased a total of 4.8m B shares under the share buy-back programme. The share buy-back programme decreased the average number of shares by 4.0m, which in turn increased adjusted earnings per share by DKK 1.4. The adjustment for special items after tax increased adjusted earnings per share by DKK 5.5.For all share-based incentive instruments, the average market price of Carlsberg B shares exceeded the exercise price and the fair value at the grant date. As a result, diluted earnings per share included all share-based incentive instruments that could potentially dilute earnings in the future.Earnings per shareDKK 2022 2021Earnings per share of DKK 20 (EPS) -7.6 47.6 Continuing operations 50.1 49.6 Russian operations held for sale -57.7 -2.0 Diluted earnings per share of DKK 20 (EPS-D) -7.6 47.4 Continuing operations 50.0 49.4 Russian operations held for sale -57.6 -2.0 Earnings per share, adjusted (EPS-A) 69.3 48.3 Continuing operations 55.7 44.9 Russian operations held for sale 13.6 3.4 Average number of shares1,000 sharesAverage number of issued shares 142,527 146,067 Average number of treasury shares -2,692 -2,219 Average number of shares 139,835 143,848 Average dilutive effect of share-based incentives 368 451 Diluted average number of shares 140,203 144,299 Profit attributable to shareholdersDKK millionProfit for the period 108 8,009 Non-controlling interests -1,171 -1,163 Profit attributable to shareholders in Carlsberg A/S (net profit) -1,063 6,846 Special items after tax in continuing operations and Russian operations held for sale 10,757 97 Profit attributable to shareholders in Carlsberg A/S, adjusted 9,694 6,943 Net result from Russian operations held for sale adjusted for special items after tax -1,909 -481 Profit attributable to shareholders in Carlsberg A/S, adjusted, continuing operations 7,785 6,462 SECTION 8.2FEES TO AUDITORSFees to auditors appointed by the Annual General MeetingDKK million 2022 2021PwC, including network firmsStatutory audit 25 23Assurance engagements 1 1Tax advisory 8 2Other services 2 2Total 36 28Fees for services other than the statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, amounted to DKK 1m (2021: DKK 1m). This includes other assurance opinions and agreed-upon procedures as well as accounting advice. SECTION 8.3RELATED PARTIESRELATED PARTIES EXERCISING CONTROLThe Carlsberg Foundation, H.C. Andersens Boulevard 35, 1553 Copenhagen V, Denmark, exercises control over Carlsberg A/S. The Foundation holds 29.2% of the shares and 76.2% of the voting power in Carlsberg A/S, excluding treasury shares.The following transactions took place between the Carlsberg Foundation and the Group in 2022:The Carlsberg Foundation received a dividend of DKK 24.00 per share from Carlsberg A/S, the same as every other shareholder. The dividend received amounted to DKK 1,023m.Through its pro-rata participation in the share buy-back programme, the Carlsberg Foundation sold B shares to Carlsberg A/S at a fair value of DKK 1,334m. The Foundation thereby reduced its shareholding to 29.2% at 31 December 2022 (2021: 29.5%). The shares were sold at the average weekly share buy-back market prices.FUNDING AND GRANTSCarlsberg A/S received statutory grants and further funding from the Carlsberg Foundation, DKK 69m, for the basic research and development activities at the Carlsberg Research Laboratory (2021: DKK 56m). Of the total grants, DKK 22m (2021: DKK 18m) was deferred to be used for research projects in the future.In 2022, the Carlsberg Foundation contributed an additional amount of DKK 30m to support the rebuilding of the Carlsberg Visitor Centre initiated in 2021. The purpose of the rebuild is to better showcase Carlsberg\u2019s rich history and value creation. OTHER ACTIVITIESVisit Carlsberg A/S, a 100% owned subsidiary of the Carlsberg Group, hosted and administered events at the Carlsberg Academy, which is owned by the Carlsberg Foundation, at a value of DKK 1m.The Group\u2019s delivery of beer and soft drinks to the Carlsberg Foundation is charged at ordinary listing price minus a discount. In 2022, the deliveries amounted to DKK 0.3m (total sales of goods) (2021: DKK 0.2m).Carlsberg A/S leases parking spaces from the Carlsberg Foundation to provide parking for employees at the Carlsberg Research Laboratory and Visit Carlsberg. Furthermore, Carlsberg Breweries A/S leases storage facilities in the researcher apartments. These lease agreements are with subsidiaries of the Foundation. The two annual lease payments amount to DKK 0.2m and the leases are on market terms.It is estimated that the benefit for 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 PARTIESRelated parties also comprise Carlsberg A/S\u2019 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 of the consolidated financial statements. The income statement and the statement of financial position include the following transactionsDKK million 2022 2021AssociatesRevenue 19 76Cost of sales -712 -817Sales expenses -9 -11Interest income 27 14Loans 277 242Receivables 394 226Trade payables and other liabilities -49 -36SECTION 8.4EVENTS AFTER THE REPORTING PERIODOn 6 February 2023, the valuers appointed to perform the put option valuation for the 33% shareholding in CSAPL released a put option valuation certificate stating a value of USD 744m (DKK 5,188m), cf. section 5.4. CSAPLH has on 6 February, issued a formal put notice to sell its 33% shareholding in CSAPL to the Group at the put option valuation amount.Apart from the events recognised or disclosed in the consolidated financial statements, no events have occurred after the reporting period of importance to the consolidated financial statements.BASIS FOR PREPARATIONSECTION 9.1SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTSThe 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\u2019s 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 nature, are associated with uncertainty and unpredictability and may therefore prove incomplete or incorrect.Areas involving significant estimates and judgements:Receivables Section 1Impairment testing, useful life and Section 2residual valueRestructurings, provisions and Section 3contingenciesDiscontinued operations and Section 5disposal group held for saleAcquisitions and disposals, including Section 5contingent considerationsTax assets and liabilities Section 6Defined benefit obligations Section 7OtherIn 2022, the Group adjusted an error in the share of equity attributable to non-controlling interests. The error related to elimination of investments in subsidiaries. The adjustment reduced non-controlling interests\u2019 share of equity by DKK 1.4bn with a corresponding increase in the share of equity attributed to the shareholders in Carlsberg A/S. The adjustment was included in the opening balance of equity for 2021, and the comparative figures have been restated accordingly.SECTION 9.2GENERAL ACCOUNTING POLICIESThe Group\u2019s consolidated financial statements for 2022 have been prepared in accordance with IFRS 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\u2019s functional currency, and all values are rounded to the nearest DKK million, except when otherwise stated. The accounting policies set out below have been used consistently in respect of the financial year and the comparative figures.DEFINING MATERIALITYSignificant 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\u2019s business model, including research, real estate and geographical diversity, are also presented individually in the financial statements.The consolidated financial statements are prepared as a consolidation of the financial statements of the Parent Company, Carlsberg A/S, and its subsidiaries according to the Group\u2019s 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 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 SECTION 9.2 (CONTINUED)GENERAL ACCOUNTING POLICIESwith associates are eliminated in proportion to the Group\u2019s 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\u2019 share of subsidiaries\u2019 profit/loss for the year and of equity is included in the Group\u2019s 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 usedfor the reporting entity\u2019s 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 STATEMENTThe presentation of the Group\u2019s income statement is based on the internal reporting structure, as IFRS does 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\u2019s financial performance.CASH FLOWCash 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 MEASURESThe Group uses certain additional financial measures to provide management, investors and investment analysts with additional measures to evaluate and analyse the Company\u2019s results. These non-IFRS financial measures are defined and calculated by the Group and therefore may not be comparable with other companies\u2019 measures.The non-IFRS financial measures disclosed in the Annual Report are:\u2022 Earnings per share, adjusted, and payout ratio, adjusted\u2022 Organic developmentThe Danish Finance Society does not acknowledge use of special items and states that adjustments of tax should be based on the marginal tax rate. When calculating financial measures, the Group uses operating profit before special items as well as the effective tax rate for measures adjusted for tax.Other financial ratios are calculated in accordance with the Danish Finance Society\u2019s online guidelines on the calculation of financial ratios, \u201cRecommendations and Financial Ratios\u201d, unless specifically stated.SECTION 9.2 (CONTINUED)GENERAL ACCOUNTING POLICIES9.2.1 REPORTING UNDER THE ESEF REGULATIONThe Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU-regulated markets.The combination of XHTML format and iXBRL tags enables the annual financial reports to be read by both humans and machines, thus enhancing accessibility, analysis and comparability of the information included in the annual financial reports.The Group\u2019s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and has been developed based on the IFRS taxonomy published by the IFRS Foundation.The line items in the consolidated financial statements are tagged to elements in the ESEF taxonomy. For financial line items that are not directly defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions that are subtotals.The annual report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file Carlsberg-2022-12-31-en.zip.Key definitionsXHTML (eXtensible HyperText Markup Language) is a text-based language used to structure and mark up content such as text, images and hyperlinks in documents that are displayed in a web browser.iXBRL tags (or Inline XBRL tags) are hidden metainformation embedded in the source code of an XHTML document that enables the conversion of XHTML-formatted information into a machine-readable XBRL data record using appropriate software. A financial reporting taxonomy is an electronic dictionary of business reporting elements used to report business data. A taxonomy element is an element defined in a taxonomy that is used for the machine-readable labelling of information in an XBRL data record.SECTION 9.2 (CONTINUED)GENERALACCOUNTINGPOLICIESGlossary and calculation of key figures and financial ratios disclosed in the Annual ReportFINANCIAL RATIOSGross margin Gross profit as a percentage of revenue.1EBITDA marginOperating profit before depreciation, amortisation and impairment losses as a percentage of revenue.1Operating margin Operating profit before special items as a percentage of revenue.1Return on invested capital (ROIC) Operating profit before special items adjusted for tax as a percentage of 2average invested capital calculated as a 12-month rolling average (MAT).1Return on invested capital excluding Operating profit before special items adjusted for tax as a percentage of 2 goodwill (ROIC excl. goodwill)average invested capitalexcluding goodwill calculated as a 12-month rolling average (MAT).1Effective tax rateIncome tax as a percentage of profit before tax.13NIBD/EBITDANet interest-bearing debt divided by operating profit before depreciation, amortisation and impairment losses.STOCK MARKET RATIOSEarnings per share (EPS) Profit for the period, excluding non-controlling interests, divided by the average number of shares.Earnings per share, diluted (EPS-D) Profit for the period, excluding non-controlling interests, divided by the average number of shares, fully diluted for share options and performance shares in the money.1Earnings per share, adjusted (EPS-A) Profit for the period adjusted for special items after tax, excluding non-controlling interests and special items after tax in the Russian operations held for sale, divided by the average number of shares.1EPS-A, continuing operations Profit for the period adjusted for special items after tax, excluding non-controlling interests and net result from Russian operations held for sale, divided by the average number of shares.1Free cash flow per share (FCFPS)Free cash flow\u2074 divided by the average number of shares, fully diluted for share options and performance shares in the money.STOCK MARKET RATIOS (CONTINUED)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 1percentage of consolidated profit, adjusted for special items after tax, excluding non-controlling interests.Market capitalisation Number of shares at year-end multiplied by the share price.Average number of issued shares Number of issued shares as an average for the year.Average number of shares Number of issued shares, excluding treasury shares, as an average for the year.Number of shares at year-end Total number of issued shares, excluding treasury shares, at year-end.GLOSSARY1EBITDAExpression used for operating profit before depreciation, amortisation and impairment losses.1Leverage ratioExpression used for NIBD/EBITDA.NCI Abbreviation for non-controlling interests.OCI Abbreviation for other comprehensive income.Off-trade Expression used for sale of beverages for consumption off the premises (e.g. retailers).On-trade Expression used for sale of beverages for consumption on the premises (e.g. restaurants, hotels and bars).1Operating profit Expression used for operating profit before special items.1Organic developmentMeasure of growth excluding the impact of acquisitions, divestments and foreign exchange from year-on-year comparisons.1VolumesThe Group\u2019s sale of beverages in consolidated entities and sale of the Group\u2019s products under licence agreements.1 This key figure, ratio or elements thereof are not defined or deviate from the definitions of the Danish Finance Society.\u00b2 The calculation of invested capital is specified in section 2.1.\u00b3 The calculation of net interest-bearing debt is specified in section 4.2.4 The calculation of free cash flow is specified in the statement of cash flows.SECTION 9.3CHANGES IN ACCOUNTING POLICIESCHANGED ACCOUNTING POLICIES AND CLASSIFICATION IN THE ANNUAL REPORT 2022The Annual Report 2022 has been prepared using the same accounting policies for recognition and measurement as those applied to the consolidated financial statements for 2021, except for the following Amendments that were adopted as of 1 January 2022: \u2022 Amendments to IFRS 3 \u201cBusiness Combinations\u201d\u2022 Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d \u2022 Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d \u2022 Annual Improvements to IFRS Standards 2018-2020 (IFRS 1, IFRS 9, IFRS 16 and IAS 41)These Amendments had no impact on the Group\u2019s accounting policies, as they cover areas that are not material and/or relevant for the Group or do not change the accounting policies applied in 2022.SECTION 9.4NEW LEGISLATIONNEW AND AMENDED IFRS STANDARDS The following Amendments to IFRS became effective as of 1 January 2023:\u2022 Amendment to IAS 1 \u201cPresentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies\u201d \u2022 Amendment to IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors:Definition of Accounting Estimates\u201d\u2022 Amendments to IAS 12 \u201cIncome Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u201d\u2022 Amendments to IFRS 17 \u201cInsurance Contracts\u201d and \u201cInitial application of IFRS 17\" and IFRS 9 \u201cComparative Information\u201d The implemented Amendments are not expected to have any significant impact on the financials or the Group\u2019s accounting policies, as they cover areas that are not material and/or relevant for the Group or do not change the accounting policies applied in 2022.NEW AND AMENDED IFRS STANDARDS AND INTERPRETATIONS NOT YET ADOPTED BY THE EUThe following Amendments, which will become effective in future years, have been issued but not yet adopted by the EU:\u2022 Amendments to IAS 1 \u201cPresentation of Financial Statements: Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date and Non-current Liabilities with Covenants\u201d\u2022 Amendment to IFRS 16 \u201cLeases: Lease Liability in a Sale and Leaseback\u201dThe amendments are not mandatory for the financial reporting for 2022. The Group expects to adopt the amendments when they become mandatory.GROUP COMPANIESThis 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 shareholders of Carlsberg A/S in the consolidated financial statements.Parent Place of Number of direct Consolidated incorporation NotesubsidiariesownershipownershipParent Carlsberg Breweries A/S Denmark 3 100% 100%Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipCarlsberg Deutschland GmbH Germany 6 100% 100%Western EuropeDuckstein GmbH Germany 100% 100%Carlsberg Danmark A/S Denmark 100% 100%Holzmarkt Beteiligungsgesellschaft mbH Germany 100% 100%Carlsberg Supply Company Danmark A/S Denmark 100% 100%Holsten-Brauerei AG Germany 100% 100%Carlsberg Sweden Holding 2 AB Sweden 100% 100%Carlsberg Supply Company Deutschland GmbH Germany 100% 100%Carlsberg Sverige AB Sweden 100% 100%Carlsberg Supply Company Polska SA Poland 100% 100%Carlsberg Supply Company Sverige AB Sweden 100% 100%Carlsberg Polska Sp. z o.o. Poland 100% 100%Ringnes Norge AS Norway 1 100% 100%Carlsberg UK Holdings Limited UK 3 100% 100%Ringnes AS Norway 100% 100%Carlsberg Marston's Limited UK 1 60% 60%Ringnes Brygghus AS Norway 100% 100%Carlsberg Marston's Brewing Company Ltd. UK 100% 60%Solo AS Norway 91% 91%Marston's Beer Company Limited UK 100% 60%Ringnes Supply Company AS Norway 100% 100%CMBC Supply Limited UK 100% 60%Ringnes Farris Eiendom AS Norway 100% 100%LF Brewery Holdings Limited UK 1 100% 60%Ringnes Imsdal Eiendom AS Norway 100% 100%Emeraude S.A.S. France 7 100% 100%Ringnes Administrasjon Eiendom AS Norway 100% 100%Kronenbourg S.A.S. France 1 100% 100%Ringnes Gjeller\u00e5sen Eiendom AS Norway 100% 100%Kronenbourg Supply Company S.A.S. France 100% 100%Oy Sinebrychoff Ab Finland 100% 100%Kronenbourg Breweries Canada Inc. Canada 100% 100%Sinebrychoff Supply Company Oy Finland 100% 100%Fondation Kronenbourg France 100% 100%Carlsberg Deutschland Holding GmbH Germany 100% 100%S.A.S. Onyx France 100% 100%Holzmarkt Brewing Company GmbH Germany 100% 100%Feldschl\u00f6sschen Getr\u00e4nke Holding AG Switzerland 3 100% 100%Carlsberg Deutschland Logistik GmbH Germany 100% 100%Feldschl\u00f6sschen Getr\u00e4nke AG Switzerland 100% 100%Tuborg Deutschland GmbH Germany 100% 100%Schlossgarten Gastronomie AG Switzerland 100% 100%Parent Parent Place of Number of direct Consolidated Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipAsiaincorporation NotesubsidiariesownershipownershipSB Swiss Beverage AG Switzerland 100% 100%Carlsberg Brewery Malaysia Berhad Malaysia A 51% 51%Feldschl\u00f6sschen Supply Company AG Switzerland 100% 100%Carlsberg Marketing Sdn BHD Malaysia 100% 51%Carlsberg Supply Company AG Switzerland 100% 100%Euro Distributors Sdn BHD Malaysia 100% 51%Nya Carnegiebryggeriet AB Sweden 100% 100%Carlsberg Singapore Pte Ltd Singapore 100% 51%E.C. Dahls Bryggeri AS Norway 100% 100%Maybev Pte Ltd Singapore C 51% 26%Monster the Cat GmbH Switzerland 100% 100%Carlsberg South Asia Pte Ltd Singapore D 67% 100%Grimbergen Abbey Brewery Belgium 100% 100%South Asian Breweries Pte. Ltd Singapore D 100% 100%Zatecky Pivovar spol. S.r.o. Czechia 100% 100%Carlsberg India Pvt. Ltd India D 100% 100%Gorkha Brewery Pvt. Ltd Nepal D, E, F 90% 90%G.B. Marketing Pvt Ltd Nepal D, F 100% 90%Parent Place of Number of direct Consolidated Carlsberg Vietnam Trading Co. Ltd Vietnam 100% 100%Asiaincorporation NotesubsidiariesownershipownershipCarlsberg Vietnam Breweries Ltd Vietnam 100% 100%Carlsberg Supply Company Asia Ltd Hong Kong 100% 100%Paduak Holding Pte. Ltd Singapore 100% 100%Carlsberg Asia Pte Ltd Singapore 100% 100%Caretech Limited Hong Kong 100% 100%Carlsberg Brewery Hong Kong Ltd Hong Kong 100% 100%Cambrew Limited Cambodia 2 100% 100%Guangzhou Carlsberg Consultancy and Cambrew Properties Ltd Cambodia 100% 100%Management Services Co. Ltd China 100% 100%Angkor Beverage Co Ltd Cambodia 100% 100%Chongqing Brewery Co., Ltd China A 60% 60%CB Distribution Co., Ltd Thailand 100% 100%Carlsberg Chongqing Breweries Company A Listed company.Limited China B 8 51% 79%B Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou Kunming Huashi Brewery Company Carlsberg Consultancy and Management Services Co Ltd (49%), resulting in a consolidated ownership of 79%.Limited China 100% 79%C Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia Carlsberg (China) Breweries and Berhad (51%), resulting in a consolidated ownership of 26%.Trading Company Limited China 100% 79%D The Group owns 67% of Carlsberg South Asia Pte Ltd, which is the holding company of South Asian Breweries Carlsberg Brewery (Guangdong) Ltd China 99% 79%Pte. Ltd, Carlsberg India Pvt. Ltd and Gorkha Brewery Pvt. Ltd (Nepal). The consolidation percentage of Carlsberg Xinjiang Wusu Breweries Co., Ltd China 5 100% 79%South Asia Pte Ltd is 100% due to a written put option.Ningxia Xixia Jianiang Brewery Limited China 70% 56%E The Group has the legal and contractual rights of a majority shareholder in Gorkha Brewery Pvt. Ltd, but does not Carlsberg Beer Enterprise Management consolidate the company and its subsidiary for accounting purposes, cf. section 5.3.(Chongqing) Company Limited China 100% 79%F Company not audited by PwC.Carlsberg Brewery (Anhui) Company Ltd China 75% 60%Carlsberg Tianmuhu Brewery (Jiangsu) Company Ltd China 100% 79%Lao Brewery Co. Ltd Laos 61% 61%Carlsberg Korea Ltd. South Korea 100% 100%Parent Parent Place of Number of direct Consolidated Place of Number of direct Consolidated Central & Eastern Europeincorporation NotesubsidiariesownershipownershipNon-beverageincorporation NotesubsidiariesownershipownershipBaltika Breweries LLC Russia F, G, H 3 100% 100%Barley 1 A/S Denmark 100% 100%Carlsberg Azerbaijan LLC Azerbaijan 100% 100%Carlsberg Ejendomme Holding A/S Denmark 100% 100%Baku Piva JSC Azerbaijan 91% 91%Parent Hoppy Union LLC Russia F, G, H 100% 100%Place of Number of direct Consolidated Konix Brewery LLC Russia F, G, I 75% 100%Associatesincorporation NotesubsidiariesownershipownershipCarlsberg Kazakhstan Ltd Kazakhstan K 90% 100%Udviklingsselskabet Carlsberg Byen P/S Denmark F 88 25% 25%Baltic Beverages Invest AB Sweden H 100% 100%Sinergie Proattive Srl Italy 36% 36%PJSC Carlsberg Ukraine Ukraine 1 100% 100%Viacer S.G.P.S., Lda Portugal M 29% 29%Baltic Beverages Holding AB Sweden 100% 100%Super Bock Group, S.G.P.S., S.A. Portugal M 11 56% 60%Carlsberg Serbia Ltd Serbia 100% 100%Serviced Dispense Equipment (Holdings) Limited UK 2 33% 20%Bosnia and Carlsberg BH d.o.o.Herzegovina 100% 100%Nuuk Imeq A/S Greenland F 32% 32%Carlsberg Montenegro d.o.o. Montenegro 100% 100%Chongqing Jiawei Beer Co. Ltd China 33% 26%Carlsberg Croatia d.o.o. Croatia 100% 100%Lanzhou Huanghe Jianiang Brewery Company Limited China 50% 50%Carlsberg Bulgaria AD Bulgaria 100% 100%Qinghai Huanghe Jianiang Brewery Company Ltd China 50% 50%OJSC Brewery Alivaria Belarus F, I 78% 89%Jiuquan West Brewery Company Limited China 50% 50%Carlsberg Italia S.p.A. Italy 100% 100%Carlsberg Horeca Srl Italy 100% 100%Tianshui Huanghe Jianiang Brewery Company Ltd China 50% 50%T&C Italia Srl Italy 100% 100%Capital Brewing Company Ltd Hong Kong 4 49% 49%Olympic Brewery SA Greece 100% 100%Lion Brewery (Ceylon) PLC Sri Lanka A, F, N 25% 13%Hellenic Beverage Company SA Greece 100% 100%Hanoi Beer Alcohol and Beverage Joint Stock Corporation Vietnam F 17% 17%Carlsberg Hungary Kft. Hungary 100% 100%Carlsberg Distributors Taiwan Limited Taiwan 1 50% 50%Saku \u00d6lletehase AS Estonia 100% 100%NCC Crowns Private Limited India 33% 33%Aldaris JSC Latvia 100% 100%Bottlers Nepal Limited Nepal 1 22% 20%Svyturys-Utenos Alus UAB Lithuania H 99% 99%Myanmar Carlsberg Co. Ltd Myanmar F 1 61% 61%CTDD Beer Imports Ltd Canada 100% 100%Carlsberg Canada Inc. Canada 100% 100%G Part of disposal group held for sale.Carlsberg USA Inc. USA 100% 100%H Company owned by Carlsberg Sverige AB.I Consolidated ownership is higher than the legal ownership due to written put options.Parent J A separate annual report is not prepared.Place of Number of direct Consolidated K Carlsberg Kazakhstan Ltd is owned by Carlsberg Sverige AB (90%) and Baltika Brewery LLC (10%), resulting in a Not allocatedincorporation Notesubsidiariesownershipownershipconsolidated ownership of 100%.Carlsberg Finans A/S Denmark L 36% 100%L Carlsberg Finans A/S is owned by Carlsberg Breweries A/S (36%) and Baltika Brewery LLC (64%), resulting in a Carlsberg International A/S Denmark 100% 100%consolidated ownership of 100%.Visit Carlsberg A/S Denmark 100% 100%M Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock) with a 56% Carlsberg Invest A/S Denmark 100% 100%shareholding, with Carlsberg Breweries A/S owning the remaining 44%. In addition, Carlsberg Breweries A/S has a direct Carlsberg Integrated Information Technology A/S Denmark 100% 100%ownership share of 29% in Viacer without exercising control. Therefore, both Viacer and Super Bock are considered Carlsberg Insurance A/S Denmark 100% 100%associates of the Group. The Group's direct and indirect ownership of Super Bock totals 60%.Carlsberg Central Office A/S Denmark 100% 100%N 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 shareholders in Carlsberg A/S.Traitomic A/S Denmark 100% 100%Carlsberg Shared Services Sp. z o.o. Poland 100% 100%",
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"value": "70.3bnREVENUE (DKK)Revenue grew by 16.9% to DKK 70,265m (2021:DKK 60,097m). Revenue was positively impacted by the recovery of the on-trade in many markets in the first part of the year due to fewer restrictions. In addition, revenue was positively impacted by a positive brand mix andprice increases during the year. The negative net acquisition impact was due to the deconsolidation of Gorkha Brewery at the end of 2021.REVENUE DEVELOPMENT (%)7215.6%2.2%7068-0.9%66646260585654FX2021Acq2022OrganicThe positive currency impact related to the Chinese and Swiss currencies, which more than offset the depreciation of the Laotian kip and Ukrainian hryvinia.SECTION 1.2 (CONTINUED)SEGMENTATION OF OPERATIONSREVENUE The Group\u2019s revenue arises primarily from the sale of beverages to its customers.In 2022, total revenue was positively impacted by volume growth and revenue/hl growth across all regions, partly offset by the deconsolidation of Gorkha Brewery. Other revenue by category is sales of products other than beverages that do not drive any volume, such as merchandise, services, by-products etc. In aggregate, other revenue accounts for around 1% of Group total revenue and is therefore not considered material.Not allocated revenue, DKK 16m (2021: DKK 9m), consisted of DKK 733m (2021: DKK 894m) in revenue and DKK -717m (2021: DKK -885m) from eliminations of sales between the geographical segments.The distribution of revenue between beer and other beverages relative to volumes is largely the same across regions.Revenue by categoryDKK million 2022 2021Beer revenue 53,466 46,720Other beverages 15,928 12,705Other revenue 871 672Total revenue 70,265 60,097Revenue and excise dutiesDKK million 2022 2021Revenue, including excise duties 95,147 82,883Excise duties -24,882 -22,786Revenue 70,265 60,097Geographical allocation of revenueDKK million 2022 2021Denmark (Carlsberg A/S\u2019 domicile) 4,487 3,897China 13,781 11,946United Kingdom 7,070 5,965Other countries 44,927 38,289Total 70,265 60,097Group financial performanceChange ChangeVolumes (million hl) 2021 Organic Acq., net FX 2022 ReportedBeer 98.8 4.2% -0.6% - 102.4 3.6% Other beverages 20.4 12.9% -0.1% - 23.0 12.8% Total volume 119.2 5.7% -0.5% - 125.4 5.2% DKK millionRevenue 60,097 15.6% -0.9% 2.2% 70,265 16.9% Operating profit10,129 12.2% -1.0% 2.0% 11,470 13.2% Operating margin (%) 16.9 16.3 -60bpACCOUNTING ESTIMATESAND JUDGEMENTSThe 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 due to 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 a customer should be classified as a discount or a marketing expense. Generally, activities with the individual customer are accounted for as a discount, whereas costs related to broader marketing activities are classified as marketing expenses.SECTION 1.2 (CONTINUED)SEGMENTATION OF OPERATIONSWhether the Group is acting as a principal or an agent is evaluated by management on a country-by-country basis. The Group has concluded that it is the principal in its revenue arrangements because it controls the goods before transferring them to the customer. Excise duties, taxes and feesThe classification of duties, taxes and fees paid to local authorities or brewery organisations etc. requires judgements on the classification to be made by management.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.ACCOUNTINGPOLICIESRevenueRecognition and measurementRevenue 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 sale- 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.Variable considerationThe 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 1.6. 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.",
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"value": "11.5bnOPERATING PROFIT (DKK)Operating expenses increased by 14%, mainly impacted by significantly higher sales and marketing expenses in support of our brands and activities, and higher distribution expenses as a result of the on-trade recovery and higher energy costs. Operating expenses as a percentage of revenue declined by 70bp.Operating profit before depreciation, amortisation and impairment losses (EBITDA) increased by 9.0% to DKK 15,657m. The EBITDA margin declined by 160bp to 22.3%, impacted by the lower gross margin and higher operating expenses.Group operating profit grew by 13.2% to DKK 11,470m, driven by strong growth in Asia and Western Europe, while operating profit in Central & Eastern Europe was up by only 1.1%, impacted by the war in Ukraine.The operating margin declined by 60bp to 16.3%, mainly due to the higher commodity prices and energy costs. OPERATING PROFIT DEVELOPMENT (DKKbn)12.010.08.06.04.02.00.0201820192020202120222018-2020 as reported. 2021-2022 for continuing operations.",
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"pp-value-9-2": {
"value": "Financial items, net, amounted to DKK -725m (2021: DKK -385m). Excluding currency gains and losses, financial items, net, amounted to DKK -506m (2021: DKK -333m). The increase was mainly due to 2021 being positively impacted by the reversal of the previous write-down of the loan to our partner in Carlsberg South Asia Pte Ltd. (CSAPL). Net interest expenses decreased slightly due to lower average funding costs. Financial items are detailed in section 4.1.-725mNET FINANCIAL ITEMS (DKK)Financial items, net, amounted to DKK -725m (2021: DKK -385m). Excluding currency losses and fair value adjustments, financial items, net, amounted to DKK -506m (2021: DKK -333m). The increase was mainly due to 2021 being positively impacted by the reversal of the previous write-down of the loan to our partner in CSAPL.SECTION 4.1FINANCIAL INCOME AND EXPENSESInterest income primarily relates to interest on cash and cash equivalents measured at amortised cost.Foreign exchange losses, net, include fair value adjustments of hedges not designated as hedging instruments and foreign exchange losses. The fair value adjustment of hedges not designated as hedging instruments amounted to DKK -121m (2021: DKK -23m), cf. section 4.8. Financial items in Russian operations held for sale are not included in the financial items, but foreign exchange gains and losses on continuing operations\u2019 RUB-denominated payables and receivables with respect to Russian operations held for sale are included. Foreign exchange losses and fair value adjustments amounted to DKK -219m (2021: DKK -52m).Of the net change in fair value of cash flow hedges transferred to the income statement, DKK 69m (2021: DKK 216m) has been included in revenue and cost of sales, DKK -16m (2021: DKK 4m) in other financial items, and DKK -2m in property, plant and equipment (2021: DKK 0m).FINANCIAL ITEMS, NET (DKKm)-800-600-400-2000201820192020202120222018-2020 as reported. 2021-2022 for continuing operations.Financial items, netFinancial items, net, excl. fair value and FXFinancial items recognised in the income statementDKK million 2022 2021Financial incomeInterest income 220 90Interest on plan assets, defined benefit plans 120 99Reversal of impairments of financial assets - 363Other 7 19Total 347 571Financial expensesInterest expenses -519 -499Capitalised financial expenses 2 4Foreign exchange losses, net -219 -52Interest expenses on obligations, defined benefit plans -158 -138Interest expenses, lease liabilities -23 -13Other -155 -258Total -1,072 -956Financial items, net, recognised in the income statement -725 -385Financial items excluding foreign exchange, net -506 -333Financial items recognised in other comprehensive incomeDKK million 2022 2021Foreign exchange adjustments of foreign entitiesForeign currency translation of foreign entities -3,926 3,124Recycling of cumulative translation differences of entitiesdisposed of, deconsolidated or discontinued from use of equity method - 183Total -3,926 3,307Fair value adjustments of hedging instrumentsChange in fair value of effective portion of cash flow hedges -313 361Change in fair value of cash flow hedges transferred to the income statement and property, plant and equipment -51 -57Change in fair value of net investment hedges -395 -464Total -759 -160Financial items, net, recognised in other comprehensive income -4,685 3,147",
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"pp-value-9-3": {
"value": "Financial items, net, amounted to DKK -725m (2021: DKK -385m). Excluding currency gains and losses, financial items, net, amounted to DKK -506m (2021: DKK -333m). The increase was mainly due to 2021 being positively impacted by the reversal of the previous write-down of the loan to our partner in Carlsberg South Asia Pte Ltd. (CSAPL). Net interest expenses decreased slightly due to lower average funding costs. Financial items are detailed in section 4.1.-725mNET FINANCIAL ITEMS (DKK)Financial items, net, amounted to DKK -725m (2021: DKK -385m). Excluding currency losses and fair value adjustments, financial items, net, amounted to DKK -506m (2021: DKK -333m). The increase was mainly due to 2021 being positively impacted by the reversal of the previous write-down of the loan to our partner in CSAPL.SECTION 4.1FINANCIAL INCOME AND EXPENSESInterest income primarily relates to interest on cash and cash equivalents measured at amortised cost.Foreign exchange losses, net, include fair value adjustments of hedges not designated as hedging instruments and foreign exchange losses. The fair value adjustment of hedges not designated as hedging instruments amounted to DKK -121m (2021: DKK -23m), cf. section 4.8. Financial items in Russian operations held for sale are not included in the financial items, but foreign exchange gains and losses on continuing operations\u2019 RUB-denominated payables and receivables with respect to Russian operations held for sale are included. Foreign exchange losses and fair value adjustments amounted to DKK -219m (2021: DKK -52m).Of the net change in fair value of cash flow hedges transferred to the income statement, DKK 69m (2021: DKK 216m) has been included in revenue and cost of sales, DKK -16m (2021: DKK 4m) in other financial items, and DKK -2m in property, plant and equipment (2021: DKK 0m).FINANCIAL ITEMS, NET (DKKm)-800-600-400-2000201820192020202120222018-2020 as reported. 2021-2022 for continuing operations.Financial items, netFinancial items, net, excl. fair value and FXFinancial items recognised in the income statementDKK million 2022 2021Financial incomeInterest income 220 90Interest on plan assets, defined benefit plans 120 99Reversal of impairments of financial assets - 363Other 7 19Total 347 571Financial expensesInterest expenses -519 -499Capitalised financial expenses 2 4Foreign exchange losses, net -219 -52Interest expenses on obligations, defined benefit plans -158 -138Interest expenses, lease liabilities -23 -13Other -155 -258Total -1,072 -956Financial items, net, recognised in the income statement -725 -385Financial items excluding foreign exchange, net -506 -333Financial items recognised in other comprehensive incomeDKK million 2022 2021Foreign exchange adjustments of foreign entitiesForeign currency translation of foreign entities -3,926 3,124Recycling of cumulative translation differences of entitiesdisposed of, deconsolidated or discontinued from use of equity method - 183Total -3,926 3,307Fair value adjustments of hedging instrumentsChange in fair value of effective portion of cash flow hedges -313 361Change in fair value of cash flow hedges transferred to the income statement and property, plant and equipment -51 -57Change in fair value of net investment hedges -395 -464Total -759 -160Financial items, net, recognised in other comprehensive income -4,685 3,147",
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"pp-value-9-4": {
"value": "Financial items, net, amounted to DKK -725m (2021: DKK -385m). Excluding currency gains and losses, financial items, net, amounted to DKK -506m (2021: DKK -333m). The increase was mainly due to 2021 being positively impacted by the reversal of the previous write-down of the loan to our partner in Carlsberg South Asia Pte Ltd. (CSAPL). Net interest expenses decreased slightly due to lower average funding costs. Financial items are detailed in section 4.1.-725mNET FINANCIAL ITEMS (DKK)Financial items, net, amounted to DKK -725m (2021: DKK -385m). Excluding currency losses and fair value adjustments, financial items, net, amounted to DKK -506m (2021: DKK -333m). The increase was mainly due to 2021 being positively impacted by the reversal of the previous write-down of the loan to our partner in CSAPL.SECTION 4.1FINANCIAL INCOME AND EXPENSESInterest income primarily relates to interest on cash and cash equivalents measured at amortised cost.Foreign exchange losses, net, include fair value adjustments of hedges not designated as hedging instruments and foreign exchange losses. The fair value adjustment of hedges not designated as hedging instruments amounted to DKK -121m (2021: DKK -23m), cf. section 4.8. Financial items in Russian operations held for sale are not included in the financial items, but foreign exchange gains and losses on continuing operations\u2019 RUB-denominated payables and receivables with respect to Russian operations held for sale are included. Foreign exchange losses and fair value adjustments amounted to DKK -219m (2021: DKK -52m).Of the net change in fair value of cash flow hedges transferred to the income statement, DKK 69m (2021: DKK 216m) has been included in revenue and cost of sales, DKK -16m (2021: DKK 4m) in other financial items, and DKK -2m in property, plant and equipment (2021: DKK 0m).FINANCIAL ITEMS, NET (DKKm)-800-600-400-2000201820192020202120222018-2020 as reported. 2021-2022 for continuing operations.Financial items, netFinancial items, net, excl. fair value and FXFinancial items recognised in the income statementDKK million 2022 2021Financial incomeInterest income 220 90Interest on plan assets, defined benefit plans 120 99Reversal of impairments of financial assets - 363Other 7 19Total 347 571Financial expensesInterest expenses -519 -499Capitalised financial expenses 2 4Foreign exchange losses, net -219 -52Interest expenses on obligations, defined benefit plans -158 -138Interest expenses, lease liabilities -23 -13Other -155 -258Total -1,072 -956Financial items, net, recognised in the income statement -725 -385Financial items excluding foreign exchange, net -506 -333Financial items recognised in other comprehensive incomeDKK million 2022 2021Foreign exchange adjustments of foreign entitiesForeign currency translation of foreign entities -3,926 3,124Recycling of cumulative translation differences of entitiesdisposed of, deconsolidated or discontinued from use of equity method - 183Total -3,926 3,307Fair value adjustments of hedging instrumentsChange in fair value of effective portion of cash flow hedges -313 361Change in fair value of cash flow hedges transferred to the income statement and property, plant and equipment -51 -57Change in fair value of net investment hedges -395 -464Total -759 -160Financial items, net, recognised in other comprehensive income -4,685 3,147",
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"pp-value-10-2": {
"value": "Tax totalled DKK -1,778m (2021: DKK -2,154m). The effective tax rate declined by 270bp to 17.9%, mainly as a result of a one-off adjustment related to prior years. Tax is detailed in section 6.1.TAX17.9%TAX RATETax rate is down from 20.6% in 2021, mainly as a result of adjustments to prior years.1.6bn Deferred tax liability transferred to disposal group held for sale (DKK).SECTION 6.1INCOME TAXThe nominal weighted tax rate for the Group is calculated as domestic tax rates applicable to profits in the entities as a proportion of each entity\u2019s share of the Group\u2019s profit before tax.The Group\u2019s total tax cost was DKK -389m (2021: DKK -58m) lower than the Group\u2019s nominal weighted tax expense. Compared with the nominal weighted tax expense, the total tax expense was negatively impacted by the effect on deferred tax assets of changes in tax rates and non-deductible expenses (particularly marketing expenses and intercompany charges) and positively impacted by prior-year adjustments and tax incentives, resulting in an effective tax rate of 17.9% (2021: 20.6%). The negative impact from special items comprised primarily non-deductible impairments. Excluding special items and tax thereon, the effective tax rate would be 16.6% (2021: 22.6%).It is not possible to deduct all interest and fair value adjustments due to various interest deductibility restriction rules. Therefore, tax on such adjustments fluctuates from year to year.Reconciliation of the effective tax rate for the year2022 2021% DKK million % DKK millionNominal weighted tax rate 21.7 2,167 21.2 2,212Change in tax rate 2.1 206 -0.1 -14Adjustments to tax for prior years -3.8 -393 -0.4 -41Non-capitalised tax assets and liabilities -2.2 -216 -0.8 -81Non-taxable income -0.2 -22 -0.4 -43Non-deductible expenses 2.1 214 3.2 333Tax incentives etc. -2.3 -229 - -1Special items 1.3 126 -2.3 -239Withholding taxes 0.8 83 1.3 131Other, including tax in associates -1.6 -158 -1.1 -103Effective tax rate for the year 17.9 1,778 20.6 2,154Effective tax rate for the year, excluding the effect of non-taxable and non-deductible transactions in special items 16.6 - 22.6 -ACCOUNTINGPOLICIESIncome 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 6.1 (CONTINUED)INCOME TAXIncome tax expenses2022 2021Other Total Other Total Income comprehensive comprehensive Income comprehensive comprehensive DKK millionstatementincomeincomestatementincomeincomeTax for the year can be specified as followsCurrent tax 2,205 -25 2,180 2,402 -83 2,319Change in deferred tax and non-current tax payables during the year -240 -2 -242 -193 -20 -213Change in deferred tax as a result of change in tax rate 206 - 206 -14 - -14Adjustments to tax for prior years -393 - -393 -41 - -41Total 1,778 -27 1,751 2,154 -103 2,051Tax recognised in other comprehensive income2022 2021Recognised Tax income/ Recognised Tax income/ DKK millionitem before taxexpense After taxitem before taxexpense After taxForeign exchange adjustments 3,926 - 3,926 -3,307 - -3,307Hedging instruments 759 -100 659 323 -83 240Retirement benefit obligations -586 73 -513 -578 -20 -598Share of other comprehensive income in associates - - - -10 - -10Total 4,099 -27 4,072 -3,572 -103 -3,675",
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"pp-value-13-2": {
"value": "The Carlsberg Group\u2019s share of profit for the period was DKK -1,063m (2021: DKK 6,846m). Non-controlling interests\u2019 share of profit for the period was DKK 1,171m (2021: DKK 1,163m).IMPACT ON FINANCIAL STATEMENTSInvestments in associates are consolidated in the financial statements using the equity method. The accounting risks associated with these entities are limited to the investment made, the proportionate share of the net profit and any specific additional commitments to banks or other parties, as well as specific guarantees or loans the Group provides to the partnership. In businesses where the Group exercises management control, the consolidated financials are impacted by full exposure to the earnings and other financial risks. From an accounting point of view, the Group treats any put options held by partners in such entities as if they had already been exercised by the partner, i.e. anticipating that the acquisition will occur. The accounting impact is that the non-controlling interests are not recognised, and no part of net profits or equity is attributed to them. Instead, the dividends received by the partner from the business are classified as financial expenses for the purpose of accounting. Common to all partnerships is the risk of disagreement and, ultimately, dissolution. Disagreements with partners on the operational management and strategic directions of partnerships may limit our ability to manage the growth and risk profile of our business. The Group continuously seeks to promote a fair and mutually beneficial development of the partnerships, which is crucial to be successful. However, in certain partnerships the partners\u2019 pursuit of goals and priorities that are different from those of the Group might result in disagreements, affecting operational and financial performance. Different goals and priorities of this kind can become more pronounced in the period when a partner has the right to exit the partnership. A dissolution will initially impact the accounting treatment of an investment. The accounting treatment will depend on whether the Group or its partner is exiting the business. In the long term, however, the impact on the operation of the local entity and the collaboration with customers, distributors, authorities etc. can be significant if the partner was instrumental in managing these relationships. The risk of a partnership dissolution may therefore have a negative impact on the underlying business and the financial performance recognised in the consolidated financial statements. The Group is involved in many partnerships, one being the 67% shareholding in Carlsberg South Asia Pte Ltd. (CSAPL), Singapore, which is the parent company of the Group\u2019s activities in India (100%) and Nepal (90%). The company is jointly owned with a partner (33%). In 2022, the Group invoked its right to begin the call process, and the partner exercised its put option under the Shareholders\u2019 Agreement. A put option valuation certificate was issued on 6 February 2023 after which our partner issued a formal put notice to sell its 33% shareholding in CSAPL to the Group, cf. section 5.4. For the purpose of the consolidated financial statements, the put option is accounted for as if it had already been exercised. CSAPL and its investments in India and Nepal are therefore included in the consolidated financial statements, with no profits or equity attributed to the non-controlling shareholder. Please refer to section 3.4 for a detailed description of the dispute with the partner in CSAPL.Partnerships in the soft drinks industry are based on long-term contractual agreements and come to an end when the contract terminates. The termination of a significant partnership with a global soft drink brand owner would have a negative impact on the Group\u2019s financial performance.",
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"pp-value-14-2": {
"value": "69.3EARNINGS PER SHARE, ADJUSTED (DKK)Adjusted earnings per share increased by 43.6% to DKK 69.3 (2021: DKK\ue7fe48.3), driven by the higher operating profit and a lower tax rate, and supported by the share buy-back, which more than offset higher financial costs.Earnings per share decreased by 116.0% to DKK -7.6 (2021: DKK 47.6) due to the write-down in Russia.EARNINGS PER SHARE (DKK)706050403020100-10-2020182019202020212022 EPS EPS-AOTHER DISCLOSUREREQUIREMENTS7,785mProfit attributable to shareholders in Carlsberg A/S, adjusted for special items after tax and net result from Russian operations held for sale (DKK).69.3Earnings per share, adjusted for special items after tax (DKK).SECTION 8.1EARNINGS PER SHAREDuring 2022, the Group repurchased a total of 4.8m B shares under the share buy-back programme. The share buy-back programme decreased the average number of shares by 4.0m, which in turn increased adjusted earnings per share by DKK 1.4. The adjustment for special items after tax increased adjusted earnings per share by DKK 5.5.For all share-based incentive instruments, the average market price of Carlsberg B shares exceeded the exercise price and the fair value at the grant date. As a result, diluted earnings per share included all share-based incentive instruments that could potentially dilute earnings in the future.Earnings per shareDKK 2022 2021Earnings per share of DKK 20 (EPS) -7.6 47.6 Continuing operations 50.1 49.6 Russian operations held for sale -57.7 -2.0 Diluted earnings per share of DKK 20 (EPS-D) -7.6 47.4 Continuing operations 50.0 49.4 Russian operations held for sale -57.6 -2.0 Earnings per share, adjusted (EPS-A) 69.3 48.3 Continuing operations 55.7 44.9 Russian operations held for sale 13.6 3.4 Average number of shares1,000 sharesAverage number of issued shares 142,527 146,067 Average number of treasury shares -2,692 -2,219 Average number of shares 139,835 143,848 Average dilutive effect of share-based incentives 368 451 Diluted average number of shares 140,203 144,299 Profit attributable to shareholdersDKK millionProfit for the period 108 8,009 Non-controlling interests -1,171 -1,163 Profit attributable to shareholders in Carlsberg A/S (net profit) -1,063 6,846 Special items after tax in continuing operations and Russian operations held for sale 10,757 97 Profit attributable to shareholders in Carlsberg A/S, adjusted 9,694 6,943 Net result from Russian operations held for sale adjusted for special items after tax -1,909 -481 Profit attributable to shareholders in Carlsberg A/S, adjusted, continuing operations 7,785 6,462 ",
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"pp-value-15-2": {
"value": "12.9bnOPERATING CASH FLOW (DKK)Cash flow from operating activities amounted to DKK 12,949m (2021: DKK 12,278m). The change in trade working capital was DKK +1,908m (2021: DKK +733m), mainly due to strong cash management discipline and higher trade payables. Average trade working capital to revenue for the year was -21.5%, roughly on par with 2021 (-19.4%).The change in other working capital was DKK -465m (2021: DKK +616m), mainly impacted by VAT. Restructuring costs paid amounted to DKK -171m (2021: DKK -353m). Net interest etc. paid amounted to DKK -1,010m (2021: DKK -848m). The increase was mainly due to the settlement of financial instruments. Corporation tax paid was DKK -2,103m (2021: DKK -1,883m).9.9bnFREE CASH FLOW (DKK)Free cash flow amounted to DKK 9,884m (2021: DKK 8,211m), while free operating cash flow amounted to DKK 9,472m (2021: DKK 8,780m). Operational investments totalled DKK -3,477m (2021: DKK -3,498m). Acquisition of property, plant and equipment and intangible assets (CapEx) including real estate amounted to DKK -4,016m (2021: DKK -3,905m). Total financial investments amounted to DKK +410m (2021: DKK -567m), change is mainly attributable to deferred considerations related to the acquisition of Marston\u2019s brewing activities and the deconsolidation of the business in Nepal, both in 2021 as detailed in section 5.3.FREE CASH FLOW (DKKbn)121086420201820192020202120222018-2020 as reported. 2021-2022 for continuing operations. Free operating cash flow Free cash flowSECTION 1.5CASH FLOW FROM OPERATING ACTIVITIESThe change in trade working capital amounted to DKK 1,908m (2021: DKK 733m), mainly due to strong cash management discipline and higher trade payables.Average trade working capital to revenue for the year was -21.5% (2021: -19.4%).Cash flow from the change in other working capital declined by DKK 465m (2021: increase of DKK 616m), impacted by VAT, accruals for variable pay and provisions. The change in on-trade loans amounted to DKK 129m (2021: DKK 148m).Restructuring costs paid amounted to DKK -171m (2021: DKK -353m), a large part of which relates to termination benefits to employees made redundant due to optimisations and reorganisations across the Group.Net interest etc. paid amounted to DKK -1,010m (2021: DKK -848m). The increase was largely due to settlement of derivative financial instruments. Income tax paid amounted to DKK -2,103m (2021: DKK -1,883m). Supplier finance arrangements A number of the Group\u2019s 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 from the funding partner of invoices sent to Carlsberg.The arrangement is exclusively between the supplier and the supply chain finance providerand separate from Carlsberg\u2019s relationship with its suppliers. Carlsberg\u2019s liability to pay invoices is unaffected by the supplier finance arrangement and whether or not the suppliers opt for early payment, and the liability is recognised in trade payables until the due date of the invoice, which is in no case more than 180 days from the invoice date. Cessation 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.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.Other specifications of cash flow from operating activitiesDKK million Section 2022 2021Other non-cash itemsShare of profit after tax of associates 5.5 -901 -336Gain on disposal of property, plant and equipment and intangible assets, net 2.3 -79 -77Share-based payments 97 82Other items 16 -23Total -867 -354Trade working capitalInventories -1,271 -539Trade receivables -232 -1,710Trade payables, duties payable and deposits on returnable packaging materials 3,411 2,982Total 1,908 733Other working capitalOther receivables -495 -272Other payables 134 1,096Retirement benefit obligations and other liabilities related to operating profit before special items -72 -204Unrealised foreign exchange gains/losses -32 -4Total -465 616",
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"pp-value-18-2": {
