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"value": "The Group\u2019s businesses are managed from the perspective of Carlsberg\u2019s operating segments and selected financial data is presented on this basis. Further, detailed in the sections below are the key amounts recognised when arriving at the Group\u2019s operating profit before special items, cash flow from operating activities and trade and other receivables. 1Operating margin10.020.0%16.9%16.6%16.3%15.1%15.2%9.7 10.1 11.5 11.1 11.40.02020 2021 2022 2023 2024Operating profit before special items (DKKbn) Operating margin 1 2020 including Russia, 2021-2024 excluding Russia.1.1.2 OPERATING PROFIT BEFORE SPECIAL ITEMSGroup operating profit increased by 2.8% with positive contributions from all three regions partly offset by the hyperinflation accounting in Laos and by currency impact. Organic growth in operating profit was 6.0%.1.1.3 OPERATING MARGINThe operating margin increased to 15.2% compared to 15.1% in 2023. The increase was mainly driven by improved gross margin, which more than offset higher marketing investments.",
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"value": "SECTION 1.1SEGMENTATION OF OPERATIONSSegmentation of income statementDKK millionCentral & Eastern CarlsbergWestern Europe NotBeverages,Non-Group, 2024Europe Asiaand IndiaallocatedtotalbeveragetotalRevenue 38,081 20,466 16,454 10 75,011 - 75,011Cost of sales -21,154 -10,266 -9,206 -5 -40,631 - -40,631Sales and distribution expenses -10,294 -4,807 -3,570 -571 -19,242 - -19,242Share of profit after tax of associates 362 54 196 - 612 4 616Other expenses -1,721 -815 -835 -927 -4,298 -45 -4,343Operating profit before special items 5,274 4,632 3,039 -1,493 11,452 -41 11,411Special items, net -522 3 -519Financial items, net -854 -51 -905Profit before tax 10,076 -89 9,987Income tax -1,962 -20 -1,982Profit from continuing operations 8,114 -109 8,005Net result from discontinued operations 2,258 - 2,258Profit for the period 10,372 -109 10,263Operating margin 13.9% 22.6% 18.5% 15.3% 15.2%CHANGES TO SEGMENTATIONThe regional structure of the Group was changed as of 1 January 2024, with the aim of rebalancing the regions in terms of size and number of business units. Entities in India and Nepal moved from the Asia region to Central & Eastern Europe, now renamed Central & Eastern Europe and India. At the same time, Carlsberg Shared Services moved from Not allocated to Western Europe. The disclosure in the Annual Report follows the new regional segmentation as used in the internal reporting to the Executive Committee throughout 2024. The comparative figures for 2023 have been restated accordingly. Not allocated comprises income and expenses incurred for ongoing support of the Group\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.DKK millionCentral & Eastern CarlsbergWestern Europe NotBeverages,Non-Group, 2023Europe Asiaand IndiaallocatedtotalbeveragetotalRevenue 37,317 20,780 15,467 21 73,585 - 73,585Cost of sales -21,269 -10,503 -8,919 -62 -40,753 - -40,753Sales and distribution expenses -9,771 -4,753 -3,273 -558 -18,355 - -18,355Share of profit after tax of associates 307 49 221 - 577 4 581Other expenses -1,609 -987 -650 -661 -3,907 -46 -3,953Operating profit before special items 4,975 4,586 2,846 -1,260 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 7,971Net result from discontinued operations -47,748 - -47,748Profit for the period -39,803 26 -39,777Operating margin 13.3% 22.1% 18.4% 15.1% 15.1%Not allocated revenue, DKK 10m (2023: DKK 21m), consisted of DKK 875m (2023: DKK 750m) in revenue and DKK -865m (2023: DKK -729m) from eliminations of sales between the geographical segments. ACCOUNTING POLICIESSegment 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.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 items included in special items such as significant impairments, restructurings, disposals, and step acquisitions of entities as well as on financing (financial income and expenses) are made based on information for the Group as a whole and therefore not segmented. A similar approach is taken regarding tax associated with these transactions. The segmentation of the Group\u2019s assets and returns is disclosed in section 2.1.SECTION 2.1SEGMENTATION OF ASSETS AND RETURNSDKK millionCentral & Eastern Carlsberg Western Europe NotBeverages,Non-Group, 2024Europe Asiaand Indiaallocated\u00b9totalbeveragetotalInvested capital 34,480 20,883 10,254 -612 65,005 718 65,723Invested capital excl. goodwill 14,126 4,556 5,317 -612 23,387 718 24,105Investments in associates 2,813 893 225 7 3,938 736 4,674Acquisition of property, plant and equipment and intangible assets 1,838 2,328 828 21 5,015 15 5,030Amortisation and depreciation 1,905 1,553 808 61 4,327 - 4,327Impairment losses, net 224 67 -1 37 327 - 327Return on invested capital (ROIC) 12.0% 18.3% 23.7% - 14.0% - 13.8% ROIC excl. goodwill 28.4% 105.7% 37.0% - 36.6% - 35.5% 2023Invested capital 34,670 15,976 9,992 -286 60,352 737 61,089Invested capital excl. goodwill 14,190 1,776 6,357 -286 22,037 737 22,774Investments in associates 2,439 896 1,365 6 4,706 731 5,437Acquisition of property, plant and equipment and intangible assets 1,534 1,803 720 176 4,233 10 4,243Amortisation and depreciation 1,860 1,288 744 87 3,979 2 3,981Impairment losses, net 338 -100 127 40 405 - 405Return on invested capital (ROIC) 11.4% 21.9% 22.9% - 14.8% - 14.5% ROIC excl. goodwill 27.0% 228.1% 35.4% - 40.0% - 38.3% \u00b9 Not allocated comprises supporting companies without brewing activities, and eliminations of investments in subsidiaries, receivables and loans.Geographical allocation of non-current assetsDKK million 2024 2023Denmark (Carlsberg A/S\u2019 domicile) 4,937 4,792China 16,395 15,612France 10,850 11,125Other countries 51,929 47,413Total 84,111 78,942Non-current assets comprise intangible assets and property, plant and equipment owned by the segment/country, even if the income is earned outside the segment/country that owns the asset. Invested capitalDKK million 2024 2023Total assets 113,328 111,831LessTax assets -2,056 -1,810Financial receivables, hedging instruments and receivables sold 822 217Deposits and securities -59 -2,236Cash and cash equivalents -11,542 -13,382Assets included 100,493 94,620Trade payables -23,317 -22,159Deposits on returnable packaging materials -1,728 -1,717Provisions, excl. restructurings -2,424 -2,424Other liabilities, excl. hedging instruments and contingent and deferred considerations -7,301 -7,231Liabilities offset -34,770 -33,531Invested capital 65,723 61,089Goodwill -41,618 -38,315Invested capital excl. goodwill 24,105 22,774Invested capital, average\u00b9 65,882 62,037\u00b9 Gorkha Brewery was acquired in November 2024 and Waterloo Brewing was acquired in March 2023, so neither had a full-year impact on average invested capital in their respective year of acquisition.Non-current assets included in invested capital further comprise financial assets other than financial instruments and tax assets.At year-end, invested capital was up by DKK 4.6bn, primarily due to the acquisition of Gorkha Brewery, hyperinflation in Laos and the construction of Foshan Brewery in China. Gorkha Brewery was acquired in November 2024 so it did not have a full-year impact on average invested capital. This is reflected in the development in ROIC as seen below, which declined 70bp, predominantly impacted by hyperinflation. ROIC (%)0.514.50.10.113.8-0.2-0.5-0.72023EBIT after Tax rate AssetsLiabilities FX Hyperinflation 2024taxThe 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.",
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"value": "DKK millionCentral & Eastern CarlsbergWestern Europe NotBeverages,Non-Group, 2023Europe Asiaand IndiaallocatedtotalbeveragetotalRevenue 37,317 20,780 15,467 21 73,585 - 73,585Cost of sales -21,269 -10,503 -8,919 -62 -40,753 - -40,753Sales and distribution expenses -9,771 -4,753 -3,273 -558 -18,355 - -18,355Share of profit after tax of associates 307 49 221 - 577 4 581Other expenses -1,609 -987 -650 -661 -3,907 -46 -3,953Operating profit before special items 4,975 4,586 2,846 -1,260 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 7,971Net result from discontinued operations -47,748 - -47,748Profit for the period -39,803 26 -39,777Operating margin 13.3% 22.1% 18.4% 15.1% 15.1%Not allocated revenue, DKK 10m (2023: DKK 21m), consisted of DKK 875m (2023: DKK 750m) in revenue and DKK -865m (2023: DKK -729m) from eliminations of sales between the geographical segments.1.1.1 REVENUE Revenue by categoryDKK million 2024 2023Beer 55,279 54,312Other beverages 18,649 18,277Other goods and services 1,083 996Total 75,011 73,585Revenue and excise dutiesDKK million 2024 2023Revenue, including excise duties 100,366 97,740Excise duties -25,355 -24,155Total 75,011 73,585Geographical allocation of revenueDKK million 2024 2023Denmark (Carlsberg A/S\u2019 domicile) 5,039 4,919China 12,883 13,354UK 8,249 7,902Other countries 48,840 47,410Total 75,011 73,585The Group\u2019s revenue arises primarily from the sale of beverages to its customers. In 2024, total revenue was positively impacted by volume growth and improved revenue/hl growth driven by premium growth and price increases. Reported revenue growth was partly offset by a negative currency impact. Other goods and services by category is sales of products other than beverages that do not drive any volume, such as merchandise, services and by-products. In aggregate, other revenue accounts for around 1% of the Group\u2019s total revenue and is therefore not considered material.The distribution of revenue between beer and other beverages relative to volumes is largely the same across regions.ACCOUNTING ESTIMATES AND 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 management to make judgements on the classification.Locally imposed duties, taxes and fees are typically based on product type, alcohol content, consumption of certain raw materials, such as glue, plastic or metal in caps, and energy consumption. These are classified as either sales- or production-related.Excise duties are generally imposed by the tax authorities as taxes on consumption and are collected by the Group on behalf of the authorities when the goods are transferred to the customers and thereby ready for consumption.Taxes and fees related to the input/use of goods in production, distribution etc. are recognised as part of the cost of the goods or services purchased. The type of authority or organisation imposing the duty, tax or fee and the objective of this are key factors when determining the classification.ACCOUNTING POLICIESRevenueRecognition 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 sales- or usage-based royalty has been allocated is satisfied (or partially satisfied), whichever is later.Revenue from contracts with customers is measured at an amount that reflects the expected consideration for those goods. Amounts disclosed as revenue exclude discounts, VAT and excise duties collected on behalf of authorities. The Group considers whether contracts include separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present, as payment is generally made on the basis of cash on delivery or up to 30 days of credit.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 1.4.Off-invoice discounts arise from sales transactions where the customer immediately receives a reduction in the sales price. This also includes cash discounts and incentives for early payments.Volume- and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer time and may be related to a current campaign or a sales target measured in volumes or total value. Examples include discounts paid as a lump sum, discounts for meeting certain sales targets or progressive discounts offered in step with increasing sales to a customer.Other discounts include listing fees, i.e. fees for certain listings on shelves, in coolers or in favourable store locations, as specific promotions of this nature are closely related to the volumes sold.",
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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.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 items included in special items such as significant impairments, restructurings, disposals, and step acquisitions of entities as well as on financing (financial income and expenses) are made based on information for the Group as a whole and therefore not segmented. A similar approach is taken regarding tax associated with these transactions. The segmentation of the Group\u2019s assets and returns is disclosed in section 2.1.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 sales- or usage-based royalty has been allocated is satisfied (or partially satisfied), whichever is later.Revenue from contracts with customers is measured at an amount that reflects the expected consideration for those goods. Amounts disclosed as revenue exclude discounts, VAT and excise duties collected on behalf of authorities. The Group considers whether contracts include separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present, as payment is generally made on the basis of cash on delivery or up to 30 days of credit.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 1.4.Off-invoice discounts arise from sales transactions where the customer immediately receives a reduction in the sales price. This also includes cash discounts and incentives for early payments.Volume- and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer time and may be related to a current campaign or a sales target measured in volumes or total value. Examples include discounts paid as a lump sum, discounts for meeting certain sales targets or progressive discounts offered in step with increasing sales to a customer.Other discounts include listing fees, i.e. fees for certain listings on shelves, in coolers or in favourable store locations, as specific promotions of this nature are closely related to the volumes sold.Cost of sales comprises cost of materials used in own-produced finished goods, including malt (barley), hops, glass, cans, other packaging materials, direct labour, indirect production overheads and standard cost variations. It further comprises purchased finished goods, which include cost of point-of-sale materials and third-party products sold to customers.Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and software, as well as maintenance and depreciation of machinery, plant and equipment used for production.The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes the purchase cost and costs directly related to bringing inventories to the relevant place of sale and getting them ready for sale, for example insurance, freight and duties.Inventories are measured at the lower of standard cost (own-produced finished goods) and weighted average cost (other inventories), or net realisable value. The net realisable value is the estimated selling price less costs of completion and costs necessary to make the sale, also taking into account marketability, obsolescence and developments in expected selling price.The cost of scrapped/impaired goods is expensed in the function (line item) responsible for the loss, i.e. losses during distribution are included in distribution expenses, while scrapping of products due to sales not meeting forecasts is included in sales expenses.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, which are used to drive the sale of branded products, sales campaigns and sponsorships.Trade marketing is promotional activities directed towards customers, such as the supply of point-of-sale materials, promotional materials and trade offers.Sales expenses comprise costs relating to general sales activities, write-downs for bad debt losses, wages and salaries as well as depreciation and impairment of sales equipment. Distribution expenses comprise costs incurred in distributing goods, wages and salaries, and depreciation and impairment of distribution equipment.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 providers, and retrospective rebates to customers, and are part of the normal working capital cycle. The cash flow arising from all trade payables is part of cash flow from operating activities. The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit price, an estimate of the number of bottles, kegs, cans and crates in circulation, and expected return rates.Receivables are recognised initially at the transaction price and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables comprise sales of goods and services as well as short-term on-trade loans to customers. Other receivables comprise VAT receivables, loans to partners and associates, interest receivables and other financial receivables.For on-trade loans, any difference between the present value and the nominal amount at inception is treated as a prepaid discount to the customer, and the discount is recognised in the income statement in accordance with the terms of the agreement.The market interest rate is used as the discount rate, corresponding to the money market rate based on the maturity of the loan with the addition of a risk premium. The effective interest on these loans is recognised in other operating activities, net. The amortisation of the difference between the discount rate and the effective interest rate is included as a discount in revenue.The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss allowance for all receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing the same credit risk characteristics and past-due days. Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since initial recognition.In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.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.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 2.3.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses depending on the use of the asset.The expected useful life is as follows: Software Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer agreements/relationships Depending on contract with the customer; if no contract exists, normally not exceeding 20 yearsLand Not depreciatedBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in 8 yearswarehousesOn-trade and distribution 5 yearsequipmentFixtures and fittings, other plant 5-8 yearsand equipmentHardware 3-5 yearsReturnable packaging materials 3-10 yearsImpairmentImpairment 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, which are not recognised.A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. section 2.3.Right-of-use assets are recognised as property, plant and equipment.Government grants and other 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.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 in special items. Minor losses are recognised in the income statement in the relevant line item.Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.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 deconsolidation of that entity, and transaction costs in a business combination.Significant restructuring of processes and structural adjustments are included in special items. Special items are shown separately from the Group\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.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.Proposed dividendsThe proposed dividend is recognised as a liability at the date when it is adopted at the Annual General Meeting (declaration date).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\u2022 Derivatives not designated as hedging instrumentsThe fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values are offset only when the Group has the right and the intention to settle several financial instruments net.Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial income or expenses in the income statement. Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the hedged item. For hedges of raw and packaging materials, the realised gains and losses will go via a basis adjustment of inventory. The effectiveness is assessed at least twice a year.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in other comprehensive income. On completion the realised gain/loss is recognised as a base adjustment to the carrying amount of the investment.Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, average hedge rates and fair values are disclosed in section 4.9.4.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 extend, results in a corresponding adjustment of the related right-of-use assets, cf. section 2.2.Extension or termination options are included in the lease term if the lease is reasonably certain to be extended or not terminated. Consequently, all cash outflows that are reasonably certain to impact the future cash balances are recognised as lease liabilities at initial recognition of lease contracts. The Group reassesses the circumstances leading to extension or termination options not being recognised.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 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. Cash flow to acquire subsidiaries is presented in financial investments and includes cash and cash equivalents in the acquiree.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 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.Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for the Group\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.Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets that will be transferred in the transaction. The classification is changed to assets and liabilities in discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\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 operations is presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. Comparative figures are restated.Disposals and loss of controlGains 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.Fair value adjustments of put options granted to non-controlling interests are recognised directly in the statement of changes in equity.Other contingent considerations (earn-outs) that are not linked to a future transfer of additional shareholdings are measured in accordance with the terms of the contract with the seller. The revaluation of such contingent considerations is recognised in special items.Shares subject to put options are consolidated as if the shares had already been acquired.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 losses carried forward, are recognised at the expected value of their utilisation, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. Deferred tax assets are recognised only to the extent that it is probable that the assets will be utilised.Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Changes to deferred tax on items recognised in other comprehensive income are, however, recognised in other comprehensive income.Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar Two Model Rules and their local implementation.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.Income statementTransactions in the period have been restated to reflect changes in the price index from the time of initial recognition to the end of the reporting period, with the exception of depreciation, which has been recalculated based on the inflation-adjusted carrying amount of the restated non-monetary assets.Non-monetary itemsThe non-monetary items \u2013 goodwill, brands, property, plant and equipment and deferred tax \u2013 have been restated to take account of inflation since initial recognition, which was no earlier than September 2011, when the Group gained control of the business, and up to 31 December 2024. The restatement was offset in other comprehensive income. The restatement of non-monetary items exceeded the recoverable amount of the assets and was therefore reduced by DKK 630m, net of tax.Monetary itemsMonetary items, mainly consisting of receivables and payables, are not subject to restatement, as the carrying amount already reflects the purchasing power at the reporting date.EquityEquity includes the restatement adjustment of non-monetary items at the beginning of the period. The restatement adjustment for inflation in the reporting period has been recognised in other comprehensive income.Statement of cash flowsIn the statement of cash flows, operating profit before special items includes a non-cash effect from the inflation restatement, which has been reversed in the line other non-cash items.Price indexThe restatement for hyperinflation of the financial statements of Lao Brewery has been performed by applying the development in the consumer price index provided by the Bank of Laos, calculated as an average year-to-date conversion factor. In 2024, the inflation rate in Laos was 21.3% (2023: 31.2%).Retranslation from LAK to DKKThe financial statements of Lao Brewery, including restatement adjustments, have been translated into DKK by applying the LAK/DKK exchange rate at the reporting date, instead of the Group\u2019s normal practice of translating the income statement using the exchange rate at the transaction date or a monthly average exchange rate. The LAK/DKK exchange rate decreased from 0.0003302 at the beginning of the year to 0.0003299 at 31 December 2024. The average rate was 0.000321.SECTION 9.2GENERAL ACCOUNTING POLICIESThe Group\u2019s consolidated financial statements for 2024 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, unless 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 for 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 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-2024-12-31-en.zip.KEY DEFINITIONS XHTML (eXtensible HyperText Markup Language) is a text-based language used to structure and mark up content such as text, images and hyperlinks in documents that are displayed in a web browser.iXBRL tags (or Inline XBRL tags) are hidden metainformation embedded in the source code of an XHTML document that enables the conversion of XHTML-formatted information into a machine-readable XBRL data record using appropriate software. A financial reporting taxonomy is an electronic dictionary of business reporting elements used to report business data. A taxonomy element is an element defined in a taxonomy that is used for the machine-readable labelling of information in an XBRL data record.SECTION 9.3CHANGES IN ACCOUNTING POLICIESCHANGED ACCOUNTING POLICIES AND CLASSIFICATION IN THE ANNUAL REPORT 2024The Annual Report 2024 has been prepared using the same accounting policies for recognition and measurement as those applied to the consolidated financial statements for 2023, except for the following Amendments that were adopted as of 1 January 2024: \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 \u2022 Amendments to IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures: Supplier Finance Arrangements\u201dThese Amendments cover areas that are not material and/or relevant for the Group.SECTION 9.5KEY DEFINITIONSGlossary 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 Operating profit before special items adjusted for tax as a percentage of 2 excluding goodwill (ROIC excl. average invested capitalexcluding goodwill calculated as a 12-month rolling goodwill)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-Profit for the period, excluding non-controlling interests, divided by the average D)number of shares, fully diluted for share options and performance shares in the money.1Earnings per share, adjusted Profit for the period adjusted for special items after tax, excluding non-(EPS-A)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 net result 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.Free operating cash flow Cash flow from operating activities less operational investments.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.Reported figures Reported figures include organic growth, net acquisitions and foreign exchange effects.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 in 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 4.6.4 The calculation of free cash flow is specified in the statement of cash flows.",
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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.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 items included in special items such as significant impairments, restructurings, disposals, and step acquisitions of entities as well as on financing (financial income and expenses) are made based on information for the Group as a whole and therefore not segmented. A similar approach is taken regarding tax associated with these transactions. The segmentation of the Group\u2019s assets and returns is disclosed in section 2.1.",
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"value": "1.1.1 REVENUE Revenue by categoryDKK million 2024 2023Beer 55,279 54,312Other beverages 18,649 18,277Other goods and services 1,083 996Total 75,011 73,585Revenue and excise dutiesDKK million 2024 2023Revenue, including excise duties 100,366 97,740Excise duties -25,355 -24,155Total 75,011 73,585Geographical allocation of revenueDKK million 2024 2023Denmark (Carlsberg A/S\u2019 domicile) 5,039 4,919China 12,883 13,354UK 8,249 7,902Other countries 48,840 47,410Total 75,011 73,585The Group\u2019s revenue arises primarily from the sale of beverages to its customers. In 2024, total revenue was positively impacted by volume growth and improved revenue/hl growth driven by premium growth and price increases. Reported revenue growth was partly offset by a negative currency impact. Other goods and services by category is sales of products other than beverages that do not drive any volume, such as merchandise, services and by-products. In aggregate, other revenue accounts for around 1% of the Group\u2019s total revenue and is therefore not considered material.The distribution of revenue between beer and other beverages relative to volumes is largely the same across regions.ACCOUNTING ESTIMATES AND 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 management to make judgements on the classification.Locally imposed duties, taxes and fees are typically based on product type, alcohol content, consumption of certain raw materials, such as glue, plastic or metal in caps, and energy consumption. These are classified as either sales- or production-related.Excise duties are generally imposed by the tax authorities as taxes on consumption and are collected by the Group on behalf of the authorities when the goods are transferred to the customers and thereby ready for consumption.Taxes and fees related to the input/use of goods in production, distribution etc. are recognised as part of the cost of the goods or services purchased. The type of authority or organisation imposing the duty, tax or fee and the objective of this are key factors when determining the classification.ACCOUNTING POLICIESRevenueRecognition 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 sales- or usage-based royalty has been allocated is satisfied (or partially satisfied), whichever is later.Revenue from contracts with customers is measured at an amount that reflects the expected consideration for those goods. Amounts disclosed as revenue exclude discounts, VAT and excise duties collected on behalf of authorities. The Group considers whether contracts include separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present, as payment is generally made on the basis of cash on delivery or up to 30 days of credit.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 1.4.Off-invoice discounts arise from sales transactions where the customer immediately receives a reduction in the sales price. This also includes cash discounts and incentives for early payments.Volume- and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer time and may be related to a current campaign or a sales target measured in volumes or total value. Examples include discounts paid as a lump sum, discounts for meeting certain sales targets or progressive discounts offered in step with increasing sales to a customer.Other discounts include listing fees, i.e. fees for certain listings on shelves, in coolers or in favourable store locations, as specific promotions of this nature are closely related to the volumes sold.",
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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 management to make judgements on the classification.Locally imposed duties, taxes and fees are typically based on product type, alcohol content, consumption of certain raw materials, such as glue, plastic or metal in caps, and energy consumption. These are classified as either sales- or production-related.Excise duties are generally imposed by the tax authorities as taxes on consumption and are collected by the Group on behalf of the authorities when the goods are transferred to the customers and thereby ready for consumption.Taxes and fees related to the input/use of goods in production, distribution etc. are recognised as part of the cost of the goods or services purchased. The type of authority or organisation imposing the duty, tax or fee and the objective of this are key factors when determining the classification.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 and loans is managed locally, and credit limits are set as considered appropriate for the customer, taking into account the current local market conditions. When assessing the risk locally, entities assess the credit risk and adhere to Group guidelines, which include setting credit limits, encouraging cash payment, purchasing credit insurance and holding collateral.In assessing credit risk, management analyses the need for impairment of trade receivables and on-trade loans due to customers\u2019 inability to pay. At year-end 2024, management continued to assess the lifetime expected credit losses for both receivables from goods and services and on-trade loans in line with 2023. Expected credit losses are assessed for portfolios of receivables based on customer segments, historical information on payment patterns, terms of payment and concentration maturity. The expected impact includes the risk of insolvencies due to lack of liquidity.The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher risk than receivables from sales of goods and services and are concentrated in a few markets.The credit risk on on-trade loans can be reduced by means of collateral and pledges of on-trade movables (equipment in bars, 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, including assets held for sale and trade receivables sold, and excludes contingent considerations and income tax.Useful life and residual value of intangible assets with finite useful life and property, plant and equipment Useful life and residual value are initially assessed both in acquisitions and in business combinations.Management assesses brands and property, plant and equipment for changes in useful life. If an indication of a reduction in the value or useful life exists, such as changes in production structure, restructuring or brewery closures, the asset is tested for impairment. If necessary, the asset is written down or the amortisation/depreciation period is reassessed and, if necessary, adjusted in line with the asset\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.GoodwillThe value in use is the discounted value of the projected future cash flows. The discount rates applied are after tax and reflect current specific risks in the individual markets.Key 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 2025-2027 represent management\u2019s best estimate. The cash flows are discounted using a rate that incorporates all the expectations about the future cash flows and the appropriate risk premium for each CGU. The interest rates used in the impairment tests are based on observable market data. Please refer to the description of discount rates in the section below.The key assumptions on which management bases its cash flow projections are:\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 taken into consideration. The assumptions are challenged and verified by management at CGU and Group level. The budget and target plan processes consider events or circumstances that are relevant to reliably projecting the short-term performance of each CGU. Examples include significant campaign activities, changes in excise duties etc., which may have a short-term impact but are non-recurring. Given their short-term nature, they are not taken into consideration when estimating the terminal period growth rate.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. Significant inflationary pressure in recent years has meant revenue growth compensating for rising input costs. The short- and medium-term forecasts include the risk of delays in increasing sales prices to compensate for future rises in input costs.Input 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 elevated level of inflation in recent years has increased the overall input cost level. The short- and medium-term forecast incorporates lower pressure on input costs compared with previous years. In the long term, projections follow the level of inflation.Operating investments Projections are based on past experience of the level of necessary maintenance of existing production capacity, including replacement of parts. This also includes scheduled production line overhauls and improvements to existing equipment. Uncommitted capacity increases and new equipment are not included.Terminal period 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.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 market. The risk-free interest rates used in the impairment tests are based on observed market data. For countries where long-term risk-free interest rates are not observable or valid due to specific national or macroeconomic conditions, the interest rate is estimated based on observations from other markets and/or long-term expectations expressed by international financial institutions considered reliable by the Group. The added credit risk premium (spread) for the risk-free interest rate is fixed at market price or slightly higher, reflecting the expected long-term market price. The aggregate interest rate, including spread, thereby reflects the long-term interest rate applicable to the Group\u2019s investments in the individual markets.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 cash flows are discounted using a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the addition of a risk premium relevant to the individual market where cash flows are generated, cf. section 2.3.3. For brands where cash flows are generated in more than one market, the cash flows generated in secondary markets are adjusted for the inflationary difference compared to the inflation in the main market before being discounted.Key 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, terminal growth 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 2.3.3.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.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%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 mostly generated locally, and the CGUs are therefore usually identified at country level.The determination of CGU allocation is made, and cash inflows are assessed in connection with the purchase price allocation, within 12 months from the date of acquisition.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. 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 to 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 inflows. 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. Key considerations in impairment tests Goodwill BrandsCGU level of test Geographical Individual brandsegmentMethod to estimate recoverable amount Value in use Fair value less cost of disposalMethod to estimate present value of future cash flowsTraditional approach: Traditional approach: single most likely single most likely future cash flowfuture cash flowDiscount rate Risk-adjusted rate Risk-adjusted rateFor investments in associates, examples of indications of impairment are loss-making activities or significant changes in the business environment.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.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.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.Assessment of controlThe 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 in accordance with IFRS 3. The most significant assets acquired generally comprise goodwill, brands, property, plant and equipment, receivables and inventories.No active market exists for the majority of the acquired assets and liabilities, in particular in respect of acquired intangible assets. Accordingly, management makes estimates of the fair value of acquired assets, liabilities and contingent liabilities. Depending on the nature of the item, the determined fair value of an item may be associated with uncertainty and possibly adjusted subsequently.The unallocated purchase price (positive amount) is recognised in the statement of financial position as goodwill and allocated to the Group\u2019s cash-generating units.BrandsThe model and assumptions applied are consistent with those used in impairment testing, and are described in further detail in section 2.3.4.Property, plant and equipmentThe 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.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 expenses. 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.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 losses carried forward, if management assesses it can be offset against positive taxable income in the foreseeable future. This assessment is made annually and based on budgets and business plans for the coming years, including planned commercial initiatives under our control.Carlsberg operates in a large number of tax jurisdictions where tax legislation is highly complex and subject to interpretation. Management assesses uncertain tax positions to ensure recognition and measurement of tax assets and liabilities.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 residual value Section 2Restructurings, provisions and contingencies Section 3Acquisitions and disposals, including contingent considerations Section 5Tax assets and liabilities Section 6Defined benefit obligations Section 7",
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"f1__s9__7__21": {
"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 sales- or usage-based royalty has been allocated is satisfied (or partially satisfied), whichever is later.Revenue from contracts with customers is measured at an amount that reflects the expected consideration for those goods. Amounts disclosed as revenue exclude discounts, VAT and excise duties collected on behalf of authorities. The Group considers whether contracts include separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present, as payment is generally made on the basis of cash on delivery or up to 30 days of credit.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 1.4.Off-invoice discounts arise from sales transactions where the customer immediately receives a reduction in the sales price. This also includes cash discounts and incentives for early payments.Volume- and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer time and may be related to a current campaign or a sales target measured in volumes or total value. Examples include discounts paid as a lump sum, discounts for meeting certain sales targets or progressive discounts offered in step with increasing sales to a customer.Other discounts include listing fees, i.e. fees for certain listings on shelves, in coolers or in favourable store locations, as specific promotions of this nature are closely related to the volumes sold.",
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"f1__s9__7__27": {
"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 1.4.Off-invoice discounts arise from sales transactions where the customer immediately receives a reduction in the sales price. This also includes cash discounts and incentives for early payments.Volume- and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer time and may be related to a current campaign or a sales target measured in volumes or total value. Examples include discounts paid as a lump sum, discounts for meeting certain sales targets or progressive discounts offered in step with increasing sales to a customer.Other discounts include listing fees, i.e. fees for certain listings on shelves, in coolers or in favourable store locations, as specific promotions of this nature are closely related to the volumes sold.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__30-1": {
"value": "SECTION 1.2OPERATING EXPENSES AND INVENTORIES1.2.1 COST OF SALES AND INVENTORIESCost of salesDKK million 2024 2023Cost of materials 23,282 23,811Direct staff costs 1,638 1,555Amortisation and depreciation 2,571 2,411Indirect production overheads 5,311 5,145Purchased finished goods and other costs 7,829 7,831Total 40,631 40,753Cost of sales declined by 0.3% compared with 2023, due to enhanced efficiencies and slightly lower commodity prices. Cost of sales per hl declined by 0.8% compared with 2023.Amortisation, depreciation and impairment lossesProperty, plant and Intangible assetsequipmentDKK million 2024 2023 2024 2023Cost of sales 50 49 2,521 2,362Sales and distribution expenses 107 117 1,298 1,190Administrative expenses 73 68 321 290Special items 125 125 93 122Total 355 359 4,233 3,964SECTION 7.1STAFF COSTSStaff costsDKK million 2024 2023Salaries and other remuneration 9,236 9,195Severance payments 64 43Social security costs 1,336 1,340Retirement benefit costs \u2013 defined contribution plans 457 417Retirement benefit costs \u2013 defined benefit plans 180 167Share-based payments 100 130Other employee benefits 163 149Total\u00b9 11,536 11,441\u00b9 In 2023, DKK 606m related to the discontinued operation.Staff costs are included in the following line items in the income statementCost of sales 3,314 3,075Sales and distribution expenses 5,888 5,428Administrative expenses 2,146 2,147Other operating activities, net 120 107Financial expenses (pensions) 37 30Special items (restructurings) 31 48Net result from discontinued operations - 606Total 11,536 11,441Average number of employees\u00b9 31,876 34,982\u00b9 In 2023, an average of 3,938 employees related to the discontinued operation.",
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"f1__s9__7__29-1": {
"value": "SECTION 1.2OPERATING EXPENSES AND INVENTORIES1.2.1 COST OF SALES AND INVENTORIESCost of salesDKK million 2024 2023Cost of materials 23,282 23,811Direct staff costs 1,638 1,555Amortisation and depreciation 2,571 2,411Indirect production overheads 5,311 5,145Purchased finished goods and other costs 7,829 7,831Total 40,631 40,753Cost of sales declined by 0.3% compared with 2023, due to enhanced efficiencies and slightly lower commodity prices. Cost of sales per hl declined by 0.8% compared with 2023.Cost of sales comprises cost of materials used in own-produced finished goods, including malt (barley), hops, glass, cans, other packaging materials, direct labour, indirect production overheads and standard cost variations. It further comprises purchased finished goods, which include cost of point-of-sale materials and third-party products sold to customers.Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and software, as well as maintenance and depreciation of machinery, plant and equipment used for production.The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes the purchase cost and costs directly related to bringing inventories to the relevant place of sale and getting them ready for sale, for example insurance, freight and duties.1.2.2 SALES AND DISTRIBUTION EXPENSES Sales and distribution expensesDKK million 2024 2023Marketing expenses 6,539 6,169Sales expenses 5,599 5,371Distribution expenses 7,104 6,815Total 19,242 18,355Marketing expenses increased due to greater investments in brands and activities. Distribution expenses increased by 4% as a result of higher warehousing and employee expenses. Total marketing, sales and distribution expenses increased by 5%.ACCOUNTING POLICIESMarketing 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, which are used to drive the sale of branded products, sales campaigns and sponsorships.Trade marketing is promotional activities directed towards customers, such as the supply of point-of-sale materials, promotional materials and trade offers.Sales expenses comprise costs relating to general sales activities, write-downs for bad debt losses, wages and salaries as well as depreciation and impairment of sales equipment. Distribution expenses comprise costs incurred in distributing goods, wages and salaries, and depreciation and impairment of distribution equipment.1.2.3 OTHER OPERATING ACTIVITIES, NET Other operating activities, netDKK million 2024 2023Gains and losses on disposal of property, plant and equipment and intangible assets 44 47On-trade loans 18 95Real estate 18 13Research centres -142 -132Other 100 101Total 38 124Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant and equipment. ACCOUNTING POLICIESGains and losses on disposal of intangible assets and property, plant and equipment are determined as the sales price less selling costs and the carrying amount at the disposal date. On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less impairment.Expenses relating to research activities comprise research in Denmark and France less funding received from the Carlsberg Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants are recognised in the income statement in the same period as the activities to which they relate. Product development costs are included in cost of sales.SECTION 2ASSET BASE AND RETURNSReturn on invested capital (ROIC) is a performance ratio that shows how efficiently our businesses are performing. There is a continued focus on ROIC as part of the Group\u2019s Accelerate SAIL strategy to continue to create value for stakeholders.Additionally, this section provides details on the Group\u2019s intangible assets and property, plant and equipment and the results of the impairment testing.1Return on invested capital100.020.0%15.2%14.5%13.8%12.5%8.9%50.010.0%81.5 63.6 60.2 61.1 65.70.00.0%2020 2021 2022 2023 2024Invested capital ROIC (12-month average)1 2020 including Russia, 2021-2024 excluding Russia.Amortisation, depreciation and impairment lossesProperty, plant and Intangible assetsequipmentDKK million 2024 2023 2024 2023Cost of sales 50 49 2,521 2,362Sales and distribution expenses 107 117 1,298 1,190Administrative expenses 73 68 321 290Special items 125 125 93 122Total 355 359 4,233 3,964SECTION 7.1STAFF COSTSStaff costsDKK million 2024 2023Salaries and other remuneration 9,236 9,195Severance payments 64 43Social security costs 1,336 1,340Retirement benefit costs \u2013 defined contribution plans 457 417Retirement benefit costs \u2013 defined benefit plans 180 167Share-based payments 100 130Other employee benefits 163 149Total\u00b9 11,536 11,441\u00b9 In 2023, DKK 606m related to the discontinued operation.Staff costs are included in the following line items in the income statementCost of sales 3,314 3,075Sales and distribution expenses 5,888 5,428Administrative expenses 2,146 2,147Other operating activities, net 120 107Financial expenses (pensions) 37 30Special items (restructurings) 31 48Net result from discontinued operations - 606Total 11,536 11,441Average number of employees\u00b9 31,876 34,982\u00b9 In 2023, an average of 3,938 employees related to the discontinued operation.",
