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"s9_notesesefdkgaap__7__29-1": {
"value": "73.6bnREVENUE (DKK)Revenue grew by 4.7% to DKK 73,585m (2022: DKK 70,265m). Revenue growth was primarily driven by price increases across markets, taken in order to offset the significant cost increases, and supported by a positive product mix.The negative currency impact related in particular to the Chinese, Laotian, Indian, Ukrainian, Norwegian and Swedish currencies. The acquisition impact related to the acquisition of Waterloo Brewing in Canada.SECTION 1.1SEGMENTATION OF OPERATIONSThe segmentation used in the Annual Report 2023 is unchanged from 2022.Since the acquisition, Waterloo Brewing in Canada has been included in Central & Eastern Europe, and Jing-A Group in China has been included in Asia, cf. section 5.3.REVENUE The Group\u2019s revenue arises primarily from the sale of beverages to its customers.In 2023, total revenue was positively impacted by improved revenue/hl growth driven by price increases across all markets in order to offset the significant cost increases. This was supported by a positive product mix. Reported revenue growth was partly offset by a negative currency impact. Other revenue by category is sales of products other than beverages that do not drive any volume, such as merchandise, services and by-products. In aggregate, other revenue accounts for around 1% of Group total revenue and is therefore not considered material.Not allocated revenue, DKK 21m (2022: DKK 16m), consisted of DKK 750m (2022: DKK 733m) in revenue and DKK -729m (2022: DKK -717m) 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 2023 2022Beer revenue 54,312 51,825Other beverages 18,277 17,569Other revenue 996 871Total 73,585 70,265Revenue and excise dutiesDKK million 2023 2022Revenue, including excise duties 97,740 95,147Excise duties -24,155 -24,882Revenue 73,585 70,265Geographical allocation of revenueDKK million 2023 2022Denmark (Carlsberg A/S\u2019 domicile) 4,919 4,487China 13,354 13,781United Kingdom 7,902 7,070Other countries 47,410 44,927Total 73,585 70,265Group financial performanceChange ChangeVolumes (million hl) 2022 Organic Acq., net FX 2023 ReportedBeer 101.0 -0.4% 0.3% - 101.0 -0.1% Other beverages 24.4 -0.9% 0.0% - 24.1 -0.9% Total volume 125.4 -0.5% 0.2% - 125.1 -0.3% DKK millionRevenue 70,265 9.2% 0.6% -5.1% 73,585 4.7% Operating profit11,470 5.2% -0.2% -8.2% 11,105 -3.2% Operating margin (%) 16.3 15.1 -120bpACCOUNTING 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 because of the complexity and the activities agreed with the individual customer. Certain contracts related to specific major events that are held within such a short time period that it is not possible to sell all the goods during the event (e.g. football matches) give the customer the right to return the goods within a specified period. The Group uses the expected value method to estimate the goods that will not be returned, as this method best predicts the amount of variable consideration to which the Group will be entitled. For goods that are expected to be returned, the Group recognises a refund liability instead of revenue.Management makes judgements when deciding whether supporting activities with customers should be classified as a discount or a marketing expense. Generally, activities with an individual customer are accounted for as a discount, whereas costs related to broader marketing activities are classified as marketing expenses.Whether the Group is acting as a principal or an agent is assessed by management on a country-by-country basis. The Group has concluded that it acts as the principal in its revenue arrangements because it controls the goods before transferring them to the customer. Excise duties, taxes and 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 1.5. 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.",
"dimensions": {
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"language": "en",
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"s9_notesesefdkgaap__7__30-1": {
"value": "44.6%GROSS MARGINAlthough gross profit/hl increased by 3%, the gross margin declined by 100bp to 44.6% due to increased cost of sales from higher input and energy costs and higher salaries. 11.1bnOPERATING PROFIT (DKK)Operating expenses increased by 4% due to increased marketing and sales investments, while administrative expenses declined. Total operating expenses as a percentage of revenue declined by 20bp.The share of profit after tax of associates declined by DKK 320m, mainly due to lower property income in Carlsberg Byen and certain one-off expenses in associates in Asia.Operating profit before depreciation, amortisation and impairment losses (EBITDA) declined by 3.1% to DKK 15,179m. The EBITDA margin declined by 170bp to 20.6%, impacted by the lower gross margin, higher operating expenses and currencies.Group operating profit declined by 3.2% to DKK 11,105m, again due to the negative currency impact, which offset the organic growth of 5.2%. The currency impact primarily related to the Chinese, Laotian, Ukrainian and Norwegian currencies. The operating margin declined by 120bp to 15.1%, mainly due to the lower gross margin and increased marketing investments.8.0bnPROFIT FROM CONTINUING OPERATIONS (DKK)Special items, net, amounted to DKK -431m (2022: DKK -784m). Special items are detailed in section 3.1.Profit for the period, continuing operations, was DKK 7,971m (2022: DKK 8,183m)",
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
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},
"s9_notesesefdkgaap__7__34-1": {
"value": "Financial items, net, amounted to DKK -844m (2022: DKK -725m). Excluding currency gains and losses, financial items, net, amounted to DKK -693m (2022: DKK -506m). The increase was mainly due to higher average funding costs, higher net interest-bearing debt and factoring fees. Net currency losses mainly related to the strengthening of the EUR/DKK and conversion costs for the Laotian kip. Financial items are detailed in section 4.1.-844mNET FINANCIAL ITEMS (DKK)Financial items, net, amounted to DKK -844m (2022: DKK -725m). Excluding currency losses and fair value adjustments, financial items, net, amounted to DKK -693m (2022: DKK -506m). The increase was mainly due to the increase in interest rates and average net debt.SECTION 4.1FINANCIAL INCOME AND EXPENSESInterest income primarily relates to interest on cash and cash equivalents and deposits 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 60m (2022: DKK -121m), cf. section 4.9.Foreign exchange losses and fair value adjustments amounted to DKK 151m (2022: DKK 219m).Of the net change in fair value of cash flow hedges transferred or reclassified to the income statement, DKK -280m (2022: DKK 69m) has been included in revenue and cost of sales, DKK -22m in special items (2022: DKK 0m), DKK 0m (2022: DKK -16m) in financial items, DKK -545m (2022: DKK 0m) in loss from discontinued operations, and DKK -18m (2022: DKK -2m) in intangible assets and property, plant and equipment. Foreign exchange adjustments of foreign entities recognised in other comprehensive income amounts to DKK 37,781m, cf. section 4.4.4.Financial items recognised in the income statementDKK million 2023 2022Financial incomeInterest income 381 220Interest on plan assets, defined benefit plans 309 120Other 5 7Total 695 347Financial expensesInterest expenses -752 -519Capitalised financial expenses 8 2Foreign exchange losses, net -151 -219Interest expenses on obligations, defined benefit plans -339 -158Interest expenses, lease liabilities -32 -23Bank fees -142 -78Other -131 -77Total -1,539 -1,072Financial items, net, recognised in the income statement -844 -725Financial items excluding foreign exchange, net -693 -506Financial items recognised in other comprehensive incomeDKK million 2023 2022Foreign exchange adjustments of foreign entitiesForeign currency translation of foreign entities -3,143 -3,926Reclassification of cumulative translation differences of deconsolidated entities 40,924 -Total 37,781 -3,926Fair value adjustments of hedging instrumentsChange in fair value of effective portion of cash flow hedges -174 -313Change in fair value of cash flow hedges transferred or reclassified to the income statement, intangible assets and property, plant and equipment 882 -51Change in fair value of net investment hedges 212 -395Total 920 -759Financial items, net, recognised in other comprehensive income 38,701 -4,685",
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__33-1": {
"value": "Financial items, net, amounted to DKK -844m (2022: DKK -725m). Excluding currency gains and losses, financial items, net, amounted to DKK -693m (2022: DKK -506m). The increase was mainly due to higher average funding costs, higher net interest-bearing debt and factoring fees. Net currency losses mainly related to the strengthening of the EUR/DKK and conversion costs for the Laotian kip. Financial items are detailed in section 4.1.-844mNET FINANCIAL ITEMS (DKK)Financial items, net, amounted to DKK -844m (2022: DKK -725m). Excluding currency losses and fair value adjustments, financial items, net, amounted to DKK -693m (2022: DKK -506m). The increase was mainly due to the increase in interest rates and average net debt.SECTION 4.1FINANCIAL INCOME AND EXPENSESInterest income primarily relates to interest on cash and cash equivalents and deposits 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 60m (2022: DKK -121m), cf. section 4.9.Foreign exchange losses and fair value adjustments amounted to DKK 151m (2022: DKK 219m).Of the net change in fair value of cash flow hedges transferred or reclassified to the income statement, DKK -280m (2022: DKK 69m) has been included in revenue and cost of sales, DKK -22m in special items (2022: DKK 0m), DKK 0m (2022: DKK -16m) in financial items, DKK -545m (2022: DKK 0m) in loss from discontinued operations, and DKK -18m (2022: DKK -2m) in intangible assets and property, plant and equipment. Foreign exchange adjustments of foreign entities recognised in other comprehensive income amounts to DKK 37,781m, cf. section 4.4.4.Financial items recognised in the income statementDKK million 2023 2022Financial incomeInterest income 381 220Interest on plan assets, defined benefit plans 309 120Other 5 7Total 695 347Financial expensesInterest expenses -752 -519Capitalised financial expenses 8 2Foreign exchange losses, net -151 -219Interest expenses on obligations, defined benefit plans -339 -158Interest expenses, lease liabilities -32 -23Bank fees -142 -78Other -131 -77Total -1,539 -1,072Financial items, net, recognised in the income statement -844 -725Financial items excluding foreign exchange, net -693 -506Financial items recognised in other comprehensive incomeDKK million 2023 2022Foreign exchange adjustments of foreign entitiesForeign currency translation of foreign entities -3,143 -3,926Reclassification of cumulative translation differences of deconsolidated entities 40,924 -Total 37,781 -3,926Fair value adjustments of hedging instrumentsChange in fair value of effective portion of cash flow hedges -174 -313Change in fair value of cash flow hedges transferred or reclassified to the income statement, intangible assets and property, plant and equipment 882 -51Change in fair value of net investment hedges 212 -395Total 920 -759Financial items, net, recognised in other comprehensive income 38,701 -4,685",
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__32-1": {
"value": "Financial items, net, amounted to DKK -844m (2022: DKK -725m). Excluding currency gains and losses, financial items, net, amounted to DKK -693m (2022: DKK -506m). The increase was mainly due to higher average funding costs, higher net interest-bearing debt and factoring fees. Net currency losses mainly related to the strengthening of the EUR/DKK and conversion costs for the Laotian kip. Financial items are detailed in section 4.1.-844mNET FINANCIAL ITEMS (DKK)Financial items, net, amounted to DKK -844m (2022: DKK -725m). Excluding currency losses and fair value adjustments, financial items, net, amounted to DKK -693m (2022: DKK -506m). The increase was mainly due to the increase in interest rates and average net debt.SECTION 4.1FINANCIAL INCOME AND EXPENSESInterest income primarily relates to interest on cash and cash equivalents and deposits 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 60m (2022: DKK -121m), cf. section 4.9.Foreign exchange losses and fair value adjustments amounted to DKK 151m (2022: DKK 219m).Of the net change in fair value of cash flow hedges transferred or reclassified to the income statement, DKK -280m (2022: DKK 69m) has been included in revenue and cost of sales, DKK -22m in special items (2022: DKK 0m), DKK 0m (2022: DKK -16m) in financial items, DKK -545m (2022: DKK 0m) in loss from discontinued operations, and DKK -18m (2022: DKK -2m) in intangible assets and property, plant and equipment. Foreign exchange adjustments of foreign entities recognised in other comprehensive income amounts to DKK 37,781m, cf. section 4.4.4.Financial items recognised in the income statementDKK million 2023 2022Financial incomeInterest income 381 220Interest on plan assets, defined benefit plans 309 120Other 5 7Total 695 347Financial expensesInterest expenses -752 -519Capitalised financial expenses 8 2Foreign exchange losses, net -151 -219Interest expenses on obligations, defined benefit plans -339 -158Interest expenses, lease liabilities -32 -23Bank fees -142 -78Other -131 -77Total -1,539 -1,072Financial items, net, recognised in the income statement -844 -725Financial items excluding foreign exchange, net -693 -506Financial items recognised in other comprehensive incomeDKK million 2023 2022Foreign exchange adjustments of foreign entitiesForeign currency translation of foreign entities -3,143 -3,926Reclassification of cumulative translation differences of deconsolidated entities 40,924 -Total 37,781 -3,926Fair value adjustments of hedging instrumentsChange in fair value of effective portion of cash flow hedges -174 -313Change in fair value of cash flow hedges transferred or reclassified to the income statement, intangible assets and property, plant and equipment 882 -51Change in fair value of net investment hedges 212 -395Total 920 -759Financial items, net, recognised in other comprehensive income 38,701 -4,685",
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__35-1": {
"value": "Tax totalled DKK -1,859m (2022: DKK -1,778m). The effective tax rate was impacted by certain non-recurring items, including adjustments related to prior years and the deconsolidation of the Russian business. Tax is detailed in section 6.1.SECTION 6TAX18.9%TAX RATETotal tax is impacted by non-recurring items. Excluding non-recurring tax impacts the effective tax rate would have been 20.8% (2022: 20.5%). SECTION 6.1INCOME TAXThe nominal weighted tax rate for the Group is calculated as the domestic tax rates applicable to profits in the entities as a proportion of each entity\u2019s share of the Group\u2019s profit before tax.The Group\u2019s total tax cost was DKK 110m less than the nominal weighted tax (2022: DKK 389m). Compared with the nominal weighted tax expense, the total tax expense was impacted by tax incentives related to e.g. R&D incentives, non-deductible expenses and increased withholding tax expenses, resulting in an effective tax rate of 18.9% (2022: 17.9%). The impact from non-recurring items primarily comprised movement in tax on special items, change in recognised tax assets and liabilities and the deconsolidation of the Russian Business. Excluding non-recurring items and tax thereon, the effective tax rate would have been 20.8% (2022: 20.5%).The Carlsberg Group is not expected to be materially impacted by the OECD/EU Pillar Two Model Rules and their local implementation. Most countries where the Group has operations impose taxation in excess of 15%, and the remainder are expected to increase the tax rate such that all markets not covered by the transitional safe harbour rules are still expected to show an effective tax rate in excess of 15%. As such, these rules are not expected to result in either materially increased tax payments or a change to the Group\u2019s effective tax rate.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.Reconciliation of the effective tax rate for the year2023 2022% DKK million % DKK millionNominal weighted tax rate 20.0 1,969 21.7 2,167Change in tax rate - -5 2.1 206Adjustments to tax for prior years 0.2 16 -3.8 -393Non-capitalised tax assets and liabilities -4.4 -428 -2.2 -216Non-taxable income -0.3 -29 -0.2 -22Non-deductible expenses 2.5 248 2.1 214Tax incentives etc. -1.7 -168 -2.3 -229Special items 2.3 219 1.3 126Withholding taxes 1.4 141 0.8 83Other, including tax in associates -1.1 -104 -1.6 -158Effective tax rate for the year 18.9 1,859 17.9 1,778Effective tax rate for the year, excluding the tax effect of transactions in special items and other non-recurring tax impacts 20.8 - 20.5 -Income tax expenses2023 2022Other Total Other Total Income comprehensive comprehensive Income comprehensive comprehensive DKK millionstatementincomeincomestatementincomeincomeTax for the year can be specified as followsCurrent tax 2,012 -8 2,004 2,205 -25 2,180Change in deferred tax and non-current tax payables during the year -164 80 -84 -240 -2 -242Change in deferred tax as a result of change in tax rate -5 - -5 206 - 206Adjustments to tax for prior years 16 - 16 -393 - -393Total 1,859 72 1,931 1,778 -27 1,751Tax recognised in other comprehensive income2023 2022Recognised Tax income/ Recognised Tax income/ DKK millionitem before taxexpense After taxitem before taxexpense After taxForeign exchange adjustments -37,781 - -37,781 3,926 - 3,926Hedging instruments -920 44 -876 759 -100 659Retirement benefit obligations 73 28 101 -586 73 -513Total -38,628 72 -38,556 4,099 -27 4,072",
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}
},
"s9_notesesefdkgaap__7__37": {
"value": "The Carlsberg Group\u2019s share of profit for the period was DKK -40,788m (2022: DKK -1,063m), impacted by the deconsolidation of the Russian business. See section 5.1 for further details. Non-controlling interests\u2019 share of profit for the period was DKK 1,011m (2022: DKK 1,171m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__36-1": {
"value": "The Carlsberg Group\u2019s share of profit for the period was DKK -40,788m (2022: DKK -1,063m), impacted by the deconsolidation of the Russian business. See section 5.1 for further details. Non-controlling interests\u2019 share of profit for the period was DKK 1,011m (2022: DKK 1,171m).Deconsoli-dation of the Russianoperation Deconsolidation of the operation in Russia following the presidential decree issued on 16 July 2023 temporarily transferring management of the business to a government agency.SECTION 5.1DISCONTINUED OPERATIONS On 16 July 2023, the Russian Government issued a presidential decree, temporarily transferring the management of the Group\u2019s Russian subsidiary Baltika Breweries to the Russian Federal Agency for State Property Management. According to the presidential decree, Carlsberg retains title to the shares in Baltika Breweries, but otherwise no longer has any control or influence over the management of the business. The decree was issued shortly after the Group announced it had signed an agreement for the conditional sale of Baltika Breweries. The sales agreement was subsequently terminated. In June 2023, following the signing of the sales agreement and prior to the issuance of the presidential decree, the Russian operation was revalued at fair value less expected cost to sell, resulting in recognition of impairment losses of DKK 1,686m. Following the loss of control over Baltika Breweries, the Russian business was deconsolidated from July 2023. The business had been accounted for as held for sale and presented as discontinued operations since March 2022. Upon deconsolidation, the currency translation and hedging reserves within equity related to the Russian business were reclassified from equity to the income statement and included in the loss from discontinued operations. The accumulated currency translation reserve reclassified to the income statement represented a loss of DKK 40.9bn, around half of which was recognised in December 2014 when the RUB depreciated significantly following the Russian invasion and annexation of Crimea. This figure included the accumulated fair value of net investment hedges of DKK 24m, cf. section 4.7.The accumulated hedging reserve reclassified to the income statement represented a loss of around DKK 0.5bn and included both active hedges and hedges for which hedge accounting was no longer applied, cf. section 4.9.In addition, following the issuance of the decree, the interest retained in Baltika Breweries no longer met the accounting definition of an equity investment and was reclassified as consideration receivable from the Russian Federation for its illegitimate takeover of the Group\u2019s business in Russia. Following reclassification as a receivable, it was written down in full and derecognised, bringing impairment losses recognised in the year to DKK 7,002m (2022: DKK 9,949m). As a consequence of the Group being prevented from disposing of its Russian business on acceptable terms, all licence agreements enabling Baltika Breweries to produce, market and sell the Carlsberg Group\u2019s products, including international and regional brands, were terminated in September 2023. There will be a limited run-off period until 1 April 2024, during which Baltika Breweries may use up existing stock and materials.The issuance of the presidential decree extinguished the Group\u2019s obligation to repay a loan provided by Baltika Breweries. This resulted in a gain of DKK 297m. The Group\u2019s trade receivables of DKK 76m for providing goods and services to the Russian business were considered to be unrecoverable and have therefore been fully impaired. These amounts have been recognised in special items, cf. section 3.1.Financial performance The loss from discontinued operations for 2023 only includes the six months of operation until the time of loss of control. Reported revenue in Russia amounted to DKK 4,305m (2022: DKK 10,207m) and profit to DKK 758m (2022: DKK 1,874m). The net result was DKK -47,748m (2022: DKK -8,075m), impacted by the reclassification from equity of accumulated losses on currency translation and hedges of DKK 41,504m and the write-down of the investment by DKK 7,002m (2022: DKK 9,949m).The cash flow from investing activities in the discontinued operations amounted to DKK -2,588m (2022: DKK -376m), of which DKK -2,495m was the impact from deconsolidating cash and cash equivalents in the Russian operation.Analysis of loss from the discontinued operation in RussiaDKK million 2023 2022 Revenue 4,305 10,207Costs -3,337 -8,228Profit before tax from discontinued operations 968 1,979Income tax -210 -105Profit after tax from discontinued operations 758 1,874Impairment losses -7,002 -9,949Accumulated currency translation and hedging reserves reclassified from equity to the income statement -41,504 -Loss from discontinued operations -47,748 -8,075Major classes of assets and liabilities in the discontinued operation in RussiaDKK million 2023 2022 Intangible assets - 5,483Property, plant and equipment - 2,989Inventories - 1,015Receivables - 937Cash and cash equivalents - 1,194Assets in discontinued operations - 11,618Borrowings - 101Tax liabilities, retirement benefit obligations etc. - 1,144Trade payables - 1,892Other liabilities - 963Liabilities in discontinued operations - 4,100Net assets in discontinued operations - 7,518Net cash flow from the discontinued operation in RussiaDKK million 2023 2022 Cash flow from operating activities 1,531 1,952Cash flow from investing activities -2,588 -376Cash flow from financing activities 63 195Net cash flow from discontinued operations -994 1,771ACCOUNTING 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. After derecognition, the classification is changed to assets and liabilities in discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\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 profit/loss from discontinued operations in the income statement. Comparative figures are restated.Cash flow from discontinued operation is presented separately as net cash flow from discontinued operation 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.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__38-1": {
"value": "54.6EARNINGS PER SHARE, CONTINUING OPERATIONS, ADJUSTED (DKK)Adjusted earnings per share for continuing operations declined by 2.0% to DKK 54.6 (2022: DKK 55.7). Adjusted earnings per share were supported by the share buy-back programmes.Earnings per share were DKK -299.7 due to the deconsolidation of the Russian business.SECTION 8OTHER DISCLOSUREREQUIREMENTS7,425mProfit attributable to shareholders in Carlsberg A/S, adjusted for special items after tax and loss from the discontinued operations (DKK).54.6Earnings per share, adjusted for special items after tax, continuing operations (DKK).SECTION 8.1EARNINGS PER SHAREDuring 2023, the Group repurchased a total of 3.3 million B shares under the share buy-back programmes. The share buy-back programmes decreased the average number of shares by 3.7 million, which in turn increased adjusted earnings per share by DKK 1.5. The adjustment for special items after tax increased adjusted earnings per share by DKK 3.5.For all share-based incentive instruments, the average market price of Carlsberg B shares, including the fair value of services to be received in the future, 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 2023 2022Earnings per share of DKK 20 (EPS) -299.7 -7.6 Continuing operations 51.1 50.1 Discontinued operations -350.8 -57.7 Diluted earnings per share of DKK 20 (EPS-D) -299.7 -7.6 Continuing operations 51.0 50.0 Discontinued operations -350.8 -57.7 Earnings per share, adjusted (EPS-A) 60.0 69.3 Continuing operations 54.6 55.7 Discontinued operations 5.4 13.6 Average number of shares1,000 sharesAverage number of issued shares 138,590 142,527 Average number of treasury shares -2,501 -2,692 Average number of shares 136,089 139,835 Average dilutive effect of share-based incentives 366 368 Diluted average number of shares 136,455 140,203 Profit attributable to shareholdersDKK millionProfit for the period -39,777 108 Non-controlling interests -1,011 -1,171 Profit attributable to shareholders in Carlsberg A/S (net profit) -40,788 -1,063 Special items after tax in continuing and discontinued operations 48,951 10,757 Profit attributable to shareholders in Carlsberg A/S, adjusted 8,163 9,694 Loss from discontinued operations adjusted for special items after tax -738 -1,909 Profit attributable to shareholders in Carlsberg A/S, adjusted, continuing operations 7,425 7,785",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__39-1": {
"value": "11.6bnOPERATING CASH FLOW (DKK)Cash flow from operating activities amounted to DKK 11,607m (2022: DKK 12,949m). The change in trade working capital was DKK +698m (2022: DKK +1,908m), mainly impacted by the increase in trade payables. Average trade working capital to revenue for the year was -20.3% (2022: -21.5%).The change in other working capital was DKK -780m (2022: DKK -465m), impacted by the payment of a competition fine in Germany. Restructuring costs and other special items paidof DKK -552m (2022: DKK -171m) were impacted by the termination of the Kronenbourg 1664 licensee agreement in the UK. Net interest etc. paid amounted to DKK -273m (2022: DKK -1,010m). The improvement was mainly due to gains on the settlement of financial instruments. Corporation tax paid was DKK -2,166m (2022: DKK -2,103m).4.9bnFREE CASH FLOW (DKK)Free cash flow amounted to DKK 4,878m (2022: DKK 9,884m), while free operating cash flow amounted to DKK 7,469m (2022: DKK 9,474m). Free cash flow was negatively impacted in 2023 by the placement of cash in deposits not meeting the definition of cash and cash equivalents. Operational investments totalled DKK -4,138m (2022: DKK -3,475m). Acquisition of property, plant and equipment and intangible assets (CapEx) amounted to DKK -4,243m (2022: DKK -4,018m). Total financial investments amounted to DKK -2,591m (2022: DKK +410m), mainly attributable to the considerations related to the acquisition of Waterloo Brewing in Canada and the placement of cash in deposits.SECTION 1.4CASH FLOW FROM OPERATING ACTIVITIESThe change in trade working capital amounted to DKK 698m (2022: DKK 1,908m), driven by continued cash management discipline and higher trade payables.Average trade working capital to revenue for the year was -20.3% (2022: -21.5%).Cash flow from the change in other working capital declined by DKK 780m (2022: DKK 465m), impacted by the payment of a competition fine in Germany, cf. section 3.2.The change in on-trade loans amounted to DKK -10m (2022: DKK +129m).Restructuring costs and other special items paid amounted to DKK -552m (2022: DKK -171m), mainly due to the termination of a licensee agreement in the UK, as well as various restructuring and optimisation projects across the Group.Net interest etc. paid amounted to DKK -273m (2022: DKK -1,010m). The improvement was largely due to settlement of financial instruments. Income tax paid amounted to DKK -2,166m (2022: DKK -2,103m). 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. 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 2023 2022Other non-cash itemsShare of profit after tax of associates 5.5 -581 -901Gain on disposal of property, plant and equipment and intangible assets, net 2.3 -47 -79Share-based payments 130 97Other items -1 16Total -499 -867Trade working capitalInventories -143 -1,271Trade receivables 223 -232Trade payables, duties payable and deposits on returnable packaging materials 618 3,411Total 698 1,908Other working capitalOther receivables 232 -495Other payables -176 134Retirement benefit obligations and provisions -833 -72Unrealised foreign exchange gains/losses -3 -32Total -780 -465ACCOUNTING ESTIMATES AND JUDGEMENTSThe 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.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. 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
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"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__43-1": {
"value": "SECTION 1.1SEGMENTATION OF OPERATIONSThe segmentation used in the Annual Report 2023 is unchanged from 2022.Since the acquisition, Waterloo Brewing in Canada has been included in Central & Eastern Europe, and Jing-A Group in China has been included in Asia, cf. section 5.3.REVENUE The Group\u2019s revenue arises primarily from the sale of beverages to its customers.In 2023, total revenue was positively impacted by improved revenue/hl growth driven by price increases across all markets in order to offset the significant cost increases. This was supported by a positive product mix. Reported revenue growth was partly offset by a negative currency impact. Other revenue by category is sales of products other than beverages that do not drive any volume, such as merchandise, services and by-products. In aggregate, other revenue accounts for around 1% of Group total revenue and is therefore not considered material.Not allocated revenue, DKK 21m (2022: DKK 16m), consisted of DKK 750m (2022: DKK 733m) in revenue and DKK -729m (2022: DKK -717m) 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 2023 2022Beer revenue 54,312 51,825Other beverages 18,277 17,569Other revenue 996 871Total 73,585 70,265Revenue and excise dutiesDKK million 2023 2022Revenue, including excise duties 97,740 95,147Excise duties -24,155 -24,882Revenue 73,585 70,265Geographical allocation of revenueDKK million 2023 2022Denmark (Carlsberg A/S\u2019 domicile) 4,919 4,487China 13,354 13,781United Kingdom 7,902 7,070Other countries 47,410 44,927Total 73,585 70,265Group financial performanceChange ChangeVolumes (million hl) 2022 Organic Acq., net FX 2023 ReportedBeer 101.0 -0.4% 0.3% - 101.0 -0.1% Other beverages 24.4 -0.9% 0.0% - 24.1 -0.9% Total volume 125.4 -0.5% 0.2% - 125.1 -0.3% DKK millionRevenue 70,265 9.2% 0.6% -5.1% 73,585 4.7% Operating profit11,470 5.2% -0.2% -8.2% 11,105 -3.2% Operating margin (%) 16.3 15.1 -120bpACCOUNTING 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 because of the complexity and the activities agreed with the individual customer. Certain contracts related to specific major events that are held within such a short time period that it is not possible to sell all the goods during the event (e.g. football matches) give the customer the right to return the goods within a specified period. The Group uses the expected value method to estimate the goods that will not be returned, as this method best predicts the amount of variable consideration to which the Group will be entitled. For goods that are expected to be returned, the Group recognises a refund liability instead of revenue.Management makes judgements when deciding whether supporting activities with customers should be classified as a discount or a marketing expense. Generally, activities with an individual customer are accounted for as a discount, whereas costs related to broader marketing activities are classified as marketing expenses.Whether the Group is acting as a principal or an agent is assessed by management on a country-by-country basis. The Group has concluded that it acts as the principal in its revenue arrangements because it controls the goods before transferring them to the customer. Excise duties, taxes and 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 1.5. 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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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__46-1": {
"value": "Segmentation of income statementDKK millionCentral &Western EasternNotBeverages,Non-Carlsberg2023Europe AsiaEuropeallocatedtotalbeverageGroup, totalRevenue 37,317 23,288 12,959 21 73,585 - 73,585Total cost -32,643 -18,329 -10,756 -1,287 -63,015 -46 -63,061Share of profit after tax of associates 307 249 21 - 577 4 581Operating profit before special items 4,981 5,208 2,224 -1,266 11,147 -42 11,105Special items, net -416 -15 -431Financial items, net -803 -41 -844Profit before tax 9,928 -98 9,830Income tax -1,983 124 -1,859Profit from continuing operations 7,945 26 7,971Loss from discontinued operations -47,748 - -47,748Profit for the period -39,803 26 -39,777Operating margin 13.3% 22.4% 17.2% 15.1% 15.1%2022Revenue 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 8,183Loss from discontinued operations -8,075 - -8,075Profit for the period -114 222 108Operating margin 14.2% 22.9% 19.5% 16.1% 16.3%VOLUMESThe organic decline in total volumes was the result of lower volumes in Western Europe and Central & Eastern Europe while Asia continued the volume growth from last year. Reported volume was positively affected by the acquisition of Waterloo Brewing.OPERATING PROFIT BEFORE SPECIAL ITEMSNot allocated operating profit before special items, DKK -1,266m (2022: DKK -1,370m), 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. Group operating profit declined by 3.2%, negatively affected by currency impact. Organic growth in operating profit was 5.2%.OPERATING MARGINThe operating margin declined to 15.1% compared to 16.3% in 2022. The decline was due to lower gross margin and increased marketing investments. NON-CONTROLLING INTERESTSThe Group\u2019s non-controlling interests consist of Lao Brewery, Carlsberg Chongqing Breweries Group, Carlsberg Malaysia Group and Carlsberg Marston\u2019s Brewing Group, as well as other non-controlling interests, primarily in the Asia region. Non-controlling interests are not individually material to the Group\u2019s total profit.CHANGES TO THE SEGMENTATION IN 2024The Group\u2019s regional structure was changed effective 1 January 2024, with the aim of rebalancing the size of the regions after our exit from Russia. As a result of this change, the operation in Carlsberg India and the investment in Gorkha Brewery in Nepal will move from the Asia region to the renamed Central & Eastern Europe and India (CEEI) region. At the same time, Carlsberg Shared Services will move from Not allocated to Western Europe as it mainly provides services to the markets in this region. Please refer to section 9.5 for further disclosures.Group financial performanceChange ChangeVolumes (million hl) 2022 Organic Acq., net FX 2023 ReportedBeer 101.0 -0.4% 0.3% - 101.0 -0.1% Other beverages 24.4 -0.9% 0.0% - 24.1 -0.9% Total volume 125.4 -0.5% 0.2% - 125.1 -0.3% DKK millionRevenue 70,265 9.2% 0.6% -5.1% 73,585 4.7% Operating profit11,470 5.2% -0.2% -8.2% 11,105 -3.2% Operating margin (%) 16.3 15.1 -120bpACCOUNTING 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 because of the complexity and the activities agreed with the individual customer. Certain contracts related to specific major events that are held within such a short time period that it is not possible to sell all the goods during the event (e.g. football matches) give the customer the right to return the goods within a specified period. The Group uses the expected value method to estimate the goods that will not be returned, as this method best predicts the amount of variable consideration to which the Group will be entitled. For goods that are expected to be returned, the Group recognises a refund liability instead of revenue.Management makes judgements when deciding whether supporting activities with customers should be classified as a discount or a marketing expense. Generally, activities with an individual customer are accounted for as a discount, whereas costs related to broader marketing activities are classified as marketing expenses.Whether the Group is acting as a principal or an agent is assessed by management on a country-by-country basis. The Group has concluded that it acts as the principal in its revenue arrangements because it controls the goods before transferring them to the customer. Excise duties, taxes and 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) are made based on information for the Group as a whole and therefore not segmented. A similar approach is taken regarding tax associated with these transactions.The segmentation of the Group\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 disposals, including any share obtained from an increase/decrease in ownership of associates, for a 12-month period from the acquisition/disposal 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, disposals or foreign exchange effects.SECTION 9.5NEW SEGMENTATION2024The regional structure of the Group changed as of 1 January 2024, with the aim of rebalancing the regions in terms of size and number of business units.IFRS 8 requires that an entity discloses information about its operating segments, including profit and loss for each reportable segment. These segment disclosures should follow the \u201cmanagement approach\u201d, meaning they should be the same segments as are regularly reported to management.The disclosure in the Annual Report follows the same regional segmentation as was used in the internal reporting to the Executive Committee throughout 2023. As the management structure was unchanged during 2023, the segmentation used in the Annual Report 2023 continues without any changes compared with 2022.The segmentation changed as of 1 January 2024, when the new management structure took effect. To provide transparency, it has been decided to disclose the effect of the new segmentation had it become effective at 1 January 2023 and as it will be disclosed in the comparative figures for 2023 in the Annual Report 2024.Effect of the new segmentationAs a result of the new segmentation, the entities in India and Nepal will move from the Asia region to Central & Eastern Europe. At the same time, Carlsberg Shared Services will move from Not allocated to Western Europe.Central & Eastern Europe will then be renamed Central & Eastern Europe and India to better reflect its new composition.New segmentation2023Reported RestatedCentral & Central & Eastern Western Eastern Not Western Europe and Not DKK millionEurope AsiaEuropeallocatedEurope AsiaIndiaallocatedRevenue 37,317 23,288 12,959 21 37,317 20,780 15,467 21Total cost -32,643 -18,329 -10,756 -1,287 -32,649 -16,243 -12,842 -1,281Share of profit after tax of associates 307 249 21 - 307 49 221 -Operating profit before special items 4,981 5,208 2,224 -1,266 4,975 4,586 2,846 -1,260Operating margin 13.3% 22.4% 17.2% 13.3% 22.1% 18.4% -Invested capital 34,712 18,293 7,675 -328 34,670 15,976 9,992 -286Invested capital excl. goodwill 14,232 3,897 4,236 -328 14,190 1,776 6,357 -286Acquisition of property, plant and equipment and intangible assets 1,533 1,841 682 177 1,534 1,803 720 176Amortisation and depreciation 1,859 1,363 669 88 1,860 1,288 744 87Impairment losses 338 -100 127 40 338 -100 127 40Return on invested capital (ROIC) 11.4% 21.9% 23.2% - 11.4% 21.9% 22.9% - ROIC excl. goodwill 27.0% 110.2% 40.9% - 27.0% 228.1% 35.4% - Restated 2023New segmentationQ1 Q2 Q3 Q4 H1 H2 FYBeer (million hl)Western Europe 5.9 8.4 7.8 6.6 14.3 14.4 28.7Asia 10.7 11.3 11.3 5.8 22.0 17.1 39.1Central & Eastern Europe and India 6.5 9.6 9.9 7.2 16.1 17.1 33.2Total 23.1 29.3 29.0 19.6 52.4 48.6 101.0Other beverages (million hl)Western Europe 3.2 4.1 3.7 3.7 7.3 7.4 14.7Asia 1.6 1.8 1.2 1.3 3.4 2.5 5.9Central & Eastern Europe and India 0.7 1.0 1.1 0.7 1.7 1.8 3.5Total 5.5 6.9 6.0 5.7 12.4 11.7 24.1Total beverages (million hl)Western Europe 9.1 12.5 11.5 10.3 21.6 21.8 43.4Asia 12.3 13.1 12.5 7.1 25.4 19.6 45.0Central & Eastern Europe and India 7.2 10.6 11.0 7.9 17.8 18.9 36.7Total 28.6 36.2 35.0 25.3 64.8 60.3 125.1Revenue (DKK million)Western Europe 7,551 10,831 10,113 8,822 18,382 18,935 37,317Asia 5,791 5,993 5,572 3,424 11,784 8,996 20,780Central & Eastern Europe and India 3,059 4,557 4,603 3,248 7,616 7,851 15,467Not allocated 4 2 6 9 6 15 21Total 16,405 21,383 20,294 15,503 37,788 35,797 73,585",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "The Group considers all terms and activities in contracts with customers in order to determine the performance obligation, the transaction price and the allocation of the transaction price. If the consideration in a contract includes a variable amount, the Group estimates the consideration to which it will be entitled in exchange for transferring goods to the customer. The variable consideration is estimated at contract inception based on expected sales volumes using historical and year-to-date sales data and other information about trading with the individual customer or with a group of customers. The Group estimates discounts using either the expected value method or the most likely amount method, depending on which method better predicts the amount of consideration to which it will be entitled. The most likely amount method is used for contracts with a single contract sum, while the expected value method is used for contracts with more than one threshold because of the complexity and the activities agreed with the individual customer. Certain contracts related to specific major events that are held within such a short time period that it is not possible to sell all the goods during the event (e.g. football matches) give the customer the right to return the goods within a specified period. The Group uses the expected value method to estimate the goods that will not be returned, as this method best predicts the amount of variable consideration to which the Group will be entitled. For goods that are expected to be returned, the Group recognises a refund liability instead of revenue.Management makes judgements when deciding whether supporting activities with customers should be classified as a discount or a marketing expense. Generally, activities with an individual customer are accounted for as a discount, whereas costs related to broader marketing activities are classified as marketing expenses.Whether the Group is acting as a principal or an agent is assessed by management on a country-by-country basis. The Group has concluded that it acts as the principal in its revenue arrangements because it controls the goods before transferring them to the customer. Excise duties, taxes and 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.At least once a year, management assesses whether the standard cost of inventories approximates the actual cost. During the year, the standard cost is revised if it deviates by more than 5% from the actual cost. Indirect production overheads are calculated on the basis of relevant assumptions as to capacity utilisation, production time and other factors.The calculation of the net realisable value of inventories is relevant to packaging materials, point-of-sale materials and spare parts. The net realisable value is normally not calculated for beer and soft drinks due to their limited shelf-life, which means that slow-moving goods must be scrapped instead.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.On-trade loan agreements are complex, cover several aspects of the customer relationship and may vary from agreement to agreement. Management assesses the recognition and classification of income and expenses for each agreement, including the allocation of payments from the customer between revenue, discounts, interest (other operating activities) and repayment of the loan.Management also assesses both individually and on a portfolio basis whether developments in local conditions for on-trade customers could impact the expected credit losses.Exposure to credit risk on receivables 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 2024.At year-end 2023, management continued to assess the lifetime expected credit losses for both receivables from goods and services and on-trade loans in line with 2022. Expected credit losses are assessed for portfolios of receivables based on customer segments, historical information on payment patterns, terms of payment and concentration maturity. The expected impact includes the risk of insolvencies due to lack of liquidity.The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher risk than receivables from sales of goods and services and are concentrated in a few markets.The 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.The calculation of return on invested capital (ROIC) uses operating profit before special items adjusted for tax based on the effective tax rate, and invested capital excluding assets in discontinued operations, including assets held for sale and trade receivables sold, and excludes contingent considerations and income tax.Identification of cash-generating unitsThe Group\u2019s management structure reflects the geographical segments, cf. section 1.1, and decisions are made by the regional managements responsible for performance, operating investments and growth initiatives in their respective regions. There is significant vertical integration of the production, logistics and sales functions, supporting and promoting optimisations across the Group or within regions.Assets, other than goodwill and brands with regional and global presence, are allocated to individual cash-generating units (CGUs), being the level at which the assets generate largely independent cash inflows. As the Group operates with local sales and production organisations, the cash inflows are 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 Waterloo Brewing Ltd. and Jing-A Group in 2023. The goodwill recognised on the acquisition of Waterloo Brewing Ltd. was allocated to the Central & Eastern Europe CGU, and the goodwill recognised on the Jing-A Group acquisition was allocated to the Asia CGU. Entities classified as held for sale and measured at the lower of carrying amount and 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 1664\u2022 ChongqingInternational 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.