"value": "SECTION 1.2 SEGMENTATION OF OPERATIONSCHANGE IN CENTRAL & EASTERN EUROPE Following the announcement on 28 March 2022 that the Group would seek full disposal of the business in Russia, the Group\u2019s Central & Eastern Europe segment was changed effective 1 January 2022. Accordingly, the Russian business was separated out of the Central & Eastern Europe region and reported as Russian operations held for sale. There have not been any other changes to the segment structure. The disclosure in the Annual Report follows the new segmentation as used in the internal reporting to the Executive Committee since the announcement.Segmentation of income statementDKK millionCentral &Western EasternNotBeverages,Non-Carlsberg2022Europe AsiaEuropeallocatedtotalbeverageGroup, totalRevenue 34,888 23,682 11,679 16 70,265 - 70,265Total cost -30,245 -18,553 -9,415 -1,414 -59,627 -69 -59,696Share of profit after tax of associates 323 306 18 28 675 226 901Operating profit before special items 4,966 5,435 2,282 -1,370 11,313 157 11,470Special items, net -794 10 -784Financial items, net -714 -11 -725Profit before tax 9,805 156 9,961Income tax -1,844 66 -1,778Profit from continuing operations 7,961 222 8,183Net result from Russian operations held for sale -8,075 - -8,075Profit for the period -114 222 108Operating margin 14.2% 22.9% 19.5% 16.1% 16.3%2021Revenue 30,501 19,459 10,128 9 60,097 - 60,097Total cost -26,324 -14,653 -7,885 -1,357 -50,219 -85 -50,304Share of profit after tax of associates 195 49 14 1 259 77 336Operating profit before special items 4,372 4,855 2,257 -1,347 10,137 -8 10,129Special items, net 623 80 703Financial items, net -385 - -385Profit before tax 10,375 72 10,447Income tax -2,115 -39 -2,154Profit from continuing operations 8,260 33 8,293Net result from Russian operations held for sale -284 - -284Profit for the period 7,976 33 8,009Operating margin 14.3% 24.9% 22.3% 16.9% 16.9%VOLUMESThe organic growth in total volumes was a result of growth in Asia and Western Europe, while Central & Eastern Europe was impacted by declining volumes in Ukraine. Reported volume growth was negatively affected by the deconsolidation of Gorkha Brewery at the end of 2021.Group financial performanceChange ChangeVolumes (million hl) 2021 Organic Acq., net FX 2022 ReportedBeer 98.8 4.2% -0.6% - 102.4 3.6% Other beverages 20.4 12.9% -0.1% - 23.0 12.8% Total volume 119.2 5.7% -0.5% - 125.4 5.2% DKK millionRevenue 60,097 15.6% -0.9% 2.2% 70,265 16.9% Operating profit10,129 12.2% -1.0% 2.0% 11,470 13.2% Operating margin (%) 16.9 16.3 -60bpACCOUNTING ESTIMATESAND JUDGEMENTSThe 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 due to 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 a customer should be classified as a discount or a marketing expense. Generally, activities with the individual customer are accounted for as a discount, whereas costs related to broader marketing activities are classified as marketing expenses.OPERATING PROFIT BEFORE SPECIAL ITEMSNot allocated operating profit before special items, DKK -1,370m (2021: DKK -1,347m), related to central costs not managed by the regions, including costs of developing branding activities to support the strategic initiatives and general costs of centralised functions as well as various eliminations of DKK 21m (2021: DKK 67m). Group operating profit grew by 13.2%, supported by growth in all three regions. Organic growth in operating profit was 12.2%.OPERATING MARGINThe operating margin declined to 16.3% compared to 16.9% in 2021. The decline was due to margin pressure from higher commodity prices. NON-CONTROLLING INTERESTSThe Group\u2019s non-controlling interests consist of Lao Brewery, Carlsberg Chongqing Breweries Group, Carlsberg Malaysia Group and Carlsberg Marston's Brewing Group, as well as other minor interests, primarily in the Asia region. Non-controlling interests are not individually material to the Group\u2019s total profit.SECTION 1.2 (CONTINUED)SEGMENTATION OF OPERATIONSWhether the Group is acting as a principal or an agent is evaluated by management on a country-by-country basis. The Group has concluded that it is the principal in its revenue arrangements because it controls the goods before transferring them to the customer. Excise duties, taxes and feesThe classification of duties, taxes and fees paid to local authorities or brewery organisations etc. requires judgements on the classification to be made by management.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.Segment informationThe Group\u2019s beverage activities are segmented according to the three geographical regions where sales take place. These regions make up the Group\u2019s reportable segments. The segmentation reflects the geographical and strategic management, decision and reporting structure applied by the Executive Committee for monitoring the Group\u2019s strategic and financial targets. Segments are managed based on business performance measured as operating profit before special items.Not allocated comprises income and expenses incurred for ongoing support of the Group\u2019s overall operations and strategic development. The expenses include costs of running central functions and marketing, such as global sponsorships. The non-beverage segment, comprising research and real estate activities, is managed separately and therefore shown separately instead of geographically segmented.The geographical allocation of revenue and non-current assets is based on the selling entities\u2019 domicile and comprises countries individually accounting for more than 10% of the Group\u2019s consolidated revenue as well as the domicile country. Decisions on restructuring, acquisition and divestment of entities included in special items as well as on financing (financial income and expenses) and tax planning (income tax) are made based on information for the Group as a whole and therefore not segmented.The segmentation of the Group\u2019s assets and returns is disclosed in section 2.1.Reported figuresReported figures are analysed by looking at the impact of organic growth, net acquisitions and foreign exchange effects. The net acquisition effect is calculated as the effect of acquisitions and divestments, including any share obtained from an increase/decrease in ownership of associates, for a 12-month period from the acquisition/divestment date. The foreign exchange effect is calculated as the difference between the figures for the current reporting period translated at the current exchange rates and at the exchange rates applied in the previous reporting period. Organic growth is the remaining growth that is not related to acquisitions, divestments or foreign exchange effects.",
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"pp-value-22-3": {
"value": "SECTION 1.2 (CONTINUED)SEGMENTATION OF OPERATIONSREVENUE The Group\u2019s revenue arises primarily from the sale of beverages to its customers.In 2022, total revenue was positively impacted by volume growth and revenue/hl growth across all regions, partly offset by the deconsolidation of Gorkha Brewery. Other revenue by category is sales of products other than beverages that do not drive any volume, such as merchandise, services, by-products etc. In aggregate, other revenue accounts for around 1% of Group total revenue and is therefore not considered material.Not allocated revenue, DKK 16m (2021: DKK 9m), consisted of DKK 733m (2021: DKK 894m) in revenue and DKK -717m (2021: DKK -885m) from eliminations of sales between the geographical segments.The distribution of revenue between beer and other beverages relative to volumes is largely the same across regions.Revenue by categoryDKK million 2022 2021Beer revenue 53,466 46,720Other beverages 15,928 12,705Other revenue 871 672Total revenue 70,265 60,097Revenue and excise dutiesDKK million 2022 2021Revenue, including excise duties 95,147 82,883Excise duties -24,882 -22,786Revenue 70,265 60,097Geographical allocation of revenueDKK million 2022 2021Denmark (Carlsberg A/S\u2019 domicile) 4,487 3,897China 13,781 11,946United Kingdom 7,070 5,965Other countries 44,927 38,289Total 70,265 60,097Group financial performanceChange ChangeVolumes (million hl) 2021 Organic Acq., net FX 2022 ReportedBeer 98.8 4.2% -0.6% - 102.4 3.6% Other beverages 20.4 12.9% -0.1% - 23.0 12.8% Total volume 119.2 5.7% -0.5% - 125.4 5.2% DKK millionRevenue 60,097 15.6% -0.9% 2.2% 70,265 16.9% Operating profit10,129 12.2% -1.0% 2.0% 11,470 13.2% Operating margin (%) 16.9 16.3 -60bpACCOUNTING ESTIMATESAND JUDGEMENTSThe 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 due to 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 a customer should be classified as a discount or a marketing expense. Generally, activities with the individual customer are accounted for as a discount, whereas costs related to broader marketing activities are classified as marketing expenses.SECTION 1.2 (CONTINUED)SEGMENTATION OF OPERATIONSWhether the Group is acting as a principal or an agent is evaluated by management on a country-by-country basis. The Group has concluded that it is the principal in its revenue arrangements because it controls the goods before transferring them to the customer. Excise duties, taxes and feesThe classification of duties, taxes and fees paid to local authorities or brewery organisations etc. requires judgements on the classification to be made by management.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.ACCOUNTINGPOLICIESRevenueRecognition and measurementRevenue 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 sale- 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.Variable considerationThe 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 1.6. 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.",
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"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
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"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-26-5": {
"value": "ACCOUNTING ESTIMATESAND JUDGEMENTSThe 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 due to 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 a customer should be classified as a discount or a marketing expense. Generally, activities with the individual customer are accounted for as a discount, whereas costs related to broader marketing activities are classified as marketing expenses.SECTION 1.2 (CONTINUED)SEGMENTATION OF OPERATIONSWhether the Group is acting as a principal or an agent is evaluated by management on a country-by-country basis. The Group has concluded that it is the principal in its revenue arrangements because it controls the goods before transferring them to the customer. Excise duties, taxes and feesThe classification of duties, taxes and fees paid to local authorities or brewery organisations etc. requires judgements on the classification to be made by management.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 ESTIMATESAND JUDGEMENTSAt 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 ESTIMATES AND JUDGEMENTSManagement 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. 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.SECTION 1.6 (CONTINUED)TRADE RECEIVABLES AND ON-TRADE LOANSACCOUNTING ESTIMATESAND JUDGEMENTSOn-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 is managed locally, and credit limits are set as considered appropriate for the customer, taking into account the current local market conditions.The local 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\u2019 inability to pay. Credit risk remains high and is expected to continue in 2023.At year-end 2022, management continued to assess the lifetime expected credit losses for both trade receivables and on-trade loans in line with 2021. 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 trade receivables and are concentrated in a few markets.The local entities manage and control these loans in accordance with Group guidelines.The credit risk on on-trade loans can be reduced by means of collateral and pledges of on-trade movables (equipment in bars, caf\u00e9s 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 ESTIMATES AND JUDGEMENTSThe 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 excluding assets in disposal group held for sale, including assets held for sale and trade receivables sold, and excludes contingent considerations and income tax.SECTION 2.2 (CONTINUED)IMPAIRMENT ACCOUNTING ESTIMATES AND JUDGEMENTSIdentification of cash-generating unitsThe Group\u2019s management structure reflects the geographical segments, cf. section 1.2, 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 generated mostly 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.GoodwillGoodwill does not generate largely independent cash inflows on its own and is therefore allocated to the Group\u2019s 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. The Group gained control of Wernesgr\u00fcner Brewery in 2021. The goodwill recognised on this acquisition was allocated to the Western Europe CGU. Entities classified as held for sale and measured at fair value less costs of disposal are removed from the CGU to which they are allocated at the time of classification as held for sale.BrandsCash 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 with the total carrying amount of brands with indefinite useful life:\u2022 International brands\u2022 Kronenbourg 1664International brands is a group of brands recognised in connection with the acquisition of the 40% non-controlling interest in Carlsberg Breweries A/S and allocated to Western Europe. The carrying amount is not allocated to individual brands.Following the classification of the Russian business as held for sale, the brands recognised in Russia are no longer tested individually for impairment. Instead any impairment of the value of the Russian disposal group held for sale is allocated first to goodwill of the disposal group and subsequently pro rata to other assets of the disposal group, including brands.Corporate assetsThe Group has identified capitalised software relating to the Group\u2019s ERP systems as corporate assets, and as such these are peripheral to the generation of cash inflow. The Group\u2019s 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 assetsOther 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\u2019 future application, for example in relation to changes in production structure, restructurings or brewery closures. For investments in associates, examples of indications of impairment are loss-making activities or significant changes in the business environment.Key considerations in impairment tests Goodwill BrandsCGU level of test Geographical segment Individual brandMethod to estimate recoverable amount Value in use Value in useMethod to estimate present value of Expected value approach: multiple Traditional approach: single most future cash flowsprobability-weighted cash flowslikely future cash flowsDiscount rate Risk-free rate Risk-adjusted rateACCOUNTING ESTIMATES AND JUDGEMENTSGoodwillThe value in use is the discounted value of the expected future risk-adjusted cash flows. This involves developing multiple probability-weighted scenarios to reflect different outcomes in terms of timing and amount.Key assumptionsThe 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 2023-2025 represents management\u2019s best estimate of the impact from the COVID-19 pandemic. The probability weighting applied is based on past experience and the uncertainty of the prepared budget and target plans. Potential upsides and downsides identified during the budget process and in the daily business are reflected in the future cash flow scenarios for each CGU.The risk-adjusted cash flows are discounted using a rate that reflects the risk-free interest rate for each CGU. The interest rates used in the impairment testsSECTION 2.2 (CONTINUED)IMPAIRMENTare based on observable market data. Please refer to the description of discount rates in section 2.2.3.The key assumptions on which management bases its cash flow projections are:\u2022 Volumes\u2022 Sales prices\u2022 Input costs\u2022 Operating investments\u2022 Terminal period growthThe 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 considered. 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.VolumesProjections 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 pricesThe 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. Recent significant inflationary pressure has meant revenue growth compensating for rising input costs, especially in Europe. The short and medium-term forecast includes risk of delays in timing of increase of sales prices to compensate for future rise in input costs.Input costsInput costs in the budget and target plans are based on past experience and on:\u2022 Contracted raw and packaging materials\u2022 Contracted services within sales, marketing, production and logistics \u2022 Planned commercial investments\u2022 Cost optimisations not related to restructurings\u2022 Expected inflation The recent rise in inflation has increased the overall input cost level, especially in Europe. The short and medium-term forecast incorporates continued pressure on input cost. In the long term, projections follow the level of inflation unless long-term contracts are in place.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. Non-contracted capacity increases and new equipment are not included.Terminal period growthGrowth 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.SECTION 2.2 (CONTINUED)IMPAIRMENTACCOUNTING ESTIMATES AND JUDGEMENTSBrandsThe 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 risk-free cash flows are discounted using a rate reflecting the risk-free interest rate with the addition of the risk premium associated with the individual brand.Key assumptionsThe key assumptions on which management bases its cash flow projection include the expected useful life, revenue growth, a theoretical tax amortisation benefit, the royalty rate and the discount rate.Expected useful lifeManagement 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\u2019s 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 growthAt 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\u2019s portfolio. The forecast period applied is comparable with 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 \u2013 such as market share and segment position \u2013 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 2.2.2.Tax benefitThe 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 5-15 years.Royalty rateRoyalties generated by a brand are based on the Group\u2019s 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.For some brands, the share of the total beer market profit exceeds the volume share to an extent that creates significant market entry barriers for competing brands and justifies a higher royalty rate.Royalty ratesInternational, 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%Discount ratesThe 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 brand.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\u2019s investments in the individual markets.ACCOUNTING ESTIMATESAND JUDGEMENTSUseful 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 and 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\u2019s 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.Lease and service contractsAt 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.SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTIn 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 ESTIMATESAND JUDGEMENTSThe 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 ESTIMATESAND JUDGEMENTSIn 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. SECTION 3.2 (CONTINUED)PROVISIONSManagement 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.ACCOUNTING ESTIMATESAND JUDGEMENTSWhen entering into financial instruments, management assesses whether the instrument is an effective hedge of recognised assets and liabilities, 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 with 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.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 ESTIMATES AND JUDGEMENTSThe 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\u2019s 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 expense. Depending on the nature of the non-current assets and the disposal group\u2019s 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 ESTIMATES AND JUDGEMENTSAssessment 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 proceduresFor acquisitions of entities, the assets, liabilities and contingent liabilities of the acquiree are recognised using the acquisition method. 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\u2019s cash-generating units.BrandsThe value of the brands acquired and their expected useful life are assessed based on the individual brand\u2019s market position, expected long-term developments in the relevant markets and profitability. The estimated value includes all future cash flows associated with the brand, including the related value of customer relations etc. Management determines the useful life based on the brand\u2019s relative local, regional and global market strength, market share, and the current and planned marketing efforts that are helping to maintain and increase its value. When the value of a well-established brand is expected to be maintained for an indefinite period in the relevant markets, and these markets are expected to be profitable for a long period, the useful life of the brand is determined to be indefinite.Brands are measured using the relief from royalty method, under which the expected future cash flows are based on key assumptions about expected useful life, royalty rate, growth rate and the theoretical tax effect. A post-tax discount rate is used that reflects the risk-free interest rate with the addition of a risk premium associated with the particular brand. The model and assumptions applied are consistent with those used in impairment testing, and are described in further detail in section 2.2.3.Customer agreements and portfolios The value of acquired customer agreements and customer portfolios is assessed based on the local market and trading conditions. For most entities, there is a close relationship between brands and sales. Consumer demand for beer and other beverages drives sales, and therefore the value of a brand is closely linked to consumer demand, while there is no separate value attached to customers (shops, bars etc.), as their choice of products is driven by consumer demand. The relationship between brands and customers is carefully considered so that brands and SECTION 5.3 (CONTINUED)ACQUISITIONS AND DISPOSALScustomer agreements are not both recognised on the basis of the same underlying cash flows.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. Completed purchase price allocations Management believes that the purchase prices for the Wernesgr\u00fcner Brewery activities, which are accounted for in the consolidated financial statements, reflect the best estimate of the total fair value of these businesses and the proportionate value of identified assets, liabilities and contingent liabilities of the non-controlling interests, and accordingly the allocation of goodwill to controlling interests, but not to non-controlling interests.The purchase price allocations of the identified assets, liabilities and contingent liabilities were completed within 12 months of the acquisitions. The main revaluation adjustments related to brands, property, plant and equipment, and deferred tax liabilities, which in turn mainly related to brands. GoodwillGoodwill was allocated to the Western Europe CGU in line with the allocation of the Group\u2019s existing German business. The goodwill is not deductible for tax purposes.Wernesgr\u00fcner BreweryBrandsThe value of brands was estimated using the Group\u2019s principles described above. A brand with a fair value of DKK 113m was recognised and classified as an intangible asset with an indefinite useful life.Property, plant and equipmentThe 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 and resulted in a positive revaluation adjustment of DKK 53m.Financial impact of acquisitionRevenue and net profit included in the consolidated financial statements since the acquisition at 1 January 2021 were DKK 156m and DKK 7m respectively. ACCOUNTING ESTIMATES AND JUDGEMENTSThe fair value of contingent considerations linked to put options is calculated 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.Estimates are based on updated information since initial recognition of the contingent consideration, including new budgets and sales forecasts, discount rates etc. The assumptions applied are in line with those used in the impairment tests as described in section 2.2 but reflecting the different models and valuation techniques required. The fair values of other contingent considerations are measured at the expected future price of selected shares.ACCOUNTING ESTIMATESAND JUDGEMENTSThe Group recognises deferred tax assets, including the expected tax value of tax loss 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 makes assessments on uncertain tax positions to ensure recognition and measurement of tax assets and liabilities. ACCOUNTING ESTIMATESAND JUDGEMENTSThe volatility of performance shares is based on the historical volatility of the price of Carlsberg A/S\u2019 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\u2019 class B shares on Nasdaq Copenhagen during the first five trading days after publication of Carlsberg A/S\u2019 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.SECTION 7.4 (CONTINUED)RETIREMENT BENEFIT OBLIGATIONS AND SIMILAR OBLIGATIONSACCOUNTING ESTIMATESAND JUDGEMENTSThe value of the Group\u2019s 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\u2019s 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.BASIS FOR PREPARATIONSECTION 9.1SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTSThe 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\u2019s 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 nature, are associated with uncertainty and unpredictability and may therefore prove incomplete or incorrect.Areas involving significant estimates and judgements:Receivables Section 1Impairment testing, useful life and Section 2residual valueRestructurings, provisions and Section 3contingenciesDiscontinued operations and Section 5disposal group held for saleAcquisitions and disposals, including Section 5contingent considerationsTax assets and liabilities Section 6Defined benefit obligations Section 7OtherIn 2022, the Group adjusted an error in the share of equity attributable to non-controlling interests. The error related to elimination of investments in subsidiaries. The adjustment reduced non-controlling interests\u2019 share of equity by DKK 1.4bn with a corresponding increase in the share of equity attributed to the shareholders in Carlsberg A/S. The adjustment was included in the opening balance of equity for 2021, and the comparative figures have been restated accordingly.",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
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"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-29-4": {
"value": "ACCOUNTINGPOLICIESRevenueRecognition and measurementRevenue 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 sale- 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.Variable considerationThe 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 1.6. 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.Segment informationThe Group\u2019s beverage activities are segmented according to the three geographical regions where sales take place. These regions make up the Group\u2019s reportable segments. The segmentation reflects the geographical and strategic management, decision and reporting structure applied by the Executive Committee for monitoring the Group\u2019s strategic and financial targets. Segments are managed based on business performance measured as operating profit before special items.Not allocated comprises income and expenses incurred for ongoing support of the Group\u2019s overall operations and strategic development. The expenses include costs of running central functions and marketing, such as global sponsorships. The non-beverage segment, comprising research and real estate activities, is managed separately and therefore shown separately instead of geographically segmented.The geographical allocation of revenue and non-current assets is based on the selling entities\u2019 domicile and comprises countries individually accounting for more than 10% of the Group\u2019s consolidated revenue as well as the domicile country. Decisions on restructuring, acquisition and divestment of entities included in special items as well as on financing (financial income and expenses) and tax planning (income tax) are made based on information for the Group as a whole and therefore not segmented.The segmentation of the Group\u2019s assets and returns is disclosed in section 2.1.Reported figuresReported figures are analysed by looking at the impact of organic growth, net acquisitions and foreign exchange effects. The net acquisition effect is calculated as the effect of acquisitions and divestments, including any share obtained from an increase/decrease in ownership of associates, for a 12-month period from the acquisition/divestment date. The foreign exchange effect is calculated as the difference between the figures for the current reporting period translated at the current exchange rates and at the exchange rates applied in the previous reporting period. Organic growth is the remaining growth that is not related to acquisitions, divestments or foreign exchange effects.ACCOUNTINGPOLICIESCost 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. Further, it comprises purchased finished goods that include cost of point-of-sale materials and third-party products sold to customers.SECTION 1.3 (CONTINUED)OPERATING EXPENSES, INVENTORIES AND DEPOSIT LIABILITIESIndirect 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.ACCOUNTINGPOLICIESReturnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Returnable packaging materials are depreciated over 3-10 years. The accounting policies for property, plant and equipment are further described in section 2.3.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.ACCOUNTINGPOLICIESMarketing expenses consist of expenses for brand marketing and trade marketing.Brand marketing is an investment in the Group\u2019s brands and consists of brand-specific investments in the development of communication vehicles, the use of these 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.ACCOUNTINGPOLICIESGains 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 Denmark and France less funding received from the Carlsberg Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants are recognised in the income statement in the same period as the activities to which they relate. Product development costs are included in cost of sales.ACCOUNTINGPOLICIESTrade 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 vendors, 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. ACCOUNTINGPOLICIESReceivables are recognised initially at fair value and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables comprise sale 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 trade receivables. Loss rates are determined based on grouping of trade 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 trade receivables to a factor. Trade receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risk and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.ACCOUNTINGPOLICIESThe Group\u2019s assets and returns are segmented on the basis of geographical regions in accordance with the management reporting for the current year, cf. section 1.2.ACCOUNTINGPOLICIESGoodwill 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\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use.For all assets, the value in use 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 as 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\u2019s new carrying amount does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.ACCOUNTINGPOLICIESCost 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\u2019 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 2.2.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.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 ascost of sales, sales and distribution expenses, and administrative expenses depending on the use ofthe asset.The expected useful life is as follows: Brands with finite useful life Normally 20 yearsSoftware Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer Depending on contract with the agreements/customer; if no contract exists, relationshipsnormally not exceeding 20 yearsBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in warehouses 8 yearsOn-trade and distribution equipment 5 yearsFixtures and fittings, other plant and equipment 5-8 yearsReturnable packaging materials 3-10 yearsHardware 3-5 yearsLandNot depreciatedImpairmentImpairment losses of a non-recurring nature are recognised under special items.LeasesAt 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.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 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 earlier 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 2.2.Right-of-use assets are recognised as property, plant and equipment.The Group has elected not to recognise right-of-use assets and liabilities for leases with a term of 12 months or less and leases of low-value assets. Lease payments related to such leases are recognised in the income statement as an expense on a straight-line basis over the lease term.Government grants and other fundingGrants 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.ACCOUNTINGPOLICIESSpecial items include significant income and expenses of a special nature in relation to the Group\u2019s revenue-generating activities that cannot be attributed directly to the Group\u2019s 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 cessation of consolidation 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\u2019s ordinary operations to facilitate a better understanding of the Group\u2019s financial performance.ACCOUNTINGPOLICIESProvisions, 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.ACCOUNTINGPOLICIESOther liabilities include excise duties (specific taxes imposed on sales of beer and soft drinks), VAT, withholding tax, accrued interest, payroll, e.g. salaries, overtime, vacation and bonus.Other liabilities (current) are initially recognised at fair value and subsequently at amortised cost. Treasury sharesCost of acquisition, consideration received and treasury share dividends received are recognised directly in equity as retained earnings. Capital reductions from the cancellation of treasury shares are deducted from the share capital at an amount corresponding to the nominal value of the shares and added to retained earnings.Proceeds from the sale of treasury shares in connection with the settlement of share-based payments are recognised directly in equity.ACCOUNTINGPOLICIESProposed dividendsThe proposed dividend is recognised as a liability at the date when it is adopted at the Annual General Meeting (declaration date).ACCOUNTINGPOLICIESBorrowingsBorrowings 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 liabilityThe 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 purchase, results in a corresponding adjustment of the related right-of-use assets, cf. section 2.3.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 it not recognising extension or termination options on an ongoing basis.SECTION 4.8 (CONTINUED)DERIVATIVE FINANCIAL INSTRUMENTSACCOUNTINGPOLICIESDerivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at their fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \u2022 Fair value hedges of the fair value of recognised assets or liabilities \u2022 Cash flow hedges of particular risks associated with the cash flow from forecast transactions \u2022 Net investment hedges of currency fluctuations in subsidiaries or associates.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 a fair value hedge and 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 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.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are recognised in other comprehensive income. On complete or partial disposal of the financial investment, the portion of the hedging instrument that is recognised in other comprehensive income and relates to that financial investment is recognised in the income statement when the gain or loss on disposal is recognised. Hedges of net investments in foreign subsidiaries and associates are accounted for in the same way as cash flow hedges.ACCOUNTINGPOLICIESAssets 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. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\u2019s 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\u2019s 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 net result from discontinued operations held for sale in the income statement. Comparative figures are restated.Cash flow from discontinued operations is presented separately as net cash flow from Russian operations held for sale in the statement of cash flows and specified in this section. Comparative figures are restated.The disposal group/assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. Comparative figures are not restated.Additional disclosures are provided in this section. All other sections of the financial statements include amounts for continuing operations, unless indicated otherwise.ACCOUNTINGPOLICIESAcquisitionsThe 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.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\u2019s functional currency at the exchange rate at the transaction date.The acquired entities\u2019 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. 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. The shareholding retained after the loss of control of subsidiaries is remeasured at fair value and accounted for as the fair value on initial recognition of a financial asset or the cost of an investment in an associate. Gains or losses on the loss of control of subsidiaries are recognised as the difference between the fair value of the retained shareholding and the carrying amount of the derecognised net assets (including goodwill) at the date of loss of control, and net of foreign exchange adjustments recognised in other comprehensive income.ACCOUNTINGPOLICIESOn 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\u2019 share of the total carrying amount, including goodwill, is transferred from the non-controlling interests\u2019 share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot exceed the non-controlling interests\u2019 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 shareholders in Carlsberg A/S to the non-controlling interests\u2019 share of equity.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.ACCOUNTINGPOLICIESInvestments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for the Group\u2019s 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\u2019s 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.ACCOUNTINGPOLICIESIncome 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.ACCOUNTINGPOLICIESCurrent tax payable and receivable are recognised in the statement of financial position as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account respectively.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 is recognised on expected dividend payments from subsidiaries and associates in countries levying withholding tax on distributions. Deferred tax assets related to tax loss carried forward are recognised under other non-current assets 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.ACCOUNTINGPOLICIESStaff 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.ACCOUNTINGPOLICIESThe 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 other conditions, taking into account the terms and conditions upon which the performance shares were granted.On initial recognition of performance shares, an estimate is made of the number of awards expected to vest and subsequently revised for any changes. Accordingly, recognition is based on the number of awards that ultimately vest.ACCOUNTINGPOLICIESContributions 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\u2019s 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.BASIS FOR PREPARATIONSECTION 9.1SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTSThe 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\u2019s 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 nature, are associated with uncertainty and unpredictability and may therefore prove incomplete or incorrect.Areas involving significant estimates and judgements:Receivables Section 1Impairment testing, useful life and Section 2residual valueRestructurings, provisions and Section 3contingenciesDiscontinued operations and Section 5disposal group held for saleAcquisitions and disposals, including Section 5contingent considerationsTax assets and liabilities Section 6Defined benefit obligations Section 7OtherIn 2022, the Group adjusted an error in the share of equity attributable to non-controlling interests. The error related to elimination of investments in subsidiaries. The adjustment reduced non-controlling interests\u2019 share of equity by DKK 1.4bn with a corresponding increase in the share of equity attributed to the shareholders in Carlsberg A/S. The adjustment was included in the opening balance of equity for 2021, and the comparative figures have been restated accordingly.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 STATEMENTThe presentation of the Group\u2019s income statement is based on the internal reporting structure, as IFRS does 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\u2019s financial performance.CASH FLOWCash 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 MEASURESThe Group uses certain additional financial measures to provide management, investors and investment analysts with additional measures to evaluate and analyse the Company\u2019s results. These non-IFRS financial measures are defined and calculated by the Group and therefore may not be comparable with other companies\u2019 measures.The non-IFRS financial measures disclosed in the Annual Report are:\u2022 Earnings per share, adjusted, and payout ratio, adjusted\u2022 Organic developmentThe Danish Finance Society does not acknowledge use of special items and states that adjustments of tax should be based on the marginal tax rate. When calculating financial measures, the Group uses operating profit before special items as well as the effective tax rate for measures adjusted for tax.Other financial ratios are calculated in accordance with the Danish Finance Society\u2019s online guidelines on the calculation of financial ratios, \u201cRecommendations and Financial Ratios\u201d, unless specifically stated.",
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"pp-value-29-5": {
"value": "ACCOUNTINGPOLICIESRevenueRecognition and measurementRevenue 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 sale- 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.Variable considerationThe 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 1.6. 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.",
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"pp-value-32-4": {
"value": "Segment informationThe Group\u2019s beverage activities are segmented according to the three geographical regions where sales take place. These regions make up the Group\u2019s reportable segments. The segmentation reflects the geographical and strategic management, decision and reporting structure applied by the Executive Committee for monitoring the Group\u2019s strategic and financial targets. Segments are managed based on business performance measured as operating profit before special items.Not allocated comprises income and expenses incurred for ongoing support of the Group\u2019s overall operations and strategic development. The expenses include costs of running central functions and marketing, such as global sponsorships. The non-beverage segment, comprising research and real estate activities, is managed separately and therefore shown separately instead of geographically segmented.The geographical allocation of revenue and non-current assets is based on the selling entities\u2019 domicile and comprises countries individually accounting for more than 10% of the Group\u2019s consolidated revenue as well as the domicile country. Decisions on restructuring, acquisition and divestment of entities included in special items as well as on financing (financial income and expenses) and tax planning (income tax) are made based on information for the Group as a whole and therefore not segmented.The segmentation of the Group\u2019s assets and returns is disclosed in section 2.1.Reported figuresReported figures are analysed by looking at the impact of organic growth, net acquisitions and foreign exchange effects. The net acquisition effect is calculated as the effect of acquisitions and divestments, including any share obtained from an increase/decrease in ownership of associates, for a 12-month period from the acquisition/divestment date. The foreign exchange effect is calculated as the difference between the figures for the current reporting period translated at the current exchange rates and at the exchange rates applied in the previous reporting period. Organic growth is the remaining growth that is not related to acquisitions, divestments or foreign exchange effects.",
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"value": "SECTION 1.3OPERATING EXPENSES, INVENTORIES AND DEPOSIT LIABILITIES1.3.1 COST OF SALES AND INVENTORIESCost of sales increased by 21% compared with 2021, mainly due to higher commodity prices and energy costs across regions and the organic increase in volumes in Asia and Western Europe. Cost of sales per hl increased by 15% compared with 2021.Cost of salesDKK million 2022 2021Cost of materials 21,655 17,190Direct staff costs 1,521 1,307Amortisation and depreciation 2,536 2,749Indirect production overheads 4,788 3,902Purchased finished goods and other costs 7,698 6,380Total 38,198 31,528ACCOUNTINGPOLICIESCost 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. Further, it comprises purchased finished goods that include cost of point-of-sale materials and third-party products sold to customers.SECTION 1.3 (CONTINUED)OPERATING EXPENSES, INVENTORIES AND DEPOSIT LIABILITIESIndirect 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.",
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"pp-value-35-2": {
"value": "Inventories increased by 6% compared with 2021, mainly as a result of finished goods being impacted by the increase in cost of sales per hl.InventoriesDKK million 2022 2021Raw materials 2,333 2,311Work in progress 344 333Finished goods 3,041 2,747Total 5,718 5,391ACCOUNTING ESTIMATESAND JUDGEMENTSAt 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.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.",
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"pp-value-36-2": {
"value": "Commodity price risks are, in particular, associated with externally sourced input materials, such as malt (barley), cans (aluminium), paper, sugar and glass & plastic (PET) bottles. The management of commodity price risks is coordinated centrally and aimed at achieving stable and predictable prices in the medium term. As the underlying markets for the specified categories vary, so does the way in which they are hedged against price increases.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 no later than at the end of the third quarter of the previous year, with a target hedge ratio of 90% at the beginning of the year in question.A significant part of the Group\u2019s barley exposure for 2022 had therefore been hedged through fixed-price purchase agreements established in 2021. Likewise, the majority of the exposure for 2023 was hedged in 2022.In the Group\u2019s long-term purchase agreements for cans, the aluminium price is variable and based on the global market price of aluminium (London Metal Exchange, LME).In 2022, the aluminium price risk was hedged using derivative financial instruments applying the same target hedge percentages as are applied for barley. The same has been done for 2023. The fair values of the derivative financial instruments are specified in section 4.8.For sugar, rolling forward hedges are used, with suppliers fixing prices linked to official indices, for example NY11. As for barley and aluminium, the majority of the 2022 sugar exposure had been hedged in 2021. Likewise, the majority of the exposure for 2023 was hedged in 2022.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\u2019s own products, most markets in Central & Eastern Europe and Asia are regulated with no possibility to hedge prices. In Western Europe, where most markets allow forward hedging, the majority of the Group\u2019s exposure is hedged on a rolling basis.In January 2023 the Group started to hedge fuel, linked to distribution expenses, via financial contracts \u2013 following a similar set-up to how aluminium is hedged.Hedging of raw material price riskDKK millionSensitivity assuming 100% efficiency Time of maturityEffectTonnes Average Aluminium Changeon OCIpurchasedprice (DKK) 2022 2023 20242022 20% 381 116,454 18,304 - 93,608 22,8462021 20% 313 85,440 15,741 85,440 - -Sensitivity assuming 100% efficiency Time of maturityEffectMWh Average Energy Changeon OCIpurchasedprice (DKK) < 1 year 1-5 years > 5 years2022 20% 34 289,966 420 - 99,123 190,843SECTION 4.5INTEREST RATE RISKThe Group\u2019s exposure to interest rate risk in the income statement is considered low due to the limited amounts of net financial debt at variable interest rates. Interest rate risk is monitored on net financial debt, i.e. borrowings, cash and cash equivalents and derivative financial instruments. The target is to have a duration between three and eight years. At 31 December 2022, the duration was 4.1 years (2021: 4.8 years). Interest rate risk is mainly managed using fixed-rate bonds, which are all denominated in EUR. At the reporting date, 106% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year (2021: 106%). On a gross debt basis, 76% was at fixed interest rates (2021: 75%). Most of the Group\u2019s 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, 127% of the Group\u2019s net debt is in EUR, which is why the interest rate exposure primarily relates to the development in the interest rates for EUR.SENSITIVITY ANALYSISSince the Group has more cash and cash equivalents than borrowings with a floating interest rate, 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 would lead to a decrease in net interest expenses of DKK 12m (2021: DKK 11m). The impact reflects a relatively high percentage of the gross debt being at fixed interest rates and the high portion of cash. The analysis assumes a parallel shift in the relevant yield curves.If the market interest rate had been 1 percentage point higher at the reporting date, it would have led to a financial gain of DKK842m (2021: DKK 997m), and a similar loss had the interest rate been 1 percentage point lower. However, since all fixed-rate borrowings are measured at amortised cost, there is no impact on other comprehensive income or the income statement. The fair value of total gross borrowings was DKK 1,952m lower than the carrying amount (2021: DKK 653m higher). The change is due to the increase in interest rates during 2022.The sensitivity analysis is based on the financialinstruments (borrowing, cash and derivative financial instruments) recognised at the reporting date. The sensitivity analysis assumes a parallel shift in interest rates and that all other variables remain constant, in particular foreign exchange rates and interest rate differentials between thedifferent currencies. The analysis was performed on the same basis as for 2021. The Group did not enter into any new interest rate swaps in 2022 or 2021.Net financial debt by currencyDKK millionGross Gross Netfinancial debt, Net financial 2022financial debtfinancial debt Fixedfixed %debt, fixed %\u00b9EUR 27,040 26,083 21,530 80% 83% CNY 94 -3,560 - - -USD 345 -35 104 30% -297% Other 1,167 -2,005 37 3% -2% Total 28,646 20,483 21,671 76% 106% 2021EUR 27,598 25,227 21,515 78% 85% CNY 35 -2,777 - - -USD 413 42 194 47% 462% Other 876 -1,914 9 1% -Total 28,922 20,578 21,718 75% 106% \u00b9 The percentage of net debt at fixed interest rates is above 100% in some currencies, as the total cash exceeds the current debt. In some currencies the percentage of net debt at fixed interest rates is negative, as the total cash exceeds the total debt.Interest rate riskDKK millionAverageeffectiveInterest interest Carrying Interest 2022raterate Fixed foramountrate riskIssued bondsEUR 500m maturing 6 September 2023 Fixed 0.7% < 1 year 3,714 Fair valueEUR 1,000m maturing 28 May 2024 Fixed 2.6% 1-2 years 7,421 Fair valueEUR 500m maturing 12 October 2025 Fixed 3.4% 2-3 years 3,705 Fair valueEUR 500m maturing 30 June 2027 Fixed 0.5% 4-5 years 3,699 Fair valueEUR 400m maturing 1 July 2029 Fixed 1.0% > 5 years 2,948 Fair valueEUR 500m maturing 11 March 2030 Fixed 0.7% > 5 years 3,697 Fair valueTotal 1.7% 25,184Total 2021 1.6% 27,025Bank borrowings and other borrowingsFloating-rate Floating 1.8% < 1 year 3,262 Cash flowFixed-rate Fixed 1.7% > 1 year 200 Fair valueTotal 3,462Total 2021 1,897SECTION 4.6FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.6.1 CURRENCY PROFILE OF BORROWINGSThe Group is exposed to foreign exchange risk on borrowings denominated in a currency other than the functional currency of the local entities reporting the debt, 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.4.6.2 HEDGING OF NET INVESTMENTS IN FOREIGN SUBSIDIARIESThe Group holds a number of investments in foreign subsidiaries where the translation of net assets to DKK is exposed to foreign exchange risks. The revaluation of the net investment is recognised in OCI. The net investment in RUB continues to constitute a significant risk in terms of revaluation of the net investment, due both to the size of the net investment and to the volatility of RUB. The Group hedges part of this foreign exchange exposure by selling foreign currencies via FX forwards and NDFs, and designates these as net investment hedges. This mainly applies to net investments in CHF, CNY, MYR and NOK. The basis for hedging is reviewed at least once a year, and the two parameters, risk reduction and cost, are balanced. At the 2022 review it was decided to stop hedging the PLN net investment due to the high cost of hedging and to increase the hedging of CNY. The latter reflects the increase in exposure and the currently relatively low cost of hedging. In economic terms, having debt in foreign currencyor creating synthetic debt via forward exchange contracts constitutes hedging of the DKK value of future cash flows arising from operating activities or specific transactions. Where the notional amounts of forward exchange contracts do not exceed the net investment, the fair value adjustments are recognised in other comprehensive income. 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 2023. At 31 December 2022, 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 2022 amounted to DKK 38m (2021: DKK -232m). 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 -2,282m (2021: DKK -1,893m), of which -24m (2021: -24m) relates to hedging of net investments in RUB. Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities. 4.6.3 EXCHANGE RATE RISK ON CASH AND BORROWINGSThe main principle for funding of subsidiaries is that cash and borrowings should be denominated in local currency or hedged to local currency to avoid foreign exchange risk. However, in some Group entities, cash and borrowings are denominated in a currency other than the functional currency of the local entity without the foreign exchange risk being hedged. This applies primarily to a few entities in Central & Eastern Europe that hold cash and loans in EUR and USD and in this way obtain either hedge accounting or proxy hedging of the foreign exchange risk associated with the purchase of goods in foreign currency in these markets. Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2022principalof swapswapCHF 254 1,180 1,434 NOK 182 696 878EUR 27,040 -8,173 18,867USD 345 2,985 3,330CNY 94 3,632 3,726Other 731 -320 411Total 28,646 - 28,646Total 2021 28,922 - 28,922Net investment hedges2022 2021Hedging of invest-Intra-group loans,ment, amount inamount in local Other comprehensive Fair value of Fair value of local currencycurrencyincome (DKK) Average hedged ratederivativesderivativesDKK million 2022 2021 2022 2021 2022 2021 2022 2021 Asset Liability Asset LiabilityCNY -3,907 -2,407 - - -12 -323 1.0355 0.9611 83 - - -109MYR -128 -292 - - -21 -28 1.5560 1.5022 - -3 - -15HKD - - -2,128 -1,079 -49 -64 - - - - - -CHF -310 -263 - - -109 -80 7.4334 6.8305 - -58 - -93NOK -1,300 -1,300 3,000 3,000 -94 62 0.7179 0.7269 16 - - -19SEK - - 2,217 2,717 -136 -42 - - - - - -Other - -175 18 67 26 11 - - - - 4 -Total -395 -464 99 -61 4 -236SECTION 4.6 (CONTINUED)FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.6.4 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISIMPACT ON INCOME STATEMENTFor the impact of currency on operating profit and financial items, please refer to sections 1.4 and 4.1 respectively.IMPACT ON STATEMENT OF FINANCIAL POSITIONFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained in a number of currencies. In 2022, net interest-bearing debt increased by DKK 431m (2021: decreased by DKK 267m) due to changes in foreign exchange rates. SENSITIVITY ANALYSISAn adverse development in the exchange rates would, all other things being equal, have had the hypothetical impact on the income statement and other comprehensive income (OCI) for 2022 illustrated in the tables. The calculations are based on items in the statement of financial position at 31 December 2022.Income statementThe hypothetical impact ignores the fact that the subsidiaries\u2019 initial recognition of revenue, cost and debt would be similarly exposed to theexchange rate developments.Other comprehensive incomeOther comprehensive income is affected by changes in the fair value of currency derivatives designated as cash flow hedges of future purchases.Exchange rate sensitivity - income statement20222021EUREUREURGrossExposure, EffectEffectDKK millionreceivablepayablecashexposurenet of hedging Changeon P/Lon P/LEUR/GBP - -32 32 - - 5% - -43EUR/NOK 94 -459 319 -46 -46 5% -2 -14EUR/CHF 124 -272 77 -71 -71 5% -4 7EUR/PLN 684 -638 -15 31 31 5% 2 6EUR/KZT - -23 149 126 126 10% 13 11EUR/RUB 20 -242 556 334 334 10% 33 -3EUR/UAH - -24 - -24 -24 10% -2 13Total40 -232021USDUSDUSDGrossExposure, EffectEffect2022receivablepayablecashexposurenet of hedging Changeon P/Lon P/LUSD/LAK 10 -170 257 97 97 10% 10 6USD/KZT - - 182 182 182 10% 18 10USD/RUB - - 116 116 116 10% 12 -USD/UAH - -1 - -1 -1 10% - 9Total40 25Exchange rate sensitivity - other comprehensive income2022 2021Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0,7208 -975 5% -49 0.7189 -39SEK/DKK 0,6869 -832 5% -42 0.7284 -30PLN/DKK 1,4694 -691 5% -35 1.6039 -26CHF/DKK 7,5080 -523 5% -26 6.9171 -22USD/DKK 7,5926 383 10% 38 6.3627 33RUB/DKK 0,1071 -578 20% -116 0.0822 -128UAH/DKK 0,2212 -311 20% -62 N/A -Other N/A -342 5-30% -53 N/A -12Total -345 -224SECTION 4.6 (CONTINUED)FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIESAPPLIED EXCHANGE RATESThe average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per currency throughout the year.Applied exchange ratesClosing rate Average rateDKK 2022 2021 2022 2021Swiss franc (CHF) 7.5520 7.1760 7.4190 6.8777Chinese yuan (CNY) 1.0106 1.0296 1.0569 0.9700Euro (EUR) 7.4365 7.4365 7.4397 7.4369Pound sterling (GBP) 8.3845 8.8604 8.7235 8.6837Indian rupee (INR) 0.0840 0.0878 0.0903 0.0852Laotian kip (LAK) 0.0004 0.0006 0.0005 0.0006Norwegian krone (NOK) 0.7073 0.7459 0.7374 0.7323Polish zloty (PLN) 1.5887 1.6180 1.5859 1.6310Russian rouble (RUB) 0.0983 0.0894 0.1134 0.0855Swedish krona (SEK) 0.6686 0.7260 0.7002 0.7330",