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"f1__s9__7__28-1": {
"value": "SECTION 1.2OPERATING EXPENSES AND INVENTORIES1.2.1 COST OF SALES AND INVENTORIESCost of salesDKK million 2024 2023Cost of materials 23,282 23,811Direct staff costs 1,638 1,555Amortisation and depreciation 2,571 2,411Indirect production overheads 5,311 5,145Purchased finished goods and other costs 7,829 7,831Total 40,631 40,753Cost of sales declined by 0.3% compared with 2023, due to enhanced efficiencies and slightly lower commodity prices. Cost of sales per hl declined by 0.8% compared with 2023.Cost of sales comprises cost of materials used in own-produced finished goods, including malt (barley), hops, glass, cans, other packaging materials, direct labour, indirect production overheads and standard cost variations. It further comprises purchased finished goods, which include cost of point-of-sale materials and third-party products sold to customers.Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and software, as well as maintenance and depreciation of machinery, plant and equipment used for production.The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes the purchase cost and costs directly related to bringing inventories to the relevant place of sale and getting them ready for sale, for example insurance, freight and duties.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__32-1": {
"value": "InventoriesDKK million 2024 2023Raw materials 2,445 2,359Work in progress 343 399Finished goods 3,165 3,053Total 5,953 5,811Inventories increased by 2% compared with 2023, driven by an increase in packaging materials in Central & Eastern Europe and India and higher finished goods in Asia.ACCOUNTING ESTIMATES AND JUDGEMENTSAt least once a year, management assesses whether the standard cost of inventories approximates the actual cost. During the year, the standard cost is revised if it deviates by more than 5% from the actual cost. Indirect production overheads are calculated on the basis of relevant assumptions as to capacity utilisation, production time and other factors.The calculation of the net realisable value of inventories is relevant to packaging materials, point-of-sale materials and spare parts. The net realisable value is normally not calculated for beer and soft drinks due to their limited shelf-life, which means that slow-moving goods must be scrapped instead.Inventories are measured at the lower of standard cost (own-produced finished goods) and weighted average cost (other inventories), or net realisable value. The net realisable value is the estimated selling price less costs of completion and costs necessary to make the sale, also taking into account marketability, obsolescence and developments in expected selling price.The cost of scrapped/impaired goods is expensed in the function (line item) responsible for the loss, i.e. losses during distribution are included in distribution expenses, while scrapping of products due to sales not meeting forecasts is included in sales expenses.",
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"f1__s9__7__31-1": {
"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. It further comprises purchased finished goods, which include cost of point-of-sale materials and third-party products sold to customers.Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and software, as well as maintenance and depreciation of machinery, plant and equipment used for production.The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes the purchase cost and costs directly related to bringing inventories to the relevant place of sale and getting them ready for sale, for example insurance, freight and duties.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, which are used to drive the sale of branded products, sales campaigns and sponsorships.Trade marketing is promotional activities directed towards customers, such as the supply of point-of-sale materials, promotional materials and trade offers.Sales expenses comprise costs relating to general sales activities, write-downs for bad debt losses, wages and salaries as well as depreciation and impairment of sales equipment. Distribution expenses comprise costs incurred in distributing goods, wages and salaries, and depreciation and impairment of distribution equipment.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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"f1__s9__7__33": {
"value": "Inventories are measured at the lower of standard cost (own-produced finished goods) and weighted average cost (other inventories), or net realisable value. The net realisable value is the estimated selling price less costs of completion and costs necessary to make the sale, also taking into account marketability, obsolescence and developments in expected selling price.The cost of scrapped/impaired goods is expensed in the function (line item) responsible for the loss, i.e. losses during distribution are included in distribution expenses, while scrapping of products due to sales not meeting forecasts is included in sales expenses.",
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"f1__s9__7__44": {
"value": "1.2.3 OTHER OPERATING ACTIVITIES, NET Other operating activities, netDKK million 2024 2023Gains and losses on disposal of property, plant and equipment and intangible assets 44 47On-trade loans 18 95Real estate 18 13Research centres -142 -132Other 100 101Total 38 124Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant and equipment. ACCOUNTING POLICIESGains 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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"f1__s9__7__41": {
"value": "1.2.3 OTHER OPERATING ACTIVITIES, NET Other operating activities, netDKK million 2024 2023Gains and losses on disposal of property, plant and equipment and intangible assets 44 47On-trade loans 18 95Real estate 18 13Research centres -142 -132Other 100 101Total 38 124Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant and equipment. ACCOUNTING POLICIESGains 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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},
"f1__s9__7__40": {
"value": "1.2.3 OTHER OPERATING ACTIVITIES, NET Other operating activities, netDKK million 2024 2023Gains and losses on disposal of property, plant and equipment and intangible assets 44 47On-trade loans 18 95Real estate 18 13Research centres -142 -132Other 100 101Total 38 124Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant and equipment. ACCOUNTING POLICIESGains 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__39": {
"value": "1.2.3 OTHER OPERATING ACTIVITIES, NET Other operating activities, netDKK million 2024 2023Gains and losses on disposal of property, plant and equipment and intangible assets 44 47On-trade loans 18 95Real estate 18 13Research centres -142 -132Other 100 101Total 38 124Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant and equipment. ACCOUNTING POLICIESGains 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__45": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__46-1": {
"value": "SECTION 1.3CASH FLOW FROM OPERATING ACTIVITIESOther specifications of cash flow from operating activitiesDKK million Section 2024 2023Other non-cash itemsShare of profit after tax of associates 5.2 -616 -581Gain on disposal of property, plant and equipment and intangible assets, net 2.2 -44 -47Share-based payments 100 130Hyperinflation 8.1 -87 -Other items 12 -1Total -635 -499Trade working capitalInventories -22 -143Trade receivables 82 223Trade payables, duties payable and deposits on returnable packaging materials 411 618Total 471 698Other working capitalOther receivables -484 232Other payables -273 -176Retirement benefit obligations and provisions -337 -833Unrealised foreign exchange gains/losses -14 -3Total -1,108 -780Change in on-trade loansLoans provided -547 -448Repayments 303 218Total amortisation of on-trade loans 245 220Total 1 -10The change in trade working capital was DKK 471m (2023: DKK 698m), mainly impacted by an increase in trade payables. Average trade working capital to revenue for the year was -20.7% (2023: -20.3%). The change in other working capital was DKK -1,108m (2023: DKK -780m), mainly impacted by other receivables.Restructuring costs and other special items paid amounted to DKK -220m (2023: DKK -552m), mainly due to various restructuring and optimisation projects across Western Europe and acquisition costs.Net interest etc. paid amounted to DKK -635m (2023: DKK -273m). The increase was mainly due to an increase in net interest expenses, partially offset by settlement of financial instruments. Income tax paid amounted to DKK -2,342m (2023: DKK -2,166m). SUPPLIER FINANCE ARRANGEMENTSA 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 but, regardless of whether or not the suppliers choose early payment, the liability is recognised in trade payables until the due date of the invoice. Payment terms for suppliers included in a supplier finance arrangement typically range from 60 to 180 days and payment terms for similar suppliers not included range from 15 to 140 days. Termination of the supplier finance arrangement would not constitute a significant risk in terms of liquidity because of the amounts involved and the number of supply chain finance providers.Carrying amount of liabilities involved in supplier finance arrangementsDKK million 2024Suppliers have received payment 2,364Suppliers have not received payment 278Total 2,642SALE OF RECEIVABLESCarlsberg 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.Trade payables are recognised initially at fair value and subsequently measured at cost. Trade payables comprise purchase of goods and services, including payables to supplier finance providers, and retrospective rebates to customers, and are part of the normal working capital cycle. The cash flow arising from all trade payables is part of cash flow from operating activities. The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit price, an estimate of the number of bottles, kegs, cans and crates in circulation, and expected return rates.Cash flow from disposal of property, plant and equipment and intangible assets was DKK 85m (2023: DKK 115m).Net cash flow from discontinued operationsDKK million 2024 2023 Cash flow from operating activities - 1,531Cash flow from investing activities 2,258 -2,588Cash flow from financing activities - 63Net cash flow from discontinued operations 2,258 -994",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__50-1": {
"value": "SUPPLIER FINANCE ARRANGEMENTSA 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 but, regardless of whether or not the suppliers choose early payment, the liability is recognised in trade payables until the due date of the invoice. Payment terms for suppliers included in a supplier finance arrangement typically range from 60 to 180 days and payment terms for similar suppliers not included range from 15 to 140 days. Termination of the supplier finance arrangement would not constitute a significant risk in terms of liquidity because of the amounts involved and the number of supply chain finance providers.Carrying amount of liabilities involved in supplier finance arrangementsDKK million 2024Suppliers have received payment 2,364Suppliers have not received payment 278Total 2,642Trade payables are recognised initially at fair value and subsequently measured at cost. Trade payables comprise purchase of goods and services, including payables to supplier finance providers, and retrospective rebates to customers, and are part of the normal working capital cycle. The cash flow arising from all trade payables is part of cash flow from operating activities. The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit price, an estimate of the number of bottles, kegs, cans and crates in circulation, and expected return rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__53-1": {
"value": "SALE OF RECEIVABLESCarlsberg 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.SECTION 1.4TRADE AND OTHER RECEIVABLES1.4.1 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. Receivables included in the statement of financial positionNon-DKK millioncurrent Current TotalTrade Other 2024 ReceivablesreceivablesreceivablesReceivables from sales of goods and services - 4,692 - 4,692On-trade loans 617 248 - 865Other receivables 197 - 2,258 2,455Total receivables 814 4,940 2,258 8,0122023Receivables 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 8,459The carrying amount of receivables approximates their fair value. For on-trade loans, the fair value is calculated as discounted cash flows using the interest rate at the reporting date.Other receivables primarily comprise VAT and similar government receivables, interest receivables and other financial receivables. These are associated with low risk. Of the total non-current receivables, DKK 123m (2023: DKK 124m) falls due more than five years from the reporting date.RECEIVABLES FROM SALES OF GOODS AND SERVICES (BROKEN DOWN BY COUNTRY)2024 2023gUK 17% 18% gSweden 10% 9% gPoland 7% 9% gDenmark 6% 7% gIndia 6% 4% gUkraine 3% 3% gFrance 3% 6% gOther 48% 44% The distribution of receivables broken down by country is affected by market-specific changes in payment patterns. For receivables from sales of goods and services, the distribution is furthermore impacted by the value of receivables sold. The overall level of receivables sold in non-recourse factoring schemes was similar to the level in 2023.1.4.2 ON-TRADE LOANSOn-trade loans recognised in other operating activities, netDKK million 2024 2023Interest and amortisation of on-trade loans recognised in other operating activities 60 60Losses and write-downs on on-trade loans -42 35On-trade loans, net 18 95Under certain circumstances, the Group grants loans to on-trade customers in France, the UK, Switzerland, Germany and Sweden. On-trade loans are spread across a large number of customers/debtors and consist of several types of loan, including loans repaid in cash or through reduced discounts and guarantees for loans provided by third parties, cf. section 3.4. The operating entities monitor and control these loans in accordance with Group guidelines. The specification of the cash flow related to on-trade loans is specified in section 1.3.The average effective interest rate on loans to the on-trade was 4.6% (2023: 4.7%). The interest income is recognised in other operating activities.ON-TRADE LOANS(BROKEN DOWN BY COUNTRY)2024 2023gGermany 34% 32% gFrance 30% 28% gSwitzerland 23% 26% gSweden 10% 10% gUK 3% 4% 1.4.3 CREDIT RISKCredit risk on receivablesDKK millionWeightedGross Loss Receivables, average2024receivablesallowancenetloss rateReceivables from sales of goods and servicesNot past due 4,577 -212 4,365 5% Overdue 1-30 days 249 -46 203 18% Overdue 31-90 days 167 -53 114 32% Overdue > 90 days 343 -333 10 97% Receivables from sales of goods and services 5,336 -644 4,692On-trade loansNot past due 791 -94 697 12% Overdue 1-30 days 11 -1 10 9% Overdue 31-90 days 28 -3 25 11% Overdue > 90 days 471 -338 133 72% On-trade loans 1,301 -436 865Other receivablesNot past due 2,299 -9 2,290 -Overdue 1-30 days 24 - 24 -Overdue 31-90 days 66 - 66 -Overdue > 90 days 88 -13 75 15% Other receivables 2,477 -22 2,455Total 9,114 -1,102 8,012Credit 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 8,459In 2024, receivables not past due amounted to 84% (2023: 85%) of total gross receivables. The past-due share of gross loans to on-trade customers was 39% (2023: 34%). Total accumulated allowances for impairment losses on on-trade loans were DKK 436m (2023: DKK 426m) and the share of receivables from sales of goods and services past due was unchanged compared with 2023 at 14%. The credit risk on trade receivables is assessed locally and monitored at Group level. The on-trade channel, especially in Western Europe, continues to experience challenges as a result of a weak consumer sentiment. As a result, the credit risk for on-trade loans has increased on a collective basis since initial recognition, which is why loss allowances are measured at an amount equal to the lifetime expected credit losses. This is the same as for receivables from sales of goods and services.Development in impairment losses on receivablesDKK million2023Receivables from sales of goods On-trade Other 2024and servicesloansreceivables Total TotalImpairment at 1 January -666 -426 -14 -1,106 -1,067Additional impairment losses recognised -23 -32 -8 -63 -151Realised during the year 5 3 - 8 27Reversal of impairment losses 78 17 - 95 116Acquisition of entities -33 - - -33 -24Disposal of entities - 4 - 4 -Foreign exchange adjustments -5 -2 - -7 -7Impairment at 31 December -644 -436 -22 -1,102 -1,106ACCOUNTING ESTIMATES AND 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 and loans is managed locally, and credit limits are set as considered appropriate for the customer, taking into account the current local market conditions. When assessing the risk locally, entities assess the credit risk and adhere to Group guidelines, which include setting credit limits, encouraging cash payment, purchasing credit insurance and holding collateral.In assessing credit risk, management analyses the need for impairment of trade receivables and on-trade loans due to customers\u2019 inability to pay. At year-end 2024, management continued to assess the lifetime expected credit losses for both receivables from goods and services and on-trade loans in line with 2023. Expected credit losses are assessed for portfolios of receivables based on customer segments, historical information on payment patterns, terms of payment and concentration maturity. The expected impact includes the risk of insolvencies due to lack of liquidity.The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher risk than receivables from sales of goods and services and are concentrated in a few markets.The credit risk on on-trade loans can be reduced by means of collateral and pledges of on-trade movables (equipment in bars, caf\u00e9s etc.). The fair value of the pledged on-trade movables cannot be estimated reliably but is assessed to be insignificant, as they cannot readily be reused.ACCOUNTING POLICIESReceivables are recognised initially at the transaction price and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables comprise sales of goods and services as well as short-term on-trade loans to customers. Other receivables comprise VAT receivables, loans to partners and associates, interest receivables and other financial receivables.For on-trade loans, any difference between the present value and the nominal amount at inception is treated as a prepaid discount to the customer, and the discount is recognised in the income statement in accordance with the terms of the agreement.The market interest rate is used as the discount rate, corresponding to the money market rate based on the maturity of the loan with the addition of a risk premium. The effective interest on these loans is recognised in other operating activities, net. The amortisation of the difference between the discount rate and the effective interest rate is included as a discount in revenue.The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss allowance for all receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing the same credit risk characteristics and past-due days. Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since initial recognition.In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__49-1": {
"value": "ACCOUNTING 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.ACCOUNTING POLICIESTrade payables are recognised initially at fair value and subsequently measured at cost. Trade payables comprise purchase of goods and services, including payables to supplier finance providers, and retrospective rebates to customers, and are part of the normal working capital cycle. The cash flow arising from all trade payables is part of cash flow from operating activities. The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit price, an estimate of the number of bottles, kegs, cans and crates in circulation, and expected return rates.SECTION 3.3OTHER LIABILITIESDKK million 2024 2023Other liabilities by originStaff costs payable 2,281 2,296Excise duties and VAT payable 2,533 2,401Other payables 2,447 2,693Deferred income 416 499Contingent and deferred considerations 1,916 5,445Total 9,593 13,334Classified asNon-current liabilities 1,495 314Current liabilities 8,098 13,020Total 9,593 13,334ACCOUNTING POLICIESOther 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__52": {
"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 providers, and retrospective rebates to customers, and are part of the normal working capital cycle. The cash flow arising from all trade payables is part of cash flow from operating activities. The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit price, an estimate of the number of bottles, kegs, cans and crates in circulation, and expected return rates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__47-1": {
"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 providers, and retrospective rebates to customers, and are part of the normal working capital cycle. The cash flow arising from all trade payables is part of cash flow from operating activities. The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit price, an estimate of the number of bottles, kegs, cans and crates in circulation, and expected return rates.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__56": {
"value": "1.4.2 ON-TRADE LOANSOn-trade loans recognised in other operating activities, netDKK million 2024 2023Interest and amortisation of on-trade loans recognised in other operating activities 60 60Losses and write-downs on on-trade loans -42 35On-trade loans, net 18 95Under certain circumstances, the Group grants loans to on-trade customers in France, the UK, Switzerland, Germany and Sweden. On-trade loans are spread across a large number of customers/debtors and consist of several types of loan, including loans repaid in cash or through reduced discounts and guarantees for loans provided by third parties, cf. section 3.4. The operating entities monitor and control these loans in accordance with Group guidelines. The specification of the cash flow related to on-trade loans is specified in section 1.3.The average effective interest rate on loans to the on-trade was 4.6% (2023: 4.7%). The interest income is recognised in other operating activities.ON-TRADE LOANS(BROKEN DOWN BY COUNTRY)2024 2023gGermany 34% 32% gFrance 30% 28% gSwitzerland 23% 26% gSweden 10% 10% gUK 3% 4%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__59": {
"value": "1.4.3 CREDIT RISKCredit risk on receivablesDKK millionWeightedGross Loss Receivables, average2024receivablesallowancenetloss rateReceivables from sales of goods and servicesNot past due 4,577 -212 4,365 5% Overdue 1-30 days 249 -46 203 18% Overdue 31-90 days 167 -53 114 32% Overdue > 90 days 343 -333 10 97% Receivables from sales of goods and services 5,336 -644 4,692On-trade loansNot past due 791 -94 697 12% Overdue 1-30 days 11 -1 10 9% Overdue 31-90 days 28 -3 25 11% Overdue > 90 days 471 -338 133 72% On-trade loans 1,301 -436 865Other receivablesNot past due 2,299 -9 2,290 -Overdue 1-30 days 24 - 24 -Overdue 31-90 days 66 - 66 -Overdue > 90 days 88 -13 75 15% Other receivables 2,477 -22 2,455Total 9,114 -1,102 8,012Credit 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 8,459In 2024, receivables not past due amounted to 84% (2023: 85%) of total gross receivables. The past-due share of gross loans to on-trade customers was 39% (2023: 34%). Total accumulated allowances for impairment losses on on-trade loans were DKK 436m (2023: DKK 426m) and the share of receivables from sales of goods and services past due was unchanged compared with 2023 at 14%. The credit risk on trade receivables is assessed locally and monitored at Group level. The on-trade channel, especially in Western Europe, continues to experience challenges as a result of a weak consumer sentiment. As a result, the credit risk for on-trade loans has increased on a collective basis since initial recognition, which is why loss allowances are measured at an amount equal to the lifetime expected credit losses. This is the same as for receivables from sales of goods and services.Development in impairment losses on receivablesDKK million2023Receivables from sales of goods On-trade Other 2024and servicesloansreceivables Total TotalImpairment at 1 January -666 -426 -14 -1,106 -1,067Additional impairment losses recognised -23 -32 -8 -63 -151Realised during the year 5 3 - 8 27Reversal of impairment losses 78 17 - 95 116Acquisition of entities -33 - - -33 -24Disposal of entities - 4 - 4 -Foreign exchange adjustments -5 -2 - -7 -7Impairment at 31 December -644 -436 -22 -1,102 -1,106ACCOUNTING ESTIMATES AND 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 and loans is managed locally, and credit limits are set as considered appropriate for the customer, taking into account the current local market conditions. When assessing the risk locally, entities assess the credit risk and adhere to Group guidelines, which include setting credit limits, encouraging cash payment, purchasing credit insurance and holding collateral.In assessing credit risk, management analyses the need for impairment of trade receivables and on-trade loans due to customers\u2019 inability to pay. At year-end 2024, management continued to assess the lifetime expected credit losses for both receivables from goods and services and on-trade loans in line with 2023. Expected credit losses are assessed for portfolios of receivables based on customer segments, historical information on payment patterns, terms of payment and concentration maturity. The expected impact includes the risk of insolvencies due to lack of liquidity.The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher risk than receivables from sales of goods and services and are concentrated in a few markets.The credit risk on on-trade loans can be reduced by means of collateral and pledges of on-trade movables (equipment in bars, caf\u00e9s etc.). The fair value of the pledged on-trade movables cannot be estimated reliably but is assessed to be insignificant, as they cannot readily be reused.ACCOUNTING POLICIESReceivables are recognised initially at the transaction price and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables comprise sales of goods and services as well as short-term on-trade loans to customers. Other receivables comprise VAT receivables, loans to partners and associates, interest receivables and other financial receivables.For on-trade loans, any difference between the present value and the nominal amount at inception is treated as a prepaid discount to the customer, and the discount is recognised in the income statement in accordance with the terms of the agreement.The market interest rate is used as the discount rate, corresponding to the money market rate based on the maturity of the loan with the addition of a risk premium. The effective interest on these loans is recognised in other operating activities, net. The amortisation of the difference between the discount rate and the effective interest rate is included as a discount in revenue.The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss allowance for all receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing the same credit risk characteristics and past-due days. Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since initial recognition.In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__58-1": {
"value": "1.4.3 CREDIT RISKCredit risk on receivablesDKK millionWeightedGross Loss Receivables, average2024receivablesallowancenetloss rateReceivables from sales of goods and servicesNot past due 4,577 -212 4,365 5% Overdue 1-30 days 249 -46 203 18% Overdue 31-90 days 167 -53 114 32% Overdue > 90 days 343 -333 10 97% Receivables from sales of goods and services 5,336 -644 4,692On-trade loansNot past due 791 -94 697 12% Overdue 1-30 days 11 -1 10 9% Overdue 31-90 days 28 -3 25 11% Overdue > 90 days 471 -338 133 72% On-trade loans 1,301 -436 865Other receivablesNot past due 2,299 -9 2,290 -Overdue 1-30 days 24 - 24 -Overdue 31-90 days 66 - 66 -Overdue > 90 days 88 -13 75 15% Other receivables 2,477 -22 2,455Total 9,114 -1,102 8,012Credit 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 8,459In 2024, receivables not past due amounted to 84% (2023: 85%) of total gross receivables. The past-due share of gross loans to on-trade customers was 39% (2023: 34%). Total accumulated allowances for impairment losses on on-trade loans were DKK 436m (2023: DKK 426m) and the share of receivables from sales of goods and services past due was unchanged compared with 2023 at 14%. The credit risk on trade receivables is assessed locally and monitored at Group level. The on-trade channel, especially in Western Europe, continues to experience challenges as a result of a weak consumer sentiment. As a result, the credit risk for on-trade loans has increased on a collective basis since initial recognition, which is why loss allowances are measured at an amount equal to the lifetime expected credit losses. This is the same as for receivables from sales of goods and services.Development in impairment losses on receivablesDKK million2023Receivables from sales of goods On-trade Other 2024and servicesloansreceivables Total TotalImpairment at 1 January -666 -426 -14 -1,106 -1,067Additional impairment losses recognised -23 -32 -8 -63 -151Realised during the year 5 3 - 8 27Reversal of impairment losses 78 17 - 95 116Acquisition of entities -33 - - -33 -24Disposal of entities - 4 - 4 -Foreign exchange adjustments -5 -2 - -7 -7Impairment at 31 December -644 -436 -22 -1,102 -1,106ACCOUNTING ESTIMATES AND 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 and loans is managed locally, and credit limits are set as considered appropriate for the customer, taking into account the current local market conditions. When assessing the risk locally, entities assess the credit risk and adhere to Group guidelines, which include setting credit limits, encouraging cash payment, purchasing credit insurance and holding collateral.In assessing credit risk, management analyses the need for impairment of trade receivables and on-trade loans due to customers\u2019 inability to pay. At year-end 2024, management continued to assess the lifetime expected credit losses for both receivables from goods and services and on-trade loans in line with 2023. Expected credit losses are assessed for portfolios of receivables based on customer segments, historical information on payment patterns, terms of payment and concentration maturity. The expected impact includes the risk of insolvencies due to lack of liquidity.The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher risk than receivables from sales of goods and services and are concentrated in a few markets.The credit risk on on-trade loans can be reduced by means of collateral and pledges of on-trade movables (equipment in bars, caf\u00e9s etc.). The fair value of the pledged on-trade movables cannot be estimated reliably but is assessed to be insignificant, as they cannot readily be reused.ACCOUNTING POLICIESReceivables are recognised initially at the transaction price and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables comprise sales of goods and services as well as short-term on-trade loans to customers. Other receivables comprise VAT receivables, loans to partners and associates, interest receivables and other financial receivables.For on-trade loans, any difference between the present value and the nominal amount at inception is treated as a prepaid discount to the customer, and the discount is recognised in the income statement in accordance with the terms of the agreement.The market interest rate is used as the discount rate, corresponding to the money market rate based on the maturity of the loan with the addition of a risk premium. The effective interest on these loans is recognised in other operating activities, net. The amortisation of the difference between the discount rate and the effective interest rate is included as a discount in revenue.The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss allowance for all receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing the same credit risk characteristics and past-due days. Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since initial recognition.In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.4.7.2 CASH AND DEPOSITS Cash and cash equivalents include short-term marketable securities with an original term of less than three months or deposits with a maturity of more than three months with contractual rights to terminate without significant costs, which are subject to an insignificant risk of changes in fair value and form part of the short-term cash planning. Short-term bank deposits amounted to DKK 5,799m at 31 December 2024 (2023: DKK 6,896m). The average interest rate on deposits was 4.8% (2023: 4.5%). Total cash including deposits amounted to DKK 11,601m in 2024 (2023: DKK 15,618m).Cash and depositsDKK million 2024 2023Derivative Derivative Cash and financial Cash and financial depositsinstrumentsdepositsinstrumentsAA range 4,022 42 5,743 3A range 6,126 264 8,476 245BBB range 650 6 756 4Not rated or below BBB range 803 - 643 48Total 11,601 312 15,618 300ASSESSMENT 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 interest, foreign exchange and aluminium derivatives with relationship banks, and the associated credit risk is mitigated to some extent by entering into ISDA agreements, partly because it is the same group of banks extending credit to the Group. The fair values of the derivatives reported above are the gross fair value receivables without taking account of the potential offset against fair value payables with the same bank.Carlsberg operates with individual limits on banks, based on rating and other factors. For some of the markets in which the Group operates and holds cash, the financial institutions do not have a BBB rating, in which case an exemption is approved by Group Treasury.EXPOSURE TO CREDIT RISK The carrying amount of DKK 11,601m (2023: DKK 15,618m) represents the maximum credit exposure related to cash and cash equivalents and deposits. The credit risk on receivables is described in section 1.4.3.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__55": {
"value": "Receivables are recognised initially at the transaction price and subsequently measured at amortised cost less loss allowance or impairment losses. Trade receivables comprise sales of goods and services as well as short-term on-trade loans to customers. Other receivables comprise VAT receivables, loans to partners and associates, interest receivables and other financial receivables.For on-trade loans, any difference between the present value and the nominal amount at inception is treated as a prepaid discount to the customer, and the discount is recognised in the income statement in accordance with the terms of the agreement.The market interest rate is used as the discount rate, corresponding to the money market rate based on the maturity of the loan with the addition of a risk premium. The effective interest on these loans is recognised in other operating activities, net. The amortisation of the difference between the discount rate and the effective interest rate is included as a discount in revenue.The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss allowance for all receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing the same credit risk characteristics and past-due days. Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since initial recognition.In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing involvement once the receivables have been derecognised.",
"dimensions": {
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__57": {
"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",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__60": {
"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": {
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s9__7__62-1": {
"value": "SECTION 2ASSET BASE AND RETURNSReturn on invested capital (ROIC) is a performance ratio that shows how efficiently our businesses are performing. There is a continued focus on ROIC as part of the Group\u2019s Accelerate SAIL strategy to continue to create value for stakeholders.Additionally, this section provides details on the Group\u2019s intangible assets and property, plant and equipment and the results of the impairment testing.1Return on invested capital100.020.0%15.2%14.5%13.8%12.5%8.9%50.010.0%81.5 63.6 60.2 61.1 65.70.00.0%2020 2021 2022 2023 2024Invested capital ROIC (12-month average)1 2020 including Russia, 2021-2024 excluding Russia.SECTION 2.2 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 2024 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Acquisition of entities1,313 - - 1,313 61 44 6 111 1,424Additions, including right-of-use assets- 30 334 364 612 2,907 2,324 5,843 6,207Disposal and deconsolidation of entities-205 -219 -2 -426 -49 -180 -10 -239 -665Disposals- -45 -61 -106 -137 -184 -1,376 -1,697 -1,803Transfers- - - - 667 -788 121 - -Hyperinflation restatement1,680 112 - 1,792 405 907 596 1,908 3,700Foreign exchange adjustments etc.565 125 45 735 119 201 46 366 1,101Cost at 31 December43,974 11,985 5,168 61,127 20,131 30,478 16,351 66,960 128,087Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Disposal and deconsolidation of entities- - -1 -1 -17 -80 -8 -105 -106Disposals- -45 -61 -106 -123 -169 -1,267 -1,559 -1,665Amortisation and depreciation- 14 176 190 800 1,339 1,998 4,137 4,327Impairment losses- 125 40 165 30 43 23 96 261Transfers- - - - 1 26 -27 - -Hyperinflation restatement- - - - 109 459 352 920 920Foreign exchange adjustments etc.50 65 22 137 6 112 40 158 295Amortisation, depreciation and impairment losses at 31 December2,356 2,439 3,945 8,740 9,288 19,325 11,297 39,910 48,650Carrying amount at 31 December41,618 9,546 1,223 52,387 10,843 11,153 5,054 27,050 79,437Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 273 26 294 593 593Carrying amount at 31 December - - - - 1,275 112 661 2,048 2,048DKK 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 January 40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities 645 147 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 December 40,621 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 January 2,392 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 December 2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December 38,315 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 1,748Property, plant and equipment under construction amounted to DKK 1,826m (2023: DKK 1,896m). 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.Amortisation, depreciation and impairment lossesProperty, plant and Intangible assetsequipmentDKK million 2024 2023 2024 2023Cost of sales 50 49 2,521 2,362Sales and distribution expenses 107 117 1,298 1,190Administrative expenses 73 68 321 290Special items 125 125 93 122Total 355 359 4,233 3,964Useful life and residual value of intangible assets with finite useful life and property, plant and equipment Useful life and residual value are initially assessed both in acquisitions and in business combinations.Management assesses brands and property, plant and equipment for changes in useful life. If an indication of a reduction in the value or useful life exists, such as changes in production structure, restructuring or brewery closures, the asset is tested for impairment. If necessary, the asset is written down or the amortisation/depreciation period is reassessed and, if necessary, adjusted in line with the asset\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.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 2.3.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses depending on the use of the asset.The expected useful life is as follows: Software Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer agreements/relationships Depending on contract with the customer; if no contract exists, normally not exceeding 20 yearsLand Not depreciatedBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in 8 yearswarehousesOn-trade and distribution 5 yearsequipmentFixtures and fittings, other plant 5-8 yearsand equipmentHardware 3-5 yearsReturnable packaging materials 3-10 yearsImpairmentImpairment losses of a non-recurring nature are recognised under special items.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__69-1": {
"value": "SECTION 2.1SEGMENTATION OF ASSETS AND RETURNSDKK millionCentral & Eastern Carlsberg Western Europe NotBeverages,Non-Group, 2024Europe Asiaand Indiaallocated\u00b9totalbeveragetotalInvested capital 34,480 20,883 10,254 -612 65,005 718 65,723Invested capital excl. goodwill 14,126 4,556 5,317 -612 23,387 718 24,105Investments in associates 2,813 893 225 7 3,938 736 4,674Acquisition of property, plant and equipment and intangible assets 1,838 2,328 828 21 5,015 15 5,030Amortisation and depreciation 1,905 1,553 808 61 4,327 - 4,327Impairment losses, net 224 67 -1 37 327 - 327Return on invested capital (ROIC) 12.0% 18.3% 23.7% - 14.0% - 13.8% ROIC excl. goodwill 28.4% 105.7% 37.0% - 36.6% - 35.5% 2023Invested capital 34,670 15,976 9,992 -286 60,352 737 61,089Invested capital excl. goodwill 14,190 1,776 6,357 -286 22,037 737 22,774Investments in associates 2,439 896 1,365 6 4,706 731 5,437Acquisition of property, plant and equipment and intangible assets 1,534 1,803 720 176 4,233 10 4,243Amortisation and depreciation 1,860 1,288 744 87 3,979 2 3,981Impairment losses, net 338 -100 127 40 405 - 405Return on invested capital (ROIC) 11.4% 21.9% 22.9% - 14.8% - 14.5% ROIC excl. goodwill 27.0% 228.1% 35.4% - 40.0% - 38.3% \u00b9 Not allocated comprises supporting companies without brewing activities, and eliminations of investments in subsidiaries, receivables and loans.Geographical allocation of non-current assetsDKK million 2024 2023Denmark (Carlsberg A/S\u2019 domicile) 4,937 4,792China 16,395 15,612France 10,850 11,125Other countries 51,929 47,413Total 84,111 78,942Non-current assets comprise intangible assets and property, plant and equipment owned by the segment/country, even if the income is earned outside the segment/country that owns the asset. Invested capitalDKK million 2024 2023Total assets 113,328 111,831LessTax assets -2,056 -1,810Financial receivables, hedging instruments and receivables sold 822 217Deposits and securities -59 -2,236Cash and cash equivalents -11,542 -13,382Assets included 100,493 94,620Trade payables -23,317 -22,159Deposits on returnable packaging materials -1,728 -1,717Provisions, excl. restructurings -2,424 -2,424Other liabilities, excl. hedging instruments and contingent and deferred considerations -7,301 -7,231Liabilities offset -34,770 -33,531Invested capital 65,723 61,089Goodwill -41,618 -38,315Invested capital excl. goodwill 24,105 22,774Invested capital, average\u00b9 65,882 62,037\u00b9 Gorkha Brewery was acquired in November 2024 and Waterloo Brewing was acquired in March 2023, so neither had a full-year impact on average invested capital in their respective year of acquisition.Non-current assets included in invested capital further comprise financial assets other than financial instruments and tax assets.At year-end, invested capital was up by DKK 4.6bn, primarily due to the acquisition of Gorkha Brewery, hyperinflation in Laos and the construction of Foshan Brewery in China. Gorkha Brewery was acquired in November 2024 so it did not have a full-year impact on average invested capital. This is reflected in the development in ROIC as seen below, which declined 70bp, predominantly impacted by hyperinflation. ROIC (%)0.514.50.10.113.8-0.2-0.5-0.72023EBIT after Tax rate AssetsLiabilities FX Hyperinflation 2024taxSECTION 2.2 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 2024 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Acquisition of entities1,313 - - 1,313 61 44 6 111 1,424Additions, including right-of-use assets- 30 334 364 612 2,907 2,324 5,843 6,207Disposal and deconsolidation of entities-205 -219 -2 -426 -49 -180 -10 -239 -665Disposals- -45 -61 -106 -137 -184 -1,376 -1,697 -1,803Transfers- - - - 667 -788 121 - -Hyperinflation restatement1,680 112 - 1,792 405 907 596 1,908 3,700Foreign exchange adjustments etc.565 125 45 735 119 201 46 366 1,101Cost at 31 December43,974 11,985 5,168 61,127 20,131 30,478 16,351 66,960 128,087Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Disposal and deconsolidation of entities- - -1 -1 -17 -80 -8 -105 -106Disposals- -45 -61 -106 -123 -169 -1,267 -1,559 -1,665Amortisation and depreciation- 14 176 190 800 1,339 1,998 4,137 4,327Impairment losses- 125 40 165 30 43 23 96 261Transfers- - - - 1 26 -27 - -Hyperinflation restatement- - - - 109 459 352 920 920Foreign exchange adjustments etc.50 65 22 137 6 112 40 158 295Amortisation, depreciation and impairment losses at 31 December2,356 2,439 3,945 8,740 9,288 19,325 11,297 39,910 48,650Carrying amount at 31 December41,618 9,546 1,223 52,387 10,843 11,153 5,054 27,050 79,437Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 273 26 294 593 593Carrying amount at 31 December - - - - 1,275 112 661 2,048 2,048DKK 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 January 40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities 645 147 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 December 40,621 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 January 2,392 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 December 2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December 38,315 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 1,748Property, plant and equipment under construction amounted to DKK 1,826m (2023: DKK 1,896m). Property, plant and equipment under construction are recognised in plant and machinery until completion. Other equipment, fixtures and fittings include transport, office and draught beer equipment, fridges and returnable packaging materials. Other intangible assets include software, land use rights and beer delivery rights. Capital expenditureDKK million 2024 2023Additions, including right-of-use assets 6,207 5,337Less right-of-use assets -968 -721Additions 5,239 4,616Additions payable at the end of the reporting period -196 -363Capitalised depreciation -1 -2Capitalised interest expenses -12 -8Acquisition of property, plant and equipment and intangible assets 5,030 4,243Amortisation, depreciation and impairment lossesProperty, plant and Intangible assetsequipmentDKK million 2024 2023 2024 2023Cost of sales 50 49 2,521 2,362Sales and distribution expenses 107 117 1,298 1,190Administrative expenses 73 68 321 290Special items 125 125 93 122Total 355 359 4,233 3,964Gain/loss on disposal of assetsDKK million 2024 2023Gain on disposal of property, plant and equipment and intangible assets 100 74Loss on disposal of property, plant and equipment and intangible assets -56 -27Continuing operations 44 47Net result from discontinued operations - 12Total 44 59Cash flow from disposal of property, plant and equipment and intangible assets was DKK 85m (2023: DKK 115m). RIGHT-OF-USE ASSETS The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual basis and contain a wide range of different terms and conditions.At 31 December 2024, the carrying amount of right-of-use assets was DKK 2,048m (2023: DKK 1,748m). During the year, additions amounted to DKK 968m (2023: DKK 721m) and depreciation to DKK 593m (2023: DKK 449m).Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK 54m (2023: DKK 48m). Such contracts usually comprise the lease of copy and printing machines, coffee machines, small IT devices and similar equipment.For disclosures of interest expenses, cash flow and lease liabilities, please refer to sections 4.4 and 4.7.1.CAPITAL COMMITMENTS The Group has entered into various capital commitments that will not take effect until after the reporting date and have therefore not been recognised in the consolidated financial statements. Capital commitments in 2024 amounted to DKK 173m (2023: DKK 144m).ACCOUNTING ESTIMATES AND 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 or brewery closures, the asset is tested for impairment. If necessary, the asset is written down or the amortisation/depreciation period is reassessed and, if necessary, adjusted in line with the asset\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.ACCOUNTING POLICIESCost 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 2.3.