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 Fair value less cost of disposalMethod 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 rateGoodwillThe 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 2024-2026 represent management\u2019s best estimate of the impact from the significant inflation in our cost base and increased interest rates. 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 tests are based on observable market data. Please refer to the description of discount rates in section 2.2.4.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 the risk of delays in increasing sales prices to compensate for future rises 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 years\u2019 elevated level of inflation has increased the overall input cost level, especially in Europe. The short- and medium-term forecast incorporates continued pressure on input costs. 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. 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.BrandsThe 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 to the common term of the majority of licence agreements to which the Group is party. In the local markets, the product portfolio usually consists of local power brands and international premium brands. When projecting revenue growth for local brands, in addition to their commercial strength \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 2.2.3.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 5-20 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.Useful life and residual value of intangible assets with finite useful life and property, plant and equipment Useful life and residual value are initially assessed both in acquisitions and in business combinations.Management assesses brands and property, plant and equipment for changes in useful life. If an indication of a reduction in the value or useful life exists, such as changes in production structure, restructuring 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.Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept returns of packaging materials from the market and the level of control. This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and equipment and depreciated over the expected useful life. Lease and service 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.In determining the lease term, management considers all the facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. Extension or termination options are only included in the lease term if the lease is reasonably certain to be extended or not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of purchase options follows the same principles as those applied for extension options. The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not objectively assessable, the Group estimates the costs when separating the service component from the lease.The use of special items entails management judgement in the separation from ordinary items. Management carefully considers individual items and projects (including restructurings) in order to ensure the correct distinction and split between operating activities and significant income and expenses of a special nature.Management initially assesses the entire restructuring project and recognises all present costs of the project. The projects are assessed on an ongoing basis, with additional costs possibly being incurred during the lifetime of the project.The estimate includes expenses related to termination of employees, onerous contracts, break fees and other obligations arising in connection with restructurings. Management reassesses the useful life and residual value of non-current assets used in an entity undergoing restructuring.In connection with restructurings, management assesses the timing of the costs to be incurred, which influences the classification as current or non-current liabilities. Provision for onerous contracts is based on agreed terms with the other party and expected fulfilment of the contract, based on the current estimate of volumes, use of raw materials etc. Management assesses provisions, contingent assets and liabilities, and the likely outcome of pending or probable lawsuits etc. on an ongoing basis. The outcome depends on future events, which are by nature uncertain. In assessing the likely outcome of lawsuits and tax disputes etc., management relies on external legal advice and established precedents.When entering into financial instruments, management assesses whether the instrument is an effective hedge of expected future cash flows or financial investments. The effectiveness of recognised hedging instruments is assessed at least twice a year. Fair values of derivative financial instruments are calculated on the basis of level 2 input consisting of current market data and generally accepted valuation methods. Internally calculated values are used, and these are compared with external market quotes on a quarterly basis. For currency, aluminium and electricity derivatives, the calculation is as follows:a) The forward market rate is compared to the agreed rate on the derivatives, and the difference in cash flow at the future point in time is calculated.b) The amount is discounted to present value. Where relevant the discounting rate includes a credit risk adjustment.When entering into a contract, management assesses whether the contract contains embedded derivatives and whether they meet the criteria for separate classification and recognition. The Group currently does not have any embedded derivatives that meet the criteria for separate classification and recognition.The Group classifies non-current assets and disposal groups as held for sale when management assesses that their carrying amounts will be recovered through a sale rather than continued use. Management\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.Assessment of control The classification of entities where Carlsberg controls less than 100% of the voting rights is based on an assessment of the contractual and operational relationship between the parties. This includes assessing the conditions in shareholder agreements, contracts etc.Consideration is also given to the extent to which each party can govern the financial and operating policies of the entity, how the operation of the entity is designed, and which party possesses the relevant knowledge and competences to operate the entity.Another factor relevant to this assessment is the extent to which each of the parties can direct the activities and affect the returns, for example by means of rights, reserved matters or casting votes.Purchase price allocation 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 2.2.4.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 andcustomer 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 Waterloo Brewing and Jing-A Group\u2019s activities, which are accounted for in the consolidated financial statements, reflect the best estimate of the total fair value of these businesses.The purchase price 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 related to Waterloo Brewing, DKK 533m, was allocated to the Central & Eastern Europe CGU in line with the allocation of the Group\u2019s existing Canadian business. Goodwill related to Jing-A Group, DKK 110m, was allocated to the Asia CGU. The goodwill is not deductible for tax purposes.BrandsThe value of brands was estimated using the Group\u2019s principles described above. Brands with a fair value of DKK 164m were recognised and classified as an intangible asset with an indefinite useful life.Property, plant and 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 27m.Financial impact of acquisitions In 2023, revenue includes DKK 431m from Waterloo Brewing and Jing-A Group. Had the acquisitions been completed at the beginning of the reporting period, revenue would have included DKK 577m. Profit for the period includes DKK -29m from Waterloo Brewing and Jing-A Group. Had the acquisitions been completed at the beginning of the reporting period, profit for the period would have included DKK -31m.The fair value of contingent considerations linked to put options is measured on the basis of level 3 input consisting of non-observable data, such as entity-specific discount rates and industry-specific expectations of price developments, and generally accepted valuation methods, including discounted cash flows and multiples.The 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 assesses uncertain tax positions to ensure recognition and measurement of tax assets and liabilities.The 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.The 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.SECTION 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 their 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 Section 5Acquisitions and disposals, including Section 5contingent considerationsTax assets and liabilities Section 6Defined benefit obligations Section 7",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
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"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__44": {
"value": "RevenueRecognition 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 1.5. 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:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
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"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__41-1": {
"value": "RevenueRecognition 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 1.5. 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) are made based on information for the Group as a whole and therefore not segmented. A similar approach is taken regarding tax associated with these transactions.The segmentation of the Group\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 disposals, including any share obtained from an increase/decrease in ownership of associates, for a 12-month period from the acquisition/disposal 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, disposals or foreign exchange effects.Cost of sales comprises cost of materials used in own-produced finished goods, including malt (barley), hops, glass, cans, other packaging materials, direct labour, indirect production overheads and standard cost variations. Further, it comprises purchased finished goods, which include cost of point-of-sale materials and third-party products sold to customers.Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and software, as well as maintenance and depreciation of machinery, plant and equipment used for production.The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes the purchase cost and costs directly related to bringing inventories to the relevant place of sale and getting them ready for sale, for example insurance, freight and duties.Inventories are measured at the lower of standard cost (own-produced finished goods) and weighted average cost (other inventories), or net realisable value. The net realisable value is the estimated selling price less costs of completion and costs necessary to make the sale, also taking into account marketability, obsolescence and developments in expected selling price.The cost of scrapped/impaired goods is expensed in the function (line item) responsible for the loss, i.e. losses during distribution are included in distribution expenses, while scrapping of products due to sales notmeeting forecasts is included in sales expenses.Marketing 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 is 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.Gains and losses on disposal of intangible assets and property, plant and equipment are determined as the sales price less selling costs and the carrying amount at the disposal date. On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less impairment.Expenses relating to research activities comprise research in 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.Trade payables are recognised initially at fair value and subsequently measured at cost. Trade payables comprise purchase of goods and services, including payables to supplier finance 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. 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.Receivables are recognised initially at the transaction price 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 receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing the same credit risk characteristics and past-due days. Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since initial recognition.In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.The 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 1.1.Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be recoverable. If an asset\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 recoverable amount is assessed based on budget and target plan with reference to the expected future net cash flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied.Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and losses arising on significant restructurings of processes and structural adjustments are recognised 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.Cost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses.Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-out dependent on the brands\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.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised 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 Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the 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 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.Provisions, including profit-sharing provisions, are recognised when, as a result of events arising before or at the reporting date, the Group has a legal or a constructive obligation and it is probable that there may be an outflow of economic benefits to settle the obligation.Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest rate is used as the discount rate. Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to those affected no later than at the reporting date. On acquisition of entities, restructuring provisions in the acquiree are only included in the opening balance when the acquiree has a restructuring liability at the acquisition date. A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from a contract are lower than the unavoidable costs of meeting its obligations under the contract.Other liabilities include excise duties (specific taxes imposed on sales of beer and soft drinks), VAT, withholding tax, accrued interest and payroll, e.g. salaries, overtime, vacation and bonus.Other liabilities (current) are initially recognised at fair value and subsequently at amortised cost.Proposed dividendsThe proposed dividend is recognised as a liability at the date when it is adopted at the Annual General Meeting (declaration date).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.BorrowingsBorrowings 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.Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \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 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. Notional amounts, average hedge rates and the fair values and disclosed in section 4.7.2.Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets that will be transferred in the transaction. After derecognition, the classification is changed to assets and liabilities in discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\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 profit/loss from discontinued operations in the income statement. Comparative figures are restated.Cash flow from discontinued operation is presented separately as net cash flow from discontinued operation 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.AcquisitionsThe acquisition date is the date when the Group effectively obtains control of an acquired subsidiary or significant influence over an associate.The cost of a business combination comprises the fair value of the consideration agreed upon, including the fair value of any consideration contingent on future events.In a step acquisition, the Group gains control of an entity in which it already held a shareholding before gaining control. The shareholding held before the step acquisition is remeasured at fair value at the acquisition date and added to the fair value of the consideration paid for the shareholding acquired in the step acquisition and is accounted for as the total cost of the shareholding in the acquired entity. The gain or loss on the remeasurement is recognised in the income statement under special items.Goodwill and fair value adjustments in connection with the acquisition of an entity are treated as assets and liabilities belonging to the foreign entity and translated into the foreign entity\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.On acquisition of non-controlling interests, i.e. subsequent to the Group obtaining control, acquired net assets are not measured at fair value. The difference between the cost and the non-controlling interests\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.Investments 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.Income tax comprises current tax and changes in deferred tax for the year, including changes as a result of a change in the tax rate. The tax expense relating to the profit/loss for the year is recognised in the income statement, while the tax expense relating to items recognised in other comprehensive income is recognised in the statement of comprehensive income.If the Group obtains a tax deduction on computation of the taxable income in Denmark or in foreign jurisdictions as a result of share-based payment programmes, this tax effect of the programmes is recognised in tax on profit/loss for the year.Current tax payable and receivable are recognised in the statement of financial position as tax for the year, adjusted for tax related to prior years and tax paid.Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. However, deferred tax is not recognised on temporary differences relating to goodwill that is not deductible for tax purposes or on office premises and other items where temporary differences, apart from business combinations, arise at the acquisition date without affecting either profit/loss for the year or taxable income.Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the asset or settlement of the liability.Deferred tax assets, related to tax loss carried forward, are recognised at the expected value of their utilisation, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. Deferred tax assets are recognised only to the extent that it is probable that the assets will be utilised.Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Changes to deferred tax on items recognised in other comprehensive income are, however, recognised in other comprehensive income. Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar Two Model Rules and their local implementation.Staff costs are recognised in the financial year in which the employee renders the related service. The cost of share-based payments, which is expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and provisions or equity, depending on how the programme is settled with the employees.Key management personnel comprise the Executive Committee, excluding the executive directors. Other management personnel included in the share-based payment schemes comprise vice presidents and other key employees in central functions as well as the management of significant subsidiaries.The fair value of granted performance shares is estimated using a stochastic (quasi-Monte Carlo) valuation model of market conditions and a Black-Scholes call option-pricing model of non-market and service conditions, taking into account the terms and conditions upon which the performance shares were granted. The market condition is based on a ranking of the total shareholder return of Carlsberg A/S\u2019 class B shares versus a peer group of publicly traded companies in the alcoholic beverage sector.On initial recognition of performance shares, the number of awards expected to vest is estimated and subsequently revised for any changes. Accordingly, recognition is based on the number of awards that ultimately vest.Contributions paid to a defined contribution plan are recognised in the income statement in the period during which services are rendered by employees. Any contributions outstanding are recognised in the statement of financial position as other liabilities.The Group\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.SECTION 9.2GENERAL ACCOUNTING POLICIESThe Group\u2019s consolidated financial statements for 2023 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.The 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 with 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 used for 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 Accounting Standards do not provide a specific disclosure requirement.Special items are not directly attributable to ordinary operating activities and are shown separately in order to facilitate a better understanding of the Group\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 for the calculation of financial ratios, \u201cRecommendations and Financial Ratios\u201d, unless specifically stated.9.2.1 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 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-2023-12-31-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.Glossary 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.1Net interest-bearing debt3NIBD/EBITDA 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 discontinued operations, 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 loss from the discontinued operations, 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.GLOSSARY1EBITDAOperating profit before depreciation, amortisation and impairment losses.4Free cash flowCash flow from operating activities less cash flow from investing activities.1Leverage ratioNIBD/EBITDA.NCI Non-controlling interests.OCI Other comprehensive income.Off-trade Sale of beverages for consumption off the premises (e.g. retailers).On-trade Sale of beverages for consumption on the premises (e.g. restaurants, hotels and bars).1Operating profit Operating profit before special items.1Organic developmentMeasure of growth excluding the impact of acquisitions, disposals 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 4.3.4 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 2023The Annual Report 2023 has been prepared using the same accounting policies for recognition and measurement as those applied to the consolidated financial statements for 2022, except for the following Amendments that were adopted 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 IAS 12 \u201cIncome Taxes: International Tax Reform - Pillar Two Model Rules\u201d \u2022 Amendments to IFRS 17 \u201cInsurance Contracts\u201d and \u201cInitial application of IFRS 17\" and IFRS 9 \u201cComparative Information\u201dThese Amendments cover areas that are not material and/or relevant for the Group.",
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"s9_notesesefdkgaap__7__45": {
"value": "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 1.5. 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": "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) are made based on information for the Group as a whole and therefore not segmented. A similar approach is taken regarding tax associated with these transactions.The segmentation of the Group\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 disposals, including any share obtained from an increase/decrease in ownership of associates, for a 12-month period from the acquisition/disposal 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, disposals or foreign exchange effects.",
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"value": "1.2.1 COST OF SALES AND INVENTORIESCost of sales increased by 7% compared with 2022, due to higher input and energy costs and higher salaries. Cost of sales per hl increased by 7% compared with 2022.Cost of salesDKK million 2023 2022Cost of materials 23,618 21,655Direct staff costs 1,528 1,521Amortisation and depreciation 2,411 2,536Indirect production overheads 5,067 4,788Purchased finished goods and other costs 8,129 7,698Total 40,753 38,198Cost 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, which include cost of point-of-sale materials and third-party products sold to customers.Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and software, as well as maintenance and depreciation of machinery, plant and equipment used for production.The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes the purchase cost and costs directly related to bringing inventories to the relevant place of sale and getting them ready for sale, for example insurance, freight and duties.",
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"value": "Inventories increased by 2% compared with 2022, impacted by cost increases across markets and the acquisition of Waterloo Brewing.InventoriesDKK million 2023 2022Raw materials 2,359 2,333Work in progress 399 344Finished goods 3,053 3,041Total 5,811 5,718At 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 notmeeting forecasts is included in sales expenses.",
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"s9_notesesefdkgaap__7__58-1": {
"value": "Commodity price risk is associated with externally sourced input materials, such as malt (barley), cans (aluminium), paper, sugar and glass & plastic (PET) bottles. Commodity risk management is coordinated centrally and aimed at achieving predictable prices in the medium term. As the underlying markets for the commodity categories are different, so is the way in which they are hedged.The most common form of hedging is fixed-price purchase agreements with suppliers in local currencies.For barley and aluminium, the two most significant commodity exposures, Group policy is to have a minimum of 70% hedged for a given year by the end of the third quarter of the previous year, with a target hedge ratio of 90% at the beginning of the year.A significant part of the Group\u2019s barley exposure for 2023 had therefore been hedged through fixed-price purchase agreements entered into in 2022. Likewise, the majority of the exposure for 2024 was hedged in 2023.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) and in some contracts the can price is also variable with respect to the aluminium spot premium.The aluminium price risk was hedged for both 2023 and 2024, and for 2024 the aluminium spot premium has been hedged using derivative financial instruments applying hedge percentages in line with the policy. The fair values of the derivative financial instruments are specified in section 4.9.For sugar we enter into rolling forward hedges with suppliers fixing prices linked to official indices, for example NY11. As with barley and aluminium, the majority of the 2023 sugar exposure had been hedged in 2022. Likewise, the majority of the exposure for 2024 was hedged in 2023.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 up to a 15-month rolling basis. For the electricity used at the Fredericia site in Denmark, a 10-year PPA starting mid-2024 has been entered into. The fair value of derivative financial instruments is specified in section 4.9.In January 2023, the Group hedged fuel, linked to distribution expenses, via financial contractsfor 2023 using a similar set-up to how aluminium is hedged. At 31 December there were no fuel hedges for 2024.Hedging of raw material price riskDKK Sensitivity assumingmillion 100% efficiency Time of maturityEffectTonnes Average Aluminium Changeon OCIpurchasedprice (DKK) 2023 2024 20252023 20% 371 116,529 16,238 - 93,582 22,9472022 20% 381 116,454 18,304 93,608 22,846 -Aluminium EffectTonnes Average premium Changeon OCIpurchasedprice (DKK) 2023 2024 20252023 30% 28 60,415 1,343 - 60,415 -EffectMWh Average Energy Changeon OCIpurchasedprice (DKK) < 1 year 1-5 years > 5 years2023 20% 29 289,966 420 12,123 116,000 161,8432022 20% 34 289,966 420 - 99,123 190,843SECTION 4.6INTEREST RATE RISKInterest rate risk is monitored on net financial debt, i.e. borrowings, cash and cash equivalents, deposits and securities and derivative financial instruments. The target is to have a duration between three and eight years. At 31 December 2023, the duration was 5.7 years (2022: 4.1 years). Interest rate risk is mainly managed using fixed-rate bonds, which are all denominated in EUR. At the reporting date, 126% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year (2022: 106%). The increase is due to the increase in both issued bonds and cash and cash equivalents. On a gross debt basis, 76% was at fixed interest rates (2022: 76%). Significant parts 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, 124% of the Group\u2019s net debt is in EUR, which is why the interest rate exposure primarily relates to interest rate developments for EUR.SENSITIVITY ANALYSISTotal cash and cash equivalents including deposits exceeds borrowings with a floating interest rate, hence an increase in interest rates would result in a decrease in net interest expenses. It is estimated that a 1 percentage point interest rate increase across currencies would lead to a decrease in net interest expenses of DKK 61m (2022: DKK 12m). All debts are carried at amortised cost and changes in the interest rate will not impact the carrying amount of debt but will impact the fair value of debt, cf. section 4.5.1. The fair value of total gross borrowings was DKK 652m lower than the carrying amount (2022: DKK 1,952m lower). If all interest rates across tenor and currencies had been 1 percentage point higher at the reporting date, it would have led to a gain of DKK 1,326m (2022: DKK 842m), and a similar loss had the interest rate been 1 percentage point lower. The sensitivity analysis is based on the financial instruments (borrowing, cash and cash equivalents, deposits and securities and derivative financial instruments) recognised at the reporting date. The analysis was performed on the same basis as for 2022.Net financial debt by currencyDKK millionGross Gross Netfinancial debt, Net financial 2023financial debtfinancial debt Fixedfixed %debt, fixed %\u00b9EUR 37,282 29,166 29,291 79% 100% CNY 146 -2,801 - - -USD 214 -273 - - -Other 1,459 -2,609 261 18% -10% Total 39,101 23,483 29,552 76% 126% 2022EUR 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% \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 2023raterate Fixed foramountrate riskIssued bondsEUR 1,000m maturing 28 May 2024 Fixed 2.6% < 1 year 7,448 Fair valueEUR 500m maturing 13 October 2025 Fixed 3.4% 1-2 years 3,718 Fair valueEUR 750m maturing 26 November 2026 Fixed 3.6% 2-3 years 5,578 Fair valueEUR 500m maturing 30 June 2027 Fixed 0.5% 3-4 years 3,711 Fair valueEUR 700m maturing 5 October 2028 Fixed 4.2% 4-5 years 5,179 Fair valueEUR 400m maturing 1 July 2029 Fixed 1.0% > 5 years 2,959 Fair valueEUR 500m maturing 11 March 2030 Fixed 0.7% > 5 years 3,708 Fair valueEUR 600m maturing 5 October 2033 Fixed 4.4 % > 5 years 4,417 Fair valueTotal 2.7% 36,718Total 2022 1.7% 25,184Bank borrowings and other borrowingsFloating-rate Floating 4.1% < 1 year 2,102 Cash flowFixed-rate Fixed 4.5% > 1 year 281 Fair valueTotal 2,383Total 2022 3,462SECTION 4.7FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.7.1 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.Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2023principalof swapswapCHF 285 1,219 1,504NOK 163 383 546EUR 37,282 -9,014 28,268USD 214 2,827 3,041CNY 146 4,170 4,316Other 1,011 415 1,426Total 39,101 - 39,101Total 2022 28,646 - 28,6464.7.2 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 other comprehensive income. The Group hedges part of this foreign exchange exposure by selling foreign currencies via FX forwards and non-deliverable forwards (NDF), 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 2023 review it was decided to increase the hedging of CNY and to temporarily decrease the hedging of NOK. In economic terms, having debt in foreign currency or 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 2024. At 31 December 2023, 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 2023 amounted to DKK -13m (2022: DKK 38m).The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer applies amounted to DKK -1,962m (2022: DKK -2,282m) on a pre-tax basis.Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities. During 2023 losses of DKK 24m regarding hedges of the net investment in RUB were reclassified from equity to the income statement and included in the loss from discontinued operations. Net investment hedges2023 2022Hedging 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 2023 2022 2023 2022 2023 2022 2023 2022 Asset Liability Asset LiabilityCNY -4,707 -3,907 - - 253 -12 0.9713 1.0355 71 -5 83 -MYR -128 -128 - - 16 -21 1.5616 1.5560 12 - - -3HKD - - -3,609 -2,128 84 -49 - - - - - -CHF -294 -310 - - -100 -109 7.8708 7.4334 - -79 - -58NOK -450 -1,300 3,000 3,000 -53 -94 0.6300 0.7179 - -12 16 -SEK - - 2,245 2,217 7 -136 - - - - - -GBP - - 44 -19 -11 6 - - - - - -SGD - - 72 37 -2 20 - - - - - -CAD - - 104 - -6 - - - - - - -Reclassified to the income statement - - - - 24 - - - - - - -Total 212 -395 83 -96 99 -614.7.3 EXCHANGE RATE RISK ON CASH AND BORROWINGSThe main principle for funding 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. 4.7.4 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISIMPACT ON INCOME STATEMENTFor the impact of currency on operating profit and financial items, please refer to sections 1.3 and 4.1 respectively.IMPACT ON STATEMENT OF FINANCIAL POSITIONFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In 2023, net interest-bearing debt increased by DKK 614m (2022: DKK 431m) because of 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 other comprehensive income (OCI) for 2023 as illustrated in the table. The calculation is based on hedges existing as at 31 December 2023.Other comprehensive incomeOther comprehensive income is affected by changes in the fair value of currency derivatives designated as cash flow hedges of future purchases.APPLIED 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.Exchange rate sensitivity - other comprehensive income2023 2022Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0.6412 -722 5% -36 0.7208 -49SEK/DKK 0.6453 -807 5% -40 0.6869 -42PLN/DKK 1.5994 -710 5% -36 1.4694 -35CHF/DKK 7.8496 -628 5% -31 7.5080 -26USD/DKK 6.7677 -162 10% -16 7.5926 38RUB/DKK - - - - 0.1071 -116UAH/DKK 0.1875 -273 20% -55 0.2212 -62Other N/A - 5-30% -28 N/A -53Total -242 -345Applied exchange ratesClosing rate Average rateDKK 2023 2022 2023 2022Swiss franc (CHF) 8.0485 7.5520 7.6744 7.4190Chinese yuan (CNY) 0.9493 1.0106 0.9752 1.0569Euro (EUR) 7.4529 7.4365 7.4510 7.4397Pound sterling (GBP) 8.5759 8.3845 8.5829 8.7235Indian rupee (INR) 0.0812 0.0840 0.0834 0.0903Laotian kip (LAK) 0.0003 0.0004 0.0004 0.0005Norwegian krone (NOK) 0.6630 0.7073 0.6510 0.7374Polish zloty (PLN) 1.7175 1.5887 1.6467 1.5859Ukrainian hryvnia (UAH) 0.1766 0.1909 0.1882 0.2223Swedish krona (SEK) 0.6717 0.6686 0.6491 0.7002",
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"s9_notesesefdkgaap__7__55-1": {
"value": "Cost of sales comprises cost of materials used in own-produced finished goods, including malt (barley), hops, glass, cans, other packaging materials, direct labour, indirect production overheads and standard cost variations. Further, it comprises purchased finished goods, which include cost of point-of-sale materials and third-party products sold to customers.Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and software, as well as maintenance and depreciation of machinery, plant and equipment used for production.The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes the purchase cost and costs directly related to bringing inventories to the relevant place of sale and getting them ready for sale, for example insurance, freight and duties.Marketing 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 is 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.Gains and losses on disposal of intangible assets and property, plant and equipment are determined as the sales price less selling costs and the carrying amount at the disposal date. On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less impairment.Expenses relating to research activities comprise research in 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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"s9_notesesefdkgaap__7__57": {
"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 notmeeting forecasts is included in sales expenses.",
"dimensions": {
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"language": "en",
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"s9_notesesefdkgaap__7__62-1": {
"value": "1.2.2 SALES AND DISTRIBUTION EXPENSES Marketing expenses increased due to accelerated investments in brands and activities. Distribution expenses increased by 6% per hl as a result of increased energy prices. Total marketing, sales and distribution expenses increased by 6%.Sales and distribution expensesDKK million 2023 2022Marketing expenses 6,169 5,793Sales expenses 5,371 5,120Distribution expenses 6,815 6,424Total 18,355 17,337ACCOUNTINGPOLICIESMarketing 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 is 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.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.4.2bnCAPEX (DKK)CapEx increased by DKK 225m, driven by brewery investments in China and Vietnam, as well as various capacity and capability upgrades across the Group. CapEx to amortisation and depreciation, excluding right-of-use assets, increased to 117% (2022: 106%).14.5%ROIC Return on invested capital (ROIC) decreased by 70bp to 14.5% as a result of the lower operating profit due to currencies, partly offset by the lower effective tax rate, which was impacted by non-recurring items. ROIC excluding goodwill declined by 330bp to 38.3%.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 2023 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities645 147 15 807 151 269 11 431 1,238Additions, including right-of-use assets- 74 276 350 506 2,271 2,210 4,987 5,337Disposals- -2 -86 -88 -252 -322 -1,821 -2,395 -2,483Transfers- - 4 4 386 -539 123 -30 -26Foreign exchange adjustments etc.-869 -214 -70 -1,153 -141 -340 -339 -820 -1,973Cost at 31 December40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Disposals- - -85 -85 -170 -299 -1,733 -2,202 -2,287Amortisation and depreciation- 16 172 188 663 1,327 1,803 3,793 3,981Impairment losses- 525 46 571 40 85 46 171 742Reversal of impairment losses- -400 - -400 - - - - -400Transfers- - - - -2 6 -1 3 3Foreign exchange adjustments etc.-86 -115 -30 -231 -3 -121 -194 -318 -549Amortisation, depreciation and impairment losses at 31 December2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December38,315 9,702 1,083 49,100 9,971 9,976 4,458 24,405 73,505Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 184 14 251 449 449Carrying amount at 31 December - - - - 1,156 79 513 1,748 1,748DKK 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 January 54,227 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 assets in discontinued operations -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 December 40,845 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 January 1,743 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 losses 700 - 3 703 2 106 319 427 1,130Transferred to assets in discontinued operations - -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 December 2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December 38,453 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 1,540Property, plant and equipment under construction amounted to DKK 1,728m (2022: DKK 1,197m). Property, plant and equipment under construction are recognised in plant and machinery until completion.Other equipment, fixtures and fittings include transport, office and draught beer equipment, fridges and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights.Useful life and residual value of intangible assets with finite useful life and property, plant and equipment Useful life and residual value are initially assessed both in acquisitions and in business combinations.Management assesses brands and property, plant and equipment for changes in useful life. If an indication of a reduction in the value or useful life exists, such as changes in production structure, restructuring 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.Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept returns of packaging materials from the market and the level of control. This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and equipment and depreciated over the expected useful life.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__66": {
"value": "1.2.3 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 2023 2022Gains and losses on disposal of property, plant and equipment and intangible assets, net 47 79On-trade loans, net 95 30Real estate, net 13 18Research centres, net -132 -107Other, net 101 48Total 124 68",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__65": {
"value": "1.2.3 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 2023 2022Gains and losses on disposal of property, plant and equipment and intangible assets, net 47 79On-trade loans, net 95 30Real estate, net 13 18Research centres, net -132 -107Other, net 101 48Total 124 68",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__64": {
"value": "1.2.3 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 2023 2022Gains and losses on disposal of property, plant and equipment and intangible assets, net 47 79On-trade loans, net 95 30Real estate, net 13 18Research centres, net -132 -107Other, net 101 48Total 124 68",
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__70": {
"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:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__69": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__72-1": {
"value": "SECTION 1.3FOREIGN 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 both in the form of transactional and translational risk. REVENUE BY CURRENCY (%) 2023 (2022)CNY 18% (20%) EUR 19% (18%)GBP 11% (10%) DKK 9% (9%)NOK 6% (7%) CHF 6% (6%)SEK 4% (4%) PLN 4% (4%)LAK 3% (3%) Other 20% (19%)EUR and DKK are in a fixed exchange rate relationship and consequently EUR is not hedged.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 to markets with a functional currency other than EUR. Hedging of EUR against the non-EUR local currencies will effectively eliminate a significant part of the currency risk in the entities\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 accounted for as cash flow hedges, cf. section 4.9. The hedged amounts and the sensitivity analysis regarding these hedges are shown in section 4.7.4.AsiaThe transaction risk is considered to be less significant due to lower purchases of raw and packaging materials in currencies other than the local functional currencies as well as the high correlation between USD and most of the Asian currencies. An exception is Laos, which has a significant spend in USD that is not possible to hedge.Central & Eastern 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 2023 and 2024, 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 against depreciation of the local currencies.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 2023 was CNY due to the 7.7% depreciation of the currency compared with 2022 and the relative share of the Group\u2019s operating profit generated in China. Moving into 2024, the most significant currency volatility exposure in terms of operating profit and translation of net investments in foreign entities is CNY.The foreign exchange risk on translation of revenue or earnings in foreign currencies can not be hedged accounting-wise. To reduce the economic risk, the Group has entered into financial instruments designated as net investment hedges, cf. section 4.7.1.Impact on operating profitDevelopments in exchange rates between DKK and the functional currencies had a negative impact of 8.2% on operating profit measured in DKK.Impact on net financeDevelopments in exchange rates between functional currencies of entities and the currency of cash, borrowings and ordinary trade receivables and payables will impact net finance. The main currencies impacting net finance during 2023 have been RUB, KZT and LAK (receivables and payables) and EUR (borrowings). The combined foreign exchange and fair value adjustment loss in 2023 was DKK 151m net. As at 31 December 2023 there is no RUB exposure.Functional Change in average FX Entities incurrencyrate 2022 to 2023The eurozone EUR 0.2 %China CNY -7.7 %Norway NOK -11.7 %UK GBP -1.6 %Switzerland CHF 3.4 %Sweden SEK -7.3 %Laos LAK -26.5 %Ukraine UAH -15.3 %4.4.4 OTHER COMPREHENSIVE INCOMEOther comprehensive income has mainly been impacted by the reclassification adjustments to the income statement of accumulated currency translation losses of DKK 40.9bn and hedge losses of DKK 0.5bn following the deconsolidation of the Russian operation in July 2023. This was partly offset by negative foreign exchange adjustments of DKK 3.1bn from translation of Group entities with a functional currency other than DKK.Other comprehensive income as recognised in the statement of changes in equityDKK millionNon-Other CurrencyHedgingRetainedcontrollingcomprehen-2023translationreservesearnings Totalinterestssive incomeForeign exchange adjustments of foreign entities 38,025 - 14 38,039 -258 37,781Value adjustments of hedging instruments 212 698 - 910 10 920Retirement benefit obligations - - -64 -64 -9 -73Income tax 13 -56 -28 -71 -1 -72Total 38,250 642 -78 38,814 -258 38,5562022Foreign 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 -4,072SECTION 4.7FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.7.1 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.Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2023principalof swapswapCHF 285 1,219 1,504NOK 163 383 546EUR 37,282 -9,014 28,268USD 214 2,827 3,041CNY 146 4,170 4,316Other 1,011 415 1,426Total 39,101 - 39,101Total 2022 28,646 - 28,6464.7.2 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 other comprehensive income. The Group hedges part of this foreign exchange exposure by selling foreign currencies via FX forwards and non-deliverable forwards (NDF), 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 2023 review it was decided to increase the hedging of CNY and to temporarily decrease the hedging of NOK. In economic terms, having debt in foreign currency or 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 2024. At 31 December 2023, 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 2023 amounted to DKK -13m (2022: DKK 38m).The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer applies amounted to DKK -1,962m (2022: DKK -2,282m) on a pre-tax basis.Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities. During 2023 losses of DKK 24m regarding hedges of the net investment in RUB were reclassified from equity to the income statement and included in the loss from discontinued operations. Net investment hedges2023 2022Hedging 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 2023 2022 2023 2022 2023 2022 2023 2022 Asset Liability Asset LiabilityCNY -4,707 -3,907 - - 253 -12 0.9713 1.0355 71 -5 83 -MYR -128 -128 - - 16 -21 1.5616 1.5560 12 - - -3HKD - - -3,609 -2,128 84 -49 - - - - - -CHF -294 -310 - - -100 -109 7.8708 7.4334 - -79 - -58NOK -450 -1,300 3,000 3,000 -53 -94 0.6300 0.7179 - -12 16 -SEK - - 2,245 2,217 7 -136 - - - - - -GBP - - 44 -19 -11 6 - - - - - -SGD - - 72 37 -2 20 - - - - - -CAD - - 104 - -6 - - - - - - -Reclassified to the income statement - - - - 24 - - - - - - -Total 212 -395 83 -96 99 -614.7.3 EXCHANGE RATE RISK ON CASH AND BORROWINGSThe main principle for funding 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. 4.7.4 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISIMPACT ON INCOME STATEMENTFor the impact of currency on operating profit and financial items, please refer to sections 1.3 and 4.1 respectively.IMPACT ON STATEMENT OF FINANCIAL POSITIONFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In 2023, net interest-bearing debt increased by DKK 614m (2022: DKK 431m) because of 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 other comprehensive income (OCI) for 2023 as illustrated in the table. The calculation is based on hedges existing as at 31 December 2023.Other comprehensive incomeOther comprehensive income is affected by changes in the fair value of currency derivatives designated as cash flow hedges of future purchases.APPLIED 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.Exchange rate sensitivity - other comprehensive income2023 2022Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0.6412 -722 5% -36 0.7208 -49SEK/DKK 0.6453 -807 5% -40 0.6869 -42PLN/DKK 1.5994 -710 5% -36 1.4694 -35CHF/DKK 7.8496 -628 5% -31 7.5080 -26USD/DKK 6.7677 -162 10% -16 7.5926 38RUB/DKK - - - - 0.1071 -116UAH/DKK 0.1875 -273 20% -55 0.2212 -62Other N/A - 5-30% -28 N/A -53Total -242 -345Applied exchange ratesClosing rate Average rateDKK 2023 2022 2023 2022Swiss franc (CHF) 8.0485 7.5520 7.6744 7.4190Chinese yuan (CNY) 0.9493 1.0106 0.9752 1.0569Euro (EUR) 7.4529 7.4365 7.4510 7.4397Pound sterling (GBP) 8.5759 8.3845 8.5829 8.7235Indian rupee (INR) 0.0812 0.0840 0.0834 0.0903Laotian kip (LAK) 0.0003 0.0004 0.0004 0.0005Norwegian krone (NOK) 0.6630 0.7073 0.6510 0.7374Polish zloty (PLN) 1.7175 1.5887 1.6467 1.5859Ukrainian hryvnia (UAH) 0.1766 0.1909 0.1882 0.2223Swedish krona (SEK) 0.6717 0.6686 0.6491 0.7002",