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"pp-value-40-4": {
"value": "ACCOUNTINGPOLICIESCost 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. Further, it comprises purchased finished goods that include cost of point-of-sale materials and third-party products sold to customers.SECTION 1.3 (CONTINUED)OPERATING EXPENSES, INVENTORIES AND DEPOSIT LIABILITIESIndirect 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.ACCOUNTINGPOLICIESMarketing expenses consist of expenses for brand marketing and trade marketing.Brand marketing is an investment in the Group\u2019s brands and consists of brand-specific investments in the development of communication vehicles, the use of these 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.ACCOUNTINGPOLICIESGains 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 Denmark and France less funding received from the Carlsberg Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants are recognised in the income statement in the same period as the activities to which they relate. Product development costs are included in cost of sales.",
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"value": "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.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-47-2": {
"value": "1.3.3 SALES AND DISTRIBUTION EXPENSES Marketing expenses increased as marketing activities were resumed at levels similar to before COVID-19. Distribution expenses were impacted by the volume growth and the 9% increase in cost per hl was driven by higher fuel costs. Total marketing, sales and distribution expenses increased by 17%.Sales and distribution expensesDKK million 2022 2021Marketing expenses 5,793 4,757Sales expenses 5,120 4,542Distribution expenses 6,424 5,573Total 17,337 14,872ACCOUNTINGPOLICIESMarketing expenses consist of expenses for brand marketing and trade marketing.Brand marketing is an investment in the Group\u2019s brands and consists of brand-specific investments in the development of communication vehicles, the use of these 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.ACCOUNTINGPOLICIESGains 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 Denmark and France less funding received from the Carlsberg Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants are recognised in the income statement in the same period as the activities to which they relate. Product development costs are included in cost of sales.1CAPEX AND AMORTISATION/2DEPRECIATION (DKKbn)5.08.0%4.07.0%3.06.0%2.05.0%1.04.0%20182019202020212022CapExAmortisation and depreciationCapEx/revenue1 Excluding the purchase of the Brooklyn brand rights in 2020.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-49-2": {
"value": "1.3.4 OTHER OPERATING ACTIVITIES, NET Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant and equipment. Other operating activities, netDKK million 2022 2021Gains and losses on disposal of property, plant and equipment and intangible assets, net 79 77On-trade loans, net 30 58Real estate, net 18 9Research centres, net -107 -95Other, net 48 26Total 68 75",
"dimensions": {
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-49-3": {
"value": "1.3.4 OTHER OPERATING ACTIVITIES, NET Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant and equipment. Other operating activities, netDKK million 2022 2021Gains and losses on disposal of property, plant and equipment and intangible assets, net 79 77On-trade loans, net 30 58Real estate, net 18 9Research centres, net -107 -95Other, net 48 26Total 68 75",
"dimensions": {
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-49-4": {
"value": "1.3.4 OTHER OPERATING ACTIVITIES, NET Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant and equipment. Other operating activities, netDKK million 2022 2021Gains and losses on disposal of property, plant and equipment and intangible assets, net 79 77On-trade loans, net 30 58Real estate, net 18 9Research centres, net -107 -95Other, net 48 26Total 68 75",
"dimensions": {
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"pp-value-51-3": {
"value": "Expenses relating to research activities comprise research in Denmark and France less funding received from the Carlsberg Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants are recognised in the income statement in the same period as the activities to which they relate. Product development costs are included in cost of sales.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-51-6": {
"value": "Expenses relating to research activities comprise research in Denmark and France less funding received from the Carlsberg Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants are recognised in the income statement in the same period as the activities to which they relate. Product development costs are included in cost of sales.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-52-2": {
"value": "SECTION 1.4FOREIGN EXCHANGE RISK RELATED TO EARNINGSThe majority of the Group\u2019s activities take place outside Denmark and in currencies other than DKK. Foreign exchange risk is therefore a principal financial risk for the Group, and exchange rate fluctuations can have a significant impact on the income statement. The risk from exposure to fluctuations in EUR/DKK is considered to be limited due to Denmark\u2019s fixed exchange rate policy towards EUR and is consequently not hedged.REVENUE BY CURRENCY (%) 2022 (2021)CNY 20% (20%) EUR 18% (19%)GBP 10% (10%) DKK 9% (9%)NOK 7% (7%) CHF 6% (5%)SEK 4% (4%) PLN 4% (4%)LAK 3% (3%) Other 19% (19%)TRANSACTION RISKS ON PURCHASES AND SALESThe 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 for markets with a functional currency other than EUR. Hedging of EUR against the local currencies will effectively eliminate a significant part of the currency risk in the entities\u2019 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 accountedfor as cash flow hedges, cf. section 4.8. The hedged amounts and the sensitivity analysis regarding these hedges are shown in section 4.6.4.AsiaThe transaction risk is considered to be less significant due to lower sales and purchases in currencies other than the local functional currencies as well as the high correlation between USD and most of the Asian currencies. Furthermore, the currencies are expensive to hedge and, in some cases, not possible to hedge at all. As a consequence, the risk is not hedged.Central & Eastern EuropeThe largest foreign exchange risk in Central & Eastern Europe relates to Ukraine and Kazakhstan and the purchase of raw and packaging materials denominated in foreign currencies. For 2022 and 2023, the Group has chosen to hedge a portion of Carlsberg Ukraine\u2019s expenses in EUR and USD by designating bank deposits in these currencies as hedging instruments. Carlsberg Kazakhstan holds intercompany deposits in EUR and USD. The revaluation of these is recognised in financial items, and they are not designated as cash flow hedges, but will in economic terms give the Group some protection from depreciation of the local currency, KZT.TRANSLATION RISKThe Group is exposed to risk from translation of foreign entities into the Group\u2019s presentation currency, DKK. The single largest translation impact in respect of operating profit in 2022 was CNY due to the 9.0% appreciation of the currency compared with 2021 and the relative share of the Group\u2019s operating profit generated in China. Looking into 2023, and following the partial write-down of the net investment in Russia, the most significant currency volatility exposure in terms of operating profit and translation of net investments in foreign entities is CNY.The Group has chosen not to hedge the exposure arising from translation of revenue or earnings in foreign currencies. To reduce the risk, the Group has raised debt denominated in the currencies in which the Group generates significant earnings and cash flow as further described in section 4.6.Impact on operating profitDevelopments in exchange rates between DKK and the functional currencies had a positive impact of 2.0% on operating profit measured in DKK.The development in the RUB exchange rate does not impact operating profit but had a positive impact of 24.2% on the net result from Russian operations held for sale. The modest impact compared with the 32.7% change in the average exchange rate for the full year was due to the timing of the majority of the DKK 9.9bn write-down of the assets in disposal group held for sale in March 2022, cf. section 5.1.Functional Change in average FX Entities incurrencyrate 2021 to 2022The eurozone EUR -China CNY 9.0 %Norway NOK 0.7 %United Kingdom GBP 0.5 %Switzerland CHF 7.9 %Sweden SEK -4.5 %Laos LAK -21.0 %Russia RUB 32.7 %SECTION 4.3 (CONTINUED)CAPITAL STRUCTURE4.3.4 OTHER COMPREHENSIVE INCOMEOther comprehensive income has mainly been impacted by the negative foreign exchange adjustment from translation of Group entities with a functional currency other than DKK. Of the DKK 3.9bn foreign exchange loss, around DKK 3.0bn relates to the timing of the write-down of RUB-denominated assets classified as disposal group held for sale. This was recognised in March 2022, when RUB had depreciated 10% compared with the end of 2021.SECTION 4.6FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.6.1 CURRENCY PROFILE OF BORROWINGSThe Group is exposed to foreign exchange risk on borrowings denominated in a currency other than the functional currency of the local entities reporting the debt, 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.4.6.2 HEDGING OF NET INVESTMENTS IN FOREIGN SUBSIDIARIESThe Group holds a number of investments in foreign subsidiaries where the translation of net assets to DKK is exposed to foreign exchange risks. The revaluation of the net investment is recognised in OCI. The net investment in RUB continues to constitute a significant risk in terms of revaluation of the net investment, due both to the size of the net investment and to the volatility of RUB. The Group hedges part of this foreign exchange exposure by selling foreign currencies via FX forwards and NDFs, and designates these as net investment hedges. This mainly applies to net investments in CHF, CNY, MYR and NOK. The basis for hedging is reviewed at least once a year, and the two parameters, risk reduction and cost, are balanced. At the 2022 review it was decided to stop hedging the PLN net investment due to the high cost of hedging and to increase the hedging of CNY. The latter reflects the increase in exposure and the currently relatively low cost of hedging. In economic terms, having debt in foreign currencyor creating synthetic debt via forward exchange contracts constitutes hedging of the DKK value of future cash flows arising from operating activities or specific transactions. Where the notional amounts of forward exchange contracts do not exceed the net investment, the fair value adjustments are recognised in other comprehensive income. 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 2023. At 31 December 2022, 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 2022 amounted to DKK 38m (2021: DKK -232m). 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 -2,282m (2021: DKK -1,893m), of which -24m (2021: -24m) relates to hedging of net investments in RUB. Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities. 4.6.3 EXCHANGE RATE RISK ON CASH AND BORROWINGSThe main principle for funding of subsidiaries is that cash and borrowings should be denominated in local currency or hedged to local currency to avoid foreign exchange risk. However, in some Group entities, cash and borrowings are denominated in a currency other than the functional currency of the local entity without the foreign exchange risk being hedged. This applies primarily to a few entities in Central & Eastern Europe that hold cash and loans in EUR and USD and in this way obtain either hedge accounting or proxy hedging of the foreign exchange risk associated with the purchase of goods in foreign currency in these markets. Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2022principalof swapswapCHF 254 1,180 1,434 NOK 182 696 878EUR 27,040 -8,173 18,867USD 345 2,985 3,330CNY 94 3,632 3,726Other 731 -320 411Total 28,646 - 28,646Total 2021 28,922 - 28,922Net investment hedges2022 2021Hedging of invest-Intra-group loans,ment, amount inamount in local Other comprehensive Fair value of Fair value of local currencycurrencyincome (DKK) Average hedged ratederivativesderivativesDKK million 2022 2021 2022 2021 2022 2021 2022 2021 Asset Liability Asset LiabilityCNY -3,907 -2,407 - - -12 -323 1.0355 0.9611 83 - - -109MYR -128 -292 - - -21 -28 1.5560 1.5022 - -3 - -15HKD - - -2,128 -1,079 -49 -64 - - - - - -CHF -310 -263 - - -109 -80 7.4334 6.8305 - -58 - -93NOK -1,300 -1,300 3,000 3,000 -94 62 0.7179 0.7269 16 - - -19SEK - - 2,217 2,717 -136 -42 - - - - - -Other - -175 18 67 26 11 - - - - 4 -Total -395 -464 99 -61 4 -236SECTION 4.6 (CONTINUED)FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.6.4 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISIMPACT ON INCOME STATEMENTFor the impact of currency on operating profit and financial items, please refer to sections 1.4 and 4.1 respectively.IMPACT ON STATEMENT OF FINANCIAL POSITIONFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained in a number of currencies. In 2022, net interest-bearing debt increased by DKK 431m (2021: decreased by DKK 267m) due to changes in foreign exchange rates. SENSITIVITY ANALYSISAn adverse development in the exchange rates would, all other things being equal, have had the hypothetical impact on the income statement and other comprehensive income (OCI) for 2022 illustrated in the tables. The calculations are based on items in the statement of financial position at 31 December 2022.Income statementThe hypothetical impact ignores the fact that the subsidiaries\u2019 initial recognition of revenue, cost and debt would be similarly exposed to theexchange rate developments.Other comprehensive incomeOther comprehensive income is affected by changes in the fair value of currency derivatives designated as cash flow hedges of future purchases.Exchange rate sensitivity - income statement20222021EUREUREURGrossExposure, EffectEffectDKK millionreceivablepayablecashexposurenet of hedging Changeon P/Lon P/LEUR/GBP - -32 32 - - 5% - -43EUR/NOK 94 -459 319 -46 -46 5% -2 -14EUR/CHF 124 -272 77 -71 -71 5% -4 7EUR/PLN 684 -638 -15 31 31 5% 2 6EUR/KZT - -23 149 126 126 10% 13 11EUR/RUB 20 -242 556 334 334 10% 33 -3EUR/UAH - -24 - -24 -24 10% -2 13Total40 -232021USDUSDUSDGrossExposure, EffectEffect2022receivablepayablecashexposurenet of hedging Changeon P/Lon P/LUSD/LAK 10 -170 257 97 97 10% 10 6USD/KZT - - 182 182 182 10% 18 10USD/RUB - - 116 116 116 10% 12 -USD/UAH - -1 - -1 -1 10% - 9Total40 25Exchange rate sensitivity - other comprehensive income2022 2021Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0,7208 -975 5% -49 0.7189 -39SEK/DKK 0,6869 -832 5% -42 0.7284 -30PLN/DKK 1,4694 -691 5% -35 1.6039 -26CHF/DKK 7,5080 -523 5% -26 6.9171 -22USD/DKK 7,5926 383 10% 38 6.3627 33RUB/DKK 0,1071 -578 20% -116 0.0822 -128UAH/DKK 0,2212 -311 20% -62 N/A -Other N/A -342 5-30% -53 N/A -12Total -345 -224SECTION 4.6 (CONTINUED)FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIESAPPLIED EXCHANGE RATESThe average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per currency throughout the year.Applied exchange ratesClosing rate Average rateDKK 2022 2021 2022 2021Swiss franc (CHF) 7.5520 7.1760 7.4190 6.8777Chinese yuan (CNY) 1.0106 1.0296 1.0569 0.9700Euro (EUR) 7.4365 7.4365 7.4397 7.4369Pound sterling (GBP) 8.3845 8.8604 8.7235 8.6837Indian rupee (INR) 0.0840 0.0878 0.0903 0.0852Laotian kip (LAK) 0.0004 0.0006 0.0005 0.0006Norwegian krone (NOK) 0.7073 0.7459 0.7374 0.7323Polish zloty (PLN) 1.5887 1.6180 1.5859 1.6310Russian rouble (RUB) 0.0983 0.0894 0.1134 0.0855Swedish krona (SEK) 0.6686 0.7260 0.7002 0.7330",
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"pp-value-61-2": {
"value": "ACCOUNTINGPOLICIESTrade 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 vendors, 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. ",
"dimensions": {
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"pp-value-61-4": {
"value": "ACCOUNTINGPOLICIESTrade 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 vendors, 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. ",
"dimensions": {
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"language": "en",
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"pp-value-62-2": {
"value": "SECTION 1.6TRADE RECEIVABLESAND ON-TRADE LOANSThe Group\u2019s non-current receivables consist mainly of on-trade loans that fall due more than one year from the reporting date. Of the total non-current receivables, DKK 166m (2021: DKK 160m) falls due more than five years from the reporting date.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.Receivables included in the statement of financial positionNon-DKK millioncurrent Current TotalTrade Other 2022 ReceivablesreceivablesreceivablesReceivables from sales of goods and services - 4,825 - 4,825On-trade loans 644 242 - 886Other receivables 292 - 2,505 2,797Total receivables 936 5,067 2,505 8,5082021Receivables from sales of goods and services - 5,458 - 5,458On-trade loans 776 252 - 1,028Other receivables 299 - 2,355 2,654Total receivables 1,075 5,710 2,355 9,140RECEIVABLES FROM SALES OF GOODS AND SERVICES(BROKEN DOWN BY COUNTRY)2022 (2021)UK 16% (21%) Finland 8% (7%)Sweden 8% (6%) France 8% (6%)Poland 5% (5%) India 4% (4%)Ukraine 2% (4%) Other 49% (47%)SECTION 1.6 (CONTINUED)TRADE RECEIVABLES AND ON-TRADE LOANS1.6.1 CREDIT RISKIn 2022, receivables not past due amounted to 78% (2021: 81%) of total gross receivables. The past-due share of gross loans to on-trade customers was 34% (2021: 31%). Total accumulated allowances for impairment losses on trade loans were DKK 438m (2021: DKK 464m).The share of trade receivables that is past-due increased from 15% to 18%. The credit risk is being closely managed in the markets, and assessed in light of rising instability across markets due to unpredictable energy prices and rising inflation and interest rates. The credit risk from the COVID-19pandemic decreased. Although the virus is still circulating, the impact on society has lessened significantly, and governments did not impose extensive new lockdowns and restrictions during 2022, except for some areas in Asia. The impact on the global risk pattern is evaluated at both local and Group level. Across regions and markets, customers are being impacted by unpredictable energy prices and rising inflation and interest rates. The market volatility and uncertainty remains high, as customers in many markets had not fully recovered from theCOVID-19 impact and are now faced with a challenging macroeconomic environment.The estimated impairment losses consider the expected impact from the increased risk of default across markets caused by unpredictable energy prices and rising inflation and interest rates. The increased credit risk on both trade receivables and on-trade loans observed across markets is expected to continue into 2023.Credit risk on receivablesDKK millionDKK millionWeightedWeightedGross Loss Receivables, averageGross Loss Receivables, average2022receivablesallowancenetloss rate2021receivablesallowancenetloss rateReceivables from sales of goods and servicesReceivables from sales of goods and servicesNot past due 4,453 -126 4,327 3% Not past due 5,155 -143 5,012 3% Overdue 1-30 days 483 -133 350 28% Overdue 1-30 days 479 -88 391 18% Overdue 31-90 days 191 -62 129 32% Overdue 31-90 days 70 -49 21 70% Overdue > 90 days 311 -292 19 94% Overdue > 90 days 371 -337 34 91% Receivables from sales of goods and services 5,438 -613 4,825Receivables from sales of goods and services 6,075 -617 5,458On-trade loansOn-trade loansNot past due 873 -104 769 12% Not past due 1,035 -139 896 13% Overdue 1-30 days 11 - 11 -Overdue 1-30 days 13 - 13 -Overdue 31-90 days 30 -7 23 23% Overdue 31-90 days 55 -22 33 40% Overdue > 90 days 410 -327 83 80% Overdue > 90 days 389 -303 86 78% On-trade loans 1,324 -438 886On-trade loans 1,492 -464 1,028Other receivablesOther receivablesNot past due 2,168 - 2,168 -Not past due 2,073 -3 2,070 0% Overdue 1-30 days 107 - 107 -Overdue 1-30 days 110 - 110 -Overdue 31-90 days 89 - 89 -Overdue 31-90 days 98 -5 93 5% Overdue > 90 days 449 -16 433 4% Overdue > 90 days 398 -17 381 4% Other receivables 2,813 -16 2,797Other receivables 2,679 -25 2,654Total 9,575 -1,067 8,508Total 10,246 -1,106 9,140SECTION 1.6 (CONTINUED)TRADE RECEIVABLES AND ON-TRADE LOANSACCOUNTING ESTIMATESAND JUDGEMENTSOn-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 is managed locally, and credit limits are set as considered appropriate for the customer, taking into account the current local market conditions.The local 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\u2019 inability to pay. Credit risk remains high and is expected to continue in 2023.At year-end 2022, management continued to assess the lifetime expected credit losses for both trade receivables and on-trade loans in line with 2021. 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 trade receivables and are concentrated in a few markets.The local entities manage and control these loans in accordance with Group guidelines.The credit risk on on-trade loans can be reduced by means of collateral and pledges of on-trade movables (equipment in bars, caf\u00e9s 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.Development in impairment losses on receivablesDKK million2021Receivables from sales of goods On-trade Other 2022and servicesloansreceivables Total TotalImpairment at 1 January -617 -464 -25 -1,106 -1,514Impairment losses recognised -135 -114 -4 -253 -296Realised impairment losses 31 36 2 69 93Reversed impairment losses 74 104 1 179 638Acquisition of entities, net - - - - 13Foreign exchange adjustments 6 - 10 16 -40Transferred to disposal group held for sale 28 - - 28 -Impairment at 31 December -613 -438 -16 -1,067 -1,106ACCOUNTINGPOLICIESReceivables are recognised initially at fair value and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables comprise sale 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 trade receivables. Loss rates are determined based on grouping of trade 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 trade receivables to a factor. Trade receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risk and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.",
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"pp-value-65-2": {
"value": "ON-TRADE LOANSUnder 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 average effective interest rate on loans to the on-trade was 3.5% (2021: 3.2%). The interest income is recognised in other operating activities.On-trade loans recognised in other operating activities, netDKK million 2022 2021Interest and amortisation of on-trade loans 47 49Losses and write-downs on on-trade loans -17 9On-trade loans, net 30 58OTHER RECEIVABLESOther receivables primarily comprise VAT and similar government receivables, interest receivables and other financial receivables, which are associated with low risk. The distribution of receivables broken down by country is affected by market-specific changes in payment patterns. For receivables from sale 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 2021.ON-TRADE LOANS(BROKEN DOWN BY COUNTRY)2022 (2021)Germany 30% (26%)Switzerland 25% (23%)France 24% (24%)UK 12% (17%)Sweden 9% (10%)SECTION 1.6 (CONTINUED)TRADE RECEIVABLES AND ON-TRADE LOANS1.6.1 CREDIT RISKIn 2022, receivables not past due amounted to 78% (2021: 81%) of total gross receivables. The past-due share of gross loans to on-trade customers was 34% (2021: 31%). Total accumulated allowances for impairment losses on trade loans were DKK 438m (2021: DKK 464m).The share of trade receivables that is past-due increased from 15% to 18%. The credit risk is being closely managed in the markets, and assessed in light of rising instability across markets due to unpredictable energy prices and rising inflation and interest rates. The credit risk from the COVID-19pandemic decreased. Although the virus is still circulating, the impact on society has lessened significantly, and governments did not impose extensive new lockdowns and restrictions during 2022, except for some areas in Asia. The impact on the global risk pattern is evaluated at both local and Group level. Across regions and markets, customers are being impacted by unpredictable energy prices and rising inflation and interest rates. The market volatility and uncertainty remains high, as customers in many markets had not fully recovered from theCOVID-19 impact and are now faced with a challenging macroeconomic environment.The estimated impairment losses consider the expected impact from the increased risk of default across markets caused by unpredictable energy prices and rising inflation and interest rates. The increased credit risk on both trade receivables and on-trade loans observed across markets is expected to continue into 2023.Credit risk on receivablesDKK millionDKK millionWeightedWeightedGross Loss Receivables, averageGross Loss Receivables, average2022receivablesallowancenetloss rate2021receivablesallowancenetloss rateReceivables from sales of goods and servicesReceivables from sales of goods and servicesNot past due 4,453 -126 4,327 3% Not past due 5,155 -143 5,012 3% Overdue 1-30 days 483 -133 350 28% Overdue 1-30 days 479 -88 391 18% Overdue 31-90 days 191 -62 129 32% Overdue 31-90 days 70 -49 21 70% Overdue > 90 days 311 -292 19 94% Overdue > 90 days 371 -337 34 91% Receivables from sales of goods and services 5,438 -613 4,825Receivables from sales of goods and services 6,075 -617 5,458On-trade loansOn-trade loansNot past due 873 -104 769 12% Not past due 1,035 -139 896 13% Overdue 1-30 days 11 - 11 -Overdue 1-30 days 13 - 13 -Overdue 31-90 days 30 -7 23 23% Overdue 31-90 days 55 -22 33 40% Overdue > 90 days 410 -327 83 80% Overdue > 90 days 389 -303 86 78% On-trade loans 1,324 -438 886On-trade loans 1,492 -464 1,028Other receivablesOther receivablesNot past due 2,168 - 2,168 -Not past due 2,073 -3 2,070 0% Overdue 1-30 days 107 - 107 -Overdue 1-30 days 110 - 110 -Overdue 31-90 days 89 - 89 -Overdue 31-90 days 98 -5 93 5% Overdue > 90 days 449 -16 433 4% Overdue > 90 days 398 -17 381 4% Other receivables 2,813 -16 2,797Other receivables 2,679 -25 2,654Total 9,575 -1,067 8,508Total 10,246 -1,106 9,140SECTION 1.6 (CONTINUED)TRADE RECEIVABLES AND ON-TRADE LOANSACCOUNTING ESTIMATESAND JUDGEMENTSOn-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 is managed locally, and credit limits are set as considered appropriate for the customer, taking into account the current local market conditions.The local 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\u2019 inability to pay. Credit risk remains high and is expected to continue in 2023.At year-end 2022, management continued to assess the lifetime expected credit losses for both trade receivables and on-trade loans in line with 2021. 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 trade receivables and are concentrated in a few markets.The local entities manage and control these loans in accordance with Group guidelines.The credit risk on on-trade loans can be reduced by means of collateral and pledges of on-trade movables (equipment in bars, caf\u00e9s 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.Development in impairment losses on receivablesDKK million2021Receivables from sales of goods On-trade Other 2022and servicesloansreceivables Total TotalImpairment at 1 January -617 -464 -25 -1,106 -1,514Impairment losses recognised -135 -114 -4 -253 -296Realised impairment losses 31 36 2 69 93Reversed impairment losses 74 104 1 179 638Acquisition of entities, net - - - - 13Foreign exchange adjustments 6 - 10 16 -40Transferred to disposal group held for sale 28 - - 28 -Impairment at 31 December -613 -438 -16 -1,067 -1,106ACCOUNTINGPOLICIESReceivables are recognised initially at fair value and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables comprise sale 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 trade receivables. Loss rates are determined based on grouping of trade 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 trade receivables to a factor. Trade receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risk and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.On-trade loansDKK million 2022 2021Loans provided -261 -356Repayments 192 340Amortisation of on-trade loans 198 164Total 129 148",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-69-4": {
"value": "SECTION 1.6 (CONTINUED)TRADE RECEIVABLES AND ON-TRADE LOANS1.6.1 CREDIT RISKIn 2022, receivables not past due amounted to 78% (2021: 81%) of total gross receivables. The past-due share of gross loans to on-trade customers was 34% (2021: 31%). Total accumulated allowances for impairment losses on trade loans were DKK 438m (2021: DKK 464m).The share of trade receivables that is past-due increased from 15% to 18%. The credit risk is being closely managed in the markets, and assessed in light of rising instability across markets due to unpredictable energy prices and rising inflation and interest rates. The credit risk from the COVID-19pandemic decreased. Although the virus is still circulating, the impact on society has lessened significantly, and governments did not impose extensive new lockdowns and restrictions during 2022, except for some areas in Asia. The impact on the global risk pattern is evaluated at both local and Group level. Across regions and markets, customers are being impacted by unpredictable energy prices and rising inflation and interest rates. The market volatility and uncertainty remains high, as customers in many markets had not fully recovered from theCOVID-19 impact and are now faced with a challenging macroeconomic environment.The estimated impairment losses consider the expected impact from the increased risk of default across markets caused by unpredictable energy prices and rising inflation and interest rates. The increased credit risk on both trade receivables and on-trade loans observed across markets is expected to continue into 2023.Credit risk on receivablesDKK millionDKK millionWeightedWeightedGross Loss Receivables, averageGross Loss Receivables, average2022receivablesallowancenetloss rate2021receivablesallowancenetloss rateReceivables from sales of goods and servicesReceivables from sales of goods and servicesNot past due 4,453 -126 4,327 3% Not past due 5,155 -143 5,012 3% Overdue 1-30 days 483 -133 350 28% Overdue 1-30 days 479 -88 391 18% Overdue 31-90 days 191 -62 129 32% Overdue 31-90 days 70 -49 21 70% Overdue > 90 days 311 -292 19 94% Overdue > 90 days 371 -337 34 91% Receivables from sales of goods and services 5,438 -613 4,825Receivables from sales of goods and services 6,075 -617 5,458On-trade loansOn-trade loansNot past due 873 -104 769 12% Not past due 1,035 -139 896 13% Overdue 1-30 days 11 - 11 -Overdue 1-30 days 13 - 13 -Overdue 31-90 days 30 -7 23 23% Overdue 31-90 days 55 -22 33 40% Overdue > 90 days 410 -327 83 80% Overdue > 90 days 389 -303 86 78% On-trade loans 1,324 -438 886On-trade loans 1,492 -464 1,028Other receivablesOther receivablesNot past due 2,168 - 2,168 -Not past due 2,073 -3 2,070 0% Overdue 1-30 days 107 - 107 -Overdue 1-30 days 110 - 110 -Overdue 31-90 days 89 - 89 -Overdue 31-90 days 98 -5 93 5% Overdue > 90 days 449 -16 433 4% Overdue > 90 days 398 -17 381 4% Other receivables 2,813 -16 2,797Other receivables 2,679 -25 2,654Total 9,575 -1,067 8,508Total 10,246 -1,106 9,140ASSESSMENT OF CREDIT RISKThe Group is exposed to credit risk on cash and cash equivalents (including fixed deposits), investments and derivative financial instruments with a positive fair value due to uncertainty as to whether the counterparty will be able to meet its contractual obligations as they fall due.\ue7feThe 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 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 loans to the Group.\ue7feGroup Treasury manages and monitors the Group\u2019s gross credit exposure to banks and operates with individual limits on banks, based on rating and access to netting of assets and liabilities. 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 8,163m (2021: DKK 8,344m) represents the maximum credit exposure related to cash and cash equivalents. The credit risk on receivables is described in section 1.6.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-5": {
"value": "SECTION 1.6 (CONTINUED)TRADE RECEIVABLES AND ON-TRADE LOANS1.6.1 CREDIT RISKIn 2022, receivables not past due amounted to 78% (2021: 81%) of total gross receivables. The past-due share of gross loans to on-trade customers was 34% (2021: 31%). Total accumulated allowances for impairment losses on trade loans were DKK 438m (2021: DKK 464m).The share of trade receivables that is past-due increased from 15% to 18%. The credit risk is being closely managed in the markets, and assessed in light of rising instability across markets due to unpredictable energy prices and rising inflation and interest rates. The credit risk from the COVID-19pandemic decreased. Although the virus is still circulating, the impact on society has lessened significantly, and governments did not impose extensive new lockdowns and restrictions during 2022, except for some areas in Asia. The impact on the global risk pattern is evaluated at both local and Group level. Across regions and markets, customers are being impacted by unpredictable energy prices and rising inflation and interest rates. The market volatility and uncertainty remains high, as customers in many markets had not fully recovered from theCOVID-19 impact and are now faced with a challenging macroeconomic environment.The estimated impairment losses consider the expected impact from the increased risk of default across markets caused by unpredictable energy prices and rising inflation and interest rates. The increased credit risk on both trade receivables and on-trade loans observed across markets is expected to continue into 2023.Credit risk on receivablesDKK millionDKK millionWeightedWeightedGross Loss Receivables, averageGross Loss Receivables, average2022receivablesallowancenetloss rate2021receivablesallowancenetloss rateReceivables from sales of goods and servicesReceivables from sales of goods and servicesNot past due 4,453 -126 4,327 3% Not past due 5,155 -143 5,012 3% Overdue 1-30 days 483 -133 350 28% Overdue 1-30 days 479 -88 391 18% Overdue 31-90 days 191 -62 129 32% Overdue 31-90 days 70 -49 21 70% Overdue > 90 days 311 -292 19 94% Overdue > 90 days 371 -337 34 91% Receivables from sales of goods and services 5,438 -613 4,825Receivables from sales of goods and services 6,075 -617 5,458On-trade loansOn-trade loansNot past due 873 -104 769 12% Not past due 1,035 -139 896 13% Overdue 1-30 days 11 - 11 -Overdue 1-30 days 13 - 13 -Overdue 31-90 days 30 -7 23 23% Overdue 31-90 days 55 -22 33 40% Overdue > 90 days 410 -327 83 80% Overdue > 90 days 389 -303 86 78% On-trade loans 1,324 -438 886On-trade loans 1,492 -464 1,028Other receivablesOther receivablesNot past due 2,168 - 2,168 -Not past due 2,073 -3 2,070 0% Overdue 1-30 days 107 - 107 -Overdue 1-30 days 110 - 110 -Overdue 31-90 days 89 - 89 -Overdue 31-90 days 98 -5 93 5% Overdue > 90 days 449 -16 433 4% Overdue > 90 days 398 -17 381 4% Other receivables 2,813 -16 2,797Other receivables 2,679 -25 2,654Total 9,575 -1,067 8,508Total 10,246 -1,106 9,140",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-78-5": {
"value": "ACCOUNTINGPOLICIESReceivables are recognised initially at fair value and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables comprise sale 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-5": {
"value": "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 trade receivables. Loss rates are determined based on grouping of trade 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-5": {
"value": "In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling trade receivables to a factor. Trade receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risk and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-83-2": {
"value": "ASSET BASEAND RETURNS115.3bnTOTAL ASSETS (DKK)Total assets declined by DKK 11.0bn, mainly due to the decision to seek a full divestment of the Russian business, which resulted in a write-down of the Russian business of DKK 9.9bn.Intangible assets amounted to DKK 49.2bn at 31 December 2022 (2021: DKK 68.5bn), mainly due to the carve-out of the Russian business and the impairment of goodwill in Central & Eastern Europe.Property, plant and equipment totalledDKK 23.7bn (2021: DKK 26.6bn), mainly impacted by the reclassification of Russia.Current assets declined by DKK 0.3bn to DKK 22.6bn, primarily due to a decline in trade receivables of DKK 0.6bn, impacted by the reclassification of the Russian business to disposal group held for sale and an increase in inventories of DKK 0.3bn, impacted by higher cost of sales, stocking in Asia prior to the Chinese New Year and the reclassification of the Russian business. Other receivables mainly increased due to fair value adjustment linked to higher aluminium prices. Cash and cash equivalents amounted to DKK 8.2bn (2021: DKK 8.3bn).ASSET BASE (DKKbn) 4.695.1-5.3-3.9-1.172.9-16.5 etc.closingAsset base, openingAsset base, Amortisation/adjustmentsdepreciationAcquisitions and disposals, incl. leases, netForeign exchange Impairment lossescf. section 5.1group held for sale, Reclassified to disposalSECTION 2.1SEGMENTATION OF ASSETS AND RETURNSFollowing the classification of the Russian operations as held for sale in March 2022, the segmentation of assets and returns is presented only for the continuing operations. Invested capital for 2021 has been restated to include only the continuing operations so as to align it with the restatement of operating profitand support the calculation of a meaningful ROIC for 2021.At year-end, invested capital was down by DKK 3.4bn, primarily due to developments in currencies and goodwill impairment in Central & Eastern Europe. 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. They further include non-current financial assets other than financial instruments and tax assets.Not allocated comprises supporting companies without brewing activities and eliminations of investments in subsidiaries, receivables and loans.Geographical allocation of non-current assetsDKK million 2022 2021Denmark (Carlsberg A/S'domicile) 4,017 4,122China 15,906 15,876France 11,100 11,121Other countries 47,402 69,176Total 78,425 100,295Invested capitalDKK million 2022 2021Total assets excluding assets in disposal group held for sale, cf. section 5.1 103,723 104,294LessTax assets -1,731 -1,940Financial receivables, hedging instruments and receivables sold 615 926Cash and cash equivalents -8,163 -8,217Assets included 94,444 95,063Trade payables -21,917 -19,060Deposits on returnable packaging materials -1,627 -1,504Provisions, excl. restructurings -3,027 -3,209Other liabilities, excl. hedging instruments and contingent consideration -7,662 -7,655Liabilities offset -34,233 -31,428Invested capital 60,211 63,635Goodwill -38,453 -39,892Invested capital excl. goodwill 21,758 23,743Invested capital, average 62,053 63,206DKK millionCentral & Carlsberg Western Eastern NotBeverages,Non-Group, 2022Europe AsiaEuropeallocatedtotalbeveragetotalInvested capital 34,098 18,910 6,625 -474 59,159 1,052 60,211Invested capital excl. goodwill 13,857 3,652 3,671 -474 20,706 1,052 21,758Investments in associates 2,361 2,402 27 6 4,796 727 5,523Acquisition of property, plant and equipment and intangible assets 1,363 1,860 643 132 3,998 18 4,016Amortisation and depreciation 1,781 1,350 601 106 3,838 15 3,853Impairment losses, net 56 308 723 43 1,130 -10 1,120Return on invested capital (ROIC) 11.1% 20.9% 27.7% - 15.2% - 15.2% ROIC excl. goodwill 26.2% 112.4% 49.7% - 43.0% - 41.6% 2021Invested capital 35,582 20,244 7,402 -761 62,467 1,168 63,635Invested capital excl. goodwill 15,317 4,281 3,738 -761 22,575 1,168 23,743Investments in associates 2,271 2,363 30 5 4,669 501 5,170Acquisition of property, plant and equipment and intangible assets 1,340 1,800 566 191 3,897 8 3,905Amortisation and depreciation 1,796 1,488 605 102 3,991 17 4,008Impairment losses, net 17 460 - - 477 -86 391Return on invested capital (ROIC) 9.1% 20.3% 23.6% - 12.8% - 12.5% ROIC excl. goodwill 19.9% 153.4% 47.0% - 35.4% - 33.6% Impairment of non-current assetsDKK million 2022 2021Intangible assetsGoodwill 700 -Other intangible assets 3 107Total 703 107Property, plant and equipmentPlant, machinery and equipment 427 151Reversal of impairment losses - -111Total 427 40Other non-current assetsAssets held for sale -10 -Investment in associates - 244Total impairment losses, net 1,120 391Of which recognised in special items, cf. section 3.1 786 175Impairment losses, Russian operations, net, cf. section 5.1 9,949 947SECTION 2.3 INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDKK million Intangible assets Property, plant and equipment Asset baseOther Other equipment, intangible Land and Plant and fixtures and 2022 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January54,227 26,181 5,054 85,462 19,839 30,272 15,729 65,840 151,302Additions, including right-of-use assets- - 345 345 611 2,013 1,992 4,616 4,961Disposals- -32 -165 -197 -373 -582 -1,502 -2,457 -2,654Transfers- - - - 201 -360 159 - -Transferred to disposal group held for sale-9,551 -12,466 -433 -22,450 -2,089 -3,929 -1,322 -7,340 -29,790Foreign exchange adjustments etc.-3,831 -1,706 -88 -5,625 -386 -1,182 -596 -2,164 -7,789Cost at 31 December40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January1,743 11,231 4,013 16,987 8,509 19,653 11,030 39,192 56,179Disposals- -32 -163 -195 -142 -529 -1,442 -2,113 -2,308Amortisation and depreciation- 21 208 229 638 1,356 1,719 3,713 3,942Impairment losses700 - 3 703 2 106 319 427 1,130Transferred to disposal group held for sale- -7,934 -336 -8,270 -898 -3,204 -957 -5,059 -13,329Foreign exchange adjustments etc.-51 -1,032 -59 -1,142 -155 -785 -404 -1,344 -2,486Amortisation, depreciation and impairment losses at 31 December2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December38,453 9,723 1,047 49,223 9,849 9,635 4,195 23,679 72,902SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDKK million Intangible assets Property, plant and equipment Asset baseOther Other equipment, intangible Land and Plant and fixtures and 2021 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January 52,064 24,056 4,967 81,087 19,228 28,479 15,614 63,321 144,408Acquisition of entities 214 654 9 877 42 -51 -182 -191 686Additions, including right-of-use assets - - 341 341 328 1,970 2,021 4,319 4,660Disposal and deconsolidation of entities -301 - -20 -321 -102 -209 -379 -690 -1,011Disposals - -2 -386 -388 -273 -674 -1,975 -2,922 -3,310Transfers - - - - 65 -483 96 -322 -322Foreign exchange adjustments etc. 2,250 1,473 143 3,866 551 1,240 534 2,325 6,191Cost at 31 December 54,227 26,181 5,054 85,462 19,839 30,272 15,729 65,840 151,302Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January 1,572 9,427 4,027 15,026 8,165 18,155 10,702 37,022 52,048Disposal and deconsolidation of entities - - -7 -7 -40 -147 -329 -516 -523Disposals - -2 -369 -371 -186 -642 -1,846 -2,674 -3,045Amortisation and depreciation - 19 206 225 673 1,450 2,048 4,171 4,396Impairment losses - 950 107 1,057 5 22 124 151 1,208Reversal of impairment losses - - - - -86 -4 -24 -114 -114Transfers - - - - -145 -29 - -174 -174Foreign exchange adjustments etc. 171 837 49 1,057 123 848 355 1,326 2,383Amortisation, depreciation and impairment losses at 31 December 1,743 11,231 4,013 16,987 8,509 19,653 11,030 39,192 56,179Carrying amount at 31 December 52,484 14,950 1,041 68,475 11,330 10,619 4,699 26,648 95,123SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment under construction amounted to DKK 1,197m (2021: DKK 1,193m). 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, coolers and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights. 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.Amortisation, depreciation and impairment lossesIntangible assets Property, plant and equipmentDKK million 2022 2021 2022 2021Cost of sales 47 138 2,489 2,611Sales and distribution expenses 65 39 1,211 1,124Administrative expenses 108 98 267 228Special items 700 3 96 -72Continuing operations 920 278 4,063 3,891Net result from Russian operations held for sale 12 1,004 77 317Total 932 1,282 4,140 4,208For disclosures of the interest expenses, cash flow and lease liabilities, please refer to sections 4.1, 4.4.1 and 4.7.Cash flow from disposal of property, plant and equipment and intangible assets was DKK 412m (2021: DKK 257m). Capital expenditureDKK million 2022 2021Additions, including right-of-use assets 4,961 4,660Right-of-use assets -706 -437Additions 4,255 4,223Additions payable at the end of the reporting period -145 -Transferred to assets in disposal group held for sale -92 -320Acquisition of property, plant and equipment and intangible assets 4,018 3,903Gain/loss on disposal of assetsDKK million 2022 2021Gain on disposal of property, plant and equipment and intangible assets 110 102Loss on disposal of property, plant and equipment and intangible assets -31 -26Continuing operations 79 76Net result from Russian operations held for sale 4 17Total 83 93ACCOUNTING ESTIMATESAND JUDGEMENTSUseful 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 and 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\u2019s 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.ACCOUNTINGPOLICIESCost 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\u2019 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 2.2.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.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 ascost of sales, sales and distribution expenses, and administrative expenses depending on the use ofthe asset.The expected useful life is as follows: Brands with finite useful life Normally 20 yearsSoftware Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer Depending on contract with the agreements/customer; if no contract exists, relationshipsnormally not exceeding 20 yearsBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in warehouses 8 yearsOn-trade and distribution equipment 5 yearsFixtures and fittings, other plant and equipment 5-8 yearsReturnable packaging materials 3-10 yearsHardware 3-5 yearsLandNot depreciatedImpairmentImpairment losses of a non-recurring nature are recognised under special items.",
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"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
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"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-83-3": {
"value": "ASSET BASEAND RETURNS115.3bnTOTAL ASSETS (DKK)Total assets declined by DKK 11.0bn, mainly due to the decision to seek a full divestment of the Russian business, which resulted in a write-down of the Russian business of DKK 9.9bn.Intangible assets amounted to DKK 49.2bn at 31 December 2022 (2021: DKK 68.5bn), mainly due to the carve-out of the Russian business and the impairment of goodwill in Central & Eastern Europe.Property, plant and equipment totalledDKK 23.7bn (2021: DKK 26.6bn), mainly impacted by the reclassification of Russia.Current assets declined by DKK 0.3bn to DKK 22.6bn, primarily due to a decline in trade receivables of DKK 0.6bn, impacted by the reclassification of the Russian business to disposal group held for sale and an increase in inventories of DKK 0.3bn, impacted by higher cost of sales, stocking in Asia prior to the Chinese New Year and the reclassification of the Russian business. Other receivables mainly increased due to fair value adjustment linked to higher aluminium prices. Cash and cash equivalents amounted to DKK 8.2bn (2021: DKK 8.3bn).ASSET BASE (DKKbn) 4.695.1-5.3-3.9-1.172.9-16.5 etc.closingAsset base, openingAsset base, Amortisation/adjustmentsdepreciationAcquisitions and disposals, incl. leases, netForeign exchange Impairment lossescf. section 5.1group held for sale, Reclassified to disposalSECTION 2.1SEGMENTATION OF ASSETS AND RETURNSFollowing the classification of the Russian operations as held for sale in March 2022, the segmentation of assets and returns is presented only for the continuing operations. Invested capital for 2021 has been restated to include only the continuing operations so as to align it with the restatement of operating profitand support the calculation of a meaningful ROIC for 2021.At year-end, invested capital was down by DKK 3.4bn, primarily due to developments in currencies and goodwill impairment in Central & Eastern Europe. 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. They further include non-current financial assets other than financial instruments and tax assets.Not allocated comprises supporting companies without brewing activities and eliminations of investments in subsidiaries, receivables and loans.Geographical allocation of non-current assetsDKK million 2022 2021Denmark (Carlsberg A/S'domicile) 4,017 4,122China 15,906 15,876France 11,100 11,121Other countries 47,402 69,176Total 78,425 100,295Invested capitalDKK million 2022 2021Total assets excluding assets in disposal group held for sale, cf. section 5.1 103,723 104,294LessTax assets -1,731 -1,940Financial receivables, hedging instruments and receivables sold 615 926Cash and cash equivalents -8,163 -8,217Assets included 94,444 95,063Trade payables -21,917 -19,060Deposits on returnable packaging materials -1,627 -1,504Provisions, excl. restructurings -3,027 -3,209Other liabilities, excl. hedging instruments and contingent consideration -7,662 -7,655Liabilities offset -34,233 -31,428Invested capital 60,211 63,635Goodwill -38,453 -39,892Invested capital excl. goodwill 21,758 23,743Invested capital, average 62,053 63,206DKK millionCentral & Carlsberg Western Eastern NotBeverages,Non-Group, 2022Europe AsiaEuropeallocatedtotalbeveragetotalInvested capital 34,098 18,910 6,625 -474 59,159 1,052 60,211Invested capital excl. goodwill 13,857 3,652 3,671 -474 20,706 1,052 21,758Investments in associates 2,361 2,402 27 6 4,796 727 5,523Acquisition of property, plant and equipment and intangible assets 1,363 1,860 643 132 3,998 18 4,016Amortisation and depreciation 1,781 1,350 601 106 3,838 15 3,853Impairment losses, net 56 308 723 43 1,130 -10 1,120Return on invested capital (ROIC) 11.1% 20.9% 27.7% - 15.2% - 15.2% ROIC excl. goodwill 26.2% 112.4% 49.7% - 43.0% - 41.6% 2021Invested capital 35,582 20,244 7,402 -761 62,467 1,168 63,635Invested capital excl. goodwill 15,317 4,281 3,738 -761 22,575 1,168 23,743Investments in associates 2,271 2,363 30 5 4,669 501 5,170Acquisition of property, plant and equipment and intangible assets 1,340 1,800 566 191 3,897 8 3,905Amortisation and depreciation 1,796 1,488 605 102 3,991 17 4,008Impairment losses, net 17 460 - - 477 -86 391Return on invested capital (ROIC) 9.1% 20.3% 23.6% - 12.8% - 12.5% ROIC excl. goodwill 19.9% 153.4% 47.0% - 35.4% - 33.6% Impairment of non-current assetsDKK million 2022 2021Intangible assetsGoodwill 700 -Other intangible assets 3 107Total 703 107Property, plant and equipmentPlant, machinery and equipment 427 151Reversal of impairment losses - -111Total 427 40Other non-current assetsAssets held for sale -10 -Investment in associates - 244Total impairment losses, net 1,120 391Of which recognised in special items, cf. section 3.1 786 175Impairment losses, Russian operations, net, cf. section 5.1 9,949 947SECTION 2.2 (CONTINUED)IMPAIRMENT ACCOUNTING ESTIMATES AND JUDGEMENTSIdentification of cash-generating unitsThe Group\u2019s management structure reflects the geographical segments, cf. section 1.2, 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 generated mostly 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.GoodwillGoodwill does not generate largely independent cash inflows on its own and is therefore allocated to the Group\u2019s 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. The Group gained control of Wernesgr\u00fcner Brewery in 2021. The goodwill recognised on this acquisition was allocated to the Western Europe CGU. Entities classified as held for sale and measured at fair value less costs of disposal are removed from the CGU to which they are allocated at the time of classification as held for sale.BrandsCash 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 with the total carrying amount of brands with indefinite useful life:\u2022 International brands\u2022 Kronenbourg 1664International brands is a group of brands recognised in connection with the acquisition of the 40% non-controlling interest in Carlsberg Breweries A/S and allocated to Western Europe. The carrying amount is not allocated to individual brands.Following the classification of the Russian business as held for sale, the brands recognised in Russia are no longer tested individually for impairment. Instead any impairment of the value of the Russian disposal group held for sale is allocated first to goodwill of the disposal group and subsequently pro rata to other assets of the disposal group, including brands.Corporate assetsThe Group has identified capitalised software relating to the Group\u2019s ERP systems as corporate assets, and as such these are peripheral to the generation of cash inflow. The Group\u2019s 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 assetsOther 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\u2019 future application, for example in relation to changes in production structure, restructurings or brewery closures. For investments in associates, examples of indications of impairment are loss-making activities or significant changes in the business environment.Key considerations in impairment tests Goodwill BrandsCGU level of test Geographical segment Individual brandMethod to estimate recoverable amount Value in use Value in useMethod to estimate present value of Expected value approach: multiple Traditional approach: single most future cash flowsprobability-weighted cash flowslikely future cash flowsDiscount rate Risk-free rate Risk-adjusted rate2.2.2 IMPAIRMENT TEST OF GOODWILLNEW SEGMENTATION FOR 2022The Group\u2019s segmentation and regional split of entities changed following the Group\u2019s decision to seek full disposal of the Russian business and exclude it from the Central & Eastern Europe region. The composition of CGUs changed accordingly, with goodwill of DKK 9,551m previously allocated to Russia being transferred to assets in disposal group held for sale, cf. section 5.1.The carrying amount of goodwill allocated to groups of CGUsDKK million 2022 2021Western Europe 20,241 20,265Asia 15,258 15,963Central & Eastern Europe 2,954 16,256Total 38,453 52,484Estimating expected cash flow involves developing multiple probability-weighted scenarios to reflect different outcomes in terms of timing and amount. Measurement of the forecast period growth rates reflects risk adjustments made to calculate the expected cash flows.ACCOUNTING ESTIMATES AND JUDGEMENTSGoodwillThe value in use is the discounted value of the expected future risk-adjusted cash flows. This involves developing multiple probability-weighted scenarios to reflect different outcomes in terms of timing and amount.Key assumptionsThe 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 2023-2025 represents management\u2019s best estimate of the impact from the COVID-19 pandemic. The probability weighting applied is based on past experience and the uncertainty of the prepared budget and target plans. Potential upsides and downsides identified during the budget process and in the daily business are reflected in the future cash flow scenarios for each CGU.The risk-adjusted cash flows are discounted using a rate that reflects the risk-free interest rate for each CGU. The interest rates used in the impairment testsSECTION 2.2 (CONTINUED)IMPAIRMENTare based on observable market data. Please refer to the description of discount rates in section 2.2.3.The key assumptions on which management bases its cash flow projections are:\u2022 Volumes\u2022 Sales prices\u2022 Input costs\u2022 Operating investments\u2022 Terminal period growthThe 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 considered. 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.VolumesProjections 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 pricesThe 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. Recent significant inflationary pressure has meant revenue growth compensating for rising input costs, especially in Europe. The short and medium-term forecast includes risk of delays in timing of increase of sales prices to compensate for future rise in input costs.Input costsInput costs in the budget and target plans are based on past experience and on:\u2022 Contracted raw and packaging materials\u2022 Contracted services within sales, marketing, production and logistics \u2022 Planned commercial investments\u2022 Cost optimisations not related to restructurings\u2022 Expected inflation The recent rise in inflation has increased the overall input cost level, especially in Europe. The short and medium-term forecast incorporates continued pressure on input cost. In the long term, projections follow the level of inflation unless long-term contracts are in place.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. Non-contracted capacity increases and new equipment are not included.Terminal period growthGrowth 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.SECTION 2.2 (CONTINUED)IMPAIRMENTACCOUNTING ESTIMATES AND JUDGEMENTSBrandsThe 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 risk-free cash flows are discounted using a rate reflecting the risk-free interest rate with the addition of the risk premium associated with the individual brand.Key assumptionsThe key assumptions on which management bases its cash flow projection include the expected useful life, revenue growth, a theoretical tax amortisation benefit, the royalty rate and the discount rate.Expected useful lifeManagement 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\u2019s 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 growthAt 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\u2019s portfolio. The forecast period applied is comparable with 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 \u2013 such as market share and segment position \u2013 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 2.2.2.Tax benefitThe 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 5-15 years.Royalty rateRoyalties generated by a brand are based on the Group\u2019s 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.For some brands, the share of the total beer market profit exceeds the volume share to an extent that creates significant market entry barriers for competing brands and justifies a higher royalty rate.Royalty ratesInternational, 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%Discount ratesThe 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 brand.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\u2019s investments in the individual markets.SECTION 2.3 INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDKK million Intangible assets Property, plant and equipment Asset baseOther Other equipment, intangible Land and Plant and fixtures and 2022 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January54,227 26,181 5,054 85,462 19,839 30,272 15,729 65,840 151,302Additions, including right-of-use assets- - 345 345 611 2,013 1,992 4,616 4,961Disposals- -32 -165 -197 -373 -582 -1,502 -2,457 -2,654Transfers- - - - 201 -360 159 - -Transferred to disposal group held for sale-9,551 -12,466 -433 -22,450 -2,089 -3,929 -1,322 -7,340 -29,790Foreign exchange adjustments etc.-3,831 -1,706 -88 -5,625 -386 -1,182 -596 -2,164 -7,789Cost at 31 December40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January1,743 11,231 4,013 16,987 8,509 19,653 11,030 39,192 56,179Disposals- -32 -163 -195 -142 -529 -1,442 -2,113 -2,308Amortisation and depreciation- 21 208 229 638 1,356 1,719 3,713 3,942Impairment losses700 - 3 703 2 106 319 427 1,130Transferred to disposal group held for sale- -7,934 -336 -8,270 -898 -3,204 -957 -5,059 -13,329Foreign exchange adjustments etc.-51 -1,032 -59 -1,142 -155 -785 -404 -1,344 -2,486Amortisation, depreciation and impairment losses at 31 December2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December38,453 9,723 1,047 49,223 9,849 9,635 4,195 23,679 72,902SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDKK million Intangible assets Property, plant and equipment Asset baseOther Other equipment, intangible Land and Plant and fixtures and 2021 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January 52,064 24,056 4,967 81,087 19,228 28,479 15,614 63,321 144,408Acquisition of entities 214 654 9 877 42 -51 -182 -191 686Additions, including right-of-use assets - - 341 341 328 1,970 2,021 4,319 4,660Disposal and deconsolidation of entities -301 - -20 -321 -102 -209 -379 -690 -1,011Disposals - -2 -386 -388 -273 -674 -1,975 -2,922 -3,310Transfers - - - - 65 -483 96 -322 -322Foreign exchange adjustments etc. 2,250 1,473 143 3,866 551 1,240 534 2,325 6,191Cost at 31 December 54,227 26,181 5,054 85,462 19,839 30,272 15,729 65,840 151,302Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January 1,572 9,427 4,027 15,026 8,165 18,155 10,702 37,022 52,048Disposal and deconsolidation of entities - - -7 -7 -40 -147 -329 -516 -523Disposals - -2 -369 -371 -186 -642 -1,846 -2,674 -3,045Amortisation and depreciation - 19 206 225 673 1,450 2,048 4,171 4,396Impairment losses - 950 107 1,057 5 22 124 151 1,208Reversal of impairment losses - - - - -86 -4 -24 -114 -114Transfers - - - - -145 -29 - -174 -174Foreign exchange adjustments etc. 171 837 49 1,057 123 848 355 1,326 2,383Amortisation, depreciation and impairment losses at 31 December 1,743 11,231 4,013 16,987 8,509 19,653 11,030 39,192 56,179Carrying amount at 31 December 52,484 14,950 1,041 68,475 11,330 10,619 4,699 26,648 95,123SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment under construction amounted to DKK 1,197m (2021: DKK 1,193m). 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, coolers and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights. 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.Amortisation, depreciation and impairment lossesIntangible assets Property, plant and equipmentDKK million 2022 2021 2022 2021Cost of sales 47 138 2,489 2,611Sales and distribution expenses 65 39 1,211 1,124Administrative expenses 108 98 267 228Special items 700 3 96 -72Continuing operations 920 278 4,063 3,891Net result from Russian operations held for sale 12 1,004 77 317Total 932 1,282 4,140 4,208For disclosures of the interest expenses, cash flow and lease liabilities, please refer to sections 4.1, 4.4.1 and 4.7.Cash flow from disposal of property, plant and equipment and intangible assets was DKK 412m (2021: DKK 257m). Capital expenditureDKK million 2022 2021Additions, including right-of-use assets 4,961 4,660Right-of-use assets -706 -437Additions 4,255 4,223Additions payable at the end of the reporting period -145 -Transferred to assets in disposal group held for sale -92 -320Acquisition of property, plant and equipment and intangible assets 4,018 3,903Gain/loss on disposal of assetsDKK million 2022 2021Gain on disposal of property, plant and equipment and intangible assets 110 102Loss on disposal of property, plant and equipment and intangible assets -31 -26Continuing operations 79 76Net result from Russian operations held for sale 4 17Total 83 93ACCOUNTING ESTIMATESAND JUDGEMENTSUseful 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 and 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\u2019s 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.ACCOUNTINGPOLICIESCost 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\u2019 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 2.2.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.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 ascost of sales, sales and distribution expenses, and administrative expenses depending on the use ofthe asset.The expected useful life is as follows: Brands with finite useful life Normally 20 yearsSoftware Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer Depending on contract with the agreements/customer; if no contract exists, relationshipsnormally not exceeding 20 yearsBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in warehouses 8 yearsOn-trade and distribution equipment 5 yearsFixtures and fittings, other plant and equipment 5-8 yearsReturnable packaging materials 3-10 yearsHardware 3-5 yearsLandNot depreciatedImpairmentImpairment losses of a non-recurring nature are recognised under special items.",