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses depending on the use of the asset.The expected useful life is as follows: Software Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer agreements/relationships Depending on contract with the customer; if no contract exists, normally not exceeding 20 yearsLand Not depreciatedBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in 8 yearswarehousesOn-trade and distribution 5 yearsequipmentFixtures and fittings, other plant 5-8 yearsand equipmentHardware 3-5 yearsReturnable packaging materials 3-10 yearsImpairmentImpairment 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, which are not recognised.A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. section 2.3.Right-of-use assets are recognised as property, plant and equipment.Government grants and other 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.SECTION 2.3IMPAIRMENT2.3.1 RECOGNISED IMPAIRMENTSThe impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date. IMPAIRMENT TEST 2024The impairment tests prepared at 31 December 2024 did not identify any indication of impairment of goodwill. The Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western Europe. In addition, impairment losses of DKK 136m primarily related to Western Europe were recognised on other intangible assets and property, plant and equipment, of which DKK 93m was recognised in special items.In Asia, impairment losses of DKK 66m were recognised on financial assets. Impairment of non-current assetsDKK million Section 2024 2023Intangible assetsBrands 2.3.4 125 525Reversal of impairment losses 2.3.4 - -400Other intangible assets 2.3.5 40 46Total 165 171Property, plant and equipmentPlant, machinery and equipment 2.3.5 96 171Total 96 171Other non-current assetsAssets held for sale 2.3.5 - 14Investments in associates 2.3.5 - 49Financial assets 2.3.5 66 -Total impairment losses, net 327 405Of which recognised in special items 3.1 284 310Impairment, discontinued operation in Russia, net 5.3 -2,258 7,002IMPAIRMENT TEST 2023In 2023, the Group recognised impairment losses of DKK 305m on brands with indefinite useful life in Western Europe, DKK 70m in Central & Eastern Europe and India, and DKK 97m in Asia. In addition, impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe and India for the use of brands from the discontinued operation in Russia. In total, impairment losses on brands amounted to DKK 525m.Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and equipment, of which DKK 122m was recognised in special items. Impairment losses on other non-current assets totalled DKK 63m and were recognised in special items.IMPAIRMENT OF DISCONTINUED OPERATION IN RUSSIAFollowing the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to the Russian government, the business was fully impaired \u2013 resulting in an impairment loss of DKK 7,002m \u2013 and deconsolidated. The disposal of the Russian business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods in net result from discontinued operations, cf. section 5.3.2.3.2 SIGNIFICANT AMOUNTS OF GOODWILL AND 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 acquired in 2004 prior to the adoption of IFRS. Each accounted for 10% or more of the total carrying amount of goodwill and brands with indefinite useful life at the reporting date. Goodwill from these acquisitions has been allocated to cash-generating units (CGUs) based on the geographical segmentation. The international brands acquired with Kronenbourg 1664, Chongqing and the 40% non-controlling interest in Carlsberg Breweries A/S are individually material and specified in section 2.3.4. 2.3.3 IMPAIRMENT TEST OF GOODWILL The carrying amount of goodwill is related to the CGUs and allocated to the Group\u2019s geographical segments, which is the level at which it is monitored for internal management purposes. The carrying amount of goodwill allocated to groups of CGUsDKK million 2024 2023Western Europe 20,354 20,480Asia\u00b9 16,327 14,201Central & Eastern Europe and India\u00b9 4,937 3,634Total 41,618 38,315\u00b9 The goodwill recognised on the acquisition of Gorkha Brewery in 2024 and on the acquisition of Waterloo Brewing Ltd in 2023 was allocated to the Central & Eastern Europe and India CGU. The goodwill recognised on the acquisition of Jing-A Group in 2023 was allocated to the Asia CGU.The impairment tests prepared at year-end 2024 did not identify any indication of impairment of goodwill. Management\u2019s view is that excess value in the Group\u2019s CGUs is fairly resilient to any likely and reasonable deteriorations in the key assumptions applied. In 2024, the approach to measuring recoverable amount was changed. In previous years, the expected cash flow approach was applied. This involved developing multiple probability-weighted scenarios to reflect different outcomes in terms of timing and amount of future cash flows. The risk-adjusted cash flows were discounted using a rate that reflected the risk-free interest rate for each CGU. For 2024, the traditional approach has been applied to measure recoverable amount. This entails a single set of estimated cash flows and a discount rate that incorporates all the expectations about future cash flows. Consequently, the key assumptions for 2023 and 2024 are not comparable.Key assumptionsForecast Terminal Pre-tax cash flow period discount 2024growthgrowthrateWestern Europe -7.8% 1.0% 6.9%Asia 19.3% 2.5% 12.7%Central & Eastern Europe and India -4.2% 3.0% 14.5%2023Western Europe -17.0% 0.5% 3.4%Asia -16.2% 1.0% 4.3%Central & Eastern Europe -0.9% 2.0% 8.2%Cash flow projections for the individual CGUs are based on financial forecasts for the following three years as approved by management. Potential upsides are not identified and adjusted in the cash flows used for impairment testing. Growth is projected in nominal terms and therefore does not translate into cash flow at the same growth rate in the Group\u2019s presentation currency, DKK.ACCOUNTING ESTIMATES AND JUDGEMENTSGoodwillThe value in use is the discounted value of the projected future cash flows. The discount rates applied are after tax and reflect current specific risks in the individual markets.Key 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 2025-2027 represent management\u2019s best estimate. The cash flows are discounted using a rate that incorporates all the expectations about the future cash flows and the appropriate risk premium for each CGU. The interest rates used in the impairment tests are based on observable market data. Please refer to the description of discount rates in the section below.The key assumptions on which management bases its cash flow projections are:\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 taken into consideration. The assumptions are challenged and verified by management at CGU and Group level. The budget and target plan processes consider events or circumstances that are relevant to reliably projecting the short-term performance of each CGU. Examples include significant campaign activities, changes in excise duties etc., which may have a short-term impact but are non-recurring. Given their short-term nature, they are not taken into consideration when estimating the terminal period growth rate.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. Significant inflationary pressure in recent years has meant revenue growth compensating for rising input costs. The short- and medium-term forecasts include the risk of delays in increasing sales prices to compensate for future rises in input costs.Input 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 elevated level of inflation in recent years has increased the overall input cost level. The short- and medium-term forecast incorporates lower pressure on input costs compared with previous years. In the long term, projections follow the level of inflation.Operating investments Projections are based on past experience of the level of necessary maintenance of existing production capacity, including replacement of parts. This also includes scheduled production line overhauls and improvements to existing equipment. Uncommitted capacity increases and new equipment are not included.Terminal period 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.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 market. The risk-free interest rates used in the impairment tests are based on observed market data. For countries where long-term risk-free interest rates are not observable or valid due to specific national or macroeconomic conditions, the interest rate is estimated based on observations from other markets and/or long-term expectations expressed by international financial institutions considered reliable by the Group. The added credit risk premium (spread) for the risk-free interest rate is fixed at market price or slightly higher, reflecting the expected long-term market price. The aggregate interest rate, including spread, thereby reflects the long-term interest rate applicable to the Group\u2019s investments in the individual markets.2.3.4 IMPAIRMENT TEST OF BRANDSIn 2024, significant brands represented 67% (2023: 66%) of the total carrying amount of brands with indefinite useful life.Brands with indefinite useful lifeDKK million 2024 2023International brands 3,000 3,000Kronenbourg 1664 1,952 1,950Chongqing 1,333 1,293Significant brands 6,285 6,243Western Europe 694 1,028Asia 477 363Central & Eastern Europe and India 960 920Not allocated 945 945Other brands 3,076 3,256Total brands 9,361 9,499Other brands comprise a total of 20 brands (2023: 20 brands) that are not individually material compared with the total carrying amount.Key assumptionsAverage Terminal Pre-tax Post-tax revenue period discount discount 2024growthgrowthraterateInternational brands 1.9% 1.9% 5.4% 5.2%Kronenbourg 1664 2.0% 1.8% 6.7% 6.3%Chongqing 2.7% 1.5% 7.5% 7.2%2023International 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%IMPAIRMENT OF BRANDS IN WESTERN EUROPE In 2024, brand impairment losses totalling DKK 125m were recognised on various local and regional brands. The ale category continued its long-standing decline in the UK as the category overall suffers from consumers switching over to more modern-styled craft beers. In Germany the market shows a decline in volumes due to the industry as a whole having been hit hard by inflation, with high raw material and logistics costs. In 2023, impairment losses of DKK 305m were recognised, reflecting a long-term decline within the ale category in the UK due to changing consumer preferences. IMPAIRMENT OF BRANDS IN CENTRAL & EASTERN EUROPE AND INDIANo brand impairments were recognised in 2024. In 2023, a local Lithuanian mainstream brand was impaired by DKK 70m, reflecting a decline in exports. Additionally, brand rights in Central & Eastern Europe and India for the use of brands from the discontinued operation in Russia were unilaterally terminated by Carlsberg, resulting in impairment losses of DKK 53m. IMPAIRMENT OF BRANDS IN ASIANo brand impairments were recognised in 2024.In 2023, an impairment loss of DKK 97m was recognised on the local Angkor brand in Cambodia. The local business operates in a very challenging environment in terms of competitive conditions, and a change in consumer preference resulted in a decline in volumes and margins, in particular for the beer category. In China, impairments of DKK 400m were reversed on the mainstream brand Chongqing. The brand was impaired in 2016 following sales declines due to premiumisation in the Chinese market. Since then, brand volumes have recovered significantly, and expectations for the mainstream category in China have improved, resulting in the reversal of the impairment.2.3.5 IMPAIRMENT OF OTHER ASSETSIn 2024, impairment losses were recognised on other intangible assets, DKK 40m (primarily related to centrally owned IT assets), and on property, plant and equipment, DKK 96m, primarily in Western Europe, totalling DKK 136m. The residual investment in the former associate Tibet Lhasa Brewery Ltd., now reported as a financial asset, was impaired resulting in a write-down of DKK 66m.In 2023, impairment losses were recognised on other intangible assets, DKK 46m, on property, plant and equipment, DKK 171m, and on other non-current assets, DKK 63m, totalling DKK 280m. ACCOUNTING ESTIMATES AND 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 cash flows are discounted using a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the addition of a risk premium relevant to the individual market where cash flows are generated, cf. section 2.3.3. For brands where cash flows are generated in more than one market, the cash flows generated in secondary markets are adjusted for the inflationary difference compared to the inflation in the main market before being discounted.Key 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, terminal growth 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 2.3.3.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.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%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 mostly generated locally, and the CGUs are therefore usually identified at country level.The determination of CGU allocation is made, and cash inflows are assessed in connection with the purchase price allocation, within 12 months from the date of acquisition.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. 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 to 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 inflows. 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. Key considerations in impairment tests Goodwill BrandsCGU level of test Geographical Individual brandsegmentMethod to estimate recoverable amount Value in use Fair value less cost of disposalMethod to estimate present value of future cash flowsTraditional approach: Traditional approach: single most likely single most likely future cash flowfuture cash flowDiscount rate Risk-adjusted rate Risk-adjusted rateFor investments in associates, examples of indications of impairment are loss-making activities or significant changes in the business environment.ACCOUNTING POLICIESGoodwill 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 in special items. Minor losses are recognised in the income statement in the relevant line item.Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.2.3.6 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. 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 life \u2022 Revenue growth\u2022 Royalty rate \u2022 Discount rate\u2022 Terminal growth 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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"f1__s9__7__68": {
"value": "SECTION 2.1SEGMENTATION OF ASSETS AND RETURNSDKK millionCentral & Eastern Carlsberg Western Europe NotBeverages,Non-Group, 2024Europe Asiaand Indiaallocated\u00b9totalbeveragetotalInvested capital 34,480 20,883 10,254 -612 65,005 718 65,723Invested capital excl. goodwill 14,126 4,556 5,317 -612 23,387 718 24,105Investments in associates 2,813 893 225 7 3,938 736 4,674Acquisition of property, plant and equipment and intangible assets 1,838 2,328 828 21 5,015 15 5,030Amortisation and depreciation 1,905 1,553 808 61 4,327 - 4,327Impairment losses, net 224 67 -1 37 327 - 327Return on invested capital (ROIC) 12.0% 18.3% 23.7% - 14.0% - 13.8% ROIC excl. goodwill 28.4% 105.7% 37.0% - 36.6% - 35.5% 2023Invested capital 34,670 15,976 9,992 -286 60,352 737 61,089Invested capital excl. goodwill 14,190 1,776 6,357 -286 22,037 737 22,774Investments in associates 2,439 896 1,365 6 4,706 731 5,437Acquisition of property, plant and equipment and intangible assets 1,534 1,803 720 176 4,233 10 4,243Amortisation and depreciation 1,860 1,288 744 87 3,979 2 3,981Impairment losses, net 338 -100 127 40 405 - 405Return on invested capital (ROIC) 11.4% 21.9% 22.9% - 14.8% - 14.5% ROIC excl. goodwill 27.0% 228.1% 35.4% - 40.0% - 38.3% \u00b9 Not allocated comprises supporting companies without brewing activities, and eliminations of investments in subsidiaries, receivables and loans.Geographical allocation of non-current assetsDKK million 2024 2023Denmark (Carlsberg A/S\u2019 domicile) 4,937 4,792China 16,395 15,612France 10,850 11,125Other countries 51,929 47,413Total 84,111 78,942Non-current assets comprise intangible assets and property, plant and equipment owned by the segment/country, even if the income is earned outside the segment/country that owns the asset. Invested capitalDKK million 2024 2023Total assets 113,328 111,831LessTax assets -2,056 -1,810Financial receivables, hedging instruments and receivables sold 822 217Deposits and securities -59 -2,236Cash and cash equivalents -11,542 -13,382Assets included 100,493 94,620Trade payables -23,317 -22,159Deposits on returnable packaging materials -1,728 -1,717Provisions, excl. restructurings -2,424 -2,424Other liabilities, excl. hedging instruments and contingent and deferred considerations -7,301 -7,231Liabilities offset -34,770 -33,531Invested capital 65,723 61,089Goodwill -41,618 -38,315Invested capital excl. goodwill 24,105 22,774Invested capital, average\u00b9 65,882 62,037\u00b9 Gorkha Brewery was acquired in November 2024 and Waterloo Brewing was acquired in March 2023, so neither had a full-year impact on average invested capital in their respective year of acquisition.Non-current assets included in invested capital further comprise financial assets other than financial instruments and tax assets.At year-end, invested capital was up by DKK 4.6bn, primarily due to the acquisition of Gorkha Brewery, hyperinflation in Laos and the construction of Foshan Brewery in China. Gorkha Brewery was acquired in November 2024 so it did not have a full-year impact on average invested capital. This is reflected in the development in ROIC as seen below, which declined 70bp, predominantly impacted by hyperinflation. ROIC (%)0.514.50.10.113.8-0.2-0.5-0.72023EBIT after Tax rate AssetsLiabilities FX Hyperinflation 2024taxACCOUNTING 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, including assets held for sale and trade receivables sold, and excludes contingent considerations and income tax.ACCOUNTING POLICIESThe 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.",
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"value": "SECTION 2.1SEGMENTATION OF ASSETS AND RETURNSDKK millionCentral & Eastern Carlsberg Western Europe NotBeverages,Non-Group, 2024Europe Asiaand Indiaallocated\u00b9totalbeveragetotalInvested capital 34,480 20,883 10,254 -612 65,005 718 65,723Invested capital excl. goodwill 14,126 4,556 5,317 -612 23,387 718 24,105Investments in associates 2,813 893 225 7 3,938 736 4,674Acquisition of property, plant and equipment and intangible assets 1,838 2,328 828 21 5,015 15 5,030Amortisation and depreciation 1,905 1,553 808 61 4,327 - 4,327Impairment losses, net 224 67 -1 37 327 - 327Return on invested capital (ROIC) 12.0% 18.3% 23.7% - 14.0% - 13.8% ROIC excl. goodwill 28.4% 105.7% 37.0% - 36.6% - 35.5% 2023Invested capital 34,670 15,976 9,992 -286 60,352 737 61,089Invested capital excl. goodwill 14,190 1,776 6,357 -286 22,037 737 22,774Investments in associates 2,439 896 1,365 6 4,706 731 5,437Acquisition of property, plant and equipment and intangible assets 1,534 1,803 720 176 4,233 10 4,243Amortisation and depreciation 1,860 1,288 744 87 3,979 2 3,981Impairment losses, net 338 -100 127 40 405 - 405Return on invested capital (ROIC) 11.4% 21.9% 22.9% - 14.8% - 14.5% ROIC excl. goodwill 27.0% 228.1% 35.4% - 40.0% - 38.3% \u00b9 Not allocated comprises supporting companies without brewing activities, and eliminations of investments in subsidiaries, receivables and loans.Geographical allocation of non-current assetsDKK million 2024 2023Denmark (Carlsberg A/S\u2019 domicile) 4,937 4,792China 16,395 15,612France 10,850 11,125Other countries 51,929 47,413Total 84,111 78,942Non-current assets comprise intangible assets and property, plant and equipment owned by the segment/country, even if the income is earned outside the segment/country that owns the asset. Invested capitalDKK million 2024 2023Total assets 113,328 111,831LessTax assets -2,056 -1,810Financial receivables, hedging instruments and receivables sold 822 217Deposits and securities -59 -2,236Cash and cash equivalents -11,542 -13,382Assets included 100,493 94,620Trade payables -23,317 -22,159Deposits on returnable packaging materials -1,728 -1,717Provisions, excl. restructurings -2,424 -2,424Other liabilities, excl. hedging instruments and contingent and deferred considerations -7,301 -7,231Liabilities offset -34,770 -33,531Invested capital 65,723 61,089Goodwill -41,618 -38,315Invested capital excl. goodwill 24,105 22,774Invested capital, average\u00b9 65,882 62,037\u00b9 Gorkha Brewery was acquired in November 2024 and Waterloo Brewing was acquired in March 2023, so neither had a full-year impact on average invested capital in their respective year of acquisition.Non-current assets included in invested capital further comprise financial assets other than financial instruments and tax assets.At year-end, invested capital was up by DKK 4.6bn, primarily due to the acquisition of Gorkha Brewery, hyperinflation in Laos and the construction of Foshan Brewery in China. Gorkha Brewery was acquired in November 2024 so it did not have a full-year impact on average invested capital. This is reflected in the development in ROIC as seen below, which declined 70bp, predominantly impacted by hyperinflation. ROIC (%)0.514.50.10.113.8-0.2-0.5-0.72023EBIT after Tax rate AssetsLiabilities FX Hyperinflation 2024taxACCOUNTING 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, including assets held for sale and trade receivables sold, and excludes contingent considerations and income tax.ACCOUNTING POLICIESThe 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.",
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"value": "SECTION 2.1SEGMENTATION OF ASSETS AND RETURNSDKK millionCentral & Eastern Carlsberg Western Europe NotBeverages,Non-Group, 2024Europe Asiaand Indiaallocated\u00b9totalbeveragetotalInvested capital 34,480 20,883 10,254 -612 65,005 718 65,723Invested capital excl. goodwill 14,126 4,556 5,317 -612 23,387 718 24,105Investments in associates 2,813 893 225 7 3,938 736 4,674Acquisition of property, plant and equipment and intangible assets 1,838 2,328 828 21 5,015 15 5,030Amortisation and depreciation 1,905 1,553 808 61 4,327 - 4,327Impairment losses, net 224 67 -1 37 327 - 327Return on invested capital (ROIC) 12.0% 18.3% 23.7% - 14.0% - 13.8% ROIC excl. goodwill 28.4% 105.7% 37.0% - 36.6% - 35.5% 2023Invested capital 34,670 15,976 9,992 -286 60,352 737 61,089Invested capital excl. goodwill 14,190 1,776 6,357 -286 22,037 737 22,774Investments in associates 2,439 896 1,365 6 4,706 731 5,437Acquisition of property, plant and equipment and intangible assets 1,534 1,803 720 176 4,233 10 4,243Amortisation and depreciation 1,860 1,288 744 87 3,979 2 3,981Impairment losses, net 338 -100 127 40 405 - 405Return on invested capital (ROIC) 11.4% 21.9% 22.9% - 14.8% - 14.5% ROIC excl. goodwill 27.0% 228.1% 35.4% - 40.0% - 38.3% \u00b9 Not allocated comprises supporting companies without brewing activities, and eliminations of investments in subsidiaries, receivables and loans.Geographical allocation of non-current assetsDKK million 2024 2023Denmark (Carlsberg A/S\u2019 domicile) 4,937 4,792China 16,395 15,612France 10,850 11,125Other countries 51,929 47,413Total 84,111 78,942Non-current assets comprise intangible assets and property, plant and equipment owned by the segment/country, even if the income is earned outside the segment/country that owns the asset. Invested capitalDKK million 2024 2023Total assets 113,328 111,831LessTax assets -2,056 -1,810Financial receivables, hedging instruments and receivables sold 822 217Deposits and securities -59 -2,236Cash and cash equivalents -11,542 -13,382Assets included 100,493 94,620Trade payables -23,317 -22,159Deposits on returnable packaging materials -1,728 -1,717Provisions, excl. restructurings -2,424 -2,424Other liabilities, excl. hedging instruments and contingent and deferred considerations -7,301 -7,231Liabilities offset -34,770 -33,531Invested capital 65,723 61,089Goodwill -41,618 -38,315Invested capital excl. goodwill 24,105 22,774Invested capital, average\u00b9 65,882 62,037\u00b9 Gorkha Brewery was acquired in November 2024 and Waterloo Brewing was acquired in March 2023, so neither had a full-year impact on average invested capital in their respective year of acquisition.Non-current assets included in invested capital further comprise financial assets other than financial instruments and tax assets.At year-end, invested capital was up by DKK 4.6bn, primarily due to the acquisition of Gorkha Brewery, hyperinflation in Laos and the construction of Foshan Brewery in China. Gorkha Brewery was acquired in November 2024 so it did not have a full-year impact on average invested capital. This is reflected in the development in ROIC as seen below, which declined 70bp, predominantly impacted by hyperinflation. ROIC (%)0.514.50.10.113.8-0.2-0.5-0.72023EBIT after Tax rate AssetsLiabilities FX Hyperinflation 2024taxSECTION 2.2 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 2024 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Acquisition of entities1,313 - - 1,313 61 44 6 111 1,424Additions, including right-of-use assets- 30 334 364 612 2,907 2,324 5,843 6,207Disposal and deconsolidation of entities-205 -219 -2 -426 -49 -180 -10 -239 -665Disposals- -45 -61 -106 -137 -184 -1,376 -1,697 -1,803Transfers- - - - 667 -788 121 - -Hyperinflation restatement1,680 112 - 1,792 405 907 596 1,908 3,700Foreign exchange adjustments etc.565 125 45 735 119 201 46 366 1,101Cost at 31 December43,974 11,985 5,168 61,127 20,131 30,478 16,351 66,960 128,087Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Disposal and deconsolidation of entities- - -1 -1 -17 -80 -8 -105 -106Disposals- -45 -61 -106 -123 -169 -1,267 -1,559 -1,665Amortisation and depreciation- 14 176 190 800 1,339 1,998 4,137 4,327Impairment losses- 125 40 165 30 43 23 96 261Transfers- - - - 1 26 -27 - -Hyperinflation restatement- - - - 109 459 352 920 920Foreign exchange adjustments etc.50 65 22 137 6 112 40 158 295Amortisation, depreciation and impairment losses at 31 December2,356 2,439 3,945 8,740 9,288 19,325 11,297 39,910 48,650Carrying amount at 31 December41,618 9,546 1,223 52,387 10,843 11,153 5,054 27,050 79,437Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 273 26 294 593 593Carrying amount at 31 December - - - - 1,275 112 661 2,048 2,048DKK 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 January 40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities 645 147 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 December 40,621 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 January 2,392 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 December 2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December 38,315 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 1,748Property, plant and equipment under construction amounted to DKK 1,826m (2023: DKK 1,896m). Property, plant and equipment under construction are recognised in plant and machinery until completion. Other equipment, fixtures and fittings include transport, office and draught beer equipment, fridges and returnable packaging materials. Other intangible assets include software, land use rights and beer delivery rights. Capital expenditureDKK million 2024 2023Additions, including right-of-use assets 6,207 5,337Less right-of-use assets -968 -721Additions 5,239 4,616Additions payable at the end of the reporting period -196 -363Capitalised depreciation -1 -2Capitalised interest expenses -12 -8Acquisition of property, plant and equipment and intangible assets 5,030 4,243Amortisation, depreciation and impairment lossesProperty, plant and Intangible assetsequipmentDKK million 2024 2023 2024 2023Cost of sales 50 49 2,521 2,362Sales and distribution expenses 107 117 1,298 1,190Administrative expenses 73 68 321 290Special items 125 125 93 122Total 355 359 4,233 3,964Gain/loss on disposal of assetsDKK million 2024 2023Gain on disposal of property, plant and equipment and intangible assets 100 74Loss on disposal of property, plant and equipment and intangible assets -56 -27Continuing operations 44 47Net result from discontinued operations - 12Total 44 59Cash flow from disposal of property, plant and equipment and intangible assets was DKK 85m (2023: DKK 115m). RIGHT-OF-USE ASSETS The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual basis and contain a wide range of different terms and conditions.At 31 December 2024, the carrying amount of right-of-use assets was DKK 2,048m (2023: DKK 1,748m). During the year, additions amounted to DKK 968m (2023: DKK 721m) and depreciation to DKK 593m (2023: DKK 449m).Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK 54m (2023: DKK 48m). Such contracts usually comprise the lease of copy and printing machines, coffee machines, small IT devices and similar equipment.For disclosures of interest expenses, cash flow and lease liabilities, please refer to sections 4.4 and 4.7.1.CAPITAL COMMITMENTS The Group has entered into various capital commitments that will not take effect until after the reporting date and have therefore not been recognised in the consolidated financial statements. Capital commitments in 2024 amounted to DKK 173m (2023: DKK 144m).ACCOUNTING ESTIMATES AND 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 or brewery closures, the asset is tested for impairment. If necessary, the asset is written down or the amortisation/depreciation period is reassessed and, if necessary, adjusted in line with the asset\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.ACCOUNTING POLICIESCost 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 2.3.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses depending on the use of the asset.The expected useful life is as follows: Software Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer agreements/relationships Depending on contract with the customer; if no contract exists, normally not exceeding 20 yearsLand Not depreciatedBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in 8 yearswarehousesOn-trade and distribution 5 yearsequipmentFixtures and fittings, other plant 5-8 yearsand equipmentHardware 3-5 yearsReturnable packaging materials 3-10 yearsImpairmentImpairment 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, which are not recognised.A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. section 2.3.Right-of-use assets are recognised as property, plant and equipment.Government grants and other 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.SECTION 2.3IMPAIRMENT2.3.1 RECOGNISED IMPAIRMENTSThe impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date. IMPAIRMENT TEST 2024The impairment tests prepared at 31 December 2024 did not identify any indication of impairment of goodwill. The Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western Europe. In addition, impairment losses of DKK 136m primarily related to Western Europe were recognised on other intangible assets and property, plant and equipment, of which DKK 93m was recognised in special items.In Asia, impairment losses of DKK 66m were recognised on financial assets. Impairment of non-current assetsDKK million Section 2024 2023Intangible assetsBrands 2.3.4 125 525Reversal of impairment losses 2.3.4 - -400Other intangible assets 2.3.5 40 46Total 165 171Property, plant and equipmentPlant, machinery and equipment 2.3.5 96 171Total 96 171Other non-current assetsAssets held for sale 2.3.5 - 14Investments in associates 2.3.5 - 49Financial assets 2.3.5 66 -Total impairment losses, net 327 405Of which recognised in special items 3.1 284 310Impairment, discontinued operation in Russia, net 5.3 -2,258 7,002IMPAIRMENT TEST 2023In 2023, the Group recognised impairment losses of DKK 305m on brands with indefinite useful life in Western Europe, DKK 70m in Central & Eastern Europe and India, and DKK 97m in Asia. In addition, impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe and India for the use of brands from the discontinued operation in Russia. In total, impairment losses on brands amounted to DKK 525m.Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and equipment, of which DKK 122m was recognised in special items. Impairment losses on other non-current assets totalled DKK 63m and were recognised in special items.IMPAIRMENT OF DISCONTINUED OPERATION IN RUSSIAFollowing the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to the Russian government, the business was fully impaired \u2013 resulting in an impairment loss of DKK 7,002m \u2013 and deconsolidated. The disposal of the Russian business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods in net result from discontinued operations, cf. section 5.3.2.3.2 SIGNIFICANT AMOUNTS OF GOODWILL AND 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 acquired in 2004 prior to the adoption of IFRS. Each accounted for 10% or more of the total carrying amount of goodwill and brands with indefinite useful life at the reporting date. Goodwill from these acquisitions has been allocated to cash-generating units (CGUs) based on the geographical segmentation. The international brands acquired with Kronenbourg 1664, Chongqing and the 40% non-controlling interest in Carlsberg Breweries A/S are individually material and specified in section 2.3.4.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 in special items. Minor losses are recognised in the income statement in the relevant line item.Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.",
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"f1__s9__7__82-1": {
"value": "SECTION 2.2 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 2024 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Acquisition of entities1,313 - - 1,313 61 44 6 111 1,424Additions, including right-of-use assets- 30 334 364 612 2,907 2,324 5,843 6,207Disposal and deconsolidation of entities-205 -219 -2 -426 -49 -180 -10 -239 -665Disposals- -45 -61 -106 -137 -184 -1,376 -1,697 -1,803Transfers- - - - 667 -788 121 - -Hyperinflation restatement1,680 112 - 1,792 405 907 596 1,908 3,700Foreign exchange adjustments etc.565 125 45 735 119 201 46 366 1,101Cost at 31 December43,974 11,985 5,168 61,127 20,131 30,478 16,351 66,960 128,087Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Disposal and deconsolidation of entities- - -1 -1 -17 -80 -8 -105 -106Disposals- -45 -61 -106 -123 -169 -1,267 -1,559 -1,665Amortisation and depreciation- 14 176 190 800 1,339 1,998 4,137 4,327Impairment losses- 125 40 165 30 43 23 96 261Transfers- - - - 1 26 -27 - -Hyperinflation restatement- - - - 109 459 352 920 920Foreign exchange adjustments etc.50 65 22 137 6 112 40 158 295Amortisation, depreciation and impairment losses at 31 December2,356 2,439 3,945 8,740 9,288 19,325 11,297 39,910 48,650Carrying amount at 31 December41,618 9,546 1,223 52,387 10,843 11,153 5,054 27,050 79,437Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 273 26 294 593 593Carrying amount at 31 December - - - - 1,275 112 661 2,048 2,048DKK 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 January 40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities 645 147 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 December 40,621 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 January 2,392 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 December 2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December 38,315 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 1,748RIGHT-OF-USE ASSETS The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual basis and contain a wide range of different terms and conditions.At 31 December 2024, the carrying amount of right-of-use assets was DKK 2,048m (2023: DKK 1,748m). During the year, additions amounted to DKK 968m (2023: DKK 721m) and depreciation to DKK 593m (2023: DKK 449m).Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK 54m (2023: DKK 48m). Such contracts usually comprise the lease of copy and printing machines, coffee machines, small IT devices and similar equipment.For disclosures of interest expenses, cash flow and lease liabilities, please refer to sections 4.4 and 4.7.1.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, which are not recognised.A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. section 2.3.Right-of-use assets are recognised as property, plant and equipment.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 extend, results in a corresponding adjustment of the related right-of-use assets, cf. section 2.2.Extension or termination options are included in the lease term if the lease is reasonably certain to be extended or not terminated. Consequently, all cash outflows that are reasonably certain to impact the future cash balances are recognised as lease liabilities at initial recognition of lease contracts. The Group reassesses the circumstances leading to extension or termination options not being recognised.",
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"f1__s9__7__73-1": {
"value": "SECTION 2.2 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 2024 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Acquisition of entities1,313 - - 1,313 61 44 6 111 1,424Additions, including right-of-use assets- 30 334 364 612 2,907 2,324 5,843 6,207Disposal and deconsolidation of entities-205 -219 -2 -426 -49 -180 -10 -239 -665Disposals- -45 -61 -106 -137 -184 -1,376 -1,697 -1,803Transfers- - - - 667 -788 121 - -Hyperinflation restatement1,680 112 - 1,792 405 907 596 1,908 3,700Foreign exchange adjustments etc.565 125 45 735 119 201 46 366 1,101Cost at 31 December43,974 11,985 5,168 61,127 20,131 30,478 16,351 66,960 128,087Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Disposal and deconsolidation of entities- - -1 -1 -17 -80 -8 -105 -106Disposals- -45 -61 -106 -123 -169 -1,267 -1,559 -1,665Amortisation and depreciation- 14 176 190 800 1,339 1,998 4,137 4,327Impairment losses- 125 40 165 30 43 23 96 261Transfers- - - - 1 26 -27 - -Hyperinflation restatement- - - - 109 459 352 920 920Foreign exchange adjustments etc.50 65 22 137 6 112 40 158 295Amortisation, depreciation and impairment losses at 31 December2,356 2,439 3,945 8,740 9,288 19,325 11,297 39,910 48,650Carrying amount at 31 December41,618 9,546 1,223 52,387 10,843 11,153 5,054 27,050 79,437Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 273 26 294 593 593Carrying amount at 31 December - - - - 1,275 112 661 2,048 2,048DKK 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 January 40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities 645 147 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 December 40,621 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 January 2,392 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 December 2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December 38,315 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 1,748Cost 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 2.3.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses depending on the use of the asset.The expected useful life is as follows: Software Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer agreements/relationships Depending on contract with the customer; if no contract exists, normally not exceeding 20 yearsLand Not depreciatedBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in 8 yearswarehousesOn-trade and distribution 5 yearsequipmentFixtures and fittings, other plant 5-8 yearsand equipmentHardware 3-5 yearsReturnable packaging materials 3-10 yearsImpairmentImpairment 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, which are not recognised.A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. section 2.3.Right-of-use assets are recognised as property, plant and equipment.Government grants and other 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.SECTION 2.3IMPAIRMENT2.3.1 RECOGNISED IMPAIRMENTSThe impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date. IMPAIRMENT TEST 2024The impairment tests prepared at 31 December 2024 did not identify any indication of impairment of goodwill. The Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western Europe. In addition, impairment losses of DKK 136m primarily related to Western Europe were recognised on other intangible assets and property, plant and equipment, of which DKK 93m was recognised in special items.In Asia, impairment losses of DKK 66m were recognised on financial assets. Impairment of non-current assetsDKK million Section 2024 2023Intangible assetsBrands 2.3.4 125 525Reversal of impairment losses 2.3.4 - -400Other intangible assets 2.3.5 40 46Total 165 171Property, plant and equipmentPlant, machinery and equipment 2.3.5 96 171Total 96 171Other non-current assetsAssets held for sale 2.3.5 - 14Investments in associates 2.3.5 - 49Financial assets 2.3.5 66 -Total impairment losses, net 327 405Of which recognised in special items 3.1 284 310Impairment, discontinued operation in Russia, net 5.3 -2,258 7,002IMPAIRMENT TEST 2023In 2023, the Group recognised impairment losses of DKK 305m on brands with indefinite useful life in Western Europe, DKK 70m in Central & Eastern Europe and India, and DKK 97m in Asia. In addition, impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe and India for the use of brands from the discontinued operation in Russia. In total, impairment losses on brands amounted to DKK 525m.Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and equipment, of which DKK 122m was recognised in special items. Impairment losses on other non-current assets totalled DKK 63m and were recognised in special items.IMPAIRMENT OF DISCONTINUED OPERATION IN RUSSIAFollowing the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to the Russian government, the business was fully impaired \u2013 resulting in an impairment loss of DKK 7,002m \u2013 and deconsolidated. The disposal of the Russian business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods in net result from discontinued operations, cf. section 5.3.2.3.2 SIGNIFICANT AMOUNTS OF GOODWILL AND 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 acquired in 2004 prior to the adoption of IFRS. Each accounted for 10% or more of the total carrying amount of goodwill and brands with indefinite useful life at the reporting date. Goodwill from these acquisitions has been allocated to cash-generating units (CGUs) based on the geographical segmentation. The international brands acquired with Kronenbourg 1664, Chongqing and the 40% non-controlling interest in Carlsberg Breweries A/S are individually material and specified in section 2.3.4. 2.3.3 IMPAIRMENT TEST OF GOODWILL The carrying amount of goodwill is related to the CGUs and allocated to the Group\u2019s geographical segments, which is the level at which it is monitored for internal management purposes. The carrying amount of goodwill allocated to groups of CGUsDKK million 2024 2023Western Europe 20,354 20,480Asia\u00b9 16,327 14,201Central & Eastern Europe and India\u00b9 4,937 3,634Total 41,618 38,315\u00b9 The goodwill recognised on the acquisition of Gorkha Brewery in 2024 and on the acquisition of Waterloo Brewing Ltd in 2023 was allocated to the Central & Eastern Europe and India CGU. The goodwill recognised on the acquisition of Jing-A Group in 2023 was allocated to the Asia CGU.The impairment tests prepared at year-end 2024 did not identify any indication of impairment of goodwill. Management\u2019s view is that excess value in the Group\u2019s CGUs is fairly resilient to any likely and reasonable deteriorations in the key assumptions applied. In 2024, the approach to measuring recoverable amount was changed. In previous years, the expected cash flow approach was applied. This involved developing multiple probability-weighted scenarios to reflect different outcomes in terms of timing and amount of future cash flows. The risk-adjusted cash flows were discounted using a rate that reflected the risk-free interest rate for each CGU. For 2024, the traditional approach has been applied to measure recoverable amount. This entails a single set of estimated cash flows and a discount rate that incorporates all the expectations about future cash flows. Consequently, the key assumptions for 2023 and 2024 are not comparable.Key assumptionsForecast Terminal Pre-tax cash flow period discount 2024growthgrowthrateWestern Europe -7.8% 1.0% 6.9%Asia 19.3% 2.5% 12.7%Central & Eastern Europe and India -4.2% 3.0% 14.5%2023Western Europe -17.0% 0.5% 3.4%Asia -16.2% 1.0% 4.3%Central & Eastern Europe -0.9% 2.0% 8.2%Cash flow projections for the individual CGUs are based on financial forecasts for the following three years as approved by management. Potential upsides are not identified and adjusted in the cash flows used for impairment testing. Growth is projected in nominal terms and therefore does not translate into cash flow at the same growth rate in the Group\u2019s presentation currency, DKK.ACCOUNTING ESTIMATES AND JUDGEMENTSGoodwillThe value in use is the discounted value of the projected future cash flows. The discount rates applied are after tax and reflect current specific risks in the individual markets.Key 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 2025-2027 represent management\u2019s best estimate. The cash flows are discounted using a rate that incorporates all the expectations about the future cash flows and the appropriate risk premium for each CGU. The interest rates used in the impairment tests are based on observable market data. Please refer to the description of discount rates in the section below.The key assumptions on which management bases its cash flow projections are:\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 taken into consideration. The assumptions are challenged and verified by management at CGU and Group level. The budget and target plan processes consider events or circumstances that are relevant to reliably projecting the short-term performance of each CGU. Examples include significant campaign activities, changes in excise duties etc., which may have a short-term impact but are non-recurring. Given their short-term nature, they are not taken into consideration when estimating the terminal period growth rate.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. Significant inflationary pressure in recent years has meant revenue growth compensating for rising input costs. The short- and medium-term forecasts include the risk of delays in increasing sales prices to compensate for future rises in input costs.Input 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 elevated level of inflation in recent years has increased the overall input cost level. The short- and medium-term forecast incorporates lower pressure on input costs compared with previous years. In the long term, projections follow the level of inflation.Operating investments Projections are based on past experience of the level of necessary maintenance of existing production capacity, including replacement of parts. This also includes scheduled production line overhauls and improvements to existing equipment. Uncommitted capacity increases and new equipment are not included.Terminal period 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.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 market. The risk-free interest rates used in the impairment tests are based on observed market data. For countries where long-term risk-free interest rates are not observable or valid due to specific national or macroeconomic conditions, the interest rate is estimated based on observations from other markets and/or long-term expectations expressed by international financial institutions considered reliable by the Group. The added credit risk premium (spread) for the risk-free interest rate is fixed at market price or slightly higher, reflecting the expected long-term market price. The aggregate interest rate, including spread, thereby reflects the long-term interest rate applicable to the Group\u2019s investments in the individual markets.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 cash flows are discounted using a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the addition of a risk premium relevant to the individual market where cash flows are generated, cf. section 2.3.3. For brands where cash flows are generated in more than one market, the cash flows generated in secondary markets are adjusted for the inflationary difference compared to the inflation in the main market before being discounted.Key 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, terminal growth 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 2.3.3.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.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%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 mostly generated locally, and the CGUs are therefore usually identified at country level.The determination of CGU allocation is made, and cash inflows are assessed in connection with the purchase price allocation, within 12 months from the date of acquisition.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. 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 to 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 inflows. 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. Key considerations in impairment tests Goodwill BrandsCGU level of test Geographical Individual brandsegmentMethod to estimate recoverable amount Value in use Fair value less cost of disposalMethod to estimate present value of future cash flowsTraditional approach: Traditional approach: single most likely single most likely future cash flowfuture cash flowDiscount rate Risk-adjusted rate Risk-adjusted rateFor investments in associates, examples of indications of impairment are loss-making activities or significant changes in the business environment.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 in special items. Minor losses are recognised in the income statement in the relevant line item.Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.2.3.6 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. 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 life \u2022 Revenue growth\u2022 Royalty rate \u2022 Discount rate\u2022 Terminal growth 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