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"s9_notesesefdkgaap__7__71-1": {
"value": "SECTION 1.3FOREIGN 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 both in the form of transactional and translational risk. REVENUE BY CURRENCY (%) 2023 (2022)CNY 18% (20%) EUR 19% (18%)GBP 11% (10%) DKK 9% (9%)NOK 6% (7%) CHF 6% (6%)SEK 4% (4%) PLN 4% (4%)LAK 3% (3%) Other 20% (19%)EUR and DKK are in a fixed exchange rate relationship and consequently EUR is not hedged.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 to markets with a functional currency other than EUR. Hedging of EUR against the non-EUR local currencies will effectively eliminate a significant part of the currency risk in the entities\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 accounted for as cash flow hedges, cf. section 4.9. The hedged amounts and the sensitivity analysis regarding these hedges are shown in section 4.7.4.AsiaThe transaction risk is considered to be less significant due to lower purchases of raw and packaging materials in currencies other than the local functional currencies as well as the high correlation between USD and most of the Asian currencies. An exception is Laos, which has a significant spend in USD that is not possible to hedge.Central & Eastern 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 2023 and 2024, 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 against depreciation of the local currencies.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 2023 was CNY due to the 7.7% depreciation of the currency compared with 2022 and the relative share of the Group\u2019s operating profit generated in China. Moving into 2024, the most significant currency volatility exposure in terms of operating profit and translation of net investments in foreign entities is CNY.The foreign exchange risk on translation of revenue or earnings in foreign currencies can not be hedged accounting-wise. To reduce the economic risk, the Group has entered into financial instruments designated as net investment hedges, cf. section 4.7.1.Impact on operating profitDevelopments in exchange rates between DKK and the functional currencies had a negative impact of 8.2% on operating profit measured in DKK.Impact on net financeDevelopments in exchange rates between functional currencies of entities and the currency of cash, borrowings and ordinary trade receivables and payables will impact net finance. The main currencies impacting net finance during 2023 have been RUB, KZT and LAK (receivables and payables) and EUR (borrowings). The combined foreign exchange and fair value adjustment loss in 2023 was DKK 151m net. As at 31 December 2023 there is no RUB exposure.Functional Change in average FX Entities incurrencyrate 2022 to 2023The eurozone EUR 0.2 %China CNY -7.7 %Norway NOK -11.7 %UK GBP -1.6 %Switzerland CHF 3.4 %Sweden SEK -7.3 %Laos LAK -26.5 %Ukraine UAH -15.3 %4.4.5 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 1.3 and 4.7\u2022 Interest rate risk: section 4.6 \u2022 Commodity risk: section 1.2.1\u2022 Credit risk: sections 1.5.1 and 4.5.2 \u2022 Funding and liquidity risk: section 4.8\u2022 Fair value and fair value adjustments of derivatives used for hedging: sections 4.7.2 and 4.9The 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 48-50).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.ASSESSMENT OF CREDIT RISKThe Group is exposed to credit risk on cash and cash equivalents (including deposits), and derivative financial instruments with a positive fair value depending on the creditworthiness of the counterparty.The Group has established a credit policy under which financial transactions may be entered into only with financial institutions with a solid credit rating, defined as BBB. Carlsberg only enters into FX and aluminium derivatives with relationship banks, and the associated credit risk is mitigated to some extent by entering into ISDA agreements, partly because it is the same group of banks extending loans to the Group.Carlsberg operates with individual limits on banks, based on rating and other factors. For some of the markets in which the Group operates and holds cash, the financial institutions do not have a BBB rating, in which case an exemption is approved by Group Treasury.EXPOSURE TO CREDIT RISK The carrying amount of DKK 15,618m (2022: DKK 8,163m) represents the maximum credit exposure related to cash and cash equivalents and deposits. The credit risk on receivables is described in section 1.5.1SECTION 4.6INTEREST RATE RISKInterest rate risk is monitored on net financial debt, i.e. borrowings, cash and cash equivalents, deposits and securities and derivative financial instruments. The target is to have a duration between three and eight years. At 31 December 2023, the duration was 5.7 years (2022: 4.1 years). Interest rate risk is mainly managed using fixed-rate bonds, which are all denominated in EUR. At the reporting date, 126% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year (2022: 106%). The increase is due to the increase in both issued bonds and cash and cash equivalents. On a gross debt basis, 76% was at fixed interest rates (2022: 76%). Significant parts 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, 124% of the Group\u2019s net debt is in EUR, which is why the interest rate exposure primarily relates to interest rate developments for EUR.SENSITIVITY ANALYSISTotal cash and cash equivalents including deposits exceeds borrowings with a floating interest rate, hence an increase in interest rates would result in a decrease in net interest expenses. It is estimated that a 1 percentage point interest rate increase across currencies would lead to a decrease in net interest expenses of DKK 61m (2022: DKK 12m). All debts are carried at amortised cost and changes in the interest rate will not impact the carrying amount of debt but will impact the fair value of debt, cf. section 4.5.1. The fair value of total gross borrowings was DKK 652m lower than the carrying amount (2022: DKK 1,952m lower). If all interest rates across tenor and currencies had been 1 percentage point higher at the reporting date, it would have led to a gain of DKK 1,326m (2022: DKK 842m), and a similar loss had the interest rate been 1 percentage point lower. The sensitivity analysis is based on the financial instruments (borrowing, cash and cash equivalents, deposits and securities and derivative financial instruments) recognised at the reporting date. The analysis was performed on the same basis as for 2022.Net financial debt by currencyDKK millionGross Gross Netfinancial debt, Net financial 2023financial debtfinancial debt Fixedfixed %debt, fixed %\u00b9EUR 37,282 29,166 29,291 79% 100% CNY 146 -2,801 - - -USD 214 -273 - - -Other 1,459 -2,609 261 18% -10% Total 39,101 23,483 29,552 76% 126% 2022EUR 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% \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 2023raterate Fixed foramountrate riskIssued bondsEUR 1,000m maturing 28 May 2024 Fixed 2.6% < 1 year 7,448 Fair valueEUR 500m maturing 13 October 2025 Fixed 3.4% 1-2 years 3,718 Fair valueEUR 750m maturing 26 November 2026 Fixed 3.6% 2-3 years 5,578 Fair valueEUR 500m maturing 30 June 2027 Fixed 0.5% 3-4 years 3,711 Fair valueEUR 700m maturing 5 October 2028 Fixed 4.2% 4-5 years 5,179 Fair valueEUR 400m maturing 1 July 2029 Fixed 1.0% > 5 years 2,959 Fair valueEUR 500m maturing 11 March 2030 Fixed 0.7% > 5 years 3,708 Fair valueEUR 600m maturing 5 October 2033 Fixed 4.4 % > 5 years 4,417 Fair valueTotal 2.7% 36,718Total 2022 1.7% 25,184Bank borrowings and other borrowingsFloating-rate Floating 4.1% < 1 year 2,102 Cash flowFixed-rate Fixed 4.5% > 1 year 281 Fair valueTotal 2,383Total 2022 3,462SECTION 4.7FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.7.1 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.Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2023principalof swapswapCHF 285 1,219 1,504NOK 163 383 546EUR 37,282 -9,014 28,268USD 214 2,827 3,041CNY 146 4,170 4,316Other 1,011 415 1,426Total 39,101 - 39,101Total 2022 28,646 - 28,6464.7.2 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 other comprehensive income. The Group hedges part of this foreign exchange exposure by selling foreign currencies via FX forwards and non-deliverable forwards (NDF), 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 2023 review it was decided to increase the hedging of CNY and to temporarily decrease the hedging of NOK. In economic terms, having debt in foreign currency or 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 2024. At 31 December 2023, 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 2023 amounted to DKK -13m (2022: DKK 38m).The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer applies amounted to DKK -1,962m (2022: DKK -2,282m) on a pre-tax basis.Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities. During 2023 losses of DKK 24m regarding hedges of the net investment in RUB were reclassified from equity to the income statement and included in the loss from discontinued operations. Net investment hedges2023 2022Hedging 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 2023 2022 2023 2022 2023 2022 2023 2022 Asset Liability Asset LiabilityCNY -4,707 -3,907 - - 253 -12 0.9713 1.0355 71 -5 83 -MYR -128 -128 - - 16 -21 1.5616 1.5560 12 - - -3HKD - - -3,609 -2,128 84 -49 - - - - - -CHF -294 -310 - - -100 -109 7.8708 7.4334 - -79 - -58NOK -450 -1,300 3,000 3,000 -53 -94 0.6300 0.7179 - -12 16 -SEK - - 2,245 2,217 7 -136 - - - - - -GBP - - 44 -19 -11 6 - - - - - -SGD - - 72 37 -2 20 - - - - - -CAD - - 104 - -6 - - - - - - -Reclassified to the income statement - - - - 24 - - - - - - -Total 212 -395 83 -96 99 -614.7.3 EXCHANGE RATE RISK ON CASH AND BORROWINGSThe main principle for funding 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. 4.7.4 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISIMPACT ON INCOME STATEMENTFor the impact of currency on operating profit and financial items, please refer to sections 1.3 and 4.1 respectively.IMPACT ON STATEMENT OF FINANCIAL POSITIONFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In 2023, net interest-bearing debt increased by DKK 614m (2022: DKK 431m) because of 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 other comprehensive income (OCI) for 2023 as illustrated in the table. The calculation is based on hedges existing as at 31 December 2023.Other comprehensive incomeOther comprehensive income is affected by changes in the fair value of currency derivatives designated as cash flow hedges of future purchases.APPLIED 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.Exchange rate sensitivity - other comprehensive income2023 2022Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0.6412 -722 5% -36 0.7208 -49SEK/DKK 0.6453 -807 5% -40 0.6869 -42PLN/DKK 1.5994 -710 5% -36 1.4694 -35CHF/DKK 7.8496 -628 5% -31 7.5080 -26USD/DKK 6.7677 -162 10% -16 7.5926 38RUB/DKK - - - - 0.1071 -116UAH/DKK 0.1875 -273 20% -55 0.2212 -62Other N/A - 5-30% -28 N/A -53Total -242 -345Applied exchange ratesClosing rate Average rateDKK 2023 2022 2023 2022Swiss franc (CHF) 8.0485 7.5520 7.6744 7.4190Chinese yuan (CNY) 0.9493 1.0106 0.9752 1.0569Euro (EUR) 7.4529 7.4365 7.4510 7.4397Pound sterling (GBP) 8.5759 8.3845 8.5829 8.7235Indian rupee (INR) 0.0812 0.0840 0.0834 0.0903Laotian kip (LAK) 0.0003 0.0004 0.0004 0.0005Norwegian krone (NOK) 0.6630 0.7073 0.6510 0.7374Polish zloty (PLN) 1.7175 1.5887 1.6467 1.5859Ukrainian hryvnia (UAH) 0.1766 0.1909 0.1882 0.2223Swedish krona (SEK) 0.6717 0.6686 0.6491 0.7002SECTION 4.8FUNDING 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 payment of suppliers.The Group\u2019s 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 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 2023, bonds accounted for 94% of the gross funding. Committed credit facilities and credit resources availableDKK millionTotal committedUtilised2022 loans and portion of UnutilisedUnutilised credit credit creditcredit 2023facilitiesfacilitiesfacilitiesfacilitiesCurrent< 1 year 9,487 8,338 1,149 1,149Total current committed loans and credit facilities9,487 8,338 1,149 1,149Non-current1-2 years 4,210 4,210 - -2-3 years 20,664 5,752 14,912 -3-4 years 3,838 3,838 - 14,8774-5 years 5,261 5,261 - -> 5 years 11,702 11,702 - -Total non-current committed loans and credit facilities 45,675 30,763 14,912 14,877Cash and cash equivalents and deposits15,618 8,163Current portion of utilised credit facilities - - -8,338 -5,781Credit resources available (total non-current committed loans and credit facilities less net debt)22,192 17,259CREDIT RESOURCES AVAILABLEThe Group uses the term \u201ccredit resources available\u201d to determine the adequacy of access to credit facilities.Credit resources available include cash, deposits and unutilised credit facilities with more than 12 months to maturity less utilised credit facilities with less than 12 months to maturity and uncommitted working capital facilities. Net financial debt is used internally to monitor the Group\u2019s credit resources available. Net financial debt is the Group\u2019s net interest-bearing debt, excluding interest-bearing assets other than cash and deposits, as these assets are not actively managed in relation to liquidity risk. Net financial debt is shown in section 4.3.At 31 December 2023, the Group had total credit resources available of DKK 22,192m, consisting of cash and cash equivalents and deposits of DKK 15,618m plus committed unutilised non-current credit facilities of DKK 14,912m less utilisation of current facilities of DKK 8,338m. Including current credit facilities of DKK 1,149m, total committed unutilised credit facilities amounted to DKK 16,061m.Credit resources available at year-end 2023 were DKK 5bn higher than at year-end 2022, as a result of the 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 and from 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. Cash balances held in Ukraine of DKK 922m are temporarily unavailable for Group purposes due to the ongoing war. 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 39,278m in 2023 (2022: DKK 28,757m), whereas the total carrying amount was DKK 39,101m (2022: DKK\ue7fe28,646m). 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 2023. The cash flow is estimated based on the notional amount of the above-mentioned borrowings and expected interest rates at year-end 2023 and 2022. Interest on debt recognised at year-end 2023 and 2022 for which no contractual obligation exists (current borrowing and other debts) has been included for a two-year period. The synthetic interest on lease liabilities has also been included for a two-year period. The interest applied to the part of the debt where no contractual obligation exists is 4.0% for 2024 and 2.5% for 2025 (2022: 2.8%). The increase is due to the increase in interest rates seen for most currencies during 2023.Time to maturity for non-current borrowingsDKK million2023 1-2 years 2-3 years 3-4 years 4-5 years > 5 years TotalIssued bonds 3,718 5,578 3,711 5,179 11,084 29,270Bank borrowings 67 40 24 5 0 136Lease liabilities 423 134 102 75 601 1,335Other non-current borrowings 2 0 1 2 17 22Total 4,210 5,752 3,838 5,261 11,702 30,763Total 2022 7,904 3,823 105 3,775 7,258 22,865Maturity of financial liabilitiesDKK millionMaturityContractualMaturity> 1 yearMaturityCarrying2023cash flows< 1 year< 5 years> 5 yearsamountDerivative financial instrumentsDerivative financial instruments, payables 295 295 - - 322Non-derivative financial instrumentsGross financial debt 39,278 8,346 19,135 11,797 39,101Interest expenses 4,193 954 2,280 959 N/ATrade payables and other liabilities 23,876 23,876 - - 23,876Contingent liabilities 201 201 - - N/AContingent considerations 5,445 5,141 304 - 5,445Non-derivative financial instruments 72,993 38,518 21,719 12,756 -Financial liabilities 73,288 38,813 21,719 12,756 -Total 2022 59,884 36,082 16,406 7,396 -",
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"s9_notesesefdkgaap__7__76": {
"value": "Trade payables are recognised initially at fair value and subsequently measured at cost. Trade payables comprise purchase of goods and services, including payables to supplier finance 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. 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.",
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"s9_notesesefdkgaap__7__75": {
"value": "Trade payables are recognised initially at fair value and subsequently measured at cost. Trade payables comprise purchase of goods and services, including payables to supplier finance 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. 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.",
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"s9_notesesefdkgaap__7__74-1": {
"value": "Trade payables are recognised initially at fair value and subsequently measured at cost. Trade payables comprise purchase of goods and services, including payables to supplier finance 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. 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.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.",
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"s9_notesesefdkgaap__7__77": {
"value": "SECTION 1.5TRADE AND OTHER RECEIVABLESThe Group\u2019s trade receivables consist of receivables from sales of goods and services and on-trade loans. Non-current receivables consist mainly of on-trade loans that fall due more than one year from the reporting date. Of the total non-current receivables, DKK 124m (2022: DKK 166m) 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 2023 ReceivablesreceivablesreceivablesReceivables from sales of goods and services - 4,866 - 4,866On-trade loans 657 236 - 893Other receivables 224 - 2,476 2,700Total receivables 881 5,102 2,476 8,4592022Receivables 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 8,508RECEIVABLES FROM SALES OF GOODS AND SERVICES(BROKEN DOWN BY COUNTRY)2023 (2022)UK 18% (16%) Sweden 9% (8%)Poland 9% (5%) France 6% (8%)India 4% (4%) Ukraine 3% (2%)Finland 1% (8%) Other 50% (49%)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 4.7% (2022: 3.5%). The interest income is recognised in other operating activities.On-trade loans recognised in other operating activities, netDKK million 2023 2022Interest and amortisation of on-trade loans 60 47Losses and write-downs on on-trade loans 35 -17On-trade loans, net 95 30Change in on-trade loansDKK million 2023 2022Loans provided -448 -261Repayments 218 192Amortisation of on-trade loans 220 198Total -10 129OTHER RECEIVABLESOther receivables primarily comprise VAT and similar government receivables, interest receivables and other financial receivables. These 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 2022.ON-TRADE LOANS(BROKEN DOWN BY COUNTRY)2023 (2022)Germany 32% (29%)France 28% (25%)Switzerland 26% (25%)Sweden 10% (9%)UK 4% (12%)1.5.1 CREDIT RISKIn 2023, receivables not past due amounted to 85% (2022: 78%) of total gross receivables. The past-due share of gross loans to on-trade customers was 34% (2022: 34%). Total accumulated allowances for impairment losses on on-trade loans were DKK 426m (2022: DKK 438m).The share of receivables from sales of goods and services that are past due decreased from 18% to 14%. The credit risk on trade receivables is assessed locally and monitored at Group level. The on-trade channel, especially, has experienced instability across markets, influenced by unpredictable energy prices, inflation and interest rates. As a result, the credit risk for on-trade loans has on a collective basis increased significantly since initial recognition, which is why loss allowances are measured at an amount equal to the lifetime expected credit losses. This is the same as for receivables from sales of goods and services. The increased risk of credit losses is expected to continue in 2024.Credit risk on receivablesDKK millionWeightedGross Loss Receivables, average2023receivablesallowancenetloss rateReceivables from sales of goods and servicesNot past due 4,740 -186 4,554 4% Overdue 1-30 days 362 -97 265 27% Overdue 31-90 days 87 -46 41 53% Overdue > 90 days 343 -337 6 98% Receivables from sales of goods and services 5,532 -666 4,866On-trade loansNot past due 864 -102 762 12% Overdue 1-30 days 15 -2 13 13% Overdue 31-90 days 25 -4 21 16% Overdue > 90 days 415 -318 97 77% On-trade loans 1,319 -426 893Other receivablesNot past due 2,479 -1 2,478 -Overdue 1-30 days 24 - 24 -Overdue 31-90 days 66 - 66 -Overdue > 90 days 145 -13 132 9% Other receivables 2,714 -14 2,700Total 9,565 -1,106 8,459DKK millionWeightedGross Loss Receivables, average2022receivablesallowancenetloss rateReceivables from sales of goods and servicesNot past due 4,453 -126 4,327 3% Overdue 1-30 days 483 -133 350 28% Overdue 31-90 days 191 -62 129 32% Overdue > 90 days 311 -292 19 94% Receivables from sales of goods and services 5,438 -613 4,825On-trade loansNot past due 873 -104 769 12% Overdue 1-30 days 11 - 11 -Overdue 31-90 days 30 -7 23 23% Overdue > 90 days 410 -327 83 80% On-trade loans 1,324 -438 886Other receivablesNot past due 2,168 - 2,168 -Overdue 1-30 days 107 - 107 -Overdue 31-90 days 89 - 89 -Overdue > 90 days 449 -16 433 4% Other receivables 2,813 -16 2,797Total 9,575 -1,067 8,508Development in impairment losses on receivablesDKK million2022Receivables from sales of goods On-trade Other 2023and servicesloansreceivables Total TotalImpairment at 1 January -613 -438 -16 -1,067 -1,106Additional impairment losses recognised -86 -65 - -151 -253Realised during the year 20 7 - 27 69Reversal of impairment losses 39 76 1 116 179Acquisition of entities -24 - - -24 -Foreign exchange adjustments -2 -6 1 -7 16Transferred to discontinued operations - - - - 28Impairment at 31 December -666 -426 -14 -1,106 -1,067ACCOUNTING 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 2024.At year-end 2023, management continued to assess the lifetime expected credit losses for both receivables from goods and services and on-trade loans in line with 2022. Expected credit losses are assessed for portfolios of receivables based on customer segments, historical information on payment patterns, terms of payment and concentration maturity. The expected impact includes the risk of insolvencies due to lack of liquidity.The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher risk than receivables from sales of goods and services and are concentrated in a few markets.The 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.ACCOUNTINGPOLICIESReceivables are recognised initially at the transaction price 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 receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing the same credit risk characteristics and past-due days. Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since initial recognition.In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__79": {
"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 4.7% (2022: 3.5%). The interest income is recognised in other operating activities.On-trade loans recognised in other operating activities, netDKK million 2023 2022Interest and amortisation of on-trade loans 60 47Losses and write-downs on on-trade loans 35 -17On-trade loans, net 95 30Change in on-trade loansDKK million 2023 2022Loans provided -448 -261Repayments 218 192Amortisation of on-trade loans 220 198Total -10 129OTHER RECEIVABLESOther receivables primarily comprise VAT and similar government receivables, interest receivables and other financial receivables. These 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 2022.ON-TRADE LOANS(BROKEN DOWN BY COUNTRY)2023 (2022)Germany 32% (29%)France 28% (25%)Switzerland 26% (25%)Sweden 10% (9%)UK 4% (12%)1.5.1 CREDIT RISKIn 2023, receivables not past due amounted to 85% (2022: 78%) of total gross receivables. The past-due share of gross loans to on-trade customers was 34% (2022: 34%). Total accumulated allowances for impairment losses on on-trade loans were DKK 426m (2022: DKK 438m).The share of receivables from sales of goods and services that are past due decreased from 18% to 14%. The credit risk on trade receivables is assessed locally and monitored at Group level. The on-trade channel, especially, has experienced instability across markets, influenced by unpredictable energy prices, inflation and interest rates. As a result, the credit risk for on-trade loans has on a collective basis increased significantly since initial recognition, which is why loss allowances are measured at an amount equal to the lifetime expected credit losses. This is the same as for receivables from sales of goods and services. The increased risk of credit losses is expected to continue in 2024.Credit risk on receivablesDKK millionWeightedGross Loss Receivables, average2023receivablesallowancenetloss rateReceivables from sales of goods and servicesNot past due 4,740 -186 4,554 4% Overdue 1-30 days 362 -97 265 27% Overdue 31-90 days 87 -46 41 53% Overdue > 90 days 343 -337 6 98% Receivables from sales of goods and services 5,532 -666 4,866On-trade loansNot past due 864 -102 762 12% Overdue 1-30 days 15 -2 13 13% Overdue 31-90 days 25 -4 21 16% Overdue > 90 days 415 -318 97 77% On-trade loans 1,319 -426 893Other receivablesNot past due 2,479 -1 2,478 -Overdue 1-30 days 24 - 24 -Overdue 31-90 days 66 - 66 -Overdue > 90 days 145 -13 132 9% Other receivables 2,714 -14 2,700Total 9,565 -1,106 8,459DKK millionWeightedGross Loss Receivables, average2022receivablesallowancenetloss rateReceivables from sales of goods and servicesNot past due 4,453 -126 4,327 3% Overdue 1-30 days 483 -133 350 28% Overdue 31-90 days 191 -62 129 32% Overdue > 90 days 311 -292 19 94% Receivables from sales of goods and services 5,438 -613 4,825On-trade loansNot past due 873 -104 769 12% Overdue 1-30 days 11 - 11 -Overdue 31-90 days 30 -7 23 23% Overdue > 90 days 410 -327 83 80% On-trade loans 1,324 -438 886Other receivablesNot past due 2,168 - 2,168 -Overdue 1-30 days 107 - 107 -Overdue 31-90 days 89 - 89 -Overdue > 90 days 449 -16 433 4% Other receivables 2,813 -16 2,797Total 9,575 -1,067 8,508Development in impairment losses on receivablesDKK million2022Receivables from sales of goods On-trade Other 2023and servicesloansreceivables Total TotalImpairment at 1 January -613 -438 -16 -1,067 -1,106Additional impairment losses recognised -86 -65 - -151 -253Realised during the year 20 7 - 27 69Reversal of impairment losses 39 76 1 116 179Acquisition of entities -24 - - -24 -Foreign exchange adjustments -2 -6 1 -7 16Transferred to discontinued operations - - - - 28Impairment at 31 December -666 -426 -14 -1,106 -1,067ACCOUNTING 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 2024.At year-end 2023, management continued to assess the lifetime expected credit losses for both receivables from goods and services and on-trade loans in line with 2022. Expected credit losses are assessed for portfolios of receivables based on customer segments, historical information on payment patterns, terms of payment and concentration maturity. The expected impact includes the risk of insolvencies due to lack of liquidity.The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher risk than receivables from sales of goods and services and are concentrated in a few markets.The 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.ACCOUNTINGPOLICIESReceivables are recognised initially at the transaction price 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 receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing the same credit risk characteristics and past-due days. Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since initial recognition.In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__82": {
"value": "1.5.1 CREDIT RISKIn 2023, receivables not past due amounted to 85% (2022: 78%) of total gross receivables. The past-due share of gross loans to on-trade customers was 34% (2022: 34%). Total accumulated allowances for impairment losses on on-trade loans were DKK 426m (2022: DKK 438m).The share of receivables from sales of goods and services that are past due decreased from 18% to 14%. The credit risk on trade receivables is assessed locally and monitored at Group level. The on-trade channel, especially, has experienced instability across markets, influenced by unpredictable energy prices, inflation and interest rates. As a result, the credit risk for on-trade loans has on a collective basis increased significantly since initial recognition, which is why loss allowances are measured at an amount equal to the lifetime expected credit losses. This is the same as for receivables from sales of goods and services. The increased risk of credit losses is expected to continue in 2024.Credit risk on receivablesDKK millionWeightedGross Loss Receivables, average2023receivablesallowancenetloss rateReceivables from sales of goods and servicesNot past due 4,740 -186 4,554 4% Overdue 1-30 days 362 -97 265 27% Overdue 31-90 days 87 -46 41 53% Overdue > 90 days 343 -337 6 98% Receivables from sales of goods and services 5,532 -666 4,866On-trade loansNot past due 864 -102 762 12% Overdue 1-30 days 15 -2 13 13% Overdue 31-90 days 25 -4 21 16% Overdue > 90 days 415 -318 97 77% On-trade loans 1,319 -426 893Other receivablesNot past due 2,479 -1 2,478 -Overdue 1-30 days 24 - 24 -Overdue 31-90 days 66 - 66 -Overdue > 90 days 145 -13 132 9% Other receivables 2,714 -14 2,700Total 9,565 -1,106 8,459DKK millionWeightedGross Loss Receivables, average2022receivablesallowancenetloss rateReceivables from sales of goods and servicesNot past due 4,453 -126 4,327 3% Overdue 1-30 days 483 -133 350 28% Overdue 31-90 days 191 -62 129 32% Overdue > 90 days 311 -292 19 94% Receivables from sales of goods and services 5,438 -613 4,825On-trade loansNot past due 873 -104 769 12% Overdue 1-30 days 11 - 11 -Overdue 31-90 days 30 -7 23 23% Overdue > 90 days 410 -327 83 80% On-trade loans 1,324 -438 886Other receivablesNot past due 2,168 - 2,168 -Overdue 1-30 days 107 - 107 -Overdue 31-90 days 89 - 89 -Overdue > 90 days 449 -16 433 4% Other receivables 2,813 -16 2,797Total 9,575 -1,067 8,508Development in impairment losses on receivablesDKK million2022Receivables from sales of goods On-trade Other 2023and servicesloansreceivables Total TotalImpairment at 1 January -613 -438 -16 -1,067 -1,106Additional impairment losses recognised -86 -65 - -151 -253Realised during the year 20 7 - 27 69Reversal of impairment losses 39 76 1 116 179Acquisition of entities -24 - - -24 -Foreign exchange adjustments -2 -6 1 -7 16Transferred to discontinued operations - - - - 28Impairment at 31 December -666 -426 -14 -1,106 -1,067ACCOUNTING 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 2024.At year-end 2023, management continued to assess the lifetime expected credit losses for both receivables from goods and services and on-trade loans in line with 2022. Expected credit losses are assessed for portfolios of receivables based on customer segments, historical information on payment patterns, terms of payment and concentration maturity. The expected impact includes the risk of insolvencies due to lack of liquidity.The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher risk than receivables from sales of goods and services and are concentrated in a few markets.The 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.ACCOUNTINGPOLICIESReceivables are recognised initially at the transaction price 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 receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing the same credit risk characteristics and past-due days. Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since initial recognition.In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__81-1": {
"value": "1.5.1 CREDIT RISKIn 2023, receivables not past due amounted to 85% (2022: 78%) of total gross receivables. The past-due share of gross loans to on-trade customers was 34% (2022: 34%). Total accumulated allowances for impairment losses on on-trade loans were DKK 426m (2022: DKK 438m).The share of receivables from sales of goods and services that are past due decreased from 18% to 14%. The credit risk on trade receivables is assessed locally and monitored at Group level. The on-trade channel, especially, has experienced instability across markets, influenced by unpredictable energy prices, inflation and interest rates. As a result, the credit risk for on-trade loans has on a collective basis increased significantly since initial recognition, which is why loss allowances are measured at an amount equal to the lifetime expected credit losses. This is the same as for receivables from sales of goods and services. The increased risk of credit losses is expected to continue in 2024.Credit risk on receivablesDKK millionWeightedGross Loss Receivables, average2023receivablesallowancenetloss rateReceivables from sales of goods and servicesNot past due 4,740 -186 4,554 4% Overdue 1-30 days 362 -97 265 27% Overdue 31-90 days 87 -46 41 53% Overdue > 90 days 343 -337 6 98% Receivables from sales of goods and services 5,532 -666 4,866On-trade loansNot past due 864 -102 762 12% Overdue 1-30 days 15 -2 13 13% Overdue 31-90 days 25 -4 21 16% Overdue > 90 days 415 -318 97 77% On-trade loans 1,319 -426 893Other receivablesNot past due 2,479 -1 2,478 -Overdue 1-30 days 24 - 24 -Overdue 31-90 days 66 - 66 -Overdue > 90 days 145 -13 132 9% Other receivables 2,714 -14 2,700Total 9,565 -1,106 8,459DKK millionWeightedGross Loss Receivables, average2022receivablesallowancenetloss rateReceivables from sales of goods and servicesNot past due 4,453 -126 4,327 3% Overdue 1-30 days 483 -133 350 28% Overdue 31-90 days 191 -62 129 32% Overdue > 90 days 311 -292 19 94% Receivables from sales of goods and services 5,438 -613 4,825On-trade loansNot past due 873 -104 769 12% Overdue 1-30 days 11 - 11 -Overdue 31-90 days 30 -7 23 23% Overdue > 90 days 410 -327 83 80% On-trade loans 1,324 -438 886Other receivablesNot past due 2,168 - 2,168 -Overdue 1-30 days 107 - 107 -Overdue 31-90 days 89 - 89 -Overdue > 90 days 449 -16 433 4% Other receivables 2,813 -16 2,797Total 9,575 -1,067 8,508Development in impairment losses on receivablesDKK million2022Receivables from sales of goods On-trade Other 2023and servicesloansreceivables Total TotalImpairment at 1 January -613 -438 -16 -1,067 -1,106Additional impairment losses recognised -86 -65 - -151 -253Realised during the year 20 7 - 27 69Reversal of impairment losses 39 76 1 116 179Acquisition of entities -24 - - -24 -Foreign exchange adjustments -2 -6 1 -7 16Transferred to discontinued operations - - - - 28Impairment at 31 December -666 -426 -14 -1,106 -1,067ACCOUNTING 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 2024.At year-end 2023, management continued to assess the lifetime expected credit losses for both receivables from goods and services and on-trade loans in line with 2022. Expected credit losses are assessed for portfolios of receivables based on customer segments, historical information on payment patterns, terms of payment and concentration maturity. The expected impact includes the risk of insolvencies due to lack of liquidity.The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher risk than receivables from sales of goods and services and are concentrated in a few markets.The 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.ACCOUNTINGPOLICIESReceivables are recognised initially at the transaction price 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 receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing the same credit risk characteristics and past-due days. Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since initial recognition.In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.Cash and depositsDKK million 2023 2022Derivative financial Derivative financial Cash and depositsinstruments Cash and depositsinstrumentsAA range 5,743 3 1,571 33A range 8,476 245 5,580 177BBB range 756 4 546 6Not rated or below BBB range 643 48 466 83Total 15,618 300 8,163 299ASSESSMENT OF CREDIT RISKThe Group is exposed to credit risk on cash and cash equivalents (including deposits), and derivative financial instruments with a positive fair value depending on the creditworthiness of the counterparty.The Group has established a credit policy under which financial transactions may be entered into only with financial institutions with a solid credit rating, defined as BBB. Carlsberg only enters into FX and aluminium derivatives with relationship banks, and the associated credit risk is mitigated to some extent by entering into ISDA agreements, partly because it is the same group of banks extending loans to the Group.Carlsberg operates with individual limits on banks, based on rating and other factors. For some of the markets in which the Group operates and holds cash, the financial institutions do not have a BBB rating, in which case an exemption is approved by Group Treasury.EXPOSURE TO CREDIT RISK The carrying amount of DKK 15,618m (2022: DKK 8,163m) represents the maximum credit exposure related to cash and cash equivalents and deposits. The credit risk on receivables is described in section 1.5.1SECTION 4.8FUNDING 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 payment of suppliers.The Group\u2019s 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 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 2023, bonds accounted for 94% of the gross funding. Committed credit facilities and credit resources availableDKK millionTotal committedUtilised2022 loans and portion of UnutilisedUnutilised credit credit creditcredit 2023facilitiesfacilitiesfacilitiesfacilitiesCurrent< 1 year 9,487 8,338 1,149 1,149Total current committed loans and credit facilities9,487 8,338 1,149 1,149Non-current1-2 years 4,210 4,210 - -2-3 years 20,664 5,752 14,912 -3-4 years 3,838 3,838 - 14,8774-5 years 5,261 5,261 - -> 5 years 11,702 11,702 - -Total non-current committed loans and credit facilities 45,675 30,763 14,912 14,877Cash and cash equivalents and deposits15,618 8,163Current portion of utilised credit facilities - - -8,338 -5,781Credit resources available (total non-current committed loans and credit facilities less net debt)22,192 17,259CREDIT RESOURCES AVAILABLEThe Group uses the term \u201ccredit resources available\u201d to determine the adequacy of access to credit facilities.Credit resources available include cash, deposits and unutilised credit facilities with more than 12 months to maturity less utilised credit facilities with less than 12 months to maturity and uncommitted working capital facilities. Net financial debt is used internally to monitor the Group\u2019s credit resources available. Net financial debt is the Group\u2019s net interest-bearing debt, excluding interest-bearing assets other than cash and deposits, as these assets are not actively managed in relation to liquidity risk. Net financial debt is shown in section 4.3.At 31 December 2023, the Group had total credit resources available of DKK 22,192m, consisting of cash and cash equivalents and deposits of DKK 15,618m plus committed unutilised non-current credit facilities of DKK 14,912m less utilisation of current facilities of DKK 8,338m. Including current credit facilities of DKK 1,149m, total committed unutilised credit facilities amounted to DKK 16,061m.Credit resources available at year-end 2023 were DKK 5bn higher than at year-end 2022, as a result of the 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 and from 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. Cash balances held in Ukraine of DKK 922m are temporarily unavailable for Group purposes due to the ongoing war. 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 39,278m in 2023 (2022: DKK 28,757m), whereas the total carrying amount was DKK 39,101m (2022: DKK\ue7fe28,646m). 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 2023. The cash flow is estimated based on the notional amount of the above-mentioned borrowings and expected interest rates at year-end 2023 and 2022. Interest on debt recognised at year-end 2023 and 2022 for which no contractual obligation exists (current borrowing and other debts) has been included for a two-year period. The synthetic interest on lease liabilities has also been included for a two-year period. The interest applied to the part of the debt where no contractual obligation exists is 4.0% for 2024 and 2.5% for 2025 (2022: 2.8%). The increase is due to the increase in interest rates seen for most currencies during 2023.Time to maturity for non-current borrowingsDKK million2023 1-2 years 2-3 years 3-4 years 4-5 years > 5 years TotalIssued bonds 3,718 5,578 3,711 5,179 11,084 29,270Bank borrowings 67 40 24 5 0 136Lease liabilities 423 134 102 75 601 1,335Other non-current borrowings 2 0 1 2 17 22Total 4,210 5,752 3,838 5,261 11,702 30,763Total 2022 7,904 3,823 105 3,775 7,258 22,865Maturity of financial liabilitiesDKK millionMaturityContractualMaturity> 1 yearMaturityCarrying2023cash flows< 1 year< 5 years> 5 yearsamountDerivative financial instrumentsDerivative financial instruments, payables 295 295 - - 322Non-derivative financial instrumentsGross financial debt 39,278 8,346 19,135 11,797 39,101Interest expenses 4,193 954 2,280 959 N/ATrade payables and other liabilities 23,876 23,876 - - 23,876Contingent liabilities 201 201 - - N/AContingent considerations 5,445 5,141 304 - 5,445Non-derivative financial instruments 72,993 38,518 21,719 12,756 -Financial liabilities 73,288 38,813 21,719 12,756 -Total 2022 59,884 36,082 16,406 7,396 -",
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"s9_notesesefdkgaap__7__78": {
"value": "Receivables are recognised initially at the transaction price 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": {
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__80": {
"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 receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing the same credit risk characteristics and past-due days. Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since initial recognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__83": {
"value": "In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__88-1": {
"value": "111.8bnTOTAL ASSETS (DKK)Total assets declined by DKK 3.5bn. The main reason for the decrease was the deconsolidation of the Russian business, partly offset by higher current assets.Intangible assets amounted to DKK 49.1bn at 31 December 2023 (2022: DKK 49.2bn).Property, plant and equipment totalledDKK 24.4bn (2022: DKK 23.7bn), mainly impacted by additions and the acquisition of Waterloo Brewing in March 2023.Current assets increased by DKK 7.6bn to DKK 30.2bn. The increase was mainly due to higher cash and cash equivalents and deposits following the net issuance of EMTN bonds of EUR 1.55bn.SECTION 2.1SEGMENTATION OF ASSETS AND RETURNSAt year-end, invested capital was up by DKK 0.9bn, primarily due to the acquisition of Waterloo Brewing and the reduction of provisions related to legal claims, and partially offset by developments in currencies.Waterloo Brewing was acquired in March 2023 and therefore did not have a full-year impact on average invested capital. 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. Non-current assets included in invested capital further comprise 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 2023 2022Denmark (Carlsberg A/S\u2019 domicile) 4,792 4,744China 15,612 15,906France 11,125 11,100Other countries 47,413 46,675Total 78,942 78,425Invested capitalDKK million 2023 2022Total assets excluding assets in discontinued operations 111,831 103,723LessTax assets -1,810 -1,731Financial receivables, hedging instruments and receivables sold 217 615Deposits and securities -2,236 -Cash and cash equivalents -13,382 -8,163Assets included 94,620 94,444Trade payables -22,159 -21,917Deposits on returnable packaging materials -1,717 -1,627Provisions, excl. restructurings -2,424 -3,027Other liabilities, excl. hedging instruments and contingent consideration -7,231 -7,662Liabilities offset -33,531 -34,233Invested capital 61,089 60,211Goodwill -38,315 -38,453Invested capital excl. goodwill 22,774 21,758Invested capital, average 62,037 62,053DKK millionCentral & Carlsberg Western Eastern NotBeverages,Non-Group, 2023Europe AsiaEuropeallocatedtotalbeveragetotalInvested capital 34,712 18,293 7,675 -328 60,352 737 61,089Invested capital excl. goodwill 14,232 3,897 4,236 -328 22,037 737 22,774Investments in associates 2,439 2,225 36 6 4,706 731 5,437Acquisition of property, plant and equipment and intangible assets 1,533 1,841 682 177 4,233 10 4,243Amortisation and depreciation 1,859 1,363 669 88 3,979 2 3,981Impairment losses, net 338 -100 127 40 405 - 405Return on invested capital (ROIC) 11.4% 21.9% 23.2% - 14.8% - 14.5% ROIC excl. goodwill 27.0% 110.2% 40.9% - 40.0% - 38.3% 2022Invested 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 1,860 645 132 4,000 18 4,018Amortisation 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%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 discontinued operations, 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 1.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__87-1": {