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"pp-value-83-4": {
"value": "ASSET BASEAND RETURNS115.3bnTOTAL ASSETS (DKK)Total assets declined by DKK 11.0bn, mainly due to the decision to seek a full divestment of the Russian business, which resulted in a write-down of the Russian business of DKK 9.9bn.Intangible assets amounted to DKK 49.2bn at 31 December 2022 (2021: DKK 68.5bn), mainly due to the carve-out of the Russian business and the impairment of goodwill in Central & Eastern Europe.Property, plant and equipment totalledDKK 23.7bn (2021: DKK 26.6bn), mainly impacted by the reclassification of Russia.Current assets declined by DKK 0.3bn to DKK 22.6bn, primarily due to a decline in trade receivables of DKK 0.6bn, impacted by the reclassification of the Russian business to disposal group held for sale and an increase in inventories of DKK 0.3bn, impacted by higher cost of sales, stocking in Asia prior to the Chinese New Year and the reclassification of the Russian business. Other receivables mainly increased due to fair value adjustment linked to higher aluminium prices. Cash and cash equivalents amounted to DKK 8.2bn (2021: DKK 8.3bn).ASSET BASE (DKKbn) 4.695.1-5.3-3.9-1.172.9-16.5 etc.closingAsset base, openingAsset base, Amortisation/adjustmentsdepreciationAcquisitions and disposals, incl. leases, netForeign exchange Impairment lossescf. section 5.1group held for sale, Reclassified to disposalSECTION 2.1SEGMENTATION OF ASSETS AND RETURNSFollowing the classification of the Russian operations as held for sale in March 2022, the segmentation of assets and returns is presented only for the continuing operations. Invested capital for 2021 has been restated to include only the continuing operations so as to align it with the restatement of operating profitand support the calculation of a meaningful ROIC for 2021.At year-end, invested capital was down by DKK 3.4bn, primarily due to developments in currencies and goodwill impairment in Central & Eastern Europe. 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. They further include non-current financial assets other than financial instruments and tax assets.Not allocated comprises supporting companies without brewing activities and eliminations of investments in subsidiaries, receivables and loans.Geographical allocation of non-current assetsDKK million 2022 2021Denmark (Carlsberg A/S'domicile) 4,017 4,122China 15,906 15,876France 11,100 11,121Other countries 47,402 69,176Total 78,425 100,295Invested capitalDKK million 2022 2021Total assets excluding assets in disposal group held for sale, cf. section 5.1 103,723 104,294LessTax assets -1,731 -1,940Financial receivables, hedging instruments and receivables sold 615 926Cash and cash equivalents -8,163 -8,217Assets included 94,444 95,063Trade payables -21,917 -19,060Deposits on returnable packaging materials -1,627 -1,504Provisions, excl. restructurings -3,027 -3,209Other liabilities, excl. hedging instruments and contingent consideration -7,662 -7,655Liabilities offset -34,233 -31,428Invested capital 60,211 63,635Goodwill -38,453 -39,892Invested capital excl. goodwill 21,758 23,743Invested capital, average 62,053 63,206DKK millionCentral & Carlsberg Western Eastern NotBeverages,Non-Group, 2022Europe AsiaEuropeallocatedtotalbeveragetotalInvested capital 34,098 18,910 6,625 -474 59,159 1,052 60,211Invested capital excl. goodwill 13,857 3,652 3,671 -474 20,706 1,052 21,758Investments in associates 2,361 2,402 27 6 4,796 727 5,523Acquisition of property, plant and equipment and intangible assets 1,363 1,860 643 132 3,998 18 4,016Amortisation and depreciation 1,781 1,350 601 106 3,838 15 3,853Impairment losses, net 56 308 723 43 1,130 -10 1,120Return on invested capital (ROIC) 11.1% 20.9% 27.7% - 15.2% - 15.2% ROIC excl. goodwill 26.2% 112.4% 49.7% - 43.0% - 41.6% 2021Invested capital 35,582 20,244 7,402 -761 62,467 1,168 63,635Invested capital excl. goodwill 15,317 4,281 3,738 -761 22,575 1,168 23,743Investments in associates 2,271 2,363 30 5 4,669 501 5,170Acquisition of property, plant and equipment and intangible assets 1,340 1,800 566 191 3,897 8 3,905Amortisation and depreciation 1,796 1,488 605 102 3,991 17 4,008Impairment losses, net 17 460 - - 477 -86 391Return on invested capital (ROIC) 9.1% 20.3% 23.6% - 12.8% - 12.5% ROIC excl. goodwill 19.9% 153.4% 47.0% - 35.4% - 33.6% ACCOUNTING ESTIMATES AND JUDGEMENTSThe 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 excluding assets in disposal group held for sale, including assets held for sale and trade receivables sold, and excludes contingent considerations and income tax.ACCOUNTINGPOLICIESThe Group\u2019s assets and returns are segmented on the basis of geographical regions in accordance with the management reporting for the current year, cf. section 1.2.",
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"pp-value-83-5": {
"value": "ASSET BASEAND RETURNS115.3bnTOTAL ASSETS (DKK)Total assets declined by DKK 11.0bn, mainly due to the decision to seek a full divestment of the Russian business, which resulted in a write-down of the Russian business of DKK 9.9bn.Intangible assets amounted to DKK 49.2bn at 31 December 2022 (2021: DKK 68.5bn), mainly due to the carve-out of the Russian business and the impairment of goodwill in Central & Eastern Europe.Property, plant and equipment totalledDKK 23.7bn (2021: DKK 26.6bn), mainly impacted by the reclassification of Russia.Current assets declined by DKK 0.3bn to DKK 22.6bn, primarily due to a decline in trade receivables of DKK 0.6bn, impacted by the reclassification of the Russian business to disposal group held for sale and an increase in inventories of DKK 0.3bn, impacted by higher cost of sales, stocking in Asia prior to the Chinese New Year and the reclassification of the Russian business. Other receivables mainly increased due to fair value adjustment linked to higher aluminium prices. Cash and cash equivalents amounted to DKK 8.2bn (2021: DKK 8.3bn).ASSET BASE (DKKbn) 4.695.1-5.3-3.9-1.172.9-16.5 etc.closingAsset base, openingAsset base, Amortisation/adjustmentsdepreciationAcquisitions and disposals, incl. leases, netForeign exchange Impairment lossescf. section 5.1group held for sale, Reclassified to disposalSECTION 2.1SEGMENTATION OF ASSETS AND RETURNSFollowing the classification of the Russian operations as held for sale in March 2022, the segmentation of assets and returns is presented only for the continuing operations. Invested capital for 2021 has been restated to include only the continuing operations so as to align it with the restatement of operating profitand support the calculation of a meaningful ROIC for 2021.At year-end, invested capital was down by DKK 3.4bn, primarily due to developments in currencies and goodwill impairment in Central & Eastern Europe. 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. They further include non-current financial assets other than financial instruments and tax assets.Not allocated comprises supporting companies without brewing activities and eliminations of investments in subsidiaries, receivables and loans.Geographical allocation of non-current assetsDKK million 2022 2021Denmark (Carlsberg A/S'domicile) 4,017 4,122China 15,906 15,876France 11,100 11,121Other countries 47,402 69,176Total 78,425 100,295Invested capitalDKK million 2022 2021Total assets excluding assets in disposal group held for sale, cf. section 5.1 103,723 104,294LessTax assets -1,731 -1,940Financial receivables, hedging instruments and receivables sold 615 926Cash and cash equivalents -8,163 -8,217Assets included 94,444 95,063Trade payables -21,917 -19,060Deposits on returnable packaging materials -1,627 -1,504Provisions, excl. restructurings -3,027 -3,209Other liabilities, excl. hedging instruments and contingent consideration -7,662 -7,655Liabilities offset -34,233 -31,428Invested capital 60,211 63,635Goodwill -38,453 -39,892Invested capital excl. goodwill 21,758 23,743Invested capital, average 62,053 63,206DKK millionCentral & Carlsberg Western Eastern NotBeverages,Non-Group, 2022Europe AsiaEuropeallocatedtotalbeveragetotalInvested capital 34,098 18,910 6,625 -474 59,159 1,052 60,211Invested capital excl. goodwill 13,857 3,652 3,671 -474 20,706 1,052 21,758Investments in associates 2,361 2,402 27 6 4,796 727 5,523Acquisition of property, plant and equipment and intangible assets 1,363 1,860 643 132 3,998 18 4,016Amortisation and depreciation 1,781 1,350 601 106 3,838 15 3,853Impairment losses, net 56 308 723 43 1,130 -10 1,120Return on invested capital (ROIC) 11.1% 20.9% 27.7% - 15.2% - 15.2% ROIC excl. goodwill 26.2% 112.4% 49.7% - 43.0% - 41.6% 2021Invested capital 35,582 20,244 7,402 -761 62,467 1,168 63,635Invested capital excl. goodwill 15,317 4,281 3,738 -761 22,575 1,168 23,743Investments in associates 2,271 2,363 30 5 4,669 501 5,170Acquisition of property, plant and equipment and intangible assets 1,340 1,800 566 191 3,897 8 3,905Amortisation and depreciation 1,796 1,488 605 102 3,991 17 4,008Impairment losses, net 17 460 - - 477 -86 391Return on invested capital (ROIC) 9.1% 20.3% 23.6% - 12.8% - 12.5% ROIC excl. goodwill 19.9% 153.4% 47.0% - 35.4% - 33.6% ACCOUNTING ESTIMATES AND JUDGEMENTSThe 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 excluding assets in disposal group held for sale, including assets held for sale and trade receivables sold, and excludes contingent considerations and income tax.ACCOUNTINGPOLICIESThe Group\u2019s assets and returns are segmented on the basis of geographical regions in accordance with the management reporting for the current year, cf. section 1.2.",
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"value": "1CAPEX AND AMORTISATION/2DEPRECIATION (DKKbn)5.08.0%4.07.0%3.06.0%2.05.0%1.04.0%20182019202020212022CapExAmortisation and depreciationCapEx/revenue1 Excluding the purchase of the Brooklyn brand rights in 2020.",
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"value": "1CAPEX AND AMORTISATION/2DEPRECIATION (DKKbn)5.08.0%4.07.0%3.06.0%2.05.0%1.04.0%20182019202020212022CapExAmortisation and depreciationCapEx/revenue1 Excluding the purchase of the Brooklyn brand rights in 2020.SECTION 2.3 INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDKK million Intangible assets Property, plant and equipment Asset baseOther Other equipment, intangible Land and Plant and fixtures and 2022 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January54,227 26,181 5,054 85,462 19,839 30,272 15,729 65,840 151,302Additions, including right-of-use assets- - 345 345 611 2,013 1,992 4,616 4,961Disposals- -32 -165 -197 -373 -582 -1,502 -2,457 -2,654Transfers- - - - 201 -360 159 - -Transferred to disposal group held for sale-9,551 -12,466 -433 -22,450 -2,089 -3,929 -1,322 -7,340 -29,790Foreign exchange adjustments etc.-3,831 -1,706 -88 -5,625 -386 -1,182 -596 -2,164 -7,789Cost at 31 December40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January1,743 11,231 4,013 16,987 8,509 19,653 11,030 39,192 56,179Disposals- -32 -163 -195 -142 -529 -1,442 -2,113 -2,308Amortisation and depreciation- 21 208 229 638 1,356 1,719 3,713 3,942Impairment losses700 - 3 703 2 106 319 427 1,130Transferred to disposal group held for sale- -7,934 -336 -8,270 -898 -3,204 -957 -5,059 -13,329Foreign exchange adjustments etc.-51 -1,032 -59 -1,142 -155 -785 -404 -1,344 -2,486Amortisation, depreciation and impairment losses at 31 December2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December38,453 9,723 1,047 49,223 9,849 9,635 4,195 23,679 72,902SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDKK million Intangible assets Property, plant and equipment Asset baseOther Other equipment, intangible Land and Plant and fixtures and 2021 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January 52,064 24,056 4,967 81,087 19,228 28,479 15,614 63,321 144,408Acquisition of entities 214 654 9 877 42 -51 -182 -191 686Additions, including right-of-use assets - - 341 341 328 1,970 2,021 4,319 4,660Disposal and deconsolidation of entities -301 - -20 -321 -102 -209 -379 -690 -1,011Disposals - -2 -386 -388 -273 -674 -1,975 -2,922 -3,310Transfers - - - - 65 -483 96 -322 -322Foreign exchange adjustments etc. 2,250 1,473 143 3,866 551 1,240 534 2,325 6,191Cost at 31 December 54,227 26,181 5,054 85,462 19,839 30,272 15,729 65,840 151,302Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January 1,572 9,427 4,027 15,026 8,165 18,155 10,702 37,022 52,048Disposal and deconsolidation of entities - - -7 -7 -40 -147 -329 -516 -523Disposals - -2 -369 -371 -186 -642 -1,846 -2,674 -3,045Amortisation and depreciation - 19 206 225 673 1,450 2,048 4,171 4,396Impairment losses - 950 107 1,057 5 22 124 151 1,208Reversal of impairment losses - - - - -86 -4 -24 -114 -114Transfers - - - - -145 -29 - -174 -174Foreign exchange adjustments etc. 171 837 49 1,057 123 848 355 1,326 2,383Amortisation, depreciation and impairment losses at 31 December 1,743 11,231 4,013 16,987 8,509 19,653 11,030 39,192 56,179Carrying amount at 31 December 52,484 14,950 1,041 68,475 11,330 10,619 4,699 26,648 95,123SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment under construction amounted to DKK 1,197m (2021: DKK 1,193m). 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, coolers and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights. 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.Amortisation, depreciation and impairment lossesIntangible assets Property, plant and equipmentDKK million 2022 2021 2022 2021Cost of sales 47 138 2,489 2,611Sales and distribution expenses 65 39 1,211 1,124Administrative expenses 108 98 267 228Special items 700 3 96 -72Continuing operations 920 278 4,063 3,891Net result from Russian operations held for sale 12 1,004 77 317Total 932 1,282 4,140 4,208For disclosures of the interest expenses, cash flow and lease liabilities, please refer to sections 4.1, 4.4.1 and 4.7.Cash flow from disposal of property, plant and equipment and intangible assets was DKK 412m (2021: DKK 257m). Capital expenditureDKK million 2022 2021Additions, including right-of-use assets 4,961 4,660Right-of-use assets -706 -437Additions 4,255 4,223Additions payable at the end of the reporting period -145 -Transferred to assets in disposal group held for sale -92 -320Acquisition of property, plant and equipment and intangible assets 4,018 3,903Gain/loss on disposal of assetsDKK million 2022 2021Gain on disposal of property, plant and equipment and intangible assets 110 102Loss on disposal of property, plant and equipment and intangible assets -31 -26Continuing operations 79 76Net result from Russian operations held for sale 4 17Total 83 93ACCOUNTING ESTIMATESAND JUDGEMENTSUseful 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 and 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\u2019s 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.ACCOUNTINGPOLICIESCost 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\u2019 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 2.2.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.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 ascost of sales, sales and distribution expenses, and administrative expenses depending on the use ofthe asset.The expected useful life is as follows: Brands with finite useful life Normally 20 yearsSoftware Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer Depending on contract with the agreements/customer; if no contract exists, relationshipsnormally not exceeding 20 yearsBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in warehouses 8 yearsOn-trade and distribution equipment 5 yearsFixtures and fittings, other plant and equipment 5-8 yearsReturnable packaging materials 3-10 yearsHardware 3-5 yearsLandNot depreciatedImpairmentImpairment losses of a non-recurring nature are recognised under special items.",
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"pp-value-97-2": {
"value": "SECTION 2.2IMPAIRMENT2.2.1 RECOGNISED IMPAIRMENTSFollowing Russia\u2019s invasion of Ukraine and the decision to dispose of the Russian operations, Russia was separated from the Central & Eastern Europe CGU. The CGU was subsequently tested for impairment, leading to a write-down of goodwill of DKK 700m in March 2022. Impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date , including an update of the impairment test of the Central & Eastern Europe CGU. The tests did not identify further impairments.In addition to the goodwill impairment write-down, the Group recognised impairment losses of DKK 233m on returnable packaging in certain markets in Asia, DKK 22m on sales equipment and returnable packaging in Ukraine and DKK 172m on other items of property, plant and equipment, in total DKK 427m in 2022.In 2021, impairment losses of DKK 107m were recognised in relation to land use rights in China, DKK 130m on returnable packaging in certain markets in Asia, DKK 21m on other items of property, plant and equipment and DKK 244m on investments in associates in China. Reversals of impairment losses of DKK 111m in Denmark and China relating to assets that had been reclassified as held for sale were also recognised in 2021. Impairment of goodwill and other assets in Central & Eastern EuropeThe long-term outlook for operations and cash flows for the Central & Eastern Europe CGU has been negatively impacted by the war in Ukraine and an increasingly challenging macroeconomic environment. This indicated a decrease in the recoverable amount, for which reason management performed an impairment test for the Central & Eastern Europe region, leading to a write-down of goodwill of DKK 700m in March 2022. The impairment test was performed again at the reporting date with updated forecasts and assumptions. The reassessment of the expected future growth in the Central & Eastern Europe CGU and of the recoverable amount did not result in further impairment write-downs. Our business in Ukraine outperformed the full-year expectations for 2022 that were applied in the impairment test in March 2022, resulting in an increase in the recoverable amount calculated at the reporting date. The economic challenges in Ukraine are, however, expected to continue, affecting the long-term assumptions applied in the impairment test. The economic situation in Ukraine remains very uncertain, and the indirect impact of the war on the Central & Eastern Europe CGU in the form of rising commodity prices and energy costs coupled with higher interest and inflation rates has been and is expected to remain significant.The war in Ukraine resulted in the loss or destruction of sales equipment and returnable packaging materials deployed in the market, leading to a write-down of DKK 22m on property, plant and equipment.Other impairmentsIn certain markets in Asia, the return systems are not legally required but have been developed as a result of market practice in the beverage industry. The collection rates for returnable packaging have declined significantly since 2020 compared with previous years as a result of COVID-19 restrictions. Consequently, the Group reclassified the returnable packaging in the relevant markets from being recognised as property, plant and equipment to being recognised as inventory, thus ensuring timely cost recognition. This led to the recognition of impairment losses of DKK 233m compared to DKK 130m recognised in 2021 for lost returnable packaging. Impairment of the Russian operations held for saleFollowing the reclassification of the Russian operations as held for sale and separation out from the Central & Eastern Europe CGU, an impairment loss of DKK 9,949m was recognised in net result from Russian operations held for sale, cf. section 5.1.In 2021, impairment losses of DKK 950m on brands were recognised in the Russian operation. Significant amounts of goodwill and brandsGoodwill and brands with indefinite useful life relating to the acquisitions of Kronenbourg, Chongqing Brewery Group and the 40% non-controlling interest in Carlsberg Breweries A/S 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 CGUs based on the geographical segmentation. The international brands acquired with the 40% non-controlling interest in Carlsberg Breweries A/S and Kronenbourg 1664 are individually material and specified in section 2.2.3.Impairment of non-current assetsDKK million 2022 2021Intangible assetsGoodwill 700 -Other intangible assets 3 107Total 703 107Property, plant and equipmentPlant, machinery and equipment 427 151Reversal of impairment losses - -111Total 427 40Other non-current assetsAssets held for sale -10 -Investment in associates - 244Total impairment losses, net 1,120 391Of which recognised in special items, cf. section 3.1 786 175Impairment losses, Russian operations, net, cf. section 5.1 9,949 947SECTION 2.2 (CONTINUED)IMPAIRMENT ACCOUNTING ESTIMATES AND JUDGEMENTSIdentification of cash-generating unitsThe Group\u2019s management structure reflects the geographical segments, cf. section 1.2, 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 generated mostly 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.GoodwillGoodwill does not generate largely independent cash inflows on its own and is therefore allocated to the Group\u2019s 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. The Group gained control of Wernesgr\u00fcner Brewery in 2021. The goodwill recognised on this acquisition was allocated to the Western Europe CGU. Entities classified as held for sale and measured at fair value less costs of disposal are removed from the CGU to which they are allocated at the time of classification as held for sale.BrandsCash 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 with the total carrying amount of brands with indefinite useful life:\u2022 International brands\u2022 Kronenbourg 1664International brands is a group of brands recognised in connection with the acquisition of the 40% non-controlling interest in Carlsberg Breweries A/S and allocated to Western Europe. The carrying amount is not allocated to individual brands.Following the classification of the Russian business as held for sale, the brands recognised in Russia are no longer tested individually for impairment. Instead any impairment of the value of the Russian disposal group held for sale is allocated first to goodwill of the disposal group and subsequently pro rata to other assets of the disposal group, including brands.Corporate assetsThe Group has identified capitalised software relating to the Group\u2019s ERP systems as corporate assets, and as such these are peripheral to the generation of cash inflow. The Group\u2019s 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 assetsOther 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\u2019 future application, for example in relation to changes in production structure, restructurings or brewery closures. For investments in associates, examples of indications of impairment are loss-making activities or significant changes in the business environment.Key considerations in impairment tests Goodwill BrandsCGU level of test Geographical segment Individual brandMethod to estimate recoverable amount Value in use Value in useMethod to estimate present value of Expected value approach: multiple Traditional approach: single most future cash flowsprobability-weighted cash flowslikely future cash flowsDiscount rate Risk-free rate Risk-adjusted rateACCOUNTINGPOLICIESGoodwill 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\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use.For all assets, the value in use 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 as 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\u2019s new carrying amount does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.2.2.2 IMPAIRMENT TEST OF GOODWILLNEW SEGMENTATION FOR 2022The Group\u2019s segmentation and regional split of entities changed following the Group\u2019s decision to seek full disposal of the Russian business and exclude it from the Central & Eastern Europe region. The composition of CGUs changed accordingly, with goodwill of DKK 9,551m previously allocated to Russia being transferred to assets in disposal group held for sale, cf. section 5.1.The carrying amount of goodwill allocated to groups of CGUsDKK million 2022 2021Western Europe 20,241 20,265Asia 15,258 15,963Central & Eastern Europe 2,954 16,256Total 38,453 52,484Estimating expected cash flow involves developing multiple probability-weighted scenarios to reflect different outcomes in terms of timing and amount. Measurement of the forecast period growth rates reflects risk adjustments made to calculate the expected cash flows.SECTION 2.2 (CONTINUED)IMPAIRMENT Key assumptionsForecast Terminal Pre-tax cash flow period discount 2022growthgrowthrateWesternEurope -11.4% 0.5% 3.0%Asia -12.7% 1.0% 4.5%Central &EasternEurope -21.4% 2.0% 9.8%2021WesternEurope 1.0% 0.0% 1.7%Asia -10.0% 1.0% 4.5%Central &EasternEurope -24.0% 3.5% 6.3%The average cash flow growth in the forecast period reflects the significant risk adjustments included in the forecast specifically for the impairment test. 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\u2019s presentation currency, DKK.WESTERN EUROPEThe region primarily comprises mature beer markets, and market volumes tend to be flat. In recent years the region has seen improving beer category dynamics through innovations, increased interest in craft & speciality beers and alcohol-free brews, and an overall improved category perception.The region is generally characterised by well-established retail structures and a strong tradition of beer consumption. Consumption is generally resilient, although the on-trade channel tends to be impacted by a weak macroeconomic environment. In the past two years, the on-trade suffered as a result of restrictions and lockdowns across markets due to COVID-19. The COVID-19 situation remained uncertain in 2022, but is not expected to have a significant long-term effect.In 2023, the focus will be on mitigating the significant cost inflation, in particular for raw materials and packaging, but also other costs, such as logistics and wages. Mitigating actions include value management, channel and product mix, price increases and continuous cost focus as part of the Group\u2019s Funding the Journey culture. ASIAAsia\u2019s importance to the Group has increased significantly over the past decade, during which the Group has strengthened its presence in the region, both organically and through acquisitions.The Asian markets are very diverse but offer prospects for volume and value growth, underpinned by young populations, urbanisation, rising disposable income levels, growing economies and, in some markets, relatively low per capita beer consumption. However, as many Asian markets are emerging markets, development is subject to volatility. Both the on-trade and off-trade channels are generally characterised by a strong traditional outlet segment, but with the modern outlet segment growing in most markets. In 2020 and 2021, all markets in the region were impacted by COVID-19 at different times and to different extents. The impact from COVID-19 in China was most profound in the first quarter of 2020 and again in the second half of 2022, during which periods volumes were severely impacted. When the market was not subject to COVID-19-related lockdowns, our business performed strongly. The COVID-19 recovery in China, including consumer off-take during the Chinese New Year celebrations, is still uncertain.The general focus in the region remains profitable revenue growth, driven by premiumisation and volume growth. Activities include continued investment in and expansion of our international premium brands, in particular Tuborg, 1664 Blanc, Carlsberg and Somersby, and the strengthening and premiumisation of our local power brands.CENTRAL & EASTERN EUROPECentral & Eastern Europe consists of Ukraine, a number of smaller markets across southern and eastern Europe and our export & licence business.In 2022, the region was severely impacted by the war in Ukraine, which meant that the Russian business, formerly a part of the region, is now an asset held for sale. In Ukraine, the breweries were shut down for some time and volumes declined due to the war. The situation in Ukraine remains highly uncertain.In the rest of the region, the competitive environment is generally characterised by the presence of large global players. Due to the larger on-trade exposure, the southern part of the region was more exposed to COVID-19 in 2020 and 2021 than the eastern part where on-trade exposure is limited. In 2022, the southern part of the region benefited from the re-opening of the on-trade and the return of tourists.Management expects the current macroeconomic situation and developments to continue in the short term, with further increases in overall inflation compared with 2022. The Group will seek to mitigate rising costs through price increases, value management, channel and product mix and continuous cost focus. In the medium to long term, interest rates are expected to decline and stabilise at a level lower than currently observed in the market, although still with some volatility.ACCOUNTING ESTIMATES AND JUDGEMENTSGoodwillThe value in use is the discounted value of the expected future risk-adjusted cash flows. This involves developing multiple probability-weighted scenarios to reflect different outcomes in terms of timing and amount.Key assumptionsThe 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 2023-2025 represents management\u2019s best estimate of the impact from the COVID-19 pandemic. The probability weighting applied is based on past experience and the uncertainty of the prepared budget and target plans. Potential upsides and downsides identified during the budget process and in the daily business are reflected in the future cash flow scenarios for each CGU.The risk-adjusted cash flows are discounted using a rate that reflects the risk-free interest rate for each CGU. The interest rates used in the impairment testsSECTION 2.2 (CONTINUED)IMPAIRMENTare based on observable market data. Please refer to the description of discount rates in section 2.2.3.The key assumptions on which management bases its cash flow projections are:\u2022 Volumes\u2022 Sales prices\u2022 Input costs\u2022 Operating investments\u2022 Terminal period growthThe 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 considered. 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.VolumesProjections 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 pricesThe 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. Recent significant inflationary pressure has meant revenue growth compensating for rising input costs, especially in Europe. The short and medium-term forecast includes risk of delays in timing of increase of sales prices to compensate for future rise in input costs.Input costsInput costs in the budget and target plans are based on past experience and on:\u2022 Contracted raw and packaging materials\u2022 Contracted services within sales, marketing, production and logistics \u2022 Planned commercial investments\u2022 Cost optimisations not related to restructurings\u2022 Expected inflation The recent rise in inflation has increased the overall input cost level, especially in Europe. The short and medium-term forecast incorporates continued pressure on input cost. In the long term, projections follow the level of inflation unless long-term contracts are in place.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. Non-contracted capacity increases and new equipment are not included.Terminal period growthGrowth 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.2.2.3 IMPAIRMENT TEST OF BRANDSThe impairment test did not identify impairments in 2022.Following the classification of the Russian business as held for sale, the brands recognised in Russia, including the Baltika brand, are no longer tested individually for impairment. Brands with a carrying amount of DKK 4,532m were transferred to assets in disposal group held for sale end of March 2022.In 2022, significant brands represented 52% (2021: 64% including the Baltika brand) of the total carrying amount of brands with indefinite useful life.Brands with indefinite useful lifeDKK million 2022 2021Baltika brand N/A 4,410International brands 3,000 3,000Kronenbourg 1664 1,948 1,946Significant brands 4,948 9,356Western Europe 1,318 1,352Asia 1,457 1,536Central & Eastern Europe 846 1,522Not allocated 941 941Other brands 4,562 5,351Total brands 9,510 14,707Other brands comprise a total of 20 brands (2021: 21 brands, including other Russian brand) that are not individually material compared with the total carrying amount.Key assumptionsAverage Terminal Pre-tax Post-tax revenue period discount discount 2022growthgrowthraterateInternational brands 2.4% 1.9% 6.7% 6.5%Kronenbourg 1664 2.4% 1.6% 6.6% 6.4%2021Baltika brand 4.8% 4.0% 12.5% 10.9%International brands 1.5% 1.7% 4.9% 4.8%Kronenbourg 1664 1.3% 1.3% 4.4% 4.3%SECTION 2.2 (CONTINUED)IMPAIRMENTACCOUNTING ESTIMATES AND JUDGEMENTSBrandsThe 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 risk-free cash flows are discounted using a rate reflecting the risk-free interest rate with the addition of the risk premium associated with the individual brand.Key assumptionsThe key assumptions on which management bases its cash flow projection include the expected useful life, revenue growth, a theoretical tax amortisation benefit, the royalty rate and the discount rate.Expected useful lifeManagement 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\u2019s 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 growthAt 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\u2019s portfolio. The forecast period applied is comparable with 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 \u2013 such as market share and segment position \u2013 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 2.2.2.Tax benefitThe 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 5-15 years.Royalty rateRoyalties generated by a brand are based on the Group\u2019s 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.For some brands, the share of the total beer market profit exceeds the volume share to an extent that creates significant market entry barriers for competing brands and justifies a higher royalty rate.Royalty ratesInternational, 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%Discount ratesThe 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 brand.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\u2019s investments in the individual markets.2.2.4 SENSITIVITY TESTSSensitivity 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. Due to a challenging macroeconomic situation in some CGUs and groups of CGUs, the Group performed additional sensitivity tests in 2022 to ensure that no potential impairment had been overlooked. These did not identify any potential impairment. GOODWILLFollowing the impairment loss on goodwill recognised in Central & Eastern Europe in 2022, the CGU is sensitive to changes in the key assumptions applied in the impairment test. Management assesses that a reasonably possible negative change in a key assumption would cause the carrying amount of the CGU to exceed the recoverable amount. The test for impairment of goodwill did not identify any other 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.SECTION 2.2 (CONTINUED)IMPAIRMENTKey assumptionsThe key assumptions relevant to the assessment of the recoverable amount are:\u2022 Discount rate\u2022 Volumes\u2022 Sales prices\u2022 Input costs\u2022 Operating investments\u2022 Terminal period growthThe assumptions for volume and pricing are closely linked, as are the assumptions for input costs and operating investments, which makes individual sensitivity testing on the basis of these four assumptions highly impractical. Instead, sensitivity testing is performed for the overall free cash flow growth rate, in both the forecast period and the terminal period.The sensitivity test for the maximum decline in growth rate in the forecast period assumes a year-on-year decline in the nominal growth rate, thereby estimating the accumulated effect of a negative change for the full forecast period. The sensitivity tests are performed with all other assumptions unchanged, as it is relevant to assess the sensitivity to, for example, a decline in the growth rate independently of changes in the discount rate. This is because the growth rate in itself might be impacted by changes in other market factors.The sensitivity calculated also assumes a straight-line impact despite the fact that changes in market dynamics and adjustments to these will in practice have different impacts in the individual years and might not apply in the long term.An increase in interest rates without a corresponding change in inflation would result in a lower recoverable amount and could potentially lead to impairment. The recoverable amount of the Central & Eastern Europe CGU exceeds the carrying amount by DKK 1.2bn. A change of either a 1.4 percentage point increase in the risk-free interest rate, a 1.7 percentage point decrease in the terminal period growth rate or a 25.5% decline in the forecast period average growth rate for free cash flow would result in the recoverable amount being equal to the carrying amount of the CGU.BRANDSFor 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 brands to be low.Key assumptionsThe key assumptions relevant to the assessment of the recoverable amount are:\u2022 Volume \u2022 Price \u2022 Discount rateThe assumptions for volume and pricing 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.SPECIAL ITEMS, PROVISIONSAND OTHER LIABILITIES264mSPECIAL ITEMS, INCOME (DKK)Impacted by reversal of provisions made in purchase price allocations in previous years.-1,048mSPECIAL ITEMS, EXPENSES(DKK)Impacted by write-down of goodwill and property, plant and equipment as well as losses related to the war in Ukraine.SECTION 3.1SPECIAL ITEMSSPECIAL ITEMS, INCOMEIn 2022, the Group recognised reversal of provisions made in purchase price allocations in prior years, mainly in Asia, of DKK 217m (2021: 1,238m), reversal of provisions in Western Europe of DKK 37m (2021: DKK 52m) and reversal of impairment losses in Denmark of DKK 10m (2021: DKK 83m). In 2021, the Group also recognised a gain on disposal of entities of DKK 15m and a revaluation gain on the retained investment in Gorkha Brewery (DKK 38m).SPECIAL ITEMS, EXPENSESIn 2022, write-down of goodwill allocated to the Central & Eastern Europe region, including the goodwill related to our business in Ukraine, was recognised at DKK 700m.A significant number of customers and sales outlets in Ukraine have been negatively impacted by the war. Consequently, impairments of doubtful trade receivables, obsolete inventories and lost plant and equipment were recognised at DKK 79m.Special itemsDKK million 2022 2021Special items, incomeReversal of provisions made in purchase price allocations in prior years 217 1,238Reversal of provisions made in prior years 37 52Reversal of impairment losses 10 83Gain on disposal of entities - 15Revaluation gain on deconsolidation of Gorkha Brewery - 38Income 264 1,426Special items, expensesGoodwill impairment\u00b9 -700 -Impairment of trade receivables, inventories and commercial assets in Ukraine\u00b9 -79 -Impairment of property, plant and equipment -74 -Impairment of investment in associates - -244Restructuring projects and provisions -76 -270Costs related to acquisition of entities etc. -92 -48Donations -27 -Adjustment of contingent consideration - -129COVID-19, personal protective equipment and donations - -32Expenses -1,048 -723Special items, net -784 703During 2021 and 2022, the Group continued to carry out various restructuring projects as part of the ongoing focus on cost and efficiency initiatives, which also included impairment of property, plant and equipment in Asia of DKK 74m in 2022.The COVID-19 pandemic had less impact in most markets in 2022 compared with previous years, as there were fewer COVID-19-related restrictions. The Group donated DKK 27m in 2022, DKK 25m of which to the Ukrainian relief effort.SECTION 3.1 (CONTINUED)SPECIAL ITEMSIn 2021 the Group recognised an impairment loss of DKK 244m related to the Tibet Lhasa Brewery caused by disturbances in the operation and management of the company. Fair value adjustments of the contingent consideration for the acquisition of Marston\u2019s brewing activities, which was completed in 2020, amounted to DKK -129m.Impact of special items on operating profitDKK million 2022 2021If special items had been recognised in operating profit before special items, they would have been included in the following line items:Cost of sales -98 -68Sales and distribution expenses -5 -42Administrative expenses -15 -226Other operating income 34 1,397Other operating expenses - -358Impairment of goodwill -700 -Special items, net -784 703DKK millionOnerous 2022 RestructuringscontractsOther TotalProvisions at 1 January 2022 178 456 2,754 3,388Transfer to disposal group held for sale -18 - - -18Additional provisions recognised 39 36 209 284Used during the year -79 - -126 -205Reversal of unused provisions -31 - -304 -335Discounting - 4 16 20Foreign exchange adjustments etc. -5 -10 -8 -23Provisions at 31 December 2022 84 486 2,541 3,111Classified asNon-current provisions 2 475 1,827 2,304Current provisions 82 11 714 807Total 84 486 2,541 3,111SECTION 3.2 PROVISIONSRestructuring 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 84m in 2022 primarily relates to various restructuring projects mainly concerning centralised Group functions.Provisions for onerous contracts primarily related to contract brewing in Asia and are expected to be utilised by 2028.Other provisions of DKK 2,541m relate to ongoing disputes and lawsuits of varying content and scope, employee benefits, provisions made in connection with purchase price allocations (PPA provisions) and employee obligations other than retirement benefits, among other things. Timing of settlement of ongoing disputes, lawsuits and PPA provisions cannot be determined, whereas the remaining liabilities are expected to be settled in one to two years.Total provisions have been impacted by reversal of provisions made in purchase price allocations in previous years in Asia, as described in section 3.1, and reversal of other contractual obligations that did not materialise, in total DKK 335m.ACCOUNTING ESTIMATESAND JUDGEMENTSThe 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 ESTIMATESAND JUDGEMENTSIn 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. ",
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"value": "Impairment of non-current assetsDKK million 2022 2021Intangible assetsGoodwill 700 -Other intangible assets 3 107Total 703 107Property, plant and equipmentPlant, machinery and equipment 427 151Reversal of impairment losses - -111Total 427 40Other non-current assetsAssets held for sale -10 -Investment in associates - 244Total impairment losses, net 1,120 391Of which recognised in special items, cf. section 3.1 786 175Impairment losses, Russian operations, net, cf. section 5.1 9,949 947SECTION 2.3 INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDKK million Intangible assets Property, plant and equipment Asset baseOther Other equipment, intangible Land and Plant and fixtures and 2022 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January54,227 26,181 5,054 85,462 19,839 30,272 15,729 65,840 151,302Additions, including right-of-use assets- - 345 345 611 2,013 1,992 4,616 4,961Disposals- -32 -165 -197 -373 -582 -1,502 -2,457 -2,654Transfers- - - - 201 -360 159 - -Transferred to disposal group held for sale-9,551 -12,466 -433 -22,450 -2,089 -3,929 -1,322 -7,340 -29,790Foreign exchange adjustments etc.-3,831 -1,706 -88 -5,625 -386 -1,182 -596 -2,164 -7,789Cost at 31 December40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January1,743 11,231 4,013 16,987 8,509 19,653 11,030 39,192 56,179Disposals- -32 -163 -195 -142 -529 -1,442 -2,113 -2,308Amortisation and depreciation- 21 208 229 638 1,356 1,719 3,713 3,942Impairment losses700 - 3 703 2 106 319 427 1,130Transferred to disposal group held for sale- -7,934 -336 -8,270 -898 -3,204 -957 -5,059 -13,329Foreign exchange adjustments etc.-51 -1,032 -59 -1,142 -155 -785 -404 -1,344 -2,486Amortisation, depreciation and impairment losses at 31 December2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December38,453 9,723 1,047 49,223 9,849 9,635 4,195 23,679 72,902SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDKK million Intangible assets Property, plant and equipment Asset baseOther Other equipment, intangible Land and Plant and fixtures and 2021 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January 52,064 24,056 4,967 81,087 19,228 28,479 15,614 63,321 144,408Acquisition of entities 214 654 9 877 42 -51 -182 -191 686Additions, including right-of-use assets - - 341 341 328 1,970 2,021 4,319 4,660Disposal and deconsolidation of entities -301 - -20 -321 -102 -209 -379 -690 -1,011Disposals - -2 -386 -388 -273 -674 -1,975 -2,922 -3,310Transfers - - - - 65 -483 96 -322 -322Foreign exchange adjustments etc. 2,250 1,473 143 3,866 551 1,240 534 2,325 6,191Cost at 31 December 54,227 26,181 5,054 85,462 19,839 30,272 15,729 65,840 151,302Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January 1,572 9,427 4,027 15,026 8,165 18,155 10,702 37,022 52,048Disposal and deconsolidation of entities - - -7 -7 -40 -147 -329 -516 -523Disposals - -2 -369 -371 -186 -642 -1,846 -2,674 -3,045Amortisation and depreciation - 19 206 225 673 1,450 2,048 4,171 4,396Impairment losses - 950 107 1,057 5 22 124 151 1,208Reversal of impairment losses - - - - -86 -4 -24 -114 -114Transfers - - - - -145 -29 - -174 -174Foreign exchange adjustments etc. 171 837 49 1,057 123 848 355 1,326 2,383Amortisation, depreciation and impairment losses at 31 December 1,743 11,231 4,013 16,987 8,509 19,653 11,030 39,192 56,179Carrying amount at 31 December 52,484 14,950 1,041 68,475 11,330 10,619 4,699 26,648 95,123SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment under construction amounted to DKK 1,197m (2021: DKK 1,193m). 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, coolers and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights. 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.Amortisation, depreciation and impairment lossesIntangible assets Property, plant and equipmentDKK million 2022 2021 2022 2021Cost of sales 47 138 2,489 2,611Sales and distribution expenses 65 39 1,211 1,124Administrative expenses 108 98 267 228Special items 700 3 96 -72Continuing operations 920 278 4,063 3,891Net result from Russian operations held for sale 12 1,004 77 317Total 932 1,282 4,140 4,208For disclosures of the interest expenses, cash flow and lease liabilities, please refer to sections 4.1, 4.4.1 and 4.7.Cash flow from disposal of property, plant and equipment and intangible assets was DKK 412m (2021: DKK 257m). Capital expenditureDKK million 2022 2021Additions, including right-of-use assets 4,961 4,660Right-of-use assets -706 -437Additions 4,255 4,223Additions payable at the end of the reporting period -145 -Transferred to assets in disposal group held for sale -92 -320Acquisition of property, plant and equipment and intangible assets 4,018 3,903Gain/loss on disposal of assetsDKK million 2022 2021Gain on disposal of property, plant and equipment and intangible assets 110 102Loss on disposal of property, plant and equipment and intangible assets -31 -26Continuing operations 79 76Net result from Russian operations held for sale 4 17Total 83 93ACCOUNTING ESTIMATESAND JUDGEMENTSUseful 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 and 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\u2019s 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.ACCOUNTINGPOLICIESCost 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\u2019 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 2.2.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.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 ascost of sales, sales and distribution expenses, and administrative expenses depending on the use ofthe asset.The expected useful life is as follows: Brands with finite useful life Normally 20 yearsSoftware Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer Depending on contract with the agreements/customer; if no contract exists, relationshipsnormally not exceeding 20 yearsBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in warehouses 8 yearsOn-trade and distribution equipment 5 yearsFixtures and fittings, other plant and equipment 5-8 yearsReturnable packaging materials 3-10 yearsHardware 3-5 yearsLandNot depreciatedImpairmentImpairment losses of a non-recurring nature are recognised under special items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-6": {