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"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "SECTION 2.2 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 2024 Goodwill Brandsassets Totalbuildingsmachineryfittings Total TotalCostCost at 1 January40,621 11,982 4,852 57,455 18,453 27,571 14,644 60,668 118,123Acquisition of entities1,313 - - 1,313 61 44 6 111 1,424Additions, including right-of-use assets- 30 334 364 612 2,907 2,324 5,843 6,207Disposal and deconsolidation of entities-205 -219 -2 -426 -49 -180 -10 -239 -665Disposals- -45 -61 -106 -137 -184 -1,376 -1,697 -1,803Transfers- - - - 667 -788 121 - -Hyperinflation restatement1,680 112 - 1,792 405 907 596 1,908 3,700Foreign exchange adjustments etc.565 125 45 735 119 201 46 366 1,101Cost at 31 December43,974 11,985 5,168 61,127 20,131 30,478 16,351 66,960 128,087Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses at 1 January2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Disposal and deconsolidation of entities- - -1 -1 -17 -80 -8 -105 -106Disposals- -45 -61 -106 -123 -169 -1,267 -1,559 -1,665Amortisation and depreciation- 14 176 190 800 1,339 1,998 4,137 4,327Impairment losses- 125 40 165 30 43 23 96 261Transfers- - - - 1 26 -27 - -Hyperinflation restatement- - - - 109 459 352 920 920Foreign exchange adjustments etc.50 65 22 137 6 112 40 158 295Amortisation, depreciation and impairment losses at 31 December2,356 2,439 3,945 8,740 9,288 19,325 11,297 39,910 48,650Carrying amount at 31 December41,618 9,546 1,223 52,387 10,843 11,153 5,054 27,050 79,437Right-of-use assets included at 31 DecemberAmortisation and depreciation - - - - 273 26 294 593 593Carrying amount at 31 December - - - - 1,275 112 661 2,048 2,048DKK 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 January 40,845 11,977 4,713 57,535 17,803 26,232 14,460 58,495 116,030Acquisition of entities 645 147 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 December 40,621 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 January 2,392 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 December 2,306 2,280 3,769 8,355 8,482 17,595 10,186 36,263 44,618Carrying amount at 31 December 38,315 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 1,748Property, plant and equipment under construction amounted to DKK 1,826m (2023: DKK 1,896m). Property, plant and equipment under construction are recognised in plant and machinery until completion. Other equipment, fixtures and fittings include transport, office and draught beer equipment, fridges and returnable packaging materials. Other intangible assets include software, land use rights and beer delivery rights. Capital expenditureDKK million 2024 2023Additions, including right-of-use assets 6,207 5,337Less right-of-use assets -968 -721Additions 5,239 4,616Additions payable at the end of the reporting period -196 -363Capitalised depreciation -1 -2Capitalised interest expenses -12 -8Acquisition of property, plant and equipment and intangible assets 5,030 4,243Amortisation, depreciation and impairment lossesProperty, plant and Intangible assetsequipmentDKK million 2024 2023 2024 2023Cost of sales 50 49 2,521 2,362Sales and distribution expenses 107 117 1,298 1,190Administrative expenses 73 68 321 290Special items 125 125 93 122Total 355 359 4,233 3,964Gain/loss on disposal of assetsDKK million 2024 2023Gain on disposal of property, plant and equipment and intangible assets 100 74Loss on disposal of property, plant and equipment and intangible assets -56 -27Continuing operations 44 47Net result from discontinued operations - 12Total 44 59Cash flow from disposal of property, plant and equipment and intangible assets was DKK 85m (2023: DKK 115m). RIGHT-OF-USE ASSETS The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual basis and contain a wide range of different terms and conditions.At 31 December 2024, the carrying amount of right-of-use assets was DKK 2,048m (2023: DKK 1,748m). During the year, additions amounted to DKK 968m (2023: DKK 721m) and depreciation to DKK 593m (2023: DKK 449m).Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK 54m (2023: DKK 48m). Such contracts usually comprise the lease of copy and printing machines, coffee machines, small IT devices and similar equipment.For disclosures of interest expenses, cash flow and lease liabilities, please refer to sections 4.4 and 4.7.1.CAPITAL COMMITMENTS The Group has entered into various capital commitments that will not take effect until after the reporting date and have therefore not been recognised in the consolidated financial statements. Capital commitments in 2024 amounted to DKK 173m (2023: DKK 144m).ACCOUNTING ESTIMATES AND 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 or brewery closures, the asset is tested for impairment. If necessary, the asset is written down or the amortisation/depreciation period is reassessed and, if necessary, adjusted in line with the asset\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.ACCOUNTING POLICIESCost 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 2.3.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses depending on the use of the asset.The expected useful life is as follows: Software Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer agreements/relationships Depending on contract with the customer; if no contract exists, normally not exceeding 20 yearsLand Not depreciatedBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in 8 yearswarehousesOn-trade and distribution 5 yearsequipmentFixtures and fittings, other plant 5-8 yearsand equipmentHardware 3-5 yearsReturnable packaging materials 3-10 yearsImpairmentImpairment 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, which are not recognised.A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. section 2.3.Right-of-use assets are recognised as property, plant and equipment.Government grants and other 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.SECTION 2.3IMPAIRMENT2.3.1 RECOGNISED IMPAIRMENTSThe impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date. IMPAIRMENT TEST 2024The impairment tests prepared at 31 December 2024 did not identify any indication of impairment of goodwill. The Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western Europe. In addition, impairment losses of DKK 136m primarily related to Western Europe were recognised on other intangible assets and property, plant and equipment, of which DKK 93m was recognised in special items.In Asia, impairment losses of DKK 66m were recognised on financial assets. Impairment of non-current assetsDKK million Section 2024 2023Intangible assetsBrands 2.3.4 125 525Reversal of impairment losses 2.3.4 - -400Other intangible assets 2.3.5 40 46Total 165 171Property, plant and equipmentPlant, machinery and equipment 2.3.5 96 171Total 96 171Other non-current assetsAssets held for sale 2.3.5 - 14Investments in associates 2.3.5 - 49Financial assets 2.3.5 66 -Total impairment losses, net 327 405Of which recognised in special items 3.1 284 310Impairment, discontinued operation in Russia, net 5.3 -2,258 7,002IMPAIRMENT TEST 2023In 2023, the Group recognised impairment losses of DKK 305m on brands with indefinite useful life in Western Europe, DKK 70m in Central & Eastern Europe and India, and DKK 97m in Asia. In addition, impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe and India for the use of brands from the discontinued operation in Russia. In total, impairment losses on brands amounted to DKK 525m.Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and equipment, of which DKK 122m was recognised in special items. Impairment losses on other non-current assets totalled DKK 63m and were recognised in special items.IMPAIRMENT OF DISCONTINUED OPERATION IN RUSSIAFollowing the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to the Russian government, the business was fully impaired \u2013 resulting in an impairment loss of DKK 7,002m \u2013 and deconsolidated. The disposal of the Russian business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods in net result from discontinued operations, cf. section 5.3.2.3.2 SIGNIFICANT AMOUNTS OF GOODWILL AND 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 acquired in 2004 prior to the adoption of IFRS. Each accounted for 10% or more of the total carrying amount of goodwill and brands with indefinite useful life at the reporting date. Goodwill from these acquisitions has been allocated to cash-generating units (CGUs) based on the geographical segmentation. The international brands acquired with Kronenbourg 1664, Chongqing and the 40% non-controlling interest in Carlsberg Breweries A/S are individually material and specified in section 2.3.4.2.3.4 IMPAIRMENT TEST OF BRANDSIn 2024, significant brands represented 67% (2023: 66%) of the total carrying amount of brands with indefinite useful life.Brands with indefinite useful lifeDKK million 2024 2023International brands 3,000 3,000Kronenbourg 1664 1,952 1,950Chongqing 1,333 1,293Significant brands 6,285 6,243Western Europe 694 1,028Asia 477 363Central & Eastern Europe and India 960 920Not allocated 945 945Other brands 3,076 3,256Total brands 9,361 9,499Other brands comprise a total of 20 brands (2023: 20 brands) that are not individually material compared with the total carrying amount.Key assumptionsAverage Terminal Pre-tax Post-tax revenue period discount discount 2024growthgrowthraterateInternational brands 1.9% 1.9% 5.4% 5.2%Kronenbourg 1664 2.0% 1.8% 6.7% 6.3%Chongqing 2.7% 1.5% 7.5% 7.2%2023International 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%IMPAIRMENT OF BRANDS IN WESTERN EUROPE In 2024, brand impairment losses totalling DKK 125m were recognised on various local and regional brands. The ale category continued its long-standing decline in the UK as the category overall suffers from consumers switching over to more modern-styled craft beers. In Germany the market shows a decline in volumes due to the industry as a whole having been hit hard by inflation, with high raw material and logistics costs. In 2023, impairment losses of DKK 305m were recognised, reflecting a long-term decline within the ale category in the UK due to changing consumer preferences. IMPAIRMENT OF BRANDS IN CENTRAL & EASTERN EUROPE AND INDIANo brand impairments were recognised in 2024. In 2023, a local Lithuanian mainstream brand was impaired by DKK 70m, reflecting a decline in exports. Additionally, brand rights in Central & Eastern Europe and India for the use of brands from the discontinued operation in Russia were unilaterally terminated by Carlsberg, resulting in impairment losses of DKK 53m. IMPAIRMENT OF BRANDS IN ASIANo brand impairments were recognised in 2024.In 2023, an impairment loss of DKK 97m was recognised on the local Angkor brand in Cambodia. The local business operates in a very challenging environment in terms of competitive conditions, and a change in consumer preference resulted in a decline in volumes and margins, in particular for the beer category. In China, impairments of DKK 400m were reversed on the mainstream brand Chongqing. The brand was impaired in 2016 following sales declines due to premiumisation in the Chinese market. Since then, brand volumes have recovered significantly, and expectations for the mainstream category in China have improved, resulting in the reversal of the impairment.2.3.5 IMPAIRMENT OF OTHER ASSETSIn 2024, impairment losses were recognised on other intangible assets, DKK 40m (primarily related to centrally owned IT assets), and on property, plant and equipment, DKK 96m, primarily in Western Europe, totalling DKK 136m. The residual investment in the former associate Tibet Lhasa Brewery Ltd., now reported as a financial asset, was impaired resulting in a write-down of DKK 66m.In 2023, impairment losses were recognised on other intangible assets, DKK 46m, on property, plant and equipment, DKK 171m, and on other non-current assets, DKK 63m, totalling DKK 280m. ACCOUNTING ESTIMATES AND 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 cash flows are discounted using a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the addition of a risk premium relevant to the individual market where cash flows are generated, cf. section 2.3.3. For brands where cash flows are generated in more than one market, the cash flows generated in secondary markets are adjusted for the inflationary difference compared to the inflation in the main market before being discounted.Key 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, terminal growth 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 2.3.3.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.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%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 mostly generated locally, and the CGUs are therefore usually identified at country level.The determination of CGU allocation is made, and cash inflows are assessed in connection with the purchase price allocation, within 12 months from the date of acquisition.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. 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 to 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 inflows. 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. Key considerations in impairment tests Goodwill BrandsCGU level of test Geographical Individual brandsegmentMethod to estimate recoverable amount Value in use Fair value less cost of disposalMethod to estimate present value of future cash flowsTraditional approach: Traditional approach: single most likely single most likely future cash flowfuture cash flowDiscount rate Risk-adjusted rate Risk-adjusted rateFor investments in associates, examples of indications of impairment are loss-making activities or significant changes in the business environment.ACCOUNTING POLICIESGoodwill 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 in special items. Minor losses are recognised in the income statement in the relevant line item.Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.2.3.6 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. 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 life \u2022 Revenue growth\u2022 Royalty rate \u2022 Discount rate\u2022 Terminal growth 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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"f1__s9__7__85-1": {
"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 2024 amounted to DKK 173m (2023: DKK 144m).GUARANTEES AND COMMITMENTSThe Group has issued guarantees for third-party obligations (non-consolidated entities) of DKK 220m (2023: DKK 201m). No guarantees have been issued for loans raised by associates. Certain guarantees etc. are issued in connection with disposal of entities and activities, and in connection with on-trade loans. Apart from items recognised in the statement of financial position or disclosed in the consolidated financial statements, these guarantees etc. will not have a material effect on the Group\u2019s financial position. Capital commitments, lease liabilities and service agreements are described in section 2.2.",
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"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 2024 amounted to DKK 173m (2023: DKK 144m).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 influences our business in different ways.In the ordinary course of business, the Group is party to certain lawsuits, disputes etc. of varying content and scope, some of which are referred to below. The resolution of these lawsuits, disputes etc. is associated with uncertainty, as they depend on relevant applicable proceedings, such as negotiations between the parties affected, government actions and court rulings.In October and November 2021, the Group\u2019s associate in Portugal, Super Bock Group, received decisions on the alleged anticompetitive practices in two ongoing cases. In the first case, the Portuguese Court of Appeal confirmed the fine of EUR 24m issued by the competition authority, and in the second case the Portuguese competition authority imposed a fine of EUR 33m on Super Bock. Both decisions have been appealed to the Supreme Court by Super Bock. Subsequently, on account of Super Bock\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 further significant developments in this case. In November 2024, another separate private enforcement claim was filed by a consumer protection association. The complaint does not indicate a specific amount of damages being sought, but instead provides a range of EUR 83-467m. Super Bock is in the process of assessing the claim and potential exposure. In December 2023, Chongqing Jiawei Beer Co. Ltd., in which the Group holds a 33% shareholding, raised a claim for damages of RMB 631m against Chongqing Brewery Co. Ltd. for alleged breach of contract in relation to a contract brewing agreement between the parties. In June 2022, Chongqing Jiawei Beer Co. Ltd. had withdrawn previous claims based on substantially similar allegations. Based on the facts and evidence currently put forward, the claims are not considered to have any merit. It is possible that a ruling can go against Chongqing Brewery Co. Ltd. However, assessing a potential fine or damages is associated with a high degree of uncertainty. A ruling would be appealable. Management and the Group General Counsel continuously assess these risks and their likely outcome. It is the opinion of management and the Group General Counsel that, apart from items recognised in the statement of financial position, the outcome of these lawsuits, disputes etc. cannot be reliably estimated in terms of amount or timing, or the risk of a negative outcome is considered to be remote. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\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 220m (2023: DKK 201m). No guarantees have been issued for loans raised by associates. Certain guarantees etc. are issued in connection with disposal of entities and activities, and in connection with on-trade loans. Apart from items recognised in the statement of financial position or disclosed in the consolidated financial statements, these guarantees etc. will not have a material effect on the Group\u2019s financial position. Capital commitments, lease liabilities and service agreements are described in section 2.2.SECTION 5.4CONTINGENT CONSIDERATIONSContingent considerations relate to options held by non-controlling interests in subsidiaries to sell their shares to the Group and to deferred payments in the acquisition of entities contingent on market conditions.In 2024, the Group acquired 33.33% of Carlsberg South Asia Pte Ltd (CSAPL), cf. section 5.2, resulting in the derecognition of the put option liability related to the shareholding amounting to DKK 5,263m. Of the consideration for the shares, DKK 1.8m was retained by the Group, while DKK 0.3bn will be settled in early 2025 and the rest will be released dependent on potential claims under the share purchase agreement (likely after 3-5 years). The Group previously called in a loan made to CSAPLH, the loan having become due and payable in full. In January 2022, the Singapore court of appeal finally confirmed that the loan with interest was repayable to Carlsberg in full, totalling DKK 0.4bn. The loan was repaid in full on 29 November 2024. The contingent considerations at the end of the reporting period related to put options on the shares in Brewery Alivaria, Belarus. The ownership percentage at which shares subject to put options are consolidated differs from the legal ownership interest held by the Group. Both the legal and the consolidated ownership are stated in section 10.The carrying amount of contingent considerations is determined in accordance with the terms and conditions agreed with the holders of the options. Contingent considerationsDKK million 2024 2023Contingent considerations at 1 January 5,445 5,577Additions - 23Payments -23 -Disposals -5,536 -Fair value adjustments 215 -155Contingent considerations at 31 December 101 5,445Of the contingent considerations, DKK 0m (2023: DKK 304m) is expected to fall due after more than 12 months.ACCOUNTING 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.ACCOUNTING POLICIESFair value adjustments of put options granted to non-controlling interests are recognised directly in the statement of changes in equity.Other contingent considerations (earn-outs) that are not linked to a future transfer of additional shareholdings are measured in accordance with the terms of the contract with the seller. The revaluation of such contingent considerations is recognised in special items.Shares subject to put options are consolidated as if the shares had already been acquired.",
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"f1__s9__7__86-1": {
"value": "CONTINGENT ASSETSThe Group has a contractual right to receive compensation following the termination of the exclusive licensed production and distribution agreement with Mahou San Miguel in the UK on 31 December 2024. Estimating the compensation that will be received is associated with a high degree of uncertainty.SECTION 3.2 PROVISIONSDKK millionOnerous 2024 RestructuringscontractsOther TotalProvisions at 1 January 2024 85 366 2,058 2,509Additional provisions recognised 235 - 435 670Used during the year -56 -16 -203 -275Reversal of unused provisions -1 -125 -285 -411Transfers - - 186 186Discounting 2 3 21 26Foreign exchange adjustments etc. -3 9 -25 -19Provisions at 31 December 2024 262 237 2,187 2,686Classified asNon-current provisions 128 200 1,408 1,736Current provisions 134 37 779 950Total 262 237 2,187 2,686Restructuring provisions relate to termination benefits to employees made redundant, primarily as a result of a restructuring project accounted for as special items. The restructuring provision of DKK 262m in 2024 primarily relates to various projects across the regions.Provisions for onerous contracts primarily relate to contract brewing in Asia and are expected to be utilised by 2028.Other provisions of DKK 2,187m include ongoing disputes and lawsuits of varying content and employee obligations other than retirement benefits. Transfers of DKK 186m have been reclassified from other payables.Timing of settlement of ongoing disputes and lawsuits cannot be determined, whereas the remaining liabilities are expected to be settled in one to two years.ACCOUNTING ESTIMATES AND 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.Provision for onerous contracts is based on agreed terms with the other party and expected fulfilment of the contract, based on the current estimate of volumes, use of raw materials etc.ACCOUNTING POLICIESProvisions, including profit-sharing provisions, are recognised when, as a result of events arising before or at the reporting date, the Group has a legal or a constructive obligation and it is probable that there may be an outflow of economic benefits to settle the obligation.Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest rate is used as the discount rate. Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to those affected no later than at the reporting date. On acquisition of entities, restructuring provisions in the acquiree are only included in the opening balance when the acquiree has a restructuring liability at the acquisition date. A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from a contract are lower than the unavoidable costs of meeting its obligations under the contract.SECTION 3.3OTHER LIABILITIESDKK million 2024 2023Other liabilities by originStaff costs payable 2,281 2,296Excise duties and VAT payable 2,533 2,401Other payables 2,447 2,693Deferred income 416 499Contingent and deferred considerations 1,916 5,445Total 9,593 13,334Classified asNon-current liabilities 1,495 314Current liabilities 8,098 13,020Total 9,593 13,334SECTION 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 influences our business in different ways.In the ordinary course of business, the Group is party to certain lawsuits, disputes etc. of varying content and scope, some of which are referred to below. The resolution of these lawsuits, disputes etc. is associated with uncertainty, as they depend on relevant applicable proceedings, such as negotiations between the parties affected, government actions and court rulings.In October and November 2021, the Group\u2019s associate in Portugal, Super Bock Group, received decisions on the alleged anticompetitive practices in two ongoing cases. In the first case, the Portuguese Court of Appeal confirmed the fine of EUR 24m issued by the competition authority, and in the second case the Portuguese competition authority imposed a fine of EUR 33m on Super Bock. Both decisions have been appealed to the Supreme Court by Super Bock. Subsequently, on account of Super Bock\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 further significant developments in this case. In November 2024, another separate private enforcement claim was filed by a consumer protection association. The complaint does not indicate a specific amount of damages being sought, but instead provides a range of EUR 83-467m. Super Bock is in the process of assessing the claim and potential exposure. In December 2023, Chongqing Jiawei Beer Co. Ltd., in which the Group holds a 33% shareholding, raised a claim for damages of RMB 631m against Chongqing Brewery Co. Ltd. for alleged breach of contract in relation to a contract brewing agreement between the parties. In June 2022, Chongqing Jiawei Beer Co. Ltd. had withdrawn previous claims based on substantially similar allegations. Based on the facts and evidence currently put forward, the claims are not considered to have any merit. It is possible that a ruling can go against Chongqing Brewery Co. Ltd. However, assessing a potential fine or damages is associated with a high degree of uncertainty. A ruling would be appealable. Management and the Group General Counsel continuously assess these risks and their likely outcome. It is the opinion of management and the Group General Counsel that, apart from items recognised in the statement of financial position, the outcome of these lawsuits, disputes etc. cannot be reliably estimated in terms of amount or timing, or the risk of a negative outcome is considered to be remote. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\u2019s financial position, net profit or cash flow, in excess of items recognised in the statement of financial position.SECTION 5.4CONTINGENT CONSIDERATIONSContingent considerations relate to options held by non-controlling interests in subsidiaries to sell their shares to the Group and to deferred payments in the acquisition of entities contingent on market conditions.In 2024, the Group acquired 33.33% of Carlsberg South Asia Pte Ltd (CSAPL), cf. section 5.2, resulting in the derecognition of the put option liability related to the shareholding amounting to DKK 5,263m. Of the consideration for the shares, DKK 1.8m was retained by the Group, while DKK 0.3bn will be settled in early 2025 and the rest will be released dependent on potential claims under the share purchase agreement (likely after 3-5 years). The Group previously called in a loan made to CSAPLH, the loan having become due and payable in full. In January 2022, the Singapore court of appeal finally confirmed that the loan with interest was repayable to Carlsberg in full, totalling DKK 0.4bn. The loan was repaid in full on 29 November 2024. The contingent considerations at the end of the reporting period related to put options on the shares in Brewery Alivaria, Belarus. The ownership percentage at which shares subject to put options are consolidated differs from the legal ownership interest held by the Group. Both the legal and the consolidated ownership are stated in section 10.The carrying amount of contingent considerations is determined in accordance with the terms and conditions agreed with the holders of the options. Contingent considerationsDKK million 2024 2023Contingent considerations at 1 January 5,445 5,577Additions - 23Payments -23 -Disposals -5,536 -Fair value adjustments 215 -155Contingent considerations at 31 December 101 5,445Of the contingent considerations, DKK 0m (2023: DKK 304m) is expected to fall due after more than 12 months.ACCOUNTING 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.ACCOUNTING POLICIESFair value adjustments of put options granted to non-controlling interests are recognised directly in the statement of changes in equity.Other contingent considerations (earn-outs) that are not linked to a future transfer of additional shareholdings are measured in accordance with the terms of the contract with the seller. The revaluation of such contingent considerations is recognised in special items.Shares subject to put options are consolidated as if the shares had already been acquired.",
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"f1__s9__7__87": {
"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 2.3.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses depending on the use of the asset.The expected useful life is as follows: Software Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer agreements/relationships Depending on contract with the customer; if no contract exists, normally not exceeding 20 yearsLand Not depreciatedBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in 8 yearswarehousesOn-trade and distribution 5 yearsequipmentFixtures and fittings, other plant 5-8 yearsand equipmentHardware 3-5 yearsReturnable packaging materials 3-10 yearsImpairmentImpairment losses of a non-recurring nature are recognised under special items.",
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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
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},
"f1__s9__7__81": {
"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 2.3.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses depending on the use of the asset.The expected useful life is as follows: Software Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer agreements/relationships Depending on contract with the customer; if no contract exists, normally not exceeding 20 yearsLand Not depreciatedBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in 8 yearswarehousesOn-trade and distribution 5 yearsequipmentFixtures and fittings, other plant 5-8 yearsand equipmentHardware 3-5 yearsReturnable packaging materials 3-10 yearsImpairmentImpairment losses of a non-recurring nature are recognised under special items.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s9__7__72": {
"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 2.3.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses depending on the use of the asset.The expected useful life is as follows: Software Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer agreements/relationships Depending on contract with the customer; if no contract exists, normally not exceeding 20 yearsLand Not depreciatedBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in 8 yearswarehousesOn-trade and distribution 5 yearsequipmentFixtures and fittings, other plant 5-8 yearsand equipmentHardware 3-5 yearsReturnable packaging materials 3-10 yearsImpairmentImpairment losses of a non-recurring nature are recognised under special items.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__66": {
"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 2.3.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items.Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant and equipment.Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets.Depreciation is calculated on the basis of the cost less the residual value and impairment losses.Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses depending on the use of the asset.The expected useful life is as follows: Software Normally 3-5 years. Group-wide systems developed as an integrated part of a major business development programme: 5-7 yearsDelivery rights Depending on contract; if no contract term has been agreed, normally not exceeding 5 yearsCustomer agreements/relationships Depending on contract with the customer; if no contract exists, normally not exceeding 20 yearsLand Not depreciatedBuildings 20-40 yearsTechnical installations 15 yearsBrewery equipment 15 yearsFilling and bottling equipment 8-15 yearsTechnical installations in 8 yearswarehousesOn-trade and distribution 5 yearsequipmentFixtures and fittings, other plant 5-8 yearsand equipmentHardware 3-5 yearsReturnable packaging materials 3-10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__83-1": {
"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, which are not recognised.A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. section 2.3.Right-of-use assets are recognised as property, plant and equipment.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 extend, results in a corresponding adjustment of the related right-of-use assets, cf. section 2.2.Extension or termination options are included in the lease term if the lease is reasonably certain to be extended or not terminated. Consequently, all cash outflows that are reasonably certain to impact the future cash balances are recognised as lease liabilities at initial recognition of lease contracts. The Group reassesses the circumstances leading to extension or termination options not being recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__88": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__90": {
"value": "SECTION 2.3IMPAIRMENT2.3.1 RECOGNISED IMPAIRMENTSThe impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date. IMPAIRMENT TEST 2024The impairment tests prepared at 31 December 2024 did not identify any indication of impairment of goodwill. The Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western Europe. In addition, impairment losses of DKK 136m primarily related to Western Europe were recognised on other intangible assets and property, plant and equipment, of which DKK 93m was recognised in special items.In Asia, impairment losses of DKK 66m were recognised on financial assets. Impairment of non-current assetsDKK million Section 2024 2023Intangible assetsBrands 2.3.4 125 525Reversal of impairment losses 2.3.4 - -400Other intangible assets 2.3.5 40 46Total 165 171Property, plant and equipmentPlant, machinery and equipment 2.3.5 96 171Total 96 171Other non-current assetsAssets held for sale 2.3.5 - 14Investments in associates 2.3.5 - 49Financial assets 2.3.5 66 -Total impairment losses, net 327 405Of which recognised in special items 3.1 284 310Impairment, discontinued operation in Russia, net 5.3 -2,258 7,002IMPAIRMENT TEST 2023In 2023, the Group recognised impairment losses of DKK 305m on brands with indefinite useful life in Western Europe, DKK 70m in Central & Eastern Europe and India, and DKK 97m in Asia. In addition, impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe and India for the use of brands from the discontinued operation in Russia. In total, impairment losses on brands amounted to DKK 525m.Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and equipment, of which DKK 122m was recognised in special items. Impairment losses on other non-current assets totalled DKK 63m and were recognised in special items.IMPAIRMENT OF DISCONTINUED OPERATION IN RUSSIAFollowing the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to the Russian government, the business was fully impaired \u2013 resulting in an impairment loss of DKK 7,002m \u2013 and deconsolidated. The disposal of the Russian business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods in net result from discontinued operations, cf. section 5.3.2.3.2 SIGNIFICANT AMOUNTS OF GOODWILL AND 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 acquired in 2004 prior to the adoption of IFRS. Each accounted for 10% or more of the total carrying amount of goodwill and brands with indefinite useful life at the reporting date. Goodwill from these acquisitions has been allocated to cash-generating units (CGUs) based on the geographical segmentation. The international brands acquired with Kronenbourg 1664, Chongqing and the 40% non-controlling interest in Carlsberg Breweries A/S are individually material and specified in section 2.3.4. 2.3.3 IMPAIRMENT TEST OF GOODWILL The carrying amount of goodwill is related to the CGUs and allocated to the Group\u2019s geographical segments, which is the level at which it is monitored for internal management purposes. The carrying amount of goodwill allocated to groups of CGUsDKK million 2024 2023Western Europe 20,354 20,480Asia\u00b9 16,327 14,201Central & Eastern Europe and India\u00b9 4,937 3,634Total 41,618 38,315\u00b9 The goodwill recognised on the acquisition of Gorkha Brewery in 2024 and on the acquisition of Waterloo Brewing Ltd in 2023 was allocated to the Central & Eastern Europe and India CGU. The goodwill recognised on the acquisition of Jing-A Group in 2023 was allocated to the Asia CGU.The impairment tests prepared at year-end 2024 did not identify any indication of impairment of goodwill. Management\u2019s view is that excess value in the Group\u2019s CGUs is fairly resilient to any likely and reasonable deteriorations in the key assumptions applied. In 2024, the approach to measuring recoverable amount was changed. In previous years, the expected cash flow approach was applied. This involved developing multiple probability-weighted scenarios to reflect different outcomes in terms of timing and amount of future cash flows. The risk-adjusted cash flows were discounted using a rate that reflected the risk-free interest rate for each CGU. For 2024, the traditional approach has been applied to measure recoverable amount. This entails a single set of estimated cash flows and a discount rate that incorporates all the expectations about future cash flows. Consequently, the key assumptions for 2023 and 2024 are not comparable.Key assumptionsForecast Terminal Pre-tax cash flow period discount 2024growthgrowthrateWestern Europe -7.8% 1.0% 6.9%Asia 19.3% 2.5% 12.7%Central & Eastern Europe and India -4.2% 3.0% 14.5%2023Western Europe -17.0% 0.5% 3.4%Asia -16.2% 1.0% 4.3%Central & Eastern Europe -0.9% 2.0% 8.2%Cash flow projections for the individual CGUs are based on financial forecasts for the following three years as approved by management. Potential upsides are not identified and adjusted in the cash flows used for impairment testing. Growth is projected in nominal terms and therefore does not translate into cash flow at the same growth rate in the Group\u2019s presentation currency, DKK.ACCOUNTING ESTIMATES AND JUDGEMENTSGoodwillThe value in use is the discounted value of the projected future cash flows. The discount rates applied are after tax and reflect current specific risks in the individual markets.Key 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 2025-2027 represent management\u2019s best estimate. The cash flows are discounted using a rate that incorporates all the expectations about the future cash flows and the appropriate risk premium for each CGU. The interest rates used in the impairment tests are based on observable market data. Please refer to the description of discount rates in the section below.The key assumptions on which management bases its cash flow projections are:\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 taken into consideration. The assumptions are challenged and verified by management at CGU and Group level. The budget and target plan processes consider events or circumstances that are relevant to reliably projecting the short-term performance of each CGU. Examples include significant campaign activities, changes in excise duties etc., which may have a short-term impact but are non-recurring. Given their short-term nature, they are not taken into consideration when estimating the terminal period growth rate.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. Significant inflationary pressure in recent years has meant revenue growth compensating for rising input costs. The short- and medium-term forecasts include the risk of delays in increasing sales prices to compensate for future rises in input costs.Input 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 elevated level of inflation in recent years has increased the overall input cost level. The short- and medium-term forecast incorporates lower pressure on input costs compared with previous years. In the long term, projections follow the level of inflation.Operating investments Projections are based on past experience of the level of necessary maintenance of existing production capacity, including replacement of parts. This also includes scheduled production line overhauls and improvements to existing equipment. Uncommitted capacity increases and new equipment are not included.Terminal period 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.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 market. The risk-free interest rates used in the impairment tests are based on observed market data. For countries where long-term risk-free interest rates are not observable or valid due to specific national or macroeconomic conditions, the interest rate is estimated based on observations from other markets and/or long-term expectations expressed by international financial institutions considered reliable by the Group. The added credit risk premium (spread) for the risk-free interest rate is fixed at market price or slightly higher, reflecting the expected long-term market price. The aggregate interest rate, including spread, thereby reflects the long-term interest rate applicable to the Group\u2019s investments in the individual markets.2.3.4 IMPAIRMENT TEST OF BRANDSIn 2024, significant brands represented 67% (2023: 66%) of the total carrying amount of brands with indefinite useful life.Brands with indefinite useful lifeDKK million 2024 2023International brands 3,000 3,000Kronenbourg 1664 1,952 1,950Chongqing 1,333 1,293Significant brands 6,285 6,243Western Europe 694 1,028Asia 477 363Central & Eastern Europe and India 960 920Not allocated 945 945Other brands 3,076 3,256Total brands 9,361 9,499Other brands comprise a total of 20 brands (2023: 20 brands) that are not individually material compared with the total carrying amount.Key assumptionsAverage Terminal Pre-tax Post-tax revenue period discount discount 2024growthgrowthraterateInternational brands 1.9% 1.9% 5.4% 5.2%Kronenbourg 1664 2.0% 1.8% 6.7% 6.3%Chongqing 2.7% 1.5% 7.5% 7.2%2023International 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%IMPAIRMENT OF BRANDS IN WESTERN EUROPE In 2024, brand impairment losses totalling DKK 125m were recognised on various local and regional brands. The ale category continued its long-standing decline in the UK as the category overall suffers from consumers switching over to more modern-styled craft beers. In Germany the market shows a decline in volumes due to the industry as a whole having been hit hard by inflation, with high raw material and logistics costs. In 2023, impairment losses of DKK 305m were recognised, reflecting a long-term decline within the ale category in the UK due to changing consumer preferences. IMPAIRMENT OF BRANDS IN CENTRAL & EASTERN EUROPE AND INDIANo brand impairments were recognised in 2024. In 2023, a local Lithuanian mainstream brand was impaired by DKK 70m, reflecting a decline in exports. Additionally, brand rights in Central & Eastern Europe and India for the use of brands from the discontinued operation in Russia were unilaterally terminated by Carlsberg, resulting in impairment losses of DKK 53m. IMPAIRMENT OF BRANDS IN ASIANo brand impairments were recognised in 2024.In 2023, an impairment loss of DKK 97m was recognised on the local Angkor brand in Cambodia. The local business operates in a very challenging environment in terms of competitive conditions, and a change in consumer preference resulted in a decline in volumes and margins, in particular for the beer category. In China, impairments of DKK 400m were reversed on the mainstream brand Chongqing. The brand was impaired in 2016 following sales declines due to premiumisation in the Chinese market. Since then, brand volumes have recovered significantly, and expectations for the mainstream category in China have improved, resulting in the reversal of the impairment.2.3.5 IMPAIRMENT OF OTHER ASSETSIn 2024, impairment losses were recognised on other intangible assets, DKK 40m (primarily related to centrally owned IT assets), and on property, plant and equipment, DKK 96m, primarily in Western Europe, totalling DKK 136m. The residual investment in the former associate Tibet Lhasa Brewery Ltd., now reported as a financial asset, was impaired resulting in a write-down of DKK 66m.In 2023, impairment losses were recognised on other intangible assets, DKK 46m, on property, plant and equipment, DKK 171m, and on other non-current assets, DKK 63m, totalling DKK 280m. ACCOUNTING ESTIMATES AND 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 cash flows are discounted using a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the addition of a risk premium relevant to the individual market where cash flows are generated, cf. section 2.3.3. For brands where cash flows are generated in more than one market, the cash flows generated in secondary markets are adjusted for the inflationary difference compared to the inflation in the main market before being discounted.Key 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, terminal growth 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 2.3.3.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.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%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 mostly generated locally, and the CGUs are therefore usually identified at country level.The determination of CGU allocation is made, and cash inflows are assessed in connection with the purchase price allocation, within 12 months from the date of acquisition.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. 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 to 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 inflows. 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. Key considerations in impairment tests Goodwill BrandsCGU level of test Geographical Individual brandsegmentMethod to estimate recoverable amount Value in use Fair value less cost of disposalMethod to estimate present value of future cash flowsTraditional approach: Traditional approach: single most likely single most likely future cash flowfuture cash flowDiscount rate Risk-adjusted rate Risk-adjusted rateFor investments in associates, examples of indications of impairment are loss-making activities or significant changes in the business environment.ACCOUNTING POLICIESGoodwill 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 in special items. Minor losses are recognised in the income statement in the relevant line item.Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.2.3.6 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. 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 life \u2022 Revenue growth\u2022 Royalty rate \u2022 Discount rate\u2022 Terminal growth 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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"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__89-1": {