"value": "111.8bnTOTAL ASSETS (DKK)Total assets declined by DKK 3.5bn. The main reason for the decrease was the deconsolidation of the Russian business, partly offset by higher current assets.Intangible assets amounted to DKK 49.1bn at 31 December 2023 (2022: DKK 49.2bn).Property, plant and equipment totalledDKK 24.4bn (2022: DKK 23.7bn), mainly impacted by additions and the acquisition of Waterloo Brewing in March 2023.Current assets increased by DKK 7.6bn to DKK 30.2bn. The increase was mainly due to higher cash and cash equivalents and deposits following the net issuance of EMTN bonds of EUR 1.55bn.SECTION 2.1SEGMENTATION OF ASSETS AND RETURNSAt year-end, invested capital was up by DKK 0.9bn, primarily due to the acquisition of Waterloo Brewing and the reduction of provisions related to legal claims, and partially offset by developments in currencies.Waterloo Brewing was acquired in March 2023 and therefore did not have a full-year impact on average invested capital. 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. Non-current assets included in invested capital further comprise 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 2023 2022Denmark (Carlsberg A/S\u2019 domicile) 4,792 4,744China 15,612 15,906France 11,125 11,100Other countries 47,413 46,675Total 78,942 78,425Invested capitalDKK million 2023 2022Total assets excluding assets in discontinued operations 111,831 103,723LessTax assets -1,810 -1,731Financial receivables, hedging instruments and receivables sold 217 615Deposits and securities -2,236 -Cash and cash equivalents -13,382 -8,163Assets included 94,620 94,444Trade payables -22,159 -21,917Deposits on returnable packaging materials -1,717 -1,627Provisions, excl. restructurings -2,424 -3,027Other liabilities, excl. hedging instruments and contingent consideration -7,231 -7,662Liabilities offset -33,531 -34,233Invested capital 61,089 60,211Goodwill -38,315 -38,453Invested capital excl. goodwill 22,774 21,758Invested capital, average 62,037 62,053DKK millionCentral & Carlsberg Western Eastern NotBeverages,Non-Group, 2023Europe AsiaEuropeallocatedtotalbeveragetotalInvested capital 34,712 18,293 7,675 -328 60,352 737 61,089Invested capital excl. goodwill 14,232 3,897 4,236 -328 22,037 737 22,774Investments in associates 2,439 2,225 36 6 4,706 731 5,437Acquisition of property, plant and equipment and intangible assets 1,533 1,841 682 177 4,233 10 4,243Amortisation and depreciation 1,859 1,363 669 88 3,979 2 3,981Impairment losses, net 338 -100 127 40 405 - 405Return on invested capital (ROIC) 11.4% 21.9% 23.2% - 14.8% - 14.5% ROIC excl. goodwill 27.0% 110.2% 40.9% - 40.0% - 38.3% 2022Invested 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 1,860 645 132 4,000 18 4,018Amortisation 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%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 discontinued operations, 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 1.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__86-1": {
"value": "111.8bnTOTAL ASSETS (DKK)Total assets declined by DKK 3.5bn. The main reason for the decrease was the deconsolidation of the Russian business, partly offset by higher current assets.Intangible assets amounted to DKK 49.1bn at 31 December 2023 (2022: DKK 49.2bn).Property, plant and equipment totalledDKK 24.4bn (2022: DKK 23.7bn), mainly impacted by additions and the acquisition of Waterloo Brewing in March 2023.Current assets increased by DKK 7.6bn to DKK 30.2bn. The increase was mainly due to higher cash and cash equivalents and deposits following the net issuance of EMTN bonds of EUR 1.55bn.SECTION 2.1SEGMENTATION OF ASSETS AND RETURNSAt year-end, invested capital was up by DKK 0.9bn, primarily due to the acquisition of Waterloo Brewing and the reduction of provisions related to legal claims, and partially offset by developments in currencies.Waterloo Brewing was acquired in March 2023 and therefore did not have a full-year impact on average invested capital. 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. Non-current assets included in invested capital further comprise 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 2023 2022Denmark (Carlsberg A/S\u2019 domicile) 4,792 4,744China 15,612 15,906France 11,125 11,100Other countries 47,413 46,675Total 78,942 78,425Invested capitalDKK million 2023 2022Total assets excluding assets in discontinued operations 111,831 103,723LessTax assets -1,810 -1,731Financial receivables, hedging instruments and receivables sold 217 615Deposits and securities -2,236 -Cash and cash equivalents -13,382 -8,163Assets included 94,620 94,444Trade payables -22,159 -21,917Deposits on returnable packaging materials -1,717 -1,627Provisions, excl. restructurings -2,424 -3,027Other liabilities, excl. hedging instruments and contingent consideration -7,231 -7,662Liabilities offset -33,531 -34,233Invested capital 61,089 60,211Goodwill -38,315 -38,453Invested capital excl. goodwill 22,774 21,758Invested capital, average 62,037 62,053DKK millionCentral & Carlsberg Western Eastern NotBeverages,Non-Group, 2023Europe AsiaEuropeallocatedtotalbeveragetotalInvested capital 34,712 18,293 7,675 -328 60,352 737 61,089Invested capital excl. goodwill 14,232 3,897 4,236 -328 22,037 737 22,774Investments in associates 2,439 2,225 36 6 4,706 731 5,437Acquisition of property, plant and equipment and intangible assets 1,533 1,841 682 177 4,233 10 4,243Amortisation and depreciation 1,859 1,363 669 88 3,979 2 3,981Impairment losses, net 338 -100 127 40 405 - 405Return on invested capital (ROIC) 11.4% 21.9% 23.2% - 14.8% - 14.5% ROIC excl. goodwill 27.0% 110.2% 40.9% - 40.0% - 38.3% 2022Invested 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 1,860 645 132 4,000 18 4,018Amortisation 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%2.2.1 RECOGNISED IMPAIRMENTSThe impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date. Impairment test 2023The impairment tests prepared at 31 December 2023 did not identify any indication of impairment of goodwill. The Group recognised impairment losses of DKK 305m on brands with indefinite useful life in Western Europe, DKK 70m in Central & Eastern Europe and DKK 97m in Asia. In addition, impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe for the use of brands from the discontinued operation in Russia. In total, impairment losses on brands amounted to DKK 525m.Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and equipment, of which DKK 122m was recognised as special items. Impairment losses on other non-current assets totalled DKK 63m and were recognised in special items.Impairment test 2022In 2022, 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 to the impairment test of the Central & Eastern Europe CGU. The tests did not identify any further impairments.In addition, 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.Impairment of discontinued operation in RussiaFollowing the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to the Russian Federal Agency for State Property Management, the business was deconsolidated. In September 2023, the Group terminated its licence agreements with Baltika Breweries for all the international brands sold in Russia and wrote down its interest in the business to zero. Total impairment losses in 2023 amounted to DKK 7,002m (2022: DKK 9,949m).Impairment of non-current assetsDKK million Section 2023 2022Intangible assetsGoodwill 2.2.3 - 700Brands 2.2.4 525 -Other intangible assets 2.2.5 46 3Reversal of impairment losses 2.2.4 -400 -Total 171 703Property, plant and equipmentPlant, machinery and equipment 2.2.5 171 427Total 171 427Other non-current assetsAssets held for sale 2.2.5 14 -10Investment in associates 2.2.5 49 -Total impairment losses, net 405 1,120Of which recognised in special items 3.1 310 786Impairment losses, discontinued operation in Russia, net 5.1 7,002 9,9492.2.2 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, Kronenbourg 1664 and Chongqing are individually material and specified in section 2.2.4.ACCOUNTING ESTIMATES AND JUDGEMENTSIdentification of cash-generating unitsThe Group\u2019s management structure reflects the geographical segments, cf. section 1.1, and decisions are made by the regional managements responsible for performance, operating investments and growth initiatives in their respective regions. There is significant vertical integration of the production, logistics and sales functions, supporting and promoting optimisations across the Group or within regions.Assets, other than goodwill and brands with regional and global presence, are allocated to individual cash-generating units (CGUs), being the level at which the assets generate largely independent cash inflows. As the Group operates with local sales and production organisations, the cash inflows are 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 Waterloo Brewing Ltd. and Jing-A Group in 2023. The goodwill recognised on the acquisition of Waterloo Brewing Ltd. was allocated to the Central & Eastern Europe CGU, and the goodwill recognised on the Jing-A Group acquisition was allocated to the Asia CGU. Entities classified as held for sale and measured at the lower of carrying amount and 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 1664\u2022 ChongqingInternational 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.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 Fair value less cost of disposalMethod 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 recoverable amount is assessed based on budget and target plan with reference to the expected future net cash flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied.Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and losses arising on significant restructurings of processes and structural adjustments are recognised 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.2.2.3 IMPAIRMENT TEST OF GOODWILLThe carrying amount of goodwill allocated to groups of CGUsDKK million 2023 2022Western Europe 20,480 20,241Asia 14,396 15,258Central & Eastern Europe 3,439 2,954Total 38,315 38,453The impairment tests prepared at year-end 2023 did not identify any indication of impairment of goodwill. Estimating 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.GoodwillThe 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 2024-2026 represent management\u2019s best estimate of the impact from the significant inflation in our cost base and increased interest rates. 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 tests are based on observable market data. Please refer to the description of discount rates in section 2.2.4.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 the risk of delays in increasing sales prices to compensate for future rises 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 years\u2019 elevated level of inflation has increased the overall input cost level, especially in Europe. The short- and medium-term forecast incorporates continued pressure on input costs. 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. 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.BrandsThe 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 to the common term of the majority of licence agreements to which the Group is party. In the local markets, the product portfolio usually consists of local power brands and international premium brands. When projecting revenue growth for local brands, in addition to their commercial strength \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 2.2.3.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 5-20 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 2023 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities645 147 15 807 151 269 11 431 1,238Additions, including right-of-use assets- 74 276 350 506 2,271 2,210 4,987 5,337Disposals- -2 -86 -88 -252 -322 -1,821 -2,395 -2,483Transfers- - 4 4 386 -539 123 -30 -26Foreign exchange adjustments etc.-869 -214 -70 -1,153 -141 -340 -339 -820 -1,973Cost at 31 December40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Disposals- - -85 -85 -170 -299 -1,733 -2,202 -2,287Amortisation and depreciation- 16 172 188 663 1,327 1,803 3,793 3,981Impairment losses- 525 46 571 40 85 46 171 742Reversal of impairment losses- -400 - -400 - - - - -400Transfers- - - - -2 6 -1 3 3Foreign exchange adjustments etc.-86 -115 -30 -231 -3 -121 -194 -318 -549Amortisation, depreciation and impairment losses at 31 December2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December38,315 9,702 1,083 49,100 9,971 9,976 4,458 24,405 73,505Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 184 14 251 449 449Carrying amount at 31 December - - - - 1,156 79 513 1,748 1,748DKK 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 January 54,227 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 assets in discontinued operations -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 December 40,845 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 January 1,743 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 losses 700 - 3 703 2 106 319 427 1,130Transferred to assets in discontinued operations - -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 December 2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December 38,453 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 1,540Property, plant and equipment under construction amounted to DKK 1,728m (2022: DKK 1,197m). Property, plant and equipment under construction are recognised in plant and machinery until completion.Other equipment, fixtures and fittings include transport, office and draught beer equipment, fridges and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights. RIGHT-OF-USE ASSETS The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual basis and contain a wide range of different terms and conditions.At 31 December 2023, the carrying amount of right-of-use assets was DKK 1,748m (2022: DKK 1,540m). During the year, additions amounted to DKK 721m (2022: DKK 706m) and depreciation to DKK 449m (2022: DKK 386m).Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK 48m (2022: DKK 49m). Such contracts usually 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, 4.5.1 and 4.8.Cash flow from disposal of property, plant and equipment and intangible assets was DKK 115m (2022: DKK 414m). 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 2023 amounted to DKK 144m (2022: DKK 100m).Amortisation, depreciation and impairment lossesIntangible assets Property, plant and equipmentDKK million 2023 2022\u00b9 2023 2022\u00b9Cost of sales 49 47 2,362 2,489Sales and distribution expenses 117 65 1,190 1,211Administrative expenses 68 108 290 267Special items 125 700 122 96Total 359 920 3,964 4,063\u00b9 Loss from the discontinued operation: intangible assets DKK 12m, and property, plant and equipment DKK 77m.Capital expenditureDKK million 2023 2022Additions, including right-of-use assets 5,337 4,961Less right-of-use assets -721 -706Additions 4,616 4,255Additions payable at the end of the reporting period -363 -145Capitalised depreciations -2 -Capitalised interest expenses -8 -Transferred to assets in discontinued operations - -92Acquisition of property, plant and equipment and intangible assets 4,243 4,018Gain/loss on disposal of assetsDKK million 2023\u00b9 2022\u00b9Gain on disposal of property, plant and equipment and intangible assets 74 110Loss on disposal of property, plant and equipment and intangible assets -27 -31Total 47 79\u00b9 Loss from the discontinued operation DKK 12m (2022: DKK 4m).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.Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept returns of packaging materials from the market and the level of control. This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and equipment and depreciated over the expected useful life. Lease and service 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.In determining the lease term, management considers all the facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. Extension or termination options are only included in the lease term if the lease is reasonably certain to be extended or not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of purchase options follows the same principles as those applied for extension options. The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not objectively assessable, the Group estimates the costs when separating the service component from the lease.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.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised 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 Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the 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.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "111.8bnTOTAL ASSETS (DKK)Total assets declined by DKK 3.5bn. The main reason for the decrease was the deconsolidation of the Russian business, partly offset by higher current assets.Intangible assets amounted to DKK 49.1bn at 31 December 2023 (2022: DKK 49.2bn).Property, plant and equipment totalledDKK 24.4bn (2022: DKK 23.7bn), mainly impacted by additions and the acquisition of Waterloo Brewing in March 2023.Current assets increased by DKK 7.6bn to DKK 30.2bn. The increase was mainly due to higher cash and cash equivalents and deposits following the net issuance of EMTN bonds of EUR 1.55bn.SECTION 2.1SEGMENTATION OF ASSETS AND RETURNSAt year-end, invested capital was up by DKK 0.9bn, primarily due to the acquisition of Waterloo Brewing and the reduction of provisions related to legal claims, and partially offset by developments in currencies.Waterloo Brewing was acquired in March 2023 and therefore did not have a full-year impact on average invested capital. 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. Non-current assets included in invested capital further comprise 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 2023 2022Denmark (Carlsberg A/S\u2019 domicile) 4,792 4,744China 15,612 15,906France 11,125 11,100Other countries 47,413 46,675Total 78,942 78,425Invested capitalDKK million 2023 2022Total assets excluding assets in discontinued operations 111,831 103,723LessTax assets -1,810 -1,731Financial receivables, hedging instruments and receivables sold 217 615Deposits and securities -2,236 -Cash and cash equivalents -13,382 -8,163Assets included 94,620 94,444Trade payables -22,159 -21,917Deposits on returnable packaging materials -1,717 -1,627Provisions, excl. restructurings -2,424 -3,027Other liabilities, excl. hedging instruments and contingent consideration -7,231 -7,662Liabilities offset -33,531 -34,233Invested capital 61,089 60,211Goodwill -38,315 -38,453Invested capital excl. goodwill 22,774 21,758Invested capital, average 62,037 62,053DKK millionCentral & Carlsberg Western Eastern NotBeverages,Non-Group, 2023Europe AsiaEuropeallocatedtotalbeveragetotalInvested capital 34,712 18,293 7,675 -328 60,352 737 61,089Invested capital excl. goodwill 14,232 3,897 4,236 -328 22,037 737 22,774Investments in associates 2,439 2,225 36 6 4,706 731 5,437Acquisition of property, plant and equipment and intangible assets 1,533 1,841 682 177 4,233 10 4,243Amortisation and depreciation 1,859 1,363 669 88 3,979 2 3,981Impairment losses, net 338 -100 127 40 405 - 405Return on invested capital (ROIC) 11.4% 21.9% 23.2% - 14.8% - 14.5% ROIC excl. goodwill 27.0% 110.2% 40.9% - 40.0% - 38.3% 2022Invested 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 1,860 645 132 4,000 18 4,018Amortisation 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%2.2.1 RECOGNISED IMPAIRMENTSThe impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date. Impairment test 2023The impairment tests prepared at 31 December 2023 did not identify any indication of impairment of goodwill. The Group recognised impairment losses of DKK 305m on brands with indefinite useful life in Western Europe, DKK 70m in Central & Eastern Europe and DKK 97m in Asia. In addition, impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe for the use of brands from the discontinued operation in Russia. In total, impairment losses on brands amounted to DKK 525m.Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and equipment, of which DKK 122m was recognised as special items. Impairment losses on other non-current assets totalled DKK 63m and were recognised in special items.Impairment test 2022In 2022, 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 to the impairment test of the Central & Eastern Europe CGU. The tests did not identify any further impairments.In addition, 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.Impairment of discontinued operation in RussiaFollowing the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to the Russian Federal Agency for State Property Management, the business was deconsolidated. In September 2023, the Group terminated its licence agreements with Baltika Breweries for all the international brands sold in Russia and wrote down its interest in the business to zero. Total impairment losses in 2023 amounted to DKK 7,002m (2022: DKK 9,949m).Impairment of non-current assetsDKK million Section 2023 2022Intangible assetsGoodwill 2.2.3 - 700Brands 2.2.4 525 -Other intangible assets 2.2.5 46 3Reversal of impairment losses 2.2.4 -400 -Total 171 703Property, plant and equipmentPlant, machinery and equipment 2.2.5 171 427Total 171 427Other non-current assetsAssets held for sale 2.2.5 14 -10Investment in associates 2.2.5 49 -Total impairment losses, net 405 1,120Of which recognised in special items 3.1 310 786Impairment losses, discontinued operation in Russia, net 5.1 7,002 9,9492.2.2 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, Kronenbourg 1664 and Chongqing are individually material and specified in section 2.2.4.ACCOUNTING ESTIMATES AND JUDGEMENTSIdentification of cash-generating unitsThe Group\u2019s management structure reflects the geographical segments, cf. section 1.1, and decisions are made by the regional managements responsible for performance, operating investments and growth initiatives in their respective regions. There is significant vertical integration of the production, logistics and sales functions, supporting and promoting optimisations across the Group or within regions.Assets, other than goodwill and brands with regional and global presence, are allocated to individual cash-generating units (CGUs), being the level at which the assets generate largely independent cash inflows. As the Group operates with local sales and production organisations, the cash inflows are 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 Waterloo Brewing Ltd. and Jing-A Group in 2023. The goodwill recognised on the acquisition of Waterloo Brewing Ltd. was allocated to the Central & Eastern Europe CGU, and the goodwill recognised on the Jing-A Group acquisition was allocated to the Asia CGU. Entities classified as held for sale and measured at the lower of carrying amount and 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 1664\u2022 ChongqingInternational 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.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 Fair value less cost of disposalMethod 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 recoverable amount is assessed based on budget and target plan with reference to the expected future net cash flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied.Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and losses arising on significant restructurings of processes and structural adjustments are recognised 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.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 2023 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities645 147 15 807 151 269 11 431 1,238Additions, including right-of-use assets- 74 276 350 506 2,271 2,210 4,987 5,337Disposals- -2 -86 -88 -252 -322 -1,821 -2,395 -2,483Transfers- - 4 4 386 -539 123 -30 -26Foreign exchange adjustments etc.-869 -214 -70 -1,153 -141 -340 -339 -820 -1,973Cost at 31 December40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Disposals- - -85 -85 -170 -299 -1,733 -2,202 -2,287Amortisation and depreciation- 16 172 188 663 1,327 1,803 3,793 3,981Impairment losses- 525 46 571 40 85 46 171 742Reversal of impairment losses- -400 - -400 - - - - -400Transfers- - - - -2 6 -1 3 3Foreign exchange adjustments etc.-86 -115 -30 -231 -3 -121 -194 -318 -549Amortisation, depreciation and impairment losses at 31 December2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December38,315 9,702 1,083 49,100 9,971 9,976 4,458 24,405 73,505Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 184 14 251 449 449Carrying amount at 31 December - - - - 1,156 79 513 1,748 1,748DKK 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 January 54,227 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 assets in discontinued operations -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 December 40,845 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 January 1,743 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 losses 700 - 3 703 2 106 319 427 1,130Transferred to assets in discontinued operations - -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 December 2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December 38,453 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 1,540Property, plant and equipment under construction amounted to DKK 1,728m (2022: DKK 1,197m). Property, plant and equipment under construction are recognised in plant and machinery until completion.Other equipment, fixtures and fittings include transport, office and draught beer equipment, fridges and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights. RIGHT-OF-USE ASSETS The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual basis and contain a wide range of different terms and conditions.At 31 December 2023, the carrying amount of right-of-use assets was DKK 1,748m (2022: DKK 1,540m). During the year, additions amounted to DKK 721m (2022: DKK 706m) and depreciation to DKK 449m (2022: DKK 386m).Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK 48m (2022: DKK 49m). Such contracts usually 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, 4.5.1 and 4.8.Cash flow from disposal of property, plant and equipment and intangible assets was DKK 115m (2022: DKK 414m). 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 2023 amounted to DKK 144m (2022: DKK 100m).Amortisation, depreciation and impairment lossesIntangible assets Property, plant and equipmentDKK million 2023 2022\u00b9 2023 2022\u00b9Cost of sales 49 47 2,362 2,489Sales and distribution expenses 117 65 1,190 1,211Administrative expenses 68 108 290 267Special items 125 700 122 96Total 359 920 3,964 4,063\u00b9 Loss from the discontinued operation: intangible assets DKK 12m, and property, plant and equipment DKK 77m.Capital expenditureDKK million 2023 2022Additions, including right-of-use assets 5,337 4,961Less right-of-use assets -721 -706Additions 4,616 4,255Additions payable at the end of the reporting period -363 -145Capitalised depreciations -2 -Capitalised interest expenses -8 -Transferred to assets in discontinued operations - -92Acquisition of property, plant and equipment and intangible assets 4,243 4,018Gain/loss on disposal of assetsDKK million 2023\u00b9 2022\u00b9Gain on disposal of property, plant and equipment and intangible assets 74 110Loss on disposal of property, plant and equipment and intangible assets -27 -31Total 47 79\u00b9 Loss from the discontinued operation DKK 12m (2022: DKK 4m).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.Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept returns of packaging materials from the market and the level of control. This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and equipment and depreciated over the expected useful life. Lease and service 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.In determining the lease term, management considers all the facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. Extension or termination options are only included in the lease term if the lease is reasonably certain to be extended or not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of purchase options follows the same principles as those applied for extension options. The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not objectively assessable, the Group estimates the costs when separating the service component from the lease.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.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised 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 Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the 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.",
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"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__91-1": {
"value": "4.2bnCAPEX (DKK)CapEx increased by DKK 225m, driven by brewery investments in China and Vietnam, as well as various capacity and capability upgrades across the Group. CapEx to amortisation and depreciation, excluding right-of-use assets, increased to 117% (2022: 106%).14.5%ROIC Return on invested capital (ROIC) decreased by 70bp to 14.5% as a result of the lower operating profit due to currencies, partly offset by the lower effective tax rate, which was impacted by non-recurring items. ROIC excluding goodwill declined by 330bp to 38.3%.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 2023 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities645 147 15 807 151 269 11 431 1,238Additions, including right-of-use assets- 74 276 350 506 2,271 2,210 4,987 5,337Disposals- -2 -86 -88 -252 -322 -1,821 -2,395 -2,483Transfers- - 4 4 386 -539 123 -30 -26Foreign exchange adjustments etc.-869 -214 -70 -1,153 -141 -340 -339 -820 -1,973Cost at 31 December40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Disposals- - -85 -85 -170 -299 -1,733 -2,202 -2,287Amortisation and depreciation- 16 172 188 663 1,327 1,803 3,793 3,981Impairment losses- 525 46 571 40 85 46 171 742Reversal of impairment losses- -400 - -400 - - - - -400Transfers- - - - -2 6 -1 3 3Foreign exchange adjustments etc.-86 -115 -30 -231 -3 -121 -194 -318 -549Amortisation, depreciation and impairment losses at 31 December2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December38,315 9,702 1,083 49,100 9,971 9,976 4,458 24,405 73,505Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 184 14 251 449 449Carrying amount at 31 December - - - - 1,156 79 513 1,748 1,748DKK 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 January 54,227 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 assets in discontinued operations -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 December 40,845 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 January 1,743 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 losses 700 - 3 703 2 106 319 427 1,130Transferred to assets in discontinued operations - -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 December 2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December 38,453 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 1,540Property, plant and equipment under construction amounted to DKK 1,728m (2022: DKK 1,197m). Property, plant and equipment under construction are recognised in plant and machinery until completion.Other equipment, fixtures and fittings include transport, office and draught beer equipment, fridges and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights.Useful life and residual value of intangible assets with finite useful life and property, plant and equipment Useful life and residual value are initially assessed both in acquisitions and in business combinations.Management assesses brands and property, plant and equipment for changes in useful life. If an indication of a reduction in the value or useful life exists, such as changes in production structure, restructuring 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.Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept returns of packaging materials from the market and the level of control. This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and equipment and depreciated over the expected useful life.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__90-1": {
"value": "4.2bnCAPEX (DKK)CapEx increased by DKK 225m, driven by brewery investments in China and Vietnam, as well as various capacity and capability upgrades across the Group. CapEx to amortisation and depreciation, excluding right-of-use assets, increased to 117% (2022: 106%).14.5%ROIC Return on invested capital (ROIC) decreased by 70bp to 14.5% as a result of the lower operating profit due to currencies, partly offset by the lower effective tax rate, which was impacted by non-recurring items. ROIC excluding goodwill declined by 330bp to 38.3%.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 2023 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities645 147 15 807 151 269 11 431 1,238Additions, including right-of-use assets- 74 276 350 506 2,271 2,210 4,987 5,337Disposals- -2 -86 -88 -252 -322 -1,821 -2,395 -2,483Transfers- - 4 4 386 -539 123 -30 -26Foreign exchange adjustments etc.-869 -214 -70 -1,153 -141 -340 -339 -820 -1,973Cost at 31 December40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Disposals- - -85 -85 -170 -299 -1,733 -2,202 -2,287Amortisation and depreciation- 16 172 188 663 1,327 1,803 3,793 3,981Impairment losses- 525 46 571 40 85 46 171 742Reversal of impairment losses- -400 - -400 - - - - -400Transfers- - - - -2 6 -1 3 3Foreign exchange adjustments etc.-86 -115 -30 -231 -3 -121 -194 -318 -549Amortisation, depreciation and impairment losses at 31 December2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December38,315 9,702 1,083 49,100 9,971 9,976 4,458 24,405 73,505Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 184 14 251 449 449Carrying amount at 31 December - - - - 1,156 79 513 1,748 1,748DKK 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 January 54,227 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 assets in discontinued operations -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 December 40,845 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 January 1,743 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 losses 700 - 3 703 2 106 319 427 1,130Transferred to assets in discontinued operations - -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 December 2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December 38,453 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 1,540Property, plant and equipment under construction amounted to DKK 1,728m (2022: DKK 1,197m). Property, plant and equipment under construction are recognised in plant and machinery until completion.Other equipment, fixtures and fittings include transport, office and draught beer equipment, fridges and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights.Useful life and residual value of intangible assets with finite useful life and property, plant and equipment Useful life and residual value are initially assessed both in acquisitions and in business combinations.Management assesses brands and property, plant and equipment for changes in useful life. If an indication of a reduction in the value or useful life exists, such as changes in production structure, restructuring 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.Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept returns of packaging materials from the market and the level of control. This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and equipment and depreciated over the expected useful life.",
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"s9_notesesefdkgaap__7__96": {
"value": "SECTION 2.2IMPAIRMENT2.2.1 RECOGNISED IMPAIRMENTSThe impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date. Impairment test 2023The impairment tests prepared at 31 December 2023 did not identify any indication of impairment of goodwill. The Group recognised impairment losses of DKK 305m on brands with indefinite useful life in Western Europe, DKK 70m in Central & Eastern Europe and DKK 97m in Asia. In addition, impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe for the use of brands from the discontinued operation in Russia. In total, impairment losses on brands amounted to DKK 525m.Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and equipment, of which DKK 122m was recognised as special items. Impairment losses on other non-current assets totalled DKK 63m and were recognised in special items.Impairment test 2022In 2022, 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 to the impairment test of the Central & Eastern Europe CGU. The tests did not identify any further impairments.In addition, 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.Impairment of discontinued operation in RussiaFollowing the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to the Russian Federal Agency for State Property Management, the business was deconsolidated. In September 2023, the Group terminated its licence agreements with Baltika Breweries for all the international brands sold in Russia and wrote down its interest in the business to zero. Total impairment losses in 2023 amounted to DKK 7,002m (2022: DKK 9,949m).Impairment of non-current assetsDKK million Section 2023 2022Intangible assetsGoodwill 2.2.3 - 700Brands 2.2.4 525 -Other intangible assets 2.2.5 46 3Reversal of impairment losses 2.2.4 -400 -Total 171 703Property, plant and equipmentPlant, machinery and equipment 2.2.5 171 427Total 171 427Other non-current assetsAssets held for sale 2.2.5 14 -10Investment in associates 2.2.5 49 -Total impairment losses, net 405 1,120Of which recognised in special items 3.1 310 786Impairment losses, discontinued operation in Russia, net 5.1 7,002 9,9492.2.2 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, Kronenbourg 1664 and Chongqing are individually material and specified in section 2.2.4.ACCOUNTING ESTIMATES AND JUDGEMENTSIdentification of cash-generating unitsThe Group\u2019s management structure reflects the geographical segments, cf. section 1.1, and decisions are made by the regional managements responsible for performance, operating investments and growth initiatives in their respective regions. There is significant vertical integration of the production, logistics and sales functions, supporting and promoting optimisations across the Group or within regions.Assets, other than goodwill and brands with regional and global presence, are allocated to individual cash-generating units (CGUs), being the level at which the assets generate largely independent cash inflows. As the Group operates with local sales and production organisations, the cash inflows are 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 Waterloo Brewing Ltd. and Jing-A Group in 2023. The goodwill recognised on the acquisition of Waterloo Brewing Ltd. was allocated to the Central & Eastern Europe CGU, and the goodwill recognised on the Jing-A Group acquisition was allocated to the Asia CGU. Entities classified as held for sale and measured at the lower of carrying amount and 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 1664\u2022 ChongqingInternational 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.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 Fair value less cost of disposalMethod 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 recoverable amount is assessed based on budget and target plan with reference to the expected future net cash flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied.Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and losses arising on significant restructurings of processes and structural adjustments are recognised 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.2.2.3 IMPAIRMENT TEST OF GOODWILLThe carrying amount of goodwill allocated to groups of CGUsDKK million 2023 2022Western Europe 20,480 20,241Asia 14,396 15,258Central & Eastern Europe 3,439 2,954Total 38,315 38,453The impairment tests prepared at year-end 2023 did not identify any indication of impairment of goodwill. Estimating 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.Key assumptionsForecast Terminal Pre-tax cash flow period discount 2023growthgrowthrateWesternEurope -17.0% 0.5% 3.4%Asia -16.2% 1.0% 4.3%Central &EasternEurope -0.9% 2.0% 8.2%2022WesternEurope -11.4% 0.5% 3.0%Asia -12.7% 1.0% 4.5%Central &EasternEurope -21.4% 2.0% 9.8%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.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 2024-2026 represent management\u2019s best estimate of the impact from the significant inflation in our cost base and increased interest rates. 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 tests are based on observable market data. Please refer to the description of discount rates in section 2.2.4.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 the risk of delays in increasing sales prices to compensate for future rises 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 years\u2019 elevated level of inflation has increased the overall input cost level, especially in Europe. The short- and medium-term forecast incorporates continued pressure on input costs. 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. 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.2.2.4 IMPAIRMENT TEST OF BRANDSIn 2023, significant brands represented 66% (2022: 62%) of the total carrying amount of brands with indefinite useful life.Brands with indefinite useful lifeDKK million 2023 2022International brands 3,000 3,000Kronenbourg 1664 1,950 1,948Chongqing 1,293 954Significant brands 6,243 5,902Western Europe 1,028 1,318Asia 363 503Central & Eastern Europe 920 846Not allocated 945 941Other brands 3,256 3,608Total brands 9,499 9,510Other brands comprise a total of 20 brands (2022: 19 brands) that are not individually material compared with the total carrying amount.Impairment of brands in Western Europe In the UK, the ale category has been severely impacted by the COVID-19 pandemic and secular trends, and the long-term expectations for the ale brands was therefore updated, leading to the recognition of impairment losses of DKK 305m.Impairment of brands in Central & Eastern EuropeA local Lithuanian mainstream brand has experienced a decline in exports, resulting in impairment losses of DKK 70m.Brand rights in Central & Eastern Europe for the use of brands from the discontinued operation in Russia were unilaterally terminated by Carlsberg, resulting in recognition of impairment losses of DKK 53m. Impairment of brands in AsiaIn Cambodia our business operates in a very challenging environment both in terms of competitive conditions and consumer sentiment. In 2020, this led to the recognition of an impairment loss of DKK 200m on the local Angkor brand. The beer market has remained weak and is still far from having fully recovered to its 2019 level before COVID-19. In addition, a change in consumer preference has resulted in a decline in volumes and margins, in particular for the beer category.This led to a reassessment of the recoverable amount of the assets in the operation, including the brand, and resulted in the full write-down of the remaining carrying amount of the brand of DKK 97m.The Chinese mainstream brand Chongqing was last impaired in 2016, following sales declines due to premiumisation in the Chinese market. Since then, brand volumes have recovered significantly, and expectations for the mainstream category in China have improved. As a result, impairments of DKK 400m were reversed.Key assumptionsAverage Terminal Pre-tax Post-tax revenue period discount discount 2023growthgrowthraterateInternational brands 2.6% 1.9% 6.9% 6.6%Kronenbourg 1664 2.8% 1.6% 7.2% 6.7%Chongqing 2.0% 1.5% 7.8% 7.4%2022International brands 2.4% 1.9% 6.7% 6.5%Kronenbourg 1664 2.4% 1.6% 6.6% 6.4%Chongqing 0.1% 1.0% 6.7% 6.4%ACCOUNTING 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 to the common term of the majority of licence agreements to which the Group is party. In the local markets, the product portfolio usually consists of local power brands and international premium brands. When projecting revenue growth for local brands, in addition to their commercial strength \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 2.2.3.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 5-20 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.2.2.5 IMPAIRMENT OF OTHER ASSETSIn 2023, impairment losses were recognised on intangible assets, DKK 46m, property, plant and equipment, DKK 171m, and other non-current assets, DKK 63m, totalling DKK 280m. Impairment of non-current assets in Cambodia, DKK 152mAs mentioned above in section 2.2.4, our business in Cambodia is facing challenges, which led to a reassessment of the recoverable amount of the assets in the operation.The reassessment showed that DKK 103m of property, plant and equipment was lying idle and this has therefore been impaired. Consequently, a local investment of DKK 49m in a joint venture manufacturing can bodies has also been impaired.Other impairments, DKK 128mImpairment losses of DKK 46m on other intangible assets primarily relate to centrally owned IT assets. Other impairment losses of DKK 68m on property, plant and equipment related partly to flooding in China. The decision to close Ringwood Brewery in the UK resulted in a write-down of assets held for sale of DKK 14m.2.2.6 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 2023 to ensure that no potential impairment had been overlooked. These did not identify any potential impairment. GOODWILLThe test for impairment of goodwill did not identify any CGUs or groups of CGUs to which goodwill is allocated where a reasonably possible negative change in a key assumption would cause the carrying amount to exceed the recoverable amount.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 these brands to be low.Key assumptionsThe key assumptions relevant to the assessment of the recoverable amount are:\u2022 Useful lifetime \u2022 Volume and price \u2022 Royalty rate \u2022 Discount rateThe assumptions for volume and price are closely linked, which, together with the presence of multiple sub-brands in various geographies within each brand, makes individual sensitivity testing on the basis of these two assumptions highly impractical. Instead, sensitivity testing is performed for the overall revenue growth rate, in both the forecast period and the terminal period.",
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"s9_notesesefdkgaap__7__103-1": {