"value": "Impairment of non-current assetsDKK million 2022 2021Intangible assetsGoodwill 700 -Other intangible assets 3 107Total 703 107Property, plant and equipmentPlant, machinery and equipment 427 151Reversal of impairment losses - -111Total 427 40Other non-current assetsAssets held for sale -10 -Investment in associates - 244Total impairment losses, net 1,120 391Of which recognised in special items, cf. section 3.1 786 175Impairment losses, Russian operations, net, cf. section 5.1 9,949 947SECTION 2.2 (CONTINUED)IMPAIRMENT ACCOUNTING ESTIMATES AND JUDGEMENTSIdentification of cash-generating unitsThe Group\u2019s management structure reflects the geographical segments, cf. section 1.2, 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 generated mostly 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.GoodwillGoodwill does not generate largely independent cash inflows on its own and is therefore allocated to the Group\u2019s 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. The Group gained control of Wernesgr\u00fcner Brewery in 2021. The goodwill recognised on this acquisition was allocated to the Western Europe CGU. Entities classified as held for sale and measured at fair value less costs of disposal are removed from the CGU to which they are allocated at the time of classification as held for sale.BrandsCash 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 with the total carrying amount of brands with indefinite useful life:\u2022 International brands\u2022 Kronenbourg 1664International brands is a group of brands recognised in connection with the acquisition of the 40% non-controlling interest in Carlsberg Breweries A/S and allocated to Western Europe. The carrying amount is not allocated to individual brands.Following the classification of the Russian business as held for sale, the brands recognised in Russia are no longer tested individually for impairment. Instead any impairment of the value of the Russian disposal group held for sale is allocated first to goodwill of the disposal group and subsequently pro rata to other assets of the disposal group, including brands.Corporate assetsThe Group has identified capitalised software relating to the Group\u2019s ERP systems as corporate assets, and as such these are peripheral to the generation of cash inflow. The Group\u2019s 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 assetsOther 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\u2019 future application, for example in relation to changes in production structure, restructurings or brewery closures. For investments in associates, examples of indications of impairment are loss-making activities or significant changes in the business environment.Key considerations in impairment tests Goodwill BrandsCGU level of test Geographical segment Individual brandMethod to estimate recoverable amount Value in use Value in useMethod to estimate present value of Expected value approach: multiple Traditional approach: single most future cash flowsprobability-weighted cash flowslikely future cash flowsDiscount rate Risk-free rate Risk-adjusted rate2.2.2 IMPAIRMENT TEST OF GOODWILLNEW SEGMENTATION FOR 2022The Group\u2019s segmentation and regional split of entities changed following the Group\u2019s decision to seek full disposal of the Russian business and exclude it from the Central & Eastern Europe region. The composition of CGUs changed accordingly, with goodwill of DKK 9,551m previously allocated to Russia being transferred to assets in disposal group held for sale, cf. section 5.1.The carrying amount of goodwill allocated to groups of CGUsDKK million 2022 2021Western Europe 20,241 20,265Asia 15,258 15,963Central & Eastern Europe 2,954 16,256Total 38,453 52,484Estimating expected cash flow involves developing multiple probability-weighted scenarios to reflect different outcomes in terms of timing and amount. Measurement of the forecast period growth rates reflects risk adjustments made to calculate the expected cash flows.ACCOUNTING ESTIMATES AND JUDGEMENTSGoodwillThe value in use is the discounted value of the expected future risk-adjusted cash flows. This involves developing multiple probability-weighted scenarios to reflect different outcomes in terms of timing and amount.Key assumptionsThe 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 2023-2025 represents management\u2019s best estimate of the impact from the COVID-19 pandemic. The probability weighting applied is based on past experience and the uncertainty of the prepared budget and target plans. Potential upsides and downsides identified during the budget process and in the daily business are reflected in the future cash flow scenarios for each CGU.The risk-adjusted cash flows are discounted using a rate that reflects the risk-free interest rate for each CGU. The interest rates used in the impairment testsSECTION 2.2 (CONTINUED)IMPAIRMENTare based on observable market data. Please refer to the description of discount rates in section 2.2.3.The key assumptions on which management bases its cash flow projections are:\u2022 Volumes\u2022 Sales prices\u2022 Input costs\u2022 Operating investments\u2022 Terminal period growthThe 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 considered. 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.VolumesProjections 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 pricesThe 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. Recent significant inflationary pressure has meant revenue growth compensating for rising input costs, especially in Europe. The short and medium-term forecast includes risk of delays in timing of increase of sales prices to compensate for future rise in input costs.Input costsInput costs in the budget and target plans are based on past experience and on:\u2022 Contracted raw and packaging materials\u2022 Contracted services within sales, marketing, production and logistics \u2022 Planned commercial investments\u2022 Cost optimisations not related to restructurings\u2022 Expected inflation The recent rise in inflation has increased the overall input cost level, especially in Europe. The short and medium-term forecast incorporates continued pressure on input cost. In the long term, projections follow the level of inflation unless long-term contracts are in place.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. Non-contracted capacity increases and new equipment are not included.Terminal period growthGrowth 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.SECTION 2.2 (CONTINUED)IMPAIRMENTACCOUNTING ESTIMATES AND JUDGEMENTSBrandsThe 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 risk-free cash flows are discounted using a rate reflecting the risk-free interest rate with the addition of the risk premium associated with the individual brand.Key assumptionsThe key assumptions on which management bases its cash flow projection include the expected useful life, revenue growth, a theoretical tax amortisation benefit, the royalty rate and the discount rate.Expected useful lifeManagement 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\u2019s 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 growthAt 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\u2019s portfolio. The forecast period applied is comparable with 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 \u2013 such as market share and segment position \u2013 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 2.2.2.Tax benefitThe 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 5-15 years.Royalty rateRoyalties generated by a brand are based on the Group\u2019s 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.For some brands, the share of the total beer market profit exceeds the volume share to an extent that creates significant market entry barriers for competing brands and justifies a higher royalty rate.Royalty ratesInternational, 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%Discount ratesThe 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 brand.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\u2019s investments in the individual markets.SECTION 2.3 INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDKK million Intangible assets Property, plant and equipment Asset baseOther Other equipment, intangible Land and Plant and fixtures and 2022 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January54,227 26,181 5,054 85,462 19,839 30,272 15,729 65,840 151,302Additions, including right-of-use assets- - 345 345 611 2,013 1,992 4,616 4,961Disposals- -32 -165 -197 -373 -582 -1,502 -2,457 -2,654Transfers- - - - 201 -360 159 - -Transferred to disposal group held for sale-9,551 -12,466 -433 -22,450 -2,089 -3,929 -1,322 -7,340 -29,790Foreign exchange adjustments etc.-3,831 -1,706 -88 -5,625 -386 -1,182 -596 -2,164 -7,789Cost at 31 December40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January1,743 11,231 4,013 16,987 8,509 19,653 11,030 39,192 56,179Disposals- -32 -163 -195 -142 -529 -1,442 -2,113 -2,308Amortisation and depreciation- 21 208 229 638 1,356 1,719 3,713 3,942Impairment losses700 - 3 703 2 106 319 427 1,130Transferred to disposal group held for sale- -7,934 -336 -8,270 -898 -3,204 -957 -5,059 -13,329Foreign exchange adjustments etc.-51 -1,032 -59 -1,142 -155 -785 -404 -1,344 -2,486Amortisation, depreciation and impairment losses at 31 December2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December38,453 9,723 1,047 49,223 9,849 9,635 4,195 23,679 72,902SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDKK million Intangible assets Property, plant and equipment Asset baseOther Other equipment, intangible Land and Plant and fixtures and 2021 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January 52,064 24,056 4,967 81,087 19,228 28,479 15,614 63,321 144,408Acquisition of entities 214 654 9 877 42 -51 -182 -191 686Additions, including right-of-use assets - - 341 341 328 1,970 2,021 4,319 4,660Disposal and deconsolidation of entities -301 - -20 -321 -102 -209 -379 -690 -1,011Disposals - -2 -386 -388 -273 -674 -1,975 -2,922 -3,310Transfers - - - - 65 -483 96 -322 -322Foreign exchange adjustments etc. 2,250 1,473 143 3,866 551 1,240 534 2,325 6,191Cost at 31 December 54,227 26,181 5,054 85,462 19,839 30,272 15,729 65,840 151,302Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January 1,572 9,427 4,027 15,026 8,165 18,155 10,702 37,022 52,048Disposal and deconsolidation of entities - - -7 -7 -40 -147 -329 -516 -523Disposals - -2 -369 -371 -186 -642 -1,846 -2,674 -3,045Amortisation and depreciation - 19 206 225 673 1,450 2,048 4,171 4,396Impairment losses - 950 107 1,057 5 22 124 151 1,208Reversal of impairment losses - - - - -86 -4 -24 -114 -114Transfers - - - - -145 -29 - -174 -174Foreign exchange adjustments etc. 171 837 49 1,057 123 848 355 1,326 2,383Amortisation, depreciation and impairment losses at 31 December 1,743 11,231 4,013 16,987 8,509 19,653 11,030 39,192 56,179Carrying amount at 31 December 52,484 14,950 1,041 68,475 11,330 10,619 4,699 26,648 95,123SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment under construction amounted to DKK 1,197m (2021: DKK 1,193m). 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, coolers and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights. 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.Amortisation, depreciation and impairment lossesIntangible assets Property, plant and equipmentDKK million 2022 2021 2022 2021Cost of sales 47 138 2,489 2,611Sales and distribution expenses 65 39 1,211 1,124Administrative expenses 108 98 267 228Special items 700 3 96 -72Continuing operations 920 278 4,063 3,891Net result from Russian operations held for sale 12 1,004 77 317Total 932 1,282 4,140 4,208For disclosures of the interest expenses, cash flow and lease liabilities, please refer to sections 4.1, 4.4.1 and 4.7.Cash flow from disposal of property, plant and equipment and intangible assets was DKK 412m (2021: DKK 257m). Capital expenditureDKK million 2022 2021Additions, including right-of-use assets 4,961 4,660Right-of-use assets -706 -437Additions 4,255 4,223Additions payable at the end of the reporting period -145 -Transferred to assets in disposal group held for sale -92 -320Acquisition of property, plant and equipment and intangible assets 4,018 3,903Gain/loss on disposal of assetsDKK million 2022 2021Gain on disposal of property, plant and equipment and intangible assets 110 102Loss on disposal of property, plant and equipment and intangible assets -31 -26Continuing operations 79 76Net result from Russian operations held for sale 4 17Total 83 93ACCOUNTINGPOLICIESCost 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\u2019 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 2.2.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.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 ascost of sales, sales and distribution expenses, and administrative expenses depending on the use ofthe asset.The expected useful life is as follows: Brands with finite useful life Normally 20 yearsSoftware Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer Depending on contract with the agreements/customer; if no contract exists, relationshipsnormally not exceeding 20 yearsBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in warehouses 8 yearsOn-trade and distribution equipment 5 yearsFixtures and fittings, other plant and equipment 5-8 yearsReturnable packaging materials 3-10 yearsHardware 3-5 yearsLandNot depreciatedImpairmentImpairment losses of a non-recurring nature are recognised under special items.",
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"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-101-7": {
"value": "Impairment of non-current assetsDKK million 2022 2021Intangible assetsGoodwill 700 -Other intangible assets 3 107Total 703 107Property, plant and equipmentPlant, machinery and equipment 427 151Reversal of impairment losses - -111Total 427 40Other non-current assetsAssets held for sale -10 -Investment in associates - 244Total impairment losses, net 1,120 391Of which recognised in special items, cf. section 3.1 786 175Impairment losses, Russian operations, net, cf. section 5.1 9,949 947SECTION 5.5ASSOCIATESInvestments in associates include the businesses in Portugal (60%), Myanmar (61%), Gorkha Brewery (90%), Carlsberg Byen in Denmark (25%) and four associates in China (50%). The total investment in these associates amounted to DKK 4,307m at 31 December 2022 (2021: DKK 3,908m). The Group\u2019s ownership of Super Bock, 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.In 2021, disputes with the local non-controlling shareholder prevented the Group from exercising its rights as a controlling shareholder in Gorkha Brewery, Nepal. The Group decided to cease full consolidation of the company from 31 December 2021 and it was therefore reclassified as an associate and recognised at fair value, DKK 1,188m, cf. section 5.3.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 environment in the country.In 2021, disputes with the partner regarding the management of Tibet Lhasa Brewery meant that the Group lost its significant influence in the company. The investment was therefore reclassified from associates to other financial investments. The disputes resulted in significant disruptions to the operation of the company, which negatively impacted the financial performance. The investment was therefore written down to its recoverable amount, cf. section 2.2.For associates in which the Group holds an ownership interest of less than 20% and participates in the management of the associate the Group is considered to be exercising significant influence. None of the associates are material to the Group.Fair value of investment in listed associatesDKK million 2022 2021The Lion Brewery Ceylon, Sri Lanka 214 355Key figures for associatesDKK millionCarlsberg Group shareOther Total Profit comprehensive comprehensive Investments in 2022after taxincomeincomeassociatesTotal 901 - 901 5,5232021Total 336 10 346 5,172ACCOUNTINGPOLICIESInvestments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for the Group\u2019s 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\u2019s 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.GROUP COMPANIESThis 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 shareholders of Carlsberg A/S in the consolidated financial statements.Parent Place of Number of direct Consolidated incorporation NotesubsidiariesownershipownershipParent Carlsberg Breweries A/S Denmark 3 100% 100%Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipCarlsberg Deutschland GmbH Germany 6 100% 100%Western EuropeDuckstein GmbH Germany 100% 100%Carlsberg Danmark A/S Denmark 100% 100%Holzmarkt Beteiligungsgesellschaft mbH Germany 100% 100%Carlsberg Supply Company Danmark A/S Denmark 100% 100%Holsten-Brauerei AG Germany 100% 100%Carlsberg Sweden Holding 2 AB Sweden 100% 100%Carlsberg Supply Company Deutschland GmbH Germany 100% 100%Carlsberg Sverige AB Sweden 100% 100%Carlsberg Supply Company Polska SA Poland 100% 100%Carlsberg Supply Company Sverige AB Sweden 100% 100%Carlsberg Polska Sp. z o.o. Poland 100% 100%Ringnes Norge AS Norway 1 100% 100%Carlsberg UK Holdings Limited UK 3 100% 100%Ringnes AS Norway 100% 100%Carlsberg Marston's Limited UK 1 60% 60%Ringnes Brygghus AS Norway 100% 100%Carlsberg Marston's Brewing Company Ltd. UK 100% 60%Solo AS Norway 91% 91%Marston's Beer Company Limited UK 100% 60%Ringnes Supply Company AS Norway 100% 100%CMBC Supply Limited UK 100% 60%Ringnes Farris Eiendom AS Norway 100% 100%LF Brewery Holdings Limited UK 1 100% 60%Ringnes Imsdal Eiendom AS Norway 100% 100%Emeraude S.A.S. France 7 100% 100%Ringnes Administrasjon Eiendom AS Norway 100% 100%Kronenbourg S.A.S. France 1 100% 100%Ringnes Gjeller\u00e5sen Eiendom AS Norway 100% 100%Kronenbourg Supply Company S.A.S. France 100% 100%Oy Sinebrychoff Ab Finland 100% 100%Kronenbourg Breweries Canada Inc. Canada 100% 100%Sinebrychoff Supply Company Oy Finland 100% 100%Fondation Kronenbourg France 100% 100%Carlsberg Deutschland Holding GmbH Germany 100% 100%S.A.S. Onyx France 100% 100%Holzmarkt Brewing Company GmbH Germany 100% 100%Feldschl\u00f6sschen Getr\u00e4nke Holding AG Switzerland 3 100% 100%Carlsberg Deutschland Logistik GmbH Germany 100% 100%Feldschl\u00f6sschen Getr\u00e4nke AG Switzerland 100% 100%Tuborg Deutschland GmbH Germany 100% 100%Schlossgarten Gastronomie AG Switzerland 100% 100%Parent Parent Place of Number of direct Consolidated Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipAsiaincorporation NotesubsidiariesownershipownershipSB Swiss Beverage AG Switzerland 100% 100%Carlsberg Brewery Malaysia Berhad Malaysia A 51% 51%Feldschl\u00f6sschen Supply Company AG Switzerland 100% 100%Carlsberg Marketing Sdn BHD Malaysia 100% 51%Carlsberg Supply Company AG Switzerland 100% 100%Euro Distributors Sdn BHD Malaysia 100% 51%Nya Carnegiebryggeriet AB Sweden 100% 100%Carlsberg Singapore Pte Ltd Singapore 100% 51%E.C. Dahls Bryggeri AS Norway 100% 100%Maybev Pte Ltd Singapore C 51% 26%Monster the Cat GmbH Switzerland 100% 100%Carlsberg South Asia Pte Ltd Singapore D 67% 100%Grimbergen Abbey Brewery Belgium 100% 100%South Asian Breweries Pte. Ltd Singapore D 100% 100%Zatecky Pivovar spol. S.r.o. Czechia 100% 100%Carlsberg India Pvt. Ltd India D 100% 100%Gorkha Brewery Pvt. Ltd Nepal D, E, F 90% 90%G.B. Marketing Pvt Ltd Nepal D, F 100% 90%Parent Place of Number of direct Consolidated Carlsberg Vietnam Trading Co. Ltd Vietnam 100% 100%Asiaincorporation NotesubsidiariesownershipownershipCarlsberg Vietnam Breweries Ltd Vietnam 100% 100%Carlsberg Supply Company Asia Ltd Hong Kong 100% 100%Paduak Holding Pte. Ltd Singapore 100% 100%Carlsberg Asia Pte Ltd Singapore 100% 100%Caretech Limited Hong Kong 100% 100%Carlsberg Brewery Hong Kong Ltd Hong Kong 100% 100%Cambrew Limited Cambodia 2 100% 100%Guangzhou Carlsberg Consultancy and Cambrew Properties Ltd Cambodia 100% 100%Management Services Co. Ltd China 100% 100%Angkor Beverage Co Ltd Cambodia 100% 100%Chongqing Brewery Co., Ltd China A 60% 60%CB Distribution Co., Ltd Thailand 100% 100%Carlsberg Chongqing Breweries Company A Listed company.Limited China B 8 51% 79%B Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou Kunming Huashi Brewery Company Carlsberg Consultancy and Management Services Co Ltd (49%), resulting in a consolidated ownership of 79%.Limited China 100% 79%C Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia Carlsberg (China) Breweries and Berhad (51%), resulting in a consolidated ownership of 26%.Trading Company Limited China 100% 79%D The Group owns 67% of Carlsberg South Asia Pte Ltd, which is the holding company of South Asian Breweries Carlsberg Brewery (Guangdong) Ltd China 99% 79%Pte. Ltd, Carlsberg India Pvt. Ltd and Gorkha Brewery Pvt. Ltd (Nepal). The consolidation percentage of Carlsberg Xinjiang Wusu Breweries Co., Ltd China 5 100% 79%South Asia Pte Ltd is 100% due to a written put option.Ningxia Xixia Jianiang Brewery Limited China 70% 56%E The Group has the legal and contractual rights of a majority shareholder in Gorkha Brewery Pvt. Ltd, but does not Carlsberg Beer Enterprise Management consolidate the company and its subsidiary for accounting purposes, cf. section 5.3.(Chongqing) Company Limited China 100% 79%F Company not audited by PwC.Carlsberg Brewery (Anhui) Company Ltd China 75% 60%Carlsberg Tianmuhu Brewery (Jiangsu) Company Ltd China 100% 79%Lao Brewery Co. Ltd Laos 61% 61%Carlsberg Korea Ltd. South Korea 100% 100%Parent Parent Place of Number of direct Consolidated Place of Number of direct Consolidated Central & Eastern Europeincorporation NotesubsidiariesownershipownershipNon-beverageincorporation NotesubsidiariesownershipownershipBaltika Breweries LLC Russia F, G, H 3 100% 100%Barley 1 A/S Denmark 100% 100%Carlsberg Azerbaijan LLC Azerbaijan 100% 100%Carlsberg Ejendomme Holding A/S Denmark 100% 100%Baku Piva JSC Azerbaijan 91% 91%Parent Hoppy Union LLC Russia F, G, H 100% 100%Place of Number of direct Consolidated Konix Brewery LLC Russia F, G, I 75% 100%Associatesincorporation NotesubsidiariesownershipownershipCarlsberg Kazakhstan Ltd Kazakhstan K 90% 100%Udviklingsselskabet Carlsberg Byen P/S Denmark F 88 25% 25%Baltic Beverages Invest AB Sweden H 100% 100%Sinergie Proattive Srl Italy 36% 36%PJSC Carlsberg Ukraine Ukraine 1 100% 100%Viacer S.G.P.S., Lda Portugal M 29% 29%Baltic Beverages Holding AB Sweden 100% 100%Super Bock Group, S.G.P.S., S.A. Portugal M 11 56% 60%Carlsberg Serbia Ltd Serbia 100% 100%Serviced Dispense Equipment (Holdings) Limited UK 2 33% 20%Bosnia and Carlsberg BH d.o.o.Herzegovina 100% 100%Nuuk Imeq A/S Greenland F 32% 32%Carlsberg Montenegro d.o.o. Montenegro 100% 100%Chongqing Jiawei Beer Co. Ltd China 33% 26%Carlsberg Croatia d.o.o. Croatia 100% 100%Lanzhou Huanghe Jianiang Brewery Company Limited China 50% 50%Carlsberg Bulgaria AD Bulgaria 100% 100%Qinghai Huanghe Jianiang Brewery Company Ltd China 50% 50%OJSC Brewery Alivaria Belarus F, I 78% 89%Jiuquan West Brewery Company Limited China 50% 50%Carlsberg Italia S.p.A. Italy 100% 100%Carlsberg Horeca Srl Italy 100% 100%Tianshui Huanghe Jianiang Brewery Company Ltd China 50% 50%T&C Italia Srl Italy 100% 100%Capital Brewing Company Ltd Hong Kong 4 49% 49%Olympic Brewery SA Greece 100% 100%Lion Brewery (Ceylon) PLC Sri Lanka A, F, N 25% 13%Hellenic Beverage Company SA Greece 100% 100%Hanoi Beer Alcohol and Beverage Joint Stock Corporation Vietnam F 17% 17%Carlsberg Hungary Kft. Hungary 100% 100%Carlsberg Distributors Taiwan Limited Taiwan 1 50% 50%Saku \u00d6lletehase AS Estonia 100% 100%NCC Crowns Private Limited India 33% 33%Aldaris JSC Latvia 100% 100%Bottlers Nepal Limited Nepal 1 22% 20%Svyturys-Utenos Alus UAB Lithuania H 99% 99%Myanmar Carlsberg Co. Ltd Myanmar F 1 61% 61%CTDD Beer Imports Ltd Canada 100% 100%Carlsberg Canada Inc. Canada 100% 100%G Part of disposal group held for sale.Carlsberg USA Inc. USA 100% 100%H Company owned by Carlsberg Sverige AB.I Consolidated ownership is higher than the legal ownership due to written put options.Parent J A separate annual report is not prepared.Place of Number of direct Consolidated K Carlsberg Kazakhstan Ltd is owned by Carlsberg Sverige AB (90%) and Baltika Brewery LLC (10%), resulting in a Not allocatedincorporation Notesubsidiariesownershipownershipconsolidated ownership of 100%.Carlsberg Finans A/S Denmark L 36% 100%L Carlsberg Finans A/S is owned by Carlsberg Breweries A/S (36%) and Baltika Brewery LLC (64%), resulting in a Carlsberg International A/S Denmark 100% 100%consolidated ownership of 100%.Visit Carlsberg A/S Denmark 100% 100%M Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock) with a 56% Carlsberg Invest A/S Denmark 100% 100%shareholding, with Carlsberg Breweries A/S owning the remaining 44%. In addition, Carlsberg Breweries A/S has a direct Carlsberg Integrated Information Technology A/S Denmark 100% 100%ownership share of 29% in Viacer without exercising control. Therefore, both Viacer and Super Bock are considered Carlsberg Insurance A/S Denmark 100% 100%associates of the Group. The Group's direct and indirect ownership of Super Bock totals 60%.Carlsberg Central Office A/S Denmark 100% 100%N 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 shareholders in Carlsberg A/S.Traitomic A/S Denmark 100% 100%Carlsberg Shared Services Sp. z o.o. Poland 100% 100%",
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"pp-value-105-4": {
"value": "ACCOUNTINGPOLICIESGoodwill 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\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use.For all assets, the value in use 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 as 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\u2019s 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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"pp-value-105-5": {
"value": "ACCOUNTINGPOLICIESGoodwill 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\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use.For all assets, the value in use 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 as 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\u2019s new carrying amount does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-126-2": {
"value": "Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 167 5 214 386 386Carrying amount at 31 December - - - - 1,089 11 440 1,540 1,540Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 174 6 205 385 385Carrying amount at 31 December - - - - 887 11 420 1,318 1,318At 31 December 2022, the carrying amount of right-of-use assets was DKK 1,540m (2021: DKK 1,318m). During the year, additions amounted to DKK 706m (2021: DKK 437m) and depreciation to DKK 386m (2021: DKK 385m).Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK 49m (2021: DKK 33m). Such contracts comprise the lease of copy and printing machines, coffee machines, small IT devices and similar equipment.Lease and service contractsAt 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.SECTION 2.3 (CONTINUED)INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTIn 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.LeasesAt 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.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 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 earlier 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 2.2.Right-of-use assets are recognised as property, plant and equipment.The Group has elected not to recognise right-of-use assets and liabilities for leases with a term of 12 months or less and leases of low-value assets. Lease payments related to such leases are recognised in the income statement as an expense on a straight-line basis over the lease term.Lease liabilityThe 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 purchase, results in a corresponding adjustment of the related right-of-use assets, cf. section 2.3.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 it not recognising extension or termination options on an ongoing basis.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-133-2": {
"value": "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 2022 amounted to DKK 100m (2021: DKK 132m).SECTION 3.4CONTINGENT LIABILITIESThe Group operates in very competitive markets where consolidation is taking place within the industry and among its customers and suppliers, all of which in different ways influences its business.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 2020, the German Supreme Court overruled the Higher Regional Court of D\u00fcsseldorf, which in 2019 had ruled in favour of Carlsberg Deutschland in relation to the competition case from 2014, in which the Federal Cartel Office in Germany issued a decision and imposed a fine of EUR 62m for alleged infringement of the competition rules in 2007. The German Supreme Court referred the competition case back to a new Senate for full new proceedings, which are ongoing and expected to conclude in the first half of 2023.In October 2021, the French competition authority issued a Statement of Objection against a large number of FMCG companies, including three entities in the Group \u2013 Kronenbourg SAS, Carlsberg Breweries A/S and Carlsberg A/S \u2013 for alleged participation in an anticompetitive agreement not to advertise the non-use of bisphenol A (BPA). Carlsberg did not agree with the French competition authority and prepared its defence in the case during 2021, which was submitted in the first quarter of 2022. The competition authority held hearings with the companies named in the case in January 2023, and a ruling is expected in the second half of 2023. In October and November 2021, the Group's associate Super Bock in Portugal received decisions on the alleged anticompetitive practice in two ongoing cases. In the first case the Court of Portuguese 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. Since the formal notification by the court in 2021 about a private enforcement claim of EUR 400m, filed by a consumer protection association against Super Bock Group, for compensation for Portuguese consumers for alleged harm on account of Super Bock\u2019s alleged anticompetitive practices, there have been no significant developments in the case.For some time, the Group has had serious disagreements pertaining to the Shareholders\u2019 Agreement between Carlsberg and our partner CSAPL Holdings Pte Ltd (CSAPLH) in relation to Carlsberg South Asia Pte Ltd (CSAPL), of which Carlsberg owns two thirds and CSAPLH the remaining one third. CSAPL is the holding company for the businesses in India (100%) and Nepal (90%). The disagreements concern CSAPLH\u2019s numerous allegations of breaches by Carlsberg of the Shareholders\u2019 Agreement and governance matters. Carlsberg was of the view that it had not committed any breach, but rather that CSAPLH had breached the Shareholders\u2019 Agreement. SECTION 3.4 (CONTINUED)CONTINGENT LIABILITIESAt the request of CSAPLH, the disagreements were referred to arbitration in Singapore. A liability award was issued by the arbitration tribunal on 4 May 2022. Carlsberg considers its position to be entirely vindicated by the liability award and is very satisfied with this outcome. The tribunal did not grant CSAPLH the relief it had been seeking based on the various allegations relating to governance and breach of the Shareholders\u2019 Agreement raised in the arbitration and publicly. The tribunal found CSAPLH to be in incurable material breach of the Shareholders\u2019 Agreement. As remedy for the material breaches committed by CSAPLH, the arbitration tribunal awarded Carlsberg the right to call CSAPLH\u2019s shares in CSAPL. Carlsberg immediately invoked the right to begin the call option valuation process, and CSAPLH subsequently exercised its right under the Shareholders\u2019 Agreement to begin the put option valuation process. In accordance with the Shareholders\u2019 Agreement, the put option price has been determined as the simple average of two valuations assessed by two independent external valuers, which are internationally recognised accounting firms, one appointed by each shareholder. The put option valuation was released by the valuers on 6 February 2023, stating a value for CSAPLH\u2019s shares in CSAPL of USD 744m (DKK 5,188m). CSAPLH has on 6 February, issued a formal put notice to sell its 33% shareholding in CSAPL to the Group at the put option valuation amount. The put option liability recognised in the consolidated financial statements has been adjusted to reflect the put option valuation amount received from the valuers as the acquisition of the shares may be completed at that price. A transaction could potentially be completed in 2023, subject to the clarification of any disputes raised by the shareholders and timelines for any regulatory approvals. CSAPLH has previously asked for an amount for its 33% shareholding in CSAPL that the Group considered to be unreasonably high and not to reflect the fair value of the shareholding. From the put option valuation received, it is the Group\u2019s assessment that key assumptions, which the Group considers to be unreasonable, may have been applied in the valuation performed by CSAPLH\u2019s appointed valuer. The put option valuation can be disputed by the shareholders if the valuations are conducted in breach of the Shareholders\u2019 Agreement, including, but not limited to, circumstances where the valuations are tainted by fraud or manifest error. The Group will work with its external advisors to evaluate its position and assess whether CSAPLH has committed additional breaches of the Shareholders\u2019 Agreement, which would justify further legal steps against CSAPLH.In addition to the disputes with our partner in CSAPL regarding India and Nepal, there is also a dispute with the local 10% shareholder in Gorkha Brewery, a related party to the Group\u2019s 33% partner in CSAPL. The conclusion of the put or call option process and the increase to 100% ownership of CSAPL do not settle the dispute with the local shareholder, and Gorkha Brewery therefore remains not consolidated until the dispute is settled separately. A Nepalese High Court judgment was expected in 2022 but has been postponed and is now expected in H1 2023. A favourable ruling would not immediately lead to reconsolidation of the Nepalese business, which would require demonstration of the consistent ability to exercise our rights as the majority shareholder. Please refer to section 5.3.Management and the general counsel continuously assess these risks and their likely outcome. It is the opinion of management and the 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. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\u2019s financial position, net profit or cash flow, in excess of items recognised in the statement of financial position. GUARANTEES AND COMMITMENTSThe Group has issued guarantees for loans etc. raised by third parties (non-consolidated entities) of DKK 205m (2021: DKK 224m). 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\u2019s financial position. Capital commitments, lease liabilities and service agreements are described in section 2.3.SECTION 5.4CONTINGENT CONSIDERATIONSContingent 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.At the end of the reporting period, the contingent considerations related to put options on the shares in CSAPL, Brewery Alivaria, Belarus, and in a minor craft brewery in Western Europe. In accordance with the Group\u2019s accounting policy, shares subject to put options are consolidated as if the shares had already been acquired. The ownership percentage at which these subsidiaries are consolidated therefore differs from the legal ownership interest retained 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. Of the contingent considerations, DKK 0.3bn (2021: DKK 0.4bn) is expected to fall due after more than 12 months.PUT OPTION FOR SHARES IN CARLSBERG SOUTH ASIA PTE LTD (CSAPL)A liability award was issued by the arbitration tribunal in May 2022. The arbitration tribunal awarded Carlsberg the right to call our partner CSAPL Holdings Pte Ltd\u2019s (CSAPLH) shares in CSAPL. Carlsberg immediately invoked its right to begin the call option valuation process, and CSAPLH subsequently exercised its right under the Shareholders\u2019 Agreement to begin the put option valuation process. The put option price has been determined as the simple average of two valuations assessed by two independent external valuers, which are internationally recognised accounting firms, oneappointed by each shareholder. The put option valuation was released by the valuers on 6 February 2023, stating a value for CSAPLH\u2019s shares in CSAPL of USD 744m (DKK 5,188m). CSAPLH has on 6 February, issued a formal put notice to sell its 33% shareholding in CSAPL to the Group at the put option valuation amount. The put option liability recognised in the consolidated financial statements has been adjusted to reflect the put option valuation amount received from the valuers as the acquisition of the shares may be completed at that price. A transaction could potentially be completed in 2023, subject to the clarification of any disputes raised by the shareholders and timelines for any regulatory approvals. CSAPLH has previously asked for an amount for its 33% shareholding in CSAPL that the Group considered to be unreasonably high and not to reflect the fair value of the shareholding. From the put option valuation received, it is the Group\u2019s assessment that key assumptions, which the Group considers to be unreasonable, may have been applied in the valuation performed by CSAPLH\u2019s appointed valuator. The put option valuation can be disputed by the shareholders if the valuations are conducted in breach of the Shareholders\u2019 Agreement, including, but not limited to, circumstances where the valuations are tainted by fraud or manifest error. The Group will work with its external advisors to evaluate its position and assess whether CSAPLH has committed additional breaches of the Shareholders\u2019 Agreement, which would justify further legal steps against CSAPLH.The fair value of the put option increased by DKK 1.4bn in 2022.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 338m. The loan had not been repaid as of 31 December 2022. Contingent considerationsDKK million 2022 2021Contingent considerations at 1 January 4,254 5,290Additions - 16Payments - -247Transfer to disposal group held for sale -13 -Fair value adjustments 1,336 -805Contingent considerations at 31 December 5,577 4,254ACCOUNTING ESTIMATES AND JUDGEMENTSThe fair value of contingent considerations linked to put options is calculated 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.Estimates are based on updated information since initial recognition of the contingent consideration, including new budgets and sales forecasts, discount rates etc. The assumptions applied are in line with those used in the impairment tests as described in section 2.2 but reflecting the different models and valuation techniques required. The fair values of other contingent considerations are measured at the expected future price of selected shares.ACCOUNTINGPOLICIESOn 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\u2019 share of the total carrying amount, including goodwill, is transferred from the non-controlling interests\u2019 share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot exceed the non-controlling interests\u2019 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 shareholders in Carlsberg A/S to the non-controlling interests\u2019 share of equity.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-133-3": {
"value": "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 2022 amounted to DKK 100m (2021: DKK 132m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-143-4": {
"value": "LeasesAt 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.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 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 earlier 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 2.2.Right-of-use assets are recognised as property, plant and equipment.The Group has elected not to recognise right-of-use assets and liabilities for leases with a term of 12 months or less and leases of low-value assets. Lease payments related to such leases are recognised in the income statement as an expense on a straight-line basis over the lease term.Lease liabilityThe 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 purchase, results in a corresponding adjustment of the related right-of-use assets, cf. section 2.3.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 it not recognising extension or termination options on an ongoing basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-3": {
"value": "Government grants and other fundingGrants 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-145-3": {
"value": "SPECIAL ITEMS, PROVISIONSAND OTHER LIABILITIES264mSPECIAL ITEMS, INCOME (DKK)Impacted by reversal of provisions made in purchase price allocations in previous years.-1,048mSPECIAL ITEMS, EXPENSES(DKK)Impacted by write-down of goodwill and property, plant and equipment as well as losses related to the war in Ukraine.SECTION 3.1SPECIAL ITEMSSPECIAL ITEMS, INCOMEIn 2022, the Group recognised reversal of provisions made in purchase price allocations in prior years, mainly in Asia, of DKK 217m (2021: 1,238m), reversal of provisions in Western Europe of DKK 37m (2021: DKK 52m) and reversal of impairment losses in Denmark of DKK 10m (2021: DKK 83m). In 2021, the Group also recognised a gain on disposal of entities of DKK 15m and a revaluation gain on the retained investment in Gorkha Brewery (DKK 38m).SPECIAL ITEMS, EXPENSESIn 2022, write-down of goodwill allocated to the Central & Eastern Europe region, including the goodwill related to our business in Ukraine, was recognised at DKK 700m.A significant number of customers and sales outlets in Ukraine have been negatively impacted by the war. Consequently, impairments of doubtful trade receivables, obsolete inventories and lost plant and equipment were recognised at DKK 79m.Special itemsDKK million 2022 2021Special items, incomeReversal of provisions made in purchase price allocations in prior years 217 1,238Reversal of provisions made in prior years 37 52Reversal of impairment losses 10 83Gain on disposal of entities - 15Revaluation gain on deconsolidation of Gorkha Brewery - 38Income 264 1,426Special items, expensesGoodwill impairment\u00b9 -700 -Impairment of trade receivables, inventories and commercial assets in Ukraine\u00b9 -79 -Impairment of property, plant and equipment -74 -Impairment of investment in associates - -244Restructuring projects and provisions -76 -270Costs related to acquisition of entities etc. -92 -48Donations -27 -Adjustment of contingent consideration - -129COVID-19, personal protective equipment and donations - -32Expenses -1,048 -723Special items, net -784 703During 2021 and 2022, the Group continued to carry out various restructuring projects as part of the ongoing focus on cost and efficiency initiatives, which also included impairment of property, plant and equipment in Asia of DKK 74m in 2022.The COVID-19 pandemic had less impact in most markets in 2022 compared with previous years, as there were fewer COVID-19-related restrictions. The Group donated DKK 27m in 2022, DKK 25m of which to the Ukrainian relief effort.SECTION 3.1 (CONTINUED)SPECIAL ITEMSIn 2021 the Group recognised an impairment loss of DKK 244m related to the Tibet Lhasa Brewery caused by disturbances in the operation and management of the company. Fair value adjustments of the contingent consideration for the acquisition of Marston\u2019s brewing activities, which was completed in 2020, amounted to DKK -129m.Impact of special items on operating profitDKK million 2022 2021If special items had been recognised in operating profit before special items, they would have been included in the following line items:Cost of sales -98 -68Sales and distribution expenses -5 -42Administrative expenses -15 -226Other operating income 34 1,397Other operating expenses - -358Impairment of goodwill -700 -Special items, net -784 703DKK millionOnerous 2022 RestructuringscontractsOther TotalProvisions at 1 January 2022 178 456 2,754 3,388Transfer to disposal group held for sale -18 - - -18Additional provisions recognised 39 36 209 284Used during the year -79 - -126 -205Reversal of unused provisions -31 - -304 -335Discounting - 4 16 20Foreign exchange adjustments etc. -5 -10 -8 -23Provisions at 31 December 2022 84 486 2,541 3,111Classified asNon-current provisions 2 475 1,827 2,304Current provisions 82 11 714 807Total 84 486 2,541 3,111SECTION 3.2 PROVISIONSRestructuring 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 84m in 2022 primarily relates to various restructuring projects mainly concerning centralised Group functions.Provisions for onerous contracts primarily related to contract brewing in Asia and are expected to be utilised by 2028.Other provisions of DKK 2,541m relate to ongoing disputes and lawsuits of varying content and scope, employee benefits, provisions made in connection with purchase price allocations (PPA provisions) and employee obligations other than retirement benefits, among other things. Timing of settlement of ongoing disputes, lawsuits and PPA provisions cannot be determined, whereas the remaining liabilities are expected to be settled in one to two years.Total provisions have been impacted by reversal of provisions made in purchase price allocations in previous years in Asia, as described in section 3.1, and reversal of other contractual obligations that did not materialise, in total DKK 335m.ACCOUNTING ESTIMATESAND JUDGEMENTSThe 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 ESTIMATESAND JUDGEMENTSIn 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. SECTION 3.2 (CONTINUED)PROVISIONSManagement 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.ACCOUNTINGPOLICIESProvisions, 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-145-4": {
"value": "SPECIAL ITEMS, PROVISIONSAND OTHER LIABILITIES264mSPECIAL ITEMS, INCOME (DKK)Impacted by reversal of provisions made in purchase price allocations in previous years.-1,048mSPECIAL ITEMS, EXPENSES(DKK)Impacted by write-down of goodwill and property, plant and equipment as well as losses related to the war in Ukraine.SECTION 3.1SPECIAL ITEMSSPECIAL ITEMS, INCOMEIn 2022, the Group recognised reversal of provisions made in purchase price allocations in prior years, mainly in Asia, of DKK 217m (2021: 1,238m), reversal of provisions in Western Europe of DKK 37m (2021: DKK 52m) and reversal of impairment losses in Denmark of DKK 10m (2021: DKK 83m). In 2021, the Group also recognised a gain on disposal of entities of DKK 15m and a revaluation gain on the retained investment in Gorkha Brewery (DKK 38m).SPECIAL ITEMS, EXPENSESIn 2022, write-down of goodwill allocated to the Central & Eastern Europe region, including the goodwill related to our business in Ukraine, was recognised at DKK 700m.A significant number of customers and sales outlets in Ukraine have been negatively impacted by the war. Consequently, impairments of doubtful trade receivables, obsolete inventories and lost plant and equipment were recognised at DKK 79m.Special itemsDKK million 2022 2021Special items, incomeReversal of provisions made in purchase price allocations in prior years 217 1,238Reversal of provisions made in prior years 37 52Reversal of impairment losses 10 83Gain on disposal of entities - 15Revaluation gain on deconsolidation of Gorkha Brewery - 38Income 264 1,426Special items, expensesGoodwill impairment\u00b9 -700 -Impairment of trade receivables, inventories and commercial assets in Ukraine\u00b9 -79 -Impairment of property, plant and equipment -74 -Impairment of investment in associates - -244Restructuring projects and provisions -76 -270Costs related to acquisition of entities etc. -92 -48Donations -27 -Adjustment of contingent consideration - -129COVID-19, personal protective equipment and donations - -32Expenses -1,048 -723Special items, net -784 703During 2021 and 2022, the Group continued to carry out various restructuring projects as part of the ongoing focus on cost and efficiency initiatives, which also included impairment of property, plant and equipment in Asia of DKK 74m in 2022.The COVID-19 pandemic had less impact in most markets in 2022 compared with previous years, as there were fewer COVID-19-related restrictions. The Group donated DKK 27m in 2022, DKK 25m of which to the Ukrainian relief effort.SECTION 3.1 (CONTINUED)SPECIAL ITEMSIn 2021 the Group recognised an impairment loss of DKK 244m related to the Tibet Lhasa Brewery caused by disturbances in the operation and management of the company. Fair value adjustments of the contingent consideration for the acquisition of Marston\u2019s brewing activities, which was completed in 2020, amounted to DKK -129m.Impact of special items on operating profitDKK million 2022 2021If special items had been recognised in operating profit before special items, they would have been included in the following line items:Cost of sales -98 -68Sales and distribution expenses -5 -42Administrative expenses -15 -226Other operating income 34 1,397Other operating expenses - -358Impairment of goodwill -700 -Special items, net -784 703DKK millionOnerous 2022 RestructuringscontractsOther TotalProvisions at 1 January 2022 178 456 2,754 3,388Transfer to disposal group held for sale -18 - - -18Additional provisions recognised 39 36 209 284Used during the year -79 - -126 -205Reversal of unused provisions -31 - -304 -335Discounting - 4 16 20Foreign exchange adjustments etc. -5 -10 -8 -23Provisions at 31 December 2022 84 486 2,541 3,111Classified asNon-current provisions 2 475 1,827 2,304Current provisions 82 11 714 807Total 84 486 2,541 3,111SECTION 3.2 PROVISIONSRestructuring 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 84m in 2022 primarily relates to various restructuring projects mainly concerning centralised Group functions.Provisions for onerous contracts primarily related to contract brewing in Asia and are expected to be utilised by 2028.Other provisions of DKK 2,541m relate to ongoing disputes and lawsuits of varying content and scope, employee benefits, provisions made in connection with purchase price allocations (PPA provisions) and employee obligations other than retirement benefits, among other things. Timing of settlement of ongoing disputes, lawsuits and PPA provisions cannot be determined, whereas the remaining liabilities are expected to be settled in one to two years.Total provisions have been impacted by reversal of provisions made in purchase price allocations in previous years in Asia, as described in section 3.1, and reversal of other contractual obligations that did not materialise, in total DKK 335m.ACCOUNTING ESTIMATESAND JUDGEMENTSThe 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 ESTIMATESAND JUDGEMENTSIn 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. SECTION 3.3OTHER LIABILITIESDKK million 2022 2021Classified asNon-current liabilities 305 449Current liabilities 13,503 12,677Total 13,808 13,126Other liabilities by originStaff costs payable 2,335 3,118Excise duties and VAT payable 2,487 2,933Other payables 2,835 2,200Deferred income 574 621Contingent consideration 5,577 4,254Total 13,808 13,126For a detailed description of contingent considerations, see section 5.4.ACCOUNTINGPOLICIESOther liabilities include excise duties (specific taxes imposed on sales of beer and soft drinks), VAT, withholding tax, accrued interest, payroll, e.g. salaries, overtime, vacation and bonus.Other liabilities (current) are initially recognised at fair value and subsequently at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-159-3": {
"value": "ACCOUNTINGPOLICIESSpecial items include significant income and expenses of a special nature in relation to the Group\u2019s revenue-generating activities that cannot be attributed directly to the Group\u2019s 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 cessation of consolidation 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\u2019s ordinary operations to facilitate a better understanding of the Group\u2019s financial performance.ACCOUNTINGPOLICIESProvisions, 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-159-4": {
"value": "ACCOUNTINGPOLICIESSpecial items include significant income and expenses of a special nature in relation to the Group\u2019s revenue-generating activities that cannot be attributed directly to the Group\u2019s 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 cessation of consolidation 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\u2019s ordinary operations to facilitate a better understanding of the Group\u2019s financial performance.ACCOUNTINGPOLICIESProvisions, 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-162-3": {
"value": "SECTION 3.3OTHER LIABILITIESDKK million 2022 2021Classified asNon-current liabilities 305 449Current liabilities 13,503 12,677Total 13,808 13,126Other liabilities by originStaff costs payable 2,335 3,118Excise duties and VAT payable 2,487 2,933Other payables 2,835 2,200Deferred income 574 621Contingent consideration 5,577 4,254Total 13,808 13,126For a detailed description of contingent considerations, see section 5.4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-162-4": {
"value": "SECTION 3.3OTHER LIABILITIESDKK million 2022 2021Classified asNon-current liabilities 305 449Current liabilities 13,503 12,677Total 13,808 13,126Other liabilities by originStaff costs payable 2,335 3,118Excise duties and VAT payable 2,487 2,933Other payables 2,835 2,200Deferred income 574 621Contingent consideration 5,577 4,254Total 13,808 13,126For a detailed description of contingent considerations, see section 5.4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-162-5": {
"value": "SECTION 3.3OTHER LIABILITIESDKK million 2022 2021Classified asNon-current liabilities 305 449Current liabilities 13,503 12,677Total 13,808 13,126Other liabilities by originStaff costs payable 2,335 3,118Excise duties and VAT payable 2,487 2,933Other payables 2,835 2,200Deferred income 574 621Contingent consideration 5,577 4,254Total 13,808 13,126For a detailed description of contingent considerations, see section 5.4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-162-6": {
"value": "SECTION 3.3OTHER LIABILITIESDKK million 2022 2021Classified asNon-current liabilities 305 449Current liabilities 13,503 12,677Total 13,808 13,126Other liabilities by originStaff costs payable 2,335 3,118Excise duties and VAT payable 2,487 2,933Other payables 2,835 2,200Deferred income 574 621Contingent consideration 5,577 4,254Total 13,808 13,126For a detailed description of contingent considerations, see section 5.4.SECTION 3.4CONTINGENT LIABILITIESThe Group operates in very competitive markets where consolidation is taking place within the industry and among its customers and suppliers, all of which in different ways influences its business.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 2020, the German Supreme Court overruled the Higher Regional Court of D\u00fcsseldorf, which in 2019 had ruled in favour of Carlsberg Deutschland in relation to the competition case from 2014, in which the Federal Cartel Office in Germany issued a decision and imposed a fine of EUR 62m for alleged infringement of the competition rules in 2007. The German Supreme Court referred the competition case back to a new Senate for full new proceedings, which are ongoing and expected to conclude in the first half of 2023.In October 2021, the French competition authority issued a Statement of Objection against a large number of FMCG companies, including three entities in the Group \u2013 Kronenbourg SAS, Carlsberg Breweries A/S and Carlsberg A/S \u2013 for alleged participation in an anticompetitive agreement not to advertise the non-use of bisphenol A (BPA). Carlsberg did not agree with the French competition authority and prepared its defence in the case during 2021, which was submitted in the first quarter of 2022. The competition authority held hearings with the companies named in the case in January 2023, and a ruling is expected in the second half of 2023. In October and November 2021, the Group's associate Super Bock in Portugal received decisions on the alleged anticompetitive practice in two ongoing cases. In the first case the Court of Portuguese 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. Since the formal notification by the court in 2021 about a private enforcement claim of EUR 400m, filed by a consumer protection association against Super Bock Group, for compensation for Portuguese consumers for alleged harm on account of Super Bock\u2019s alleged anticompetitive practices, there have been no significant developments in the case.For some time, the Group has had serious disagreements pertaining to the Shareholders\u2019 Agreement between Carlsberg and our partner CSAPL Holdings Pte Ltd (CSAPLH) in relation to Carlsberg South Asia Pte Ltd (CSAPL), of which Carlsberg owns two thirds and CSAPLH the remaining one third. CSAPL is the holding company for the businesses in India (100%) and Nepal (90%). The disagreements concern CSAPLH\u2019s numerous allegations of breaches by Carlsberg of the Shareholders\u2019 Agreement and governance matters. Carlsberg was of the view that it had not committed any breach, but rather that CSAPLH had breached the Shareholders\u2019 Agreement. SECTION 3.4 (CONTINUED)CONTINGENT LIABILITIESAt the request of CSAPLH, the disagreements were referred to arbitration in Singapore. A liability award was issued by the arbitration tribunal on 4 May 2022. Carlsberg considers its position to be entirely vindicated by the liability award and is very satisfied with this outcome. The tribunal did not grant CSAPLH the relief it had been seeking based on the various allegations relating to governance and breach of the Shareholders\u2019 Agreement raised in the arbitration and publicly. The tribunal found CSAPLH to be in incurable material breach of the Shareholders\u2019 Agreement. As remedy for the material breaches committed by CSAPLH, the arbitration tribunal awarded Carlsberg the right to call CSAPLH\u2019s shares in CSAPL. Carlsberg immediately invoked the right to begin the call option valuation process, and CSAPLH subsequently exercised its right under the Shareholders\u2019 Agreement to begin the put option valuation process. In accordance with the Shareholders\u2019 Agreement, the put option price has been determined as the simple average of two valuations assessed by two independent external valuers, which are internationally recognised accounting firms, one appointed by each shareholder. The put option valuation was released by the valuers on 6 February 2023, stating a value for CSAPLH\u2019s shares in CSAPL of USD 744m (DKK 5,188m). CSAPLH has on 6 February, issued a formal put notice to sell its 33% shareholding in CSAPL to the Group at the put option valuation amount. The put option liability recognised in the consolidated financial statements has been adjusted to reflect the put option valuation amount received from the valuers as the acquisition of the shares may be completed at that price. A transaction could potentially be completed in 2023, subject to the clarification of any disputes raised by the shareholders and timelines for any regulatory approvals. CSAPLH has previously asked for an amount for its 33% shareholding in CSAPL that the Group considered to be unreasonably high and not to reflect the fair value of the shareholding. From the put option valuation received, it is the Group\u2019s assessment that key assumptions, which the Group considers to be unreasonable, may have been applied in the valuation performed by CSAPLH\u2019s appointed valuer. The put option valuation can be disputed by the shareholders if the valuations are conducted in breach of the Shareholders\u2019 Agreement, including, but not limited to, circumstances where the valuations are tainted by fraud or manifest error. The Group will work with its external advisors to evaluate its position and assess whether CSAPLH has committed additional breaches of the Shareholders\u2019 Agreement, which would justify further legal steps against CSAPLH.In addition to the disputes with our partner in CSAPL regarding India and Nepal, there is also a dispute with the local 10% shareholder in Gorkha Brewery, a related party to the Group\u2019s 33% partner in CSAPL. The conclusion of the put or call option process and the increase to 100% ownership of CSAPL do not settle the dispute with the local shareholder, and Gorkha Brewery therefore remains not consolidated until the dispute is settled separately. A Nepalese High Court judgment was expected in 2022 but has been postponed and is now expected in H1 2023. A favourable ruling would not immediately lead to reconsolidation of the Nepalese business, which would require demonstration of the consistent ability to exercise our rights as the majority shareholder. Please refer to section 5.3.Management and the general counsel continuously assess these risks and their likely outcome. It is the opinion of management and the 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. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\u2019s financial position, net profit or cash flow, in excess of items recognised in the statement of financial position. ",