"value": "SECTION 2.3IMPAIRMENT2.3.1 RECOGNISED IMPAIRMENTSThe impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting date. IMPAIRMENT TEST 2024The impairment tests prepared at 31 December 2024 did not identify any indication of impairment of goodwill. The Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western Europe. In addition, impairment losses of DKK 136m primarily related to Western Europe were recognised on other intangible assets and property, plant and equipment, of which DKK 93m was recognised in special items.In Asia, impairment losses of DKK 66m were recognised on financial assets. Impairment of non-current assetsDKK million Section 2024 2023Intangible assetsBrands 2.3.4 125 525Reversal of impairment losses 2.3.4 - -400Other intangible assets 2.3.5 40 46Total 165 171Property, plant and equipmentPlant, machinery and equipment 2.3.5 96 171Total 96 171Other non-current assetsAssets held for sale 2.3.5 - 14Investments in associates 2.3.5 - 49Financial assets 2.3.5 66 -Total impairment losses, net 327 405Of which recognised in special items 3.1 284 310Impairment, discontinued operation in Russia, net 5.3 -2,258 7,002IMPAIRMENT TEST 2023In 2023, the Group recognised impairment losses of DKK 305m on brands with indefinite useful life in Western Europe, DKK 70m in Central & Eastern Europe and India, and DKK 97m in Asia. In addition, impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe and India for the use of brands from the discontinued operation in Russia. In total, impairment losses on brands amounted to DKK 525m.Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and equipment, of which DKK 122m was recognised in special items. Impairment losses on other non-current assets totalled DKK 63m and were recognised in special items.IMPAIRMENT OF DISCONTINUED OPERATION IN RUSSIAFollowing the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to the Russian government, the business was fully impaired \u2013 resulting in an impairment loss of DKK 7,002m \u2013 and deconsolidated. The disposal of the Russian business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods in net result from discontinued operations, cf. section 5.3.2.3.2 SIGNIFICANT AMOUNTS OF GOODWILL AND 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 acquired in 2004 prior to the adoption of IFRS. Each accounted for 10% or more of the total carrying amount of goodwill and brands with indefinite useful life at the reporting date. Goodwill from these acquisitions has been allocated to cash-generating units (CGUs) based on the geographical segmentation. The international brands acquired with Kronenbourg 1664, Chongqing and the 40% non-controlling interest in Carlsberg Breweries A/S are individually material and specified in section 2.3.4.ASSOCIATESKey figures for associatesDKK million Carlsberg Group shareOther Total Profit comprehensive comprehensive Investments in 2024after taxincomeincomeassociatesTotal 616 - 616 4,6742023Total 581 - 581 5,437Investments in associates mainly include the businesses in Portugal (60%), Myanmar (61%), Carlsberg Byen in Denmark (25%) and four associates in China (50%). The total investment in these associates amounted to DKK 2,925m at 31 December 2024 (2023: DKK 3,026m). The Group\u2019s effective ownership of Super Bock Group, Portugal, is 60%. Nevertheless, Super Bock remains an associate of the Group due to the ownership structure. Please refer to section 10 for further details.Despite the 61% legal ownership share in Myanmar Carlsberg, the entity is classified as an associate due to the structure of the agreement with the partner and the business environment in the country.For associates in which the Group holds an ownership interest of less than 20% and participates in the management of the entity, the Group is considered to be exercising significant influence. None of the associates are material to the Group.2024On 16 January 2024, the Group acquired a 20% stake in the Danish craft brewer Mikkeller and entered into a sales and distribution agreement for the Danish market. The purchase price was DKK 130m, of which DKK 15m was deferred to 2025. On 25 July 2024, the Group acquired a minority stake in Brasserie du Pays Flamand for DKK 46m with the aim of accelerating the roll-out of the Anostek\u00e9 brand in France. On 29 November 2024, the Group gained control of the associate Gorkha Brewery through a step acquisition, cf. section 5.1.2023In Q4, the Group gained control of the associate Jing-A Group through a step acquisition, cf. section 5.1, and recognised a write-down of a minor associate in Cambodia of DKK 49m, cf. section 2.3.Fair value of investment in listed associatesDKK million 2024 2023The Lion Brewery Ceylon, Sri Lanka 581 384ACCOUNTING POLICIESOn 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 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.Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for the Group\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.Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.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%Carlsberg Deutschland GmbH Germany 4 100% 100%Duckstein GmbH Germany 100% 100%Holzmarkt Beteiligungsgesellschaft mbH Germany 100% 100%Holsten-Brauerei AG Germany 100% 100%Carlsberg Supply Company Deutschland GmbH Germany 100% 100%Carlsberg Supply Company Polska SA Poland 100% 100%Carlsberg Polska Sp. z o.o. Poland 100% 100%Carlsberg UK Holdings Limited UK 1 100% 100%Carlsberg Marston's Limited UK 100% 100%Carlsberg Marston's Brewing Company Ltd. UK 100% 100%Marston's Beer Company Limited UK 100% 100%CMBC Supply Limited UK 100% 100%CM Brewery Holdings Limited UK 1 100% 100%Emeraude S.A.S. France 7 100% 100%Kronenbourg S.A.S. France 2 100% 100%Kronenbourg Supply Company S.A.S. France 100% 100%Parent Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipFeldschl\u00f6sschen Getr\u00e4nke Holding AG Switzerland 3 100% 100%Feldschl\u00f6sschen Getr\u00e4nke AG Switzerland 100% 100%Schlossgarten Gastronomie AG Switzerland 100% 100%SB 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 4 100% 100%Guangzhou Carlsberg Investment Company Limited China 100% 100%Chongqing Brewery Co., Ltd China A 60% 60%Carlsberg Chongqing Breweries Company ChinaLimitedB 8 51% 79%Kunming Huashi Brewery Company LimitedChina100% 79%Carlsberg (China) Breweries and Trading ChinaCompany 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 Company ChinaLimited100% 79%Carlsberg Beer Enterprise Management China(Chongqing) Company Limited100% 79%Carlsberg Brewery (Anhui) ChinaCompany Ltd75% 60%Parent Place of Number of direct Consolidated Asiaincorporation NotesubsidiariesownershipownershipCarlsberg Tianmuhu Brewery (Jiangsu) ChinaCompany Ltd100% 79%Lao Brewery Co. Ltd Laos 61% 61%Carlsberg Korea Ltd. South Korea 100% 100%Carlsberg Brewery Malaysia Berhad Malaysia A 51% 51%Carlsberg Marketing Sdn BHD Malaysia 100% 51%Euro Distributors Sdn BHD Malaysia 100% 51%Carlsberg Singapore Pte Ltd Singapore 100% 51%Maybev Pte LtdSingaporeC 51% 26%Carlsberg Vietnam Trading Co. Ltd Vietnam 100% 100%Carlsberg Vietnam Breweries Ltd Vietnam 100% 100%Paduak Holding Pte. Ltd Singapore 100% 100%Carlsberg Supply Company Asia Ltd Hong Kong SAR 100% 100%Caretech Limited Hong Kong SAR 100% 100%Cambrew Limited Cambodia 2 100% 100%Cambrew Properties Ltd Cambodia 100% 100%Angkor Beverage Co Ltd Cambodia 100% 100%CB Distribution Co., Ltd Thailand 100% 100%Parent Place of Number of direct Consolidated Central & Eastern Europe and Indiaincorporation NotesubsidiariesownershipownershipCarlsberg Azerbaijan LLC Azerbaijan 100% 100%Baku Piva JSC Azerbaijan 91% 91%Carlsberg Kazakhstan Ltd Kazakhstan 90% 100%Carlsberg Beverages Central Asia LLP Kazakhstan 100% 100%Carlsberg Kyrgyzstan LLC Kyrgyzstan 100% 100%PJSC Carlsberg Ukraine Ukraine 1 100% 100%Carlsberg South Asia Pte Ltd Singapore 100% 100%South Asian Breweries Pte Ltd Singapore 100% 100%Carlsberg India Pvt. Ltd India 100% 100%A Listed company.B Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou Carlsberg Consultancy and Management Services Co Ltd (49%), resulting in a consolidated ownership of 79%.C Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia Berhad (51%), resulting in a consolidated ownership of 26%.Parent Place of Number of direct Consolidated Central & Eastern Europe and Indiaincorporation NotesubsidiariesownershipownershipGorkha Brewery Pvt. Ltd Nepal D, E 100% 100%G.B. Marketing Pvt Ltd Nepal E 100 % 100 %Baltic Beverages Holding AB Sweden 100% 100%Carlsberg Serbia Ltd Serbia 100% 100%Bosnia and Carlsberg BH d.o.o.Herzegovina 100% 100%Carlsberg Montenegro d.o.o. Montenegro 100% 100%Carlsberg Croatia d.o.o. Croatia 100% 100%Carlsberg Bulgaria AD Bulgaria 100% 100%OJSC Brewery Alivaria Belarus E, F 78% 89%Vista BY Co LLC Belarus 100% 100%Carlsberg Italia S.p.A. Italy 100% 100%Carlsberg Horeca Srl Italy 100% 100%T&C Italia Srl Italy 100% 100%Olympic Brewery SA Greece 100% 100%Hellenic Beverage Company SA Greece 100% 100%Carlsberg Hungary Kft. Hungary 100% 100%Saku \u00d6lletehase AS Estonia 100% 100%Aldaris JSC Latvia 100% 100%Svyturys-Utenos Alus UAB Lithuania 99% 99%CTDD Beer Imports Ltd Canada 100% 100%Carlsberg Canada Inc. Canada 100% 100%Kronenbourg Breweries Canada Inc. Canada 100% 100%Carlsberg USA Inc. USA 100% 100%D In November 2024, the Group gained control of Gorkha Brewery through the acquisition of an additional 33.33% of the shares in the holding company Carlsberg South Asia Pte Ltd and an additional 9.94% of the shares in Gorkha Brewery.E Company not audited by PwC.F Consolidated ownership is higher than the legal ownership due to written put options.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 Denmark 100% 100%A/SCarlsberg 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 E 50 25% 25%Bjergs\u00f8 Holding ApS Denmark E 25 20% 20%Sinergie Proattive Srl Italy 36% 36%Brasserie du Pays Flamand France 28% 28%Knopp Oy Finland 50% 50%Viacer S.G.P.S., Lda Portugal G 29% 29%Super Bock Group, S.G.P.S., S.A. Portugal G 11 56% 60%Serviced Dispense Equipment (Holdings) Limited UK 2 33% 20%Nuuk Imeq A/S Greenland E 32% 32%Chongqing Jiawei Beer Co. Ltd China 33% 26%Lanzhou Huanghe Jianiang Brewery Company China 50% 50%LimitedQinghai Huanghe Jianiang Brewery Company China 50% 50%LtdJiuquan West Brewery Company Limited China 50% 50%Tianshui Huanghe Jianiang Brewery Company China 50% 50%LtdLion Brewery (Ceylon) PLC Sri Lanka A, E, H 25% 13%Hanoi Beer Alcohol and Beverage Joint Stock Vietnam E 17% 17%CorporationCarlsberg Distributors Taiwan Limited Taiwan 1 50% 50%NCC Crowns Private Limited India 33% 33%Bottlers Nepal Limited Nepal 1 22% 20%Myanmar Carlsberg Co. Ltd Myanmar E 1 61% 61%G Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock), with a 56% shareholding, with Carlsberg Breweries A/S owning the remaining 44%. In addition, Carlsberg Breweries A/S has a direct ownership share of 29% in Viacer without exercising control. Therefore, both Viacer and Super Bock are considered associates of the Group. The Group's direct and indirect ownership of Super Bock totals 60%.H Lion Brewery (Ceylon) PLC is owned by Carlsberg Brewery Malaysia Berhad (25%). Carlsberg owns 51% of Carlsberg Brewery Malaysia Berhad, resulting in 13% of the result being attributed to the shareholders in Carlsberg A/S.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s9__7__92": {
"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 in special items. Minor losses are recognised in the income statement in the relevant line item.Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__91": {
"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 in special items. Minor losses are recognised in the income statement in the relevant line item.Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__74": {
"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 in special items. Minor losses are recognised in the income statement in the relevant line item.Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\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:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__107": {
"value": "SECTION 3.1SPECIAL ITEMSSpecial itemsDKK million Section 2024 2023Special items, incomeRevaluation gain on step acquisitions of former associates 5.1 440 20Derecognition of loan and payables to the discontinued operation in Russia - 350Income 440 370Special items, expensesImpairment of brands 2.3.4 -125 -525Reversal of impairment losses 2.3.4 - 400Costs related to acquisition and disposal of entities etc. -413 -117Restructuring projects and provisions -261 -141Impairment of property, plant and equipment 2.3.5 -93 -33Reversal of provisions made in prior years 3.2 69 100Impairment of non-current assets in Cambodia and Tibet Lhasa 2.3.5 -66 -152Cost of termination of a licensee agreement - -196Impairment of receivables from the discontinued operation in Russia - -76Impairment of assets and other war-related costs in Ukraine -40 -28Other expenses -30 -33Expenses -959 -801Special items, net -519 -431Impact of special items on operating profitDKK million 2024 2023If special items had been recognised in operating profit before special items, they would have been recognised as follows:Cost of sales -269 -501Sales and distribution expenses -192 -6Administrative expenses -501 58Other operating activities, net 482 2Financial items -39 16Special items, net -519 -431SPECIAL ITEMS, INCOMEIn 2024, the Group gained control of Gorkha Brewery, Nepal, which had been consolidated as an investment in an associate prior to the acquisition. The investment was remeasured at a fair value of DKK 1,794m and a revaluation adjustment of DKK 484m, net of reclassification of accumulated currency exchange adjustments of DKK -44m, DKK 440m was recognised as part of special items, cf. section 5.1.2.In 2023, a loan of DKK 297m and payables for brand rights of DKK 53m, totalling DKK 350m, were derecognised. Both the loan and the payables were owed to the discontinued operation in Russia prior to the issuance of the presidential decree on 16 July 2023.SPECIAL ITEMS, EXPENSESIn 2024 and 2023, the Group carried out various restructuring projects across Western Europe and Asia. The restructuring projects were the result of the continued focus on cost and efficiency initiatives, and included changes in the production and distribution operations and related organisational changes, including termination of employees and impairment of assets mainly in Western Europe. In 2024, the restructuring projects mainly related to Norway, the UK and Germany. In Norway the distribution model will change in 2026, with the cessation of direct distribution to larger off-trade customers, resulting in redundancies. Our businesses in Germany and the UK have been impacted by lower volumes, resulting in redundancies, decommissioning of production capacity and asset write-offs.In 2024 and 2023, costs related to acquisition and disposal of entities can mainly be attributed to the acquisition of the Britvic Group, the step acquisition of Gorkha Brewery, and the disposal of the Russian business. In 2024, the Group recognised impairment losses totalling DKK 125m on brands in Western Europe (2023: DKK 525m for the three regions), cf. section 2.3.4. In 2023, impairment losses of DKK 400m previously recognised on brands in Asia were reversed, cf. section 2.3.4. In 2024, the residual investment in the former associate Tibet Lhasa Brewery Ltd., now reported as a financial asset, was impaired, resulting in a write-down of DKK 66m, c.f. section 2.3.5. In 2023, our business in Cambodia was negatively impacted by the challenging environment, resulting in the recognition of impairment losses of DKK 152m on non-current assets. Impairment losses of DKK 76m were recognised on receivables from the discontinued operation in Russia that are no longer expected to be received. Provisions of DKK 69m recognised in prior years for legal claims that did not materialise were reversed in 2024 (2023: DKK 100m). In 2023, the Group terminated the licensee agreement for Kronenbourg 1664 in the UK, resulting in a cost of DKK 196m.ACCOUNTING ESTIMATES AND JUDGEMENTSThe use of special items entails management judgement in the separation from ordinary items. Management carefully considers individual items and projects (including restructurings) in order to ensure the correct distinction and split between operating activities and significant income and expenses of a special nature.Management initially assesses the entire restructuring project and recognises all present costs of the project. The projects are assessed on an ongoing basis, with additional costs possibly being incurred during the lifetime of the project.The estimate includes expenses related to termination of employees, onerous contracts, break fees and other obligations arising in connection with restructurings. Management reassesses the useful life and residual value of non-current assets used in an entity undergoing restructuring.ACCOUNTING POLICIESSpecial 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 deconsolidation of that entity, and transaction costs in a business combination.Significant restructuring of processes and structural adjustments are included in special items. Special items are shown separately from the Group\u2019s ordinary operations to facilitate a better understanding of the Group\u2019s financial performance.",
"dimensions": {
"concept": "CAR:DisclosureOfSpecialItems",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__109-1": {
"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 deconsolidation of that entity, and transaction costs in a business combination.Significant restructuring of processes and structural adjustments are included in special items. Special items are shown separately from the Group\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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__108": {
"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 deconsolidation of that entity, and transaction costs in a business combination.Significant restructuring of processes and structural adjustments are included in special items. Special items are shown separately from the Group\u2019s ordinary operations to facilitate a better understanding of the Group\u2019s financial performance.",
"dimensions": {
"concept": "CAR:DescriptionOfAccountingPolicyForSpecialItems",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__110": {
"value": "SECTION 3.2 PROVISIONSDKK millionOnerous 2024 RestructuringscontractsOther TotalProvisions at 1 January 2024 85 366 2,058 2,509Additional provisions recognised 235 - 435 670Used during the year -56 -16 -203 -275Reversal of unused provisions -1 -125 -285 -411Transfers - - 186 186Discounting 2 3 21 26Foreign exchange adjustments etc. -3 9 -25 -19Provisions at 31 December 2024 262 237 2,187 2,686Classified asNon-current provisions 128 200 1,408 1,736Current provisions 134 37 779 950Total 262 237 2,187 2,686Restructuring provisions relate to termination benefits to employees made redundant, primarily as a result of a restructuring project accounted for as special items. The restructuring provision of DKK 262m in 2024 primarily relates to various projects across the regions.Provisions for onerous contracts primarily relate to contract brewing in Asia and are expected to be utilised by 2028.Other provisions of DKK 2,187m include ongoing disputes and lawsuits of varying content and employee obligations other than retirement benefits. Transfers of DKK 186m have been reclassified from other payables.Timing of settlement of ongoing disputes and lawsuits cannot be determined, whereas the remaining liabilities are expected to be settled in one to two years.ACCOUNTING ESTIMATES AND 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.Provision for onerous contracts is based on agreed terms with the other party and expected fulfilment of the contract, based on the current estimate of volumes, use of raw materials etc.ACCOUNTING POLICIESProvisions, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__112": {
"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",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__111": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__119": {
"value": "SECTION 3.3OTHER LIABILITIESDKK million 2024 2023Other liabilities by originStaff costs payable 2,281 2,296Excise duties and VAT payable 2,533 2,401Other payables 2,447 2,693Deferred income 416 499Contingent and deferred considerations 1,916 5,445Total 9,593 13,334Classified asNon-current liabilities 1,495 314Current liabilities 8,098 13,020Total 9,593 13,334",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__117": {
"value": "SECTION 3.3OTHER LIABILITIESDKK million 2024 2023Other liabilities by originStaff costs payable 2,281 2,296Excise duties and VAT payable 2,533 2,401Other payables 2,447 2,693Deferred income 416 499Contingent and deferred considerations 1,916 5,445Total 9,593 13,334Classified asNon-current liabilities 1,495 314Current liabilities 8,098 13,020Total 9,593 13,334",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s9__7__116": {
"value": "SECTION 3.3OTHER LIABILITIESDKK million 2024 2023Other liabilities by originStaff costs payable 2,281 2,296Excise duties and VAT payable 2,533 2,401Other payables 2,447 2,693Deferred income 416 499Contingent and deferred considerations 1,916 5,445Total 9,593 13,334Classified asNon-current liabilities 1,495 314Current liabilities 8,098 13,020Total 9,593 13,334",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__122": {
"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 influences our business in different ways.In the ordinary course of business, the Group is party to certain lawsuits, disputes etc. of varying content and scope, some of which are referred to below. The resolution of these lawsuits, disputes etc. is associated with uncertainty, as they depend on relevant applicable proceedings, such as negotiations between the parties affected, government actions and court rulings.In October and November 2021, the Group\u2019s associate in Portugal, Super Bock Group, received decisions on the alleged anticompetitive practices in two ongoing cases. In the first case, the Portuguese Court of Appeal confirmed the fine of EUR 24m issued by the competition authority, and in the second case the Portuguese competition authority imposed a fine of EUR 33m on Super Bock. Both decisions have been appealed to the Supreme Court by Super Bock. Subsequently, on account of Super Bock\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 further significant developments in this case. In November 2024, another separate private enforcement claim was filed by a consumer protection association. The complaint does not indicate a specific amount of damages being sought, but instead provides a range of EUR 83-467m. Super Bock is in the process of assessing the claim and potential exposure. In December 2023, Chongqing Jiawei Beer Co. Ltd., in which the Group holds a 33% shareholding, raised a claim for damages of RMB 631m against Chongqing Brewery Co. Ltd. for alleged breach of contract in relation to a contract brewing agreement between the parties. In June 2022, Chongqing Jiawei Beer Co. Ltd. had withdrawn previous claims based on substantially similar allegations. Based on the facts and evidence currently put forward, the claims are not considered to have any merit. It is possible that a ruling can go against Chongqing Brewery Co. Ltd. However, assessing a potential fine or damages is associated with a high degree of uncertainty. A ruling would be appealable. Management and the Group General Counsel continuously assess these risks and their likely outcome. It is the opinion of management and the Group General Counsel that, apart from items recognised in the statement of financial position, the outcome of these lawsuits, disputes etc. cannot be reliably estimated in terms of amount or timing, or the risk of a negative outcome is considered to be remote. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\u2019s financial position, net profit or cash flow, in excess of items recognised in the statement of financial position.",
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"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__124-1": {
"value": "Leverage ratio25.01.73x2.50x1.51x1.47x1.37x1.23x21.3 19.2 19.3 22.4 27.40.00.00x2020 2021 2022 2023 2024NIBD NIBD/EBITDA1 2020 including Russia, 2021-2024 excluding Russia.SECTION 4.6NET INTEREST-BEARING DEBTNet interest-bearing debt (NIBD) is the measure of financial debt used in the calculation of leverage. NIBD is composed of interest-bearing liabilities less interest-bearing assets.The difference of DKK 10.8bn between gross financial debt and net interest-bearing debt mainly comprised cash and cash equivalents, deposits and securities, and the interest-bearing portion of on-trade loans on the asset side, and deferred considerations on the liability side.Net interest-bearing debtDKK million 2024 2023Non-current borrowings 27,392 30,763 Current borrowings 10,748 8,338 Gross financial debt 38,140 39,101 Deposits and securities -59 -2,236 Cash and cash equivalents -11,542 -13,382 Net financial debt 26,539 23,483 Loans to associates -277 -276 On-trade loans -457 -460 Deferred considerations 1,626 \u2013 Other receivables -74 -396 Net interest-bearing debt 27,357 22,351SECTION 4.7BORROWINGS AND CASH4.7.1 BORROWINGSGross financial debt amounted to DKK 38,140m (2023: DKK 39,101m). Non-current borrowings totalled DKK 27,392m (2023: DKK 30,763m) and current borrowings totalled DKK 10,748m (2023: DKK 8,338m). The Group continuously assesses the maturity and repayment profile of its debt. No major refinancing has been carried out in 2024, but the Group has secured a GBP 4.3bn bridge facility to finance the acquisition of the Britvic Group and refinanced the revolving credit facility, cf. section 4.10. Total borrowings decreased by DKK 1.0bn. Non-current borrowings decreased by DKK 3.4bn, as a EUR 0.5bn EMTN bond that matures in September 2025 was reclassified to current. Current borrowings increased by DKK 2.4bn as the net effect of the repayment of a EUR 1bn EMTN bond in May 2024, the reclassification mentioned above and issuance of commercial paper. Of the gross financial debt at year-end, 72% (2023: 79%) was non-current, i.e. with maturity of more than one year. Gross financial debtDKK million 2024 2023Non-currentIssued bonds 25,603 29,270Bank borrowings 100 136Lease liabilities 1,668 1,335Other borrowings 21 22Total 27,392 30,763CurrentIssued bonds 3,726 7,448Bank borrowings 186 323Lease liabilities 455 466Commercial paper and other borrowings 6,381 101Total 10,748 8,338Total borrowings 38,140 39,101Fair value 37,855 38,449An overview of issued bonds is provided in section 4.8.Time to maturity for non-current borrowingsDKK million2024 1-2 years 2-3 years 3-4 years 4-5 years > 5 years TotalIssued bonds 5,587 3,719 5,191 2,965 8,141 25,603Bank borrowings 35 16 2 47 \u2013 100Lease liabilities 343 248 180 123 774 1,668Other borrowings 2 1 1 1 16 21Total 5,967 3,984 5,374 3,136 8,931 27,392Total 2023 4,210 5,752 3,838 5,261 11,702 30,763Changes in gross financial debtDKK million 2024 2023Gross financial debt at 1 January 39,101 28,646Proceeds from issue of bonds - 15,272Instalments on and proceeds from borrowings, non-current - -3,725Instalments on and proceeds from borrowings, current -7,460 -Instalments on lease liabilities -547 -466Commercial paper and other borrowings 6,096 -1,710External financing -1,911 9,371Change in bank overdrafts\u00b9 31 -Increase in lease liabilities\u00b9 896 674Change in net interest-bearing debt from acquisition and disposals of entities\u00b9 -66 417Other, including foreign exchange adjustments and amortisation\u00b9 89 -7Gross financial debt at 31 December 38,140 39,1011 Non-cash item.ACCOUNTING POLICIESBorrowingsBorrowings 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 4.8INTEREST 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 2024, the duration excluding interest rate swaps was 4.0 years (2023: 5.7 years). Interest rate risk is mainly managed using fixed-rate bonds, which are all denominated in EUR. At the reporting date, 97% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year (2023: 126%). During 2024 Carlsberg has entered into forward-starting interest rate swaps to hedge the interest rate risk on the bonds to be issued following the acquisition of the Britvic Group. These swaps are not included in the table below. Including the forward-starting interest rate swaps, the duration at 31 December 2024 would have been 8.9 years.Net financial debt by currencyDKK millionGross Net Gross Netfinancial financial financial financial debt, fixed debt, fixed 2024debtdebt Fixed%%\u00b9EUR 36,211 31,254 25,623 71% 82% CNY 133 -991 - - -USD 96 -217 - - -Other 1,700 -3,507 207 12% -6% Total 38,140 26,539 25,830 68% 97% 2023EUR 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% \u00b9 In some currencies the percentage of net debt at fixed interest rates is negative, as the total cash exceeds the total debt.On a gross debt basis, 68% was at fixed interest rates (2023: 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, 118% 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, exceed borrowings with a floating interest rate, hence an increase in interest rates would result in a decrease in net interest expenses. It is estimated that a 1 percentage point interest rate increase across currencies would lead to a decrease in net interest expenses of DKK 7m (2023: DKK 61m). All debts are carried at amortised cost, and changes in the interest rate will not impact the carrying amount of debt but will impact the fair value of debt, cf. section 4.7.1. The fair value of total gross borrowings was DKK 285m lower than the carrying amount (2023: DKK 652m lower). The fair value adjustment of the forward-starting interest rate swaps is recognised in other comprehensive income, and realised gains/losses will be amortised over the tenor of the forecast debt issuance. If all interest rates across tenor and currencies had been 1 percentage point higher at the reporting date, it would have led to a gain of DKK 2,367m (2023: DKK 1,326m), and a similar loss had the interest rate been 1 percentage point lower. Of this amount, DKK 1,300m relates to interest rate swaps.Interest rate riskDKK millionAverageInterest effectiveCarrying Interest 2024rateinterest rate Fixed foramountrate riskIssued bondsEUR 500m maturing 13 October 2025 Fixed 3.4% < 1 year 3,726 Fair valueEUR 750m maturing 26 November 2026 Fixed 3.6% 1-2 years 5,587 Fair valueEUR 500m maturing 30 June 2027 Fixed 0.5% 2-3 years 3,719 Fair valueEUR 700m maturing 5 October 2028 Fixed 4.2% 3-4 years 5,191 Fair valueEUR 400m maturing 1 July 2029 Fixed 1.0% 4-5 years 2,965 Fair valueEUR 500m maturing 11 March 2030 Fixed 0.7% > 5 years 3,715 Fair valueEUR 600m maturing 5 October 2033 Fixed 4.4% > 5 years 4,426 Fair valueTotal 2.8% 29,329Total 2023 2.7% 36,718Bank borrowings and other borrowingsFloating-rate Floating 3.2% < 1 year 8,584 Cash flowFixed-rate Fixed 6.7% > 1 year 227 Fair valueTotal 8,811Total 2023 2,383The sensitivity analysis is based on the financial instruments (borrowing, cash and cash equivalents, deposits and securities, and derivative financial instruments) recognised at the reporting date. The analysis was performed on the same basis as for 2023.4.9.3 NET FINANCEThe Group is exposed to foreign exchange risk on borrowings and trade payables denominated in a currency other than the functional currency of the local entities reporting these, as well as the risk that arises when net cash inflow is generated in one currency and borrowings are denominated and have to be repaid in another currency. The main currencies impacting net finance during 2024 were LAK and USD. The combined net foreign exchange and fair value adjustment loss, including the effect from hyperinflation in 2024, was DKK 159m (2023: DKK -151m).Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2024principalof swapswapCHF 475 912 1,387GBP 318 -22,774 -22,456EUR 36,211 17,639 53,850USD 96 1,555 1,651CNY 133 4,148 4,281Other 907 -1,480 -573Total 38,140 - 38,140Total 2023 39,101 - 39,1014.9.4 CONSOLIDATED PROFIT AND OTHER COMPREHENSIVE INCOMEConsolidated profit and net investment are exposed to foreign exchange translation risks where only the latter can be hedged for accounting purposes. The revaluation of the net investment is recognised in other comprehensive income, and the Group hedges part of this foreign exchange exposure by selling foreign currencies via foreign exchange forwards and non-deliverable forwards (NDF), designating these as net investment hedges. The basis for hedging is reviewed at least once a year, and the cost of hedging is balanced against the risk reduction.Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY and CHF, both of which are partly hedged. All the forward exchange contracts mature during 2025. At 31 December 2024, all adjustments of financial instruments have been recognised in other comprehensive income. Fair value adjustments of loans designated as strategic intra-group loans have also been recognised in other comprehensive income.The fair value of derivatives used as net investment hedges recognised at 31 December 2024 amounted to DKK-59m (2023: DKK -13m).The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer applies amounted to DKK -1,975m (2023: DKK -1,962m) on a pre-tax basis. Net investment hedges2024 Fair value of derivativesHedging of Intra-group investment, loans,amount in amount in Other local local comprehensive Average DKK millioncurrencycurrencyincome (DKK)hedged rate Asset LiabilityCNY -4,707 - -99 0.9650 - -57MYR -164 - -17 1.4863 - -18HKD - -4,896 -226 - - -CHF -280 - 92 8.0578 16 -3NOK -450 3,000 -87 0.6263 3 -SEK - -4,895 -3 - - -GBP - 237 47 - - -SGD - 28 -5 - - -CAD - 106 -14 - - -Total -312 19 -782023 Fair value of derivativesHedging of Intra-group investment, loans,Other amount in amount in comprehensive Average DKK millionlocal currencylocal currencyincome (DKK)hedged rate Asset LiabilityCNY -4,707 - 253 0.9713 71 -5MYR -128 - 16 1.5616 12 -HKD - -3,609 84 - - -CHF -294 - -100 7.8708 - -79NOK -450 3,000 -53 0.6300 - -12SEK - 2,245 7 - - -GBP - 44 -11 - - -SGD - 72 -2 - - -CAD - 104 -6 - - -Reclassified to the income statement - - 24 - - -Total 212 83 -964.9.5 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In 2024, net interest-bearing debt increased by DKK 65m (2023: DKK 614m) because of changes in foreign exchange rates and amortisation. EXCHANGE RATE SENSITIVITY ANALYSISAn increase in the exchange rates would, all other things being equal, have had the hypothetical impact on other comprehensive income (OCI) for 2024 illustrated in the below table and vice versa for a decrease in exchange rates. The calculation is based on cash flow hedges existing as at 31 December 2024. The sensitivity to GBP is due to the hedging of the Britvic Group acquisition and consequently higher than under normal circumstances. Exchange rate sensitivity \u2013 other comprehensive income2024 2023Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0.6310 -663 5% -33 0.6412 -36SEK/DKK 0.6523 -648 5% -32 0.6453 -40PLN/DKK 1.6912 -693 5% -35 1.5994 -36CHF/DKK 7.9583 -438 5% -22 7.8496 -31USD/DKK 6.5736 -46 5% -2 6.7677 -16GBP/DKK 9.0272 22,496 5% 1,125 - -UAH/DKK 0.1718 -387 20% -77 0.1875 -55Other N/A -28Total 924 -242APPLIED EXCHANGE RATESThe average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per currency through the year.Applied exchange ratesClosing rate Average rateDKK 2024 2023 2024 2023Swiss franc (CHF) 7.9067 8.0485 7.8216 7.6744Chinese yuan (CNY) 0.9786 0.9493 0.9549 0.9752Euro (EUR) 7.4600 7.4529 7.4591 7.4510Pound sterling (GBP) 8.9934 8.5759 8.8184 8.5829Indian rupee (INR) 0.0838 0.0812 0.0824 0.0834Laotian kip (LAK) 0.0003 0.0003 0.0003 0.0004Norwegian krone (NOK) 0.6298 0.6630 0.6412 0.6510Polish zloty (PLN) 1.7489 1.7175 1.7338 1.6467Ukrainian hryvnia (UAH) 0.1705 0.1766 0.1711 0.1882Swedish krona (SEK) 0.6495 0.6717 0.6523 0.6491",
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"f1__s9__7__125-1": {
"value": "SECTION 4.1FINANCIAL RISK MANAGEMENT AND CAPITAL STRUCTUREThe 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, cf. sections 4.8-4.10. To reduce exposure to these risks, the Group enters into a variety of financial instruments and generally seeks to apply hedge accounting to reduce volatility in the income statement.The Group\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 37-38). Management 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.The Group targets a leverage ratio below 2.5x. Leverage is measured as net interest-bearing debt/EBITDA; see section 4.6 for more about net interest-bearing debt. The leverage ratio at the end of 2024 was 1.73x (2023: 1.47x). The Group uses share buy-back programmes to return excess cash to shareholders and manage financial flexibility. 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 2.5x; see the management review for details of the capital allocation principles.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. Following the closing of the Britvic Group acquisition in January 2025, Fitch issued a Rating Action Commentary in which it left the long-term rating unchanged but with a negative outlook. See the Carlsberg Group\u2019s website for further details. Moody\u2019s has not issued any update following the closing of the Britvic transaction.Time to maturity for non-current borrowingsDKK million2024 1-2 years 2-3 years 3-4 years 4-5 years > 5 years TotalIssued bonds 5,587 3,719 5,191 2,965 8,141 25,603Bank borrowings 35 16 2 47 \u2013 100Lease liabilities 343 248 180 123 774 1,668Other borrowings 2 1 1 1 16 21Total 5,967 3,984 5,374 3,136 8,931 27,392Total 2023 4,210 5,752 3,838 5,261 11,702 30,763ASSESSMENT 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 interest, foreign exchange and aluminium derivatives with relationship banks, and the associated credit risk is mitigated to some extent by entering into ISDA agreements, partly because it is the same group of banks extending credit to the Group. The fair values of the derivatives reported above are the gross fair value receivables without taking account of the potential offset against fair value payables with the same bank.Carlsberg operates with individual limits on banks, based on rating and other factors. For some of the markets in which the Group operates and holds cash, the financial institutions do not have a BBB rating, in which case an exemption is approved by Group Treasury.EXPOSURE TO CREDIT RISK The carrying amount of DKK 11,601m (2023: DKK 15,618m) represents the maximum credit exposure related to cash and cash equivalents and deposits. The credit risk on receivables is described in section 1.4.3.SECTION 4.8INTEREST 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 2024, the duration excluding interest rate swaps was 4.0 years (2023: 5.7 years). Interest rate risk is mainly managed using fixed-rate bonds, which are all denominated in EUR. At the reporting date, 97% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year (2023: 126%). During 2024 Carlsberg has entered into forward-starting interest rate swaps to hedge the interest rate risk on the bonds to be issued following the acquisition of the Britvic Group. These swaps are not included in the table below. Including the forward-starting interest rate swaps, the duration at 31 December 2024 would have been 8.9 years.Net financial debt by currencyDKK millionGross Net Gross Netfinancial financial financial financial debt, fixed debt, fixed 2024debtdebt Fixed%%\u00b9EUR 36,211 31,254 25,623 71% 82% CNY 133 -991 - - -USD 96 -217 - - -Other 1,700 -3,507 207 12% -6% Total 38,140 26,539 25,830 68% 97% 2023EUR 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% \u00b9 In some currencies the percentage of net debt at fixed interest rates is negative, as the total cash exceeds the total debt.On a gross debt basis, 68% was at fixed interest rates (2023: 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, 118% 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, exceed borrowings with a floating interest rate, hence an increase in interest rates would result in a decrease in net interest expenses. It is estimated that a 1 percentage point interest rate increase across currencies would lead to a decrease in net interest expenses of DKK 7m (2023: DKK 61m). All debts are carried at amortised cost, and changes in the interest rate will not impact the carrying amount of debt but will impact the fair value of debt, cf. section 4.7.1. The fair value of total gross borrowings was DKK 285m lower than the carrying amount (2023: DKK 652m lower). The fair value adjustment of the forward-starting interest rate swaps is recognised in other comprehensive income, and realised gains/losses will be amortised over the tenor of the forecast debt issuance. If all interest rates across tenor and currencies had been 1 percentage point higher at the reporting date, it would have led to a gain of DKK 2,367m (2023: DKK 1,326m), and a similar loss had the interest rate been 1 percentage point lower. Of this amount, DKK 1,300m relates to interest rate swaps.Interest rate riskDKK millionAverageInterest effectiveCarrying Interest 2024rateinterest rate Fixed foramountrate riskIssued bondsEUR 500m maturing 13 October 2025 Fixed 3.4% < 1 year 3,726 Fair valueEUR 750m maturing 26 November 2026 Fixed 3.6% 1-2 years 5,587 Fair valueEUR 500m maturing 30 June 2027 Fixed 0.5% 2-3 years 3,719 Fair valueEUR 700m maturing 5 October 2028 Fixed 4.2% 3-4 years 5,191 Fair valueEUR 400m maturing 1 July 2029 Fixed 1.0% 4-5 years 2,965 Fair valueEUR 500m maturing 11 March 2030 Fixed 0.7% > 5 years 3,715 Fair valueEUR 600m maturing 5 October 2033 Fixed 4.4% > 5 years 4,426 Fair valueTotal 2.8% 29,329Total 2023 2.7% 36,718Bank borrowings and other borrowingsFloating-rate Floating 3.2% < 1 year 8,584 Cash flowFixed-rate Fixed 6.7% > 1 year 227 Fair valueTotal 8,811Total 2023 2,383The sensitivity analysis is based on the financial instruments (borrowing, cash and cash equivalents, deposits and securities, and derivative financial instruments) recognised at the reporting date. The analysis was performed on the same basis as for 2023.SECTION 4.9FOREIGN EXCHANGE AND COMMODITY RISK4.9.1 NET REVENUEDevelopments in exchange rates between DKK and the functional currencies had a negative impact of -0.7% on revenue and -3.1% on operating profit measured in DKK.REVENUE BY CURRENCY (%)2024 2023gEUR 19% 19% gCNY 17% 18% gGBP 11% 11% gDKK 9% 9% gCHF 6% 6% gNOK 6% 6% gPLN 4% 4% gSEK 4% 4% gLAK 4% 3% gOther 20% 20% EUR and DKK are in a fixed exchange rate relationship and consequently EUR is not hedged.Change in average FX Functional rate 2023 to Entities incurrency2024The eurozone EUR 0.1 %China CNY -2.1 %Norway NOK -1.5 %UK GBP 2.7 %Switzerland CHF 1.9 %Sweden SEK 0.5 %Laos LAK -13.9 %Ukraine UAH -9.1 %4.9.2 OPERATING PROFITTRANSACTION RISKThe 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 EUROPEFor 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 4.4. The hedged amounts and the sensitivity analysis regarding these hedges are shown in section 4.9.5.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 EUROPE AND INDIAThe largest foreign exchange risk relates to Ukraine and Kazakhstan and their raw and packaging materials in foreign currency. For 2024 and 2025, the Group has chosen to hedge a portion of Ukraine\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, and the revaluation of these is recognised in financial items. They are not designated as cash flow hedges, but, in economic terms, will give the Group some protection against depreciation of the local currency.4.9.3 NET FINANCEThe Group is exposed to foreign exchange risk on borrowings and trade payables denominated in a currency other than the functional currency of the local entities reporting these, as well as the risk that arises when net cash inflow is generated in one currency and borrowings are denominated and have to be repaid in another currency. The main currencies impacting net finance during 2024 were LAK and USD. The combined net foreign exchange and fair value adjustment loss, including the effect from hyperinflation in 2024, was DKK 159m (2023: DKK -151m).Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2024principalof swapswapCHF 475 912 1,387GBP 318 -22,774 -22,456EUR 36,211 17,639 53,850USD 96 1,555 1,651CNY 133 4,148 4,281Other 907 -1,480 -573Total 38,140 - 38,140Total 2023 39,101 - 39,1014.9.4 CONSOLIDATED PROFIT AND OTHER COMPREHENSIVE INCOMEConsolidated profit and net investment are exposed to foreign exchange translation risks where only the latter can be hedged for accounting purposes. The revaluation of the net investment is recognised in other comprehensive income, and the Group hedges part of this foreign exchange exposure by selling foreign currencies via foreign exchange forwards and non-deliverable forwards (NDF), designating these as net investment hedges. The basis for hedging is reviewed at least once a year, and the cost of hedging is balanced against the risk reduction.Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY and CHF, both of which are partly hedged. All the forward exchange contracts mature during 2025. At 31 December 2024, all adjustments of financial instruments have been recognised in other comprehensive income. Fair value adjustments of loans designated as strategic intra-group loans have also been recognised in other comprehensive income.The fair value of derivatives used as net investment hedges recognised at 31 December 2024 amounted to DKK-59m (2023: DKK -13m).The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer applies amounted to DKK -1,975m (2023: DKK -1,962m) on a pre-tax basis. Net investment hedges2024 Fair value of derivativesHedging of Intra-group investment, loans,amount in amount in Other local local comprehensive Average DKK millioncurrencycurrencyincome (DKK)hedged rate Asset LiabilityCNY -4,707 - -99 0.9650 - -57MYR -164 - -17 1.4863 - -18HKD - -4,896 -226 - - -CHF -280 - 92 8.0578 16 -3NOK -450 3,000 -87 0.6263 3 -SEK - -4,895 -3 - - -GBP - 237 47 - - -SGD - 28 -5 - - -CAD - 106 -14 - - -Total -312 19 -782023 Fair value of derivativesHedging of Intra-group investment, loans,Other amount in amount in comprehensive Average DKK millionlocal currencylocal currencyincome (DKK)hedged rate Asset LiabilityCNY -4,707 - 253 0.9713 71 -5MYR -128 - 16 1.5616 12 -HKD - -3,609 84 - - -CHF -294 - -100 7.8708 - -79NOK -450 3,000 -53 0.6300 - -12SEK - 2,245 7 - - -GBP - 44 -11 - - -SGD - 72 -2 - - -CAD - 104 -6 - - -Reclassified to the income statement - - 24 - - -Total 212 83 -964.9.5 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In 2024, net interest-bearing debt increased by DKK 65m (2023: DKK 614m) because of changes in foreign exchange rates and amortisation. EXCHANGE RATE SENSITIVITY ANALYSISAn increase in the exchange rates would, all other things being equal, have had the hypothetical impact on other comprehensive income (OCI) for 2024 illustrated in the below table and vice versa for a decrease in exchange rates. The calculation is based on cash flow hedges existing as at 31 December 2024. The sensitivity to GBP is due to the hedging of the Britvic Group acquisition and consequently higher than under normal circumstances. Exchange rate sensitivity \u2013 other comprehensive income2024 2023Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0.6310 -663 5% -33 0.6412 -36SEK/DKK 0.6523 -648 5% -32 0.6453 -40PLN/DKK 1.6912 -693 5% -35 1.5994 -36CHF/DKK 7.9583 -438 5% -22 7.8496 -31USD/DKK 6.5736 -46 5% -2 6.7677 -16GBP/DKK 9.0272 22,496 5% 1,125 - -UAH/DKK 0.1718 -387 20% -77 0.1875 -55Other N/A -28Total 924 -242APPLIED EXCHANGE RATESThe average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per currency through the year.Applied exchange ratesClosing rate Average rateDKK 2024 2023 2024 2023Swiss franc (CHF) 7.9067 8.0485 7.8216 7.6744Chinese yuan (CNY) 0.9786 0.9493 0.9549 0.9752Euro (EUR) 7.4600 7.4529 7.4591 7.4510Pound sterling (GBP) 8.9934 8.5759 8.8184 8.5829Indian rupee (INR) 0.0838 0.0812 0.0824 0.0834Laotian kip (LAK) 0.0003 0.0003 0.0003 0.0004Norwegian krone (NOK) 0.6298 0.6630 0.6412 0.6510Polish zloty (PLN) 1.7489 1.7175 1.7338 1.6467Ukrainian hryvnia (UAH) 0.1705 0.1766 0.1711 0.1882Swedish krona (SEK) 0.6495 0.6717 0.6523 0.64914.9.6 COMMODITY RISKCommodity 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 2024 had therefore been hedged through fixed-price purchase agreements entered into in 2023. Likewise, the majority of the exposure for 2025 was hedged in 2024.In the Group\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 also varies with respect to the aluminium spot premium.The aluminium price risk has been hedged for both 2024 and 2025, and for 2024 the aluminium spot premium was hedged using derivative financial instruments, applying hedge percentages in line with the policy. The fair values of the derivative financial instruments are specified in section 4.5.For sugar we enter into rolling forward hedges with suppliers fixing prices linked to official indices, for example NY11. As with barley and aluminium, the majority of the 2024 sugar exposure had been hedged in 2023. Likewise, the majority of the exposure for 2025 was hedged in 2024.Other commodities, such as PET resins, paper, rice and corn, are also hedged directly via suppliers fixing prices to the extent possible. For electricity and natural gas used in production of the Group\u2019s own products, most markets in Central & Eastern Europe and India and Asia are regulated with no possibility to hedge prices. In Western Europe, where most markets allow forward hedging, the majority of the Group\u2019s exposure is hedged up to a 15-month rolling basis. For the electricity used at the Fredericia site in Denmark, Carlsberg has entered a 10-year virtual PPA, which went live October 2024.ALUMINIUM PRICE SENSITIVITY ANALYSISAn increase in the LME price of aluminium would, all other things being equal, have had the hypothetical impact on other comprehensive income (OCI) for 2024 as illustrated in the table and vice versa for a decrease in aluminium prices. The calculation is based on hedges existing as at 31 December 2024.Hedging of raw material price riskSensitivity assumingDKK million 100% efficiency Time of maturityEffectTonnes Average Aluminium Changeon OCIpurchasedprice (DKK) 2024 2025 20262024 20% 333 93,341 17,189 - 82,826 10,5152023 20% 371 116,529 16,238 93,582 22,947 -SECTION 4.10FUNDING 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 diversifies its access to funding to avoid relying on a single source of funding.The Group has access to a committed EUR 2bn revolving credit facility (RCF) maturing in 2029 with options to extend by 1+1 years, which is currently not being utilised. In addition, the Group has committed cash pool bank overdraft facilities to cover the day-to-day liquidity needs and uncommitted access to the Euro Commercial Paper (ECP) market, which provides short-term funding. In 2024, the Group arranged a GBP 4.3bn bridge facility to ensure certainty of funds in relation to the Britvic Group acquisition. The use of funds from this facility is limited to specific purposes and has not been included in the table below or in the calculation of credit resources available.At 31 December 2024, bonds accounted for 77% of the gross funding. Committed credit facilities and credit resources availableDKK millionTotal committedUtilised2023 loans and portion of UnutilisedUnutilised credit credit creditcredit 2024facilitiesfacilitiesfacilitiesfacilitiesCurrent< 1 year 11,996 10,748 1,248 1,149Total current committed loans and credit facilities11,996 10,748 1,248 1,149Non-current1-2 years 5,977 5,967 10 -2-3 years 3,984 3,984 - 14,9123-4 years 5,553 5,374 1794-5 years 18,115 3,136 14,979 -> 5 years 8,931 8,931 - -Total non-current committed loans and credit facilities 42,560 27,392 15,168 14,912Cash and cash equivalents and deposits11,601 15,618Current portion of utilised credit facilities - - -10,748 -8,338Credit resources available (total non-current committed loans and credit facilities less net debt)16,021 22,192CREDIT 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.At 31 December 2024, the Group had total credit resources available of DKK 16,021m, consisting of cash and cash equivalents and deposits of DKK 11,601m plus committed unutilised non-current credit facilities of DKK 15,168m less utilisation of current facilities of DKK 10,748m. Including current credit facilities of DKK 1,248m, total committed unutilised credit facilities amounted to DKK 16,416m.Credit resources available at year-end 2024 were DKK 6.2bn lower than at year-end 2023, primarily as a result of the decrease in cash and deposits and the increase in utilisation of short-term credit facilities. 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 India and Asia are less integrated in terms of cash pools, and liquidity is managed via intra-group loans. For some markets in Asia, intra-group loans are not possible, and surplus liquidity will be paid out in the form of dividends, which results in a time lag between when the cash flow is generated and when it becomes available for repayment of Group debts. The most significant cash balances related to this delay are in India and Ukraine. Cash balances held in Ukraine of DKK 1.4bn are temporarily unavailable for Group purposes due to the ongoing war. Maturity of financial liabilitiesDKK millionMaturityContractualMaturity> 1 yearMaturityCarrying2024cash flows< 1 year< 5 years> 5 yearsamountDerivative financial instrumentsDerivative financial instruments, payables 296 296 - - 319Non-derivative financial instrumentsGross financial debt 38,338 10,776 18,566 8,996 38,140Interest expenses 3,852 1,084 2,038 730 N/ATrade payables and deposits on returnable packing materials 25,045 25,045 - - 25,045Contingent liabilities 220 220 - - N/AContingent and deferred considerations 1,916 433 1,483 - 1,916Non-derivative financial instruments 69,371 37,558 22,087 9,726 -Financial liabilities 69,667 37,854 22,087 9,726 -Total 2023 73,288 38,813 21,719 12,756 -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 38,338m in 2024 (2023: DKK 39,278m), whereas the total carrying amount was DKK 38,140m (2023: DKK\ue7fe39,101m). The difference between these amounts relates to establishment costs, which are capitalised on initial recognition and amortised over the duration of the borrowings.The interest expense is the contractual cash flows expected on the gross financial debt existing at 31 December 2024. The cash flow is estimated based on the notional amount of the above-mentioned borrowings and expected interest rates at year-end 2024 and 2023. Interest on debt recognised at year-end 2024 and 2023 for which no contractual obligation exists (current borrowing and other debts) has been included for a two-year period. The synthetic interest on lease liabilities has also been included for a two-year period. The interest applied to the part of the debt where no contractual obligation exists is 3.25% for 2025 and 3.0% for 2026 (2023: 4.0% for 2024 and 2.5% for 2025).",