"value": "2.2.1 RECOGNISED IMPAIRMENTSThe impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date. Impairment test 2023The impairment tests prepared at 31 December 2023 did not identify any indication of impairment of goodwill. The Group recognised impairment losses of DKK 305m on brands with indefinite useful life in Western Europe, DKK 70m in Central & Eastern Europe and DKK 97m in Asia. In addition, impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe for the use of brands from the discontinued operation in Russia. In total, impairment losses on brands amounted to DKK 525m.Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and equipment, of which DKK 122m was recognised as special items. Impairment losses on other non-current assets totalled DKK 63m and were recognised in special items.Impairment test 2022In 2022, 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 to the impairment test of the Central & Eastern Europe CGU. The tests did not identify any further impairments.In addition, 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.Impairment of discontinued operation in RussiaFollowing the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to the Russian Federal Agency for State Property Management, the business was deconsolidated. In September 2023, the Group terminated its licence agreements with Baltika Breweries for all the international brands sold in Russia and wrote down its interest in the business to zero. Total impairment losses in 2023 amounted to DKK 7,002m (2022: DKK 9,949m).Impairment of non-current assetsDKK million Section 2023 2022Intangible assetsGoodwill 2.2.3 - 700Brands 2.2.4 525 -Other intangible assets 2.2.5 46 3Reversal of impairment losses 2.2.4 -400 -Total 171 703Property, plant and equipmentPlant, machinery and equipment 2.2.5 171 427Total 171 427Other non-current assetsAssets held for sale 2.2.5 14 -10Investment in associates 2.2.5 49 -Total impairment losses, net 405 1,120Of which recognised in special items 3.1 310 786Impairment losses, discontinued operation in Russia, net 5.1 7,002 9,9492.2.2 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, Kronenbourg 1664 and Chongqing are individually material and specified in section 2.2.4.ACCOUNTING ESTIMATES AND JUDGEMENTSIdentification of cash-generating unitsThe Group\u2019s management structure reflects the geographical segments, cf. section 1.1, and decisions are made by the regional managements responsible for performance, operating investments and growth initiatives in their respective regions. There is significant vertical integration of the production, logistics and sales functions, supporting and promoting optimisations across the Group or within regions.Assets, other than goodwill and brands with regional and global presence, are allocated to individual cash-generating units (CGUs), being the level at which the assets generate largely independent cash inflows. As the Group operates with local sales and production organisations, the cash inflows are 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 Waterloo Brewing Ltd. and Jing-A Group in 2023. The goodwill recognised on the acquisition of Waterloo Brewing Ltd. was allocated to the Central & Eastern Europe CGU, and the goodwill recognised on the Jing-A Group acquisition was allocated to the Asia CGU. Entities classified as held for sale and measured at the lower of carrying amount and 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 1664\u2022 ChongqingInternational 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.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 Fair value less cost of disposalMethod 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 recoverable amount is assessed based on budget and target plan with reference to the expected future net cash flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied.Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and losses arising on significant restructurings of processes and structural adjustments are recognised 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.SECTION 5.5ASSOCIATESInvestments in associates mainly include the businesses in Portugal (60%), Myanmar (61%), Gorkha Brewery in Nepal (90%), Carlsberg Byen in Denmark (25%) and four associates in China (50%). The total investment in these associates amounted to DKK 4,340m at 31 December 2023 (2022: DKK 4,307m). The Group\u2019s ownership of Super Bock Group, Portugal, is 60%. Nevertheless, Super Bock remains an associate of the Group due to the ownership structure. Please refer to section 10 for further details.Disputes with the local non-controlling shareholder of Gorkha Brewery, Nepal, prevent the Group from exercising its rights as a controlling shareholder despite the legal ownership of 90%. Therefore, it was reclassified as an associate and recognised at fair value in December 2021.Despite the 61% legal ownership share in Myanmar Carlsberg, the entity is classified as an associate due to the structure of the agreement with the partner and the business environment in the country.In Q4 2023, Carlsberg gained control of the associate Jing-A Group through a step acquisition, cf. section 5.3.In 2023, the Group recognised a write-down of a minor associate in Cambodia of DKK 49m, 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 2023 2022The Lion Brewery Ceylon, Sri Lanka 384 214Key figures for associatesDKK millionCarlsberg Group shareOther Total Profit comprehensive comprehensive Investments in 2023after taxincomeincomeassociatesTotal 581 - 581 5,4372022Total 901 - 901 5,523ACCOUNTINGPOLICIESInvestments 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.SECTION 10GROUP 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 NotesubsidiariesownershipownershipCarlsberg Breweries A/S Denmark 2 100% 100%Western EuropeCarlsberg Danmark A/S Denmark 100% 100%Carlsberg Supply Company Danmark A/S Denmark 100% 100%Carlsberg Sweden Holding 2 AB Sweden 100% 100%Carlsberg Sverige AB Sweden 100% 100%Carlsberg Supply Company Sverige AB Sweden 100% 100%Ringnes Norge AS Norway 1 100% 100%Ringnes AS Norway 100% 100%Ringnes Brygghus AS Norway 100% 100%Solo AS Norway 91% 91%Ringnes Supply Company AS Norway 100% 100%Ringnes Farris Eiendom AS Norway 100% 100%Ringnes Imsdal Eiendom AS Norway 100% 100%Ringnes Administrasjon Eiendom AS Norway 100% 100%Ringnes Gjeller\u00e5sen Eiendom AS Norway 100% 100%Oy Sinebrychoff Ab Finland 100% 100%Sinebrychoff Supply Company Oy Finland 100% 100%Carlsberg Deutschland Holding GmbH Germany 100% 100%Carlsberg Deutschland Logistik GmbH Germany 100% 100%Tuborg Deutschland GmbH Germany 100% 100%Parent Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipCarlsberg Deutschland GmbH Germany 6 100% 100%Duckstein GmbH Germany 100% 100%Holzmarkt Beteiligungsgesellschaft mbH Germany 100% 100%Holsten-Brauerei AG Germany 100% 100%Carlsberg Supply Company Deutschland GmbH Germany 100% 100%Carlsberg Supply Company Polska SA Poland 100% 100%Carlsberg Polska Sp. z o.o. Poland 100% 100%Carlsberg UK Holdings Limited UK 3 100% 100%Carlsberg Marston's Limited UK 60% 60%Carlsberg Marston's Brewing Company Ltd. UK 100% 60%Marston's Beer Company Limited UK 100% 60%CMBC Supply Limited UK 100% 60%LF Brewery Holdings Limited UK 1 100% 60%Emeraude S.A.S. France 7 100% 100%Kronenbourg S.A.S. France 1 100% 100%Kronenbourg Supply Company S.A.S. France 100% 100%Kronenbourg Breweries Canada Inc. Canada 100% 100%Fondation Kronenbourg France 100% 100%S.A.S. Onyx France 100% 100%Feldschl\u00f6sschen Getr\u00e4nke Holding AG Switzerland 3 100% 100%Feldschl\u00f6sschen Getr\u00e4nke AG Switzerland 100% 100%Schlossgarten Gastronomie AG Switzerland 100% 100%Parent Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipSB Swiss Beverage AG Switzerland 100% 100%Feldschl\u00f6sschen Supply Company AG Switzerland 100% 100%Carlsberg Supply Company AG Switzerland 100% 100%Nya Carnegiebryggeriet AB Sweden 100% 100%E.C. Dahls Bryggeri AS Norway 100% 100%Monster the Cat GmbH Switzerland 100% 100%Grimbergen Abbey Brewery Belgium 100% 100%Zatecky Pivovar spol. S.r.o. Czechia 100% 100%Parent Place of Number of direct Consolidated Asiaincorporation NotesubsidiariesownershipownershipCarlsberg Asia Pte Ltd Singapore 100% 100%Carlsberg Brewery Hong Kong Ltd Hong Kong SAR 3 100% 100%Guangzhou Carlsberg Consultancy and Management Services Co. Ltd China 100% 100%Chongqing Brewery Co., Ltd China A 60% 60%Carlsberg Chongqing Breweries Company ChinaLimitedB 8 51% 79%Kunming Huashi Brewery Company ChinaLimited100% 79%Carlsberg (China) Breweries and ChinaTrading Company Limited100% 79%Carlsberg Brewery (Guangdong) Ltd China 99% 79%Xinjiang Wusu Breweries Co., Ltd China 5 100% 79%Ningxia Xixia Jianiang Brewery Limited China 70% 56%Beijing Capital Brewing Jinmai Trading ChinaCompany Limited100% 79%G-Shell Asia Pacific (Beijing) Food ChinaCompany Limited100% 79%Carlsberg Beer Enterprise Management China(Chongqing) Company Limited100% 79%Carlsberg Brewery (Anhui) ChinaCompany Ltd75% 60%Carlsberg Tianmuhu Brewery China(Jiangsu) Company Ltd100% 79%Lao Brewery Co. Ltd Laos 61% 61%Carlsberg Korea Ltd. South Korea 100% 100%Parent Place of Number of direct Consolidated Asiaincorporation NotesubsidiariesownershipownershipCarlsberg Brewery Malaysia Berhad Malaysia A 51% 51%Carlsberg Marketing Sdn BHD Malaysia 100% 51%Euro Distributors Sdn BHD Malaysia 100% 51%Carlsberg Singapore Pte Ltd Singapore 100% 51%Maybev Pte Ltd Singapore C 51% 26%Carlsberg South Asia Pte Ltd Singapore D 67% 100%South Asian Breweries Pte. Ltd Singapore D 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%Carlsberg Vietnam Trading Co. Ltd Vietnam 100% 100%Carlsberg Vietnam Breweries Ltd Vietnam 100% 100%Paduak Holding Pte. Ltd Singapore 100% 100%Carlsberg Supply Company Asia Ltd Hong Kong SAR 100% 100%Caretech Limited Hong Kong SAR 100% 100%Cambrew Limited Cambodia 2 100% 100%Cambrew Properties Ltd Cambodia 100% 100%Angkor Beverage Co Ltd Cambodia 100% 100%CB Distribution Co., Ltd Thailand 100% 100%Parent Place of Number of direct Consolidated Central & Eastern Europeincorporation NotesubsidiariesownershipownershipCarlsberg Azerbaijan LLC Azerbaijan 100% 100%Baku Piva JSC Azerbaijan 91% 91%Carlsberg Kazakhstan Ltd Kazakhstan 90% 90%PJSC Carlsberg Ukraine Ukraine 1 100% 100%A Listed company.B Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou Carlsberg Consultancy and Management Services Co Ltd (49%), resulting in a consolidated ownership of 79%.C Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia Berhad (51%), resulting in a consolidated ownership of 26%.D The Group owns 67% of Carlsberg South Asia Pte Ltd, which is the holding company of South Asian Breweries Pte. Ltd, Carlsberg India Pvt. Ltd and Gorkha Brewery Pvt. Ltd (Nepal). The consolidation percentage of Carlsberg South Asia Pte Ltd is 100% due to a written put option.E The Group has the legal and contractual rights of a majority shareholder in Gorkha Brewery Pvt. Ltd, but does not consolidate the company and its subsidiary for accounting purposes.F Company not audited by PwC.Parent Place of Number of direct Consolidated Central & Eastern Europeincorporation NotesubsidiariesownershipownershipBaltic Beverages Holding AB Sweden 100% 100%Carlsberg Serbia Ltd Serbia 100% 100%Carlsberg BH d.o.o. Bosnia and Herzegovina100% 100%Carlsberg Montenegro d.o.o. Montenegro 100% 100%Carlsberg Croatia d.o.o. Croatia 100% 100%Carlsberg Bulgaria AD Bulgaria 100% 100%OJSC Brewery Alivaria Belarus F, G 78% 89%Vista BY Co LLC Belarus 100% 100%Carlsberg Italia S.p.A. Italy 100% 100%Carlsberg Horeca Srl Italy 100% 100%T&C Italia Srl Italy 100% 100%Olympic Brewery SA Greece 100% 100%Hellenic Beverage Company SA Greece 100% 100%Carlsberg Hungary Kft. Hungary 100% 100%Saku \u00d6lletehase AS Estonia 100% 100%Aldaris JSC Latvia 100% 100%Svyturys-Utenos Alus UAB Lithuania H 99% 99%CTDD Beer Imports Ltd Canada 100% 100%Carlsberg Canada Inc. Canada 100% 100%Waterloo Brewing Ltd. Canada I 100% 100%Carlsberg USA Inc. USA 100% 100%Parent Place of Number of direct Consolidated Not allocatedincorporation NotesubsidiariesownershipownershipCarlsberg Finans A/S Denmark 100% 100%Carlsberg International A/S Denmark 100% 100%Home of Carlsberg A/S Denmark 100% 100%Carlsberg Invest A/S Denmark 100% 100%Carlsberg Integrated Information Technology A/S Denmark 100% 100%Carlsberg Captive Insurance Company A/S Denmark 100% 100%Carlsberg Central Office A/S Denmark 100% 100%Traitomic A/S Denmark 100% 100%Carlsberg Shared Services Sp. z o.o. Poland 100% 100%Parent Place of Number of direct Consolidated Non-beverageincorporation NotesubsidiariesownershipownershipBarley 1 A/S Denmark 100% 100%Carlsberg Ejendomme Holding A/S Denmark 100% 100%Parent Place of Number of direct Consolidated Associatesincorporation NotesubsidiariesownershipownershipUdviklingsselskabet Carlsberg Byen P/S Denmark F 62 25% 25%Sinergie Proattive Srl Italy 36% 36%Knopp Oy Finland 50% 50%Viacer S.G.P.S., Lda Portugal J 29% 29%Super Bock Group, S.G.P.S., S.A. Portugal J 10 56% 60%Serviced Dispense Equipment (Holdings) Limited UK 2 33% 20%Nuuk Imeq A/S Greenland F 32% 32%Chongqing Jiawei Beer Co. Ltd China 33% 26%Lanzhou Huanghe Jianiang Brewery Company ChinaLimited50% 50%Qinghai Huanghe Jianiang Brewery Company Ltd China 50% 50%Jiuquan West Brewery Company Limited China 50% 50%Tianshui Huanghe Jianiang Brewery Company Ltd China 50% 50%Lion Brewery (Ceylon) PLC Sri Lanka A, F, K 25% 13%Hanoi Beer Alcohol and Beverage Joint Stock VietnamCorporationF 17% 17%Carlsberg Distributors Taiwan Limited Taiwan 1 50% 50%NCC Crowns Private Limited India 33% 33%Bottlers Nepal Limited Nepal 1 22% 20%Myanmar Carlsberg Co. Ltd Myanmar F 1 61% 61%Place of Number of Parent Consolidated Not consolidated companiesincorporation NotesubsidiariesownershipownershipBaltika Breweries LLC Russia F, H, L 3 100% 0%Hoppy Union LLC Russia F, H, L 1 100% 0%G Consolidated ownership is higher than the legal ownership due to written put options.H Company owned by Carlsberg Sverige AB.I In January 2024 Waterloo Brewing Ltd. was merged into Carlsberg Canada Inc.J Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock) with a 56% shareholding, with Carlsberg Breweries A/S owning the remaining 44%. In addition, Carlsberg Breweries A/S has a direct ownership share of 29% in Viacer without exercising control. Therefore, both Viacer and Super Bock are considered associates of the Group. The Group's direct and indirect ownership of Super Bock totals 60%.K 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.L Deconsolidated as of July 2023.",
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"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
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"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__101-1": {
"value": "2.2.1 RECOGNISED IMPAIRMENTSThe impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date. Impairment test 2023The impairment tests prepared at 31 December 2023 did not identify any indication of impairment of goodwill. The Group recognised impairment losses of DKK 305m on brands with indefinite useful life in Western Europe, DKK 70m in Central & Eastern Europe and DKK 97m in Asia. In addition, impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe for the use of brands from the discontinued operation in Russia. In total, impairment losses on brands amounted to DKK 525m.Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and equipment, of which DKK 122m was recognised as special items. Impairment losses on other non-current assets totalled DKK 63m and were recognised in special items.Impairment test 2022In 2022, 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 to the impairment test of the Central & Eastern Europe CGU. The tests did not identify any further impairments.In addition, 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.Impairment of discontinued operation in RussiaFollowing the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to the Russian Federal Agency for State Property Management, the business was deconsolidated. In September 2023, the Group terminated its licence agreements with Baltika Breweries for all the international brands sold in Russia and wrote down its interest in the business to zero. Total impairment losses in 2023 amounted to DKK 7,002m (2022: DKK 9,949m).Impairment of non-current assetsDKK million Section 2023 2022Intangible assetsGoodwill 2.2.3 - 700Brands 2.2.4 525 -Other intangible assets 2.2.5 46 3Reversal of impairment losses 2.2.4 -400 -Total 171 703Property, plant and equipmentPlant, machinery and equipment 2.2.5 171 427Total 171 427Other non-current assetsAssets held for sale 2.2.5 14 -10Investment in associates 2.2.5 49 -Total impairment losses, net 405 1,120Of which recognised in special items 3.1 310 786Impairment losses, discontinued operation in Russia, net 5.1 7,002 9,9492.2.2 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, Kronenbourg 1664 and Chongqing are individually material and specified in section 2.2.4.ACCOUNTING ESTIMATES AND JUDGEMENTSIdentification of cash-generating unitsThe Group\u2019s management structure reflects the geographical segments, cf. section 1.1, and decisions are made by the regional managements responsible for performance, operating investments and growth initiatives in their respective regions. There is significant vertical integration of the production, logistics and sales functions, supporting and promoting optimisations across the Group or within regions.Assets, other than goodwill and brands with regional and global presence, are allocated to individual cash-generating units (CGUs), being the level at which the assets generate largely independent cash inflows. As the Group operates with local sales and production organisations, the cash inflows are 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 Waterloo Brewing Ltd. and Jing-A Group in 2023. The goodwill recognised on the acquisition of Waterloo Brewing Ltd. was allocated to the Central & Eastern Europe CGU, and the goodwill recognised on the Jing-A Group acquisition was allocated to the Asia CGU. Entities classified as held for sale and measured at the lower of carrying amount and 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 1664\u2022 ChongqingInternational 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.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 Fair value less cost of disposalMethod 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 recoverable amount is assessed based on budget and target plan with reference to the expected future net cash flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied.Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and losses arising on significant restructurings of processes and structural adjustments are recognised 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.2.2.3 IMPAIRMENT TEST OF GOODWILLThe carrying amount of goodwill allocated to groups of CGUsDKK million 2023 2022Western Europe 20,480 20,241Asia 14,396 15,258Central & Eastern Europe 3,439 2,954Total 38,315 38,453The impairment tests prepared at year-end 2023 did not identify any indication of impairment of goodwill. Estimating 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.GoodwillThe 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 2024-2026 represent management\u2019s best estimate of the impact from the significant inflation in our cost base and increased interest rates. 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 tests are based on observable market data. Please refer to the description of discount rates in section 2.2.4.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 the risk of delays in increasing sales prices to compensate for future rises 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 years\u2019 elevated level of inflation has increased the overall input cost level, especially in Europe. The short- and medium-term forecast incorporates continued pressure on input costs. 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. 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.BrandsThe 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 to the common term of the majority of licence agreements to which the Group is party. In the local markets, the product portfolio usually consists of local power brands and international premium brands. When projecting revenue growth for local brands, in addition to their commercial strength \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 2.2.3.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 5-20 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 2023 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities645 147 15 807 151 269 11 431 1,238Additions, including right-of-use assets- 74 276 350 506 2,271 2,210 4,987 5,337Disposals- -2 -86 -88 -252 -322 -1,821 -2,395 -2,483Transfers- - 4 4 386 -539 123 -30 -26Foreign exchange adjustments etc.-869 -214 -70 -1,153 -141 -340 -339 -820 -1,973Cost at 31 December40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Disposals- - -85 -85 -170 -299 -1,733 -2,202 -2,287Amortisation and depreciation- 16 172 188 663 1,327 1,803 3,793 3,981Impairment losses- 525 46 571 40 85 46 171 742Reversal of impairment losses- -400 - -400 - - - - -400Transfers- - - - -2 6 -1 3 3Foreign exchange adjustments etc.-86 -115 -30 -231 -3 -121 -194 -318 -549Amortisation, depreciation and impairment losses at 31 December2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December38,315 9,702 1,083 49,100 9,971 9,976 4,458 24,405 73,505Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 184 14 251 449 449Carrying amount at 31 December - - - - 1,156 79 513 1,748 1,748DKK 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 January 54,227 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 assets in discontinued operations -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 December 40,845 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 January 1,743 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 losses 700 - 3 703 2 106 319 427 1,130Transferred to assets in discontinued operations - -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 December 2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December 38,453 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 1,540Property, plant and equipment under construction amounted to DKK 1,728m (2022: DKK 1,197m). Property, plant and equipment under construction are recognised in plant and machinery until completion.Other equipment, fixtures and fittings include transport, office and draught beer equipment, fridges and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights. RIGHT-OF-USE ASSETS The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual basis and contain a wide range of different terms and conditions.At 31 December 2023, the carrying amount of right-of-use assets was DKK 1,748m (2022: DKK 1,540m). During the year, additions amounted to DKK 721m (2022: DKK 706m) and depreciation to DKK 449m (2022: DKK 386m).Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK 48m (2022: DKK 49m). Such contracts usually 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, 4.5.1 and 4.8.Cash flow from disposal of property, plant and equipment and intangible assets was DKK 115m (2022: DKK 414m). 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 2023 amounted to DKK 144m (2022: DKK 100m).Amortisation, depreciation and impairment lossesIntangible assets Property, plant and equipmentDKK million 2023 2022\u00b9 2023 2022\u00b9Cost of sales 49 47 2,362 2,489Sales and distribution expenses 117 65 1,190 1,211Administrative expenses 68 108 290 267Special items 125 700 122 96Total 359 920 3,964 4,063\u00b9 Loss from the discontinued operation: intangible assets DKK 12m, and property, plant and equipment DKK 77m.Capital expenditureDKK million 2023 2022Additions, including right-of-use assets 5,337 4,961Less right-of-use assets -721 -706Additions 4,616 4,255Additions payable at the end of the reporting period -363 -145Capitalised depreciations -2 -Capitalised interest expenses -8 -Transferred to assets in discontinued operations - -92Acquisition of property, plant and equipment and intangible assets 4,243 4,018Gain/loss on disposal of assetsDKK million 2023\u00b9 2022\u00b9Gain on disposal of property, plant and equipment and intangible assets 74 110Loss on disposal of property, plant and equipment and intangible assets -27 -31Total 47 79\u00b9 Loss from the discontinued operation DKK 12m (2022: DKK 4m).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.Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept returns of packaging materials from the market and the level of control. This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and equipment and depreciated over the expected useful life. Lease and service 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.In determining the lease term, management considers all the facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. Extension or termination options are only included in the lease term if the lease is reasonably certain to be extended or not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of purchase options follows the same principles as those applied for extension options. The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not objectively assessable, the Group estimates the costs when separating the service component from the lease.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.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised 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 Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__100-1": {
"value": "2.2.1 RECOGNISED IMPAIRMENTSThe impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date. Impairment test 2023The impairment tests prepared at 31 December 2023 did not identify any indication of impairment of goodwill. The Group recognised impairment losses of DKK 305m on brands with indefinite useful life in Western Europe, DKK 70m in Central & Eastern Europe and DKK 97m in Asia. In addition, impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe for the use of brands from the discontinued operation in Russia. In total, impairment losses on brands amounted to DKK 525m.Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and equipment, of which DKK 122m was recognised as special items. Impairment losses on other non-current assets totalled DKK 63m and were recognised in special items.Impairment test 2022In 2022, 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 to the impairment test of the Central & Eastern Europe CGU. The tests did not identify any further impairments.In addition, 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.Impairment of discontinued operation in RussiaFollowing the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to the Russian Federal Agency for State Property Management, the business was deconsolidated. In September 2023, the Group terminated its licence agreements with Baltika Breweries for all the international brands sold in Russia and wrote down its interest in the business to zero. Total impairment losses in 2023 amounted to DKK 7,002m (2022: DKK 9,949m).Impairment of non-current assetsDKK million Section 2023 2022Intangible assetsGoodwill 2.2.3 - 700Brands 2.2.4 525 -Other intangible assets 2.2.5 46 3Reversal of impairment losses 2.2.4 -400 -Total 171 703Property, plant and equipmentPlant, machinery and equipment 2.2.5 171 427Total 171 427Other non-current assetsAssets held for sale 2.2.5 14 -10Investment in associates 2.2.5 49 -Total impairment losses, net 405 1,120Of which recognised in special items 3.1 310 786Impairment losses, discontinued operation in Russia, net 5.1 7,002 9,9492.2.2 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, Kronenbourg 1664 and Chongqing are individually material and specified in section 2.2.4.ACCOUNTING ESTIMATES AND JUDGEMENTSIdentification of cash-generating unitsThe Group\u2019s management structure reflects the geographical segments, cf. section 1.1, and decisions are made by the regional managements responsible for performance, operating investments and growth initiatives in their respective regions. There is significant vertical integration of the production, logistics and sales functions, supporting and promoting optimisations across the Group or within regions.Assets, other than goodwill and brands with regional and global presence, are allocated to individual cash-generating units (CGUs), being the level at which the assets generate largely independent cash inflows. As the Group operates with local sales and production organisations, the cash inflows are 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 Waterloo Brewing Ltd. and Jing-A Group in 2023. The goodwill recognised on the acquisition of Waterloo Brewing Ltd. was allocated to the Central & Eastern Europe CGU, and the goodwill recognised on the Jing-A Group acquisition was allocated to the Asia CGU. Entities classified as held for sale and measured at the lower of carrying amount and 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 1664\u2022 ChongqingInternational 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.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 Fair value less cost of disposalMethod 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 recoverable amount is assessed based on budget and target plan with reference to the expected future net cash flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied.Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and losses arising on significant restructurings of processes and structural adjustments are recognised 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.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 2023 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities645 147 15 807 151 269 11 431 1,238Additions, including right-of-use assets- 74 276 350 506 2,271 2,210 4,987 5,337Disposals- -2 -86 -88 -252 -322 -1,821 -2,395 -2,483Transfers- - 4 4 386 -539 123 -30 -26Foreign exchange adjustments etc.-869 -214 -70 -1,153 -141 -340 -339 -820 -1,973Cost at 31 December40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Disposals- - -85 -85 -170 -299 -1,733 -2,202 -2,287Amortisation and depreciation- 16 172 188 663 1,327 1,803 3,793 3,981Impairment losses- 525 46 571 40 85 46 171 742Reversal of impairment losses- -400 - -400 - - - - -400Transfers- - - - -2 6 -1 3 3Foreign exchange adjustments etc.-86 -115 -30 -231 -3 -121 -194 -318 -549Amortisation, depreciation and impairment losses at 31 December2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December38,315 9,702 1,083 49,100 9,971 9,976 4,458 24,405 73,505Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 184 14 251 449 449Carrying amount at 31 December - - - - 1,156 79 513 1,748 1,748DKK 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 January 54,227 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 assets in discontinued operations -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 December 40,845 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 January 1,743 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 losses 700 - 3 703 2 106 319 427 1,130Transferred to assets in discontinued operations - -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 December 2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December 38,453 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 1,540Property, plant and equipment under construction amounted to DKK 1,728m (2022: DKK 1,197m). Property, plant and equipment under construction are recognised in plant and machinery until completion.Other equipment, fixtures and fittings include transport, office and draught beer equipment, fridges and returnable packaging materials.Other intangible assets include software, land use rights and beer delivery rights. RIGHT-OF-USE ASSETS The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual basis and contain a wide range of different terms and conditions.At 31 December 2023, the carrying amount of right-of-use assets was DKK 1,748m (2022: DKK 1,540m). During the year, additions amounted to DKK 721m (2022: DKK 706m) and depreciation to DKK 449m (2022: DKK 386m).Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK 48m (2022: DKK 49m). Such contracts usually 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, 4.5.1 and 4.8.Cash flow from disposal of property, plant and equipment and intangible assets was DKK 115m (2022: DKK 414m). 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 2023 amounted to DKK 144m (2022: DKK 100m).Amortisation, depreciation and impairment lossesIntangible assets Property, plant and equipmentDKK million 2023 2022\u00b9 2023 2022\u00b9Cost of sales 49 47 2,362 2,489Sales and distribution expenses 117 65 1,190 1,211Administrative expenses 68 108 290 267Special items 125 700 122 96Total 359 920 3,964 4,063\u00b9 Loss from the discontinued operation: intangible assets DKK 12m, and property, plant and equipment DKK 77m.Capital expenditureDKK million 2023 2022Additions, including right-of-use assets 5,337 4,961Less right-of-use assets -721 -706Additions 4,616 4,255Additions payable at the end of the reporting period -363 -145Capitalised depreciations -2 -Capitalised interest expenses -8 -Transferred to assets in discontinued operations - -92Acquisition of property, plant and equipment and intangible assets 4,243 4,018Gain/loss on disposal of assetsDKK million 2023\u00b9 2022\u00b9Gain on disposal of property, plant and equipment and intangible assets 74 110Loss on disposal of property, plant and equipment and intangible assets -27 -31Total 47 79\u00b9 Loss from the discontinued operation DKK 12m (2022: DKK 4m).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.Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept returns of packaging materials from the market and the level of control. This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and equipment and depreciated over the expected useful life. Lease and service 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.In determining the lease term, management considers all the facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. Extension or termination options are only included in the lease term if the lease is reasonably certain to be extended or not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of purchase options follows the same principles as those applied for extension options. The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not objectively assessable, the Group estimates the costs when separating the service component from the lease.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.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised 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 Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__102-1": {
"value": "Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be recoverable. If an asset\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 recoverable amount is assessed based on budget and target plan with reference to the expected future net cash flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied.Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and losses arising on significant restructurings of processes and structural adjustments are recognised 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.Cost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses.Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-out dependent on the brands\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.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised 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 Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__98": {
"value": "Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be recoverable. If an asset\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 recoverable amount is assessed based on budget and target plan with reference to the expected future net cash flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied.Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and losses arising on significant restructurings of processes and structural adjustments are recognised 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__97": {
"value": "Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be recoverable. If an asset\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 recoverable amount is assessed based on budget and target plan with reference to the expected future net cash flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied.Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and losses arising on significant restructurings of processes and structural adjustments are recognised 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__123-1": {
"value": "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 2023 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities645 147 15 807 151 269 11 431 1,238Additions, including right-of-use assets- 74 276 350 506 2,271 2,210 4,987 5,337Disposals- -2 -86 -88 -252 -322 -1,821 -2,395 -2,483Transfers- - 4 4 386 -539 123 -30 -26Foreign exchange adjustments etc.-869 -214 -70 -1,153 -141 -340 -339 -820 -1,973Cost at 31 December40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Disposals- - -85 -85 -170 -299 -1,733 -2,202 -2,287Amortisation and depreciation- 16 172 188 663 1,327 1,803 3,793 3,981Impairment losses- 525 46 571 40 85 46 171 742Reversal of impairment losses- -400 - -400 - - - - -400Transfers- - - - -2 6 -1 3 3Foreign exchange adjustments etc.-86 -115 -30 -231 -3 -121 -194 -318 -549Amortisation, depreciation and impairment losses at 31 December2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December38,315 9,702 1,083 49,100 9,971 9,976 4,458 24,405 73,505Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 184 14 251 449 449Carrying amount at 31 December - - - - 1,156 79 513 1,748 1,748DKK 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 January 54,227 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 assets in discontinued operations -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 December 40,845 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 January 1,743 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 losses 700 - 3 703 2 106 319 427 1,130Transferred to assets in discontinued operations - -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 December 2,392 2,254 3,666 8,312 7,954 16,597 10,265 34,816 43,128Carrying amount at 31 December 38,453 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 1,540RIGHT-OF-USE ASSETS The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual basis and contain a wide range of different terms and conditions.At 31 December 2023, the carrying amount of right-of-use assets was DKK 1,748m (2022: DKK 1,540m). During the year, additions amounted to DKK 721m (2022: DKK 706m) and depreciation to DKK 449m (2022: DKK 386m).Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK 48m (2022: DKK 49m). Such contracts usually 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, 4.5.1 and 4.8.Cash flow from disposal of property, plant and equipment and intangible assets was DKK 115m (2022: DKK 414m).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.In determining the lease term, management considers all the facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. Extension or termination options are only included in the lease term if the lease is reasonably certain to be extended or not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of purchase options follows the same principles as those applied for extension options. The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not objectively assessable, the Group estimates the costs when separating the service component from the lease.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 Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the 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:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__127-1": {
"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 2023 amounted to DKK 144m (2022: DKK 100m).GUARANTEES AND COMMITMENTSThe Group has issued guarantees for third-party obligations (non-consolidated entities) of DKK 201m (2022: DKK 205m). 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.",
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"s9_notesesefdkgaap__7__126-1": {
"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 2023 amounted to DKK 144m (2022: DKK 100m).SECTION 3.4CONTINGENT LIABILITIESThe Group operates in very competitive markets where consolidation is taking place within the industry and among our customers and suppliers, all of which influence our business in different ways.In the ordinary course of business, the Group is party to certain lawsuits, disputes etc. of varying content and scope, some of which are referred to below. The resolution of these lawsuits, disputes etc. is associated with uncertainty, as they depend on relevant applicable proceedings, such as negotiations between the parties affected, government actions and court rulings.In May 2023, Carlsberg Deutschland was ordered to pay a fine of EUR 50m (DKK 372m) for alleged infringement of the competition rules in 2007. It was decided not to appeal the decision and the fine was paid in July.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. A decision was issued on 10 January 2024. None of the companies in the Group were fined by the French competition authority as the allegations were time-barred. In October and November 2021, the Group\u2019s associate in Portugal, Super Bock Group, received decisions on the alleged anticompetitive practice in two ongoing cases. In the first case the Portuguese Court of Appeal confirmed the fine of EUR 24m issued by the competition authority, and in the second case the Portuguese competition authority imposed a fine of EUR 33m on Super Bock. Both decisions have been appealed to the Supreme Court by Super Bock. Subsequently, on account of Super Bock\u2019s alleged anticompetitive practices, a separate private enforcement claim of EUR 400m was filed by a consumer protection association against Super Bock for compensation of Portuguese consumers for alleged harm. There have been no significant developments in this case since. In December 2023, Chongqing Jiawei Beer Co. Ltd., in which the Group holds a 33% shareholding, raised a claim for damages of RMB 631m against Chongqing Brewery Co. Ltd. for alleged breach of contract in relation to a contract brewing agreement between the parties. In June 2022, Chongqing Jiawei Beer Co. Ltd. had withdrawn previous claims based on substantially similar allegations. Based on the facts and evidence currently put forward, it is not considered likely that the claim will lead to a negative outcome for the Group. For some time, the Group has had serious disagreements with 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%). Several issues have previously been referred to arbitration, including various allegations relating to governance and breach of the Shareholders\u2019 Agreement and governance matters, in all of which Carlsberg has been completely vindicated. As a result, the arbitration tribunal in May 2022 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 was 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 in February 2023, stating a value for CSAPLH\u2019s shares in CSAPL of USD 744m. CSAPLH subsequently issued a formal put notice to sell its 33% shareholding in CSAPL to the Group at the put option valuation amount. The put option valuation was referred to arbitration by the Group, as the valuation is considered to have been conducted in breach of the Shareholders\u2019 Agreement. An arbitration award is expected to be issued in Q4 2024. In accordance with the Shareholders\u2019 Agreement, the call option awarded to Carlsberg by the arbitration panel must be settled at an amount determined by a valuer appointed by the International Chamber of Commerce. The valuer released the call valuation in July 2023. Carlsberg is satisfied with the valuation outcome and subsequently exercised its call option. The call option will come into effect if the put valuation is invalidated by the arbitration tribunal.In addition to the disputes with our partner in CSAPL regarding India and Nepal, there is 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 does not include the 10% held locally and would not settle the dispute with the local shareholder, and Gorkha Brewery therefore remains not consolidated until the dispute has been settled separately. Management and the Group General Councel continuously assess these risks and their likely outcome. It is the opinion of management and the Group General Councel that, apart from items recognised in the statement of financial position, the outcome of these lawsuits, disputes etc. cannot be reliably estimated in terms of amount or timing or the risk of a negative outcome is considered to be remote. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\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 third-party obligations (non-consolidated entities) of DKK 201m (2022: DKK 205m). 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 heldby 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 in Belarus, Jing-A Group in China and 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 held by the Group. Both the legal and the consolidated ownership are stated in section 10.The carrying amount of contingent considerations is determined in accordance with the terms and conditions agreed with the holders of the options. Of the contingent considerations, DKK 0.3bn (2022: DKK 0.3bn) 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 was 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 in February 2023, stating a value for CSAPLH\u2019s shares in CSAPL of USD 744m. CSAPLH subsequently 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 was adjusted to reflect the put option valuation amount received from the valuers, as the acquisition of the shares may be completed at that price. The put option valuation was referred to arbitration by the Group, as the valuation is considered to have been conducted in breach of the Shareholders\u2019 Agreement. An arbitration award is expected to be issued in Q4 2024. In accordance with the Shareholders\u2019 Agreement, the call option awarded to Carlsberg by the arbitration panel must be settled at an amount determined by a valuer appointed by the International Chamber of Commerce. The valuer released the call valuation in July 2023. Carlsberg is satisfied with the valuation outcome and subsequently exercised its call option. The call option will come into effect if the put valuation is invalidated by the arbitration tribunal.The recognised value of the put option decreased by DKK 169m in 2023 because of changes in the USD exchange rate.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 354m. The loan had not been repaid as of 31 December 2023. Contingent considerationsDKK million 2023 2022Contingent considerations at 1 January 5,577 4,254Additions 23 -Transfer to discontinued operations - -13Fair value adjustments -155 1,336Contingent considerations at 31 December 5,445 5,577ACCOUNTING ESTIMATES AND JUDGEMENTSThe fair value of contingent considerations linked to put options is measured on the basis of level 3 input consisting of non-observable data, such as entity-specific discount rates and industry-specific expectations of price developments, and generally accepted valuation methods, including discounted cash flows and multiples.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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"s9_notesesefdkgaap__7__136": {
"value": "Cost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses.Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-out dependent on the brands\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.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.",
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__135": {
"value": "Cost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses.Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-out dependent on the brands\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.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised 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 Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__134": {
"value": "Cost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses.Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-out dependent on the brands\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.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised 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 Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the 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.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__132": {
"value": "Cost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses.Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-out dependent on the brands\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.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised 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 Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the 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.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__137": {
"value": "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 depreciated",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__124-1": {
"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 Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__139": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__140": {