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"value": "SECTION 3.4CONTINGENT LIABILITIESThe Group operates in very competitive markets where consolidation is taking place within the industry and among its customers and suppliers, all of which in different ways influences its business.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 2020, the German Supreme Court overruled the Higher Regional Court of D\u00fcsseldorf, which in 2019 had ruled in favour of Carlsberg Deutschland in relation to the competition case from 2014, in which the Federal Cartel Office in Germany issued a decision and imposed a fine of EUR 62m for alleged infringement of the competition rules in 2007. The German Supreme Court referred the competition case back to a new Senate for full new proceedings, which are ongoing and expected to conclude in the first half of 2023.In October 2021, the French competition authority issued a Statement of Objection against a large number of FMCG companies, including three entities in the Group \u2013 Kronenbourg SAS, Carlsberg Breweries A/S and Carlsberg A/S \u2013 for alleged participation in an anticompetitive agreement not to advertise the non-use of bisphenol A (BPA). Carlsberg did not agree with the French competition authority and prepared its defence in the case during 2021, which was submitted in the first quarter of 2022. The competition authority held hearings with the companies named in the case in January 2023, and a ruling is expected in the second half of 2023. In October and November 2021, the Group's associate Super Bock in Portugal received decisions on the alleged anticompetitive practice in two ongoing cases. In the first case the Court of Portuguese 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. Since the formal notification by the court in 2021 about a private enforcement claim of EUR 400m, filed by a consumer protection association against Super Bock Group, for compensation for Portuguese consumers for alleged harm on account of Super Bock\u2019s alleged anticompetitive practices, there have been no significant developments in the case.For some time, the Group has had serious disagreements pertaining to the Shareholders\u2019 Agreement between Carlsberg and our partner CSAPL Holdings Pte Ltd (CSAPLH) in relation to Carlsberg South Asia Pte Ltd (CSAPL), of which Carlsberg owns two thirds and CSAPLH the remaining one third. CSAPL is the holding company for the businesses in India (100%) and Nepal (90%). The disagreements concern CSAPLH\u2019s numerous allegations of breaches by Carlsberg of the Shareholders\u2019 Agreement and governance matters. Carlsberg was of the view that it had not committed any breach, but rather that CSAPLH had breached the Shareholders\u2019 Agreement. SECTION 3.4 (CONTINUED)CONTINGENT LIABILITIESAt the request of CSAPLH, the disagreements were referred to arbitration in Singapore. A liability award was issued by the arbitration tribunal on 4 May 2022. Carlsberg considers its position to be entirely vindicated by the liability award and is very satisfied with this outcome. The tribunal did not grant CSAPLH the relief it had been seeking based on the various allegations relating to governance and breach of the Shareholders\u2019 Agreement raised in the arbitration and publicly. The tribunal found CSAPLH to be in incurable material breach of the Shareholders\u2019 Agreement. As remedy for the material breaches committed by CSAPLH, the arbitration tribunal awarded Carlsberg the right to call CSAPLH\u2019s shares in CSAPL. Carlsberg immediately invoked the right to begin the call option valuation process, and CSAPLH subsequently exercised its right under the Shareholders\u2019 Agreement to begin the put option valuation process. In accordance with the Shareholders\u2019 Agreement, the put option price has been determined as the simple average of two valuations assessed by two independent external valuers, which are internationally recognised accounting firms, one appointed by each shareholder. The put option valuation was released by the valuers on 6 February 2023, stating a value for CSAPLH\u2019s shares in CSAPL of USD 744m (DKK 5,188m). CSAPLH has on 6 February, issued a formal put notice to sell its 33% shareholding in CSAPL to the Group at the put option valuation amount. The put option liability recognised in the consolidated financial statements has been adjusted to reflect the put option valuation amount received from the valuers as the acquisition of the shares may be completed at that price. A transaction could potentially be completed in 2023, subject to the clarification of any disputes raised by the shareholders and timelines for any regulatory approvals. CSAPLH has previously asked for an amount for its 33% shareholding in CSAPL that the Group considered to be unreasonably high and not to reflect the fair value of the shareholding. From the put option valuation received, it is the Group\u2019s assessment that key assumptions, which the Group considers to be unreasonable, may have been applied in the valuation performed by CSAPLH\u2019s appointed valuer. The put option valuation can be disputed by the shareholders if the valuations are conducted in breach of the Shareholders\u2019 Agreement, including, but not limited to, circumstances where the valuations are tainted by fraud or manifest error. The Group will work with its external advisors to evaluate its position and assess whether CSAPLH has committed additional breaches of the Shareholders\u2019 Agreement, which would justify further legal steps against CSAPLH.In addition to the disputes with our partner in CSAPL regarding India and Nepal, there is also a dispute with the local 10% shareholder in Gorkha Brewery, a related party to the Group\u2019s 33% partner in CSAPL. The conclusion of the put or call option process and the increase to 100% ownership of CSAPL do not settle the dispute with the local shareholder, and Gorkha Brewery therefore remains not consolidated until the dispute is settled separately. A Nepalese High Court judgment was expected in 2022 but has been postponed and is now expected in H1 2023. A favourable ruling would not immediately lead to reconsolidation of the Nepalese business, which would require demonstration of the consistent ability to exercise our rights as the majority shareholder. Please refer to section 5.3.Management and the general counsel continuously assess these risks and their likely outcome. It is the opinion of management and the 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. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\u2019s financial position, net profit or cash flow, in excess of items recognised in the statement of financial position. ",
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"pp-value-170-2": {
"value": "FINANCING COSTS, CAPITALSTRUCTURE AND EQUITY19.3bnNET INTEREST-BEARING DEBT (DKK)Gross financial debt amounted to DKK 28.6bn (2021: DKK 28.9bn). Net interest-bearing debt was DKK 19.3bn, an increase of DKK 0.2bn compared with year-end 2021. The classification of Russia as held for sale did not have have a significant impact on net interest-bearing debt.The liquidity position remained strong due to the free cash flow of DKK 9.9bn and access to a EUR 2bn credit facility, which was unutilised at 31 December 2022.The leverage ratio, measured as net interest-bearing debt to EBITDA, was 1.23x at year-end (2021: 1.37x). The financial leverage was kept slightly more conservative than in past years anticipating the acquisition of our partner\u2019s 33% shareholding in CSAPL.CHANGES IN NET INTEREST-BEARING DEBT (DKKbn)19.20.6 19.30.64.44.43.0-12.9NIBD NIBD Cash flow, at 1 JanuaryDividends, totalShare buy-backInvesting activitiesOther movementsat 31 DecemberLease liabilities, netoperating activities",
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"pp-value-170-3": {
"value": "FINANCING COSTS, CAPITALSTRUCTURE AND EQUITY19.3bnNET INTEREST-BEARING DEBT (DKK)Gross financial debt amounted to DKK 28.6bn (2021: DKK 28.9bn). Net interest-bearing debt was DKK 19.3bn, an increase of DKK 0.2bn compared with year-end 2021. The classification of Russia as held for sale did not have have a significant impact on net interest-bearing debt.The liquidity position remained strong due to the free cash flow of DKK 9.9bn and access to a EUR 2bn credit facility, which was unutilised at 31 December 2022.The leverage ratio, measured as net interest-bearing debt to EBITDA, was 1.23x at year-end (2021: 1.37x). The financial leverage was kept slightly more conservative than in past years anticipating the acquisition of our partner\u2019s 33% shareholding in CSAPL.CHANGES IN NET INTEREST-BEARING DEBT (DKKbn)19.20.6 19.30.64.44.43.0-12.9NIBD NIBD Cash flow, at 1 JanuaryDividends, totalShare buy-backInvesting activitiesOther movementsat 31 DecemberLease liabilities, netoperating activitiesSECTION 4.2NET INTEREST-BEARING DEBTOf the gross financial debt at year-end, 80% (2021: 79%) was non-current, i.e. with maturity of more than one year.Gross financial debt amounted to DKK 28.6bn (2021: DKK 28.9bn). Non-current borrowings totalled DKK 22.9bn (2021: DKK 22.8bn) and current borrowings totalled DKK 5.8bn (2021: DKK 6.2bn). A EUR 750m EMTN bond matured in November 2022 and was partly refinanced by a EUR 500m EMTN bond maturing in October 2025. The Group continuously assesses the maturity and repayment profile of its debt.The difference of DKK 9.3bn between gross financial debt and net interest-bearing debt mainly comprised cash and cash equivalents and on-trade loans.Net interest-bearing debtDKK million 2022 2021Non-current borrowings 22,865 22,755 Current borrowings 5,781 6,167 Gross financial debt 28,646 28,922 Cash and cash equivalents -8,163 -8,344 Net financial debt 20,483 20,578 Loans to associates, interest-bearing portion -275 -238 On-trade loans, net -492 -578 Other receivables, net -390 -600 Net interest-bearing debt\u00b9 19,326 19,162 \u00b9 Net interest-bearing debt, excluding disposal group held for sale, amounted to DKK 19,191m in 2021.SECTION 4.4BORROWINGS AND CASH4.4.1 BORROWINGSTotal borrowings decreased by DKK 0.3bn. Non-current borrowings were unchanged, as the EUR 500m EMTN bond that matures in September 2023 was reclassified as current and a new EUR 500m EMTN bond maturing in October 2025 was issued. Current borrowings decreased by DKK 0.4bn due to the repayment of a EUR 750m EMTN bond in November, partly offset by the aforementioned reclassification of the EUR 500m bond and issuance under the commercial paper programme.Gross financial debtDKK million 2022 2021Non-currentIssued bonds 21,470 21,452Bank borrowings 70 78Lease liabilities 1,203 1,012Other borrowings 122 213Total 22,865 22,755CurrentIssued bonds 3,714 5,573Bank borrowings 271 116Lease liabilities 390 375Commercial paper and other borrowings 1,406 103Total 5,781 6,1671Total borrowings28,646 28,922Fair value 26,694 29,575\u00b9 Total borrowings, excluding disposal group held for sale, amounted to DKK 28,893m in 2021.An overview of issued bonds is provided in section 4.5.Changes in gross financial debtDKK million 2022 2021Gross financial debt at 1 January 28,922 30,250Proceeds from issue of bonds 3,708 -Instalments on and proceeds from borrowings, non-current -5,583 -1,001Instalments on and proceeds from borrowings, current - -216Instalments on lease liabilities -423 -405Commercial paper and other borrowings 1,170 14External financing -1,128 -1,608Change in bank overdrafts - -135Gross financial debt reclassified to disposal group held for sale -29 -Increase in lease liabilities 629 275Other, including foreign exchange adjustments and amortisation 252 140Gross financial debt at 31 December 28,646 28,922ACCOUNTINGPOLICIESBorrowingsBorrowings 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.SECTION 4.5INTEREST RATE RISKThe Group\u2019s exposure to interest rate risk in the income statement is considered low due to the limited amounts of net financial debt at variable interest rates. Interest rate risk is monitored on net financial debt, i.e. borrowings, cash and cash equivalents and derivative financial instruments. The target is to have a duration between three and eight years. At 31 December 2022, the duration was 4.1 years (2021: 4.8 years). Interest rate risk is mainly managed using fixed-rate bonds, which are all denominated in EUR. At the reporting date, 106% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year (2021: 106%). On a gross debt basis, 76% was at fixed interest rates (2021: 75%). Most of the Group\u2019s 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, 127% of the Group\u2019s net debt is in EUR, which is why the interest rate exposure primarily relates to the development in the interest rates for EUR.SENSITIVITY ANALYSISSince the Group has more cash and cash equivalents than borrowings with a floating interest rate, 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 would lead to a decrease in net interest expenses of DKK 12m (2021: DKK 11m). The impact reflects a relatively high percentage of the gross debt being at fixed interest rates and the high portion of cash. The analysis assumes a parallel shift in the relevant yield curves.If the market interest rate had been 1 percentage point higher at the reporting date, it would have led to a financial gain of DKK842m (2021: DKK 997m), and a similar loss had the interest rate been 1 percentage point lower. However, since all fixed-rate borrowings are measured at amortised cost, there is no impact on other comprehensive income or the income statement. The fair value of total gross borrowings was DKK 1,952m lower than the carrying amount (2021: DKK 653m higher). The change is due to the increase in interest rates during 2022.The sensitivity analysis is based on the financialinstruments (borrowing, cash and derivative financial instruments) recognised at the reporting date. The sensitivity analysis assumes a parallel shift in interest rates and that all other variables remain constant, in particular foreign exchange rates and interest rate differentials between thedifferent currencies. The analysis was performed on the same basis as for 2021. The Group did not enter into any new interest rate swaps in 2022 or 2021.Net financial debt by currencyDKK millionGross Gross Netfinancial debt, Net financial 2022financial debtfinancial debt Fixedfixed %debt, fixed %\u00b9EUR 27,040 26,083 21,530 80% 83% CNY 94 -3,560 - - -USD 345 -35 104 30% -297% Other 1,167 -2,005 37 3% -2% Total 28,646 20,483 21,671 76% 106% 2021EUR 27,598 25,227 21,515 78% 85% CNY 35 -2,777 - - -USD 413 42 194 47% 462% Other 876 -1,914 9 1% -Total 28,922 20,578 21,718 75% 106% \u00b9 The percentage of net debt at fixed interest rates is above 100% in some currencies, as the total cash exceeds the current debt. In some currencies the percentage of net debt at fixed interest rates is negative, as the total cash exceeds the total debt.Interest rate riskDKK millionAverageeffectiveInterest interest Carrying Interest 2022raterate Fixed foramountrate riskIssued bondsEUR 500m maturing 6 September 2023 Fixed 0.7% < 1 year 3,714 Fair valueEUR 1,000m maturing 28 May 2024 Fixed 2.6% 1-2 years 7,421 Fair valueEUR 500m maturing 12 October 2025 Fixed 3.4% 2-3 years 3,705 Fair valueEUR 500m maturing 30 June 2027 Fixed 0.5% 4-5 years 3,699 Fair valueEUR 400m maturing 1 July 2029 Fixed 1.0% > 5 years 2,948 Fair valueEUR 500m maturing 11 March 2030 Fixed 0.7% > 5 years 3,697 Fair valueTotal 1.7% 25,184Total 2021 1.6% 27,025Bank borrowings and other borrowingsFloating-rate Floating 1.8% < 1 year 3,262 Cash flowFixed-rate Fixed 1.7% > 1 year 200 Fair valueTotal 3,462Total 2021 1,897SECTION 4.6FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.6.1 CURRENCY PROFILE OF BORROWINGSThe Group is exposed to foreign exchange risk on borrowings denominated in a currency other than the functional currency of the local entities reporting the debt, 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.4.6.2 HEDGING OF NET INVESTMENTS IN FOREIGN SUBSIDIARIESThe Group holds a number of investments in foreign subsidiaries where the translation of net assets to DKK is exposed to foreign exchange risks. The revaluation of the net investment is recognised in OCI. The net investment in RUB continues to constitute a significant risk in terms of revaluation of the net investment, due both to the size of the net investment and to the volatility of RUB. The Group hedges part of this foreign exchange exposure by selling foreign currencies via FX forwards and NDFs, and designates these as net investment hedges. This mainly applies to net investments in CHF, CNY, MYR and NOK. The basis for hedging is reviewed at least once a year, and the two parameters, risk reduction and cost, are balanced. At the 2022 review it was decided to stop hedging the PLN net investment due to the high cost of hedging and to increase the hedging of CNY. The latter reflects the increase in exposure and the currently relatively low cost of hedging. In economic terms, having debt in foreign currencyor creating synthetic debt via forward exchange contracts constitutes hedging of the DKK value of future cash flows arising from operating activities or specific transactions. Where the notional amounts of forward exchange contracts do not exceed the net investment, the fair value adjustments are recognised in other comprehensive income. 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 2023. At 31 December 2022, 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 2022 amounted to DKK 38m (2021: DKK -232m). 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 -2,282m (2021: DKK -1,893m), of which -24m (2021: -24m) relates to hedging of net investments in RUB. Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities. 4.6.3 EXCHANGE RATE RISK ON CASH AND BORROWINGSThe main principle for funding of subsidiaries is that cash and borrowings should be denominated in local currency or hedged to local currency to avoid foreign exchange risk. However, in some Group entities, cash and borrowings are denominated in a currency other than the functional currency of the local entity without the foreign exchange risk being hedged. This applies primarily to a few entities in Central & Eastern Europe that hold cash and loans in EUR and USD and in this way obtain either hedge accounting or proxy hedging of the foreign exchange risk associated with the purchase of goods in foreign currency in these markets. Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2022principalof swapswapCHF 254 1,180 1,434 NOK 182 696 878EUR 27,040 -8,173 18,867USD 345 2,985 3,330CNY 94 3,632 3,726Other 731 -320 411Total 28,646 - 28,646Total 2021 28,922 - 28,922Net investment hedges2022 2021Hedging of invest-Intra-group loans,ment, amount inamount in local Other comprehensive Fair value of Fair value of local currencycurrencyincome (DKK) Average hedged ratederivativesderivativesDKK million 2022 2021 2022 2021 2022 2021 2022 2021 Asset Liability Asset LiabilityCNY -3,907 -2,407 - - -12 -323 1.0355 0.9611 83 - - -109MYR -128 -292 - - -21 -28 1.5560 1.5022 - -3 - -15HKD - - -2,128 -1,079 -49 -64 - - - - - -CHF -310 -263 - - -109 -80 7.4334 6.8305 - -58 - -93NOK -1,300 -1,300 3,000 3,000 -94 62 0.7179 0.7269 16 - - -19SEK - - 2,217 2,717 -136 -42 - - - - - -Other - -175 18 67 26 11 - - - - 4 -Total -395 -464 99 -61 4 -236SECTION 4.6 (CONTINUED)FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.6.4 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISIMPACT ON INCOME STATEMENTFor the impact of currency on operating profit and financial items, please refer to sections 1.4 and 4.1 respectively.IMPACT ON STATEMENT OF FINANCIAL POSITIONFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained in a number of currencies. In 2022, net interest-bearing debt increased by DKK 431m (2021: decreased by DKK 267m) due to changes in foreign exchange rates. SENSITIVITY ANALYSISAn adverse development in the exchange rates would, all other things being equal, have had the hypothetical impact on the income statement and other comprehensive income (OCI) for 2022 illustrated in the tables. The calculations are based on items in the statement of financial position at 31 December 2022.Income statementThe hypothetical impact ignores the fact that the subsidiaries\u2019 initial recognition of revenue, cost and debt would be similarly exposed to theexchange rate developments.Other comprehensive incomeOther comprehensive income is affected by changes in the fair value of currency derivatives designated as cash flow hedges of future purchases.Exchange rate sensitivity - income statement20222021EUREUREURGrossExposure, EffectEffectDKK millionreceivablepayablecashexposurenet of hedging Changeon P/Lon P/LEUR/GBP - -32 32 - - 5% - -43EUR/NOK 94 -459 319 -46 -46 5% -2 -14EUR/CHF 124 -272 77 -71 -71 5% -4 7EUR/PLN 684 -638 -15 31 31 5% 2 6EUR/KZT - -23 149 126 126 10% 13 11EUR/RUB 20 -242 556 334 334 10% 33 -3EUR/UAH - -24 - -24 -24 10% -2 13Total40 -232021USDUSDUSDGrossExposure, EffectEffect2022receivablepayablecashexposurenet of hedging Changeon P/Lon P/LUSD/LAK 10 -170 257 97 97 10% 10 6USD/KZT - - 182 182 182 10% 18 10USD/RUB - - 116 116 116 10% 12 -USD/UAH - -1 - -1 -1 10% - 9Total40 25Exchange rate sensitivity - other comprehensive income2022 2021Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0,7208 -975 5% -49 0.7189 -39SEK/DKK 0,6869 -832 5% -42 0.7284 -30PLN/DKK 1,4694 -691 5% -35 1.6039 -26CHF/DKK 7,5080 -523 5% -26 6.9171 -22USD/DKK 7,5926 383 10% 38 6.3627 33RUB/DKK 0,1071 -578 20% -116 0.0822 -128UAH/DKK 0,2212 -311 20% -62 N/A -Other N/A -342 5-30% -53 N/A -12Total -345 -224SECTION 4.6 (CONTINUED)FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIESAPPLIED EXCHANGE RATESThe average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per currency throughout the year.Applied exchange ratesClosing rate Average rateDKK 2022 2021 2022 2021Swiss franc (CHF) 7.5520 7.1760 7.4190 6.8777Chinese yuan (CNY) 1.0106 1.0296 1.0569 0.9700Euro (EUR) 7.4365 7.4365 7.4397 7.4369Pound sterling (GBP) 8.3845 8.8604 8.7235 8.6837Indian rupee (INR) 0.0840 0.0878 0.0903 0.0852Laotian kip (LAK) 0.0004 0.0006 0.0005 0.0006Norwegian krone (NOK) 0.7073 0.7459 0.7374 0.7323Polish zloty (PLN) 1.5887 1.6180 1.5859 1.6310Russian rouble (RUB) 0.0983 0.0894 0.1134 0.0855Swedish krona (SEK) 0.6686 0.7260 0.7002 0.7330",
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"pp-value-184-2": {
"value": "SECTION 4.3CAPITAL STRUCTURE 4.3.1 CAPITAL STRUCTUREManagement regularly assesses whether the Group\u2019s capital structure is in the interests of the Group and its shareholders.The overall objective is to ensure a continued development and strengthening of the Group\u2019s 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.Carlsberg A/S\u2019 share capital is divided into two classes (A shares and B shares). Combined with the Carlsberg Foundation\u2019s position as majority shareholder (in terms of control), management considers that this structure will remain advantageous for all of the shareholders, enabling and supporting the long-term development of the Group.The Group targets a leverage ratio below 2.0x. At the end of 2022, the leverage ratio was 1.23x (2021: 1.37x). The Group currently uses share buy-back programmes to return excess cash to shareholders.The share buy-back programmes are initiated based on a cautious evaluation of the Group\u2019s funding flexibility and credit resources available. The size and duration of each programme depend on the expected organic and inorganic investments needed to grow the business and the Group\u2019s intention to maintain a leverage ratio below 2.0x.The Group generally intends to cancel treasury shares that are not used for hedging of incentive programmes.The Group is rated by Moody\u2019s Investors Service and Fitch Ratings. Management assesses the risk of changes in the Group\u2019s 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. 4.3.2 SHARE CAPITALAt the Annual General Meeting on 14\ue7feMarch 2022, it was decided to reduce the share capital of Carlsberg A/S by a nominal amount of DKK 68,000,000 to a nominal amount of DKK 2,837,136,120 by cancelling 3,400,000 of the B shares held by the Company, each with a nominal value of DKK 20. The cancellation was completed on 12\ue7feApril 2022. These shares had been repurchased as part of the Company\u2019s share buy-back programme.At the Annual General Meeting on 13\ue7feMarch 2023, the Supervisory Board will recommend that 4,500,000 treasury shares not used for the hedging of the incentive programme be cancelled.Share capitalClass A shares Class B shares Total share capitalNominalNominalNominalShares ofvalue,Shares ofvalue,Shares ofvalue,DKK 20DKK \u2019000DKK 20DKK \u2019000DKK 20DKK \u20190001 January 2021 33,699,252 673,985 114,457,554 2,289,151 148,156,806 2,963,136Cancellation of treasury shares - - -2,900,000 -58,000 -2,900,000 -58,00031 December 2021 33,699,252 673,985 111,557,554 2,231,151 145,256,806 2,905,136Cancellation of treasury shares - - -3,400,000 -68,000 -3,400,000 -68,00031 December 2022 33,699,252 673,985 108,157,554 2,163,151 141,856,806 2,837,136A shares carry 20 votes per DKK 20 share. B shares carry two votes per DKK 20 share. A preferential right to an 8% non-cumulative dividend is attached to B shares. Apart from votes and dividends, all shares rank equally.SECTION 4.3 (CONTINUED)CAPITAL STRUCTURE4.3.3 EQUITYDIVIDENDSThe Group proposes a dividend of DKK 27.00 per share (2021: DKK 24.00 per share), amounting to DKK 3,830m (2021: DKK 3,486m). The proposed dividend has been included in retained earnings at 31 December 2022.Dividends to be paid out in 2023 for 2022, net of dividends on treasury shares held at 31 December 2022, will amount to DKK 3,708m (paid out in 2022 for 2021: DKK 3,405m). EQUITY (DKKbn)48.80.10.5-3.934.7-4.4-4.4-1.3-0.6EquityperiodHedgingEquity atinterestsProfit for the obligationsat 1 JanuaryadjustmentsDividends paidShare buy-backNon-controlling31 DecemberForeign exchange Retirement benefit SHARE BUY-BACK AND TREASURY SHARESOn 4\ue7feFebruary 2022, the Company announced its intention to continue the share buy-back programme. The 2022 programme has been executed as quarterly programmes, and 4,751,576 B shares worth DKK 4.4bn have been repurchased in 2022. Ending with the fourth quarterly programme, which was finalised on 27\ue7feJanuary 2023, the Company has repurchased a total of 4,913,102 B shares at a total purchase price of DKK 4.5bn over a 12-month period. According to the authorisation of the Annual General Meeting, the Supervisory Board may, in the period until 13 March 2027, allow the Company to acquire treasury shares up to a total holding of 10% of the nominal share capital at a price quoted on Nasdaq Copenhagen at the time of acquisition with a deviation of up to 10%. The permitted holding of treasury shares covers those acquired in share buy-back programmes. The Company holds no class A shares.4.3.5 FINANCIAL RISK MANAGEMENTThe Group\u2019s 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. These risks are described in the following sections:\u2022 Foreign exchange risk: sections 1.4 and 4.6\u2022 Interest rate risk: section 4.5 \u2022 Commodity risk: section 1.3.1\u2022 Credit risk: sections 1.6.1 and 4.4.2 \u2022 Funding and liquidity risk: section 4.7The Group\u2019s 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 50-52).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.Debt instruments and deposits in foreign currency reduce the overall risk but will generally not achieve the objective of reducing volatility in specific items in the income statement, unless they are designated as cash flow hedges.",
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"pp-value-184-3": {
"value": "SECTION 4.3CAPITAL STRUCTURE 4.3.1 CAPITAL STRUCTUREManagement regularly assesses whether the Group\u2019s capital structure is in the interests of the Group and its shareholders.The overall objective is to ensure a continued development and strengthening of the Group\u2019s 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.Carlsberg A/S\u2019 share capital is divided into two classes (A shares and B shares). Combined with the Carlsberg Foundation\u2019s position as majority shareholder (in terms of control), management considers that this structure will remain advantageous for all of the shareholders, enabling and supporting the long-term development of the Group.The Group targets a leverage ratio below 2.0x. At the end of 2022, the leverage ratio was 1.23x (2021: 1.37x). The Group currently uses share buy-back programmes to return excess cash to shareholders.The share buy-back programmes are initiated based on a cautious evaluation of the Group\u2019s funding flexibility and credit resources available. The size and duration of each programme depend on the expected organic and inorganic investments needed to grow the business and the Group\u2019s intention to maintain a leverage ratio below 2.0x.The Group generally intends to cancel treasury shares that are not used for hedging of incentive programmes.The Group is rated by Moody\u2019s Investors Service and Fitch Ratings. Management assesses the risk of changes in the Group\u2019s 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. 4.3.2 SHARE CAPITALAt the Annual General Meeting on 14\ue7feMarch 2022, it was decided to reduce the share capital of Carlsberg A/S by a nominal amount of DKK 68,000,000 to a nominal amount of DKK 2,837,136,120 by cancelling 3,400,000 of the B shares held by the Company, each with a nominal value of DKK 20. The cancellation was completed on 12\ue7feApril 2022. These shares had been repurchased as part of the Company\u2019s share buy-back programme.At the Annual General Meeting on 13\ue7feMarch 2023, the Supervisory Board will recommend that 4,500,000 treasury shares not used for the hedging of the incentive programme be cancelled.Share capitalClass A shares Class B shares Total share capitalNominalNominalNominalShares ofvalue,Shares ofvalue,Shares ofvalue,DKK 20DKK \u2019000DKK 20DKK \u2019000DKK 20DKK \u20190001 January 2021 33,699,252 673,985 114,457,554 2,289,151 148,156,806 2,963,136Cancellation of treasury shares - - -2,900,000 -58,000 -2,900,000 -58,00031 December 2021 33,699,252 673,985 111,557,554 2,231,151 145,256,806 2,905,136Cancellation of treasury shares - - -3,400,000 -68,000 -3,400,000 -68,00031 December 2022 33,699,252 673,985 108,157,554 2,163,151 141,856,806 2,837,136A shares carry 20 votes per DKK 20 share. B shares carry two votes per DKK 20 share. A preferential right to an 8% non-cumulative dividend is attached to B shares. Apart from votes and dividends, all shares rank equally.SECTION 4.3 (CONTINUED)CAPITAL STRUCTURE4.3.3 EQUITYDIVIDENDSThe Group proposes a dividend of DKK 27.00 per share (2021: DKK 24.00 per share), amounting to DKK 3,830m (2021: DKK 3,486m). The proposed dividend has been included in retained earnings at 31 December 2022.Dividends to be paid out in 2023 for 2022, net of dividends on treasury shares held at 31 December 2022, will amount to DKK 3,708m (paid out in 2022 for 2021: DKK 3,405m). EQUITY (DKKbn)48.80.10.5-3.934.7-4.4-4.4-1.3-0.6EquityperiodHedgingEquity atinterestsProfit for the obligationsat 1 JanuaryadjustmentsDividends paidShare buy-backNon-controlling31 DecemberForeign exchange Retirement benefit SHARE BUY-BACK AND TREASURY SHARESOn 4\ue7feFebruary 2022, the Company announced its intention to continue the share buy-back programme. The 2022 programme has been executed as quarterly programmes, and 4,751,576 B shares worth DKK 4.4bn have been repurchased in 2022. Ending with the fourth quarterly programme, which was finalised on 27\ue7feJanuary 2023, the Company has repurchased a total of 4,913,102 B shares at a total purchase price of DKK 4.5bn over a 12-month period. According to the authorisation of the Annual General Meeting, the Supervisory Board may, in the period until 13 March 2027, allow the Company to acquire treasury shares up to a total holding of 10% of the nominal share capital at a price quoted on Nasdaq Copenhagen at the time of acquisition with a deviation of up to 10%. The permitted holding of treasury shares covers those acquired in share buy-back programmes. The Company holds no class A shares.",
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"pp-value-188-4": {
"value": "SECTION 4.3 (CONTINUED)CAPITAL STRUCTURE4.3.3 EQUITYDIVIDENDSThe Group proposes a dividend of DKK 27.00 per share (2021: DKK 24.00 per share), amounting to DKK 3,830m (2021: DKK 3,486m). The proposed dividend has been included in retained earnings at 31 December 2022.Dividends to be paid out in 2023 for 2022, net of dividends on treasury shares held at 31 December 2022, will amount to DKK 3,708m (paid out in 2022 for 2021: DKK 3,405m). EQUITY (DKKbn)48.80.10.5-3.934.7-4.4-4.4-1.3-0.6EquityperiodHedgingEquity atinterestsProfit for the obligationsat 1 JanuaryadjustmentsDividends paidShare buy-backNon-controlling31 DecemberForeign exchange Retirement benefit Transactions with shareholders in Carlsberg A/SDKK million 2022 2021Dividends paid to shareholders -3,389 -3,187 Share buy-back -4,400 -3,600 Total -7,789 -6,787 Dividends paid to non-controlling interests amounted to DKK 1,042m (2021: DKK 550m).ACCOUNTINGPOLICIESProposed dividendsThe proposed dividend is recognised as a liability at the date when it is adopted at the Annual General Meeting (declaration date).",
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"value": "27",
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"value": "24",
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"value": "3830000000",
"decimals": -6,
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"value": "3486000000",
"decimals": -6,
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"pp-value-190-4": {
"value": "SHARE BUY-BACK AND TREASURY SHARESOn 4\ue7feFebruary 2022, the Company announced its intention to continue the share buy-back programme. The 2022 programme has been executed as quarterly programmes, and 4,751,576 B shares worth DKK 4.4bn have been repurchased in 2022. Ending with the fourth quarterly programme, which was finalised on 27\ue7feJanuary 2023, the Company has repurchased a total of 4,913,102 B shares at a total purchase price of DKK 4.5bn over a 12-month period. According to the authorisation of the Annual General Meeting, the Supervisory Board may, in the period until 13 March 2027, allow the Company to acquire treasury shares up to a total holding of 10% of the nominal share capital at a price quoted on Nasdaq Copenhagen at the time of acquisition with a deviation of up to 10%. The permitted holding of treasury shares covers those acquired in share buy-back programmes. The Company holds no class A shares.Treasury sharesPercentage Fair value, Shares ofNominalof share DKKmDKK 20value, DKKmcapital1 January 2021 2,979 3,055,175 61.1 2.1 %Acquisition of treasury shares 3,355,625 67.1 2.3 %Cancellation of treasury shares -2,900,000 -58.0 -2.0 %Used to settle share-based payments -146,282 -2.9 -0.1 %31 December 2021 3,800 3,364,518 67.3 2.3 %Acquisition of treasury shares 4,751,576 95.0 3.3 %Cancellation of treasury shares -3,400,000 -68.0 -2.3 %Used to settle share-based payments -200,709 -4.0 -0.1 %31 December 2022 4,169 4,515,385 90.3 3.2 %Treasury sharesCost of acquisition, consideration received and treasury share dividends received are recognised directly in equity as retained earnings. Capital reductions from the cancellation of treasury shares are deducted from the share capital at an amount corresponding to the nominal value of the shares and added to retained earnings.Proceeds from the sale of treasury shares in connection with the settlement of share-based payments are recognised directly in equity.",
"dimensions": {
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"pp-value-195-4": {
"value": "ACCOUNTINGPOLICIESProposed dividendsThe proposed dividend is recognised as a liability at the date when it is adopted at the Annual General Meeting (declaration date).",
"dimensions": {
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-194-4": {
"value": "Treasury sharesCost of acquisition, consideration received and treasury share dividends received are recognised directly in equity as retained earnings. Capital reductions from the cancellation of treasury shares are deducted from the share capital at an amount corresponding to the nominal value of the shares and added to retained earnings.Proceeds from the sale of treasury shares in connection with the settlement of share-based payments are recognised directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
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"pp-value-197-2": {
"value": "Other comprehensive income as recognised in the statement of changes in equityDKK millionNon-Other CurrencyHedgingRetainedcontrollingcomprehen-2022translationreservesearnings Totalinterestssive incomeForeign exchange adjustments of foreign entities -3,384 - 4 -3,380 -546 -3,926Value adjustments of hedging instruments -395 -344 - -739 -20 -759Retirement benefit obligations - - 589 589 -3 586Income tax 88 15 -77 26 1 27Total -3,691 -329 516 -3,504 -568 -4,0722021Foreign exchange adjustments of foreign entities 3,379 - - 3,379 -72 3,307Value adjustments of hedging instruments -464 134 - -330 7 -323Retirement benefit obligations - - 580 580 -2 578Share of other comprehensive income in associates - - 10 10 - 10Income tax 102 -18 -5 79 24 103Total 3,017 116 585 3,718 -43 3,675ASSESSMENT OF CREDIT RISKThe Group is exposed to credit risk on cash and cash equivalents (including fixed deposits), investments and derivative financial instruments with a positive fair value due to uncertainty as to whether the counterparty will be able to meet its contractual obligations as they fall due.\ue7feThe 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 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 loans to the Group.\ue7feGroup Treasury manages and monitors the Group\u2019s gross credit exposure to banks and operates with individual limits on banks, based on rating and access to netting of assets and liabilities. 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 8,163m (2021: DKK 8,344m) represents the maximum credit exposure related to cash and cash equivalents. The credit risk on receivables is described in section 1.6.1.SECTION 4.5INTEREST RATE RISKThe Group\u2019s exposure to interest rate risk in the income statement is considered low due to the limited amounts of net financial debt at variable interest rates. Interest rate risk is monitored on net financial debt, i.e. borrowings, cash and cash equivalents and derivative financial instruments. The target is to have a duration between three and eight years. At 31 December 2022, the duration was 4.1 years (2021: 4.8 years). Interest rate risk is mainly managed using fixed-rate bonds, which are all denominated in EUR. At the reporting date, 106% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year (2021: 106%). On a gross debt basis, 76% was at fixed interest rates (2021: 75%). Most of the Group\u2019s 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, 127% of the Group\u2019s net debt is in EUR, which is why the interest rate exposure primarily relates to the development in the interest rates for EUR.SENSITIVITY ANALYSISSince the Group has more cash and cash equivalents than borrowings with a floating interest rate, 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 would lead to a decrease in net interest expenses of DKK 12m (2021: DKK 11m). The impact reflects a relatively high percentage of the gross debt being at fixed interest rates and the high portion of cash. The analysis assumes a parallel shift in the relevant yield curves.If the market interest rate had been 1 percentage point higher at the reporting date, it would have led to a financial gain of DKK842m (2021: DKK 997m), and a similar loss had the interest rate been 1 percentage point lower. However, since all fixed-rate borrowings are measured at amortised cost, there is no impact on other comprehensive income or the income statement. The fair value of total gross borrowings was DKK 1,952m lower than the carrying amount (2021: DKK 653m higher). The change is due to the increase in interest rates during 2022.The sensitivity analysis is based on the financialinstruments (borrowing, cash and derivative financial instruments) recognised at the reporting date. The sensitivity analysis assumes a parallel shift in interest rates and that all other variables remain constant, in particular foreign exchange rates and interest rate differentials between thedifferent currencies. The analysis was performed on the same basis as for 2021. The Group did not enter into any new interest rate swaps in 2022 or 2021.Net financial debt by currencyDKK millionGross Gross Netfinancial debt, Net financial 2022financial debtfinancial debt Fixedfixed %debt, fixed %\u00b9EUR 27,040 26,083 21,530 80% 83% CNY 94 -3,560 - - -USD 345 -35 104 30% -297% Other 1,167 -2,005 37 3% -2% Total 28,646 20,483 21,671 76% 106% 2021EUR 27,598 25,227 21,515 78% 85% CNY 35 -2,777 - - -USD 413 42 194 47% 462% Other 876 -1,914 9 1% -Total 28,922 20,578 21,718 75% 106% \u00b9 The percentage of net debt at fixed interest rates is above 100% in some currencies, as the total cash exceeds the current debt. In some currencies the percentage of net debt at fixed interest rates is negative, as the total cash exceeds the total debt.Interest rate riskDKK millionAverageeffectiveInterest interest Carrying Interest 2022raterate Fixed foramountrate riskIssued bondsEUR 500m maturing 6 September 2023 Fixed 0.7% < 1 year 3,714 Fair valueEUR 1,000m maturing 28 May 2024 Fixed 2.6% 1-2 years 7,421 Fair valueEUR 500m maturing 12 October 2025 Fixed 3.4% 2-3 years 3,705 Fair valueEUR 500m maturing 30 June 2027 Fixed 0.5% 4-5 years 3,699 Fair valueEUR 400m maturing 1 July 2029 Fixed 1.0% > 5 years 2,948 Fair valueEUR 500m maturing 11 March 2030 Fixed 0.7% > 5 years 3,697 Fair valueTotal 1.7% 25,184Total 2021 1.6% 27,025Bank borrowings and other borrowingsFloating-rate Floating 1.8% < 1 year 3,262 Cash flowFixed-rate Fixed 1.7% > 1 year 200 Fair valueTotal 3,462Total 2021 1,897SECTION 4.6FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.6.1 CURRENCY PROFILE OF BORROWINGSThe Group is exposed to foreign exchange risk on borrowings denominated in a currency other than the functional currency of the local entities reporting the debt, 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.4.6.2 HEDGING OF NET INVESTMENTS IN FOREIGN SUBSIDIARIESThe Group holds a number of investments in foreign subsidiaries where the translation of net assets to DKK is exposed to foreign exchange risks. The revaluation of the net investment is recognised in OCI. The net investment in RUB continues to constitute a significant risk in terms of revaluation of the net investment, due both to the size of the net investment and to the volatility of RUB. The Group hedges part of this foreign exchange exposure by selling foreign currencies via FX forwards and NDFs, and designates these as net investment hedges. This mainly applies to net investments in CHF, CNY, MYR and NOK. The basis for hedging is reviewed at least once a year, and the two parameters, risk reduction and cost, are balanced. At the 2022 review it was decided to stop hedging the PLN net investment due to the high cost of hedging and to increase the hedging of CNY. The latter reflects the increase in exposure and the currently relatively low cost of hedging. In economic terms, having debt in foreign currencyor creating synthetic debt via forward exchange contracts constitutes hedging of the DKK value of future cash flows arising from operating activities or specific transactions. Where the notional amounts of forward exchange contracts do not exceed the net investment, the fair value adjustments are recognised in other comprehensive income. 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 2023. At 31 December 2022, 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 2022 amounted to DKK 38m (2021: DKK -232m). 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 -2,282m (2021: DKK -1,893m), of which -24m (2021: -24m) relates to hedging of net investments in RUB. Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities. 4.6.3 EXCHANGE RATE RISK ON CASH AND BORROWINGSThe main principle for funding of subsidiaries is that cash and borrowings should be denominated in local currency or hedged to local currency to avoid foreign exchange risk. However, in some Group entities, cash and borrowings are denominated in a currency other than the functional currency of the local entity without the foreign exchange risk being hedged. This applies primarily to a few entities in Central & Eastern Europe that hold cash and loans in EUR and USD and in this way obtain either hedge accounting or proxy hedging of the foreign exchange risk associated with the purchase of goods in foreign currency in these markets. Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2022principalof swapswapCHF 254 1,180 1,434 NOK 182 696 878EUR 27,040 -8,173 18,867USD 345 2,985 3,330CNY 94 3,632 3,726Other 731 -320 411Total 28,646 - 28,646Total 2021 28,922 - 28,922Net investment hedges2022 2021Hedging of invest-Intra-group loans,ment, amount inamount in local Other comprehensive Fair value of Fair value of local currencycurrencyincome (DKK) Average hedged ratederivativesderivativesDKK million 2022 2021 2022 2021 2022 2021 2022 2021 Asset Liability Asset LiabilityCNY -3,907 -2,407 - - -12 -323 1.0355 0.9611 83 - - -109MYR -128 -292 - - -21 -28 1.5560 1.5022 - -3 - -15HKD - - -2,128 -1,079 -49 -64 - - - - - -CHF -310 -263 - - -109 -80 7.4334 6.8305 - -58 - -93NOK -1,300 -1,300 3,000 3,000 -94 62 0.7179 0.7269 16 - - -19SEK - - 2,217 2,717 -136 -42 - - - - - -Other - -175 18 67 26 11 - - - - 4 -Total -395 -464 99 -61 4 -236SECTION 4.6 (CONTINUED)FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIESAPPLIED EXCHANGE RATESThe average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per currency throughout the year.Applied exchange ratesClosing rate Average rateDKK 2022 2021 2022 2021Swiss franc (CHF) 7.5520 7.1760 7.4190 6.8777Chinese yuan (CNY) 1.0106 1.0296 1.0569 0.9700Euro (EUR) 7.4365 7.4365 7.4397 7.4369Pound sterling (GBP) 8.3845 8.8604 8.7235 8.6837Indian rupee (INR) 0.0840 0.0878 0.0903 0.0852Laotian kip (LAK) 0.0004 0.0006 0.0005 0.0006Norwegian krone (NOK) 0.7073 0.7459 0.7374 0.7323Polish zloty (PLN) 1.5887 1.6180 1.5859 1.6310Russian rouble (RUB) 0.0983 0.0894 0.1134 0.0855Swedish krona (SEK) 0.6686 0.7260 0.7002 0.7330SECTION 4.7FUNDING AND LIQUIDITY RISKLiquidity risk results from the Group\u2019s potential inability to meet the obligations associated with its financial liabilities, for example settlement of financial debt and paying 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 SOURCESThe Group is diversifying its access to funding to avoid relying on one single source of funding.The Group still has access to a committed EUR 2bn revolving credit facility (RCF) maturing in 2026, 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.At 31 December 2022, bonds accounted for 88% of the gross funding. FUNDING STRATEGY AND REACTION TO INCREASED UNCERTAINTYSince March 2020 and the first COVID-19 lockdowns in Western Europe, the Group has maintained an increased focus on liquidity, and a special effort has been made to improve cash flow forecasting, including introducing frequent short-term cash flow updates. As Western European markets came out of lockdown in 2022, cash generation normalised, but the geopolitical situation surrounding Ukraine required continued strong focus on short-term liquidity. During 2022, the Group obtained a EUR 500m short-term bank loan to provide an additional buffer against adverse market conditions. The loan was repaid when Carlsberg issued a EUR 500m EMTN bond in October.Committed credit facilities and credit resources availableDKK millionTotal committedUtilised2021 loans and portion of UnutilisedUnutilised credit credit creditcredit 2022facilitiesfacilitiesfacilitiesfacilitiesCurrent< 1 year 6,930 5,781 1,149 1,149Total current committed loans and credit facilities6,930 5,781 1,149 1,149Non-current1-2 years 7,904 7,904 - -2-3 years 3,823 3,823 - -3-4 years 14,982 105 14,877 -4-5 years 3,775 3,775 - 14,874> 5 years 7,258 7,258 - -Total non-current committed loans and credit facilities 37,742 22,865 14,877 14,874Cash and cash equivalents8,163 8,344Current portion of utilised credit facilities - - -5,781 -6,167Credit resources available (total non-current committed loans and credit facilities less net debt)17,259 17,051SECTION 4.7 (CONTINUED)FUNDING AND LIQUIDITY RISKCREDIT RESOURCES AVAILABLEThe Group uses the term \u201ccredit resources available\u201d to determine the adequacy of access to credit facilities.Credit resources available include cash 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\u2019s credit resources available. Net financial debt is the Group\u2019s net interest-bearing debt, excluding interest-bearing assets other than cash, as these assets are not actively managed in relation to liquidity risk. Net financial debt is shown in section 4.2.At 31 December 2022, the Group had total credit resources available of DKK 17,259m, consisting of cash and cash equivalents of DKK 8,163m plus committed unutilised non-current credit facilities of DKK 14,877m less utilisation of current facilities of DKK 5,781m. Including current credit facilities of DKK 1,149m, total committed unutilised credit facilities amounted to DKK 16,026m.Credit resources available at year-end 2022 were unchanged from year-end 2021, due to the strong cash flow and ongoing funding activities.The credit resources available and access to unused committed credit facilities are considered reasonable in light of the Group\u2019s 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 subsidiaries. Central & Eastern Europe 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 China.MATURITY OF FINANCIAL LIABILITIESThe 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 28,757m in 2022 (2021: DKK 29,098m), whereas the total carrying amount was DKK 28,646m (2021: DKK\ue7fe28,922m). The difference between these amounts arises at initial recognition and istreated as a cost that is capitalised 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 2022. The cash flow is estimated based on the notional amount of the above-mentioned borrowings and expected interest rates at year-end 2022 and 2021. Interest on debt recognised at year-end 2022 and 2021 for which no contractual obligation exists (current borrowing and cash pools) 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 2.8% (2021: 1.5%). The increase is due to the increase in interest rates seen for most currencies during 2022.Time to maturity for non-current borrowingsDKK million2022 1-2 years 2-3 years 3-4 years 4-5 years > 5 years TotalIssued bonds 7,421 3,705 - 3,698 6,646 21,470 Bank borrowings 21 23 22 4 - 70 Lease liabilities 356 95 82 72 598 1,203 Other non-current borrowings 106 - 1 1 14 122 Total 7,904 3,823 105 3,775 7,258 22,865 Total 2021 4,198 7,599 82 62 10,814 22,755 Maturity of financial liabilitiesDKK millionMaturityContractualMaturity> 1 yearMaturityCarrying2022cash flows< 1 year< 5 years> 5 yearsamountDerivative financial instrumentsDerivative financial instruments, payables 372 366 6 - 396Non-derivative financial instrumentsGross financial debt 28,757 5,786 15,666 7,305 28,646Interest expenses 1,205 695 419 91 N/ATrade payables and other liabilities 23,544 23,544 - - 23,544Contingent liabilities 205 205 - - 205Contingent considerations 5,596 5,281 315 - 5,596Non-derivative financial instruments 59,307 35,511 16,400 7,396 -Financial liabilities 59,679 35,877 16,406 7,396 -Total 2021 57,284 33,222 13,011 11,051 -",
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"pp-value-202-4": {
"value": "ACCOUNTINGPOLICIESBorrowingsBorrowings 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.",
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"value": "4.4.2 CASHCash and cash equivalents include short-term marketable securities with a term of three months or less at the acquisition date that are subject to an insignificant risk of changes in value. Short-term bank deposits amounted to DKK 1,530m at 31 December 2022 (2021: DKK 735m). The average interest rate on these deposits was 6.2% (2021: 3.3%). Total cash at bank amounted to DKK 8,163m in 2022 (2021: DKK 8,344m).Additional cash and cash equivalents of DKK 1,194m included in assets in disposal group held for sale are not available for general use in the Group due to currency restrictions.",
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"pp-value-212-6": {