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"value": "Management 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.The Group targets a leverage ratio below 2.5x. Leverage is measured as net interest-bearing debt/EBITDA; see section 4.6 for more about net interest-bearing debt. The leverage ratio at the end of 2024 was 1.73x (2023: 1.47x). The Group uses share buy-back programmes to return excess cash to shareholders and manage financial flexibility. 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 2.5x; see the management review for details of the capital allocation principles.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. Following the closing of the Britvic Group acquisition in January 2025, Fitch issued a Rating Action Commentary in which it left the long-term rating unchanged but with a negative outlook. See the Carlsberg Group\u2019s website for further details. Moody\u2019s has not issued any update following the closing of the Britvic transaction.",
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"value": "SECTION 4.2EQUITYEQUITY (DKKbn) 2.40.10.92.38.0-2.030.6-1.825.7-5.0EquityContinuingDiscontinuedForeign Hyper-OtherShare Non-Dividends Equity atat 1 operationsoperationsexchange inflationbuy-backcontrollingpaid31 JanuaryadjustmentsinterestsDecemberTransactions with shareholders in Carlsberg A/SDKK million 2024 2023Dividends paid to shareholders -3,601 -3,695 Share buy-back -1,960 -3,200 Total -5,561 -6,895 DIVIDENDSThe Group proposes a dividend of DKK 27.00 per share (2023: DKK 27.00 per share), amounting to DKK 3,625m (2023: DKK 3,709m). The proposed dividend has been included in retained earnings at 31 December 2024.Dividends to be paid out in 2025 for 2024, net of dividends on treasury shares held at 31 December 2024, will amount to DKK 3,566m (paid out in 2024 for 2023: DKK 3,621m). Dividends to non-controlling interests of DKK 43m were declared and reported as payable at 31 December 2023 and paid out in 2024. At 31 December 2024, dividends to non-controlling interests of DKK 55m were payable.NON-CONTROLLING INTERESTSTransactions with non-controlling interestsDKK million 2024 2023Dividends paid to non-controlling interests -1,364 -1,106 Consideration paid for acquisition of non-controlling interests -5,099 - Total -6,463 -1,106 The acquisition of non-controlling interests in 2024 mainly related to shares in Carlsberg South Asia and Carlsberg Marston\u2019s Brewing Company, cf. section 5.2.Proposed dividendsThe proposed dividend is recognised as a liability at the date when it is adopted at the Annual General Meeting (declaration date).",
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"value": "SECTION 4.2EQUITYEQUITY (DKKbn) 2.40.10.92.38.0-2.030.6-1.825.7-5.0EquityContinuingDiscontinuedForeign Hyper-OtherShare Non-Dividends Equity atat 1 operationsoperationsexchange inflationbuy-backcontrollingpaid31 JanuaryadjustmentsinterestsDecember4.2.1 TRANSACTIONS WITH SHAREHOLDERS SHARE CAPITALClass A shares Class B shares Total share capitalNominalNominalNominalShares ofvalue,Shares ofvalue,Shares ofvalue,DKK 20DKK \u2019000DKK 20DKK \u2019000DKK 20DKK \u20190001 January 2023 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 2,747,136Cancellation of treasury shares - - -3,100,000 -62,000 -3,100,000 -62,00031 December 2024 33,699,252 673,985 100,557,554 2,011,151 134,256,806 2,685,136A 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.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 Group\u2019s long-term development. At the Annual General Meeting on 11\ue7feMarch 2024, it was decided to reduce the share capital of Carlsberg A/S by a nominal amount of DKK 62,000,000 to a nominal amount of DKK 2,685,136,120 by cancelling 3,100,000 of the B shares held by the Company, each with a nominal value of DKK 20. The cancellation was completed on 9\ue7feApril 2024. These shares had been repurchased as part of the Company\u2019s share buy-back programmes.At the Annual General Meeting on 17\ue7feMarch 2025, the Supervisory Board will recommend that 1,600,000 treasury shares not used for the hedging of the incentive programme be cancelled.",
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"value": "SECTION 4.2EQUITYEQUITY (DKKbn) 2.40.10.92.38.0-2.030.6-1.825.7-5.0EquityContinuingDiscontinuedForeign Hyper-OtherShare Non-Dividends Equity atat 1 operationsoperationsexchange inflationbuy-backcontrollingpaid31 JanuaryadjustmentsinterestsDecember4.2.1 TRANSACTIONS WITH SHAREHOLDERS SHARE CAPITALClass A shares Class B shares Total share capitalNominalNominalNominalShares ofvalue,Shares ofvalue,Shares ofvalue,DKK 20DKK \u2019000DKK 20DKK \u2019000DKK 20DKK \u20190001 January 2023 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 2,747,136Cancellation of treasury shares - - -3,100,000 -62,000 -3,100,000 -62,00031 December 2024 33,699,252 673,985 100,557,554 2,011,151 134,256,806 2,685,136A 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.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 Group\u2019s long-term development. At the Annual General Meeting on 11\ue7feMarch 2024, it was decided to reduce the share capital of Carlsberg A/S by a nominal amount of DKK 62,000,000 to a nominal amount of DKK 2,685,136,120 by cancelling 3,100,000 of the B shares held by the Company, each with a nominal value of DKK 20. The cancellation was completed on 9\ue7feApril 2024. These shares had been repurchased as part of the Company\u2019s share buy-back programmes.At the Annual General Meeting on 17\ue7feMarch 2025, the Supervisory Board will recommend that 1,600,000 treasury shares not used for the hedging of the incentive programme be cancelled.SHARE BUY-BACK AND TREASURY SHARESOn 7\ue7feFebruary 2024, the Company announced its intention to continue the share buy-back, executed as quarterly programmes. On 8 July, the Group terminated its share buy-back programme following the announcement of the Group\u2019s recommended offer to acquire Britvic Plc. In 2024, a total of 2,123,980 B shares worth DKK 2.0bn were repurchased. The Group generally intends to cancel treasury shares that are not used for hedging of incentive programmes.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-2024translationreservesearnings Totalinterestssive incomeForeign exchange adjustments of foreign entities 816 - - 816 58 874Hyperinflation restatement of equity at 1 January 1,481 - - 1,481 947 2,428Value adjustments of hedging instruments -312 310 - -2 4 2Retirement benefit obligations - - -79 -79 -17 -96Income tax 57 -29 16 44 -1 43Total 2,042 281 -63 2,260 991 3,2512023Foreign 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 38,556",
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"value": "SHARE BUY-BACK AND TREASURY SHARESOn 7\ue7feFebruary 2024, the Company announced its intention to continue the share buy-back, executed as quarterly programmes. On 8 July, the Group terminated its share buy-back programme following the announcement of the Group\u2019s recommended offer to acquire Britvic Plc. In 2024, a total of 2,123,980 B shares worth DKK 2.0bn were repurchased. The Group generally intends to cancel treasury shares that are not used for hedging of incentive programmes.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 sharesNominalPercentage Fair value, Shares ofvalue, of share DKKmDKK 20DKKmcapital1 January 2023 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 %Acquisition of treasury shares 2,123,980 42.5 1.6 %Cancellation of treasury shares -3,100,000 -62.0 -2.3 %Used to settle share-based payments -88,251 -1.7 -0.1 %31 December 2024 1,503 2,178,219 43.6 1.6 %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:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s9__7__130": {
"value": "27.0",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
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"unit": "iso4217:DKK/xbrli:shares"
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},
"f1__s9__8__131": {
"value": "27.0",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
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"f1__s9__7__137-1": {
"value": "NON-CONTROLLING INTERESTSTransactions with non-controlling interestsDKK million 2024 2023Dividends paid to non-controlling interests -1,364 -1,106 Consideration paid for acquisition of non-controlling interests -5,099 - Total -6,463 -1,106 The acquisition of non-controlling interests in 2024 mainly related to shares in Carlsberg South Asia and Carlsberg Marston\u2019s Brewing Company, cf. section 5.2.NON-CONTROLLING INTERESTSTransactions with non-controlling interestsDKK million Changes in equityShareholders in Non-controlling 2024Carlsberg A/Sinterests Total equityChanges in ownership 1,160 436 1,596Transaction cost related to changes in ownership 24 - 24Fair value adjustments of contingent consideration and other transactions with non-controlling interests 194 - 194Recognised in equity 1,378 436 1,814The Group\u2019s non-controlling interests consist of Lao Brewery, Carlsberg Chongqing Breweries Group, Carlsberg Malaysia Group and other non-controlling interests, primarily in the Asia region. Non-controlling interests are not individually material to the Group\u2019s total profit.2024On 31 July, the Group acquired 40% of Carlsberg Marston\u2019s Brewing Company for a purchase price of DKK 1,832m (GBP 206m) and now owns 100% of the company. The acquisition resulted in an adjustment to equity of DKK -1,477m and derecognition of non-controlling interests of DKK 345m. On 29 November, the Group completed its acquisition of the remaining 33% of Carlsberg South Asia Pte Ltd (CSAPL) for a purchase price of DKK 4,991m (USD 706m) and now owns 100% of the company. The derecognition of the previous put liability to purchase the shareholding was recognised directly in equity and amounted to DKK 5,263m, resulting in a net impact from the transaction on equity of DKK 272m. On 4 December, the Group received the remaining 10% shareholding in Carlsberg Kazakhstan from Baltika Breweries as part of the agreement to dispose of the Russian business, cf. section 5.3. The transfer resulted in an adjustment to equity of DKK 45m and derecognition of non-controlling interests of DKK 91m. 2023The Group did not complete any acquisitions or disposals of non-controlling interests in 2023.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 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.Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for the Group\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.Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.",
"dimensions": {
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"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s9__7__133": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__134": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s9__7__140-1": {
"value": "4.2.2 OTHER COMPREHENSIVE INCOMEOther comprehensive income has mainly been impacted by the restatement adjustment for hyperinflation in Laos of DKK 2.4bn and positive foreign exchange adjustments of DKK 0.9bn from translation of Group entities with a functional currency other than DKK.SECTION 4.4FINANCIAL INCOME AND EXPENSESFinancial items recognised in the income statementDKK million 2024 2023Financial incomeInterest income 408 381Foreign exchange gains 189 -Fair value adjustment gains - 60Interest on plan assets, defined benefit plans 298 309Reversal of impairments of financial assets 5 -Monetary gain on hyperinflation restatement 50 -Other 9 5Total 959 755Financial expensesInterest expenses -1,060 -752Capitalised financial expenses 12 8Foreign exchange losses - -211Fair value adjustment losses -80 -Interest expenses on obligations, defined benefit plans -335 -339Interest expenses, lease liabilities -57 -32Bank fees -178 -142Other -166 -131Total -1,864 -1,599Financial items, net, recognised in the income statement -905 -844Financial items excluding foreign exchange, net -1,064 -693Interest income primarily relates to interest on cash and cash equivalents and interest expenses primarily relate to issued bonds measured at amortised cost.The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK -80m (2023: DKK 60m of gains), and includes DKK -2m regarding ineffective portions of aluminium hedges designated as cash flow hedges.Foreign exchange gains amounted to DKK 189m (2023: DKK 211m of losses) and the monetary gain from hyperinflation to DKK 50m (2023: DKK 0m), cf. section 8.1. In total foreign exchange and fair value adjustment gains and losses and the monetary gain from hyperinflation amounted to DKK 159m (2023: DKK -151m).SECTION 4.9FOREIGN EXCHANGE AND COMMODITY RISK4.9.1 NET REVENUEDevelopments in exchange rates between DKK and the functional currencies had a negative impact of -0.7% on revenue and -3.1% on operating profit measured in DKK.REVENUE BY CURRENCY (%)2024 2023gEUR 19% 19% gCNY 17% 18% gGBP 11% 11% gDKK 9% 9% gCHF 6% 6% gNOK 6% 6% gPLN 4% 4% gSEK 4% 4% gLAK 4% 3% gOther 20% 20% EUR and DKK are in a fixed exchange rate relationship and consequently EUR is not hedged.Change in average FX Functional rate 2023 to Entities incurrency2024The eurozone EUR 0.1 %China CNY -2.1 %Norway NOK -1.5 %UK GBP 2.7 %Switzerland CHF 1.9 %Sweden SEK 0.5 %Laos LAK -13.9 %Ukraine UAH -9.1 %4.9.2 OPERATING PROFITTRANSACTION RISKThe 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 EUROPEFor 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 4.4. The hedged amounts and the sensitivity analysis regarding these hedges are shown in section 4.9.5.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 EUROPE AND INDIAThe largest foreign exchange risk relates to Ukraine and Kazakhstan and their raw and packaging materials in foreign currency. For 2024 and 2025, the Group has chosen to hedge a portion of Ukraine\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, and the revaluation of these is recognised in financial items. They are not designated as cash flow hedges, but, in economic terms, will give the Group some protection against depreciation of the local currency.4.9.3 NET FINANCEThe Group is exposed to foreign exchange risk on borrowings and trade payables denominated in a currency other than the functional currency of the local entities reporting these, as well as the risk that arises when net cash inflow is generated in one currency and borrowings are denominated and have to be repaid in another currency. The main currencies impacting net finance during 2024 were LAK and USD. The combined net foreign exchange and fair value adjustment loss, including the effect from hyperinflation in 2024, was DKK 159m (2023: DKK -151m).Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2024principalof swapswapCHF 475 912 1,387GBP 318 -22,774 -22,456EUR 36,211 17,639 53,850USD 96 1,555 1,651CNY 133 4,148 4,281Other 907 -1,480 -573Total 38,140 - 38,140Total 2023 39,101 - 39,1014.9.4 CONSOLIDATED PROFIT AND OTHER COMPREHENSIVE INCOMEConsolidated profit and net investment are exposed to foreign exchange translation risks where only the latter can be hedged for accounting purposes. The revaluation of the net investment is recognised in other comprehensive income, and the Group hedges part of this foreign exchange exposure by selling foreign currencies via foreign exchange forwards and non-deliverable forwards (NDF), designating these as net investment hedges. The basis for hedging is reviewed at least once a year, and the cost of hedging is balanced against the risk reduction.Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY and CHF, both of which are partly hedged. All the forward exchange contracts mature during 2025. At 31 December 2024, all adjustments of financial instruments have been recognised in other comprehensive income. Fair value adjustments of loans designated as strategic intra-group loans have also been recognised in other comprehensive income.The fair value of derivatives used as net investment hedges recognised at 31 December 2024 amounted to DKK-59m (2023: DKK -13m).The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer applies amounted to DKK -1,975m (2023: DKK -1,962m) on a pre-tax basis. Net investment hedges2024 Fair value of derivativesHedging of Intra-group investment, loans,amount in amount in Other local local comprehensive Average DKK millioncurrencycurrencyincome (DKK)hedged rate Asset LiabilityCNY -4,707 - -99 0.9650 - -57MYR -164 - -17 1.4863 - -18HKD - -4,896 -226 - - -CHF -280 - 92 8.0578 16 -3NOK -450 3,000 -87 0.6263 3 -SEK - -4,895 -3 - - -GBP - 237 47 - - -SGD - 28 -5 - - -CAD - 106 -14 - - -Total -312 19 -782023 Fair value of derivativesHedging of Intra-group investment, loans,Other amount in amount in comprehensive Average DKK millionlocal currencylocal currencyincome (DKK)hedged rate Asset LiabilityCNY -4,707 - 253 0.9713 71 -5MYR -128 - 16 1.5616 12 -HKD - -3,609 84 - - -CHF -294 - -100 7.8708 - -79NOK -450 3,000 -53 0.6300 - -12SEK - 2,245 7 - - -GBP - 44 -11 - - -SGD - 72 -2 - - -CAD - 104 -6 - - -Reclassified to the income statement - - 24 - - -Total 212 83 -964.9.5 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In 2024, net interest-bearing debt increased by DKK 65m (2023: DKK 614m) because of changes in foreign exchange rates and amortisation. EXCHANGE RATE SENSITIVITY ANALYSISAn increase in the exchange rates would, all other things being equal, have had the hypothetical impact on other comprehensive income (OCI) for 2024 illustrated in the below table and vice versa for a decrease in exchange rates. The calculation is based on cash flow hedges existing as at 31 December 2024. The sensitivity to GBP is due to the hedging of the Britvic Group acquisition and consequently higher than under normal circumstances. Exchange rate sensitivity \u2013 other comprehensive income2024 2023Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0.6310 -663 5% -33 0.6412 -36SEK/DKK 0.6523 -648 5% -32 0.6453 -40PLN/DKK 1.6912 -693 5% -35 1.5994 -36CHF/DKK 7.9583 -438 5% -22 7.8496 -31USD/DKK 6.5736 -46 5% -2 6.7677 -16GBP/DKK 9.0272 22,496 5% 1,125 - -UAH/DKK 0.1718 -387 20% -77 0.1875 -55Other N/A -28Total 924 -242APPLIED EXCHANGE RATESThe average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per currency through the year.Applied exchange ratesClosing rate Average rateDKK 2024 2023 2024 2023Swiss franc (CHF) 7.9067 8.0485 7.8216 7.6744Chinese yuan (CNY) 0.9786 0.9493 0.9549 0.9752Euro (EUR) 7.4600 7.4529 7.4591 7.4510Pound sterling (GBP) 8.9934 8.5759 8.8184 8.5829Indian rupee (INR) 0.0838 0.0812 0.0824 0.0834Laotian kip (LAK) 0.0003 0.0003 0.0003 0.0004Norwegian krone (NOK) 0.6298 0.6630 0.6412 0.6510Polish zloty (PLN) 1.7489 1.7175 1.7338 1.6467Ukrainian hryvnia (UAH) 0.1705 0.1766 0.1711 0.1882Swedish krona (SEK) 0.6495 0.6717 0.6523 0.6491",
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"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__141": {
"value": "SECTION 4.3EARNINGS PER SHAREDuring 2024, the Group repurchased a total of 2.1 million B shares under the share buy-back programmes. The share buy-back programmes decreased the average number of shares by 3.5 million, which in turn increased adjusted earnings per share for continuing operations by DKK 1.4. The adjustment for special items after tax increased adjusted earnings per share by DKK 3.2.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 2024 2023Earnings per share of DKK 20 (EPS) 68.7 -299.7 Continuing operations 51.7 51.1 Discontinued operations 17.0 -350.8 Diluted earnings per share of DKK 20 (EPS-D) 68.6 -299.7 Continuing operations 51.6 51.0 Discontinued operations 17.0 -350.7 Earnings per share, adjusted (EPS-A) 54.9 60.0 Continuing operations 54.9 54.6 Discontinued operations - 5.5 Average number of shares1,000 sharesAverage number of issued shares 135,104 138,590 Average number of treasury shares -2,478 -2,501 Average number of shares 132,626 136,089 Average dilutive effect of share-based incentives 296 366 Diluted average number of shares 132,922 136,455 Profit attributable to shareholdersDKK millionProfit for the period 10,263 -39,777 Non-controlling interests -1,147 -1,011 Profit attributable to shareholders in Carlsberg A/S (net profit) 9,116 -40,788 Special items after tax in continuing and discontinued operations -1,836 48,951 Profit attributable to shareholders in Carlsberg A/S, adjusted 7,280 8,163 Net result from discontinued operations adjusted for special items after tax - -738 Profit attributable to shareholders in Carlsberg A/S, adjusted, continuing operations 7,280 7,425",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__147": {
"value": "SECTION 4.4FINANCIAL INCOME AND EXPENSESFinancial items recognised in the income statementDKK million 2024 2023Financial incomeInterest income 408 381Foreign exchange gains 189 -Fair value adjustment gains - 60Interest on plan assets, defined benefit plans 298 309Reversal of impairments of financial assets 5 -Monetary gain on hyperinflation restatement 50 -Other 9 5Total 959 755Financial expensesInterest expenses -1,060 -752Capitalised financial expenses 12 8Foreign exchange losses - -211Fair value adjustment losses -80 -Interest expenses on obligations, defined benefit plans -335 -339Interest expenses, lease liabilities -57 -32Bank fees -178 -142Other -166 -131Total -1,864 -1,599Financial items, net, recognised in the income statement -905 -844Financial items excluding foreign exchange, net -1,064 -693Interest income primarily relates to interest on cash and cash equivalents and interest expenses primarily relate to issued bonds measured at amortised cost.The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK -80m (2023: DKK 60m of gains), and includes DKK -2m regarding ineffective portions of aluminium hedges designated as cash flow hedges.Foreign exchange gains amounted to DKK 189m (2023: DKK 211m of losses) and the monetary gain from hyperinflation to DKK 50m (2023: DKK 0m), cf. section 8.1. In total foreign exchange and fair value adjustment gains and losses and the monetary gain from hyperinflation amounted to DKK 159m (2023: DKK -151m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s9__7__146": {
"value": "SECTION 4.4FINANCIAL INCOME AND EXPENSESFinancial items recognised in the income statementDKK million 2024 2023Financial incomeInterest income 408 381Foreign exchange gains 189 -Fair value adjustment gains - 60Interest on plan assets, defined benefit plans 298 309Reversal of impairments of financial assets 5 -Monetary gain on hyperinflation restatement 50 -Other 9 5Total 959 755Financial expensesInterest expenses -1,060 -752Capitalised financial expenses 12 8Foreign exchange losses - -211Fair value adjustment losses -80 -Interest expenses on obligations, defined benefit plans -335 -339Interest expenses, lease liabilities -57 -32Bank fees -178 -142Other -166 -131Total -1,864 -1,599Financial items, net, recognised in the income statement -905 -844Financial items excluding foreign exchange, net -1,064 -693Interest income primarily relates to interest on cash and cash equivalents and interest expenses primarily relate to issued bonds measured at amortised cost.The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK -80m (2023: DKK 60m of gains), and includes DKK -2m regarding ineffective portions of aluminium hedges designated as cash flow hedges.Foreign exchange gains amounted to DKK 189m (2023: DKK 211m of losses) and the monetary gain from hyperinflation to DKK 50m (2023: DKK 0m), cf. section 8.1. In total foreign exchange and fair value adjustment gains and losses and the monetary gain from hyperinflation amounted to DKK 159m (2023: DKK -151m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__145": {
"value": "SECTION 4.4FINANCIAL INCOME AND EXPENSESFinancial items recognised in the income statementDKK million 2024 2023Financial incomeInterest income 408 381Foreign exchange gains 189 -Fair value adjustment gains - 60Interest on plan assets, defined benefit plans 298 309Reversal of impairments of financial assets 5 -Monetary gain on hyperinflation restatement 50 -Other 9 5Total 959 755Financial expensesInterest expenses -1,060 -752Capitalised financial expenses 12 8Foreign exchange losses - -211Fair value adjustment losses -80 -Interest expenses on obligations, defined benefit plans -335 -339Interest expenses, lease liabilities -57 -32Bank fees -178 -142Other -166 -131Total -1,864 -1,599Financial items, net, recognised in the income statement -905 -844Financial items excluding foreign exchange, net -1,064 -693Interest income primarily relates to interest on cash and cash equivalents and interest expenses primarily relate to issued bonds measured at amortised cost.The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK -80m (2023: DKK 60m of gains), and includes DKK -2m regarding ineffective portions of aluminium hedges designated as cash flow hedges.Foreign exchange gains amounted to DKK 189m (2023: DKK 211m of losses) and the monetary gain from hyperinflation to DKK 50m (2023: DKK 0m), cf. section 8.1. In total foreign exchange and fair value adjustment gains and losses and the monetary gain from hyperinflation amounted to DKK 159m (2023: DKK -151m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__144": {
"value": "SECTION 4.4FINANCIAL INCOME AND EXPENSESFinancial items recognised in the income statementDKK million 2024 2023Financial incomeInterest income 408 381Foreign exchange gains 189 -Fair value adjustment gains - 60Interest on plan assets, defined benefit plans 298 309Reversal of impairments of financial assets 5 -Monetary gain on hyperinflation restatement 50 -Other 9 5Total 959 755Financial expensesInterest expenses -1,060 -752Capitalised financial expenses 12 8Foreign exchange losses - -211Fair value adjustment losses -80 -Interest expenses on obligations, defined benefit plans -335 -339Interest expenses, lease liabilities -57 -32Bank fees -178 -142Other -166 -131Total -1,864 -1,599Financial items, net, recognised in the income statement -905 -844Financial items excluding foreign exchange, net -1,064 -693Interest income primarily relates to interest on cash and cash equivalents and interest expenses primarily relate to issued bonds measured at amortised cost.The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK -80m (2023: DKK 60m of gains), and includes DKK -2m regarding ineffective portions of aluminium hedges designated as cash flow hedges.Foreign exchange gains amounted to DKK 189m (2023: DKK 211m of losses) and the monetary gain from hyperinflation to DKK 50m (2023: DKK 0m), cf. section 8.1. In total foreign exchange and fair value adjustment gains and losses and the monetary gain from hyperinflation amounted to DKK 159m (2023: DKK -151m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__143": {
"value": "SECTION 4.4FINANCIAL INCOME AND EXPENSESFinancial items recognised in the income statementDKK million 2024 2023Financial incomeInterest income 408 381Foreign exchange gains 189 -Fair value adjustment gains - 60Interest on plan assets, defined benefit plans 298 309Reversal of impairments of financial assets 5 -Monetary gain on hyperinflation restatement 50 -Other 9 5Total 959 755Financial expensesInterest expenses -1,060 -752Capitalised financial expenses 12 8Foreign exchange losses - -211Fair value adjustment losses -80 -Interest expenses on obligations, defined benefit plans -335 -339Interest expenses, lease liabilities -57 -32Bank fees -178 -142Other -166 -131Total -1,864 -1,599Financial items, net, recognised in the income statement -905 -844Financial items excluding foreign exchange, net -1,064 -693Interest income primarily relates to interest on cash and cash equivalents and interest expenses primarily relate to issued bonds measured at amortised cost.The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK -80m (2023: DKK 60m of gains), and includes DKK -2m regarding ineffective portions of aluminium hedges designated as cash flow hedges.Foreign exchange gains amounted to DKK 189m (2023: DKK 211m of losses) and the monetary gain from hyperinflation to DKK 50m (2023: DKK 0m), cf. section 8.1. In total foreign exchange and fair value adjustment gains and losses and the monetary gain from hyperinflation amounted to DKK 159m (2023: DKK -151m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s9__7__142": {
"value": "SECTION 4.4FINANCIAL INCOME AND EXPENSESFinancial items recognised in the income statementDKK million 2024 2023Financial incomeInterest income 408 381Foreign exchange gains 189 -Fair value adjustment gains - 60Interest on plan assets, defined benefit plans 298 309Reversal of impairments of financial assets 5 -Monetary gain on hyperinflation restatement 50 -Other 9 5Total 959 755Financial expensesInterest expenses -1,060 -752Capitalised financial expenses 12 8Foreign exchange losses - -211Fair value adjustment losses -80 -Interest expenses on obligations, defined benefit plans -335 -339Interest expenses, lease liabilities -57 -32Bank fees -178 -142Other -166 -131Total -1,864 -1,599Financial items, net, recognised in the income statement -905 -844Financial items excluding foreign exchange, net -1,064 -693Interest income primarily relates to interest on cash and cash equivalents and interest expenses primarily relate to issued bonds measured at amortised cost.The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK -80m (2023: DKK 60m of gains), and includes DKK -2m regarding ineffective portions of aluminium hedges designated as cash flow hedges.Foreign exchange gains amounted to DKK 189m (2023: DKK 211m of losses) and the monetary gain from hyperinflation to DKK 50m (2023: DKK 0m), cf. section 8.1. In total foreign exchange and fair value adjustment gains and losses and the monetary gain from hyperinflation amounted to DKK 159m (2023: DKK -151m).",
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"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s9__7__149-1": {
"value": "The Group enters into derivative financial instruments to hedge foreign exchange and commodity risks, cf. section 4.9, and seeks to apply hedge accounting when this is possible. Hedging of future, highly probable forecast transactions is designated as cash flow hedges. Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities and are presented in section 4.5.The impact on other comprehensive income and the fair value of derivatives designated as cash flow hedges, and the impact on the income statement and the fair value of derivates not designated as hedging instruments are presented in the tables below. The impact on other comprehensive income and the fair value of derivatives designated as net investment hedges is presented in section 4.9.4.Total net gain on cash flow hedges recognised in other comprehensive income was DKK 314m with gains on aluminium and exchange rate instruments and losses on interest rate instruments and energy. The energy hedge is a power purchase agreement that secures fixed-price electricity for 10 years and commenced in October 2024.Financial derivatives not designated as hedging instruments (economic hedges)DKK millionIncome Fair value, Fair value, Fair value, 2024statementreceivablespayablesnetExchange rate instruments -78 41 -73 -32Ineffectiveness -2 - - -Total -80 41 -73 -322023Exchange rate instruments 69 101 -53 48Ineffectiveness -9 - - -Total 60 101 -53 48Financial items recognised in other comprehensive incomeDKK million 2024 2023Foreign exchange adjustments of foreign entitiesForeign currency translation of foreign entities 918 -3,143Reclassification of cumulative translation differences of step-acquired and deconsolidated entities -44 40,924Total 874 37,781Fair value adjustments of hedging instrumentsChange in fair value of effective portion of cash flow hedges 246 -174Change in fair value of cash flow hedges transferred or reclassified to the income statement, intangible assets and property, plant and equipment 68 882Change in fair value of net investment hedges -312 212Total 2 920Financial items, net, recognised in other comprehensive income 876 38,701Of the net change in fair value of cash flow hedges transferred or reclassified to the income statement, DKK 64m (2023: DKK -280m) has been included in revenue and cost of sales, DKK 0m (2023: DKK -22m) in special items, DKK 2m (2023: DKK 0m) in financial items, DKK 0m (2023: DKK-545m) in net result from discontinued operations, and DKK 2m (2023: DKK -18m) in intangible assets and property, plant and equipment. Cash flow hedgesDKK million Expected recognitionOthercomprehen-Fair value, Fair value, Fair value, 20262024sive incomereceivablespayablesnet 2025and laterExchange rate instruments 261 158 -151 7 7 -Interest rate instruments -15 - -15 -15 -2 -13Aluminium 116 116 -2 114 114 -Energy -48 - - - - -Total 314 274 -168 106 119 -13Othercomprehen-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 61ACCOUNTING ESTIMATES AND 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.ACCOUNTING POLICIESDerivative 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\u2022 Derivatives not designated as hedging instrumentsThe fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values are offset only when the Group has the right and the intention to settle several financial instruments net.Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial income or expenses in the income statement. Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the hedged item. For hedges of raw and packaging materials, the realised gains and losses will go via a basis adjustment of inventory. The effectiveness is assessed at least twice a year.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in other comprehensive income. On completion the realised gain/loss is recognised as a base adjustment to the carrying amount of the investment.Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, average hedge rates and fair values are disclosed in section 4.9.4.4.9.4 CONSOLIDATED PROFIT AND OTHER COMPREHENSIVE INCOMEConsolidated profit and net investment are exposed to foreign exchange translation risks where only the latter can be hedged for accounting purposes. The revaluation of the net investment is recognised in other comprehensive income, and the Group hedges part of this foreign exchange exposure by selling foreign currencies via foreign exchange forwards and non-deliverable forwards (NDF), designating these as net investment hedges. The basis for hedging is reviewed at least once a year, and the cost of hedging is balanced against the risk reduction.Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY and CHF, both of which are partly hedged. All the forward exchange contracts mature during 2025. At 31 December 2024, all adjustments of financial instruments have been recognised in other comprehensive income. Fair value adjustments of loans designated as strategic intra-group loans have also been recognised in other comprehensive income.The fair value of derivatives used as net investment hedges recognised at 31 December 2024 amounted to DKK-59m (2023: DKK -13m).The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer applies amounted to DKK -1,975m (2023: DKK -1,962m) on a pre-tax basis. Net investment hedges2024 Fair value of derivativesHedging of Intra-group investment, loans,amount in amount in Other local local comprehensive Average DKK millioncurrencycurrencyincome (DKK)hedged rate Asset LiabilityCNY -4,707 - -99 0.9650 - -57MYR -164 - -17 1.4863 - -18HKD - -4,896 -226 - - -CHF -280 - 92 8.0578 16 -3NOK -450 3,000 -87 0.6263 3 -SEK - -4,895 -3 - - -GBP - 237 47 - - -SGD - 28 -5 - - -CAD - 106 -14 - - -Total -312 19 -782023 Fair value of derivativesHedging of Intra-group investment, loans,Other amount in amount in comprehensive Average DKK millionlocal currencylocal currencyincome (DKK)hedged rate Asset LiabilityCNY -4,707 - 253 0.9713 71 -5MYR -128 - 16 1.5616 12 -HKD - -3,609 84 - - -CHF -294 - -100 7.8708 - -79NOK -450 3,000 -53 0.6300 - -12SEK - 2,245 7 - - -GBP - 44 -11 - - -SGD - 72 -2 - - -CAD - 104 -6 - - -Reclassified to the income statement - - 24 - - -Total 212 83 -96",
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"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__150-1": {
"value": "Financial derivatives not designated as hedging instruments (economic hedges)DKK millionIncome Fair value, Fair value, Fair value, 2024statementreceivablespayablesnetExchange rate instruments -78 41 -73 -32Ineffectiveness -2 - - -Total -80 41 -73 -322023Exchange rate instruments 69 101 -53 48Ineffectiveness -9 - - -Total 60 101 -53 48Financial items recognised in other comprehensive incomeDKK million 2024 2023Foreign exchange adjustments of foreign entitiesForeign currency translation of foreign entities 918 -3,143Reclassification of cumulative translation differences of step-acquired and deconsolidated entities -44 40,924Total 874 37,781Fair value adjustments of hedging instrumentsChange in fair value of effective portion of cash flow hedges 246 -174Change in fair value of cash flow hedges transferred or reclassified to the income statement, intangible assets and property, plant and equipment 68 882Change in fair value of net investment hedges -312 212Total 2 920Financial items, net, recognised in other comprehensive income 876 38,701Of the net change in fair value of cash flow hedges transferred or reclassified to the income statement, DKK 64m (2023: DKK -280m) has been included in revenue and cost of sales, DKK 0m (2023: DKK -22m) in special items, DKK 2m (2023: DKK 0m) in financial items, DKK 0m (2023: DKK-545m) in net result from discontinued operations, and DKK 2m (2023: DKK -18m) in intangible assets and property, plant and equipment.ACCOUNTING ESTIMATES AND 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.ACCOUNTING POLICIESDerivative 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\u2022 Derivatives not designated as hedging instrumentsThe fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values are offset only when the Group has the right and the intention to settle several financial instruments net.Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial income or expenses in the income statement. Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the hedged item. For hedges of raw and packaging materials, the realised gains and losses will go via a basis adjustment of inventory. The effectiveness is assessed at least twice a year.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in other comprehensive income. On completion the realised gain/loss is recognised as a base adjustment to the carrying amount of the investment.Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, average hedge rates and fair values are disclosed in section 4.9.4.",
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"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__152": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__157": {
"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\u2022 Derivatives not designated as hedging instrumentsThe fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values are offset only when the Group has the right and the intention to settle several financial instruments net.Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial income or expenses in the income statement. Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the hedged item. For hedges of raw and packaging materials, the realised gains and losses will go via a basis adjustment of inventory. The effectiveness is assessed at least twice a year.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in other comprehensive income. On completion the realised gain/loss is recognised as a base adjustment to the carrying amount of the investment.Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, average hedge rates and fair values are disclosed in section 4.9.4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__156": {
"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\u2022 Derivatives not designated as hedging instrumentsThe fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values are offset only when the Group has the right and the intention to settle several financial instruments net.Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial income or expenses in the income statement. Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the hedged item. For hedges of raw and packaging materials, the realised gains and losses will go via a basis adjustment of inventory. The effectiveness is assessed at least twice a year.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in other comprehensive income. On completion the realised gain/loss is recognised as a base adjustment to the carrying amount of the investment.Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, average hedge rates and fair values are disclosed in section 4.9.4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__155": {
"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\u2022 Derivatives not designated as hedging instrumentsThe fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values are offset only when the Group has the right and the intention to settle several financial instruments net.Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial income or expenses in the income statement. Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the hedged item. For hedges of raw and packaging materials, the realised gains and losses will go via a basis adjustment of inventory. The effectiveness is assessed at least twice a year.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in other comprehensive income. On completion the realised gain/loss is recognised as a base adjustment to the carrying amount of the investment.Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, average hedge rates and fair values are disclosed in section 4.9.4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__154": {
"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\u2022 Derivatives not designated as hedging instrumentsThe fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values are offset only when the Group has the right and the intention to settle several financial instruments net.Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial income or expenses in the income statement. Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the hedged item. For hedges of raw and packaging materials, the realised gains and losses will go via a basis adjustment of inventory. The effectiveness is assessed at least twice a year.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in other comprehensive income. On completion the realised gain/loss is recognised as a base adjustment to the carrying amount of the investment.Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, average hedge rates and fair values are disclosed in section 4.9.4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__153": {
"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\u2022 Derivatives not designated as hedging instrumentsThe fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values are offset only when the Group has the right and the intention to settle several financial instruments net.Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial income or expenses in the income statement. Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the hedged item. For hedges of raw and packaging materials, the realised gains and losses will go via a basis adjustment of inventory. The effectiveness is assessed at least twice a year.Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in other comprehensive income. On completion the realised gain/loss is recognised as a base adjustment to the carrying amount of the investment.Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, average hedge rates and fair values are disclosed in section 4.9.4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__158-1": {
"value": "SECTION 4.5FINANCIAL ASSETS AND LIABILITIESThe table below sets out the value of derivative and non-derivative financial instruments and whether they are measured at fair value or amortised cost.DKK million Section 2024 2023Financial assets at fair valueDerivatives not designated as hedging instruments 4.4 41 101 Derivatives designated as hedging instruments 4.4, 4.9 293 200 Financial assets at amortised costTrade receivables 1.4 4,692 4,866 On-trade loans 1.4 865 893 Other receivables 1.4 2,455 2,700 Deposits and securities 59 2,236 Cash and cash equivalents 4.7.2 11,542 13,382 Total financial assets 19,947 24,378 Financial liabilities at fair valueDerivatives not designated as hedging instruments 4.4 73 53 Derivatives designated as hedging instruments 4.4, 4.9 246 269 Contingent considerations 101 5,445 Borrowings and other financial liabilities at amortised costNon-current and current borrowings 4.7 38,140 39,101 Trade payables 23,317 22,159 Deposit liabilities 1,728 1,717 Other liabilities 8,745 7,055 Total financial liabilities 72,350 75,7994.9.3 NET FINANCEThe Group is exposed to foreign exchange risk on borrowings and trade payables denominated in a currency other than the functional currency of the local entities reporting these, as well as the risk that arises when net cash inflow is generated in one currency and borrowings are denominated and have to be repaid in another currency. The main currencies impacting net finance during 2024 were LAK and USD. The combined net foreign exchange and fair value adjustment loss, including the effect from hyperinflation in 2024, was DKK 159m (2023: DKK -151m).Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2024principalof swapswapCHF 475 912 1,387GBP 318 -22,774 -22,456EUR 36,211 17,639 53,850USD 96 1,555 1,651CNY 133 4,148 4,281Other 907 -1,480 -573Total 38,140 - 38,140Total 2023 39,101 - 39,1014.9.4 CONSOLIDATED PROFIT AND OTHER COMPREHENSIVE INCOMEConsolidated profit and net investment are exposed to foreign exchange translation risks where only the latter can be hedged for accounting purposes. The revaluation of the net investment is recognised in other comprehensive income, and the Group hedges part of this foreign exchange exposure by selling foreign currencies via foreign exchange forwards and non-deliverable forwards (NDF), designating these as net investment hedges. The basis for hedging is reviewed at least once a year, and the cost of hedging is balanced against the risk reduction.Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY and CHF, both of which are partly hedged. All the forward exchange contracts mature during 2025. At 31 December 2024, all adjustments of financial instruments have been recognised in other comprehensive income. Fair value adjustments of loans designated as strategic intra-group loans have also been recognised in other comprehensive income.The fair value of derivatives used as net investment hedges recognised at 31 December 2024 amounted to DKK-59m (2023: DKK -13m).The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer applies amounted to DKK -1,975m (2023: DKK -1,962m) on a pre-tax basis. Net investment hedges2024 Fair value of derivativesHedging of Intra-group investment, loans,amount in amount in Other local local comprehensive Average DKK millioncurrencycurrencyincome (DKK)hedged rate Asset LiabilityCNY -4,707 - -99 0.9650 - -57MYR -164 - -17 1.4863 - -18HKD - -4,896 -226 - - -CHF -280 - 92 8.0578 16 -3NOK -450 3,000 -87 0.6263 3 -SEK - -4,895 -3 - - -GBP - 237 47 - - -SGD - 28 -5 - - -CAD - 106 -14 - - -Total -312 19 -782023 Fair value of derivativesHedging of Intra-group investment, loans,Other amount in amount in comprehensive Average DKK millionlocal currencylocal currencyincome (DKK)hedged rate Asset LiabilityCNY -4,707 - 253 0.9713 71 -5MYR -128 - 16 1.5616 12 -HKD - -3,609 84 - - -CHF -294 - -100 7.8708 - -79NOK -450 3,000 -53 0.6300 - -12SEK - 2,245 7 - - -GBP - 44 -11 - - -SGD - 72 -2 - - -CAD - 104 -6 - - -Reclassified to the income statement - - 24 - - -Total 212 83 -964.9.5 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In 2024, net interest-bearing debt increased by DKK 65m (2023: DKK 614m) because of changes in foreign exchange rates and amortisation. EXCHANGE RATE SENSITIVITY ANALYSISAn increase in the exchange rates would, all other things being equal, have had the hypothetical impact on other comprehensive income (OCI) for 2024 illustrated in the below table and vice versa for a decrease in exchange rates. The calculation is based on cash flow hedges existing as at 31 December 2024. The sensitivity to GBP is due to the hedging of the Britvic Group acquisition and consequently higher than under normal circumstances. Exchange rate sensitivity \u2013 other comprehensive income2024 2023Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0.6310 -663 5% -33 0.6412 -36SEK/DKK 0.6523 -648 5% -32 0.6453 -40PLN/DKK 1.6912 -693 5% -35 1.5994 -36CHF/DKK 7.9583 -438 5% -22 7.8496 -31USD/DKK 6.5736 -46 5% -2 6.7677 -16GBP/DKK 9.0272 22,496 5% 1,125 - -UAH/DKK 0.1718 -387 20% -77 0.1875 -55Other N/A -28Total 924 -242APPLIED EXCHANGE RATESThe average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per currency through the year.Applied exchange ratesClosing rate Average rateDKK 2024 2023 2024 2023Swiss franc (CHF) 7.9067 8.0485 7.8216 7.6744Chinese yuan (CNY) 0.9786 0.9493 0.9549 0.9752Euro (EUR) 7.4600 7.4529 7.4591 7.4510Pound sterling (GBP) 8.9934 8.5759 8.8184 8.5829Indian rupee (INR) 0.0838 0.0812 0.0824 0.0834Laotian kip (LAK) 0.0003 0.0003 0.0003 0.0004Norwegian krone (NOK) 0.6298 0.6630 0.6412 0.6510Polish zloty (PLN) 1.7489 1.7175 1.7338 1.6467Ukrainian hryvnia (UAH) 0.1705 0.1766 0.1711 0.1882Swedish krona (SEK) 0.6495 0.6717 0.6523 0.6491",