"value": "SECTION 3SPECIAL ITEMS, PROVISIONSAND OTHER LIABILITIES381mSPECIAL ITEMS, INCOME (DKK)Impacted by the derecognition of loan and payables to the discontinued operation in Russia.-812mSPECIAL ITEMS, EXPENSES(DKK)Impacted by impairment losses and reversal on impairment losses, termination of the Kronenbourg 1664 licensee agreement in the UK and restructuring costs across the Group.SECTION 3.1SPECIAL ITEMSSPECIAL ITEMS, INCOMEIn 2023, a loan of DKK 297m and payables for brand rights of DKK 53m, totalling DKK 350m, were derecognised. Both the loan and the payables were owed to the discontinued operation in Russia prior to the issuance of the presidential decree on 16 July 2023.In 2022, the Group recognised reversal of provisions made in purchase price allocations in prior years, mainly in Asia, of DKK 217m.SPECIAL ITEMS, EXPENSESThese comprise impairment losses of DKK 305m on brands in Western Europe, DKK 123m in Central & Eastern Europe and DKK 97m in Asia, in total DKK 525m. Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. In Cambodia our business was negatively impacted by the challenging environment, resulting in the recognition of impairment losses of DKK 152m on non-current assets. Impairment losses of DKK 76m were recognisedon receivables from the discontinued operation in Russia that are no longer expected to be received. Special itemsDKK million Section 2023 2022Special items, incomeDerecognition of loan and payables to the discontinued operation in Russia 5.1 350 -Revaluation gain on acquisition of Jing-A Group 5.3 20 -Gain on disposal of entities 11 -Reversal of provisions made in purchase price allocations in prior years - 217Income 381 217Special items, expensesImpairment of goodwill 2.2.3 - -700Impairment of brands 2.2.4 -525 -Reversal of impairment losses 2.2.4 400 10Impairment of non-current assets in Cambodia 2.2.5 -152 -Impairment of property, plant and equipment -33 -74Impairment of receivables from the discontinued operation in Russia 5.1 -76 -Reversal of provisions made in prior years 3.2 100 37Cost of termination of a licensee agreement -196 -Restructuring projects and provisions -141 -76Costs related to acquisition and disposal of entities etc. -117 -92Impairment of assets and other war-related costs in Ukraine -28 -79Donations -2 -27Other expenses -42 -Expenses -812 -1,001Special items, net -431 -784Provisions of DKK 100m recognised in prior years for legal claims that did not materialise (2022: DKK 37m) were reversed.The Group terminated the licensee agreement for Kronenbourg 1664 in the UK, resulting in a cost of DKK 196m.The Group continued to carry out various restructuring projects as part of the ongoing focus on cost and efficiency initiatives, resulting in a cost of DKK 141m (2022: DKK 76m). Other impairment losses of DKK 33m on property, plant and equipment, partly related to flooding in China and the decision to close Ringwood Brewery in the UK. In 2022, the impairment losses included DKK 74m on property, plant and equipment in Asia. In 2022, the Group recognised a write-down of goodwill allocated to the Central & Eastern Europe region of DKK 700m. Additionally, as a consequence of the war in Ukraine, impairment of trade receivables, inventories and plant and equipment was recognised at DKK 79m.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.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.Impact of special items on operating profitDKK million 2023 2022If special items had been recognised in operating profit before special items, they would have been included in the following line items:Cost of sales -501 -98Sales and distribution expenses -6 -5Administrative expenses 58 -15Other operating activities, net 2 34Impairment of goodwill - -700Financial Items 16 -Special items, net -431 -784",
"dimensions": {
"concept": "CAR:DisclosureOfSpecialItems",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__142-1": {
"value": "Special 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.Provisions, including profit-sharing provisions, are recognised when, as a result of events arising before or at the reporting date, the Group has a legal or a constructive obligation and it is probable that there may be an outflow of economic benefits to settle the obligation.Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest rate is used as the discount rate. Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to those affected no later than at the reporting date. On acquisition of entities, restructuring provisions in the acquiree are only included in the opening balance when the acquiree has a restructuring liability at the acquisition date. A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from a contract are lower than the unavoidable costs of meeting its obligations under the contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__141": {
"value": "Special 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.",
"dimensions": {
"concept": "CAR:DescriptionOfAccountingPolicyForSpecialItems",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__143": {
"value": "SECTION 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 85m in 2023 primarily relates to various projects mainly concerning centralised Group functions.Provisions for onerous contracts primarily relate to contract brewing in Asia and are expected to be utilised by 2028.Other provisions of DKK 2,058m include ongoing disputes and lawsuits of varying content and scope, provisions made in connection with purchase price allocations (PPA provisions) and employee obligations other than retirement benefits. 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 were impacted by settlement of the fine of DKK 372m received in the competition case in Germany, cf. section 3.4, and reversal of other legal and contractual obligations that did not materialise, in total DKK 619m.DKK millionOnerous 2023 RestructuringscontractsOther TotalProvisions at 1 January 2023 84 486 2,541 3,111Additional provisions recognised 104 75 503 682Used during the year -103 -20 -577 -700Reversal of unused provisions - -156 -463 -619Transfers - - 63 63Discounting - 5 17 22Foreign exchange adjustments etc. - -24 -26 -50Provisions at 31 December 2023 85 366 2,058 2,509Classified asNon-current provisions 1 326 1,238 1,565Current provisions 84 40 820 944Total 85 366 2,058 2,509ACCOUNTING 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. Management assesses provisions, contingent assets and liabilities, and the likely outcome of pending or probable lawsuits etc. on an ongoing basis. The outcome depends on future events, which are by nature uncertain. In assessing the likely outcome of lawsuits and tax disputes etc., management relies on external legal advice and established precedents.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__145": {
"value": "Provisions, including profit-sharing provisions, are recognised when, as a result of events arising before or at the reporting date, the Group has a legal or a constructive obligation and it is probable that there may be an outflow of economic benefits to settle the obligation.Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest rate is used as the discount rate. Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to those affected no later than at the reporting date. On acquisition of entities, restructuring provisions in the acquiree are only included in the opening balance when the acquiree has a restructuring liability at the acquisition date. A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from a contract are lower than the unavoidable costs of meeting its obligations under the contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__144": {
"value": "Provisions, including profit-sharing provisions, are recognised when, as a result of events arising before or at the reporting date, the Group has a legal or a constructive obligation and it is probable that there may be an outflow of economic benefits to settle the obligation.Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest rate is used as the discount rate. Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to those affected no later than at the reporting date. On acquisition of entities, restructuring provisions in the acquiree are only included in the opening balance when the acquiree has a restructuring liability at the acquisition date. A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from a contract are lower than the unavoidable costs of meeting its obligations under the contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__151": {
"value": "SECTION 3.3OTHER LIABILITIESDKK million 2023 2022Classified asNon-current liabilities 314 305Current liabilities 13,020 13,503Total 13,334 13,808Other liabilities by originStaff costs payable 2,296 2,335Excise duties and VAT payable 2,401 2,487Other payables 2,693 2,835Deferred income 499 574Contingent consideration 5,445 5,577Total 13,334 13,808For a detailed description of contingent considerations, see section 5.4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__150-1": {
"value": "SECTION 3.3OTHER LIABILITIESDKK million 2023 2022Classified asNon-current liabilities 314 305Current liabilities 13,020 13,503Total 13,334 13,808Other liabilities by originStaff costs payable 2,296 2,335Excise duties and VAT payable 2,401 2,487Other payables 2,693 2,835Deferred income 499 574Contingent consideration 5,445 5,577Total 13,334 13,808For 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 our customers and suppliers, all of which influence our business in different ways.In the ordinary course of business, the Group is party to certain lawsuits, disputes etc. of varying content and scope, some of which are referred to below. The resolution of these lawsuits, disputes etc. is associated with uncertainty, as they depend on relevant applicable proceedings, such as negotiations between the parties affected, government actions and court rulings.In May 2023, Carlsberg Deutschland was ordered to pay a fine of EUR 50m (DKK 372m) for alleged infringement of the competition rules in 2007. It was decided not to appeal the decision and the fine was paid in July.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. A decision was issued on 10 January 2024. None of the companies in the Group were fined by the French competition authority as the allegations were time-barred. In October and November 2021, the Group\u2019s associate in Portugal, Super Bock Group, received decisions on the alleged anticompetitive practice in two ongoing cases. In the first case the Portuguese Court of Appeal confirmed the fine of EUR 24m issued by the competition authority, and in the second case the Portuguese competition authority imposed a fine of EUR 33m on Super Bock. Both decisions have been appealed to the Supreme Court by Super Bock. Subsequently, on account of Super Bock\u2019s alleged anticompetitive practices, a separate private enforcement claim of EUR 400m was filed by a consumer protection association against Super Bock for compensation of Portuguese consumers for alleged harm. There have been no significant developments in this case since. In December 2023, Chongqing Jiawei Beer Co. Ltd., in which the Group holds a 33% shareholding, raised a claim for damages of RMB 631m against Chongqing Brewery Co. Ltd. for alleged breach of contract in relation to a contract brewing agreement between the parties. In June 2022, Chongqing Jiawei Beer Co. Ltd. had withdrawn previous claims based on substantially similar allegations. Based on the facts and evidence currently put forward, it is not considered likely that the claim will lead to a negative outcome for the Group. For some time, the Group has had serious disagreements with 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%). Several issues have previously been referred to arbitration, including various allegations relating to governance and breach of the Shareholders\u2019 Agreement and governance matters, in all of which Carlsberg has been completely vindicated. As a result, the arbitration tribunal in May 2022 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 was 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 in February 2023, stating a value for CSAPLH\u2019s shares in CSAPL of USD 744m. CSAPLH subsequently issued a formal put notice to sell its 33% shareholding in CSAPL to the Group at the put option valuation amount. The put option valuation was referred to arbitration by the Group, as the valuation is considered to have been conducted in breach of the Shareholders\u2019 Agreement. An arbitration award is expected to be issued in Q4 2024. In accordance with the Shareholders\u2019 Agreement, the call option awarded to Carlsberg by the arbitration panel must be settled at an amount determined by a valuer appointed by the International Chamber of Commerce. The valuer released the call valuation in July 2023. Carlsberg is satisfied with the valuation outcome and subsequently exercised its call option. The call option will come into effect if the put valuation is invalidated by the arbitration tribunal.In addition to the disputes with our partner in CSAPL regarding India and Nepal, there is 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 does not include the 10% held locally and would not settle the dispute with the local shareholder, and Gorkha Brewery therefore remains not consolidated until the dispute has been settled separately. Management and the Group General Councel continuously assess these risks and their likely outcome. It is the opinion of management and the Group General Councel that, apart from items recognised in the statement of financial position, the outcome of these lawsuits, disputes etc. cannot be reliably estimated in terms of amount or timing or the risk of a negative outcome is considered to be remote. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\u2019s financial position, net profit or cash flow, in excess of items recognised in the statement of financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__149": {
"value": "SECTION 3.3OTHER LIABILITIESDKK million 2023 2022Classified asNon-current liabilities 314 305Current liabilities 13,020 13,503Total 13,334 13,808Other liabilities by originStaff costs payable 2,296 2,335Excise duties and VAT payable 2,401 2,487Other payables 2,693 2,835Deferred income 499 574Contingent consideration 5,445 5,577Total 13,334 13,808For 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 and 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:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__148": {
"value": "SECTION 3.3OTHER LIABILITIESDKK million 2023 2022Classified asNon-current liabilities 314 305Current liabilities 13,020 13,503Total 13,334 13,808Other liabilities by originStaff costs payable 2,296 2,335Excise duties and VAT payable 2,401 2,487Other payables 2,693 2,835Deferred income 499 574Contingent consideration 5,445 5,577Total 13,334 13,808For 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 and 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:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__147": {
"value": "SECTION 3.3OTHER LIABILITIESDKK million 2023 2022Classified asNon-current liabilities 314 305Current liabilities 13,020 13,503Total 13,334 13,808Other liabilities by originStaff costs payable 2,296 2,335Excise duties and VAT payable 2,401 2,487Other payables 2,693 2,835Deferred income 499 574Contingent consideration 5,445 5,577Total 13,334 13,808For 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 and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__152": {
"value": "Other liabilities include excise duties (specific taxes imposed on sales of beer and soft drinks), VAT, withholding tax, accrued interest and payroll, e.g. salaries, overtime, vacation and bonus.Other liabilities (current) are initially recognised at fair value and subsequently at amortised cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__155": {
"value": "SECTION 3.4CONTINGENT LIABILITIESThe Group operates in very competitive markets where consolidation is taking place within the industry and among our customers and suppliers, all of which influence our business in different ways.In the ordinary course of business, the Group is party to certain lawsuits, disputes etc. of varying content and scope, some of which are referred to below. The resolution of these lawsuits, disputes etc. is associated with uncertainty, as they depend on relevant applicable proceedings, such as negotiations between the parties affected, government actions and court rulings.In May 2023, Carlsberg Deutschland was ordered to pay a fine of EUR 50m (DKK 372m) for alleged infringement of the competition rules in 2007. It was decided not to appeal the decision and the fine was paid in July.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. A decision was issued on 10 January 2024. None of the companies in the Group were fined by the French competition authority as the allegations were time-barred. In October and November 2021, the Group\u2019s associate in Portugal, Super Bock Group, received decisions on the alleged anticompetitive practice in two ongoing cases. In the first case the Portuguese Court of Appeal confirmed the fine of EUR 24m issued by the competition authority, and in the second case the Portuguese competition authority imposed a fine of EUR 33m on Super Bock. Both decisions have been appealed to the Supreme Court by Super Bock. Subsequently, on account of Super Bock\u2019s alleged anticompetitive practices, a separate private enforcement claim of EUR 400m was filed by a consumer protection association against Super Bock for compensation of Portuguese consumers for alleged harm. There have been no significant developments in this case since. In December 2023, Chongqing Jiawei Beer Co. Ltd., in which the Group holds a 33% shareholding, raised a claim for damages of RMB 631m against Chongqing Brewery Co. Ltd. for alleged breach of contract in relation to a contract brewing agreement between the parties. In June 2022, Chongqing Jiawei Beer Co. Ltd. had withdrawn previous claims based on substantially similar allegations. Based on the facts and evidence currently put forward, it is not considered likely that the claim will lead to a negative outcome for the Group. For some time, the Group has had serious disagreements with 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%). Several issues have previously been referred to arbitration, including various allegations relating to governance and breach of the Shareholders\u2019 Agreement and governance matters, in all of which Carlsberg has been completely vindicated. As a result, the arbitration tribunal in May 2022 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 was 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 in February 2023, stating a value for CSAPLH\u2019s shares in CSAPL of USD 744m. CSAPLH subsequently issued a formal put notice to sell its 33% shareholding in CSAPL to the Group at the put option valuation amount. The put option valuation was referred to arbitration by the Group, as the valuation is considered to have been conducted in breach of the Shareholders\u2019 Agreement. An arbitration award is expected to be issued in Q4 2024. In accordance with the Shareholders\u2019 Agreement, the call option awarded to Carlsberg by the arbitration panel must be settled at an amount determined by a valuer appointed by the International Chamber of Commerce. The valuer released the call valuation in July 2023. Carlsberg is satisfied with the valuation outcome and subsequently exercised its call option. The call option will come into effect if the put valuation is invalidated by the arbitration tribunal.In addition to the disputes with our partner in CSAPL regarding India and Nepal, there is 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 does not include the 10% held locally and would not settle the dispute with the local shareholder, and Gorkha Brewery therefore remains not consolidated until the dispute has been settled separately. Management and the Group General Councel continuously assess these risks and their likely outcome. It is the opinion of management and the Group General Councel that, apart from items recognised in the statement of financial position, the outcome of these lawsuits, disputes etc. cannot be reliably estimated in terms of amount or timing or the risk of a negative outcome is considered to be remote. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\u2019s financial position, net profit or cash flow, in excess of items recognised in the statement of financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__160-1": {
"value": "22.4bnNET INTEREST-BEARING DEBT (DKK)Gross financial debt amounted to DKK 39.1bn (2022: DKK 28.6bn). Net interest-bearing debt was DKK 22.4bn, an increase of DKK 3.0bn compared with year-end 2022.The liquidity position remained solid due to the free cash flow of DKK 4.9bn (free operating cash flow of DKK 7.5bn) and access to a EUR 2bn credit facility, which was unutilised at 31 December 2023.The leverage ratio, measured as net interest-bearing debt to EBITDA, was 1.47x at year-end (2022: 1.23x), well below our target of below 2.0x.SECTION 4.3NET INTEREST-BEARING DEBTOf the gross financial debt at year-end, 79% (2022: 80%) was non-current, i.e. with maturity of more than one year.Gross financial debt amounted to DKK 39.1bn (2022: DKK 28.6bn). Non-current borrowings totalled DKK 30.8bn (2022: DKK 22.9bn) and current borrowings totalled DKK 8.3bn (2022: DKK 5.8bn). A EUR 500m EMTN bond matured in September 2023, and during the year a total of EUR 2.05bn of EMTN bonds was issued with maturities in 2026, 2028 and 2033, cf. section 4.5. The Group continuously assesses the maturity and repayment profile of its debt, and the high level of refinancing in 2023 should be seen in the light of the EUR 1bn EMTN bond maturing in May 2024.The difference of DKK 16.8bn between gross financial debt and net interest-bearing debt mainly comprised cash and cash equivalents, deposits and securities and on-trade loans.Net interest-bearing debtDKK million 2023 2022Non-current borrowings 30,763 22,865 Current borrowings 8,338 5,781 Gross financial debt 39,101 28,646 Deposits and securities -2,236 - Cash and cash equivalents -13,382 -8,163 Net financial debt 23,483 20,483 Loans to associates, interest-bearing portion -276 -275 On-trade loans, net -460 -492 Other receivables, net -396 -390 Net interest-bearing debt 22,351 19,3264.5.1 BORROWINGSTotal borrowings increased by DKK 10.5bn. Non-current borrowings increased by DKK 7.9bn, as a EUR 1.0bn EMTN bond that matures in May 2024 was reclassified to short-term and EUR 2.05bn of non-current EMTN bonds were issued. Current borrowings increased by DKK 2.6bn due to the repayment of a EUR 500m EMTN bond in September, the aforementioned reclassification of the EUR 1bn bond and no issuance under the commercial paper programme at year-end 2023.Gross financial debtDKK million 2023 2022Non-currentIssued bonds 29,270 21,470Bank borrowings 136 70Lease liabilities 1,335 1,203Other borrowings 22 122Total 30,763 22,865CurrentIssued bonds 7,448 3,714Bank borrowings 323 271Lease liabilities 466 390Commercial paper and other borrowings 101 1,406Total 8,338 5,781Total borrowings 39,101 28,646Fair value 38,449 26,694An overview of issued bonds is provided in section 4.6.Changes in gross financial debtDKK million 2023 2022Gross financial debt at 1 January 28,646 28,922Proceeds from issue of bonds 15,272 3,708Instalments on and proceeds from borrowings, non-current -3,725 -5,583Instalments on lease liabilities -466 -423Commercial paper and other borrowings -1,710 1,170External financing 9,371 -1,128Gross financial debt reclassified to liabilities in discontinued operations\u00b9 - -29Increase in lease liabilities\u00b9 674 629Debt acquired 412 -Other, including foreign exchange adjustments and amortisation\u00b9 -2 252Gross financial debt at 31 December 39,101 28,6461 Non-cash item.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.SECTION 4.6INTEREST RATE RISKInterest rate risk is monitored on net financial debt, i.e. borrowings, cash and cash equivalents, deposits and securities and derivative financial instruments. The target is to have a duration between three and eight years. At 31 December 2023, the duration was 5.7 years (2022: 4.1 years). Interest rate risk is mainly managed using fixed-rate bonds, which are all denominated in EUR. At the reporting date, 126% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year (2022: 106%). The increase is due to the increase in both issued bonds and cash and cash equivalents. On a gross debt basis, 76% was at fixed interest rates (2022: 76%). Significant parts 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, 124% of the Group\u2019s net debt is in EUR, which is why the interest rate exposure primarily relates to interest rate developments for EUR.SENSITIVITY ANALYSISTotal cash and cash equivalents including deposits exceeds borrowings with a floating interest rate, hence an increase in interest rates would result in a decrease in net interest expenses. It is estimated that a 1 percentage point interest rate increase across currencies would lead to a decrease in net interest expenses of DKK 61m (2022: DKK 12m). All debts are carried at amortised cost and changes in the interest rate will not impact the carrying amount of debt but will impact the fair value of debt, cf. section 4.5.1. The fair value of total gross borrowings was DKK 652m lower than the carrying amount (2022: DKK 1,952m lower). If all interest rates across tenor and currencies had been 1 percentage point higher at the reporting date, it would have led to a gain of DKK 1,326m (2022: DKK 842m), and a similar loss had the interest rate been 1 percentage point lower. The sensitivity analysis is based on the financial instruments (borrowing, cash and cash equivalents, deposits and securities and derivative financial instruments) recognised at the reporting date. The analysis was performed on the same basis as for 2022.Net financial debt by currencyDKK millionGross Gross Netfinancial debt, Net financial 2023financial debtfinancial debt Fixedfixed %debt, fixed %\u00b9EUR 37,282 29,166 29,291 79% 100% CNY 146 -2,801 - - -USD 214 -273 - - -Other 1,459 -2,609 261 18% -10% Total 39,101 23,483 29,552 76% 126% 2022EUR 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% \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 2023raterate Fixed foramountrate riskIssued bondsEUR 1,000m maturing 28 May 2024 Fixed 2.6% < 1 year 7,448 Fair valueEUR 500m maturing 13 October 2025 Fixed 3.4% 1-2 years 3,718 Fair valueEUR 750m maturing 26 November 2026 Fixed 3.6% 2-3 years 5,578 Fair valueEUR 500m maturing 30 June 2027 Fixed 0.5% 3-4 years 3,711 Fair valueEUR 700m maturing 5 October 2028 Fixed 4.2% 4-5 years 5,179 Fair valueEUR 400m maturing 1 July 2029 Fixed 1.0% > 5 years 2,959 Fair valueEUR 500m maturing 11 March 2030 Fixed 0.7% > 5 years 3,708 Fair valueEUR 600m maturing 5 October 2033 Fixed 4.4 % > 5 years 4,417 Fair valueTotal 2.7% 36,718Total 2022 1.7% 25,184Bank borrowings and other borrowingsFloating-rate Floating 4.1% < 1 year 2,102 Cash flowFixed-rate Fixed 4.5% > 1 year 281 Fair valueTotal 2,383Total 2022 3,462SECTION 4.7FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.7.1 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.Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2023principalof swapswapCHF 285 1,219 1,504NOK 163 383 546EUR 37,282 -9,014 28,268USD 214 2,827 3,041CNY 146 4,170 4,316Other 1,011 415 1,426Total 39,101 - 39,101Total 2022 28,646 - 28,6464.7.2 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 other comprehensive income. The Group hedges part of this foreign exchange exposure by selling foreign currencies via FX forwards and non-deliverable forwards (NDF), 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 2023 review it was decided to increase the hedging of CNY and to temporarily decrease the hedging of NOK. In economic terms, having debt in foreign currency or 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 2024. At 31 December 2023, 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 2023 amounted to DKK -13m (2022: DKK 38m).The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer applies amounted to DKK -1,962m (2022: DKK -2,282m) on a pre-tax basis.Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities. During 2023 losses of DKK 24m regarding hedges of the net investment in RUB were reclassified from equity to the income statement and included in the loss from discontinued operations. Net investment hedges2023 2022Hedging 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 2023 2022 2023 2022 2023 2022 2023 2022 Asset Liability Asset LiabilityCNY -4,707 -3,907 - - 253 -12 0.9713 1.0355 71 -5 83 -MYR -128 -128 - - 16 -21 1.5616 1.5560 12 - - -3HKD - - -3,609 -2,128 84 -49 - - - - - -CHF -294 -310 - - -100 -109 7.8708 7.4334 - -79 - -58NOK -450 -1,300 3,000 3,000 -53 -94 0.6300 0.7179 - -12 16 -SEK - - 2,245 2,217 7 -136 - - - - - -GBP - - 44 -19 -11 6 - - - - - -SGD - - 72 37 -2 20 - - - - - -CAD - - 104 - -6 - - - - - - -Reclassified to the income statement - - - - 24 - - - - - - -Total 212 -395 83 -96 99 -614.7.3 EXCHANGE RATE RISK ON CASH AND BORROWINGSThe main principle for funding 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. 4.7.4 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISIMPACT ON INCOME STATEMENTFor the impact of currency on operating profit and financial items, please refer to sections 1.3 and 4.1 respectively.IMPACT ON STATEMENT OF FINANCIAL POSITIONFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In 2023, net interest-bearing debt increased by DKK 614m (2022: DKK 431m) because of 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 other comprehensive income (OCI) for 2023 as illustrated in the table. The calculation is based on hedges existing as at 31 December 2023.Other comprehensive incomeOther comprehensive income is affected by changes in the fair value of currency derivatives designated as cash flow hedges of future purchases.APPLIED 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.Exchange rate sensitivity - other comprehensive income2023 2022Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0.6412 -722 5% -36 0.7208 -49SEK/DKK 0.6453 -807 5% -40 0.6869 -42PLN/DKK 1.5994 -710 5% -36 1.4694 -35CHF/DKK 7.8496 -628 5% -31 7.5080 -26USD/DKK 6.7677 -162 10% -16 7.5926 38RUB/DKK - - - - 0.1071 -116UAH/DKK 0.1875 -273 20% -55 0.2212 -62Other N/A - 5-30% -28 N/A -53Total -242 -345Applied exchange ratesClosing rate Average rateDKK 2023 2022 2023 2022Swiss franc (CHF) 8.0485 7.5520 7.6744 7.4190Chinese yuan (CNY) 0.9493 1.0106 0.9752 1.0569Euro (EUR) 7.4529 7.4365 7.4510 7.4397Pound sterling (GBP) 8.5759 8.3845 8.5829 8.7235Indian rupee (INR) 0.0812 0.0840 0.0834 0.0903Laotian kip (LAK) 0.0003 0.0004 0.0004 0.0005Norwegian krone (NOK) 0.6630 0.7073 0.6510 0.7374Polish zloty (PLN) 1.7175 1.5887 1.6467 1.5859Ukrainian hryvnia (UAH) 0.1766 0.1909 0.1882 0.2223Swedish krona (SEK) 0.6717 0.6686 0.6491 0.7002",
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"s9_notesesefdkgaap__7__159-1": {
"value": "3.2bnSHARE BUY-BACK (DKK)During 2023, the Company repurchased shares worth DKK 3.2bn under the quarterly share buy-back programmes initiated in 2022 and 2023.25.7bnEQUITY (DKK)Equity amounted to DKK 25.7bn (2022: DKK 34.7bn), DKK\ue7fe23.2bn of which was attributable to shareholders in Carlsberg A/S and DKK 2.5bn to non-controlling interests.The change in equity of DKK -9.0bn was mainly due to foreign exchange losses on translation of foreign entities for the period of DKK 3bn, the dividend payout of DKK 4.8bn and the share buy-back of DKK 3.2bn.Profit for the period from continuing activities was DKK 8.0bn, partly offset by the loss from discontinued operations, excluding reclassification of the accumulated currency translation and hedge losses of DKK 6.3bn. The reclassification of the currency translation and hedge losses relating to Russia did not impact net equity.SHARE BUY-BACK AND TREASURY SHARESOn 7\ue7feFebruary 2023, the Company announced its intention to continue the share buy-back, executed as quarterly programmes. In 2023, a total of 3,338,514 B shares worth DKK 3.2bn were repurchased. The 2023 programme ended with the fourth quarterly programme, which was finalised on 26\ue7feJanuary 2024. Under this programme, the Company has repurchased a total of 3,160,923 B shares at a total purchase price of DKK 3.0bn over a 12-month period. According to the authorisation of the Annual General Meeting, the Supervisory Board may, in the period until 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 2022 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 %Acquisition of treasury shares 3,338,514 66.8 2.5 %Cancellation of treasury shares -4,500,000 -90.0 -3.2 %Used to settle share-based payments -111,409 -2.3 -0.1 %31 December 2023 2,746 3,242,490 64.8 2.4 %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.",
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"s9_notesesefdkgaap__7__158-1": {
"value": "3.2bnSHARE BUY-BACK (DKK)During 2023, the Company repurchased shares worth DKK 3.2bn under the quarterly share buy-back programmes initiated in 2022 and 2023.25.7bnEQUITY (DKK)Equity amounted to DKK 25.7bn (2022: DKK 34.7bn), DKK\ue7fe23.2bn of which was attributable to shareholders in Carlsberg A/S and DKK 2.5bn to non-controlling interests.The change in equity of DKK -9.0bn was mainly due to foreign exchange losses on translation of foreign entities for the period of DKK 3bn, the dividend payout of DKK 4.8bn and the share buy-back of DKK 3.2bn.Profit for the period from continuing activities was DKK 8.0bn, partly offset by the loss from discontinued operations, excluding reclassification of the accumulated currency translation and hedge losses of DKK 6.3bn. The reclassification of the currency translation and hedge losses relating to Russia did not impact net equity.4.4.1 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 2023, the leverage ratio was 1.47x (2022: 1.23x). 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.Share capitalClass A shares Class B shares Total share capitalNominalNominalNominalShares ofvalue,Shares ofvalue,Shares ofvalue,DKK 20DKK \u2019000DKK 20DKK \u2019000DKK 20DKK \u20190001 January 2022 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 2,837,136Cancellation of treasury shares - - -4,500,000 -90,000 -4,500,000 -90,00031 December 2023 33,699,252 673,985 103,657,554 2,073,151 137,356,806 2,747,136A 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.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.4.4.2 SHARE CAPITALAt the Annual General Meeting on 13\ue7feMarch 2023, it was decided to reduce the share capital of Carlsberg A/S by a nominal amount of DKK 90,000,000 to a nominal amount of DKK 2,747,136,120 by cancelling 4,500,000 of the B shares held by the Company, each with a nominal value of DKK 20. The cancellation was completed on 11\ue7feApril 2023. These shares had been repurchased as part of the Company\u2019s share buy-back programmes.At the Annual General Meeting on 11\ue7feMarch 2024, the Supervisory Board will recommend that 3,100,000 treasury shares not used for the hedging of the incentive programme be cancelled.SHARE BUY-BACK AND TREASURY SHARESOn 7\ue7feFebruary 2023, the Company announced its intention to continue the share buy-back, executed as quarterly programmes. In 2023, a total of 3,338,514 B shares worth DKK 3.2bn were repurchased. The 2023 programme ended with the fourth quarterly programme, which was finalised on 26\ue7feJanuary 2024. Under this programme, the Company has repurchased a total of 3,160,923 B shares at a total purchase price of DKK 3.0bn over a 12-month period. According to the authorisation of the Annual General Meeting, the Supervisory Board may, in the period until 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 2022 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 %Acquisition of treasury shares 3,338,514 66.8 2.5 %Cancellation of treasury shares -4,500,000 -90.0 -3.2 %Used to settle share-based payments -111,409 -2.3 -0.1 %31 December 2023 2,746 3,242,490 64.8 2.4 %",
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"s9_notesesefdkgaap__7__157-1": {
"value": "3.2bnSHARE BUY-BACK (DKK)During 2023, the Company repurchased shares worth DKK 3.2bn under the quarterly share buy-back programmes initiated in 2022 and 2023.25.7bnEQUITY (DKK)Equity amounted to DKK 25.7bn (2022: DKK 34.7bn), DKK\ue7fe23.2bn of which was attributable to shareholders in Carlsberg A/S and DKK 2.5bn to non-controlling interests.The change in equity of DKK -9.0bn was mainly due to foreign exchange losses on translation of foreign entities for the period of DKK 3bn, the dividend payout of DKK 4.8bn and the share buy-back of DKK 3.2bn.Profit for the period from continuing activities was DKK 8.0bn, partly offset by the loss from discontinued operations, excluding reclassification of the accumulated currency translation and hedge losses of DKK 6.3bn. The reclassification of the currency translation and hedge losses relating to Russia did not impact net equity.SECTION 4.4CAPITAL STRUCTURE 4.4.1 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 2023, the leverage ratio was 1.47x (2022: 1.23x). 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.Share capitalClass A shares Class B shares Total share capitalNominalNominalNominalShares ofvalue,Shares ofvalue,Shares ofvalue,DKK 20DKK \u2019000DKK 20DKK \u2019000DKK 20DKK \u20190001 January 2022 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 2,837,136Cancellation of treasury shares - - -4,500,000 -90,000 -4,500,000 -90,00031 December 2023 33,699,252 673,985 103,657,554 2,073,151 137,356,806 2,747,136A 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.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. 4.4.2 SHARE CAPITALAt the Annual General Meeting on 13\ue7feMarch 2023, it was decided to reduce the share capital of Carlsberg A/S by a nominal amount of DKK 90,000,000 to a nominal amount of DKK 2,747,136,120 by cancelling 4,500,000 of the B shares held by the Company, each with a nominal value of DKK 20. The cancellation was completed on 11\ue7feApril 2023. These shares had been repurchased as part of the Company\u2019s share buy-back programmes.At the Annual General Meeting on 11\ue7feMarch 2024, the Supervisory Board will recommend that 3,100,000 treasury shares not used for the hedging of the incentive programme be cancelled.4.4.3 EQUITYDIVIDENDSThe Group proposes a dividend of DKK 27.00 per share (2022: DKK 27.00 per share), amounting to DKK 3,709m (2022: DKK 3,830m). The proposed dividend has been included in retained earnings at 31 December 2023.Dividends to be paid out in 2024 for 2023, net of dividends on treasury shares held at 31 December 2023, will amount to DKK 3,621m (paid out in 2023 for 2022: DKK 3,708m). At 31 December 2023, dividends to non-controlling interests of DKK 43m were payable.SHARE BUY-BACK AND TREASURY SHARESOn 7\ue7feFebruary 2023, the Company announced its intention to continue the share buy-back, executed as quarterly programmes. In 2023, a total of 3,338,514 B shares worth DKK 3.2bn were repurchased. The 2023 programme ended with the fourth quarterly programme, which was finalised on 26\ue7feJanuary 2024. Under this programme, the Company has repurchased a total of 3,160,923 B shares at a total purchase price of DKK 3.0bn over a 12-month period. According to the authorisation of the Annual General Meeting, the Supervisory Board may, in the period until 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.Other comprehensive income as recognised in the statement of changes in equityDKK millionNon-Other CurrencyHedgingRetainedcontrollingcomprehen-2023translationreservesearnings Totalinterestssive incomeForeign exchange adjustments of foreign entities 38,025 - 14 38,039 -258 37,781Value adjustments of hedging instruments 212 698 - 910 10 920Retirement benefit obligations - - -64 -64 -9 -73Income tax 13 -56 -28 -71 -1 -72Total 38,250 642 -78 38,814 -258 38,5562022Foreign 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 -4,072",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__169": {
"value": "SECTION 4.1FINANCIAL INCOME AND EXPENSESInterest income primarily relates to interest on cash and cash equivalents and deposits 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 60m (2022: DKK -121m), cf. section 4.9.Foreign exchange losses and fair value adjustments amounted to DKK 151m (2022: DKK 219m).Of the net change in fair value of cash flow hedges transferred or reclassified to the income statement, DKK -280m (2022: DKK 69m) has been included in revenue and cost of sales, DKK -22m in special items (2022: DKK 0m), DKK 0m (2022: DKK -16m) in financial items, DKK -545m (2022: DKK 0m) in loss from discontinued operations, and DKK -18m (2022: DKK -2m) in intangible assets and property, plant and equipment. Foreign exchange adjustments of foreign entities recognised in other comprehensive income amounts to DKK 37,781m, cf. section 4.4.4.Financial items recognised in the income statementDKK million 2023 2022Financial incomeInterest income 381 220Interest on plan assets, defined benefit plans 309 120Other 5 7Total 695 347Financial expensesInterest expenses -752 -519Capitalised financial expenses 8 2Foreign exchange losses, net -151 -219Interest expenses on obligations, defined benefit plans -339 -158Interest expenses, lease liabilities -32 -23Bank fees -142 -78Other -131 -77Total -1,539 -1,072Financial items, net, recognised in the income statement -844 -725Financial items excluding foreign exchange, net -693 -506Financial items recognised in other comprehensive incomeDKK million 2023 2022Foreign exchange adjustments of foreign entitiesForeign currency translation of foreign entities -3,143 -3,926Reclassification of cumulative translation differences of deconsolidated entities 40,924 -Total 37,781 -3,926Fair value adjustments of hedging instrumentsChange in fair value of effective portion of cash flow hedges -174 -313Change in fair value of cash flow hedges transferred or reclassified to the income statement, intangible assets and property, plant and equipment 882 -51Change in fair value of net investment hedges 212 -395Total 920 -759Financial items, net, recognised in other comprehensive income 38,701 -4,685",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__168": {
"value": "SECTION 4.1FINANCIAL INCOME AND EXPENSESInterest income primarily relates to interest on cash and cash equivalents and deposits 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 60m (2022: DKK -121m), cf. section 4.9.Foreign exchange losses and fair value adjustments amounted to DKK 151m (2022: DKK 219m).Of the net change in fair value of cash flow hedges transferred or reclassified to the income statement, DKK -280m (2022: DKK 69m) has been included in revenue and cost of sales, DKK -22m in special items (2022: DKK 0m), DKK 0m (2022: DKK -16m) in financial items, DKK -545m (2022: DKK 0m) in loss from discontinued operations, and DKK -18m (2022: DKK -2m) in intangible assets and property, plant and equipment. Foreign exchange adjustments of foreign entities recognised in other comprehensive income amounts to DKK 37,781m, cf. section 4.4.4.Financial items recognised in the income statementDKK million 2023 2022Financial incomeInterest income 381 220Interest on plan assets, defined benefit plans 309 120Other 5 7Total 695 347Financial expensesInterest expenses -752 -519Capitalised financial expenses 8 2Foreign exchange losses, net -151 -219Interest expenses on obligations, defined benefit plans -339 -158Interest expenses, lease liabilities -32 -23Bank fees -142 -78Other -131 -77Total -1,539 -1,072Financial items, net, recognised in the income statement -844 -725Financial items excluding foreign exchange, net -693 -506Financial items recognised in other comprehensive incomeDKK million 2023 2022Foreign exchange adjustments of foreign entitiesForeign currency translation of foreign entities -3,143 -3,926Reclassification of cumulative translation differences of deconsolidated entities 40,924 -Total 37,781 -3,926Fair value adjustments of hedging instrumentsChange in fair value of effective portion of cash flow hedges -174 -313Change in fair value of cash flow hedges transferred or reclassified to the income statement, intangible assets and property, plant and equipment 882 -51Change in fair value of net investment hedges 212 -395Total 920 -759Financial items, net, recognised in other comprehensive income 38,701 -4,685",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__167": {
"value": "SECTION 4.1FINANCIAL INCOME AND EXPENSESInterest income primarily relates to interest on cash and cash equivalents and deposits 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 60m (2022: DKK -121m), cf. section 4.9.Foreign exchange losses and fair value adjustments amounted to DKK 151m (2022: DKK 219m).Of the net change in fair value of cash flow hedges transferred or reclassified to the income statement, DKK -280m (2022: DKK 69m) has been included in revenue and cost of sales, DKK -22m in special items (2022: DKK 0m), DKK 0m (2022: DKK -16m) in financial items, DKK -545m (2022: DKK 0m) in loss from discontinued operations, and DKK -18m (2022: DKK -2m) in intangible assets and property, plant and equipment. Foreign exchange adjustments of foreign entities recognised in other comprehensive income amounts to DKK 37,781m, cf. section 4.4.4.Financial items recognised in the income statementDKK million 2023 2022Financial incomeInterest income 381 220Interest on plan assets, defined benefit plans 309 120Other 5 7Total 695 347Financial expensesInterest expenses -752 -519Capitalised financial expenses 8 2Foreign exchange losses, net -151 -219Interest expenses on obligations, defined benefit plans -339 -158Interest expenses, lease liabilities -32 -23Bank fees -142 -78Other -131 -77Total -1,539 -1,072Financial items, net, recognised in the income statement -844 -725Financial items excluding foreign exchange, net -693 -506Financial items recognised in other comprehensive incomeDKK million 2023 2022Foreign exchange adjustments of foreign entitiesForeign currency translation of foreign entities -3,143 -3,926Reclassification of cumulative translation differences of deconsolidated entities 40,924 -Total 37,781 -3,926Fair value adjustments of hedging instrumentsChange in fair value of effective portion of cash flow hedges -174 -313Change in fair value of cash flow hedges transferred or reclassified to the income statement, intangible assets and property, plant and equipment 882 -51Change in fair value of net investment hedges 212 -395Total 920 -759Financial items, net, recognised in other comprehensive income 38,701 -4,685",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__170-1": {