"value": "SECTION 4.6FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.6.1 CURRENCY PROFILE OF BORROWINGSThe Group is exposed to foreign exchange risk on borrowings denominated in a currency other than the functional currency of the local entities reporting the debt, 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.4.6.2 HEDGING OF NET INVESTMENTS IN FOREIGN SUBSIDIARIESThe Group holds a number of investments in foreign subsidiaries where the translation of net assets to DKK is exposed to foreign exchange risks. The revaluation of the net investment is recognised in OCI. The net investment in RUB continues to constitute a significant risk in terms of revaluation of the net investment, due both to the size of the net investment and to the volatility of RUB. The Group hedges part of this foreign exchange exposure by selling foreign currencies via FX forwards and NDFs, and designates these as net investment hedges. This mainly applies to net investments in CHF, CNY, MYR and NOK. The basis for hedging is reviewed at least once a year, and the two parameters, risk reduction and cost, are balanced. At the 2022 review it was decided to stop hedging the PLN net investment due to the high cost of hedging and to increase the hedging of CNY. The latter reflects the increase in exposure and the currently relatively low cost of hedging. In economic terms, having debt in foreign currencyor creating synthetic debt via forward exchange contracts constitutes hedging of the DKK value of future cash flows arising from operating activities or specific transactions. Where the notional amounts of forward exchange contracts do not exceed the net investment, the fair value adjustments are recognised in other comprehensive income. 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 2023. At 31 December 2022, 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 2022 amounted to DKK 38m (2021: DKK -232m). 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 -2,282m (2021: DKK -1,893m), of which -24m (2021: -24m) relates to hedging of net investments in RUB. Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities. 4.6.3 EXCHANGE RATE RISK ON CASH AND BORROWINGSThe main principle for funding of subsidiaries is that cash and borrowings should be denominated in local currency or hedged to local currency to avoid foreign exchange risk. However, in some Group entities, cash and borrowings are denominated in a currency other than the functional currency of the local entity without the foreign exchange risk being hedged. This applies primarily to a few entities in Central & Eastern Europe that hold cash and loans in EUR and USD and in this way obtain either hedge accounting or proxy hedging of the foreign exchange risk associated with the purchase of goods in foreign currency in these markets. Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2022principalof swapswapCHF 254 1,180 1,434 NOK 182 696 878EUR 27,040 -8,173 18,867USD 345 2,985 3,330CNY 94 3,632 3,726Other 731 -320 411Total 28,646 - 28,646Total 2021 28,922 - 28,922Net investment hedges2022 2021Hedging of invest-Intra-group loans,ment, amount inamount in local Other comprehensive Fair value of Fair value of local currencycurrencyincome (DKK) Average hedged ratederivativesderivativesDKK million 2022 2021 2022 2021 2022 2021 2022 2021 Asset Liability Asset LiabilityCNY -3,907 -2,407 - - -12 -323 1.0355 0.9611 83 - - -109MYR -128 -292 - - -21 -28 1.5560 1.5022 - -3 - -15HKD - - -2,128 -1,079 -49 -64 - - - - - -CHF -310 -263 - - -109 -80 7.4334 6.8305 - -58 - -93NOK -1,300 -1,300 3,000 3,000 -94 62 0.7179 0.7269 16 - - -19SEK - - 2,217 2,717 -136 -42 - - - - - -Other - -175 18 67 26 11 - - - - 4 -Total -395 -464 99 -61 4 -236SECTION 4.6 (CONTINUED)FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.6.4 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISIMPACT ON INCOME STATEMENTFor the impact of currency on operating profit and financial items, please refer to sections 1.4 and 4.1 respectively.IMPACT ON STATEMENT OF FINANCIAL POSITIONFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained in a number of currencies. In 2022, net interest-bearing debt increased by DKK 431m (2021: decreased by DKK 267m) due to changes in foreign exchange rates. SENSITIVITY ANALYSISAn adverse development in the exchange rates would, all other things being equal, have had the hypothetical impact on the income statement and other comprehensive income (OCI) for 2022 illustrated in the tables. The calculations are based on items in the statement of financial position at 31 December 2022.Income statementThe hypothetical impact ignores the fact that the subsidiaries\u2019 initial recognition of revenue, cost and debt would be similarly exposed to theexchange rate developments.Other comprehensive incomeOther comprehensive income is affected by changes in the fair value of currency derivatives designated as cash flow hedges of future purchases.Exchange rate sensitivity - income statement20222021EUREUREURGrossExposure, EffectEffectDKK millionreceivablepayablecashexposurenet of hedging Changeon P/Lon P/LEUR/GBP - -32 32 - - 5% - -43EUR/NOK 94 -459 319 -46 -46 5% -2 -14EUR/CHF 124 -272 77 -71 -71 5% -4 7EUR/PLN 684 -638 -15 31 31 5% 2 6EUR/KZT - -23 149 126 126 10% 13 11EUR/RUB 20 -242 556 334 334 10% 33 -3EUR/UAH - -24 - -24 -24 10% -2 13Total40 -232021USDUSDUSDGrossExposure, EffectEffect2022receivablepayablecashexposurenet of hedging Changeon P/Lon P/LUSD/LAK 10 -170 257 97 97 10% 10 6USD/KZT - - 182 182 182 10% 18 10USD/RUB - - 116 116 116 10% 12 -USD/UAH - -1 - -1 -1 10% - 9Total40 25Exchange rate sensitivity - other comprehensive income2022 2021Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0,7208 -975 5% -49 0.7189 -39SEK/DKK 0,6869 -832 5% -42 0.7284 -30PLN/DKK 1,4694 -691 5% -35 1.6039 -26CHF/DKK 7,5080 -523 5% -26 6.9171 -22USD/DKK 7,5926 383 10% 38 6.3627 33RUB/DKK 0,1071 -578 20% -116 0.0822 -128UAH/DKK 0,2212 -311 20% -62 N/A -Other N/A -342 5-30% -53 N/A -12Total -345 -224SECTION 4.6 (CONTINUED)FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIESAPPLIED EXCHANGE RATESThe average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per currency throughout the year.Applied exchange ratesClosing rate Average rateDKK 2022 2021 2022 2021Swiss franc (CHF) 7.5520 7.1760 7.4190 6.8777Chinese yuan (CNY) 1.0106 1.0296 1.0569 0.9700Euro (EUR) 7.4365 7.4365 7.4397 7.4369Pound sterling (GBP) 8.3845 8.8604 8.7235 8.6837Indian rupee (INR) 0.0840 0.0878 0.0903 0.0852Laotian kip (LAK) 0.0004 0.0006 0.0005 0.0006Norwegian krone (NOK) 0.7073 0.7459 0.7374 0.7323Polish zloty (PLN) 1.5887 1.6180 1.5859 1.6310Russian rouble (RUB) 0.0983 0.0894 0.1134 0.0855Swedish krona (SEK) 0.6686 0.7260 0.7002 0.7330",
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"value": "SECTION 4.7FUNDING AND LIQUIDITY RISKLiquidity risk results from the Group\u2019s potential inability to meet the obligations associated with its financial liabilities, for example settlement of financial debt and paying 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 SOURCESThe Group is diversifying its access to funding to avoid relying on one single source of funding.The Group still has access to a committed EUR 2bn revolving credit facility (RCF) maturing in 2026, 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.At 31 December 2022, bonds accounted for 88% of the gross funding. FUNDING STRATEGY AND REACTION TO INCREASED UNCERTAINTYSince March 2020 and the first COVID-19 lockdowns in Western Europe, the Group has maintained an increased focus on liquidity, and a special effort has been made to improve cash flow forecasting, including introducing frequent short-term cash flow updates. As Western European markets came out of lockdown in 2022, cash generation normalised, but the geopolitical situation surrounding Ukraine required continued strong focus on short-term liquidity. During 2022, the Group obtained a EUR 500m short-term bank loan to provide an additional buffer against adverse market conditions. The loan was repaid when Carlsberg issued a EUR 500m EMTN bond in October.Committed credit facilities and credit resources availableDKK millionTotal committedUtilised2021 loans and portion of UnutilisedUnutilised credit credit creditcredit 2022facilitiesfacilitiesfacilitiesfacilitiesCurrent< 1 year 6,930 5,781 1,149 1,149Total current committed loans and credit facilities6,930 5,781 1,149 1,149Non-current1-2 years 7,904 7,904 - -2-3 years 3,823 3,823 - -3-4 years 14,982 105 14,877 -4-5 years 3,775 3,775 - 14,874> 5 years 7,258 7,258 - -Total non-current committed loans and credit facilities 37,742 22,865 14,877 14,874Cash and cash equivalents8,163 8,344Current portion of utilised credit facilities - - -5,781 -6,167Credit resources available (total non-current committed loans and credit facilities less net debt)17,259 17,051SECTION 4.7 (CONTINUED)FUNDING AND LIQUIDITY RISKCREDIT RESOURCES AVAILABLEThe Group uses the term \u201ccredit resources available\u201d to determine the adequacy of access to credit facilities.Credit resources available include cash 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\u2019s credit resources available. Net financial debt is the Group\u2019s net interest-bearing debt, excluding interest-bearing assets other than cash, as these assets are not actively managed in relation to liquidity risk. Net financial debt is shown in section 4.2.At 31 December 2022, the Group had total credit resources available of DKK 17,259m, consisting of cash and cash equivalents of DKK 8,163m plus committed unutilised non-current credit facilities of DKK 14,877m less utilisation of current facilities of DKK 5,781m. Including current credit facilities of DKK 1,149m, total committed unutilised credit facilities amounted to DKK 16,026m.Credit resources available at year-end 2022 were unchanged from year-end 2021, due to the strong cash flow and ongoing funding activities.The credit resources available and access to unused committed credit facilities are considered reasonable in light of the Group\u2019s 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 subsidiaries. Central & Eastern Europe 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 China.MATURITY OF FINANCIAL LIABILITIESThe 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 28,757m in 2022 (2021: DKK 29,098m), whereas the total carrying amount was DKK 28,646m (2021: DKK\ue7fe28,922m). The difference between these amounts arises at initial recognition and istreated as a cost that is capitalised 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 2022. The cash flow is estimated based on the notional amount of the above-mentioned borrowings and expected interest rates at year-end 2022 and 2021. Interest on debt recognised at year-end 2022 and 2021 for which no contractual obligation exists (current borrowing and cash pools) 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 2.8% (2021: 1.5%). The increase is due to the increase in interest rates seen for most currencies during 2022.Time to maturity for non-current borrowingsDKK million2022 1-2 years 2-3 years 3-4 years 4-5 years > 5 years TotalIssued bonds 7,421 3,705 - 3,698 6,646 21,470 Bank borrowings 21 23 22 4 - 70 Lease liabilities 356 95 82 72 598 1,203 Other non-current borrowings 106 - 1 1 14 122 Total 7,904 3,823 105 3,775 7,258 22,865 Total 2021 4,198 7,599 82 62 10,814 22,755 Maturity of financial liabilitiesDKK millionMaturityContractualMaturity> 1 yearMaturityCarrying2022cash flows< 1 year< 5 years> 5 yearsamountDerivative financial instrumentsDerivative financial instruments, payables 372 366 6 - 396Non-derivative financial instrumentsGross financial debt 28,757 5,786 15,666 7,305 28,646Interest expenses 1,205 695 419 91 N/ATrade payables and other liabilities 23,544 23,544 - - 23,544Contingent liabilities 205 205 - - 205Contingent considerations 5,596 5,281 315 - 5,596Non-derivative financial instruments 59,307 35,511 16,400 7,396 -Financial liabilities 59,679 35,877 16,406 7,396 -Total 2021 57,284 33,222 13,011 11,051 -",
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"pp-value-234-2": {
"value": "SECTION 4.8DERIVATIVE FINANCIAL INSTRUMENTSThe Group enters into various derivative financial instruments to hedge foreign exchange and commodity risks, cf. sections 1.3 and 1.4, and seeks to apply hedge accounting when this is possible. Hedging of future, highly probable forecast transactions is designated as cash flow hedges. In 2022, the Group entered into its first Power Purchase Agreement (PPA) as part of the Together Towards ZERO and Beyond (TTZAB) effort to decarbonise the Group. The PPA is a 10-year agreement and is designated as a hedge of electricity consumption at the brewery in Fredericia, Denmark. The market value at 31 December 2022 was DKK 83m and is presented together with aluminium hedges in other instruments.The Group 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.The impact on other comprehensive income and the fair value of derivatives classified as cash flow hedges is presented in the cash flow hedge table. The impact on other comprehensive income from exchange rate instruments relates to hedges of Group entities\u2019 purchases and sales in currencies other than their functional currencies.At 31 December 2022, hedging reserves included DKK -843m in relation to cash flow hedges for which hedge accounting is no longer applied. Of the total reserve, DKK -595m relates to hedges of the original acquisition of the Russian operations currently held for sale. This amount will be reclassified from equity to the income statement and included in the net result from Russian operations held for sale at the time of disposal. Fair value adjustments of derivative financial instruments that are not designated as either net investment hedges or cash flow hedges are recognised in financial income and expenses.Of the DKK -356m reported in OCI regarding other instruments, DKK -71m is realised gains on aluminium hedges transferred to Russian operations held for sale. Of the DKK -8m reported regarding exchange rate instruments, DKK 211m is realised losses transferred to Russian operations held for sale.Cash flow hedgesDKK million Expected recognitionOthercomprehen-Fair value Fair value Fair value, 2024 2022sive incomereceivablespayablesnet 2023and laterExchange rate instruments -8 62 -19 43 43 -Other instruments -356 101 -202 -101 -183 82Total -364 163 -221 -58 -140 82Othercomprehen-Fair value Fair value Fair value, 2021sive incomereceivablespayablesnet 2022Exchange rate instruments -20 13 -47 -34 -34Other instruments 161 240 - 240 240Total 141 253 -47 206 206Financial derivatives not designated as hedging instruments (economic hedges)DKK millionIncome Fair value Fair value 2022statementreceivablespayables Fair value, netExchange rate instruments -105 90 -105 -15Ineffectiveness -16 - - -Total -121 90 -105 -152021Exchange rate instruments -27 86 -32 54Ineffectiveness 4 - - -Total -23 86 -32 54ACCOUNTING ESTIMATESAND JUDGEMENTSWhen entering into financial instruments, management assesses whether the instrument is an effective hedge of recognised assets and liabilities, 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 with 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.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.SECTION 4.8 (CONTINUED)DERIVATIVE FINANCIAL INSTRUMENTSACCOUNTINGPOLICIESDerivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at their fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \u2022 Fair value hedges of the fair value of recognised assets or liabilities \u2022 Cash flow hedges of particular risks associated with the cash flow from forecast transactions \u2022 Net investment hedges of currency fluctuations in subsidiaries or associates.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 a fair value hedge and 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 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.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are recognised in other comprehensive income. On complete or partial disposal of the financial investment, the portion of the hedging instrument that is recognised in other comprehensive income and relates to that financial investment is recognised in the income statement when the gain or loss on disposal is recognised. Hedges of net investments in foreign subsidiaries and associates are accounted for in the same way as cash flow hedges.",
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"language": "en",
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"pp-value-238-3": {
"value": "Financial derivatives not designated as hedging instruments (economic hedges)DKK millionIncome Fair value Fair value 2022statementreceivablespayables Fair value, netExchange rate instruments -105 90 -105 -15Ineffectiveness -16 - - -Total -121 90 -105 -152021Exchange rate instruments -27 86 -32 54Ineffectiveness 4 - - -Total -23 86 -32 54ACCOUNTING ESTIMATESAND JUDGEMENTSWhen entering into financial instruments, management assesses whether the instrument is an effective hedge of recognised assets and liabilities, 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 with 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.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.SECTION 4.8 (CONTINUED)DERIVATIVE FINANCIAL INSTRUMENTSACCOUNTINGPOLICIESDerivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at their fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \u2022 Fair value hedges of the fair value of recognised assets or liabilities \u2022 Cash flow hedges of particular risks associated with the cash flow from forecast transactions \u2022 Net investment hedges of currency fluctuations in subsidiaries or associates.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 a fair value hedge and 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 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.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are recognised in other comprehensive income. On complete or partial disposal of the financial investment, the portion of the hedging instrument that is recognised in other comprehensive income and relates to that financial investment is recognised in the income statement when the gain or loss on disposal is recognised. Hedges of net investments in foreign subsidiaries and associates are accounted for in the same way as cash flow hedges.",
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
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"pp-value-240-5": {
"value": "SECTION 4.8 (CONTINUED)DERIVATIVE FINANCIAL INSTRUMENTSACCOUNTINGPOLICIESDerivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at their fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \u2022 Fair value hedges of the fair value of recognised assets or liabilities \u2022 Cash flow hedges of particular risks associated with the cash flow from forecast transactions \u2022 Net investment hedges of currency fluctuations in subsidiaries or associates.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 a fair value hedge and 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 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.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are recognised in other comprehensive income. On complete or partial disposal of the financial investment, the portion of the hedging instrument that is recognised in other comprehensive income and relates to that financial investment is recognised in the income statement when the gain or loss on disposal is recognised. Hedges of net investments in foreign subsidiaries and associates are accounted for in the same way as cash flow hedges.",
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"pp-value-240-6": {
"value": "SECTION 4.8 (CONTINUED)DERIVATIVE FINANCIAL INSTRUMENTSACCOUNTINGPOLICIESDerivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at their fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \u2022 Fair value hedges of the fair value of recognised assets or liabilities \u2022 Cash flow hedges of particular risks associated with the cash flow from forecast transactions \u2022 Net investment hedges of currency fluctuations in subsidiaries or associates.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 a fair value hedge and 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 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.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are recognised in other comprehensive income. On complete or partial disposal of the financial investment, the portion of the hedging instrument that is recognised in other comprehensive income and relates to that financial investment is recognised in the income statement when the gain or loss on disposal is recognised. Hedges of net investments in foreign subsidiaries and associates are accounted for in the same way as cash flow hedges.",
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
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"pp-value-240-7": {
"value": "SECTION 4.8 (CONTINUED)DERIVATIVE FINANCIAL INSTRUMENTSACCOUNTINGPOLICIESDerivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at their fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \u2022 Fair value hedges of the fair value of recognised assets or liabilities \u2022 Cash flow hedges of particular risks associated with the cash flow from forecast transactions \u2022 Net investment hedges of currency fluctuations in subsidiaries or associates.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 a fair value hedge and 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 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.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are recognised in other comprehensive income. On complete or partial disposal of the financial investment, the portion of the hedging instrument that is recognised in other comprehensive income and relates to that financial investment is recognised in the income statement when the gain or loss on disposal is recognised. Hedges of net investments in foreign subsidiaries and associates are accounted for in the same way as cash flow hedges.",
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"pp-value-242-2": {
"value": "DISCONTINUED OPERATIONS, ACQUISITIONS, DISPOSALS AND ASSOCIATESRussian operations held for sale On 28 March, the Group announced its decision to seek a full divestment of its Russian business, following Russia\u2019s invasion of Ukraine. SECTION 5.1DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALEIn March 2022, the Group announced its decision to seek a full divestment of its Russian business, following Russia\u2019s invasion of Ukraine. The net result from Russian operations held for sale is presented separately in the income statement and as net cash flow fromRussian operations held for sale in the statement of cash flows. The comparative figures have been restated accordingly.Until completion of the divestment, the Russian business will not be part of the Central & Eastern Europe region and is therefore not included in the segment disclosures, cf. section 2.Analysis of net result from Russian operations held for saleDKK million 2022 2021 Revenue 10,207 6,537Costs -8,228 -6,755Profit before tax from Russian operations held for sale 1,979 -218Income tax -105 -66Profit from Russian operations held for sale 1,874 -284Impairment loss recognised on the remeasurement to fair value less costs to sell -9,949 -Net result from Russian operations held for sale -8,075 -284In the statement of financial position, the Russian business is presented as assets and liabilities in disposal group held for sale. The comparative figures for 2021 have not been restated. Financial performance Revenue grew by 56% to DKK 10.2bn due to price increases and the appreciation of RUB during the year. Despite significant input cost increases, profit from Russian operations held for sale increased to DKK 1.9bn, supported by depreciation being discontinued from March 2022, a positive foreign exchange impact of around DKK 0.3bn and reversal of a tax provision of around DKK 0.2bn. The net result was DKK -8.1bn, due to the impairment charge of DKK 9.9bn.SECTION 5.1 (CONTINUED)DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALEGoodwill allocated to Russia of DKK 9,551m was classified as held for sale as of 28 March 2022. The allocation was made on a historic basis, which, in the opinion of management, best reflects the goodwill associated with the operations held for sale. The goodwill was originally recognised in several separate transactions. Major classes of assets and liabilities in disposal group held for saleDKK million 2022 2021 Intangible assets 5,483 17,796Property, plant and equipment2,989 2,562Inventories 1,015 776Receivables937 828Cash and cash equivalents\u00b91,194 127Assets in disposal group held for sale 11,618 22,089Borrowings101 -Tax liabilities, retirement benefit obligations etc.1,144 1,275Trade payables1,892 1,585Other liabilities963 771Liabilities in disposal group held for sale 4,100 3,631Net assets in disposal group held for sale 7,518 18,458\u00b9 Cash and cash equivalents are not available for general use in the Group because of currency restrictions.Net cash flow from Russian operations held for saleDKK million 2022 2021 Cash flow from operating activities 1,952 981Cash flow from investing activities-376 -316Cash flow from financing activities 195 -3Net cash flow from Russian operations held for sale 1,771 662ASSETS HELD FOR SALE It is management\u2019s assessment that the shareholdings in the legal entities that will be divested are available for immediate sale subject to governmental approval in Russia. As is customary when disposing of businesses, the Group has elected to conduct a structured separation process to eliminate the need for transitional service arrangements to the greatest extent possible. Immediately after the intention to dispose of the Russian operations was announced, a project plan was initiated outlining the actions required to complete all stages of transferring the business, which was estimated to take up to 12 months. Successful completion of the process of separating the business within 12 months could be influenced by the political situation in Russia, as governmental approval is required, which could potentially prolong the process. As the Russian operations are an integrated part of the Group, the separation process is complex, involving more than 150 separation workstreams across business functions, which has extended the divestment process compared with an immediate sale involving transitional service arrangements. The Group can at any time elect to suspend the separation work and complete an immediate sale of the relevant shareholdings if required. The necessary steps for the divestment were initiated alongside the separation process. Since the announcement, a process has been running to clarify the impact of sanctions and the Russian government\u2019s approval process, select advisors, identify potential buyers and formalise the sales process. A buyer-screening process has been initiated, and specific requirements of the bidders defined. A careful screening process is under way to evaluate the bidders\u2019 appropriateness to participate in any transaction. An offer process is expected to commence in Q1 2023 with the aim of signing a divestment agreement by mid-2023.FAIR VALUE ESTIMATIONOn classification of the Russian operations as held for sale, management estimated the fair value of the business (the expected sales price less cost of disposal). The inputs applied in the estimation of the fair value are categorised as level 3 in the fair value hierarchy, as they are not based on observable market data. The Russian operations are considered to be a rare asset to be classified as held for sale, which is reflected in the estimation of the fair value. The valuation was performed for the Russian business on a stand-alone basis, which excludes synergies from the integration into the Group and the right to produce and sell the Carlsberg brand, and increases the required return on investment. This negatively impacted the valuation compared with the value attributed to the Russian business in previous years\u2019 impairment tests. Remeasurement of the Russian operations classified as held for sale at fair value resulted in recognition of a write-down of DKK 9,949m in 2022. The overall political situation in Russia is uncertain, impacting the valuation. Presidential Decrees have been issued setting out prohibitions and restrictions on the sale of certain Russian companies, directly or indirectly. For the time being, it is uncertain how these Decrees will affect the divestment processSECTION 5.1 (CONTINUED)DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALEin practice. However, they could potentially impact the timing of the divestment and the value realised in a sales transaction, as authorisation from the Special Government Commission in Russia is required for the divestment. It is assessed that the legal requirements for completing the divestment are fulfilled to the extent these are within the Group\u2019s control. These uncertainties are considered to be reflected in the assumptions applied in the valuation.The estimated fair value recognised in the consolidated financial statements reflects the value expected to be realised in a sales transaction, factoring in all regulatory processes and approvals currently known or indicated by the authorities. However, there is continuing uncertainty with regard to the regulatory requirements in Russia, and there may be further changes, which may impact the valuation of the business.Valuation process and modelThe valuation is based not on external offers for the business but on estimations of the net present value of expected future cash flows in local currency (RUB), as the cash flow projections are largely denominated in RUB.The valuation is based on a 10-year forecast of free cash flows using budgets and forecasts for 2023-2025 prepared by local management in the Russian business, with the forecast for the remaining seven years based on general projections for the key assumptions. Cash flows beyond the 10-year period are extrapolated using a terminal period growth rate. Assumptions applied in the short to medium term generally reflect management\u2019s expectations considering all relevant factors and are based on experience and external sources of information, where possible and relevant. The valuation excludes potential premiums that may arise as part of the price discovery process, such as a synergy premium that some buyers may be able to access, or any other scarcity premium.Key assumptionsManagement has estimated the following key assumptions based on level 3 inputs:\u2022 Post-tax discount rate 21%\u2022 Terminal period growth rate 4%\u2022 Compounded annual growth in unadjusted free cash flow in the forecast period 5%In addition, management has assessed the validity of the official foreign currency exchange rate (RUB/DKK) applied, published by the Central Bank of Russia. Discount rateThe discount rate applied is a post-tax weighted average cost of capital (WACC). The assumptions for determining the discount rate are subject to a very high degree of volatility and uncertainty due to the current macroeconomic situation in Russia. The war has resulted in increased inflation in Russia. The effect is seen in the higher interest rate incorporated in the WACC used for discounting cash flows, as well as the increase in the inflation rates used to project cash flows.The estimation of the WACC is based on a country-specific 10-year swap rate for RUB debt, with the addition of a credit spread estimated using an individual credit assessment of the Russian business. The equity risk premium and beta have also been estimated for the Russian business on a stand-alone basis.In addition to estimation of the discount rate being performed on a stand-alone basis, the significant discount rate increase compared with what was applied in previous years for impairment testing of Russian assets can be attributed to the increase in equity risk premium. The increase in equity risk premium is linked to the increased uncertainty surrounding the Russian economy in general and the factors surrounding the successful completion of the divestment in particular. This includes, but is not limited to, any regulatory requirements on or limitations of any sales price that can be obtained in a sales transaction. International financial institutions have updated Russia\u2019s risk status to the highest level, reflecting their belief that the political situation in the country has significantly increased the risks for foreign investors, which is why the increased discount rate is considered appropriate.Growth ratesThe growth rates in the budgets and forecasts for 2023-2025 are based on expected market developments in Russia, taking the war and the general macroeconomic environment into consideration. The terminal period growth rate is assumed to be slightly lower than the Central Bank of Russia\u2019s long-term inflation target of around 4%.Profit margins in the forecast period are assumed to be flat and at levels realised in previous years with no significant restructurings included, resulting in steady year-on-year growth in free cash flow.Foreign currency exchange rate The fair value has been recognised in local currency and translated into the Group\u2019s presentation currency (DKK) at the official exchange rate on the reporting date. This is currently considered to be the best estimate. Any adjustment to the consolidated value of the Russian business due to changes in the exchange rate has been recognised in other comprehensive income and included in the currency translation reserve within equity. It is currently not known whether the disposal will be settled in RUB or another currency. The RUB exchange rate is subject to significant uncertainty, and there is a risk that a disposal settled in e.g. EUR or USD would be completed at an exchange rate that is lower than the official RUB exchange rate. However, given the uncertainty related to the factors surrounding completion of the transaction, the valuation is maintained in RUB and the value is translated into DKK at the official exchange rate. Fair value reassessed at 31 December 2022The fair value of the disposal group held for sale was reassessed at 31 December 2022. The enterprise value in local currency remained largely unchanged compared with the initial valuation of 28 March. The net asset value in DKK increased during the year to DKK 7.5bn, mainly due to the appreciation of the Russian rouble (DKK/RUB 0.0983 at 31 December compared to 0.0794 at 31 March) and the improved net cash position because of the positive development in the operating result.SECTION 5.1 (CONTINUED)DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALECash proceeds from the disposalIf the proceeds from the disposal are in RUB, there is a significant risk that the cash received will not be immediately available for general use in the Group because of the currency restrictions in place and the limited exchange of RUB in the financial markets.RECYCLING EQUITY RESERVES ON COMPLETION OF THE DIVESTMENTOn completion of the divestment, the currency translation and hedging reserves within equity related to the Russian business will be reclassified from equity to the income statement and included in the net result from Russian operations held for sale. At 31 December 2022, the accumulated currency translation reserve related to the Russian business represented a loss of around DKK 39.7bn (2021: loss of DKK 37.0bn), around half of which was recognised when the RUB depreciated significantly in December 2014 following the Russian invasion and annexation of Crimea. This figure includes the fair value of net investment hedges of DKK -24.0m (2021: DKK -24.0m); see section 4.6.The accumulated hedging reserve related to the Russian business represented a loss of around DKK 0.6bn (2021: loss of DKK 0.5bn) and includes both active hedges and hedges for which hedge accounting is no longer applied; see section 4.8.After reclassification of the reserves to the income statement, the amount will be recognised in retained earnings and there will be no change in total equity. The reclassification will have no effect on the Group\u2019s cash position.SENSITIVITY ANALYSISA sensitivity analysis of the key assumptions in the assessment of the fair value has been performed to determine the sensitivity to changes in the key assumptions applied in the valuation. Key assumptionsThe key assumptions relevant to the assessment of the fair value are:\u2022 Post-tax discount rate\u2022 Terminal period growth rate\u2022 Compounded annual growth in unadjusted free cash flow\u2022 Foreign currency exchange rate (RUB/DKK)Sensitivity analysis1%-point 1%-point DKK millionincreasedecreaseDiscount rate ~-300 ~400Terminal period growth rate ~100 ~-100Growth in free cash flow ~400 ~-400Foreign exchange rate ~100 ~-100ACCOUNTING ESTIMATES AND JUDGEMENTSThe 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\u2019s 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 expense. Depending on the nature of the non-current assets and the disposal group\u2019s 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.ACCOUNTINGPOLICIESAssets 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. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\u2019s 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\u2019s 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 net result from discontinued operations held for sale in the income statement. Comparative figures are restated.Cash flow from discontinued operations is presented separately as net cash flow from Russian operations held for sale in the statement of cash flows and specified in this section. Comparative figures are restated.The disposal group/assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. Comparative figures are not restated.Additional disclosures are provided in this section. All other sections of the financial statements include amounts for continuing operations, unless indicated otherwise.",
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"pp-value-247-3": {
"value": "SECTION 5.1 (CONTINUED)DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALEGoodwill allocated to Russia of DKK 9,551m was classified as held for sale as of 28 March 2022. The allocation was made on a historic basis, which, in the opinion of management, best reflects the goodwill associated with the operations held for sale. The goodwill was originally recognised in several separate transactions. Major classes of assets and liabilities in disposal group held for saleDKK million 2022 2021 Intangible assets 5,483 17,796Property, plant and equipment2,989 2,562Inventories 1,015 776Receivables937 828Cash and cash equivalents\u00b91,194 127Assets in disposal group held for sale 11,618 22,089Borrowings101 -Tax liabilities, retirement benefit obligations etc.1,144 1,275Trade payables1,892 1,585Other liabilities963 771Liabilities in disposal group held for sale 4,100 3,631Net assets in disposal group held for sale 7,518 18,458\u00b9 Cash and cash equivalents are not available for general use in the Group because of currency restrictions.Net cash flow from Russian operations held for saleDKK million 2022 2021 Cash flow from operating activities 1,952 981Cash flow from investing activities-376 -316Cash flow from financing activities 195 -3Net cash flow from Russian operations held for sale 1,771 662ASSETS HELD FOR SALE It is management\u2019s assessment that the shareholdings in the legal entities that will be divested are available for immediate sale subject to governmental approval in Russia. As is customary when disposing of businesses, the Group has elected to conduct a structured separation process to eliminate the need for transitional service arrangements to the greatest extent possible. Immediately after the intention to dispose of the Russian operations was announced, a project plan was initiated outlining the actions required to complete all stages of transferring the business, which was estimated to take up to 12 months. Successful completion of the process of separating the business within 12 months could be influenced by the political situation in Russia, as governmental approval is required, which could potentially prolong the process. As the Russian operations are an integrated part of the Group, the separation process is complex, involving more than 150 separation workstreams across business functions, which has extended the divestment process compared with an immediate sale involving transitional service arrangements. The Group can at any time elect to suspend the separation work and complete an immediate sale of the relevant shareholdings if required. The necessary steps for the divestment were initiated alongside the separation process. Since the announcement, a process has been running to clarify the impact of sanctions and the Russian government\u2019s approval process, select advisors, identify potential buyers and formalise the sales process. A buyer-screening process has been initiated, and specific requirements of the bidders defined. A careful screening process is under way to evaluate the bidders\u2019 appropriateness to participate in any transaction. An offer process is expected to commence in Q1 2023 with the aim of signing a divestment agreement by mid-2023.FAIR VALUE ESTIMATIONOn classification of the Russian operations as held for sale, management estimated the fair value of the business (the expected sales price less cost of disposal). The inputs applied in the estimation of the fair value are categorised as level 3 in the fair value hierarchy, as they are not based on observable market data. The Russian operations are considered to be a rare asset to be classified as held for sale, which is reflected in the estimation of the fair value. The valuation was performed for the Russian business on a stand-alone basis, which excludes synergies from the integration into the Group and the right to produce and sell the Carlsberg brand, and increases the required return on investment. This negatively impacted the valuation compared with the value attributed to the Russian business in previous years\u2019 impairment tests. Remeasurement of the Russian operations classified as held for sale at fair value resulted in recognition of a write-down of DKK 9,949m in 2022. The overall political situation in Russia is uncertain, impacting the valuation. Presidential Decrees have been issued setting out prohibitions and restrictions on the sale of certain Russian companies, directly or indirectly. For the time being, it is uncertain how these Decrees will affect the divestment processSECTION 5.1 (CONTINUED)DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALEin practice. However, they could potentially impact the timing of the divestment and the value realised in a sales transaction, as authorisation from the Special Government Commission in Russia is required for the divestment. It is assessed that the legal requirements for completing the divestment are fulfilled to the extent these are within the Group\u2019s control. These uncertainties are considered to be reflected in the assumptions applied in the valuation.The estimated fair value recognised in the consolidated financial statements reflects the value expected to be realised in a sales transaction, factoring in all regulatory processes and approvals currently known or indicated by the authorities. However, there is continuing uncertainty with regard to the regulatory requirements in Russia, and there may be further changes, which may impact the valuation of the business.Valuation process and modelThe valuation is based not on external offers for the business but on estimations of the net present value of expected future cash flows in local currency (RUB), as the cash flow projections are largely denominated in RUB.The valuation is based on a 10-year forecast of free cash flows using budgets and forecasts for 2023-2025 prepared by local management in the Russian business, with the forecast for the remaining seven years based on general projections for the key assumptions. Cash flows beyond the 10-year period are extrapolated using a terminal period growth rate. Assumptions applied in the short to medium term generally reflect management\u2019s expectations considering all relevant factors and are based on experience and external sources of information, where possible and relevant. The valuation excludes potential premiums that may arise as part of the price discovery process, such as a synergy premium that some buyers may be able to access, or any other scarcity premium.Key assumptionsManagement has estimated the following key assumptions based on level 3 inputs:\u2022 Post-tax discount rate 21%\u2022 Terminal period growth rate 4%\u2022 Compounded annual growth in unadjusted free cash flow in the forecast period 5%In addition, management has assessed the validity of the official foreign currency exchange rate (RUB/DKK) applied, published by the Central Bank of Russia. Discount rateThe discount rate applied is a post-tax weighted average cost of capital (WACC). The assumptions for determining the discount rate are subject to a very high degree of volatility and uncertainty due to the current macroeconomic situation in Russia. The war has resulted in increased inflation in Russia. The effect is seen in the higher interest rate incorporated in the WACC used for discounting cash flows, as well as the increase in the inflation rates used to project cash flows.The estimation of the WACC is based on a country-specific 10-year swap rate for RUB debt, with the addition of a credit spread estimated using an individual credit assessment of the Russian business. The equity risk premium and beta have also been estimated for the Russian business on a stand-alone basis.In addition to estimation of the discount rate being performed on a stand-alone basis, the significant discount rate increase compared with what was applied in previous years for impairment testing of Russian assets can be attributed to the increase in equity risk premium. The increase in equity risk premium is linked to the increased uncertainty surrounding the Russian economy in general and the factors surrounding the successful completion of the divestment in particular. This includes, but is not limited to, any regulatory requirements on or limitations of any sales price that can be obtained in a sales transaction. International financial institutions have updated Russia\u2019s risk status to the highest level, reflecting their belief that the political situation in the country has significantly increased the risks for foreign investors, which is why the increased discount rate is considered appropriate.Growth ratesThe growth rates in the budgets and forecasts for 2023-2025 are based on expected market developments in Russia, taking the war and the general macroeconomic environment into consideration. The terminal period growth rate is assumed to be slightly lower than the Central Bank of Russia\u2019s long-term inflation target of around 4%.Profit margins in the forecast period are assumed to be flat and at levels realised in previous years with no significant restructurings included, resulting in steady year-on-year growth in free cash flow.Foreign currency exchange rate The fair value has been recognised in local currency and translated into the Group\u2019s presentation currency (DKK) at the official exchange rate on the reporting date. This is currently considered to be the best estimate. Any adjustment to the consolidated value of the Russian business due to changes in the exchange rate has been recognised in other comprehensive income and included in the currency translation reserve within equity. It is currently not known whether the disposal will be settled in RUB or another currency. The RUB exchange rate is subject to significant uncertainty, and there is a risk that a disposal settled in e.g. EUR or USD would be completed at an exchange rate that is lower than the official RUB exchange rate. However, given the uncertainty related to the factors surrounding completion of the transaction, the valuation is maintained in RUB and the value is translated into DKK at the official exchange rate. Fair value reassessed at 31 December 2022The fair value of the disposal group held for sale was reassessed at 31 December 2022. The enterprise value in local currency remained largely unchanged compared with the initial valuation of 28 March. The net asset value in DKK increased during the year to DKK 7.5bn, mainly due to the appreciation of the Russian rouble (DKK/RUB 0.0983 at 31 December compared to 0.0794 at 31 March) and the improved net cash position because of the positive development in the operating result.SECTION 5.1 (CONTINUED)DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALECash proceeds from the disposalIf the proceeds from the disposal are in RUB, there is a significant risk that the cash received will not be immediately available for general use in the Group because of the currency restrictions in place and the limited exchange of RUB in the financial markets.RECYCLING EQUITY RESERVES ON COMPLETION OF THE DIVESTMENTOn completion of the divestment, the currency translation and hedging reserves within equity related to the Russian business will be reclassified from equity to the income statement and included in the net result from Russian operations held for sale. At 31 December 2022, the accumulated currency translation reserve related to the Russian business represented a loss of around DKK 39.7bn (2021: loss of DKK 37.0bn), around half of which was recognised when the RUB depreciated significantly in December 2014 following the Russian invasion and annexation of Crimea. This figure includes the fair value of net investment hedges of DKK -24.0m (2021: DKK -24.0m); see section 4.6.The accumulated hedging reserve related to the Russian business represented a loss of around DKK 0.6bn (2021: loss of DKK 0.5bn) and includes both active hedges and hedges for which hedge accounting is no longer applied; see section 4.8.After reclassification of the reserves to the income statement, the amount will be recognised in retained earnings and there will be no change in total equity. The reclassification will have no effect on the Group\u2019s cash position.SENSITIVITY ANALYSISA sensitivity analysis of the key assumptions in the assessment of the fair value has been performed to determine the sensitivity to changes in the key assumptions applied in the valuation. Key assumptionsThe key assumptions relevant to the assessment of the fair value are:\u2022 Post-tax discount rate\u2022 Terminal period growth rate\u2022 Compounded annual growth in unadjusted free cash flow\u2022 Foreign currency exchange rate (RUB/DKK)Sensitivity analysis1%-point 1%-point DKK millionincreasedecreaseDiscount rate ~-300 ~400Terminal period growth rate ~100 ~-100Growth in free cash flow ~400 ~-400Foreign exchange rate ~100 ~-100ACCOUNTING ESTIMATES AND JUDGEMENTSThe 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\u2019s 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 expense. Depending on the nature of the non-current assets and the disposal group\u2019s 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.ACCOUNTINGPOLICIESAssets 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. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\u2019s 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\u2019s 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 net result from discontinued operations held for sale in the income statement. Comparative figures are restated.Cash flow from discontinued operations is presented separately as net cash flow from Russian operations held for sale in the statement of cash flows and specified in this section. Comparative figures are restated.The disposal group/assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. Comparative figures are not restated.Additional disclosures are provided in this section. All other sections of the financial statements include amounts for continuing operations, unless indicated otherwise.",
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"value": "SECTION 5.3ACQUISITIONS AND DISPOSALSACQUISITION OF ENTITIES Acquisitions after the reporting date 2022On 15 December 2022, it was announced that the Group had entered into an agreement to acquire Waterloo Brewing Ltd., Canada, for a cash consideration of approximately CAD 144m (DKK 742m). The transaction is expected to close in the first half of 2023, subject to approval by Waterloo Brewing\u2019s shareholders and the satisfaction or waiver of other customary closing conditions.2021In January 2021, Carlsberg acquired 100% of the German Wernesgr\u00fcner Brewery for a cash consideration of DKK 511m. The purchase price allocation of the fair value of identified assets, liabilities and contingent liabilities was completed in 2021, resulting in recognition of goodwill of DKK 267m.DECONSOLIDATION OF ENTITIESThe local shareholder owning 10% of the shares in Gorkha Brewery, Nepal, is a related party to the Group\u2019s 33% partner in CSAPL. In addition to the ongoing disputes with our partner in CSAPL regarding India and Nepal, there is also a dispute with the local 10% shareholder in Gorkha Brewery. Contrary to its legal and contractual rights, the Group\u2019s influence on the business operations in Nepal has been restricted since 2021 through actions that hamper its right of decision-making and insight into the business. The Group therefore decided to cease full consolidation of the Nepalese business with effect from the end of 2021. We contested the actions in Nepal through the local courts. A Nepalese High Courtjudgment was expected in 2022 but has been postponed and is now expected in H1 2023. A favourable ruling would not immediately lead to reconsolidation of the Nepalese business, which would require demonstration of the consistent ability to exercise our rights as the majority shareholder. Until the rights as majority shareholder are de facto re-established, the Group continues not to consolidate the Nepalese business. The inability to exercise the rights of the majority shareholder in the Nepalese business has a negative impact on the value of the business. This should, in the opinion of the Group, be reflected in the valuations of the put and call options, cf. section 5.4.CASH FLOWCash flow to acquire or dispose of shareholdings in associates and when gaining control of subsidiaries is included in financial investments, while the cash flow on acquisition of an additional shareholding in a subsidiary, i.e. acquiring non-controlling interests, is presented in financing activities. In 2022, the Group made a capital injection of DKK 48m in an associate. Elements of cash consideration paid and receivedDKK million 2022 2021Consideration paid for acquisition of entities - -214Consideration received for disposal of entities - 21Cash and cash equivalents acquired/disposed of - -428Acquisition and disposal of entities, net - -621Consideration paid for acquisition of associates - -48Consideration paid for increase of investment in associates -48 -Acquisition and disposal of associates, net -48 -48Cash flow from acquisition of shareholdings, total -48 -669ACCOUNTING ESTIMATES AND JUDGEMENTSAssessment 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 proceduresFor acquisitions of entities, the assets, liabilities and contingent liabilities of the acquiree are recognised using the acquisition method. 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\u2019s cash-generating units.BrandsThe value of the brands acquired and their expected useful life are assessed based on the individual brand\u2019s market position, expected long-term developments in the relevant markets and profitability. The estimated value includes all future cash flows associated with the brand, including the related value of customer relations etc. Management determines the useful life based on the brand\u2019s relative local, regional and global market strength, market share, and the current and planned marketing efforts that are helping to maintain and increase its value. When the value of a well-established brand is expected to be maintained for an indefinite period in the relevant markets, and these markets are expected to be profitable for a long period, the useful life of the brand is determined to be indefinite.Brands are measured using the relief from royalty method, under which the expected future cash flows are based on key assumptions about expected useful life, royalty rate, growth rate and the theoretical tax effect. A post-tax discount rate is used that reflects the risk-free interest rate with the addition of a risk premium associated with the particular brand. The model and assumptions applied are consistent with those used in impairment testing, and are described in further detail in section 2.2.3.Customer agreements and portfolios The value of acquired customer agreements and customer portfolios is assessed based on the local market and trading conditions. For most entities, there is a close relationship between brands and sales. Consumer demand for beer and other beverages drives sales, and therefore the value of a brand is closely linked to consumer demand, while there is no separate value attached to customers (shops, bars etc.), as their choice of products is driven by consumer demand. The relationship between brands and customers is carefully considered so that brands and SECTION 5.3 (CONTINUED)ACQUISITIONS AND DISPOSALScustomer agreements are not both recognised on the basis of the same underlying cash flows.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. Completed purchase price allocations Management believes that the purchase prices for the Wernesgr\u00fcner Brewery activities, which are accounted for in the consolidated financial statements, reflect the best estimate of the total fair value of these businesses and the proportionate value of identified assets, liabilities and contingent liabilities of the non-controlling interests, and accordingly the allocation of goodwill to controlling interests, but not to non-controlling interests.The purchase price allocations of the identified assets, liabilities and contingent liabilities were completed within 12 months of the acquisitions. The main revaluation adjustments related to brands, property, plant and equipment, and deferred tax liabilities, which in turn mainly related to brands. GoodwillGoodwill was allocated to the Western Europe CGU in line with the allocation of the Group\u2019s existing German business. The goodwill is not deductible for tax purposes.Wernesgr\u00fcner BreweryBrandsThe value of brands was estimated using the Group\u2019s principles described above. A brand with a fair value of DKK 113m was recognised and classified as an intangible asset with an indefinite useful life.Property, plant and equipmentThe 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 and resulted in a positive revaluation adjustment of DKK 53m.Financial impact of acquisitionRevenue and net profit included in the consolidated financial statements since the acquisition at 1 January 2021 were DKK 156m and DKK 7m respectively. ACCOUNTINGPOLICIESAcquisitionsThe 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.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\u2019s functional currency at the exchange rate at the transaction date.The acquired entities\u2019 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. 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. The shareholding retained after the loss of control of subsidiaries is remeasured at fair value and accounted for as the fair value on initial recognition of a financial asset or the cost of an investment in an associate. Gains or losses on the loss of control of subsidiaries are recognised as the difference between the fair value of the retained shareholding and the carrying amount of the derecognised net assets (including goodwill) at the date of loss of control, and net of foreign exchange adjustments recognised in other comprehensive income.SECTION 5.4CONTINGENT CONSIDERATIONSContingent 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.At the end of the reporting period, the contingent considerations related to put options on the shares in CSAPL, Brewery Alivaria, Belarus, and in a minor craft brewery in Western Europe. In accordance with the Group\u2019s accounting policy, shares subject to put options are consolidated as if the shares had already been acquired. The ownership percentage at which these subsidiaries are consolidated therefore differs from the legal ownership interest retained 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. Of the contingent considerations, DKK 0.3bn (2021: DKK 0.4bn) is expected to fall due after more than 12 months.PUT OPTION FOR SHARES IN CARLSBERG SOUTH ASIA PTE LTD (CSAPL)A liability award was issued by the arbitration tribunal in May 2022. The arbitration tribunal awarded Carlsberg the right to call our partner CSAPL Holdings Pte Ltd\u2019s (CSAPLH) shares in CSAPL. Carlsberg immediately invoked its right to begin the call option valuation process, and CSAPLH subsequently exercised its right under the Shareholders\u2019 Agreement to begin the put option valuation process. The put option price has been determined as the simple average of two valuations assessed by two independent external valuers, which are internationally recognised accounting firms, oneappointed by each shareholder. The put option valuation was released by the valuers on 6 February 2023, stating a value for CSAPLH\u2019s shares in CSAPL of USD 744m (DKK 5,188m). CSAPLH has on 6 February, issued a formal put notice to sell its 33% shareholding in CSAPL to the Group at the put option valuation amount. The put option liability recognised in the consolidated financial statements has been adjusted to reflect the put option valuation amount received from the valuers as the acquisition of the shares may be completed at that price. A transaction could potentially be completed in 2023, subject to the clarification of any disputes raised by the shareholders and timelines for any regulatory approvals. CSAPLH has previously asked for an amount for its 33% shareholding in CSAPL that the Group considered to be unreasonably high and not to reflect the fair value of the shareholding. From the put option valuation received, it is the Group\u2019s assessment that key assumptions, which the Group considers to be unreasonable, may have been applied in the valuation performed by CSAPLH\u2019s appointed valuator. The put option valuation can be disputed by the shareholders if the valuations are conducted in breach of the Shareholders\u2019 Agreement, including, but not limited to, circumstances where the valuations are tainted by fraud or manifest error. The Group will work with its external advisors to evaluate its position and assess whether CSAPLH has committed additional breaches of the Shareholders\u2019 Agreement, which would justify further legal steps against CSAPLH.The fair value of the put option increased by DKK 1.4bn in 2022.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 338m. The loan had not been repaid as of 31 December 2022. Contingent considerationsDKK million 2022 2021Contingent considerations at 1 January 4,254 5,290Additions - 16Payments - -247Transfer to disposal group held for sale -13 -Fair value adjustments 1,336 -805Contingent considerations at 31 December 5,577 4,254ACCOUNTING ESTIMATES AND JUDGEMENTSThe fair value of contingent considerations linked to put options is calculated 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.Estimates are based on updated information since initial recognition of the contingent consideration, including new budgets and sales forecasts, discount rates etc. The assumptions applied are in line with those used in the impairment tests as described in section 2.2 but reflecting the different models and valuation techniques required. The fair values of other contingent considerations are measured at the expected future price of selected shares.ACCOUNTINGPOLICIESOn 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\u2019 share of the total carrying amount, including goodwill, is transferred from the non-controlling interests\u2019 share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot exceed the non-controlling interests\u2019 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 shareholders in Carlsberg A/S to the non-controlling interests\u2019 share of equity.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.",