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"value": "Time to maturity for non-current borrowingsDKK million2024 1-2 years 2-3 years 3-4 years 4-5 years > 5 years TotalIssued bonds 5,587 3,719 5,191 2,965 8,141 25,603Bank borrowings 35 16 2 47 \u2013 100Lease liabilities 343 248 180 123 774 1,668Other borrowings 2 1 1 1 16 21Total 5,967 3,984 5,374 3,136 8,931 27,392Total 2023 4,210 5,752 3,838 5,261 11,702 30,763SECTION 4.10FUNDING 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 diversifies its access to funding to avoid relying on a single source of funding.The Group has access to a committed EUR 2bn revolving credit facility (RCF) maturing in 2029 with options to extend by 1+1 years, which is currently not being utilised. In addition, the Group has committed cash pool bank overdraft facilities to cover the day-to-day liquidity needs and uncommitted access to the Euro Commercial Paper (ECP) market, which provides short-term funding. In 2024, the Group arranged a GBP 4.3bn bridge facility to ensure certainty of funds in relation to the Britvic Group acquisition. The use of funds from this facility is limited to specific purposes and has not been included in the table below or in the calculation of credit resources available.At 31 December 2024, bonds accounted for 77% of the gross funding. Committed credit facilities and credit resources availableDKK millionTotal committedUtilised2023 loans and portion of UnutilisedUnutilised credit credit creditcredit 2024facilitiesfacilitiesfacilitiesfacilitiesCurrent< 1 year 11,996 10,748 1,248 1,149Total current committed loans and credit facilities11,996 10,748 1,248 1,149Non-current1-2 years 5,977 5,967 10 -2-3 years 3,984 3,984 - 14,9123-4 years 5,553 5,374 1794-5 years 18,115 3,136 14,979 -> 5 years 8,931 8,931 - -Total non-current committed loans and credit facilities 42,560 27,392 15,168 14,912Cash and cash equivalents and deposits11,601 15,618Current portion of utilised credit facilities - - -10,748 -8,338Credit resources available (total non-current committed loans and credit facilities less net debt)16,021 22,192CREDIT 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.At 31 December 2024, the Group had total credit resources available of DKK 16,021m, consisting of cash and cash equivalents and deposits of DKK 11,601m plus committed unutilised non-current credit facilities of DKK 15,168m less utilisation of current facilities of DKK 10,748m. Including current credit facilities of DKK 1,248m, total committed unutilised credit facilities amounted to DKK 16,416m.Credit resources available at year-end 2024 were DKK 6.2bn lower than at year-end 2023, primarily as a result of the decrease in cash and deposits and the increase in utilisation of short-term credit facilities. 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 India and Asia are less integrated in terms of cash pools, and liquidity is managed via intra-group loans. For some markets in Asia, intra-group loans are not possible, and surplus liquidity will be paid out in the form of dividends, which results in a time lag between when the cash flow is generated and when it becomes available for repayment of Group debts. The most significant cash balances related to this delay are in India and Ukraine. Cash balances held in Ukraine of DKK 1.4bn are temporarily unavailable for Group purposes due to the ongoing war. Maturity of financial liabilitiesDKK millionMaturityContractualMaturity> 1 yearMaturityCarrying2024cash flows< 1 year< 5 years> 5 yearsamountDerivative financial instrumentsDerivative financial instruments, payables 296 296 - - 319Non-derivative financial instrumentsGross financial debt 38,338 10,776 18,566 8,996 38,140Interest expenses 3,852 1,084 2,038 730 N/ATrade payables and deposits on returnable packing materials 25,045 25,045 - - 25,045Contingent liabilities 220 220 - - N/AContingent and deferred considerations 1,916 433 1,483 - 1,916Non-derivative financial instruments 69,371 37,558 22,087 9,726 -Financial liabilities 69,667 37,854 22,087 9,726 -Total 2023 73,288 38,813 21,719 12,756 -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 38,338m in 2024 (2023: DKK 39,278m), whereas the total carrying amount was DKK 38,140m (2023: DKK\ue7fe39,101m). The difference between these amounts relates to establishment costs, which are capitalised on initial recognition and amortised over the duration of the borrowings.The interest expense is the contractual cash flows expected on the gross financial debt existing at 31 December 2024. The cash flow is estimated based on the notional amount of the above-mentioned borrowings and expected interest rates at year-end 2024 and 2023. Interest on debt recognised at year-end 2024 and 2023 for which no contractual obligation exists (current borrowing and other debts) has been included for a two-year period. The synthetic interest on lease liabilities has also been included for a two-year period. The interest applied to the part of the debt where no contractual obligation exists is 3.25% for 2025 and 3.0% for 2026 (2023: 4.0% for 2024 and 2.5% for 2025).",
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"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.",
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"value": "4.7.2 CASH AND DEPOSITS Cash and cash equivalents include short-term marketable securities with an original term of less than three months or deposits with a maturity of more than three months with contractual rights to terminate without significant costs, which are subject to an insignificant risk of changes in fair value and form part of the short-term cash planning. Short-term bank deposits amounted to DKK 5,799m at 31 December 2024 (2023: DKK 6,896m). The average interest rate on deposits was 4.8% (2023: 4.5%). Total cash including deposits amounted to DKK 11,601m in 2024 (2023: DKK 15,618m).Cash and depositsDKK million 2024 2023Derivative Derivative Cash and financial Cash and financial depositsinstrumentsdepositsinstrumentsAA range 4,022 42 5,743 3A range 6,126 264 8,476 245BBB range 650 6 756 4Not rated or below BBB range 803 - 643 48Total 11,601 312 15,618 300",
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"value": "SECTION 4.8INTEREST 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 2024, the duration excluding interest rate swaps was 4.0 years (2023: 5.7 years). Interest rate risk is mainly managed using fixed-rate bonds, which are all denominated in EUR. At the reporting date, 97% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year (2023: 126%). During 2024 Carlsberg has entered into forward-starting interest rate swaps to hedge the interest rate risk on the bonds to be issued following the acquisition of the Britvic Group. These swaps are not included in the table below. Including the forward-starting interest rate swaps, the duration at 31 December 2024 would have been 8.9 years.Net financial debt by currencyDKK millionGross Net Gross Netfinancial financial financial financial debt, fixed debt, fixed 2024debtdebt Fixed%%\u00b9EUR 36,211 31,254 25,623 71% 82% CNY 133 -991 - - -USD 96 -217 - - -Other 1,700 -3,507 207 12% -6% Total 38,140 26,539 25,830 68% 97% 2023EUR 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% \u00b9 In some currencies the percentage of net debt at fixed interest rates is negative, as the total cash exceeds the total debt.On a gross debt basis, 68% was at fixed interest rates (2023: 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, 118% 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, exceed borrowings with a floating interest rate, hence an increase in interest rates would result in a decrease in net interest expenses. It is estimated that a 1 percentage point interest rate increase across currencies would lead to a decrease in net interest expenses of DKK 7m (2023: DKK 61m). All debts are carried at amortised cost, and changes in the interest rate will not impact the carrying amount of debt but will impact the fair value of debt, cf. section 4.7.1. The fair value of total gross borrowings was DKK 285m lower than the carrying amount (2023: DKK 652m lower). The fair value adjustment of the forward-starting interest rate swaps is recognised in other comprehensive income, and realised gains/losses will be amortised over the tenor of the forecast debt issuance. If all interest rates across tenor and currencies had been 1 percentage point higher at the reporting date, it would have led to a gain of DKK 2,367m (2023: DKK 1,326m), and a similar loss had the interest rate been 1 percentage point lower. Of this amount, DKK 1,300m relates to interest rate swaps.Interest rate riskDKK millionAverageInterest effectiveCarrying Interest 2024rateinterest rate Fixed foramountrate riskIssued bondsEUR 500m maturing 13 October 2025 Fixed 3.4% < 1 year 3,726 Fair valueEUR 750m maturing 26 November 2026 Fixed 3.6% 1-2 years 5,587 Fair valueEUR 500m maturing 30 June 2027 Fixed 0.5% 2-3 years 3,719 Fair valueEUR 700m maturing 5 October 2028 Fixed 4.2% 3-4 years 5,191 Fair valueEUR 400m maturing 1 July 2029 Fixed 1.0% 4-5 years 2,965 Fair valueEUR 500m maturing 11 March 2030 Fixed 0.7% > 5 years 3,715 Fair valueEUR 600m maturing 5 October 2033 Fixed 4.4% > 5 years 4,426 Fair valueTotal 2.8% 29,329Total 2023 2.7% 36,718Bank borrowings and other borrowingsFloating-rate Floating 3.2% < 1 year 8,584 Cash flowFixed-rate Fixed 6.7% > 1 year 227 Fair valueTotal 8,811Total 2023 2,383The sensitivity analysis is based on the financial instruments (borrowing, cash and cash equivalents, deposits and securities, and derivative financial instruments) recognised at the reporting date. The analysis was performed on the same basis as for 2023.4.9.3 NET FINANCEThe Group is exposed to foreign exchange risk on borrowings and trade payables denominated in a currency other than the functional currency of the local entities reporting these, as well as the risk that arises when net cash inflow is generated in one currency and borrowings are denominated and have to be repaid in another currency. The main currencies impacting net finance during 2024 were LAK and USD. The combined net foreign exchange and fair value adjustment loss, including the effect from hyperinflation in 2024, was DKK 159m (2023: DKK -151m).Currency profile of borrowingsBefore and after derivative financial instrumentsDKK millionOriginal Effect After 2024principalof swapswapCHF 475 912 1,387GBP 318 -22,774 -22,456EUR 36,211 17,639 53,850USD 96 1,555 1,651CNY 133 4,148 4,281Other 907 -1,480 -573Total 38,140 - 38,140Total 2023 39,101 - 39,1014.9.4 CONSOLIDATED PROFIT AND OTHER COMPREHENSIVE INCOMEConsolidated profit and net investment are exposed to foreign exchange translation risks where only the latter can be hedged for accounting purposes. The revaluation of the net investment is recognised in other comprehensive income, and the Group hedges part of this foreign exchange exposure by selling foreign currencies via foreign exchange forwards and non-deliverable forwards (NDF), designating these as net investment hedges. The basis for hedging is reviewed at least once a year, and the cost of hedging is balanced against the risk reduction.Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY and CHF, both of which are partly hedged. All the forward exchange contracts mature during 2025. At 31 December 2024, all adjustments of financial instruments have been recognised in other comprehensive income. Fair value adjustments of loans designated as strategic intra-group loans have also been recognised in other comprehensive income.The fair value of derivatives used as net investment hedges recognised at 31 December 2024 amounted to DKK-59m (2023: DKK -13m).The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer applies amounted to DKK -1,975m (2023: DKK -1,962m) on a pre-tax basis. Net investment hedges2024 Fair value of derivativesHedging of Intra-group investment, loans,amount in amount in Other local local comprehensive Average DKK millioncurrencycurrencyincome (DKK)hedged rate Asset LiabilityCNY -4,707 - -99 0.9650 - -57MYR -164 - -17 1.4863 - -18HKD - -4,896 -226 - - -CHF -280 - 92 8.0578 16 -3NOK -450 3,000 -87 0.6263 3 -SEK - -4,895 -3 - - -GBP - 237 47 - - -SGD - 28 -5 - - -CAD - 106 -14 - - -Total -312 19 -782023 Fair value of derivativesHedging of Intra-group investment, loans,Other amount in amount in comprehensive Average DKK millionlocal currencylocal currencyincome (DKK)hedged rate Asset LiabilityCNY -4,707 - 253 0.9713 71 -5MYR -128 - 16 1.5616 12 -HKD - -3,609 84 - - -CHF -294 - -100 7.8708 - -79NOK -450 3,000 -53 0.6300 - -12SEK - 2,245 7 - - -GBP - 44 -11 - - -SGD - 72 -2 - - -CAD - 104 -6 - - -Reclassified to the income statement - - 24 - - -Total 212 83 -964.9.5 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSISFluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In 2024, net interest-bearing debt increased by DKK 65m (2023: DKK 614m) because of changes in foreign exchange rates and amortisation. EXCHANGE RATE SENSITIVITY ANALYSISAn increase in the exchange rates would, all other things being equal, have had the hypothetical impact on other comprehensive income (OCI) for 2024 illustrated in the below table and vice versa for a decrease in exchange rates. The calculation is based on cash flow hedges existing as at 31 December 2024. The sensitivity to GBP is due to the hedging of the Britvic Group acquisition and consequently higher than under normal circumstances. Exchange rate sensitivity \u2013 other comprehensive income2024 2023Average Notional EffectAverage EffectDKK millionhedged rateamount Changeon OCIhedged rateon OCINOK/DKK 0.6310 -663 5% -33 0.6412 -36SEK/DKK 0.6523 -648 5% -32 0.6453 -40PLN/DKK 1.6912 -693 5% -35 1.5994 -36CHF/DKK 7.9583 -438 5% -22 7.8496 -31USD/DKK 6.5736 -46 5% -2 6.7677 -16GBP/DKK 9.0272 22,496 5% 1,125 - -UAH/DKK 0.1718 -387 20% -77 0.1875 -55Other N/A -28Total 924 -242APPLIED EXCHANGE RATESThe average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per currency through the year.Applied exchange ratesClosing rate Average rateDKK 2024 2023 2024 2023Swiss franc (CHF) 7.9067 8.0485 7.8216 7.6744Chinese yuan (CNY) 0.9786 0.9493 0.9549 0.9752Euro (EUR) 7.4600 7.4529 7.4591 7.4510Pound sterling (GBP) 8.9934 8.5759 8.8184 8.5829Indian rupee (INR) 0.0838 0.0812 0.0824 0.0834Laotian kip (LAK) 0.0003 0.0003 0.0003 0.0004Norwegian krone (NOK) 0.6298 0.6630 0.6412 0.6510Polish zloty (PLN) 1.7489 1.7175 1.7338 1.6467Ukrainian hryvnia (UAH) 0.1705 0.1766 0.1711 0.1882Swedish krona (SEK) 0.6495 0.6717 0.6523 0.64914.9.6 COMMODITY RISKCommodity 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 2024 had therefore been hedged through fixed-price purchase agreements entered into in 2023. Likewise, the majority of the exposure for 2025 was hedged in 2024.In the Group\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 also varies with respect to the aluminium spot premium.The aluminium price risk has been hedged for both 2024 and 2025, and for 2024 the aluminium spot premium was hedged using derivative financial instruments, applying hedge percentages in line with the policy. The fair values of the derivative financial instruments are specified in section 4.5.For sugar we enter into rolling forward hedges with suppliers fixing prices linked to official indices, for example NY11. As with barley and aluminium, the majority of the 2024 sugar exposure had been hedged in 2023. Likewise, the majority of the exposure for 2025 was hedged in 2024.Other commodities, such as PET resins, paper, rice and corn, are also hedged directly via suppliers fixing prices to the extent possible. For electricity and natural gas used in production of the Group\u2019s own products, most markets in Central & Eastern Europe and India and Asia are regulated with no possibility to hedge prices. In Western Europe, where most markets allow forward hedging, the majority of the Group\u2019s exposure is hedged up to a 15-month rolling basis. For the electricity used at the Fredericia site in Denmark, Carlsberg has entered a 10-year virtual PPA, which went live October 2024.ALUMINIUM PRICE SENSITIVITY ANALYSISAn increase in the LME price of aluminium would, all other things being equal, have had the hypothetical impact on other comprehensive income (OCI) for 2024 as illustrated in the table and vice versa for a decrease in aluminium prices. The calculation is based on hedges existing as at 31 December 2024.Hedging of raw material price riskSensitivity assumingDKK million 100% efficiency Time of maturityEffectTonnes Average Aluminium Changeon OCIpurchasedprice (DKK) 2024 2025 20262024 20% 333 93,341 17,189 - 82,826 10,5152023 20% 371 116,529 16,238 93,582 22,947 -",
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"value": "SECTION 5.1ACQUISITIONS5.1.1 ACQUISITIONS COMPLETED AFTER THE END OF THE REPORTING PERIOD Britvic GroupOn 17 December 2024, Carlsberg and Britvic plc announced that clearance for the acquisition of Britvic plc by Carlsberg had been received from both the European Commission and the UK Competition and Markets Authority, and that as a result all regulatory conditions had been satisfied. The Scheme was sanctioned by the Court on 15 January 2025 and became effective on 16 January 2025 when the Court Order was delivered to the UK Registrar of Companies, and Carlsberg obtained control from this date. About Britvic Group The Britvic Group is an integrated soft drinks business in Europe. The company has been the bottling partner for Pepsi in the UK since 1987 and in Ireland since 2007, with the Pepsi franchises accounting for around half of total revenue. The other half is generated from a range of own brands in multiple soft drinks segments.Beyond the UK and Ireland, the Britvic Group is established in France and Brazil, where it markets and sells owned brands in a smaller number of categories.Strategic rationale and synergiesThe acquisition of Britvic is attractive for Carlsberg from a strategic, operational and financial angle. It supports the Group\u2019s Accelerate SAIL growth ambitions; it enhances the top- and bottom-line growth profile and cash generation in Western Europe; and it transforms our business in the UK.Incorporating Britvic into the Group will double the Group\u2019s soft drinks exposure to around 30% of total volumes. While beer remains our core business, the increased exposure to the growing soft drinks category will improve the Group\u2019s resilience, both from a market and a brand portfolio perspective.For many years, the production, distribution and selling of soft drinks have been an integral and value-accretive part of the Group\u2019s business in several markets, providing multiple operational and financial synergistic benefits. Similarly to these markets, the Group intends to create an integrated beverage company in the UK, creating a multi-beverage supplier of scale, benefiting from an efficient supply chain and distribution network, and providing customers with a comprehensive portfolio of market-leading brands and leading customer service. The Group expects to realise synergies across a number of areas including direct and indirect procurement, supply chain, administration and overheads, and these will be achieved across Carlsberg and Britvic's combined business. The majority of these synergies are expected to be realised by 2027. ConsiderationThe acquisition values the ordinary share capital of Britvic at approximately GBP 3.3bn on a fully diluted basis.Britvic shareholders have received:\u2022 GBP 13.15 for each Britvic share (the \u201cacquisition value\u201d)The acquisition value for each Britvic share comprises:\u2022 GBP 12.90 in cash for each Britvic share (the \u201cacquisition price\u201d), and\u2022 A special dividend payment of GBP 0.25 per Britvic share. The dividend was paid by Britvic on 27 January 2025.The total consideration amounted to DKK 29,481m. The acquisition will be fully debt-financed.Transaction costsTotal transaction costs recognised as at 31 December 2024 amounted to DKK 263m and are recognised as part of special items, cf. section 3.1.Fair value of acquired net assets and goodwillThe detailed work on preparing the purchase price allocation of the fair value of identified assets, liabilities and contingent liabilities, including review of the opening balances of the Britvic Group\u2019s entities, has not commenced. Management has had limited access to Britvic\u2019s financial information prior to closing, which means no provisional purchase price allocation has been prepared and no further disclosures are available. Acquired goodwill is not deductible for tax purposes.Adjustments are likely to be made to all items in the opening statement of financial position. Accounting for the acquisition will be completed within the 12-month period required by IFRS 3.5.1.2 ACQUISITIONS COMPLETED IN THE REPORTING PERIOD2024.Gorkha BreweryOn 29 November 2024, the Group gained control of Gorkha Brewery (Nepal) through the acquisition of an additional 9.94% of the shares in Gorkha Brewery, giving Carlsberg a 99.94% ownership interest, cf. section 5.2.The step acquisition of Gorkha Brewery was carried out to obtain control of the business so as to further strengthen the Group\u2019s presence in central Asia and realise synergies by collaborating with our business in India. The shareholdings held before obtaining control were remeasured at a fair value of DKK 1,794m. Net of reclassification of accumulated currency exchange adjustment of DKK -44m, a gain of DKK 440m was recognised as part of special items, cf. section 3.1. The fair value of the shareholding held before obtaining control of Gorkha Brewery has been measured by an independent external valuer at the net present value of expected future cash flows. The expected cash flows were based on business plans for the next three years and projections for subsequent years prepared by local management. Key parameters were revenue growth, operating margin, future capital expenditure and growth expectations beyond the forecast period. The forecast future cash flows were discounted using a weighted average cost of capital (WACC) of 17.5%, an average annual growth rate in the forecast period of around 2% and a residual period growth rate of 5.4%.The purchase price allocation of the fair value of identified assets, liabilities and contingent liabilities is ongoing. Adjustments are therefore expected to be made to several items in the opening statement of financial position, including to brands and property, plant and equipment. Acquired goodwill is not deductible for tax purposes. The accounting treatment of the acquisition will be completed within the 12-month period required by IFRS.In 2024, revenue and profit for the period include DKK 36m and DKK 291m respectively from Gorkha Brewery. Had the acquisition been included in profit or loss from 1 January 2024, revenue would have been DKK 682m and profit for the period would have been DKK 311m. No other material enterprises or activities were acquired in 2024. AcquisitionsDKK million 2024 2023Net assets and goodwill recognisedIntangible assets 1,313 807Property, plant and equipment 111 270Right-of-use assets - 161Financial assets 175 -Inventories 71 91Trade and other receivables 311 109Cash and cash equivalents 527 5Total assets 2,508 1,443Borrowings and lease liabilities - 417Deferred tax liabilities - 43Trade payables 229 104Other payables 485 48Total liabilities 714 612Acquired net assets 1,794 831Consideration paid 249 760Fair value of contingent considerations - 24Fair value of previously held investment 1,543 47Foreign exchange translation difference 2 -Fair value of total consideration transferred 1,794 831Elements of cash consideration paidDKK million 2024 2023Cash -249 -760Cash and cash equivalents, acquired 527 -66Total cash consideration paid 278 -826Deferred consideration paid for acquisition in prior period -24 -Total consideration transferred 254 -8262023In 2023, the Group gained control of two businesses, Waterloo Brewing and Jing-A Group. The purchase price allocation of the fair value of the identified assets, liabilities and contingent liabilities for both businesses was completed in 2023.Waterloo 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 at 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 5.2. 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 was not recognised. Instead the contingent consideration payable was recognised at fair value, cf. section 5.4. The contingent consideration of DKK 24m was paid in July 2024, finalising the 100% acquisition of the Jing-A Group.The step acquisition of Jing-A Group was completed to further strengthen the Group\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. Completed purchase price allocationsManagement 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 allocation of the fair value of the identified assets, liabilities and contingent liabilities for both businesses was completed in 2023.Intangible assetsGoodwill related to Waterloo Brewing, DKK 533m, was allocated to the Central & Eastern Europe and India 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.The 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.Financial impact of acquisitions Revenue in 2023 included DKK 431m from Waterloo Brewing and Jing-A Group. Had the acquisitions been completed at the beginning of the reporting period, revenue would have included DKK 577m from these companies. Profit for the period includes DKK -29m from Waterloo Brewing and Jing-A Group. Had the acquisitions been completed at the beginning of the reporting period, profit for the period would have included DKK -31m from these companies.ACCOUNTING ESTIMATES AND JUDGEMENTSAssessment of controlThe 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 in accordance with IFRS 3. The most significant assets acquired generally comprise goodwill, brands, property, plant and equipment, receivables and inventories.No active market exists for the majority of the acquired assets and liabilities, in particular in respect of acquired intangible assets. Accordingly, management makes estimates of the fair value of acquired assets, liabilities and contingent liabilities. Depending on the nature of the item, the determined fair value of an item may be associated with uncertainty and possibly adjusted subsequently.The unallocated purchase price (positive amount) is recognised in the statement of financial position as goodwill and allocated to the Group\u2019s cash-generating units.BrandsThe model and assumptions applied are consistent with those used in impairment testing, and are described in further detail in section 2.3.4.Property, plant and equipmentThe fair value of land and buildings, and standard production and office equipment is based, as far as possible, on the fair value of assets of similar type and condition that may be bought and sold in the open market. Property, plant and equipment for which there is no reliable evidence of the fair value in the market (in particular breweries, including production equipment) are valued using the depreciated replacement method.This method is based on the replacement cost of a similar asset with similar functionality and capacity. The calculated replacement cost is then reduced to reflect functional and physical obsolescence. The expected synergies and the user-specific intentions for the expected use of assets are not included in the determination of the fair value. ACCOUNTING POLICIESAcquisitionsThe acquisition date is the date when the Group effectively obtains control of an acquired subsidiary or significant influence over an associate.The cost of a business combination comprises the fair value of the consideration agreed upon, including the fair value of any consideration contingent on future events.In a step acquisition, the Group gains control of an entity in which it already held a shareholding before gaining control. The shareholding held before the step acquisition is remeasured at fair value at the acquisition date and added to the fair value of the consideration paid for the shareholding acquired in the step acquisition, and accounted for as the total cost of the shareholding in the acquired entity. The gain or loss on the remeasurement is recognised in the income statement under special items.Goodwill and fair value adjustments in connection with the acquisition of an entity are treated as assets and liabilities belonging to the foreign entity and translated into the foreign entity\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. Cash flow to acquire subsidiaries is presented in financial investments and includes cash and cash equivalents in the acquiree.SECTION 5.4CONTINGENT CONSIDERATIONSContingent considerations relate to options held by non-controlling interests in subsidiaries to sell their shares to the Group and to deferred payments in the acquisition of entities contingent on market conditions.In 2024, the Group acquired 33.33% of Carlsberg South Asia Pte Ltd (CSAPL), cf. section 5.2, resulting in the derecognition of the put option liability related to the shareholding amounting to DKK 5,263m. Of the consideration for the shares, DKK 1.8m was retained by the Group, while DKK 0.3bn will be settled in early 2025 and the rest will be released dependent on potential claims under the share purchase agreement (likely after 3-5 years). The Group previously called in a loan made to CSAPLH, the loan having become due and payable in full. In January 2022, the Singapore court of appeal finally confirmed that the loan with interest was repayable to Carlsberg in full, totalling DKK 0.4bn. The loan was repaid in full on 29 November 2024. The contingent considerations at the end of the reporting period related to put options on the shares in Brewery Alivaria, Belarus. The ownership percentage at which shares subject to put options are consolidated differs from the legal ownership interest held by the Group. Both the legal and the consolidated ownership are stated in section 10.The carrying amount of contingent considerations is determined in accordance with the terms and conditions agreed with the holders of the options. Contingent considerationsDKK million 2024 2023Contingent considerations at 1 January 5,445 5,577Additions - 23Payments -23 -Disposals -5,536 -Fair value adjustments 215 -155Contingent considerations at 31 December 101 5,445Of the contingent considerations, DKK 0m (2023: DKK 304m) is expected to fall due after more than 12 months.ACCOUNTING 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.ACCOUNTING POLICIESFair value adjustments of put options granted to non-controlling interests are recognised directly in the statement of changes in equity.Other contingent considerations (earn-outs) that are not linked to a future transfer of additional shareholdings are measured in accordance with the terms of the contract with the seller. The revaluation of such contingent considerations is recognised in special items.Shares subject to put options are consolidated as if the shares had already been acquired.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__183": {
"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 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. Cash flow to acquire subsidiaries is presented in financial investments and includes cash and cash equivalents in the acquiree.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__182": {
"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 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. Cash flow to acquire subsidiaries is presented in financial investments and includes cash and cash equivalents in the acquiree.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__189": {
"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 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.Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for the Group\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.Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__187": {
"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 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.Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for the Group\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.Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__186": {
"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 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.Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for the Group\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.Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__191": {
"value": "SECTION 5.3DISPOSALS AND DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS2024On 4 December 2024, the Group completed the disposal of Baltika Breweries for a cash consideration of RUB 34bn and also received Baltika Breweries\u2019 shareholdings in Carlsberg Azerbaijan and Carlsberg Kazakhstan, cf. section 5.2. The resulting reversal of impairment recognised in prior periods of DKK 2,258m was recognised in net result from discontinued operations.Receipt of the shareholding in Carlsberg Azerbaijan did not have any impact on the consolidated financial statements, as the Group had continued to consolidate the business. 2023The disposal was the conclusion of a period when the Group did not exercise control over the Russian business because of a presidential decree issued on 16 July 2023 that temporarily transferred the management of Baltika Breweries to the Russian government. According to the presidential decree, Carlsberg retained title to the shares in Baltika Breweries, but otherwise no longer had any control or influence over the management of the business. Following the loss of control over Baltika Breweries, the Russian business was fully impaired, resulting in an impairment loss of DKK 7,002m, and deconsolidated from July 2023. Upon deconsolidation, the currency translation and hedging reserves within equity related to the Russian business were reclassified from equity to the income statement and included in net result from discontinued operations. The accumulated currency translation reserve reclassified to the income statement represented a loss of DKK 40,949m and included the accumulated fair value of net investment hedges of DKK 24m, cf. section 4.9. The accumulated hedging reserve reclassified to the income statement represented a loss of around DKK 545m and included both active hedges and hedges for which hedge accounting was no longer applied, cf. section 4.2.FINANCIAL PERFORMANCEThe net result from discontinued operations for 2023 included only the six months of operation until the date of loss of control. The reported revenue amounted to DKK 4,305m and profit to DKK 758m. The net result was DKK -47,748m, impacted by the reclassification from equity of accumulated losses on currency translation and hedges of DKK 41,504m and the write-down of the investment by DKK 7,002m. The net cash flow from discontinued operations amounted to DKK -994m, negatively impacted by the deconsolidation of DKK 2,495m of cash and cash equivalents in the Russian operation.Analysis of net result from discontinued operationsDKK million 2024 2023 Revenue - 4,305Costs - -3,337Profit before tax from discontinued operations - 968Income tax - -210Profit after tax from discontinued operations - 758Impairment 2,258 -7,002Accumulated currency translation and hedging reserves reclassified from equity to the income statement - -41,504Net result from discontinued operations 2,258 -47,748Net cash flow from discontinued operationsDKK million 2024 2023 Cash flow from operating activities - 1,531Cash flow from investing activities 2,258 -2,588Cash flow from financing activities - 63Net cash flow from discontinued operations 2,258 -994DISPOSALS OF ENTITIESThe Group disposed of two minor entities in 2024 (2023: 0).ACCOUNTING ESTIMATES AND JUDGEMENTSThe Group classifies non-current assets and disposal groups as held for sale when management assesses that their carrying amounts will be recovered through a sale rather than continued use. Management\u2019s assessment is based on an evaluation of whether the sale is highly probable and the asset or disposal group is available for immediate sale in its current condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale must be expected to be completed within one year from the date of the classification.On classification, management estimates the fair value. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs of disposal. Costs of disposal are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expenses. Depending on the nature of the non-current assets and the disposal group\u2019s activity, assets and liabilities, the estimated fair value may be associated with uncertainty and possibly adjusted subsequently. Measurement of the fair value of disposal groups is categorised as level 3 in the fair value hierarchy, as measurement is not based on observable market data.ACCOUNTING POLICIESAssets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets that will be transferred in the transaction. The classification is changed to assets and liabilities in discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\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 operations is presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. Comparative figures are restated.Disposals and loss of controlGains 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__190": {
"value": "SECTION 5.3DISPOSALS AND DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS2024On 4 December 2024, the Group completed the disposal of Baltika Breweries for a cash consideration of RUB 34bn and also received Baltika Breweries\u2019 shareholdings in Carlsberg Azerbaijan and Carlsberg Kazakhstan, cf. section 5.2. The resulting reversal of impairment recognised in prior periods of DKK 2,258m was recognised in net result from discontinued operations.Receipt of the shareholding in Carlsberg Azerbaijan did not have any impact on the consolidated financial statements, as the Group had continued to consolidate the business. 2023The disposal was the conclusion of a period when the Group did not exercise control over the Russian business because of a presidential decree issued on 16 July 2023 that temporarily transferred the management of Baltika Breweries to the Russian government. According to the presidential decree, Carlsberg retained title to the shares in Baltika Breweries, but otherwise no longer had any control or influence over the management of the business. Following the loss of control over Baltika Breweries, the Russian business was fully impaired, resulting in an impairment loss of DKK 7,002m, and deconsolidated from July 2023. Upon deconsolidation, the currency translation and hedging reserves within equity related to the Russian business were reclassified from equity to the income statement and included in net result from discontinued operations. The accumulated currency translation reserve reclassified to the income statement represented a loss of DKK 40,949m and included the accumulated fair value of net investment hedges of DKK 24m, cf. section 4.9. The accumulated hedging reserve reclassified to the income statement represented a loss of around DKK 545m and included both active hedges and hedges for which hedge accounting was no longer applied, cf. section 4.2.FINANCIAL PERFORMANCEThe net result from discontinued operations for 2023 included only the six months of operation until the date of loss of control. The reported revenue amounted to DKK 4,305m and profit to DKK 758m. The net result was DKK -47,748m, impacted by the reclassification from equity of accumulated losses on currency translation and hedges of DKK 41,504m and the write-down of the investment by DKK 7,002m. The net cash flow from discontinued operations amounted to DKK -994m, negatively impacted by the deconsolidation of DKK 2,495m of cash and cash equivalents in the Russian operation.Analysis of net result from discontinued operationsDKK million 2024 2023 Revenue - 4,305Costs - -3,337Profit before tax from discontinued operations - 968Income tax - -210Profit after tax from discontinued operations - 758Impairment 2,258 -7,002Accumulated currency translation and hedging reserves reclassified from equity to the income statement - -41,504Net result from discontinued operations 2,258 -47,748Net cash flow from discontinued operationsDKK million 2024 2023 Cash flow from operating activities - 1,531Cash flow from investing activities 2,258 -2,588Cash flow from financing activities - 63Net cash flow from discontinued operations 2,258 -994DISPOSALS OF ENTITIESThe Group disposed of two minor entities in 2024 (2023: 0).ACCOUNTING ESTIMATES AND JUDGEMENTSThe Group classifies non-current assets and disposal groups as held for sale when management assesses that their carrying amounts will be recovered through a sale rather than continued use. Management\u2019s assessment is based on an evaluation of whether the sale is highly probable and the asset or disposal group is available for immediate sale in its current condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale must be expected to be completed within one year from the date of the classification.On classification, management estimates the fair value. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs of disposal. Costs of disposal are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expenses. Depending on the nature of the non-current assets and the disposal group\u2019s activity, assets and liabilities, the estimated fair value may be associated with uncertainty and possibly adjusted subsequently. Measurement of the fair value of disposal groups is categorised as level 3 in the fair value hierarchy, as measurement is not based on observable market data.ACCOUNTING POLICIESAssets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets that will be transferred in the transaction. The classification is changed to assets and liabilities in discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\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 operations is presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. Comparative figures are restated.Disposals and loss of controlGains 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__192-1": {
"value": "Net cash flow from discontinued operationsDKK million 2024 2023 Cash flow from operating activities - 1,531Cash flow from investing activities 2,258 -2,588Cash flow from financing activities - 63Net cash flow from discontinued operations 2,258 -994ACCOUNTING 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 expenses. Depending on the nature of the non-current assets and the disposal group\u2019s activity, assets and liabilities, the estimated fair value may be associated with uncertainty and possibly adjusted subsequently. Measurement of the fair value of disposal groups is categorised as level 3 in the fair value hierarchy, as measurement is not based on observable market data.ACCOUNTING POLICIESAssets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets that will be transferred in the transaction. The classification is changed to assets and liabilities in discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are remeasured in accordance with the Group\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 operations is presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. Comparative figures are restated.Disposals and loss of controlGains 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__197": {
"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. 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 operations is presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. Comparative figures are restated.Disposals and loss of controlGains 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__196": {
"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. 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 operations is presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. Comparative figures are restated.Disposals and loss of controlGains 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__195": {
"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. 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 operations is presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. Comparative figures are restated.Disposals and loss of controlGains 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__201": {
"value": "Fair value adjustments of put options granted to non-controlling interests are recognised directly in the statement of changes in equity.Other contingent considerations (earn-outs) that are not linked to a future transfer of additional shareholdings are measured in accordance with the terms of the contract with the seller. The revaluation of such contingent considerations is recognised in special items.Shares subject to put options are consolidated as if the shares had already been acquired.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__202": {
"value": "SECTION 6TAXIn 2024, we contributed with direct and indirect taxes such as corporate taxes, excise duties, employee taxes etc. Our corporate income tax payments amounted to DKK 2,342m (2023: DKK 2,166m).Further details on our tax contribution and approach to tax can be found in the Group\u2019s Tax Report.SECTION 6.1INCOME TAXReconciliation of the effective tax rate for the year2024 2023% DKK million % DKK millionNominal weighted tax rate 19.8 1,966 20.0 1,969Change in tax rate - - - -5Adjustments to tax for prior years 1.6 164 0.2 16Non-capitalised tax assets and liabilities -3.7 -367 -4.4 -428Non-taxable income -0.6 -55 -0.3 -29Non-deductible expenses 3.0 297 2.5 248Tax incentives etc. -1.5 -146 -1.7 -168Special items 0.2 21 2.3 219Withholding taxes 2.6 259 1.4 141Other, including tax in associates -1.6 -157 -1.1 -104Effective tax rate for the year 19.8 1,982 18.9 1,859Effective tax rate for the year, excluding the tax effect of transactions in special items and other non-recurring tax impacts 21.7 - 20.8 -The nominal weighted tax rate for the Group is calculated as the domestic tax rates applicable to profits in the entities as a proportion of each entity\u2019s share of the Group\u2019s profit before tax.The Group\u2019s total tax cost was impacted by tax incentives related to e.g. R&D incentives, non-deductible expenses and increased withholding tax expenses, resulting in an effective tax rate of 19.8% (2023: 18.9%). The impact from non-recurring items primarily comprised movement in uncertain tax positions and prior-year adjustments. Excluding non-recurring items and tax thereon, the effective tax rate would have been 21.7% (2023: 20.8%).The Group is not expected to be materially impacted by the OECD/EU Pillar Two Model Rules and their local implementation. Most countries where the Group has operations impose taxation in excess of 15%, and the remainder are expected to increase the tax rate such that all markets not covered by the transitional safe harbour rules are still expected to show an effective tax rate in excess of 15%. As such, these rules are not expected to result in either materially increased tax payments or a change to the Group\u2019s effective tax rate. Income tax2024 2023Other Total Other Total Income comprehen-comprehen-Income comprehen-comprehen-DKK millionstatementsive incomesive incomestatementsive incomesive incomeTax for the year can be specified as followsCurrent tax 2,332 -57 2,275 2,012 -8 2,004Change in deferred tax and non-current tax payables during the year -514 14 -500 -164 80 -84Change in deferred tax as a result of change in tax rate - - - -5 - -5Adjustments to tax for prior years 164 - 164 16 - 16Total 1,982 -43 1,939 1,859 72 1,931Tax recognised in other comprehensive income2024 2023Recognised Recognised item before Tax income/ item before Tax income/ DKK milliontaxexpense After taxtaxexpense After taxForeign exchange adjustments -874 - -874 -37,781 - -37,781Hedging instruments -2 -30 -32 -920 44 -876Retirement benefit obligations 96 -13 83 73 28 101Total -780 -43 -823 -38,628 72 -38,556ACCOUNTING POLICIESIncome 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:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__203": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__206": {