"value": "SECTION 4.2FINANCIAL ASSETS AND LIABILITIESDKK million 2023 2022Financial assets at fair valueDerivatives not designated as hedging instruments 101 90 Derivatives designated as hedging instruments 200 262 Financial assets at amortised costTrade receivables 4,866 4,825 Trade loans 893 886 Other receivables 2,700 2,797 Deposits and securities 2,236 - Cash and cash equivalents 13,382 8,163 Total financial assets 24,378 17,023 Financial liabilities at fair valueDerivatives not designated as hedging instruments 53 105 Derivatives designated as hedging instruments 269 282 Contingent considerations 5,445 5,577 Borrowings and other financial liabilities at amortised costNon-current and current borrowings 39,101 28,646 Trade payables 22,159 21,917 Deposit liabilities 1,717 1,627 Other payables 7,055 7,261 Total financial liabilities 75,799 65,415SECTION 4.7FOREIGN EXCHANGE RISK RELATED TO NET INVESTMENTS AND FINANCING ACTIVITIES4.7.1 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.Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2023principalof swapswapCHF 285 1,219 1,504NOK 163 383 546EUR 37,282 -9,014 28,268USD 214 2,827 3,041CNY 146 4,170 4,316Other 1,011 415 1,426Total 39,101 - 39,101Total 2022 28,646 - 28,6464.7.2 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 other comprehensive income. The Group hedges part of this foreign exchange exposure by selling foreign currencies via FX forwards and non-deliverable forwards (NDF), 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 2023 review it was decided to increase the hedging of CNY and to temporarily decrease the hedging of NOK. In economic terms, having debt in foreign currency or 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 2024. At 31 December 2023, 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 2023 amounted to DKK -13m (2022: DKK 38m).The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer applies amounted to DKK -1,962m (2022: DKK -2,282m) on a pre-tax basis.Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities. During 2023 losses of DKK 24m regarding hedges of the net investment in RUB were reclassified from equity to the income statement and included in the loss from discontinued operations. Net investment hedges2023 2022Hedging 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 2023 2022 2023 2022 2023 2022 2023 2022 Asset Liability Asset LiabilityCNY -4,707 -3,907 - - 253 -12 0.9713 1.0355 71 -5 83 -MYR -128 -128 - - 16 -21 1.5616 1.5560 12 - - -3HKD - - -3,609 -2,128 84 -49 - - - - - -CHF -294 -310 - - -100 -109 7.8708 7.4334 - -79 - -58NOK -450 -1,300 3,000 3,000 -53 -94 0.6300 0.7179 - -12 16 -SEK - - 2,245 2,217 7 -136 - - - - - -GBP - - 44 -19 -11 6 - - - - - -SGD - - 72 37 -2 20 - - - - - -CAD - - 104 - -6 - - - - - - -Reclassified to the income statement - - - - 24 - - - - - - -Total 212 -395 83 -96 99 -614.7.3 EXCHANGE RATE RISK ON CASH AND BORROWINGSThe main principle for funding 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. 4.7.4 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISIMPACT ON INCOME STATEMENTFor the impact of currency on operating profit and financial items, please refer to sections 1.3 and 4.1 respectively.IMPACT ON STATEMENT OF FINANCIAL POSITIONFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In 2023, net interest-bearing debt increased by DKK 614m (2022: DKK 431m) because of 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 other comprehensive income (OCI) for 2023 as illustrated in the table. The calculation is based on hedges existing as at 31 December 2023.Other comprehensive incomeOther comprehensive income is affected by changes in the fair value of currency derivatives designated as cash flow hedges of future purchases.APPLIED 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.Exchange rate sensitivity - other comprehensive income2023 2022Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0.6412 -722 5% -36 0.7208 -49SEK/DKK 0.6453 -807 5% -40 0.6869 -42PLN/DKK 1.5994 -710 5% -36 1.4694 -35CHF/DKK 7.8496 -628 5% -31 7.5080 -26USD/DKK 6.7677 -162 10% -16 7.5926 38RUB/DKK - - - - 0.1071 -116UAH/DKK 0.1875 -273 20% -55 0.2212 -62Other N/A - 5-30% -28 N/A -53Total -242 -345Applied exchange ratesClosing rate Average rateDKK 2023 2022 2023 2022Swiss franc (CHF) 8.0485 7.5520 7.6744 7.4190Chinese yuan (CNY) 0.9493 1.0106 0.9752 1.0569Euro (EUR) 7.4529 7.4365 7.4510 7.4397Pound sterling (GBP) 8.5759 8.3845 8.5829 8.7235Indian rupee (INR) 0.0812 0.0840 0.0834 0.0903Laotian kip (LAK) 0.0003 0.0004 0.0004 0.0005Norwegian krone (NOK) 0.6630 0.7073 0.6510 0.7374Polish zloty (PLN) 1.7175 1.5887 1.6467 1.5859Ukrainian hryvnia (UAH) 0.1766 0.1909 0.1882 0.2223Swedish krona (SEK) 0.6717 0.6686 0.6491 0.7002",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__174-1": {
"value": "4.4.1 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 2023, the leverage ratio was 1.47x (2022: 1.23x). 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__177-1": {
"value": "DIVIDENDSThe Group proposes a dividend of DKK 27.00 per share (2022: DKK 27.00 per share), amounting to DKK 3,709m (2022: DKK 3,830m). The proposed dividend has been included in retained earnings at 31 December 2023.Dividends to be paid out in 2024 for 2023, net of dividends on treasury shares held at 31 December 2023, will amount to DKK 3,621m (paid out in 2023 for 2022: DKK 3,708m). At 31 December 2023, dividends to non-controlling interests of DKK 43m were payable.Transactions with shareholders in Carlsberg A/SDKK million 2023 2022Dividends paid to shareholders -3,695 -3,389 Share buy-back -3,200 -4,400 Total -6,895 -7,789 Dividends paid to non-controlling interests amounted to DKK 1,106m (2022: DKK 1,042m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__178": {
"value": "27",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s9_notesesefdkgaap__8__179": {
"value": "27",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s9_notesesefdkgaap__7__180": {
"value": "3709000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s9_notesesefdkgaap__8__180": {
"value": "3830000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s9_notesesefdkgaap__7__181": {
"value": "Proposed dividendsThe proposed dividend is recognised as a liability at the date when it is adopted at the Annual General Meeting (declaration date).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__188": {
"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",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__193": {
"value": "BorrowingsBorrowings 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__196": {
"value": "4.5.2 CASH AND DEPOSITS Cash and cash equivalents include short-term marketable securities with an original term of less than three months that are subject to an insignificant risk of changes in fair value and form part of the short-term cash planning. Short-term bank deposits amounted to DKK 6,896m at 31 December 2023 (2022: DKK 1,530m). Carlsberg has placed surplus liquidity of DKK 2,236m from the issuance of bonds in bank deposits that do not meet the definition of cash and cash equivalents. These are classified as deposits and are co-managed with cash and cash equivalents. The average interest rate on deposits was 4.5% (2022: 6.2%). Total cash including deposits amounted to DKK 15,618m in 2023 (2022: DKK 8,163m).Cash and depositsDKK million 2023 2022Derivative financial Derivative financial Cash and depositsinstruments Cash and depositsinstrumentsAA range 5,743 3 1,571 33A range 8,476 245 5,580 177BBB range 756 4 546 6Not rated or below BBB range 643 48 466 83Total 15,618 300 8,163 299",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__205": {
"value": "SECTION 4.8FUNDING 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 payment of suppliers.The Group\u2019s 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 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 2023, bonds accounted for 94% of the gross funding. Committed credit facilities and credit resources availableDKK millionTotal committedUtilised2022 loans and portion of UnutilisedUnutilised credit credit creditcredit 2023facilitiesfacilitiesfacilitiesfacilitiesCurrent< 1 year 9,487 8,338 1,149 1,149Total current committed loans and credit facilities9,487 8,338 1,149 1,149Non-current1-2 years 4,210 4,210 - -2-3 years 20,664 5,752 14,912 -3-4 years 3,838 3,838 - 14,8774-5 years 5,261 5,261 - -> 5 years 11,702 11,702 - -Total non-current committed loans and credit facilities 45,675 30,763 14,912 14,877Cash and cash equivalents and deposits15,618 8,163Current portion of utilised credit facilities - - -8,338 -5,781Credit resources available (total non-current committed loans and credit facilities less net debt)22,192 17,259CREDIT RESOURCES AVAILABLEThe Group uses the term \u201ccredit resources available\u201d to determine the adequacy of access to credit facilities.Credit resources available include cash, deposits and unutilised credit facilities with more than 12 months to maturity less utilised credit facilities with less than 12 months to maturity and uncommitted working capital facilities. Net financial debt is used internally to monitor the Group\u2019s credit resources available. Net financial debt is the Group\u2019s net interest-bearing debt, excluding interest-bearing assets other than cash and deposits, as these assets are not actively managed in relation to liquidity risk. Net financial debt is shown in section 4.3.At 31 December 2023, the Group had total credit resources available of DKK 22,192m, consisting of cash and cash equivalents and deposits of DKK 15,618m plus committed unutilised non-current credit facilities of DKK 14,912m less utilisation of current facilities of DKK 8,338m. Including current credit facilities of DKK 1,149m, total committed unutilised credit facilities amounted to DKK 16,061m.Credit resources available at year-end 2023 were DKK 5bn higher than at year-end 2022, as a result of the 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 and from 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. Cash balances held in Ukraine of DKK 922m are temporarily unavailable for Group purposes due to the ongoing war. 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 39,278m in 2023 (2022: DKK 28,757m), whereas the total carrying amount was DKK 39,101m (2022: DKK\ue7fe28,646m). 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 2023. The cash flow is estimated based on the notional amount of the above-mentioned borrowings and expected interest rates at year-end 2023 and 2022. Interest on debt recognised at year-end 2023 and 2022 for which no contractual obligation exists (current borrowing and other debts) has been included for a two-year period. The synthetic interest on lease liabilities has also been included for a two-year period. The interest applied to the part of the debt where no contractual obligation exists is 4.0% for 2024 and 2.5% for 2025 (2022: 2.8%). The increase is due to the increase in interest rates seen for most currencies during 2023.Time to maturity for non-current borrowingsDKK million2023 1-2 years 2-3 years 3-4 years 4-5 years > 5 years TotalIssued bonds 3,718 5,578 3,711 5,179 11,084 29,270Bank borrowings 67 40 24 5 0 136Lease liabilities 423 134 102 75 601 1,335Other non-current borrowings 2 0 1 2 17 22Total 4,210 5,752 3,838 5,261 11,702 30,763Total 2022 7,904 3,823 105 3,775 7,258 22,865Maturity of financial liabilitiesDKK millionMaturityContractualMaturity> 1 yearMaturityCarrying2023cash flows< 1 year< 5 years> 5 yearsamountDerivative financial instrumentsDerivative financial instruments, payables 295 295 - - 322Non-derivative financial instrumentsGross financial debt 39,278 8,346 19,135 11,797 39,101Interest expenses 4,193 954 2,280 959 N/ATrade payables and other liabilities 23,876 23,876 - - 23,876Contingent liabilities 201 201 - - N/AContingent considerations 5,445 5,141 304 - 5,445Non-derivative financial instruments 72,993 38,518 21,719 12,756 -Financial liabilities 73,288 38,813 21,719 12,756 -Total 2022 59,884 36,082 16,406 7,396 -",
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"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__207": {
"value": "SECTION 4.9DERIVATIVE FINANCIAL INSTRUMENTSThe Group enters into derivative financial instruments to hedge foreign exchange and commodity risks, cf. sections 1.2 and 1.3, and seeks to apply hedge accounting when this is possible. Hedging of future, highly probable forecast transactions is designated as cash flow hedges.Total net gain on active cash flow hedges recognised in OCI was DKK 123m with gains on aluminium and losses on exchange rate instruments and energy. The energy hedge is a power purchase agreement which secures fixed price electricity for 10 years commencing 2024.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. Following the deconsolidation of the Russian operation, the value of hedges relating to the original acquisition of the Russian operation and the value of aluminium and FX hedges in the Russian operation have been reclassified from equity to the income statement and included in the loss from discontinued operations at the time of deconsolidation. The total amount of the reclassification was DKK 545m. Additional losses of DKK 40m regarding hedges of financial investment were reclassified from the cash flow hedge reserve: DKK 22m to the income statement and DKK 18m to intangible assets. At 31 December 2023, hedging reserves included DKK -215m in relation to cash flow hedges for which hedge accounting is no longer applied. 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.The fair value adjustment of derivatives which have become ineffective is recognised in the income statement. In 2023 the ineffective portion amounted to DKK -9m and relates to exchange rate instruments and aluminium.Cash flow hedgesDKK million Expected recognitionOthercomprehen-Fair value, Fair value, Fair value, 20252023sive incomereceivablespayablesnet 2024and laterExchange rate instruments -73 7 -116 -109 -109 -Aluminium 231 62 -57 5 -10 15Energy -35 48 - 48 2 46Reclassification from OCI 585 - - - - -Total 708 117 -173 -56 -117 61Othercomprehen-Fair value, Fair value, Fair value, 2024 2022sive incomereceivablespayablesnet 2023and laterExchange rate instruments -8 62 -19 43 43 -Aluminium -439 18 -202 -184 -183 -1Energy 83 83 - 83 - 83Total -364 163 -221 -58 -140 82Financial derivatives not designated as hedging instruments (economic hedges)DKK millionIncome Fair value, Fair value, 2023statementreceivablespayables Fair value, netExchange rate instruments 69 101 -53 48Ineffectiveness -9 - - -Total 60 101 -53 482022Exchange rate instruments -105 90 -105 -15Ineffectiveness -16 - - -Total -121 90 -105 -15ACCOUNTING ESTIMATESAND JUDGEMENTSWhen entering into financial instruments, management assesses whether the instrument is an effective hedge of expected future cash flows or financial investments. The effectiveness of recognised hedging instruments is assessed at least twice a year. Fair values of derivative financial instruments are calculated on the basis of level 2 input consisting of current market data and generally accepted valuation methods. Internally calculated values are used, and these are compared with external market quotes on a quarterly basis. For currency, aluminium and electricity derivatives, the calculation is as follows:a) The forward market rate is compared to the agreed rate on the derivatives, and the difference in cash flow at the future point in time is calculated.b) The amount is discounted to present value. Where relevant the discounting rate includes a credit risk adjustment.When entering into a contract, management assesses whether the contract contains embedded derivatives and whether they meet the criteria for separate classification and recognition. The Group currently does not have any embedded derivatives that meet the criteria for separate classification and recognition.ACCOUNTINGPOLICIESDerivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \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 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. Notional amounts, average hedge rates and the fair values and disclosed in section 4.7.2.",
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"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__208": {
"value": "Financial derivatives not designated as hedging instruments (economic hedges)DKK millionIncome Fair value, Fair value, 2023statementreceivablespayables Fair value, netExchange rate instruments 69 101 -53 48Ineffectiveness -9 - - -Total 60 101 -53 482022Exchange rate instruments -105 90 -105 -15Ineffectiveness -16 - - -Total -121 90 -105 -15ACCOUNTING ESTIMATESAND JUDGEMENTSWhen entering into financial instruments, management assesses whether the instrument is an effective hedge of expected future cash flows or financial investments. The effectiveness of recognised hedging instruments is assessed at least twice a year. Fair values of derivative financial instruments are calculated on the basis of level 2 input consisting of current market data and generally accepted valuation methods. Internally calculated values are used, and these are compared with external market quotes on a quarterly basis. For currency, aluminium and electricity derivatives, the calculation is as follows:a) The forward market rate is compared to the agreed rate on the derivatives, and the difference in cash flow at the future point in time is calculated.b) The amount is discounted to present value. Where relevant the discounting rate includes a credit risk adjustment.When entering into a contract, management assesses whether the contract contains embedded derivatives and whether they meet the criteria for separate classification and recognition. The Group currently does not have any embedded derivatives that meet the criteria for separate classification and recognition.ACCOUNTINGPOLICIESDerivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \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 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. Notional amounts, average hedge rates and the fair values and disclosed in section 4.7.2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__212": {
"value": "Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \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 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. Notional amounts, average hedge rates and the fair values and disclosed in section 4.7.2.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__211": {
"value": "Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \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 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. Notional amounts, average hedge rates and the fair values and disclosed in section 4.7.2.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__210": {
"value": "Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \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 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. Notional amounts, average hedge rates and the fair values and disclosed in section 4.7.2.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__209": {
"value": "Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at the reporting date.The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: \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 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. Notional amounts, average hedge rates and the fair values and disclosed in section 4.7.2.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__214-1": {
"value": "Waterloo BrewingAcquired Waterloo Brewing and expanded the production network needed for our business in Canada.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. One 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 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 owner usually provides the recipe and/or raw material, 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.More often, 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 putand/or call options to acquire additional shares.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 paid to the partner are reported as financial expenses. Common to all partnerships is the risk of disagreement and ultimately dissolution. Disagreements with partners on the operational management and strategic direction 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 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 Carlsberg South Asia Pte Ltd (CSAPL), of which Carlsberg owns two thirds and CSAPL Holdings Pte Ltd (CSAPLH) the remaining one third. CSAPL is the holding company for the businesses in India (100%) and Nepal (90%). 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 in February 2023, 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.The issuance of the presidential decree in Russia, temporarily transferring the management of the Group\u2019s subsidiary Baltika Breweries to the Russian Federal Agency for State Property Management, effectively prevents the Group from acting as shareholder in Baltika Breweries. In an attempt to prevent the Group from exercising its rights as the lawful owner of certain assets and intellectual property rights of which Baltika Breweries previously enjoyed the benefit or possessed as part of the Carlsberg Group, various claims have been filed in Russia against the Group by Baltika Breweries. The claims are considered to be baseless and without merit. The Group continues to defend, uphold and protect its assets, legal and intellectual property rights.SECTION 5.3ACQUISITIONS AND DISPOSALSACQUISITION OF ENTITIES IN 2023The Group gained control of two businesses during the year. The purchase price allocation of the fair value of the identified assets, liabilities and contingent liabilities for both businesses was completed in 2023.Waterloo BrewingOn 7 March 2023, the Group acquired 100% of the Canadian Waterloo Brewing company for a cash consideration of CAD 144m (DKK 734m). The company was fully consolidated as of the acquisition date. The purpose of the acquisition was to strengthen the Group\u2019s market position and to deliver supply chain and other synergies. The calculated goodwill represents staff competences and synergies from expected optimisations of sales and distribution, supply chain and procurement, possible product innovations, increase in market share and access to new customers. Jing-A GroupIn September 2023, Carlsberg gained control of Jing-A Group through the acquisition of an additional 26.5% of the shares, giving Carlsberg a 75.5% ownership interest, cf. section 5.5. The non-controlling interest holds an option to sell its remaining shareholding to Carlsberg and, in accordance with the Group\u2019s accounting policies, the non-controlling interest has not been recognised. Instead the contingent consideration payable has been recognised at fair value, cf. section 5.4.The step acquisition of Jing-A Group was completed to further strengthen the Group\u2019s presence in the growing craft beer segment in China. The shareholdings held before obtaining control were remeasured at a fair value of DKK 47m with the revaluation adjustment, DKK 20m, recognised in special items. ACQUISITION OF ENTITIES IN 2022The Group did not complete any acquisitions of entities in 2022. 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.AcquisitionsDKK million 2023Consideration paid 760Fair value of contingent consideration 24Fair value of previously held investment 47Total cost of acquisition 831Acquired assets and liabilitiesIntangible assets 807Property, plant and equipment 270Right-of-use assets 161Inventories 91Trade and other receivables 109Cash and cash equivalents 5Borrowings and lease liabilities -417Deferred tax liabilities -43Trade payables -104Other payables -48Acquired assets and liabilities 831Elements of cash consideration paid and receivedDKK million 2023 2022Consideration paid for acquisition of entities -760 -Consideration received for disposal of entities 4 -Cash and cash equivalents and bank overdrafts acquired/disposed of -66 -Acquisition and disposal of entities, net -822 -Consideration paid for acquisition of associates -7 -Consideration paid for increase of investment in associates - -48Acquisition and disposal of associates, net -7 -48Cash flow from acquisition of shareholdings, total -829 -48ACCOUNTING 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 2.2.4.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 andcustomer 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 Waterloo Brewing and Jing-A Group\u2019s activities, which are accounted for in the consolidated financial statements, reflect the best estimate of the total fair value of these businesses.The purchase price 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 related to Waterloo Brewing, DKK 533m, was allocated to the Central & Eastern Europe CGU in line with the allocation of the Group\u2019s existing Canadian business. Goodwill related to Jing-A Group, DKK 110m, was allocated to the Asia CGU. The goodwill is not deductible for tax purposes.BrandsThe value of brands was estimated using the Group\u2019s principles described above. Brands with a fair value of DKK 164m were recognised and classified as an intangible asset with an indefinite useful life.Property, plant and 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 27m.Financial impact of acquisitions In 2023, revenue includes DKK 431m from Waterloo Brewing and Jing-A Group. Had the acquisitions been completed at the beginning of the reporting period, revenue would have included DKK 577m. Profit for the period includes DKK -29m from Waterloo Brewing and Jing-A Group. Had the acquisitions been completed at the beginning of the reporting period, profit for the period would have included DKK -31m.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.In a step acquisition, the Group gains control of an entity in which it already held a shareholding before gaining control. The shareholding held before the step acquisition is remeasured at fair value at the acquisition date and added to the fair value of the consideration paid for the shareholding acquired in the step acquisition and is accounted for as the total cost of the shareholding in the acquired entity. The gain or loss on the remeasurement is recognised in the income statement under special items.Goodwill and fair value adjustments in connection with the acquisition of an entity are treated as assets and liabilities belonging to the foreign entity and translated into the foreign entity\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 heldby 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 in Belarus, Jing-A Group in China and 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 held by the Group. Both the legal and the consolidated ownership are stated in section 10.The carrying amount of contingent considerations is determined in accordance with the terms and conditions agreed with the holders of the options. Of the contingent considerations, DKK 0.3bn (2022: DKK 0.3bn) 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 was 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 in February 2023, stating a value for CSAPLH\u2019s shares in CSAPL of USD 744m. CSAPLH subsequently 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 was adjusted to reflect the put option valuation amount received from the valuers, as the acquisition of the shares may be completed at that price. The put option valuation was referred to arbitration by the Group, as the valuation is considered to have been conducted in breach of the Shareholders\u2019 Agreement. An arbitration award is expected to be issued in Q4 2024. In accordance with the Shareholders\u2019 Agreement, the call option awarded to Carlsberg by the arbitration panel must be settled at an amount determined by a valuer appointed by the International Chamber of Commerce. The valuer released the call valuation in July 2023. Carlsberg is satisfied with the valuation outcome and subsequently exercised its call option. The call option will come into effect if the put valuation is invalidated by the arbitration tribunal.The recognised value of the put option decreased by DKK 169m in 2023 because of changes in the USD exchange rate.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 354m. The loan had not been repaid as of 31 December 2023. Contingent considerationsDKK million 2023 2022Contingent considerations at 1 January 5,577 4,254Additions 23 -Transfer to discontinued operations - -13Fair value adjustments -155 1,336Contingent considerations at 31 December 5,445 5,577ACCOUNTING ESTIMATES AND JUDGEMENTSThe fair value of contingent considerations linked to put options is measured on the basis of level 3 input consisting of non-observable data, such as entity-specific discount rates and industry-specific expectations of price developments, and generally accepted valuation methods, including discounted cash flows and multiples.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": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__216": {
"value": "Financial performance The loss from discontinued operations for 2023 only includes the six months of operation until the time of loss of control. Reported revenue in Russia amounted to DKK 4,305m (2022: DKK 10,207m) and profit to DKK 758m (2022: DKK 1,874m). The net result was DKK -47,748m (2022: DKK -8,075m), impacted by the reclassification from equity of accumulated losses on currency translation and hedges of DKK 41,504m and the write-down of the investment by DKK 7,002m (2022: DKK 9,949m).The cash flow from investing activities in the discontinued operations amounted to DKK -2,588m (2022: DKK -376m), of which DKK -2,495m was the impact from deconsolidating cash and cash equivalents in the Russian operation.Analysis of loss from the discontinued operation in RussiaDKK million 2023 2022 Revenue 4,305 10,207Costs -3,337 -8,228Profit before tax from discontinued operations 968 1,979Income tax -210 -105Profit after tax from discontinued operations 758 1,874Impairment losses -7,002 -9,949Accumulated currency translation and hedging reserves reclassified from equity to the income statement -41,504 -Loss from discontinued operations -47,748 -8,075Major classes of assets and liabilities in the discontinued operation in RussiaDKK million 2023 2022 Intangible assets - 5,483Property, plant and equipment - 2,989Inventories - 1,015Receivables - 937Cash and cash equivalents - 1,194Assets in discontinued operations - 11,618Borrowings - 101Tax liabilities, retirement benefit obligations etc. - 1,144Trade payables - 1,892Other liabilities - 963Liabilities in discontinued operations - 4,100Net assets in discontinued operations - 7,518Net cash flow from the discontinued operation in RussiaDKK million 2023 2022 Cash flow from operating activities 1,531 1,952Cash flow from investing activities -2,588 -376Cash flow from financing activities 63 195Net cash flow from discontinued operations -994 1,771ACCOUNTING 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. After derecognition, the classification is changed to assets and liabilities in discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\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 profit/loss from discontinued operations in the income statement. Comparative figures are restated.Cash flow from discontinued operation is presented separately as net cash flow from discontinued operation 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__217": {
"value": "Major classes of assets and liabilities in the discontinued operation in RussiaDKK million 2023 2022 Intangible assets - 5,483Property, plant and equipment - 2,989Inventories - 1,015Receivables - 937Cash and cash equivalents - 1,194Assets in discontinued operations - 11,618Borrowings - 101Tax liabilities, retirement benefit obligations etc. - 1,144Trade payables - 1,892Other liabilities - 963Liabilities in discontinued operations - 4,100Net assets in discontinued operations - 7,518Net cash flow from the discontinued operation in RussiaDKK million 2023 2022 Cash flow from operating activities 1,531 1,952Cash flow from investing activities -2,588 -376Cash flow from financing activities 63 195Net cash flow from discontinued operations -994 1,771ACCOUNTING 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. After derecognition, the classification is changed to assets and liabilities in discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\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 profit/loss from discontinued operations in the income statement. Comparative figures are restated.Cash flow from discontinued operation is presented separately as net cash flow from discontinued operation 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__220": {
"value": "Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets that will be transferred in the transaction. After derecognition, the classification is changed to assets and liabilities in discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\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 profit/loss from discontinued operations in the income statement. Comparative figures are restated.Cash flow from discontinued operation is presented separately as net cash flow from discontinued operation 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__219": {
"value": "Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets that will be transferred in the transaction. After derecognition, the classification is changed to assets and liabilities in discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\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 profit/loss from discontinued operations in the income statement. Comparative figures are restated.Cash flow from discontinued operation is presented separately as net cash flow from discontinued operation 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__218": {
"value": "Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets that will be transferred in the transaction. After derecognition, the classification is changed to assets and liabilities in discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\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 profit/loss from discontinued operations in the income statement. Comparative figures are restated.Cash flow from discontinued operation is presented separately as net cash flow from discontinued operation 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__222": {
"value": "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. One 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 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 owner usually provides the recipe and/or raw material, 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.More often, 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 putand/or call options to acquire additional shares.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 paid to the partner are reported as financial expenses. Common to all partnerships is the risk of disagreement and ultimately dissolution. Disagreements with partners on the operational management and strategic direction 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 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 Carlsberg South Asia Pte Ltd (CSAPL), of which Carlsberg owns two thirds and CSAPL Holdings Pte Ltd (CSAPLH) the remaining one third. CSAPL is the holding company for the businesses in India (100%) and Nepal (90%). 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 in February 2023, 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.The issuance of the presidential decree in Russia, temporarily transferring the management of the Group\u2019s subsidiary Baltika Breweries to the Russian Federal Agency for State Property Management, effectively prevents the Group from acting as shareholder in Baltika Breweries. In an attempt to prevent the Group from exercising its rights as the lawful owner of certain assets and intellectual property rights of which Baltika Breweries previously enjoyed the benefit or possessed as part of the Carlsberg Group, various claims have been filed in Russia against the Group by Baltika Breweries. The claims are considered to be baseless and without merit. The Group continues to defend, uphold and protect its assets, legal and intellectual property rights.",
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__221": {
"value": "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. One 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 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 owner usually provides the recipe and/or raw material, 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.More often, 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 putand/or call options to acquire additional shares.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 paid to the partner are reported as financial expenses. Common to all partnerships is the risk of disagreement and ultimately dissolution. Disagreements with partners on the operational management and strategic direction 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 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 Carlsberg South Asia Pte Ltd (CSAPL), of which Carlsberg owns two thirds and CSAPL Holdings Pte Ltd (CSAPLH) the remaining one third. CSAPL is the holding company for the businesses in India (100%) and Nepal (90%). 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 in February 2023, 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.The issuance of the presidential decree in Russia, temporarily transferring the management of the Group\u2019s subsidiary Baltika Breweries to the Russian Federal Agency for State Property Management, effectively prevents the Group from acting as shareholder in Baltika Breweries. In an attempt to prevent the Group from exercising its rights as the lawful owner of certain assets and intellectual property rights of which Baltika Breweries previously enjoyed the benefit or possessed as part of the Carlsberg Group, various claims have been filed in Russia against the Group by Baltika Breweries. The claims are considered to be baseless and without merit. The Group continues to defend, uphold and protect its assets, legal and intellectual property rights.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__226": {
"value": "AcquisitionsThe acquisition date is the date when the Group effectively obtains control of an acquired subsidiary or significant influence over an associate.The cost of a business combination comprises the fair value of the consideration agreed upon, including the fair value of any consideration contingent on future events.In a step acquisition, the Group gains control of an entity in which it already held a shareholding before gaining control. The shareholding held before the step acquisition is remeasured at fair value at the acquisition date and added to the fair value of the consideration paid for the shareholding acquired in the step acquisition and is accounted for as the total cost of the shareholding in the acquired entity. The gain or loss on the remeasurement is recognised in the income statement under special items.Goodwill and fair value adjustments in connection with the acquisition of an entity are treated as assets and liabilities belonging to the foreign entity and translated into the foreign entity\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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__225": {
"value": "AcquisitionsThe acquisition date is the date when the Group effectively obtains control of an acquired subsidiary or significant influence over an associate.The cost of a business combination comprises the fair value of the consideration agreed upon, including the fair value of any consideration contingent on future events.In a step acquisition, the Group gains control of an entity in which it already held a shareholding before gaining control. The shareholding held before the step acquisition is remeasured at fair value at the acquisition date and added to the fair value of the consideration paid for the shareholding acquired in the step acquisition and is accounted for as the total cost of the shareholding in the acquired entity. The gain or loss on the remeasurement is recognised in the income statement under special items.Goodwill and fair value adjustments in connection with the acquisition of an entity are treated as assets and liabilities belonging to the foreign entity and translated into the foreign entity\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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__229": {
"value": "On acquisition of non-controlling interests, i.e. subsequent to the Group obtaining control, acquired net assets are not measured at fair value. The difference between the cost and the non-controlling interests\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:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__232": {
"value": "Investments 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__231": {
"value": "Investments 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__234": {
"value": "Income tax comprises current tax and changes in deferred tax for the year, including changes as a result of a change in the tax rate. The tax expense relating to the profit/loss for the year is recognised in the income statement, while the tax expense relating to items recognised in other comprehensive income is recognised in the statement of comprehensive income.If the Group obtains a tax deduction on computation of the taxable income in Denmark or in foreign jurisdictions as a result of share-based payment programmes, this tax effect of the programmes is recognised in tax on profit/loss for the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__237": {
"value": "SECTION 6.2TAX ASSETS AND LIABILITIESOf the total deferred tax assets recognised, DKK 249m (2022: DKK 285m) 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 the foreseeable future. Tax assets not recognised of DKK 1,194m (2022: DKK 1,123m) primarily relate to tax losses that are not expected to be utilised in theforeseeable future. Of these, tax losses that will not expire amounted to DKK 922m (2022: DKK 932m). Tax losses of DKK 287m (2022: DKK 342m) can only be carried forward for a limited number of years.No deferred tax (2022: DKK 23m) has been recognised in respect of future dividend distributions. No deferred tax liability was recognised from the loss of control and de-consolidation of the discontinued operation in Russia.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 recognised in the income statement for the year amounted to DKK 164m (2022: DKK 240m). Changes to non-current tax assets and liabilitiesDKK million 2023 2022Tax assets and liabilities at 1 January, net 3,110 4,428Tax assets and liabilities, net, reclassified to discontinued operations - -1,645Adjustments to prior years 33 290Acquisition of entities 43 - Recognised in other comprehensive income 80 -2Recognised in the income statement, net, continuing operations -164 -240Change in tax rate -5 206Foreign exchange adjustments -84 73Tax assets and liabilities at 31 December, net 3,013 3,110Recognised as followsTax liabilities 4,823 4,841Tax assets -1,810 -1,731Tax assets and liabilities at 31 December, net 3,013 3,110Specification of deferred taxDeferred tax assets Deferred tax liabilitiesDKK million 2023 2022 2023 2022Intangible assets 114 253 2,031 1,956Property, plant and equipment 458 139 947 1,041Current assets and liabilities 919 1,000 126 46Provisions and retirement benefit obligations 484 518 2,350 2,509Fair value adjustments 133 39 97 17Tax losses 249 285 - -Other 213 250 32 25Total before offset 2,570 2,484 5,583 5,594Offset -760 -753 -760 -753Deferred tax assets and liabilities at 31 December 1,810 1,731 4,823 4,841Expected to be used as followsWithin one year 899 890 387 515After more than one year 911 841 4,436 4,326Total 1,810 1,731 4,823 4,841ACCOUNTING 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 assesses 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 for the year, adjusted for tax related to prior years and tax paid.Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. However, deferred tax is not recognised on temporary differences relating to goodwill that is not deductible for tax purposes or on office premises and other items where temporary differences, apart from business combinations, arise at the acquisition date without affecting either profit/loss for the year or taxable income.Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the asset or settlement of the liability.Deferred tax assets, related to tax loss carried forward, are recognised at the expected value of their utilisation, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. Deferred tax assets are recognised only to the extent that it is probable that the assets will be utilised.Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Changes to deferred tax on items recognised in other comprehensive income are, however, recognised in other comprehensive income. Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar Two Model Rules and their local implementation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__235": {
"value": "SECTION 6.2TAX ASSETS AND LIABILITIESOf the total deferred tax assets recognised, DKK 249m (2022: DKK 285m) 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 the foreseeable future. Tax assets not recognised of DKK 1,194m (2022: DKK 1,123m) primarily relate to tax losses that are not expected to be utilised in theforeseeable future. Of these, tax losses that will not expire amounted to DKK 922m (2022: DKK 932m). Tax losses of DKK 287m (2022: DKK 342m) can only be carried forward for a limited number of years.No deferred tax (2022: DKK 23m) has been recognised in respect of future dividend distributions. No deferred tax liability was recognised from the loss of control and de-consolidation of the discontinued operation in Russia.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 recognised in the income statement for the year amounted to DKK 164m (2022: DKK 240m). Changes to non-current tax assets and liabilitiesDKK million 2023 2022Tax assets and liabilities at 1 January, net 3,110 4,428Tax assets and liabilities, net, reclassified to discontinued operations - -1,645Adjustments to prior years 33 290Acquisition of entities 43 - Recognised in other comprehensive income 80 -2Recognised in the income statement, net, continuing operations -164 -240Change in tax rate -5 206Foreign exchange adjustments -84 73Tax assets and liabilities at 31 December, net 3,013 3,110Recognised as followsTax liabilities 4,823 4,841Tax assets -1,810 -1,731Tax assets and liabilities at 31 December, net 3,013 3,110Specification of deferred taxDeferred tax assets Deferred tax liabilitiesDKK million 2023 2022 2023 2022Intangible assets 114 253 2,031 1,956Property, plant and equipment 458 139 947 1,041Current assets and liabilities 919 1,000 126 46Provisions and retirement benefit obligations 484 518 2,350 2,509Fair value adjustments 133 39 97 17Tax losses 249 285 - -Other 213 250 32 25Total before offset 2,570 2,484 5,583 5,594Offset -760 -753 -760 -753Deferred tax assets and liabilities at 31 December 1,810 1,731 4,823 4,841Expected to be used as followsWithin one year 899 890 387 515After more than one year 911 841 4,436 4,326Total 1,810 1,731 4,823 4,841ACCOUNTING 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 assesses 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 for the year, adjusted for tax related to prior years and tax paid.Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. However, deferred tax is not recognised on temporary differences relating to goodwill that is not deductible for tax purposes or on office premises and other items where temporary differences, apart from business combinations, arise at the acquisition date without affecting either profit/loss for the year or taxable income.Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the asset or settlement of the liability.Deferred tax assets, related to tax loss carried forward, are recognised at the expected value of their utilisation, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. Deferred tax assets are recognised only to the extent that it is probable that the assets will be utilised.Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Changes to deferred tax on items recognised in other comprehensive income are, however, recognised in other comprehensive income. Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar Two Model Rules and their local implementation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__236": {
"value": "Current tax payable and receivable are recognised in the statement of financial position as tax for the year, adjusted for tax related to prior years and tax paid.Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. However, deferred tax is not recognised on temporary differences relating to goodwill that is not deductible for tax purposes or on office premises and other items where temporary differences, apart from business combinations, arise at the acquisition date without affecting either profit/loss for the year or taxable income.Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the asset or settlement of the liability.Deferred tax assets, related to tax loss carried forward, are recognised at the expected value of their utilisation, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. Deferred tax assets are recognised only to the extent that it is probable that the assets will be utilised.Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Changes to deferred tax on items recognised in other comprehensive income are, however, recognised in other comprehensive income. Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar Two Model Rules and their local implementation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__239": {