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"value": "ACCOUNTINGPOLICIESAcquisitionsThe 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.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\u2019s functional currency at the exchange rate at the transaction date.The acquired entities\u2019 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. 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. The shareholding retained after the loss of control of subsidiaries is remeasured at fair value and accounted for as the fair value on initial recognition of a financial asset or the cost of an investment in an associate. Gains or losses on the loss of control of subsidiaries are recognised as the difference between the fair value of the retained shareholding and the carrying amount of the derecognised net assets (including goodwill) at the date of loss of control, and net of foreign exchange adjustments recognised in other comprehensive income.",
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"value": "ACCOUNTINGPOLICIESAcquisitionsThe 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.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\u2019s functional currency at the exchange rate at the transaction date.The acquired entities\u2019 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. 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. The shareholding retained after the loss of control of subsidiaries is remeasured at fair value and accounted for as the fair value on initial recognition of a financial asset or the cost of an investment in an associate. Gains or losses on the loss of control of subsidiaries are recognised as the difference between the fair value of the retained shareholding and the carrying amount of the derecognised net assets (including goodwill) at the date of loss of control, and net of foreign exchange adjustments recognised in other comprehensive income.",
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"pp-value-283-5": {
"value": "ACCOUNTINGPOLICIESOn 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\u2019 share of the total carrying amount, including goodwill, is transferred from the non-controlling interests\u2019 share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot exceed the non-controlling interests\u2019 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 shareholders in Carlsberg A/S to the non-controlling interests\u2019 share of equity.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.",
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"pp-value-288-4": {
"value": "ACCOUNTINGPOLICIESInvestments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for the Group\u2019s 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\u2019s 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.",
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"value": "ACCOUNTINGPOLICIESInvestments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for the Group\u2019s 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\u2019s 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.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
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"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-292-4": {
"value": "ACCOUNTINGPOLICIESIncome 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-295-2": {
"value": "SECTION 6.2TAX ASSETS AND LIABILITIESOf the total deferred tax assets recognised, DKK 285m (2021: DKK 43m) 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\u2019s opinion that these tax losses carried forward can be utilised within a foreseeable future. Tax assets not recognised of DKK 1,123m (2021: DKK 1,373m) primarily relates to tax losses that are not expected to be utilised in a foreseeable future. Of these, tax losses that will not expire amounted to DKK 932m (2021: DKK 1,042m). Tax losses of DKK 342m (2021: DKK 331m) can only be carried forward for a limited number of years.Deferred tax of DKK 23m (2021: DKK 39m) has been recognised in respect of future dividend distributions. Distribution of reserves for other subsidiaries will not trigger a significant tax liability based on current tax legislation.Changes in deferred tax and non-current tax payables for the year amounted to DKK 240m (2021: DKK 193m), in addition to Russian tax liabilities being reclassified to disposal group held for sale. Changes to non-current tax assets and liabilitiesDKK million 2022 2021Tax assets and liabilities at 1 January, net 4,428 4,498Tax assets and liabilities, net reclassified to disposal group held for sale -1,645 -Adjustments to prior years 290 -34Acquisition of entities - 172Recognised in other comprehensive income -2 -20Recognised in the income statement, net continuing operations -240 -193Recognised in the income statement, net discontinuing operations - 42Change in tax rate 206 -14Foreign exchange adjustments 73 -23Tax assets and liabilities at 31 December, net 3,110 4,428Recognised as followsTax liabilities 4,841 6,350Tax assets -1,731 -1,922Tax assets and liabilities at 31 December, net 3,110 4,428Specification of deferred taxDeferred tax assetsDeferred tax liabilitiesDKK million 2022 2021 2022 2021Intangible assets 253 519 1,956 3,451Property, plant and equipment 139 220 1,041 1,635Current assets 1,000 453 46 19Provisions and retirement benefit obligations 518 2,395 2,509 2,942Fair value adjustments 39 34 17 45Tax losses 285 43 - -Other 250 - 25 -Total before offset 2,484 3,664 5,594 8,092Offset -753 -1,742 -753 -1,742Deferred tax assets and liabilities at 31 December 1,731 1,922 4,841 6,350Expected to be used as followsWithin one year 890 1,097 515 835After more than one year 841 825 4,326 5,515Total 1,731 1,922 4,841 6,350ACCOUNTING ESTIMATESAND JUDGEMENTSThe Group recognises deferred tax assets, including the expected tax value of tax loss 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 makes assessments on uncertain tax positions to ensure recognition and measurement of tax assets and liabilities. ACCOUNTINGPOLICIESCurrent tax payable and receivable are recognised in the statement of financial position as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account respectively.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 is recognised on expected dividend payments from subsidiaries and associates in countries levying withholding tax on distributions. Deferred tax assets related to tax loss carried forward are recognised under other non-current assets 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-295-3": {
"value": "SECTION 6.2TAX ASSETS AND LIABILITIESOf the total deferred tax assets recognised, DKK 285m (2021: DKK 43m) 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\u2019s opinion that these tax losses carried forward can be utilised within a foreseeable future. Tax assets not recognised of DKK 1,123m (2021: DKK 1,373m) primarily relates to tax losses that are not expected to be utilised in a foreseeable future. Of these, tax losses that will not expire amounted to DKK 932m (2021: DKK 1,042m). Tax losses of DKK 342m (2021: DKK 331m) can only be carried forward for a limited number of years.Deferred tax of DKK 23m (2021: DKK 39m) has been recognised in respect of future dividend distributions. Distribution of reserves for other subsidiaries will not trigger a significant tax liability based on current tax legislation.Changes in deferred tax and non-current tax payables for the year amounted to DKK 240m (2021: DKK 193m), in addition to Russian tax liabilities being reclassified to disposal group held for sale. Changes to non-current tax assets and liabilitiesDKK million 2022 2021Tax assets and liabilities at 1 January, net 4,428 4,498Tax assets and liabilities, net reclassified to disposal group held for sale -1,645 -Adjustments to prior years 290 -34Acquisition of entities - 172Recognised in other comprehensive income -2 -20Recognised in the income statement, net continuing operations -240 -193Recognised in the income statement, net discontinuing operations - 42Change in tax rate 206 -14Foreign exchange adjustments 73 -23Tax assets and liabilities at 31 December, net 3,110 4,428Recognised as followsTax liabilities 4,841 6,350Tax assets -1,731 -1,922Tax assets and liabilities at 31 December, net 3,110 4,428Specification of deferred taxDeferred tax assetsDeferred tax liabilitiesDKK million 2022 2021 2022 2021Intangible assets 253 519 1,956 3,451Property, plant and equipment 139 220 1,041 1,635Current assets 1,000 453 46 19Provisions and retirement benefit obligations 518 2,395 2,509 2,942Fair value adjustments 39 34 17 45Tax losses 285 43 - -Other 250 - 25 -Total before offset 2,484 3,664 5,594 8,092Offset -753 -1,742 -753 -1,742Deferred tax assets and liabilities at 31 December 1,731 1,922 4,841 6,350Expected to be used as followsWithin one year 890 1,097 515 835After more than one year 841 825 4,326 5,515Total 1,731 1,922 4,841 6,350ACCOUNTING ESTIMATESAND JUDGEMENTSThe Group recognises deferred tax assets, including the expected tax value of tax loss 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 makes assessments on uncertain tax positions to ensure recognition and measurement of tax assets and liabilities. ACCOUNTINGPOLICIESCurrent tax payable and receivable are recognised in the statement of financial position as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account respectively.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 is recognised on expected dividend payments from subsidiaries and associates in countries levying withholding tax on distributions. Deferred tax assets related to tax loss carried forward are recognised under other non-current assets 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-301-5": {
"value": "ACCOUNTINGPOLICIESCurrent tax payable and receivable are recognised in the statement of financial position as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account respectively.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 is recognised on expected dividend payments from subsidiaries and associates in countries levying withholding tax on distributions. Deferred tax assets related to tax loss carried forward are recognised under other non-current assets 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-303-2": {
"value": "STAFF COSTS ANDREMUNERATIONRussian operations held for sale More than 8,000 employees will leave the Group when the divestment completes as expected in 2023.PensionsDefined benefit obligations were affected by higher discount rates across markets.EMPLOYEES BY SEGMENT (%) 2022 (2021)Western Europe 26% (26%)Asia 36% (36%)Central & Eastern Europe 15% (15%)Russian operations held for sale 21% (21%)Other 2% (2%)EMPLOYEES BY FUNCTION (%)2022 (2021)Production 28% (28%)Sales & Distribution 44% (43%)Administration 7% (8%)Russian operations held for sale 21% (21%)SECTION 7.1STAFF COSTSStaff costs increased in 2022, impacted by currencies and merit increases.Staff costsDKK million 2022 2021Salaries and other remuneration 9,430 8,531Severance payments 57 81Social security costs 1,453 1,287Retirement benefit costs \u2013 defined contribution plans 391 335Retirement benefit costs \u2013 defined benefit plans 181 188Share-based payments 97 82Other employee benefits 113 93Total 11,722 10,597Of which:Continuing operations 10,388 9,593Discontinued operations 1,334 1,004Total 11,722 10,597Staff costs are included in the following line items in the income statementCost of sales 2,911 2,651Sales and distribution expenses 5,150 4,859Administrative expenses 2,132 1,905Other operating activities, net 95 118Financial expenses (pensions) 38 39Special items (restructurings) 62 21Net result from Russian operations held for sale 1,334 1,004Total 11,722 10,597Average number of employees, continuing operations 30,834 31,058Average number of employees, discontinued operations 8,072 8,317Average number of employees 38,906 39,375SECTION 7.2REMUNERATIONThe remuneration of the Supervisory Board, the executive directors and key management personnel is described in detail in the Remuneration Report.The remuneration of key management personnel increased in 2022, primarily because of the impact of better performance on the KPIs measured in long-term incentive programmes and changes to the composition of the Executive Committee. In 2022, the Supervisory Board received total remuneration of DKK 10.36m (2021: DKK 10.05m), comprising fixed salary only.All elements except for share-based payments are classified as short-term employee benefits. Share-based payments are classified as long-term employee benefits.RemunerationKey management Executive directors\u00b9personnelDKK million 2022 2021 2022 2021Fixed salary 21.0 20.7 28.8 29.1Cash bonus 19.4 20.7 28.7 30.1Other benefits 1.1 1.1 7.9 6.0Severance payments - - 7.5 3.4Remuneration settled in cash 41.5 42.5 72.9 68.6Non-monetary benefits 0.4 0.4 0.2 3.1Share-based payments 28.0 31.1 9.5 3.5Remuneration, non-monetary and share-based 28.4 31.5 9.7 6.6Total cash and non-cash 69.9 74.0 82.6 75.2\u00b9 Executive directors consist of Cees 't Hart and Heine Dalsgaard. Heine Dalsgaard resigned as CFO on 31 December 2022.ACCOUNTINGPOLICIESStaff 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 7.4RETIREMENT BENEFIT OBLIGATIONS AND SIMILAR OBLIGATIONSA 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 and salaries and length of employment.Retirement benefit obligations cover both present and future retirees\u2019 entitlement to retirement benefits.DEFINED CONTRIBUTION PLANSA defined contribution plan is a post-employment benefit plan under which the Group pays contributions to a separate independent company. The Group\u2019s legal or constructive obligation is limited to the contributions. In 2022, 68% (2021: 64%) of the Group\u2019s retirement benefit costs related to defined contribution plans. The expense recognised in relation to these contributions was DKK 391m (2021: DKK 335m).DEFINED BENEFIT PLANSA 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 42% and 44% respectively (2021: 50% and 38%), while the eurozone countries represented 5% (2021: 5%) of the gross obligation at 31 December 2022.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 based on a quoted market price. In some countries, primarily Germany, Sweden and China, the obligation is unfunded. The retirement benefit obligations for these unfunded plans amounted to DKK 1,180m (2021: DKK 1,562m) or 12% (2021: 11%) of the gross obligation.In 2022, the Group\u2019s obligation, net, on defined benefit plans decreased by DKK 788m compared with 2021. The change was primarily driven by changes in the actuarial assumptions in the UK, Sweden and Germany, partly offset by the effect of the asset ceiling in Switzerland, DKK 569m.Obligation, net2022 2021Present Fair value Present Fair value value of of plan Obligation,value of of plan Obligation,DKK millionobligationassetsnetobligationassetsnetObligation at 1 January 13,851 11,506 2,345 13,588 10,654 2,934Recognised in the income statement\u00b9Current service cost 192 - 192 183 - 183Past service cost -11 - -11 5 - 5Net interest on the net defined benefit obligation (asset) 158 120 38 138 99 39Total 339 120 219 326 99 227RemeasurementsGain/loss from changes in demographic assumptions -89 - -89 -29 - -29Gain/loss from changes in financial assumptions -3,823 -2,757 -1,066 -114 564 -678Asset ceiling - -569 569 - -129 129Total -3,912 -3,326 -586 -143 435 -578Other changesContributions to plans - 242 -242 - 253 -253Benefits paid -760 -681 -79 -685 -596 -89Acquisition and disposal of entities, net - - - -5 - -5Transferred to disposal group held for sale -6 - -6 - - -Foreign exchange adjustments etc. 15 109 -94 770 661 109Total -751 -330 -421 80 318 -238Obligation at 31 December 9,527 7,970 1,557 13,851 11,506 2,345\u00b9 The total return on plan assets for the year amounted to DKK -2,637m (2021: DKK 663m).SECTION 7.4 (CONTINUED)RETIREMENT BENEFIT OBLIGATIONS AND SIMILAR OBLIGATIONSThe Group has a triennial valuation process to agree on any future funding arrangements. The most recent one was completed in 2020. The Group expects to contribute DKK 109m (2021: DKK 80m) to the plan assets in 2023, which is in line with the agreed funding arrangement, under which the Group will contribute DKK 402m up to 2026. Plan assets do not include shares in the Group or properties used by Group companies.The actuarial gain and foreign exchange adjustment recognised in other comprehensive income amounted to DKK 543m (2021: DKK 421m), comprising a foreign exchange adjustment of DKK -43m and a net actuarial gain of DKK 586m.The accumulated actuarial loss and foreign exchange adjustment recognised at 31 December 2022 was DKK 2,322m (2021: DKK\ue7fe2,865m), with actuarial net losses of DKK\ue7fe2,566m (2021: DKK 3,152m).Assumptions appliedIn 2022, the discount rate used for the defined benefit plans in Western Europe was determined by reference to market yields on 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_Middle tables for post-retirement, while the Swiss entities use BVG 2020 for valuation of their retirement benefit obligations.Sensitivity analysisThe 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 durationDefined benefit obligations are primarily expected to mature after five years. The expected duration of the obligations at year-end 2022 was 13 years. The duration is calculated using a weighted average of the duration divided by the obligation.Breakdown of plan assets2022 2021DKKDKKmillion %million %Shares 970 12 1,345 12 Bonds and other securities 4,685 59 7,485 65 Real estate 2,122 27 2,088 18 Cash and cash equivalents 193 2 588 5 Total 7,970 100 11,506 100 Assumptions appliedWeighted2022 CHF UK EUR OtheraverageDiscount rate 2.3% 5.0% 1.5 - 3.8% 3.8% 3.7%Growth in wages and salaries 1.2% 3.6% 0.2 - 4.5% 2.5% 2.5%2021Discount rate 0.3% 1.8% 0.3 - 0.9% 2.1% 1.2%Growth in wages and salaries 1.0% 2.5% 0.2 - 2.8% 2.6% 1.9%Sensitivity analysis2022 2021DKK million +0.5% -0.5 % +0.5% -0.5 %Discount rate -541 597 -1,097 1,251Growth in wages and salaries 23 -19 81 -73+1 year -1 year +1 year -1 yearMortality 265 -282 522 -520Maturity of retirement benefit obligationsDKK million < 1 year 1-5 years > 5 years Total2022 585 2,570 6,372 9,5272021 731 2,921 10,199 13,851SECTION 7.4 (CONTINUED)RETIREMENT BENEFIT OBLIGATIONS AND SIMILAR OBLIGATIONSACCOUNTING ESTIMATESAND JUDGEMENTSThe value of the Group\u2019s 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\u2019s 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.ACCOUNTINGPOLICIESContributions 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\u2019s 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.",
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-303-3": {
"value": "STAFF COSTS ANDREMUNERATIONRussian operations held for sale More than 8,000 employees will leave the Group when the divestment completes as expected in 2023.PensionsDefined benefit obligations were affected by higher discount rates across markets.EMPLOYEES BY SEGMENT (%) 2022 (2021)Western Europe 26% (26%)Asia 36% (36%)Central & Eastern Europe 15% (15%)Russian operations held for sale 21% (21%)Other 2% (2%)EMPLOYEES BY FUNCTION (%)2022 (2021)Production 28% (28%)Sales & Distribution 44% (43%)Administration 7% (8%)Russian operations held for sale 21% (21%)SECTION 7.1STAFF COSTSStaff costs increased in 2022, impacted by currencies and merit increases.Staff costsDKK million 2022 2021Salaries and other remuneration 9,430 8,531Severance payments 57 81Social security costs 1,453 1,287Retirement benefit costs \u2013 defined contribution plans 391 335Retirement benefit costs \u2013 defined benefit plans 181 188Share-based payments 97 82Other employee benefits 113 93Total 11,722 10,597Of which:Continuing operations 10,388 9,593Discontinued operations 1,334 1,004Total 11,722 10,597Staff costs are included in the following line items in the income statementCost of sales 2,911 2,651Sales and distribution expenses 5,150 4,859Administrative expenses 2,132 1,905Other operating activities, net 95 118Financial expenses (pensions) 38 39Special items (restructurings) 62 21Net result from Russian operations held for sale 1,334 1,004Total 11,722 10,597Average number of employees, continuing operations 30,834 31,058Average number of employees, discontinued operations 8,072 8,317Average number of employees 38,906 39,375SECTION 7.2REMUNERATIONThe remuneration of the Supervisory Board, the executive directors and key management personnel is described in detail in the Remuneration Report.The remuneration of key management personnel increased in 2022, primarily because of the impact of better performance on the KPIs measured in long-term incentive programmes and changes to the composition of the Executive Committee. In 2022, the Supervisory Board received total remuneration of DKK 10.36m (2021: DKK 10.05m), comprising fixed salary only.All elements except for share-based payments are classified as short-term employee benefits. Share-based payments are classified as long-term employee benefits.RemunerationKey management Executive directors\u00b9personnelDKK million 2022 2021 2022 2021Fixed salary 21.0 20.7 28.8 29.1Cash bonus 19.4 20.7 28.7 30.1Other benefits 1.1 1.1 7.9 6.0Severance payments - - 7.5 3.4Remuneration settled in cash 41.5 42.5 72.9 68.6Non-monetary benefits 0.4 0.4 0.2 3.1Share-based payments 28.0 31.1 9.5 3.5Remuneration, non-monetary and share-based 28.4 31.5 9.7 6.6Total cash and non-cash 69.9 74.0 82.6 75.2\u00b9 Executive directors consist of Cees 't Hart and Heine Dalsgaard. Heine Dalsgaard resigned as CFO on 31 December 2022.ACCOUNTINGPOLICIESStaff 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-307-4": {
"value": "SECTION 7.2REMUNERATIONThe remuneration of the Supervisory Board, the executive directors and key management personnel is described in detail in the Remuneration Report.The remuneration of key management personnel increased in 2022, primarily because of the impact of better performance on the KPIs measured in long-term incentive programmes and changes to the composition of the Executive Committee. In 2022, the Supervisory Board received total remuneration of DKK 10.36m (2021: DKK 10.05m), comprising fixed salary only.All elements except for share-based payments are classified as short-term employee benefits. Share-based payments are classified as long-term employee benefits.RemunerationKey management Executive directors\u00b9personnelDKK million 2022 2021 2022 2021Fixed salary 21.0 20.7 28.8 29.1Cash bonus 19.4 20.7 28.7 30.1Other benefits 1.1 1.1 7.9 6.0Severance payments - - 7.5 3.4Remuneration settled in cash 41.5 42.5 72.9 68.6Non-monetary benefits 0.4 0.4 0.2 3.1Share-based payments 28.0 31.1 9.5 3.5Remuneration, non-monetary and share-based 28.4 31.5 9.7 6.6Total cash and non-cash 69.9 74.0 82.6 75.2\u00b9 Executive directors consist of Cees 't Hart and Heine Dalsgaard. Heine Dalsgaard resigned as CFO on 31 December 2022.ACCOUNTINGPOLICIESStaff 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-307-5": {
"value": "SECTION 7.2REMUNERATIONThe remuneration of the Supervisory Board, the executive directors and key management personnel is described in detail in the Remuneration Report.The remuneration of key management personnel increased in 2022, primarily because of the impact of better performance on the KPIs measured in long-term incentive programmes and changes to the composition of the Executive Committee. In 2022, the Supervisory Board received total remuneration of DKK 10.36m (2021: DKK 10.05m), comprising fixed salary only.All elements except for share-based payments are classified as short-term employee benefits. Share-based payments are classified as long-term employee benefits.RemunerationKey management Executive directors\u00b9personnelDKK million 2022 2021 2022 2021Fixed salary 21.0 20.7 28.8 29.1Cash bonus 19.4 20.7 28.7 30.1Other benefits 1.1 1.1 7.9 6.0Severance payments - - 7.5 3.4Remuneration settled in cash 41.5 42.5 72.9 68.6Non-monetary benefits 0.4 0.4 0.2 3.1Share-based payments 28.0 31.1 9.5 3.5Remuneration, non-monetary and share-based 28.4 31.5 9.7 6.6Total cash and non-cash 69.9 74.0 82.6 75.2\u00b9 Executive directors consist of Cees 't Hart and Heine Dalsgaard. Heine Dalsgaard resigned as CFO on 31 December 2022.SECTION 7.3 (CONTINUED)SHARE-BASED PAYMENTSShare optionsNo share options have been granted since 2016. All outstanding options at 1 January were exercised during the year. The average share price at exercise was DKK 1,063.Share option disclosuresDKK million 2022 2021Fair value at 31 December - 70Performance sharesKey Other Executive management management directorspersonnelpersonnel Total31 December 2020 142,612 54,551 279,341 476,504Granted 50,805 15,800 126,068 192,673Forfeited/adjusted/transferred -13,027 -13,202 -84,575 -110,804Exercised/settled -44,212 -17,022 -85,048 -146,28231 December 2021 136,178 40,127 235,786 412,091Granted 33,753 20,071 109,528 163,352Forfeited/adjusted/transferred -7,263 -1,028 -16,460 -24,751Exercised/settled -45,999 -11,743 -83,898 -141,64031 December 2022 116,669 47,427 244,956 409,052Performance share disclosuresDKK million 2022 2021Fair value at grant date 88 110Cost of shares granted in the year 25 34Total cost of performance shares 97 82Cost not yet recognised 150 147Fair value at 31 December 306 454Key informationPerformance shares2022 2021AssumptionsExpected volatility 24.0% 23.3%/23.7%Risk-free interest rate 0.0% 0.0% Expected dividend yield 0.0/2.4% 0.0/2.2%Expected life, years 3.0 3.0Fair value at measurement date DKK 404-987 DKK 512-961Share optionsExercise price NumberFixed, Other weighted Executive management averagedirectorspersonnelTotal31 December 2020 518 114,984 - 114,98431 December 2021 518 114,984 - 114,984Exercised 518 -114,984 - -114,98431 December 2022 - - - -ACCOUNTING ESTIMATESAND JUDGEMENTSThe volatility of performance shares is based on the historical volatility of the price of Carlsberg A/S\u2019 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\u2019 class B shares on Nasdaq Copenhagen during the first five trading days after publication of Carlsberg A/S\u2019 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.ACCOUNTINGPOLICIESThe 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 other conditions, taking into account the terms and conditions upon which the performance shares were granted.On initial recognition of performance shares, an estimate is made of the number of awards expected to vest and subsequently revised for any changes. Accordingly, recognition is based on the number of awards that ultimately vest.SECTION 8.3RELATED PARTIESRELATED PARTIES EXERCISING CONTROLThe Carlsberg Foundation, H.C. Andersens Boulevard 35, 1553 Copenhagen V, Denmark, exercises control over Carlsberg A/S. The Foundation holds 29.2% of the shares and 76.2% of the voting power in Carlsberg A/S, excluding treasury shares.The following transactions took place between the Carlsberg Foundation and the Group in 2022:The Carlsberg Foundation received a dividend of DKK 24.00 per share from Carlsberg A/S, the same as every other shareholder. The dividend received amounted to DKK 1,023m.Through its pro-rata participation in the share buy-back programme, the Carlsberg Foundation sold B shares to Carlsberg A/S at a fair value of DKK 1,334m. The Foundation thereby reduced its shareholding to 29.2% at 31 December 2022 (2021: 29.5%). The shares were sold at the average weekly share buy-back market prices.FUNDING AND GRANTSCarlsberg A/S received statutory grants and further funding from the Carlsberg Foundation, DKK 69m, for the basic research and development activities at the Carlsberg Research Laboratory (2021: DKK 56m). Of the total grants, DKK 22m (2021: DKK 18m) was deferred to be used for research projects in the future.In 2022, the Carlsberg Foundation contributed an additional amount of DKK 30m to support the rebuilding of the Carlsberg Visitor Centre initiated in 2021. The purpose of the rebuild is to better showcase Carlsberg\u2019s rich history and value creation. OTHER ACTIVITIESVisit Carlsberg A/S, a 100% owned subsidiary of the Carlsberg Group, hosted and administered events at the Carlsberg Academy, which is owned by the Carlsberg Foundation, at a value of DKK 1m.The Group\u2019s delivery of beer and soft drinks to the Carlsberg Foundation is charged at ordinary listing price minus a discount. In 2022, the deliveries amounted to DKK 0.3m (total sales of goods) (2021: DKK 0.2m).Carlsberg A/S leases parking spaces from the Carlsberg Foundation to provide parking for employees at the Carlsberg Research Laboratory and Visit Carlsberg. Furthermore, Carlsberg Breweries A/S leases storage facilities in the researcher apartments. These lease agreements are with subsidiaries of the Foundation. The two annual lease payments amount to DKK 0.2m and the leases are on market terms.It is estimated that the benefit for 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 PARTIESRelated parties also comprise Carlsberg A/S\u2019 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 of the consolidated financial statements. The income statement and the statement of financial position include the following transactionsDKK million 2022 2021AssociatesRevenue 19 76Cost of sales -712 -817Sales expenses -9 -11Interest income 27 14Loans 277 242Receivables 394 226Trade payables and other liabilities -49 -36",
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-309-6": {
"value": "ACCOUNTINGPOLICIESStaff 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.ACCOUNTINGPOLICIESContributions 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\u2019s 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-310-2": {
"value": "SECTION 7.3SHARE-BASED PAYMENTSThe Group has set up share-based incentive programmes to attract, retain and motivate the Group\u2019s 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 two types of share-based payment: share options and performance shares. Share options entitle the holder to purchase class B shares in Carlsberg A/S at a predetermined price after completing three years of service. Share options are exercisable for five years.Entitlement to performance shares also 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 SHARESThe 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 2022, 160 employees (2021: 178 employees) across the Group were awarded performance shares.Vesting is subject to achievement of four KPIs: total shareholder return, adjusted EPS growth, organic revenue growth and growth in ROIC. The average share price at vesting was DKK 1,086 (2021: DKK 976). The average contractual life at the end of 2022 was 1.2 years (2021: 1.2 years). SECTION 7.3 (CONTINUED)SHARE-BASED PAYMENTSShare optionsNo share options have been granted since 2016. All outstanding options at 1 January were exercised during the year. The average share price at exercise was DKK 1,063.Share option disclosuresDKK million 2022 2021Fair value at 31 December - 70Performance sharesKey Other Executive management management directorspersonnelpersonnel Total31 December 2020 142,612 54,551 279,341 476,504Granted 50,805 15,800 126,068 192,673Forfeited/adjusted/transferred -13,027 -13,202 -84,575 -110,804Exercised/settled -44,212 -17,022 -85,048 -146,28231 December 2021 136,178 40,127 235,786 412,091Granted 33,753 20,071 109,528 163,352Forfeited/adjusted/transferred -7,263 -1,028 -16,460 -24,751Exercised/settled -45,999 -11,743 -83,898 -141,64031 December 2022 116,669 47,427 244,956 409,052Performance share disclosuresDKK million 2022 2021Fair value at grant date 88 110Cost of shares granted in the year 25 34Total cost of performance shares 97 82Cost not yet recognised 150 147Fair value at 31 December 306 454Key informationPerformance shares2022 2021AssumptionsExpected volatility 24.0% 23.3%/23.7%Risk-free interest rate 0.0% 0.0% Expected dividend yield 0.0/2.4% 0.0/2.2%Expected life, years 3.0 3.0Fair value at measurement date DKK 404-987 DKK 512-961Share optionsExercise price NumberFixed, Other weighted Executive management averagedirectorspersonnelTotal31 December 2020 518 114,984 - 114,98431 December 2021 518 114,984 - 114,984Exercised 518 -114,984 - -114,98431 December 2022 - - - -ACCOUNTING ESTIMATESAND JUDGEMENTSThe volatility of performance shares is based on the historical volatility of the price of Carlsberg A/S\u2019 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\u2019 class B shares on Nasdaq Copenhagen during the first five trading days after publication of Carlsberg A/S\u2019 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.ACCOUNTINGPOLICIESThe 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 other conditions, taking into account the terms and conditions upon which the performance shares were granted.On initial recognition of performance shares, an estimate is made of the number of awards expected to vest and subsequently revised for any changes. Accordingly, recognition is based on the number of awards that ultimately vest.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-317-5": {
"value": "ACCOUNTINGPOLICIESThe 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 other conditions, taking into account the terms and conditions upon which the performance shares were granted.On initial recognition of performance shares, an estimate is made of the number of awards expected to vest and subsequently revised for any changes. Accordingly, recognition is based on the number of awards that ultimately vest.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-334-2": {
"value": "SECTION 8.2FEES TO AUDITORSFees to auditors appointed by the Annual General MeetingDKK million 2022 2021PwC, including network firmsStatutory audit 25 23Assurance engagements 1 1Tax advisory 8 2Other services 2 2Total 36 28Fees for services other than the statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, amounted to DKK 1m (2021: DKK 1m). This includes other assurance opinions and agreed-upon procedures as well as accounting advice. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-338-2": {
"value": "SECTION 8.4EVENTS AFTER THE REPORTING PERIODOn 6 February 2023, the valuers appointed to perform the put option valuation for the 33% shareholding in CSAPL released a put option valuation certificate stating a value of USD 744m (DKK 5,188m), cf. section 5.4. CSAPLH has on 6 February, issued a formal put notice to sell its 33% shareholding in CSAPL to the Group at the put option valuation amount.Apart from the events recognised or disclosed in the consolidated financial statements, no events have occurred after the reporting period of importance to the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-342-2": {
"value": "SECTION 9.2GENERAL ACCOUNTING POLICIESThe Group\u2019s consolidated financial statements for 2022 have been prepared in accordance with IFRS 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\u2019s functional currency, and all values are rounded to the nearest DKK million, except when otherwise stated. The accounting policies set out below have been used consistently in respect of the financial year and the comparative figures.DEFINING MATERIALITYSignificant 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\u2019s business model, including research, real estate and geographical diversity, are also presented individually in the financial statements.The consolidated financial statements are prepared as a consolidation of the financial statements of the Parent Company, Carlsberg A/S, and its subsidiaries according to the Group\u2019s 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 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 SECTION 9.2 (CONTINUED)GENERAL ACCOUNTING POLICIESwith associates are eliminated in proportion to the Group\u2019s 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\u2019 share of subsidiaries\u2019 profit/loss for the year and of equity is included in the Group\u2019s 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 usedfor the reporting entity\u2019s operations. Transactions denominated in currencies other than the functional currency are considered transactions denominated in foreign currencies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-342-3": {
"value": "SECTION 9.2GENERAL ACCOUNTING POLICIESThe Group\u2019s consolidated financial statements for 2022 have been prepared in accordance with IFRS 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\u2019s functional currency, and all values are rounded to the nearest DKK million, except when otherwise stated. The accounting policies set out below have been used consistently in respect of the financial year and the comparative figures.DEFINING MATERIALITYSignificant 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\u2019s business model, including research, real estate and geographical diversity, are also presented individually in the financial statements.The consolidated financial statements are prepared as a consolidation of the financial statements of the Parent Company, Carlsberg A/S, and its subsidiaries according to the Group\u2019s 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 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 ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-342-4": {
"value": "SECTION 9.2GENERAL ACCOUNTING POLICIESThe Group\u2019s consolidated financial statements for 2022 have been prepared in accordance with IFRS 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\u2019s functional currency, and all values are rounded to the nearest DKK million, except when otherwise stated. The accounting policies set out below have been used consistently in respect of the financial year and the comparative figures.DEFINING MATERIALITYSignificant 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\u2019s business model, including research, real estate and geographical diversity, are also presented individually in the financial statements.The consolidated financial statements are prepared as a consolidation of the financial statements of the Parent Company, Carlsberg A/S, and its subsidiaries according to the Group\u2019s 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 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 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-345-2": {
"value": "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 STATEMENTThe presentation of the Group\u2019s income statement is based on the internal reporting structure, as IFRS does 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\u2019s financial performance.CASH FLOWCash 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 MEASURESThe Group uses certain additional financial measures to provide management, investors and investment analysts with additional measures to evaluate and analyse the Company\u2019s results. These non-IFRS financial measures are defined and calculated by the Group and therefore may not be comparable with other companies\u2019 measures.The non-IFRS financial measures disclosed in the Annual Report are:\u2022 Earnings per share, adjusted, and payout ratio, adjusted\u2022 Organic developmentThe Danish Finance Society does not acknowledge use of special items and states that adjustments of tax should be based on the marginal tax rate. When calculating financial measures, the Group uses operating profit before special items as well as the effective tax rate for measures adjusted for tax.Other financial ratios are calculated in accordance with the Danish Finance Society\u2019s online guidelines on the calculation of financial ratios, \u201cRecommendations and Financial Ratios\u201d, unless specifically stated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-352-2": {
"value": "SECTION 9.3CHANGES IN ACCOUNTING POLICIESCHANGED ACCOUNTING POLICIES AND CLASSIFICATION IN THE ANNUAL REPORT 2022The Annual Report 2022 has been prepared using the same accounting policies for recognition and measurement as those applied to the consolidated financial statements for 2021, except for the following Amendments that were adopted as of 1 January 2022: \u2022 Amendments to IFRS 3 \u201cBusiness Combinations\u201d\u2022 Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d \u2022 Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d \u2022 Annual Improvements to IFRS Standards 2018-2020 (IFRS 1, IFRS 9, IFRS 16 and IAS 41)These Amendments had no impact on the Group\u2019s accounting policies, as they cover areas that are not material and/or relevant for the Group or do not change the accounting policies applied in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-352-3": {
"value": "SECTION 9.3CHANGES IN ACCOUNTING POLICIESCHANGED ACCOUNTING POLICIES AND CLASSIFICATION IN THE ANNUAL REPORT 2022The Annual Report 2022 has been prepared using the same accounting policies for recognition and measurement as those applied to the consolidated financial statements for 2021, except for the following Amendments that were adopted as of 1 January 2022: \u2022 Amendments to IFRS 3 \u201cBusiness Combinations\u201d\u2022 Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d \u2022 Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d \u2022 Annual Improvements to IFRS Standards 2018-2020 (IFRS 1, IFRS 9, IFRS 16 and IAS 41)These Amendments had no impact on the Group\u2019s accounting policies, as they cover areas that are not material and/or relevant for the Group or do not change the accounting policies applied in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-355-3": {
"value": "GROUP COMPANIESThis 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 shareholders of Carlsberg A/S in the consolidated financial statements.Parent Place of Number of direct Consolidated incorporation NotesubsidiariesownershipownershipParent Carlsberg Breweries A/S Denmark 3 100% 100%Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipCarlsberg Deutschland GmbH Germany 6 100% 100%Western EuropeDuckstein GmbH Germany 100% 100%Carlsberg Danmark A/S Denmark 100% 100%Holzmarkt Beteiligungsgesellschaft mbH Germany 100% 100%Carlsberg Supply Company Danmark A/S Denmark 100% 100%Holsten-Brauerei AG Germany 100% 100%Carlsberg Sweden Holding 2 AB Sweden 100% 100%Carlsberg Supply Company Deutschland GmbH Germany 100% 100%Carlsberg Sverige AB Sweden 100% 100%Carlsberg Supply Company Polska SA Poland 100% 100%Carlsberg Supply Company Sverige AB Sweden 100% 100%Carlsberg Polska Sp. z o.o. Poland 100% 100%Ringnes Norge AS Norway 1 100% 100%Carlsberg UK Holdings Limited UK 3 100% 100%Ringnes AS Norway 100% 100%Carlsberg Marston's Limited UK 1 60% 60%Ringnes Brygghus AS Norway 100% 100%Carlsberg Marston's Brewing Company Ltd. UK 100% 60%Solo AS Norway 91% 91%Marston's Beer Company Limited UK 100% 60%Ringnes Supply Company AS Norway 100% 100%CMBC Supply Limited UK 100% 60%Ringnes Farris Eiendom AS Norway 100% 100%LF Brewery Holdings Limited UK 1 100% 60%Ringnes Imsdal Eiendom AS Norway 100% 100%Emeraude S.A.S. France 7 100% 100%Ringnes Administrasjon Eiendom AS Norway 100% 100%Kronenbourg S.A.S. France 1 100% 100%Ringnes Gjeller\u00e5sen Eiendom AS Norway 100% 100%Kronenbourg Supply Company S.A.S. France 100% 100%Oy Sinebrychoff Ab Finland 100% 100%Kronenbourg Breweries Canada Inc. Canada 100% 100%Sinebrychoff Supply Company Oy Finland 100% 100%Fondation Kronenbourg France 100% 100%Carlsberg Deutschland Holding GmbH Germany 100% 100%S.A.S. Onyx France 100% 100%Holzmarkt Brewing Company GmbH Germany 100% 100%Feldschl\u00f6sschen Getr\u00e4nke Holding AG Switzerland 3 100% 100%Carlsberg Deutschland Logistik GmbH Germany 100% 100%Feldschl\u00f6sschen Getr\u00e4nke AG Switzerland 100% 100%Tuborg Deutschland GmbH Germany 100% 100%Schlossgarten Gastronomie AG Switzerland 100% 100%Parent Parent Place of Number of direct Consolidated Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipAsiaincorporation NotesubsidiariesownershipownershipSB Swiss Beverage AG Switzerland 100% 100%Carlsberg Brewery Malaysia Berhad Malaysia A 51% 51%Feldschl\u00f6sschen Supply Company AG Switzerland 100% 100%Carlsberg Marketing Sdn BHD Malaysia 100% 51%Carlsberg Supply Company AG Switzerland 100% 100%Euro Distributors Sdn BHD Malaysia 100% 51%Nya Carnegiebryggeriet AB Sweden 100% 100%Carlsberg Singapore Pte Ltd Singapore 100% 51%E.C. Dahls Bryggeri AS Norway 100% 100%Maybev Pte Ltd Singapore C 51% 26%Monster the Cat GmbH Switzerland 100% 100%Carlsberg South Asia Pte Ltd Singapore D 67% 100%Grimbergen Abbey Brewery Belgium 100% 100%South Asian Breweries Pte. Ltd Singapore D 100% 100%Zatecky Pivovar spol. S.r.o. Czechia 100% 100%Carlsberg India Pvt. Ltd India D 100% 100%Gorkha Brewery Pvt. Ltd Nepal D, E, F 90% 90%G.B. Marketing Pvt Ltd Nepal D, F 100% 90%Parent Place of Number of direct Consolidated Carlsberg Vietnam Trading Co. Ltd Vietnam 100% 100%Asiaincorporation NotesubsidiariesownershipownershipCarlsberg Vietnam Breweries Ltd Vietnam 100% 100%Carlsberg Supply Company Asia Ltd Hong Kong 100% 100%Paduak Holding Pte. Ltd Singapore 100% 100%Carlsberg Asia Pte Ltd Singapore 100% 100%Caretech Limited Hong Kong 100% 100%Carlsberg Brewery Hong Kong Ltd Hong Kong 100% 100%Cambrew Limited Cambodia 2 100% 100%Guangzhou Carlsberg Consultancy and Cambrew Properties Ltd Cambodia 100% 100%Management Services Co. Ltd China 100% 100%Angkor Beverage Co Ltd Cambodia 100% 100%Chongqing Brewery Co., Ltd China A 60% 60%CB Distribution Co., Ltd Thailand 100% 100%Carlsberg Chongqing Breweries Company A Listed company.Limited China B 8 51% 79%B Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou Kunming Huashi Brewery Company Carlsberg Consultancy and Management Services Co Ltd (49%), resulting in a consolidated ownership of 79%.Limited China 100% 79%C Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia Carlsberg (China) Breweries and Berhad (51%), resulting in a consolidated ownership of 26%.Trading Company Limited China 100% 79%D The Group owns 67% of Carlsberg South Asia Pte Ltd, which is the holding company of South Asian Breweries Carlsberg Brewery (Guangdong) Ltd China 99% 79%Pte. Ltd, Carlsberg India Pvt. Ltd and Gorkha Brewery Pvt. Ltd (Nepal). The consolidation percentage of Carlsberg Xinjiang Wusu Breweries Co., Ltd China 5 100% 79%South Asia Pte Ltd is 100% due to a written put option.Ningxia Xixia Jianiang Brewery Limited China 70% 56%E The Group has the legal and contractual rights of a majority shareholder in Gorkha Brewery Pvt. Ltd, but does not Carlsberg Beer Enterprise Management consolidate the company and its subsidiary for accounting purposes, cf. section 5.3.(Chongqing) Company Limited China 100% 79%F Company not audited by PwC.Carlsberg Brewery (Anhui) Company Ltd China 75% 60%Carlsberg Tianmuhu Brewery (Jiangsu) Company Ltd China 100% 79%Lao Brewery Co. Ltd Laos 61% 61%Carlsberg Korea Ltd. South Korea 100% 100%Parent Parent Place of Number of direct Consolidated Place of Number of direct Consolidated Central & Eastern Europeincorporation NotesubsidiariesownershipownershipNon-beverageincorporation NotesubsidiariesownershipownershipBaltika Breweries LLC Russia F, G, H 3 100% 100%Barley 1 A/S Denmark 100% 100%Carlsberg Azerbaijan LLC Azerbaijan 100% 100%Carlsberg Ejendomme Holding A/S Denmark 100% 100%Baku Piva JSC Azerbaijan 91% 91%Parent Hoppy Union LLC Russia F, G, H 100% 100%Place of Number of direct Consolidated Konix Brewery LLC Russia F, G, I 75% 100%Associatesincorporation NotesubsidiariesownershipownershipCarlsberg Kazakhstan Ltd Kazakhstan K 90% 100%Udviklingsselskabet Carlsberg Byen P/S Denmark F 88 25% 25%Baltic Beverages Invest AB Sweden H 100% 100%Sinergie Proattive Srl Italy 36% 36%PJSC Carlsberg Ukraine Ukraine 1 100% 100%Viacer S.G.P.S., Lda Portugal M 29% 29%Baltic Beverages Holding AB Sweden 100% 100%Super Bock Group, S.G.P.S., S.A. Portugal M 11 56% 60%Carlsberg Serbia Ltd Serbia 100% 100%Serviced Dispense Equipment (Holdings) Limited UK 2 33% 20%Bosnia and Carlsberg BH d.o.o.Herzegovina 100% 100%Nuuk Imeq A/S Greenland F 32% 32%Carlsberg Montenegro d.o.o. Montenegro 100% 100%Chongqing Jiawei Beer Co. Ltd China 33% 26%Carlsberg Croatia d.o.o. Croatia 100% 100%Lanzhou Huanghe Jianiang Brewery Company Limited China 50% 50%Carlsberg Bulgaria AD Bulgaria 100% 100%Qinghai Huanghe Jianiang Brewery Company Ltd China 50% 50%OJSC Brewery Alivaria Belarus F, I 78% 89%Jiuquan West Brewery Company Limited China 50% 50%Carlsberg Italia S.p.A. Italy 100% 100%Carlsberg Horeca Srl Italy 100% 100%Tianshui Huanghe Jianiang Brewery Company Ltd China 50% 50%T&C Italia Srl Italy 100% 100%Capital Brewing Company Ltd Hong Kong 4 49% 49%Olympic Brewery SA Greece 100% 100%Lion Brewery (Ceylon) PLC Sri Lanka A, F, N 25% 13%Hellenic Beverage Company SA Greece 100% 100%Hanoi Beer Alcohol and Beverage Joint Stock Corporation Vietnam F 17% 17%Carlsberg Hungary Kft. Hungary 100% 100%Carlsberg Distributors Taiwan Limited Taiwan 1 50% 50%Saku \u00d6lletehase AS Estonia 100% 100%NCC Crowns Private Limited India 33% 33%Aldaris JSC Latvia 100% 100%Bottlers Nepal Limited Nepal 1 22% 20%Svyturys-Utenos Alus UAB Lithuania H 99% 99%Myanmar Carlsberg Co. Ltd Myanmar F 1 61% 61%CTDD Beer Imports Ltd Canada 100% 100%Carlsberg Canada Inc. Canada 100% 100%G Part of disposal group held for sale.Carlsberg USA Inc. USA 100% 100%H Company owned by Carlsberg Sverige AB.I Consolidated ownership is higher than the legal ownership due to written put options.Parent J A separate annual report is not prepared.Place of Number of direct Consolidated K Carlsberg Kazakhstan Ltd is owned by Carlsberg Sverige AB (90%) and Baltika Brewery LLC (10%), resulting in a Not allocatedincorporation Notesubsidiariesownershipownershipconsolidated ownership of 100%.Carlsberg Finans A/S Denmark L 36% 100%L Carlsberg Finans A/S is owned by Carlsberg Breweries A/S (36%) and Baltika Brewery LLC (64%), resulting in a Carlsberg International A/S Denmark 100% 100%consolidated ownership of 100%.Visit Carlsberg A/S Denmark 100% 100%M Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock) with a 56% Carlsberg Invest A/S Denmark 100% 100%shareholding, with Carlsberg Breweries A/S owning the remaining 44%. In addition, Carlsberg Breweries A/S has a direct Carlsberg Integrated Information Technology A/S Denmark 100% 100%ownership share of 29% in Viacer without exercising control. Therefore, both Viacer and Super Bock are considered Carlsberg Insurance A/S Denmark 100% 100%associates of the Group. The Group's direct and indirect ownership of Super Bock totals 60%.Carlsberg Central Office A/S Denmark 100% 100%N 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 shareholders in Carlsberg A/S.Traitomic A/S Denmark 100% 100%Carlsberg Shared Services Sp. z o.o. Poland 100% 100%",
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}
},
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}
},
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},
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}
},
"f61557": {
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}
},
"f61562": {
"value": "7789000000",
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},
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"unit": "iso4217:DKK"
}
},
"f61570": {
"value": "-797000000",
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}
},
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},
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}
},
"f61580": {
"value": "-7641000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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"unit": "iso4217:DKK"
}
},
"f61585": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"unit": "iso4217:DKK"
}
},
"f61588": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ConsolidatedAndSeparateFinancialStatementsAxis": "ifrs-full:SeparateMember",
"unit": "iso4217:DKK"
}
},
"f61592": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00",
"ifrs-full:ConsolidatedAndSeparateFinancialStatementsAxis": "ifrs-full:SeparateMember",
"unit": "iso4217:DKK"
}
},
"f61595": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2021-01-01T00:00:00",
"ifrs-full:ConsolidatedAndSeparateFinancialStatementsAxis": "ifrs-full:SeparateMember",
"unit": "iso4217:DKK"
}
},
"f61599": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00",
"ifrs-full:ConsolidatedAndSeparateFinancialStatementsAxis": "ifrs-full:SeparateMember",
"unit": "iso4217:DKK"
}
},
"f61602": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00",
"ifrs-full:ConsolidatedAndSeparateFinancialStatementsAxis": "ifrs-full:SeparateMember",
"unit": "iso4217:DKK"
}
},
"f61684": {
"value": "Carlsberg Foundation ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f61689": {
"value": "Carlsberg Foundation",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f63741": {
"value": "Denmark ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f63751": {
"value": "Brewing company ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f63760": {
"value": "Denmark ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f63768": {
"value": "Global ",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f63776": {
"value": "A/S ",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f63786": {
"value": "Carlsberg A/S ",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-427-1": {
"value": "1 J. C. Jacobsens Gade 1799 Copenhagen V ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"tfn-1": {
"value": "The currency translation and hedging reserves within equity related to Russian operations held for sale represent losses of DKK 39.7bn and DKK 0.6bn respectively (31 December 2021: losses of DKK 37.0bn and DKK 0.5bn). Upon completion ofthe disposal, the accumulated currency translation reserve within equity related to the Russian operations will be reclassified from equity to the income statement and included in the net result from the Russian operations.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-1",
"language": "en"
}
}
}
}