"value": "SECTION 7STAFF COSTS ANDREMUNERATIONPensionsDefined benefit obligations were affected by lower discount rates across markets.1EMPLOYEES BY SEGMENT (%) 2023 (2022)Western Europe 32% (33%)Asia 44% (45%)Central & Eastern Europe 20% (19%)Other 4% (3%)1EMPLOYEES BY FUNCTION (%)2023 (2022)Production 36% (36%)Sales & Distribution 54% (55%)Administration 10% (9%)1 Continuing operations only.SECTION 7.1STAFF COSTSStaff costs, continuing operations, increased in 2023, due to salary increases, partly offset by lower accruals for bonuses and currencies. The average number of employees in the continuing operations increased, partly driven by the acquisition of Waterloo Brewing, cf. section 5.3.Staff costsDKK million 2023 2022Salaries and other remuneration 9,195 9,430Severance payments 43 57Social security costs 1,340 1,453Retirement benefit costs \u2013 defined contribution plans 417 391Retirement benefit costs \u2013 defined benefit plans 167 181Share-based payments 130 97Other employee benefits 149 113Total 11,441 11,722Of which:Continuing operations 10,835 10,388Discontinued operation\u00b9 606 1,334Total 11,441 11,722Staff costs are included in the following line items in the income statementCost of sales 3,075 2,911Sales and distribution expenses 5,428 5,150Administrative expenses 2,147 2,132Other operating activities, net 107 95Financial expenses (pensions) 30 38Special items (restructurings) 48 62Loss from discontinued operations 606 1,334Total 11,441 11,722Average number of employees, continuing operations 31,044 30,834Average number of employees, discontinued operation\u00b9 3,938 8,072Average number of employees 34,982 38,906\u00b9 Discontinued operation comprise only six months of data in 2023.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 the executive directors increased, driven by compensation paid to Jacob Aarup-Andersen and Ulrica Fearn for forfeited long-term incentive awards from their previous employers. The remuneration of key management personnel declined in 2023, mainly due to lower accruals for the annual cash bonus. In 2023, the Supervisory Board received total remuneration of DKK 10.31m (2022: DKK 10.36m), 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 2023 2022 2023 2022Current Former FormerFixed salary 11.4 11.2 21.0 27.5 28.8Cash bonus 10.6 11.2 19.4 21.7 28.7Other benefits 0.2 0.5 1.1 4.2 7.9Cash compensation for forfeited LTI\u00b2 12.9 - - - -Severance payments - - - 4.8 7.5Remuneration settled in cash 35.1 22.9 41.5 58.2 72.9Non-monetary benefits 1.3 0.1 0.4 2.5 0.2Share-based payments 16.0 35.3 28.0 13.9 9.5Remuneration, non-monetary and share-based 17.3 35.4 28.4 16.4 9.7Total cash and non-cash 52.4 58.3 69.9 74.6 82.6\u00b9 Executive directors consist of Jacob Aarup-Andersen and Ulrica Fearn. Cees 't Hart resigned as CEO on 31 August 2023, but was remunerated for an additional two months where he supported the company in an advisory capacity.\u00b2 As compensation for long-term incentive awards forfeited from their previous employers, Jacob Aarup-Andersen and Ulrica Fearn were paid DKK 12m and DKK 0.9m respectively, amounts that were used for the purchase of Carlsberg shares. Jacob Aarup-Andersen was also added to the running 2022-2024 and 2023-2025 long-term incentive schemes. Further information can be found in the Remuneration Report.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__238-1": {
"value": "SECTION 7STAFF COSTS ANDREMUNERATIONPensionsDefined benefit obligations were affected by lower discount rates across markets.1EMPLOYEES BY SEGMENT (%) 2023 (2022)Western Europe 32% (33%)Asia 44% (45%)Central & Eastern Europe 20% (19%)Other 4% (3%)1EMPLOYEES BY FUNCTION (%)2023 (2022)Production 36% (36%)Sales & Distribution 54% (55%)Administration 10% (9%)1 Continuing operations only.SECTION 7.1STAFF COSTSStaff costs, continuing operations, increased in 2023, due to salary increases, partly offset by lower accruals for bonuses and currencies. The average number of employees in the continuing operations increased, partly driven by the acquisition of Waterloo Brewing, cf. section 5.3.Staff costsDKK million 2023 2022Salaries and other remuneration 9,195 9,430Severance payments 43 57Social security costs 1,340 1,453Retirement benefit costs \u2013 defined contribution plans 417 391Retirement benefit costs \u2013 defined benefit plans 167 181Share-based payments 130 97Other employee benefits 149 113Total 11,441 11,722Of which:Continuing operations 10,835 10,388Discontinued operation\u00b9 606 1,334Total 11,441 11,722Staff costs are included in the following line items in the income statementCost of sales 3,075 2,911Sales and distribution expenses 5,428 5,150Administrative expenses 2,147 2,132Other operating activities, net 107 95Financial expenses (pensions) 30 38Special items (restructurings) 48 62Loss from discontinued operations 606 1,334Total 11,441 11,722Average number of employees, continuing operations 31,044 30,834Average number of employees, discontinued operation\u00b9 3,938 8,072Average number of employees 34,982 38,906\u00b9 Discontinued operation comprise only six months of data in 2023.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 the executive directors increased, driven by compensation paid to Jacob Aarup-Andersen and Ulrica Fearn for forfeited long-term incentive awards from their previous employers. The remuneration of key management personnel declined in 2023, mainly due to lower accruals for the annual cash bonus. In 2023, the Supervisory Board received total remuneration of DKK 10.31m (2022: DKK 10.36m), 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 2023 2022 2023 2022Current Former FormerFixed salary 11.4 11.2 21.0 27.5 28.8Cash bonus 10.6 11.2 19.4 21.7 28.7Other benefits 0.2 0.5 1.1 4.2 7.9Cash compensation for forfeited LTI\u00b2 12.9 - - - -Severance payments - - - 4.8 7.5Remuneration settled in cash 35.1 22.9 41.5 58.2 72.9Non-monetary benefits 1.3 0.1 0.4 2.5 0.2Share-based payments 16.0 35.3 28.0 13.9 9.5Remuneration, non-monetary and share-based 17.3 35.4 28.4 16.4 9.7Total cash and non-cash 52.4 58.3 69.9 74.6 82.6\u00b9 Executive directors consist of Jacob Aarup-Andersen and Ulrica Fearn. Cees 't Hart resigned as CEO on 31 August 2023, but was remunerated for an additional two months where he supported the company in an advisory capacity.\u00b2 As compensation for long-term incentive awards forfeited from their previous employers, Jacob Aarup-Andersen and Ulrica Fearn were paid DKK 12m and DKK 0.9m respectively, amounts that were used for the purchase of Carlsberg shares. Jacob Aarup-Andersen was also added to the running 2022-2024 and 2023-2025 long-term incentive schemes. Further information can be found in the Remuneration Report.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/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 2023, 71% (2022: 68%) of the Group\u2019s retirement benefit costs related to defined contribution plans. The expense recognised in relation to these contributions was DKK 417m (2022: DKK 391m).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 46% respectively (2022: 42% and 44%), while the eurozone countries represented 5% (2022: 5%) of the gross obligation at 31 December 2023.The majority of the obligations are funded, with assets placed in independent pension funds, mainly in Switzerland and the UK. Most of the plan assets are quoted investments. In some countries, primarily Germany, Sweden and China, the obligation is unfunded. The retirement benefit obligations for these unfunded plans amounted to DKK 1,134m (2022: DKK 1,180m) or 11% (2022: 12%) of the gross obligation.In 2023, the Group\u2019s obligation, net, on defined benefit plans decreased by DKK 170m compared with 2022. Changes in financial assumptions impacted the obligation; in particular in the UK (DKK 86m) and in Switzerland (DKK 250m). The increase in obligation in Switzerland was partly offset by the effect of the asset ceiling of DKK -204m. Moreover, foreign exchange adjustments affected the net obligation by DKK -68m.Obligation, net2023 2022Present Fair value Present Fair value value of of plan Obligation,value of of plan Obligation,DKK millionobligationassetsnetobligationassetsnetObligation at 1 January 9,527 7,970 1,557 13,851 11,506 2,345Recognised in the income statement\u00b9Current service cost 169 - 169 192 - 192Past service cost -2 - -2 -11 - -11Net interest on the net defined benefit obligation (asset) 339 309 30 158 120 38Total 506 309 197 339 120 219RemeasurementsGain/loss from changes in demographic assumptions -57 - -57 -89 - -89Gain/loss from changes in financial assumptions 392 58 334 -3,823 -2,757 -1,066Asset ceiling - 204 -204 - -569 569Total 335 262 73 -3,912 -3,326 -586Other changesContributions to plans - 295 -295 - 242 -242Benefits paid -567 -490 -77 -760 -681 -79Transferred to liabilities in discontinued operations - - - -6 - -6Foreign exchange adjustments etc. 260 328 -68 15 109 -94Total -307 133 -440 -751 -330 -421Obligation at 31 December 10,061 8,674 1,387 9,527 7,970 1,557\u00b9 The total return on plan assets for the year amounted to DKK 367m (2022: DKK -2,637m).The Group has a three-yearly valuation process to agree on any future funding arrangements in the UK. The most recent one was completed in 2022. The Group expects to contribute DKK 104m (2022: DKK 109m) to the plan assets in 2024, which is in line with the agreed funding arrangement, under which the Group will contribute DKK 311m 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 27m (2022: DKK 543m), comprising a foreign exchange adjustment of DKK 48m and a net actuarial gain of DKK 73m.The accumulated actuarial loss and foreign exchange adjustment recognised at 31 December 2023 was DKK 2,345m (2022: DKK\ue7fe2,322m), with actuarial net losses of DKK\ue7fe2,639m (2022: DKK 2,566m).Assumptions appliedIn 2023, the discount rate used for the defined benefit plans in Western Europe was determined by reference to market yields on high-quality corporate bonds. In the Asian countries, where no deep market in high-quality corporate bonds exists, the discount rate was determined by reference to market yields on government bonds.The mortality tables used in Carlsberg UK are S3PMA/S3PFA_M tables for post-retirement, while the Swiss entities use BVG 2020 for valuation of their retirement benefit obligations.Sensitivity 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 2023 was 12 years. The duration is calculated using a weighted average of the duration divided by the obligation.Breakdown of plan assets2023 2022DKKDKKmillion %million %Shares\u00b9 1,098 12 970 11 Bonds and other securities 6,197 67 5,390 62 Real estate 1,643 18 2,122 24 Cash and cash equivalents 284 3 193 2 Total 9,222 100 8,675 100 \u00b9 The breakdown of plan assets excludes the asset ceiling of DKK -548m in 2023 (2022: DKK -705m).Assumptions appliedWeighted2023 CHF GBP EUR OtheraverageDiscount rate 1.9% 4.8% 2.1-4% 3.5% 3.3%Growth in wages and salaries 1.2% 3.6% 2.5-4.5% 4.9% 2.4%2022Discount 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%Sensitivity analysis2023 2022DKK million +0.5% -0.5 % +0.5% -0.5 %Discount rate -573 639 -541 597Growth in wages and salaries 25 -22 23 -19+1 year -1 year +1 year -1 yearMortality 302 -306 265 -282Maturity of retirement benefit obligationsDKK million < 1 year 1-5 years > 5 years Total2023 606 2,764 6,691 10,0612022 585 2,570 6,372 9,527ACCOUNTING 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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"s9_notesesefdkgaap__7__242-1": {
"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 the executive directors increased, driven by compensation paid to Jacob Aarup-Andersen and Ulrica Fearn for forfeited long-term incentive awards from their previous employers. The remuneration of key management personnel declined in 2023, mainly due to lower accruals for the annual cash bonus. In 2023, the Supervisory Board received total remuneration of DKK 10.31m (2022: DKK 10.36m), 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 2023 2022 2023 2022Current Former FormerFixed salary 11.4 11.2 21.0 27.5 28.8Cash bonus 10.6 11.2 19.4 21.7 28.7Other benefits 0.2 0.5 1.1 4.2 7.9Cash compensation for forfeited LTI\u00b2 12.9 - - - -Severance payments - - - 4.8 7.5Remuneration settled in cash 35.1 22.9 41.5 58.2 72.9Non-monetary benefits 1.3 0.1 0.4 2.5 0.2Share-based payments 16.0 35.3 28.0 13.9 9.5Remuneration, non-monetary and share-based 17.3 35.4 28.4 16.4 9.7Total cash and non-cash 52.4 58.3 69.9 74.6 82.6\u00b9 Executive directors consist of Jacob Aarup-Andersen and Ulrica Fearn. Cees 't Hart resigned as CEO on 31 August 2023, but was remunerated for an additional two months where he supported the company in an advisory capacity.\u00b2 As compensation for long-term incentive awards forfeited from their previous employers, Jacob Aarup-Andersen and Ulrica Fearn were paid DKK 12m and DKK 0.9m respectively, amounts that were used for the purchase of Carlsberg shares. Jacob Aarup-Andersen was also added to the running 2022-2024 and 2023-2025 long-term incentive schemes. Further information can be found in the Remuneration Report.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 one type of share-based payment known as performance shares.Entitlement to performance shares requires fulfilment of service in the vesting period (3 years) but does not have any exercise price. Instead, the shares are transferred to the recipients based on achievement of the KPIs attached to the shares. PERFORMANCE 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 2023, 157 employees (2022: 160 employees) across the Group were awarded performance shares.For the 2023 grant, vesting is subject to achievement of five KPIs: total shareholder return, adjusted EPS growth, organic revenue growth, growth in ROIC and achievement of ESG targets. For prior grants yet to vest, vesting is subject to four KPIs: total shareholder return, adjusted EPS growth, organic revenue growth and growth in ROIC. The average share price at vesting was DKK 964 (2022: DKK 1,086). The average contractual life at the end of 2023 was 1.3 years (2022: 1.2 years). Performance sharesKey Other Executive management management directorspersonnelpersonnel\u00b9 Total31 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 47,427 244,956 409,052Granted 85,487 21,826 99,995 207,308Forfeited/adjusted/transferred -127,722 -17,388 21,483 -123,627Exercised/settled -24,536 -10,758 -76,335 -111,62931 December 2023 49,898 41,107 290,099 381,104\u00b9 Including retired employees.Performance share disclosuresDKK million 2023 2022Fair value at grant date 121 88Cost of shares granted in the year 44 25Total cost of performance shares 130 97Cost not yet recognised 148 150Fair value at 31 December 254 306Key informationPerformance shares2023 2022AssumptionsExpected volatility 23.0% 24.0% Risk-free interest rate 2.8% 1.3% Expected dividend yield 0.0/2.7% 0.0/2.4%Expected life, years 3.0 3.0Fair value at measurement date DKK 570-989 DKK 404-987ACCOUNTING 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 non-market and service conditions, taking into account the terms and conditions upon which the performance shares were granted. The market condition is based on a ranking of the total shareholder return of Carlsberg A/S\u2019 class B shares versus a peer group of publicly traded companies in the alcoholic beverage sector.On initial recognition of performance shares, the number of awards expected to vest is estimated and subsequently revised for any changes. Accordingly, recognition is based on the number of awards that ultimately vest.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 29.4% of the shares and 76.7% of the voting power in Carlsberg A/S, excluding treasury shares.The following transactions took place between the Carlsberg Foundation and the Group in 2023:The Carlsberg Foundation received a dividend of DKK 27.00 per share from Carlsberg A/S, the same as every other shareholder. The dividend received amounted to DKK 1,115m.The Carlsberg Foundation participates in the share buy-back programme on a 30.33% pro rata basis. In 2023, the Carlsberg Foundation sold B shares to Carlsberg A/S at a fair value of DKK 971m. The number of A shares held by the Foundation remains unchanged, explaining why the ownership share increased to 29.4% at 31 December 2023 (2022: 29.2%). 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, in total DKK 86m, for the basic research and development activities at the Carlsberg Research Laboratory (2022: DKK 69m). Of the total grants, DKK 18m (2022: DKK 22m) was deferred to be used for research projects in the future.In 2023, the Carlsberg Foundation contributed an additional amount of DKK 13m to Home of Carlsberg A/S to support the rebuilding of the Carlsberg Visitor Centre.OTHER ACTIVITIESHome of Carlsberg A/S, a 100%-owned subsidiary of the Carlsberg Group, hosted and administered events at the Carlsberg Academy, which is owned by the Carlsberg Foundation, 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 2023, the deliveries amounted to DKK 0.1m (total sales of goods) (2022: DKK 0.3m).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 in Carlsberg Byen. 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 to the Carlsberg Group corresponds to the value of the other activities provided to the Carlsberg Foundation, which in turn corresponds to what each party would have had to pay to have the same deliverables provided by external parties.OTHER RELATED 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. Related party transactions with associates recognised in the income statement and the statement of financial positionDKK million 2023 2022AssociatesRevenue 22 19Cost of sales -733 -712Sales expenses -9 -9Interest income 22 27Loans 273 277Receivables 448 394Trade payables and other liabilities -70 -49",
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"s9_notesesefdkgaap__7__241": {
"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 the executive directors increased, driven by compensation paid to Jacob Aarup-Andersen and Ulrica Fearn for forfeited long-term incentive awards from their previous employers. The remuneration of key management personnel declined in 2023, mainly due to lower accruals for the annual cash bonus. In 2023, the Supervisory Board received total remuneration of DKK 10.31m (2022: DKK 10.36m), 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 2023 2022 2023 2022Current Former FormerFixed salary 11.4 11.2 21.0 27.5 28.8Cash bonus 10.6 11.2 19.4 21.7 28.7Other benefits 0.2 0.5 1.1 4.2 7.9Cash compensation for forfeited LTI\u00b2 12.9 - - - -Severance payments - - - 4.8 7.5Remuneration settled in cash 35.1 22.9 41.5 58.2 72.9Non-monetary benefits 1.3 0.1 0.4 2.5 0.2Share-based payments 16.0 35.3 28.0 13.9 9.5Remuneration, non-monetary and share-based 17.3 35.4 28.4 16.4 9.7Total cash and non-cash 52.4 58.3 69.9 74.6 82.6\u00b9 Executive directors consist of Jacob Aarup-Andersen and Ulrica Fearn. Cees 't Hart resigned as CEO on 31 August 2023, but was remunerated for an additional two months where he supported the company in an advisory capacity.\u00b2 As compensation for long-term incentive awards forfeited from their previous employers, Jacob Aarup-Andersen and Ulrica Fearn were paid DKK 12m and DKK 0.9m respectively, amounts that were used for the purchase of Carlsberg shares. Jacob Aarup-Andersen was also added to the running 2022-2024 and 2023-2025 long-term incentive schemes. Further information can be found in the Remuneration Report.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.",
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"s9_notesesefdkgaap__7__243-1": {
"value": "Staff costs are recognised in the financial year in which the employee renders the related service. The cost of share-based payments, which is expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and provisions or equity, depending on how the programme is settled with the employees.Key management personnel comprise the Executive Committee, excluding the executive directors. Other management personnel included in the share-based payment schemes comprise vice presidents and other key employees in central functions as well as the management of significant subsidiaries.Contributions paid to a defined contribution plan are recognised in the income statement in the period during which services are rendered by employees. Any contributions outstanding are recognised in the statement of financial position as other liabilities.The Group\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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"s9_notesesefdkgaap__7__244": {
"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 one type of share-based payment known as performance shares.Entitlement to performance shares requires fulfilment of service in the vesting period (3 years) but does not have any exercise price. Instead, the shares are transferred to the recipients based on achievement of the KPIs attached to the shares. PERFORMANCE 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 2023, 157 employees (2022: 160 employees) across the Group were awarded performance shares.For the 2023 grant, vesting is subject to achievement of five KPIs: total shareholder return, adjusted EPS growth, organic revenue growth, growth in ROIC and achievement of ESG targets. For prior grants yet to vest, vesting is subject to four KPIs: total shareholder return, adjusted EPS growth, organic revenue growth and growth in ROIC. The average share price at vesting was DKK 964 (2022: DKK 1,086). The average contractual life at the end of 2023 was 1.3 years (2022: 1.2 years). Performance sharesKey Other Executive management management directorspersonnelpersonnel\u00b9 Total31 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 47,427 244,956 409,052Granted 85,487 21,826 99,995 207,308Forfeited/adjusted/transferred -127,722 -17,388 21,483 -123,627Exercised/settled -24,536 -10,758 -76,335 -111,62931 December 2023 49,898 41,107 290,099 381,104\u00b9 Including retired employees.Performance share disclosuresDKK million 2023 2022Fair value at grant date 121 88Cost of shares granted in the year 44 25Total cost of performance shares 130 97Cost not yet recognised 148 150Fair value at 31 December 254 306Key informationPerformance shares2023 2022AssumptionsExpected volatility 23.0% 24.0% Risk-free interest rate 2.8% 1.3% Expected dividend yield 0.0/2.7% 0.0/2.4%Expected life, years 3.0 3.0Fair value at measurement date DKK 570-989 DKK 404-987ACCOUNTING 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 non-market and service conditions, taking into account the terms and conditions upon which the performance shares were granted. The market condition is based on a ranking of the total shareholder return of Carlsberg A/S\u2019 class B shares versus a peer group of publicly traded companies in the alcoholic beverage sector.On initial recognition of performance shares, the number of awards expected to vest is estimated and subsequently revised for any changes. Accordingly, recognition is based on the number of awards that ultimately vest.",
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"s9_notesesefdkgaap__7__246": {
"value": "The fair value of granted performance shares is estimated using a stochastic (quasi-Monte Carlo) valuation model of market conditions and a Black-Scholes call option-pricing model of non-market and service conditions, taking into account the terms and conditions upon which the performance shares were granted. The market condition is based on a ranking of the total shareholder return of Carlsberg A/S\u2019 class B shares versus a peer group of publicly traded companies in the alcoholic beverage sector.On initial recognition of performance shares, the number of awards expected to vest is estimated and subsequently revised for any changes. Accordingly, recognition is based on the number of awards that ultimately vest.",
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},
"s9_notesesefdkgaap__7__250": {
"value": "SECTION 8.2FEES TO AUDITORSFees to auditors appointed by the Annual General MeetingDKK million 2023 2022PwC, including network firmsStatutory audit 29 25Assurance engagements 2 1Tax advisory 3 8Other services 1 2Total 35 36Fees for services other than the statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, amounted to DKK 2m (2022: DKK 1m). This includes other assurance opinions, agreed-upon procedures as well as tax, accounting, and compliance related services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__339": {
"value": "Carlsberg Foundation",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__338": {
"value": "Carlsberg Foundation",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__252": {
"value": "SECTION 8.4EVENTS AFTER THE REPORTING PERIODApart 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__257": {
"value": "SECTION 9.2GENERAL ACCOUNTING POLICIESThe Group\u2019s consolidated financial statements for 2023 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.The 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 with 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__256": {
"value": "SECTION 9.2GENERAL ACCOUNTING POLICIESThe Group\u2019s consolidated financial statements for 2023 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.The 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 with 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__255": {
"value": "The Group\u2019s consolidated financial statements for 2023 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__261": {
"value": "FOREIGN CURRENCY TRANSLATION A functional currency is determined for each of the reporting entities in the Group. The functional currency is the primary currency used for the reporting entity\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 Accounting Standards do not provide a specific disclosure requirement.Special items are not directly attributable to ordinary operating activities and are shown separately in order to facilitate a better understanding of the Group\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 for the calculation of financial ratios, \u201cRecommendations and Financial Ratios\u201d, unless specifically stated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__258": {
"value": "FOREIGN CURRENCY TRANSLATION A functional currency is determined for each of the reporting entities in the Group. The functional currency is the primary currency used for the reporting entity\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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__259": {
"value": "A functional currency is determined for each of the reporting entities in the Group. The functional currency is the primary currency used for the reporting entity\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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__264": {
"value": "SECTION 9.3CHANGES IN ACCOUNTING POLICIESCHANGED ACCOUNTING POLICIES AND CLASSIFICATION IN THE ANNUAL REPORT 2023The Annual Report 2023 has been prepared using the same accounting policies for recognition and measurement as those applied to the consolidated financial statements for 2022, except for the following Amendments that were adopted 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 IAS 12 \u201cIncome Taxes: International Tax Reform - Pillar Two Model Rules\u201d \u2022 Amendments to IFRS 17 \u201cInsurance Contracts\u201d and \u201cInitial application of IFRS 17\" and IFRS 9 \u201cComparative Information\u201dThese Amendments cover areas that are not material and/or relevant for the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__263": {
"value": "SECTION 9.3CHANGES IN ACCOUNTING POLICIESCHANGED ACCOUNTING POLICIES AND CLASSIFICATION IN THE ANNUAL REPORT 2023The Annual Report 2023 has been prepared using the same accounting policies for recognition and measurement as those applied to the consolidated financial statements for 2022, except for the following Amendments that were adopted 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 IAS 12 \u201cIncome Taxes: International Tax Reform - Pillar Two Model Rules\u201d \u2022 Amendments to IFRS 17 \u201cInsurance Contracts\u201d and \u201cInitial application of IFRS 17\" and IFRS 9 \u201cComparative Information\u201dThese Amendments cover areas that are not material and/or relevant for the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__265": {
"value": "NEW AND AMENDED IFRS ACCOUNTING STANDARDS The following Amendments to IFRS Accounting Standards became effective as of 1 January 2024:\u2022 Amendments to IAS 1 \u201cPresentation of Financial Statements: Classification of Liabilities as Current or Non-current\u201d and \u201cClassification of Liabilities as Current or Non-current - Deferral of Effective Date\u201d and \u201cNon-current Liabilities with Covenants\u201d\u2022 Amendment to IFRS 16 \u201cLeases: Lease Liability in a Sale and Leaseback\u201d These 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__266": {
"value": "NEW AND AMENDED IFRS ACCOUNTING 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 Amendment to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u201d\u2022 Supplier Finance Arrangements: Amendment to IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures\u201d.The Amendments are not mandatory for the financial reporting for 2023. The Group expects to adopt the Amendments when they become mandatory.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__269": {
"value": "SECTION 10GROUP 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 NotesubsidiariesownershipownershipCarlsberg Breweries A/S Denmark 2 100% 100%Western EuropeCarlsberg Danmark A/S Denmark 100% 100%Carlsberg Supply Company Danmark A/S Denmark 100% 100%Carlsberg Sweden Holding 2 AB Sweden 100% 100%Carlsberg Sverige AB Sweden 100% 100%Carlsberg Supply Company Sverige AB Sweden 100% 100%Ringnes Norge AS Norway 1 100% 100%Ringnes AS Norway 100% 100%Ringnes Brygghus AS Norway 100% 100%Solo AS Norway 91% 91%Ringnes Supply Company AS Norway 100% 100%Ringnes Farris Eiendom AS Norway 100% 100%Ringnes Imsdal Eiendom AS Norway 100% 100%Ringnes Administrasjon Eiendom AS Norway 100% 100%Ringnes Gjeller\u00e5sen Eiendom AS Norway 100% 100%Oy Sinebrychoff Ab Finland 100% 100%Sinebrychoff Supply Company Oy Finland 100% 100%Carlsberg Deutschland Holding GmbH Germany 100% 100%Carlsberg Deutschland Logistik GmbH Germany 100% 100%Tuborg Deutschland GmbH Germany 100% 100%Parent Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipCarlsberg Deutschland GmbH Germany 6 100% 100%Duckstein GmbH Germany 100% 100%Holzmarkt Beteiligungsgesellschaft mbH Germany 100% 100%Holsten-Brauerei AG Germany 100% 100%Carlsberg Supply Company Deutschland GmbH Germany 100% 100%Carlsberg Supply Company Polska SA Poland 100% 100%Carlsberg Polska Sp. z o.o. Poland 100% 100%Carlsberg UK Holdings Limited UK 3 100% 100%Carlsberg Marston's Limited UK 60% 60%Carlsberg Marston's Brewing Company Ltd. UK 100% 60%Marston's Beer Company Limited UK 100% 60%CMBC Supply Limited UK 100% 60%LF Brewery Holdings Limited UK 1 100% 60%Emeraude S.A.S. France 7 100% 100%Kronenbourg S.A.S. France 1 100% 100%Kronenbourg Supply Company S.A.S. France 100% 100%Kronenbourg Breweries Canada Inc. Canada 100% 100%Fondation Kronenbourg France 100% 100%S.A.S. Onyx France 100% 100%Feldschl\u00f6sschen Getr\u00e4nke Holding AG Switzerland 3 100% 100%Feldschl\u00f6sschen Getr\u00e4nke AG Switzerland 100% 100%Schlossgarten Gastronomie AG Switzerland 100% 100%Parent Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipSB Swiss Beverage AG Switzerland 100% 100%Feldschl\u00f6sschen Supply Company AG Switzerland 100% 100%Carlsberg Supply Company AG Switzerland 100% 100%Nya Carnegiebryggeriet AB Sweden 100% 100%E.C. Dahls Bryggeri AS Norway 100% 100%Monster the Cat GmbH Switzerland 100% 100%Grimbergen Abbey Brewery Belgium 100% 100%Zatecky Pivovar spol. S.r.o. Czechia 100% 100%Parent Place of Number of direct Consolidated Asiaincorporation NotesubsidiariesownershipownershipCarlsberg Asia Pte Ltd Singapore 100% 100%Carlsberg Brewery Hong Kong Ltd Hong Kong SAR 3 100% 100%Guangzhou Carlsberg Consultancy and Management Services Co. Ltd China 100% 100%Chongqing Brewery Co., Ltd China A 60% 60%Carlsberg Chongqing Breweries Company ChinaLimitedB 8 51% 79%Kunming Huashi Brewery Company ChinaLimited100% 79%Carlsberg (China) Breweries and ChinaTrading Company Limited100% 79%Carlsberg Brewery (Guangdong) Ltd China 99% 79%Xinjiang Wusu Breweries Co., Ltd China 5 100% 79%Ningxia Xixia Jianiang Brewery Limited China 70% 56%Beijing Capital Brewing Jinmai Trading ChinaCompany Limited100% 79%G-Shell Asia Pacific (Beijing) Food ChinaCompany Limited100% 79%Carlsberg Beer Enterprise Management China(Chongqing) Company Limited100% 79%Carlsberg Brewery (Anhui) ChinaCompany Ltd75% 60%Carlsberg Tianmuhu Brewery China(Jiangsu) Company Ltd100% 79%Lao Brewery Co. Ltd Laos 61% 61%Carlsberg Korea Ltd. South Korea 100% 100%Parent Place of Number of direct Consolidated Asiaincorporation NotesubsidiariesownershipownershipCarlsberg Brewery Malaysia Berhad Malaysia A 51% 51%Carlsberg Marketing Sdn BHD Malaysia 100% 51%Euro Distributors Sdn BHD Malaysia 100% 51%Carlsberg Singapore Pte Ltd Singapore 100% 51%Maybev Pte Ltd Singapore C 51% 26%Carlsberg South Asia Pte Ltd Singapore D 67% 100%South Asian Breweries Pte. Ltd Singapore D 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%Carlsberg Vietnam Trading Co. Ltd Vietnam 100% 100%Carlsberg Vietnam Breweries Ltd Vietnam 100% 100%Paduak Holding Pte. Ltd Singapore 100% 100%Carlsberg Supply Company Asia Ltd Hong Kong SAR 100% 100%Caretech Limited Hong Kong SAR 100% 100%Cambrew Limited Cambodia 2 100% 100%Cambrew Properties Ltd Cambodia 100% 100%Angkor Beverage Co Ltd Cambodia 100% 100%CB Distribution Co., Ltd Thailand 100% 100%Parent Place of Number of direct Consolidated Central & Eastern Europeincorporation NotesubsidiariesownershipownershipCarlsberg Azerbaijan LLC Azerbaijan 100% 100%Baku Piva JSC Azerbaijan 91% 91%Carlsberg Kazakhstan Ltd Kazakhstan 90% 90%PJSC Carlsberg Ukraine Ukraine 1 100% 100%A Listed company.B Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou Carlsberg Consultancy and Management Services Co Ltd (49%), resulting in a consolidated ownership of 79%.C Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia Berhad (51%), resulting in a consolidated ownership of 26%.D The Group owns 67% of Carlsberg South Asia Pte Ltd, which is the holding company of South Asian Breweries Pte. Ltd, Carlsberg India Pvt. Ltd and Gorkha Brewery Pvt. Ltd (Nepal). The consolidation percentage of Carlsberg South Asia Pte Ltd is 100% due to a written put option.E The Group has the legal and contractual rights of a majority shareholder in Gorkha Brewery Pvt. Ltd, but does not consolidate the company and its subsidiary for accounting purposes.F Company not audited by PwC.Parent Place of Number of direct Consolidated Central & Eastern Europeincorporation NotesubsidiariesownershipownershipBaltic Beverages Holding AB Sweden 100% 100%Carlsberg Serbia Ltd Serbia 100% 100%Carlsberg BH d.o.o. Bosnia and Herzegovina100% 100%Carlsberg Montenegro d.o.o. Montenegro 100% 100%Carlsberg Croatia d.o.o. Croatia 100% 100%Carlsberg Bulgaria AD Bulgaria 100% 100%OJSC Brewery Alivaria Belarus F, G 78% 89%Vista BY Co LLC Belarus 100% 100%Carlsberg Italia S.p.A. Italy 100% 100%Carlsberg Horeca Srl Italy 100% 100%T&C Italia Srl Italy 100% 100%Olympic Brewery SA Greece 100% 100%Hellenic Beverage Company SA Greece 100% 100%Carlsberg Hungary Kft. Hungary 100% 100%Saku \u00d6lletehase AS Estonia 100% 100%Aldaris JSC Latvia 100% 100%Svyturys-Utenos Alus UAB Lithuania H 99% 99%CTDD Beer Imports Ltd Canada 100% 100%Carlsberg Canada Inc. Canada 100% 100%Waterloo Brewing Ltd. Canada I 100% 100%Carlsberg USA Inc. USA 100% 100%Parent Place of Number of direct Consolidated Not allocatedincorporation NotesubsidiariesownershipownershipCarlsberg Finans A/S Denmark 100% 100%Carlsberg International A/S Denmark 100% 100%Home of Carlsberg A/S Denmark 100% 100%Carlsberg Invest A/S Denmark 100% 100%Carlsberg Integrated Information Technology A/S Denmark 100% 100%Carlsberg Captive Insurance Company A/S Denmark 100% 100%Carlsberg Central Office A/S Denmark 100% 100%Traitomic A/S Denmark 100% 100%Carlsberg Shared Services Sp. z o.o. Poland 100% 100%Parent Place of Number of direct Consolidated Non-beverageincorporation NotesubsidiariesownershipownershipBarley 1 A/S Denmark 100% 100%Carlsberg Ejendomme Holding A/S Denmark 100% 100%Parent Place of Number of direct Consolidated Associatesincorporation NotesubsidiariesownershipownershipUdviklingsselskabet Carlsberg Byen P/S Denmark F 62 25% 25%Sinergie Proattive Srl Italy 36% 36%Knopp Oy Finland 50% 50%Viacer S.G.P.S., Lda Portugal J 29% 29%Super Bock Group, S.G.P.S., S.A. Portugal J 10 56% 60%Serviced Dispense Equipment (Holdings) Limited UK 2 33% 20%Nuuk Imeq A/S Greenland F 32% 32%Chongqing Jiawei Beer Co. Ltd China 33% 26%Lanzhou Huanghe Jianiang Brewery Company ChinaLimited50% 50%Qinghai Huanghe Jianiang Brewery Company Ltd China 50% 50%Jiuquan West Brewery Company Limited China 50% 50%Tianshui Huanghe Jianiang Brewery Company Ltd China 50% 50%Lion Brewery (Ceylon) PLC Sri Lanka A, F, K 25% 13%Hanoi Beer Alcohol and Beverage Joint Stock VietnamCorporationF 17% 17%Carlsberg Distributors Taiwan Limited Taiwan 1 50% 50%NCC Crowns Private Limited India 33% 33%Bottlers Nepal Limited Nepal 1 22% 20%Myanmar Carlsberg Co. Ltd Myanmar F 1 61% 61%Place of Number of Parent Consolidated Not consolidated companiesincorporation NotesubsidiariesownershipownershipBaltika Breweries LLC Russia F, H, L 3 100% 0%Hoppy Union LLC Russia F, H, L 1 100% 0%G Consolidated ownership is higher than the legal ownership due to written put options.H Company owned by Carlsberg Sverige AB.I In January 2024 Waterloo Brewing Ltd. was merged into Carlsberg Canada Inc.J Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock) with a 56% shareholding, with Carlsberg Breweries A/S owning the remaining 44%. In addition, Carlsberg Breweries A/S has a direct ownership share of 29% in Viacer without exercising control. Therefore, both Viacer and Super Bock are considered associates of the Group. The Group's direct and indirect ownership of Super Bock totals 60%.K 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.L Deconsolidated as of July 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__268": {
"value": "SECTION 10GROUP 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 NotesubsidiariesownershipownershipCarlsberg Breweries A/S Denmark 2 100% 100%Western EuropeCarlsberg Danmark A/S Denmark 100% 100%Carlsberg Supply Company Danmark A/S Denmark 100% 100%Carlsberg Sweden Holding 2 AB Sweden 100% 100%Carlsberg Sverige AB Sweden 100% 100%Carlsberg Supply Company Sverige AB Sweden 100% 100%Ringnes Norge AS Norway 1 100% 100%Ringnes AS Norway 100% 100%Ringnes Brygghus AS Norway 100% 100%Solo AS Norway 91% 91%Ringnes Supply Company AS Norway 100% 100%Ringnes Farris Eiendom AS Norway 100% 100%Ringnes Imsdal Eiendom AS Norway 100% 100%Ringnes Administrasjon Eiendom AS Norway 100% 100%Ringnes Gjeller\u00e5sen Eiendom AS Norway 100% 100%Oy Sinebrychoff Ab Finland 100% 100%Sinebrychoff Supply Company Oy Finland 100% 100%Carlsberg Deutschland Holding GmbH Germany 100% 100%Carlsberg Deutschland Logistik GmbH Germany 100% 100%Tuborg Deutschland GmbH Germany 100% 100%Parent Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipCarlsberg Deutschland GmbH Germany 6 100% 100%Duckstein GmbH Germany 100% 100%Holzmarkt Beteiligungsgesellschaft mbH Germany 100% 100%Holsten-Brauerei AG Germany 100% 100%Carlsberg Supply Company Deutschland GmbH Germany 100% 100%Carlsberg Supply Company Polska SA Poland 100% 100%Carlsberg Polska Sp. z o.o. Poland 100% 100%Carlsberg UK Holdings Limited UK 3 100% 100%Carlsberg Marston's Limited UK 60% 60%Carlsberg Marston's Brewing Company Ltd. UK 100% 60%Marston's Beer Company Limited UK 100% 60%CMBC Supply Limited UK 100% 60%LF Brewery Holdings Limited UK 1 100% 60%Emeraude S.A.S. France 7 100% 100%Kronenbourg S.A.S. France 1 100% 100%Kronenbourg Supply Company S.A.S. France 100% 100%Kronenbourg Breweries Canada Inc. Canada 100% 100%Fondation Kronenbourg France 100% 100%S.A.S. Onyx France 100% 100%Feldschl\u00f6sschen Getr\u00e4nke Holding AG Switzerland 3 100% 100%Feldschl\u00f6sschen Getr\u00e4nke AG Switzerland 100% 100%Schlossgarten Gastronomie AG Switzerland 100% 100%Parent Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipSB Swiss Beverage AG Switzerland 100% 100%Feldschl\u00f6sschen Supply Company AG Switzerland 100% 100%Carlsberg Supply Company AG Switzerland 100% 100%Nya Carnegiebryggeriet AB Sweden 100% 100%E.C. Dahls Bryggeri AS Norway 100% 100%Monster the Cat GmbH Switzerland 100% 100%Grimbergen Abbey Brewery Belgium 100% 100%Zatecky Pivovar spol. S.r.o. Czechia 100% 100%Parent Place of Number of direct Consolidated Asiaincorporation NotesubsidiariesownershipownershipCarlsberg Asia Pte Ltd Singapore 100% 100%Carlsberg Brewery Hong Kong Ltd Hong Kong SAR 3 100% 100%Guangzhou Carlsberg Consultancy and Management Services Co. Ltd China 100% 100%Chongqing Brewery Co., Ltd China A 60% 60%Carlsberg Chongqing Breweries Company ChinaLimitedB 8 51% 79%Kunming Huashi Brewery Company ChinaLimited100% 79%Carlsberg (China) Breweries and ChinaTrading Company Limited100% 79%Carlsberg Brewery (Guangdong) Ltd China 99% 79%Xinjiang Wusu Breweries Co., Ltd China 5 100% 79%Ningxia Xixia Jianiang Brewery Limited China 70% 56%Beijing Capital Brewing Jinmai Trading ChinaCompany Limited100% 79%G-Shell Asia Pacific (Beijing) Food ChinaCompany Limited100% 79%Carlsberg Beer Enterprise Management China(Chongqing) Company Limited100% 79%Carlsberg Brewery (Anhui) ChinaCompany Ltd75% 60%Carlsberg Tianmuhu Brewery China(Jiangsu) Company Ltd100% 79%Lao Brewery Co. Ltd Laos 61% 61%Carlsberg Korea Ltd. South Korea 100% 100%Parent Place of Number of direct Consolidated Asiaincorporation NotesubsidiariesownershipownershipCarlsberg Brewery Malaysia Berhad Malaysia A 51% 51%Carlsberg Marketing Sdn BHD Malaysia 100% 51%Euro Distributors Sdn BHD Malaysia 100% 51%Carlsberg Singapore Pte Ltd Singapore 100% 51%Maybev Pte Ltd Singapore C 51% 26%Carlsberg South Asia Pte Ltd Singapore D 67% 100%South Asian Breweries Pte. Ltd Singapore D 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%Carlsberg Vietnam Trading Co. Ltd Vietnam 100% 100%Carlsberg Vietnam Breweries Ltd Vietnam 100% 100%Paduak Holding Pte. Ltd Singapore 100% 100%Carlsberg Supply Company Asia Ltd Hong Kong SAR 100% 100%Caretech Limited Hong Kong SAR 100% 100%Cambrew Limited Cambodia 2 100% 100%Cambrew Properties Ltd Cambodia 100% 100%Angkor Beverage Co Ltd Cambodia 100% 100%CB Distribution Co., Ltd Thailand 100% 100%Parent Place of Number of direct Consolidated Central & Eastern Europeincorporation NotesubsidiariesownershipownershipCarlsberg Azerbaijan LLC Azerbaijan 100% 100%Baku Piva JSC Azerbaijan 91% 91%Carlsberg Kazakhstan Ltd Kazakhstan 90% 90%PJSC Carlsberg Ukraine Ukraine 1 100% 100%A Listed company.B Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou Carlsberg Consultancy and Management Services Co Ltd (49%), resulting in a consolidated ownership of 79%.C Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia Berhad (51%), resulting in a consolidated ownership of 26%.D The Group owns 67% of Carlsberg South Asia Pte Ltd, which is the holding company of South Asian Breweries Pte. Ltd, Carlsberg India Pvt. Ltd and Gorkha Brewery Pvt. Ltd (Nepal). The consolidation percentage of Carlsberg South Asia Pte Ltd is 100% due to a written put option.E The Group has the legal and contractual rights of a majority shareholder in Gorkha Brewery Pvt. Ltd, but does not consolidate the company and its subsidiary for accounting purposes.F Company not audited by PwC.Parent Place of Number of direct Consolidated Central & Eastern Europeincorporation NotesubsidiariesownershipownershipBaltic Beverages Holding AB Sweden 100% 100%Carlsberg Serbia Ltd Serbia 100% 100%Carlsberg BH d.o.o. Bosnia and Herzegovina100% 100%Carlsberg Montenegro d.o.o. Montenegro 100% 100%Carlsberg Croatia d.o.o. Croatia 100% 100%Carlsberg Bulgaria AD Bulgaria 100% 100%OJSC Brewery Alivaria Belarus F, G 78% 89%Vista BY Co LLC Belarus 100% 100%Carlsberg Italia S.p.A. Italy 100% 100%Carlsberg Horeca Srl Italy 100% 100%T&C Italia Srl Italy 100% 100%Olympic Brewery SA Greece 100% 100%Hellenic Beverage Company SA Greece 100% 100%Carlsberg Hungary Kft. Hungary 100% 100%Saku \u00d6lletehase AS Estonia 100% 100%Aldaris JSC Latvia 100% 100%Svyturys-Utenos Alus UAB Lithuania H 99% 99%CTDD Beer Imports Ltd Canada 100% 100%Carlsberg Canada Inc. Canada 100% 100%Waterloo Brewing Ltd. Canada I 100% 100%Carlsberg USA Inc. USA 100% 100%Parent Place of Number of direct Consolidated Not allocatedincorporation NotesubsidiariesownershipownershipCarlsberg Finans A/S Denmark 100% 100%Carlsberg International A/S Denmark 100% 100%Home of Carlsberg A/S Denmark 100% 100%Carlsberg Invest A/S Denmark 100% 100%Carlsberg Integrated Information Technology A/S Denmark 100% 100%Carlsberg Captive Insurance Company A/S Denmark 100% 100%Carlsberg Central Office A/S Denmark 100% 100%Traitomic A/S Denmark 100% 100%Carlsberg Shared Services Sp. z o.o. Poland 100% 100%Parent Place of Number of direct Consolidated Non-beverageincorporation NotesubsidiariesownershipownershipBarley 1 A/S Denmark 100% 100%Carlsberg Ejendomme Holding A/S Denmark 100% 100%Parent Place of Number of direct Consolidated Associatesincorporation NotesubsidiariesownershipownershipUdviklingsselskabet Carlsberg Byen P/S Denmark F 62 25% 25%Sinergie Proattive Srl Italy 36% 36%Knopp Oy Finland 50% 50%Viacer S.G.P.S., Lda Portugal J 29% 29%Super Bock Group, S.G.P.S., S.A. Portugal J 10 56% 60%Serviced Dispense Equipment (Holdings) Limited UK 2 33% 20%Nuuk Imeq A/S Greenland F 32% 32%Chongqing Jiawei Beer Co. Ltd China 33% 26%Lanzhou Huanghe Jianiang Brewery Company ChinaLimited50% 50%Qinghai Huanghe Jianiang Brewery Company Ltd China 50% 50%Jiuquan West Brewery Company Limited China 50% 50%Tianshui Huanghe Jianiang Brewery Company Ltd China 50% 50%Lion Brewery (Ceylon) PLC Sri Lanka A, F, K 25% 13%Hanoi Beer Alcohol and Beverage Joint Stock VietnamCorporationF 17% 17%Carlsberg Distributors Taiwan Limited Taiwan 1 50% 50%NCC Crowns Private Limited India 33% 33%Bottlers Nepal Limited Nepal 1 22% 20%Myanmar Carlsberg Co. Ltd Myanmar F 1 61% 61%Place of Number of Parent Consolidated Not consolidated companiesincorporation NotesubsidiariesownershipownershipBaltika Breweries LLC Russia F, H, L 3 100% 0%Hoppy Union LLC Russia F, H, L 1 100% 0%G Consolidated ownership is higher than the legal ownership due to written put options.H Company owned by Carlsberg Sverige AB.I In January 2024 Waterloo Brewing Ltd. was merged into Carlsberg Canada Inc.J Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock) with a 56% shareholding, with Carlsberg Breweries A/S owning the remaining 44%. In addition, Carlsberg Breweries A/S has a direct ownership share of 29% in Viacer without exercising control. Therefore, both Viacer and Super Bock are considered associates of the Group. The Group's direct and indirect ownership of Super Bock totals 60%.K 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.L Deconsolidated as of July 2023.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"tfn-1": {
"value": "Prior to the deconsolidation of the discontinued operation in Russia, the related accumulated currency translation and hedging reserves within equity represented losses of DKK 40.9bn and DKK 0.5bn respectively (31 December 2022: losses ofDKK 39.7bn and DKK 0.6bn). Following the deconsolidation, the amounts were reclassified from equity to the income statement and included in loss from discontinued operations.",
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