"value": "SECTION 6.2TAX ASSETS AND LIABILITIESOf the total deferred tax assets recognised, DKK 367m (2023: DKK 249m) 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 1,075m (2023: DKK 1,194m) primarily relate to tax losses that are not expected to be utilised in the foreseeable future. Tax losses that will not expire amounted to DKK 1,123m (2023: DKK 922m).Distribution of reserves for other subsidiaries will not trigger a significant tax liability based on current tax legislation.Specification of deferred taxDeferred tax assets Deferred tax liabilitiesDKK million 2024 2023 2024 2023Intangible assets 143 114 1,943 2,031Property, plant and equipment 362 458 1,266 947Current assets and liabilities 1,147 919 35 126Provisions and retirement benefit obligations 647 484 2,128 2,350Fair value adjustments 37 133 159 97Tax losses 367 249 - -Other 198 213 58 32Total before offset 2,901 2,570 5,589 5,583Offset -845 -760 -845 -760Deferred tax assets and liabilities at 31 December 2,056 1,810 4,744 4,823Expected to be used as followsWithin one year 1,221 899 258 387After more than one year 835 911 4,486 4,436Total 2,056 1,810 4,744 4,823Changes to non-current tax assets and liabilitiesDKK million 2024 2023Tax assets and liabilities at 1 January, net 3,013 3,110Adjustments to prior years 3 33Acquisition of entities -3 43Disposal of entities -55 -Recognised in other comprehensive income 14 80Recognised in the income statement, net, continuing operations -514 -164Change in tax rate - -5Foreign exchange adjustments 230 -84Tax assets and liabilities at 31 December, net 2,688 3,013Recognised as followsTax liabilities 4,744 4,823Tax assets -2,056 -1,810Tax assets and liabilities at 31 December, net 2,688 3,013ACCOUNTING ESTIMATES AND JUDGEMENTSThe Group recognises deferred tax assets, including the expected tax value of tax losses carried forward, if management assesses it can be offset against positive taxable income in the foreseeable future. This assessment is made annually and based on budgets and business plans for the coming years, including planned commercial initiatives under our control.Carlsberg operates in a large number of tax jurisdictions where tax legislation is highly complex and subject to interpretation. Management assesses uncertain tax positions to ensure recognition and measurement of tax assets and liabilities. ACCOUNTING POLICIESCurrent tax payable and receivable are recognised in the statement of financial position as tax for the year, adjusted for tax related to prior years and tax paid.Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. However, deferred tax is not recognised on temporary differences relating to goodwill that is not deductible for tax purposes or on office premises and other items where temporary differences, apart from business combinations, arise at the acquisition date without affecting either profit/loss for the year or taxable income.Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the asset or settlement of the liability.Deferred tax assets, related to tax losses carried forward, are recognised at the expected value of their utilisation, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. Deferred tax assets are recognised only to the extent that it is probable that the assets will be utilised.Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Changes to deferred tax on items recognised in other comprehensive income are, however, recognised in other comprehensive income.Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar Two Model Rules and their local implementation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__204": {
"value": "SECTION 6.2TAX ASSETS AND LIABILITIESOf the total deferred tax assets recognised, DKK 367m (2023: DKK 249m) 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 1,075m (2023: DKK 1,194m) primarily relate to tax losses that are not expected to be utilised in the foreseeable future. Tax losses that will not expire amounted to DKK 1,123m (2023: DKK 922m).Distribution of reserves for other subsidiaries will not trigger a significant tax liability based on current tax legislation.Specification of deferred taxDeferred tax assets Deferred tax liabilitiesDKK million 2024 2023 2024 2023Intangible assets 143 114 1,943 2,031Property, plant and equipment 362 458 1,266 947Current assets and liabilities 1,147 919 35 126Provisions and retirement benefit obligations 647 484 2,128 2,350Fair value adjustments 37 133 159 97Tax losses 367 249 - -Other 198 213 58 32Total before offset 2,901 2,570 5,589 5,583Offset -845 -760 -845 -760Deferred tax assets and liabilities at 31 December 2,056 1,810 4,744 4,823Expected to be used as followsWithin one year 1,221 899 258 387After more than one year 835 911 4,486 4,436Total 2,056 1,810 4,744 4,823Changes to non-current tax assets and liabilitiesDKK million 2024 2023Tax assets and liabilities at 1 January, net 3,013 3,110Adjustments to prior years 3 33Acquisition of entities -3 43Disposal of entities -55 -Recognised in other comprehensive income 14 80Recognised in the income statement, net, continuing operations -514 -164Change in tax rate - -5Foreign exchange adjustments 230 -84Tax assets and liabilities at 31 December, net 2,688 3,013Recognised as followsTax liabilities 4,744 4,823Tax assets -2,056 -1,810Tax assets and liabilities at 31 December, net 2,688 3,013ACCOUNTING ESTIMATES AND JUDGEMENTSThe Group recognises deferred tax assets, including the expected tax value of tax losses carried forward, if management assesses it can be offset against positive taxable income in the foreseeable future. This assessment is made annually and based on budgets and business plans for the coming years, including planned commercial initiatives under our control.Carlsberg operates in a large number of tax jurisdictions where tax legislation is highly complex and subject to interpretation. Management assesses uncertain tax positions to ensure recognition and measurement of tax assets and liabilities. ACCOUNTING POLICIESCurrent tax payable and receivable are recognised in the statement of financial position as tax for the year, adjusted for tax related to prior years and tax paid.Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. However, deferred tax is not recognised on temporary differences relating to goodwill that is not deductible for tax purposes or on office premises and other items where temporary differences, apart from business combinations, arise at the acquisition date without affecting either profit/loss for the year or taxable income.Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the asset or settlement of the liability.Deferred tax assets, related to tax losses carried forward, are recognised at the expected value of their utilisation, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. Deferred tax assets are recognised only to the extent that it is probable that the assets will be utilised.Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Changes to deferred tax on items recognised in other comprehensive income are, however, recognised in other comprehensive income.Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar Two Model Rules and their local implementation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__205": {
"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 losses carried forward, are recognised at the expected value of their utilisation, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. Deferred tax assets are recognised only to the extent that it is probable that the assets will be utilised.Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Changes to deferred tax on items recognised in other comprehensive income are, however, recognised in other comprehensive income.Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar Two Model Rules and their local implementation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__207": {
"value": "SECTION 7STAFF COSTS AND REMUNERATIONThis section provides details on staff costs, further details on the remuneration of the executive directors and key management personnel, and details of the share-based incentive programmes. Disclosures related to retirement benefit obligations, covering both defined contribution and defined benefit plans, are also included.Further details on the remuneration policy can be found in the Remuneration Report.1Employees by segment2024 2023gWestern Europe 34% 34% gAsia 40% 40% gCentral & Eastern Europe and India 24% 24% gOther 2% 2% 1 Continuing operations only.SECTION 7.1STAFF COSTSStaff costsDKK million 2024 2023Salaries and other remuneration 9,236 9,195Severance payments 64 43Social security costs 1,336 1,340Retirement benefit costs \u2013 defined contribution plans 457 417Retirement benefit costs \u2013 defined benefit plans 180 167Share-based payments 100 130Other employee benefits 163 149Total\u00b9 11,536 11,441\u00b9 In 2023, DKK 606m related to the discontinued operation.Staff costs are included in the following line items in the income statementCost of sales 3,314 3,075Sales and distribution expenses 5,888 5,428Administrative expenses 2,146 2,147Other operating activities, net 120 107Financial expenses (pensions) 37 30Special items (restructurings) 31 48Net result from discontinued operations - 606Total 11,536 11,441Average number of employees\u00b9 31,876 34,982\u00b9 In 2023, an average of 3,938 employees related to the discontinued operation.SECTION 7.2REMUNERATIONRemunerationKey management Executive directors\u00b9personnelDKK million 2024 2023 2024 2023Current Current Former\u00b2Fixed salary 20.8 11.4 11.2 29.7 27.5Cash bonus 13.9 10.6 11.2 16.2 21.7Other benefits 0.6 0.2 0.5 9.4 4.2Cash compensation for forfeited LTI\u00b3 - 12.9 - - -Severance payments - - - - 4.8Remuneration settled in cash 35.3 35.1 22.9 55.3 58.2Non-monetary benefits - 1.3 0.1 0.3 2.5Share-based payments 23.8 16.0 35.3 20.1 13.9Remuneration, non-monetary and share-based 23.8 17.3 35.4 20.4 16.4Total cash and non-cash 59.1 52.4 58.3 75.7 74.6\u00b9 The executive directors are Jacob Aarup-Andersen and Ulrica Fearn.\u00b2 Cees 't Hart resigned as CEO on 31 August 2023, but was remunerated for an additional two months during which he supported the company in an advisory capacity.\u00b3 As compensation for forfeited long-term incentive awards from their previous employers, Jacob Aarup-Andersen and Ulrica Fearn were paid DKK 12m and DKK 0.9m respectively, amounts that were used for the purchase of Carlsberg shares. Jacob Aarup-Andersen was also added to the running 2022-2024 and 2023-2025 long-term incentive schemes. Further information can be found in the Remuneration Report.The remuneration of the Supervisory Board, executive directors and key management personnel is described in detail in the Remuneration Report.The remuneration of the executive directors increased, driven by a full year of salary paid to Jacob Aarup-Andersen, compared to only a partial year in 2023. The remuneration of key management personnel increased in 2024, partly due to an increase in the number of members. In 2024, the Supervisory Board received total remuneration of DKK 11.00m (2023: DKK 10.31m), 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.ACCOUNTING POLICIESStaff costs are recognised in the financial year in which the employee renders the related service. The cost of share-based payments, which is expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and provisions or equity, depending on how the programme is settled with the employees.Key management personnel comprise the Executive Committee, excluding the executive directors. Other management personnel included in the share-based payment schemes comprise vice presidents and other key employees in central functions as well as the management of significant subsidiaries.SECTION 7.3SHARE-BASED PAYMENTSThe Group has set up share-based incentive programmes to attract, retain and motivate the Group\u2019s executive directors and other levels of management personnel, and to align their interests with those of the shareholders. There is no share-based remuneration of the Supervisory Board.The Group has 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 2024, 164 employees (2023: 157 employees) across the Group were awarded performance shares.For the 2024 and 2023 grants, vesting is subject to achievement of five KPIs: total shareholder return, adjusted EPS growth, organic revenue growth, growth in ROIC and achievement of ESG targets. For prior grants yet to vest, vesting is subject to four KPIs: total shareholder return, adjusted EPS growth, organic revenue growth and growth in ROIC. The average share price at vesting was DKK 939 (2023: DKK 964). The average contractual life at the end of 2024 was 1.4 years (2023: 1.3 years). Performance sharesKey Other Executive management management directorspersonnelpersonnel\u00b9 Total31 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 41,107 290,099 381,104Granted 40,500 43,311 109,773 193,584Forfeited/adjusted/transferred -2,942 -18,776 -69,172 -90,890Exercised/settled \u2013 -12,978 -85,464 -98,44231 December 2024 87,456 52,664 245,236 385,356\u00b9 Including retired employees.Performance share disclosuresDKK million 2024 2023Fair value at grant date 105 121Cost of shares granted in the year 38 44Total cost of performance shares 100 130Cost not yet recognised 173 148Fair value at 31 December 181 254Key informationPerformance sharesDKK million 2024 2023AssumptionsExpected volatility 21% 23% Risk-free interest rate 2.4% 2.8% Expected dividend yield 0.0/2.9% 0.0/2.7%Expected life, years 3.0 3.0Fair value at measurement date DKK 529-930 DKK 570-989ACCOUNTING ESTIMATES AND 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.ACCOUNTING POLICIESThe 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 7.4RETIREMENT BENEFIT OBLIGATIONS AND SIMILAR OBLIGATIONSObligation, net2024 2023Present Fair value Present Fair valuevalue of of plan Obligation,value of of plan Obligation,DKK millionobligationassetsnetobligationassetsnetObligation at 1 January 10,061 8,674 1,387 9,527 7,970 1,557Recognised in the income statement\u00b9Current service cost 190 - 190 169 - 169Past service cost -10 - -10 -2 - -2Net interest on the net defined benefit obligation (asset) 335 298 37 339 309 30Total 515 298 217 506 309 197RemeasurementsGain/loss from changes in demographic assumptions -18 - -18 -57 - -57Gain/loss from changes in financial assumptions 245 132 113 392 58 334Asset ceiling - -1 1 - 204 -204Total 227 131 96 335 262 73Other changesContributions to plans - 315 -315 - 295 -295Benefits paid -606 -519 -87 -567 -490 -77Foreign exchange adjustments etc. 154 148 6 260 328 -68Total -452 -56 -396 -307 133 -440Obligation at 31 December 10,351 9,047 1,304 10,061 8,674 1,387\u00b9 The total return on plan assets for the year amounted to DKK 430m (2023: DKK 367m).A number of employees are covered by retirement benefit plans. The nature of the plans varies depending on labour market conditions in the individual countries. Benefits are generally based on wages/salaries and length of employment. Retirement benefit obligations cover both present and future retirees\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 2024, 72% (2023: 71%) of the Group\u2019s retirement benefit costs related to defined contribution plans. The expense recognised in relation to these contributions was DKK 457m (2023: DKK 417m).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 38% and 49% respectively (2023: 42% and 46%), while the eurozone countries represented 5% (2023: 5%) of the gross obligation at 31 December 2024.The majority of the obligations are funded, with assets placed in independent pension funds, mainly in Switzerland and the UK. Most of the plan assets are quoted investments. In some countries, primarily Germany, Sweden and China, the obligation is unfunded. The retirement benefit obligations for these unfunded plans amounted to DKK 1,207m (2023: DKK 1,134m) or 12% (2023: 11%) of the gross obligation.In 2024, the Group\u2019s obligation, net, regarding defined benefit plans decreased by DKK 83m compared with 2023, primarily impacted by changes in financial assumptions in the UK, Switzerland and Sweden. The Group has a three-yearly valuation process to agree on any future funding arrangements in the UK. The most recent was completed in 2022. The Group expects to contribute DKK 108m (2023: DKK 104m) to the plan assets in 2025, which is in line with the agreed funding arrangement, under which the Group will contribute DKK 216m up to 2026. Plan assets do not include shares in the Group or properties used by Group companies.A recent UK Court of Appeal decision in the case of Virgin Media Ltd vs. NTL Pension Trustees II Ltd considered the implications of section 37 of the Pension Schemes Act 1993. Section 37 of the Pension Schemes Act 1993 only allows the rules of contracted-out schemes in respect of benefits to be altered where certain requirements are met. The Group\u2019s view is that it is appropriate that no adjustment is made to the Group\u2019s financial statements, as there is no reason to believe the relevant requirements have not been complied with in the UK.Breakdown of plan assets2024 2023DKKDKKmillion %million %Shares\u00b9 1,350 13 1,098 12 Bonds and other securities 6,284 66 6,197 67 Real estate 1,680 18 1,643 18 Cash and cash equivalents 265 3 284 3 Total 9,579 100 9,222 100 \u00b9 The breakdown of plan assets excludes the asset ceiling of DKK -532m in 2024 (2023: DKK -548m).Assumptions appliedWeighted2024 CHF GBP EUR OtheraverageDiscount rate 1.1% 5.6% 1.4-3.3% 3.0% 3.1%Growth in wages and salaries 1.0% 3.7% 0.3-2.9% 4.6% 2.3%2023Discount 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%Sensitivity analysis2024 2023DKK million +0.5% -0.5 % +0.5% -0.5 %Discount rate -607 677 -573 639Growth in wages and salaries 43 -41 25 -22+1 year -1 year +1 year -1 yearMortality 320 -295 302 -306Maturity of retirement benefit obligationsDKK million < 1 year 1-5 years > 5 years Total2024 610 2,868 6,873 10,3512023 606 2,764 6,691 10,061The actuarial gain and foreign exchange adjustment recognised in other comprehensive income amounted to DKK 150m (2023: DKK 27m), comprising a foreign exchange adjustment of DKK -54m and a net actuarial loss of DKK 96m.The accumulated actuarial loss and foreign exchange adjustment recognised at 31 December 2024 was DKK 2,495m (2023: DKK\ue7fe2,345m), with actuarial net losses of DKK\ue7fe2,735m (2023: DKK 2,639m).ASSUMPTIONS APPLIEDIn 2024, the discount rate used for the defined benefit plans in Western Europe was determined by reference to market yields on high-quality corporate bonds. In the Asian countries, where no deep market in high-quality corporate bonds exists, the discount rate was determined by reference to market yields on government bonds.The mortality tables used in Carlsberg UK are S3PMA/S3PFA_M tables for post-retirement, while the Swiss entities use BVG 2020 for valuation of their retirement benefit obligations.SENSITIVITY ANALYSIS The sensitivity analysis is based on a change in one of the assumptions, while all other assumptions remain constant. This is highly unlikely, however, as a change in one assumption would probably affect other assumptions as well. When calculating the obligation on the basis of a changed assumption, the same method has been applied as when calculating the defined benefit obligation.EXPECTED MATURITY AND DURATIONDefined benefit obligations are primarily expected to mature after five years. The expected duration of the obligations at year-end 2024 was 14 years. The duration is calculated using a weighted average of the duration divided by the obligation.ACCOUNTING ESTIMATES AND 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.ACCOUNTING POLICIESContributions 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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"value": "SECTION 7.1STAFF COSTSStaff costsDKK million 2024 2023Salaries and other remuneration 9,236 9,195Severance payments 64 43Social security costs 1,336 1,340Retirement benefit costs \u2013 defined contribution plans 457 417Retirement benefit costs \u2013 defined benefit plans 180 167Share-based payments 100 130Other employee benefits 163 149Total\u00b9 11,536 11,441\u00b9 In 2023, DKK 606m related to the discontinued operation.Staff costs are included in the following line items in the income statementCost of sales 3,314 3,075Sales and distribution expenses 5,888 5,428Administrative expenses 2,146 2,147Other operating activities, net 120 107Financial expenses (pensions) 37 30Special items (restructurings) 31 48Net result from discontinued operations - 606Total 11,536 11,441Average number of employees\u00b9 31,876 34,982\u00b9 In 2023, an average of 3,938 employees related to the discontinued operation.",
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"f1__s9__7__215-1": {
"value": "SECTION 7.2REMUNERATIONRemunerationKey management Executive directors\u00b9personnelDKK million 2024 2023 2024 2023Current Current Former\u00b2Fixed salary 20.8 11.4 11.2 29.7 27.5Cash bonus 13.9 10.6 11.2 16.2 21.7Other benefits 0.6 0.2 0.5 9.4 4.2Cash compensation for forfeited LTI\u00b3 - 12.9 - - -Severance payments - - - - 4.8Remuneration settled in cash 35.3 35.1 22.9 55.3 58.2Non-monetary benefits - 1.3 0.1 0.3 2.5Share-based payments 23.8 16.0 35.3 20.1 13.9Remuneration, non-monetary and share-based 23.8 17.3 35.4 20.4 16.4Total cash and non-cash 59.1 52.4 58.3 75.7 74.6\u00b9 The executive directors are Jacob Aarup-Andersen and Ulrica Fearn.\u00b2 Cees 't Hart resigned as CEO on 31 August 2023, but was remunerated for an additional two months during which he supported the company in an advisory capacity.\u00b3 As compensation for forfeited long-term incentive awards from their previous employers, Jacob Aarup-Andersen and Ulrica Fearn were paid DKK 12m and DKK 0.9m respectively, amounts that were used for the purchase of Carlsberg shares. Jacob Aarup-Andersen was also added to the running 2022-2024 and 2023-2025 long-term incentive schemes. Further information can be found in the Remuneration Report.The remuneration of the Supervisory Board, executive directors and key management personnel is described in detail in the Remuneration Report.The remuneration of the executive directors increased, driven by a full year of salary paid to Jacob Aarup-Andersen, compared to only a partial year in 2023. The remuneration of key management personnel increased in 2024, partly due to an increase in the number of members. In 2024, the Supervisory Board received total remuneration of DKK 11.00m (2023: DKK 10.31m), 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.ACCOUNTING POLICIESStaff costs are recognised in the financial year in which the employee renders the related service. The cost of share-based payments, which is expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and provisions or equity, depending on how the programme is settled with the employees.Key management personnel comprise the Executive Committee, excluding the executive directors. Other management personnel included in the share-based payment schemes comprise vice presidents and other key employees in central functions as well as the management of significant subsidiaries.SECTION 7.3SHARE-BASED PAYMENTSThe Group has set up share-based incentive programmes to attract, retain and motivate the Group\u2019s executive directors and other levels of management personnel, and to align their interests with those of the shareholders. There is no share-based remuneration of the Supervisory Board.The Group has 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 2024, 164 employees (2023: 157 employees) across the Group were awarded performance shares.For the 2024 and 2023 grants, vesting is subject to achievement of five KPIs: total shareholder return, adjusted EPS growth, organic revenue growth, growth in ROIC and achievement of ESG targets. For prior grants yet to vest, vesting is subject to four KPIs: total shareholder return, adjusted EPS growth, organic revenue growth and growth in ROIC. The average share price at vesting was DKK 939 (2023: DKK 964). The average contractual life at the end of 2024 was 1.4 years (2023: 1.3 years). Performance sharesKey Other Executive management management directorspersonnelpersonnel\u00b9 Total31 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 41,107 290,099 381,104Granted 40,500 43,311 109,773 193,584Forfeited/adjusted/transferred -2,942 -18,776 -69,172 -90,890Exercised/settled \u2013 -12,978 -85,464 -98,44231 December 2024 87,456 52,664 245,236 385,356\u00b9 Including retired employees.Performance share disclosuresDKK million 2024 2023Fair value at grant date 105 121Cost of shares granted in the year 38 44Total cost of performance shares 100 130Cost not yet recognised 173 148Fair value at 31 December 181 254Key informationPerformance sharesDKK million 2024 2023AssumptionsExpected volatility 21% 23% Risk-free interest rate 2.4% 2.8% Expected dividend yield 0.0/2.9% 0.0/2.7%Expected life, years 3.0 3.0Fair value at measurement date DKK 529-930 DKK 570-989ACCOUNTING ESTIMATES AND 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.ACCOUNTING POLICIESThe 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 29.6% (2023: 29.4%) of the shares and 77.3% of the voting power in Carlsberg A/S, excluding treasury shares (2023: 76.7%).The following transactions took place between the Carlsberg Foundation and the Group in 2024: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 1,085m (2023: DKK 1,115m).The Carlsberg Foundation participates in the share buy-back programme on a 30.33% pro rata basis. In 2024, the Carlsberg Foundation sold B shares to Carlsberg A/S at a fair value of DKK 595m (2023: DKK 971m). The number of A shares held by the Foundation increased in 2024, which is why the ownership share increased to 29.6% at 31 December 2024 (2023: 29.4%). The shares were sold at the average weekly share buy-back market prices.FUNDING AND GRANTSCarlsberg A/S received grants and further funding from the Carlsberg Foundation, in total DKK 71m, for the basic research and development activities at the Carlsberg Research Laboratory (2023: DKK 86m). Of the total grants, DKK 2m (2023: DKK 18m) was deferred to be used for research projects in the future.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 0.5m (2023: 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 2024, the deliveries amounted to DKK 0.1m (total sales of goods) (2023: DKK 0.1m).Carlsberg A/S leases parking spaces to provide parking for employees at the Carlsberg Research Laboratory and Home of 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 0.3m (2023: DKK 0.2m) and the leases are on market terms.It is estimated that the benefit to the Carlsberg Group corresponds to the value of the other activities provided to the Carlsberg Foundation, which in turn corresponds to what each party would have had to pay to have the same deliverables provided by external parties.OTHER RELATED 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 7.2.Related party transactions with associates recognised in the income statement and the statement of financial positionDKK million 2024 2023AssociatesRevenue 51 61Cost of sales -676 -733Sales and distribution expenses -8 -9Interest income 19 22Loans 274 273Receivables 215 448Trade payables and other liabilities -75 -70",
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"f1__s9__7__213-1": {
"value": "SECTION 7.2REMUNERATIONRemunerationKey management Executive directors\u00b9personnelDKK million 2024 2023 2024 2023Current Current Former\u00b2Fixed salary 20.8 11.4 11.2 29.7 27.5Cash bonus 13.9 10.6 11.2 16.2 21.7Other benefits 0.6 0.2 0.5 9.4 4.2Cash compensation for forfeited LTI\u00b3 - 12.9 - - -Severance payments - - - - 4.8Remuneration settled in cash 35.3 35.1 22.9 55.3 58.2Non-monetary benefits - 1.3 0.1 0.3 2.5Share-based payments 23.8 16.0 35.3 20.1 13.9Remuneration, non-monetary and share-based 23.8 17.3 35.4 20.4 16.4Total cash and non-cash 59.1 52.4 58.3 75.7 74.6\u00b9 The executive directors are Jacob Aarup-Andersen and Ulrica Fearn.\u00b2 Cees 't Hart resigned as CEO on 31 August 2023, but was remunerated for an additional two months during which he supported the company in an advisory capacity.\u00b3 As compensation for forfeited long-term incentive awards from their previous employers, Jacob Aarup-Andersen and Ulrica Fearn were paid DKK 12m and DKK 0.9m respectively, amounts that were used for the purchase of Carlsberg shares. Jacob Aarup-Andersen was also added to the running 2022-2024 and 2023-2025 long-term incentive schemes. Further information can be found in the Remuneration Report.The remuneration of the Supervisory Board, executive directors and key management personnel is described in detail in the Remuneration Report.The remuneration of the executive directors increased, driven by a full year of salary paid to Jacob Aarup-Andersen, compared to only a partial year in 2023. The remuneration of key management personnel increased in 2024, partly due to an increase in the number of members. In 2024, the Supervisory Board received total remuneration of DKK 11.00m (2023: DKK 10.31m), 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.ACCOUNTING POLICIESStaff costs are recognised in the financial year in which the employee renders the related service. The cost of share-based payments, which is expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and provisions or equity, depending on how the programme is settled with the employees.Key management personnel comprise the Executive Committee, excluding the executive directors. Other management personnel included in the share-based payment schemes comprise vice presidents and other key employees in central functions as well as the management of significant subsidiaries.SECTION 7.3SHARE-BASED PAYMENTSThe Group has set up share-based incentive programmes to attract, retain and motivate the Group\u2019s executive directors and other levels of management personnel, and to align their interests with those of the shareholders. There is no share-based remuneration of the Supervisory Board.The Group has 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 2024, 164 employees (2023: 157 employees) across the Group were awarded performance shares.For the 2024 and 2023 grants, vesting is subject to achievement of five KPIs: total shareholder return, adjusted EPS growth, organic revenue growth, growth in ROIC and achievement of ESG targets. For prior grants yet to vest, vesting is subject to four KPIs: total shareholder return, adjusted EPS growth, organic revenue growth and growth in ROIC. The average share price at vesting was DKK 939 (2023: DKK 964). The average contractual life at the end of 2024 was 1.4 years (2023: 1.3 years). Performance sharesKey Other Executive management management directorspersonnelpersonnel\u00b9 Total31 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 41,107 290,099 381,104Granted 40,500 43,311 109,773 193,584Forfeited/adjusted/transferred -2,942 -18,776 -69,172 -90,890Exercised/settled \u2013 -12,978 -85,464 -98,44231 December 2024 87,456 52,664 245,236 385,356\u00b9 Including retired employees.Performance share disclosuresDKK million 2024 2023Fair value at grant date 105 121Cost of shares granted in the year 38 44Total cost of performance shares 100 130Cost not yet recognised 173 148Fair value at 31 December 181 254Key informationPerformance sharesDKK million 2024 2023AssumptionsExpected volatility 21% 23% Risk-free interest rate 2.4% 2.8% Expected dividend yield 0.0/2.9% 0.0/2.7%Expected life, years 3.0 3.0Fair value at measurement date DKK 529-930 DKK 570-989ACCOUNTING ESTIMATES AND 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.ACCOUNTING POLICIESThe 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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},
"f1__s9__7__208-1": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__216": {
"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 2024, 164 employees (2023: 157 employees) across the Group were awarded performance shares.For the 2024 and 2023 grants, vesting is subject to achievement of five KPIs: total shareholder return, adjusted EPS growth, organic revenue growth, growth in ROIC and achievement of ESG targets. For prior grants yet to vest, vesting is subject to four KPIs: total shareholder return, adjusted EPS growth, organic revenue growth and growth in ROIC. The average share price at vesting was DKK 939 (2023: DKK 964). The average contractual life at the end of 2024 was 1.4 years (2023: 1.3 years). Performance sharesKey Other Executive management management directorspersonnelpersonnel\u00b9 Total31 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 41,107 290,099 381,104Granted 40,500 43,311 109,773 193,584Forfeited/adjusted/transferred -2,942 -18,776 -69,172 -90,890Exercised/settled \u2013 -12,978 -85,464 -98,44231 December 2024 87,456 52,664 245,236 385,356\u00b9 Including retired employees.Performance share disclosuresDKK million 2024 2023Fair value at grant date 105 121Cost of shares granted in the year 38 44Total cost of performance shares 100 130Cost not yet recognised 173 148Fair value at 31 December 181 254Key informationPerformance sharesDKK million 2024 2023AssumptionsExpected volatility 21% 23% Risk-free interest rate 2.4% 2.8% Expected dividend yield 0.0/2.9% 0.0/2.7%Expected life, years 3.0 3.0Fair value at measurement date DKK 529-930 DKK 570-989ACCOUNTING ESTIMATES AND 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.ACCOUNTING POLICIESThe 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__217": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__220": {
"value": "SECTION 8.1HYPERINFLATIONAt the end of 2024, the economy of Laos was deemed to be hyperinflationary. The financial reporting for the Group\u2019s entity Lao Brewery was adjusted effective 1 January 2024 to ensure that the consolidated financial statements reflect the current purchasing power by restating reported figures based on changes in the general price index and applying closing exchange rates for translation into the Group\u2019s presentation currency, DKK. Inflation restatementNon-Items in the 2024 (before monetary income Period-end Total 2024 DKK millionrestatement)itemsstatementretranslationadjustments(reported)P&LRevenue 74,796 - 144 71 215 75,011Operating profit before special items 11,486 -153 61 17 -75 11,411Profit for the period 10,266 -71 57 11 -3 10,263Attributable toNon-controlling interests 1,148 -28 21 5 -1 1,147Shareholders in Carlsberg A/S (net profit) 9,118 -43 36 6 -2 9,116Restatement Depreciationof non-/unwinding 2024 (before monetary of deferred Period-end Total 2024 DKK millionrestatement)itemstaxretranslationadjustments(reported)Financial positionGoodwill 39,950 1,668 - - 1,668 41,618Brands 9,434 112 - - 112 9,546Property, plant and equipment 26,229 983 -153 -9 821 27,050Total assets 110,727 2,763 -153 -9 2,601 113,328Equity, shareholders in Carlsberg A/S 26,298 1,550 -74 -3 1,473 27,771Non-controlling interests 1,899 991 -47 -2 942 2,841Total equity 28,197 2,541 -121 -5 2,415 30,612Deferred tax liabilities 4,558 222 -32 -4 186 4,744Total equity and liabilities 110,727 2,763 -153 -9 2,601 113,328Inflation restatementNon-Items in the 2024 (before monetary income Period-end Total 2024 DKK millionrestatement)itemsstatementretranslationadjustments(reported)Cash flowsOperating profit before special items 11,486 -153 61 17 -75 11,411Depreciation, amortisation and impairment losses 4,208 153 - 9 162 4,370Other non-cash items -548 - -61 -26 -87 -635Cash flow from operating activities 11,312 - - - - 11,312IMPACT ON THE CONSOLIDATED FINANCIAL STATEMENTSThe application of hyperinflation accounting did not have a material impact on the Group\u2019s income statement or statement of cash flows. However, the restatement of the Group\u2019s statement of financial position had a significant impact, increasing the carrying amount of goodwill by DKK 1,668m, brands by DKK 112m and property, plant and equipment by DKK 821m, mainly due to restatement of carrying amounts recognised in connection with the step acquisition of Lao Brewery in 2011. Similarly, equity increased by DKK 2,415m, mainly due to the restatement of non-monetary items of DKK 2,428m as of 1 January 2024, recognised in other comprehensive income, and the restatement effect of DKK 113m from changes in the price index during the year, recognised in the income statement.The impact on revenue was DKK 215m and on profit for the period DKK -3m, negatively impacted by the higher depreciation and amortisation as a result of the restatement of property, plant and equipment, partly offset by the monetary gain of DKK 50m in financial income. The impact of retranslation to exchange rates at 31 December 2024 was insignificant, as the LAK/DKK exchange rate closed at around the same level as at the beginning of the year.ACCOUNTING POLICIESIncome statementTransactions in the period have been restated to reflect changes in the price index from the time of initial recognition to the end of the reporting period, with the exception of depreciation, which has been recalculated based on the inflation-adjusted carrying amount of the restated non-monetary assets.Non-monetary itemsThe non-monetary items \u2013 goodwill, brands, property, plant and equipment and deferred tax \u2013 have been restated to take account of inflation since initial recognition, which was no earlier than September 2011, when the Group gained control of the business, and up to 31 December 2024. The restatement was offset in other comprehensive income. The restatement of non-monetary items exceeded the recoverable amount of the assets and was therefore reduced by DKK 630m, net of tax.Monetary itemsMonetary items, mainly consisting of receivables and payables, are not subject to restatement, as the carrying amount already reflects the purchasing power at the reporting date.EquityEquity includes the restatement adjustment of non-monetary items at the beginning of the period. The restatement adjustment for inflation in the reporting period has been recognised in other comprehensive income.Statement of cash flowsIn the statement of cash flows, operating profit before special items includes a non-cash effect from the inflation restatement, which has been reversed in the line other non-cash items.Price indexThe restatement for hyperinflation of the financial statements of Lao Brewery has been performed by applying the development in the consumer price index provided by the Bank of Laos, calculated as an average year-to-date conversion factor. In 2024, the inflation rate in Laos was 21.3% (2023: 31.2%).Retranslation from LAK to DKKThe financial statements of Lao Brewery, including restatement adjustments, have been translated into DKK by applying the LAK/DKK exchange rate at the reporting date, instead of the Group\u2019s normal practice of translating the income statement using the exchange rate at the transaction date or a monthly average exchange rate. The LAK/DKK exchange rate decreased from 0.0003302 at the beginning of the year to 0.0003299 at 31 December 2024. The average rate was 0.000321.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__221": {
"value": "SECTION 8.2FEES TO AUDITORSFees to auditors appointed by the Annual General MeetingDKK million 2024 2023PwC, including network firmsStatutory audit 31 29Assurance engagements 6 2Tax advisory 4 3Other services 3 1Total 44 35Fees for services other than the statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, amounted to, DKK 7m (2023: DKK 2m). This includes other assurance opinions including limited assurance on the sustainability statement, agreed-upon procedures as well as tax-, accounting- and compliance-related services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__333": {
"value": "Carlsberg Foundation",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__332": {
"value": "Carlsberg Foundation",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__223": {
"value": "SECTION 8.4EVENTS AFTER THE REPORTING PERIODOn 8 July 2024, Carlsberg announced a recommended offer to acquire the Britvic Group. The Britvic Group shareholders approved the recommended offer on 27 August. On 17 December 2024, Carlsberg and Britvic plc announced that clearance for the acquisition of Britvic plc by Carlsberg had been received from both the European Commission and the UK Competition and Markets Authority, and that as a result all regulatory conditions had been satisfied. The Scheme was sanctioned by the Court on 15 January 2025 and became effective on 16 January 2025 when the Court Order was delivered to the UK Registrar of Companies, and Carlsberg obtained control from this date, cf. section 5.1. Apart from the above and events recognised or disclosed in the consolidated financial statements, no events have occurred after the reporting period of importance to the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__229": {
"value": "The Group\u2019s consolidated financial statements for 2024 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, unless 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__228": {
"value": "The Group\u2019s consolidated financial statements for 2024 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, unless 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__226": {
"value": "The Group\u2019s consolidated financial statements for 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__227": {
"value": "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, unless otherwise stated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__230": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__232-1": {
"value": "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.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 for 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 stated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__236": {
"value": "SECTION 9.3CHANGES IN ACCOUNTING POLICIESCHANGED ACCOUNTING POLICIES AND CLASSIFICATION IN THE ANNUAL REPORT 2024The Annual Report 2024 has been prepared using the same accounting policies for recognition and measurement as those applied to the consolidated financial statements for 2023, except for the following Amendments that were adopted as of 1 January 2024: \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 \u2022 Amendments to IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures: Supplier Finance Arrangements\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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__235": {
"value": "SECTION 9.3CHANGES IN ACCOUNTING POLICIESCHANGED ACCOUNTING POLICIES AND CLASSIFICATION IN THE ANNUAL REPORT 2024The Annual Report 2024 has been prepared using the same accounting policies for recognition and measurement as those applied to the consolidated financial statements for 2023, except for the following Amendments that were adopted as of 1 January 2024: \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 \u2022 Amendments to IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures: Supplier Finance Arrangements\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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__237": {
"value": "NEW AND AMENDED IFRS ACCOUNTING STANDARDS The following Amendments to IFRS Accounting Standards became effective as of 1 January 2025:\u2022 Amendment to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u201dThe Amendment is not expected to have any significant impact on the financials or the Group\u2019s accounting policies, as it covers areas that are not material and/or relevant for the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__238": {
"value": "NEW AND AMENDED IFRS ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET ADOPTED BY THE EUThe following new or amended IFRS Standards and Amendments, which will become effective in future years, have been issued but not yet adopted by the EU:\u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d \u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d \u2022 Amendments to IFRS 9 and IFRS 7 \u201cContracts Referencing Nature-dependent Electricity\u201d and \u201cClassification and Measurement of Financial Instruments\u201d The Amendments are not mandatory for the financial reporting for 2024. The Group expects to adopt the new Standards and Amendments when they become mandatory.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5299001O0WJQYB5GYZ19",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__240": {
"value": "SECTION 9.5KEY DEFINITIONSGlossary 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 Operating profit before special items adjusted for tax as a percentage of 2 excluding goodwill (ROIC excl. average invested capitalexcluding goodwill calculated as a 12-month rolling goodwill)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-Profit for the period, excluding non-controlling interests, divided by the average D)number of shares, fully diluted for share options and performance shares in the money.1Earnings per share, adjusted Profit for the period adjusted for special items after tax, excluding non-(EPS-A)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 net result 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.Free operating cash flow Cash flow from operating activities less operational investments.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.Reported figures Reported figures include organic growth, net acquisitions and foreign exchange effects.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 in 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 4.6.4 The calculation of free cash flow is specified in the statement of cash flows.",
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"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%Carlsberg Deutschland GmbH Germany 4 100% 100%Duckstein GmbH Germany 100% 100%Holzmarkt Beteiligungsgesellschaft mbH Germany 100% 100%Holsten-Brauerei AG Germany 100% 100%Carlsberg Supply Company Deutschland GmbH Germany 100% 100%Carlsberg Supply Company Polska SA Poland 100% 100%Carlsberg Polska Sp. z o.o. Poland 100% 100%Carlsberg UK Holdings Limited UK 1 100% 100%Carlsberg Marston's Limited UK 100% 100%Carlsberg Marston's Brewing Company Ltd. UK 100% 100%Marston's Beer Company Limited UK 100% 100%CMBC Supply Limited UK 100% 100%CM Brewery Holdings Limited UK 1 100% 100%Emeraude S.A.S. France 7 100% 100%Kronenbourg S.A.S. France 2 100% 100%Kronenbourg Supply Company S.A.S. France 100% 100%Parent Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipFeldschl\u00f6sschen Getr\u00e4nke Holding AG Switzerland 3 100% 100%Feldschl\u00f6sschen Getr\u00e4nke AG Switzerland 100% 100%Schlossgarten Gastronomie AG Switzerland 100% 100%SB 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 4 100% 100%Guangzhou Carlsberg Investment Company Limited China 100% 100%Chongqing Brewery Co., Ltd China A 60% 60%Carlsberg Chongqing Breweries Company ChinaLimitedB 8 51% 79%Kunming Huashi Brewery Company LimitedChina100% 79%Carlsberg (China) Breweries and Trading ChinaCompany 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 Company ChinaLimited100% 79%Carlsberg Beer Enterprise Management China(Chongqing) Company Limited100% 79%Carlsberg Brewery (Anhui) ChinaCompany Ltd75% 60%Parent Place of Number of direct Consolidated Asiaincorporation NotesubsidiariesownershipownershipCarlsberg Tianmuhu Brewery (Jiangsu) ChinaCompany Ltd100% 79%Lao Brewery Co. Ltd Laos 61% 61%Carlsberg Korea Ltd. South Korea 100% 100%Carlsberg Brewery Malaysia Berhad Malaysia A 51% 51%Carlsberg Marketing Sdn BHD Malaysia 100% 51%Euro Distributors Sdn BHD Malaysia 100% 51%Carlsberg Singapore Pte Ltd Singapore 100% 51%Maybev Pte LtdSingaporeC 51% 26%Carlsberg Vietnam Trading Co. Ltd Vietnam 100% 100%Carlsberg Vietnam Breweries Ltd Vietnam 100% 100%Paduak Holding Pte. Ltd Singapore 100% 100%Carlsberg Supply Company Asia Ltd Hong Kong SAR 100% 100%Caretech Limited Hong Kong SAR 100% 100%Cambrew Limited Cambodia 2 100% 100%Cambrew Properties Ltd Cambodia 100% 100%Angkor Beverage Co Ltd Cambodia 100% 100%CB Distribution Co., Ltd Thailand 100% 100%Parent Place of Number of direct Consolidated Central & Eastern Europe and Indiaincorporation NotesubsidiariesownershipownershipCarlsberg Azerbaijan LLC Azerbaijan 100% 100%Baku Piva JSC Azerbaijan 91% 91%Carlsberg Kazakhstan Ltd Kazakhstan 90% 100%Carlsberg Beverages Central Asia LLP Kazakhstan 100% 100%Carlsberg Kyrgyzstan LLC Kyrgyzstan 100% 100%PJSC Carlsberg Ukraine Ukraine 1 100% 100%Carlsberg South Asia Pte Ltd Singapore 100% 100%South Asian Breweries Pte Ltd Singapore 100% 100%Carlsberg India Pvt. Ltd India 100% 100%A Listed company.B Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou Carlsberg Consultancy and Management Services Co Ltd (49%), resulting in a consolidated ownership of 79%.C Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia Berhad (51%), resulting in a consolidated ownership of 26%.Parent Place of Number of direct Consolidated Central & Eastern Europe and Indiaincorporation NotesubsidiariesownershipownershipGorkha Brewery Pvt. Ltd Nepal D, E 100% 100%G.B. Marketing Pvt Ltd Nepal E 100 % 100 %Baltic Beverages Holding AB Sweden 100% 100%Carlsberg Serbia Ltd Serbia 100% 100%Bosnia and Carlsberg BH d.o.o.Herzegovina 100% 100%Carlsberg Montenegro d.o.o. Montenegro 100% 100%Carlsberg Croatia d.o.o. Croatia 100% 100%Carlsberg Bulgaria AD Bulgaria 100% 100%OJSC Brewery Alivaria Belarus E, F 78% 89%Vista BY Co LLC Belarus 100% 100%Carlsberg Italia S.p.A. Italy 100% 100%Carlsberg Horeca Srl Italy 100% 100%T&C Italia Srl Italy 100% 100%Olympic Brewery SA Greece 100% 100%Hellenic Beverage Company SA Greece 100% 100%Carlsberg Hungary Kft. Hungary 100% 100%Saku \u00d6lletehase AS Estonia 100% 100%Aldaris JSC Latvia 100% 100%Svyturys-Utenos Alus UAB Lithuania 99% 99%CTDD Beer Imports Ltd Canada 100% 100%Carlsberg Canada Inc. Canada 100% 100%Kronenbourg Breweries Canada Inc. Canada 100% 100%Carlsberg USA Inc. USA 100% 100%D In November 2024, the Group gained control of Gorkha Brewery through the acquisition of an additional 33.33% of the shares in the holding company Carlsberg South Asia Pte Ltd and an additional 9.94% of the shares in Gorkha Brewery.E Company not audited by PwC.F Consolidated ownership is higher than the legal ownership due to written put options.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 Denmark 100% 100%A/SCarlsberg 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 E 50 25% 25%Bjergs\u00f8 Holding ApS Denmark E 25 20% 20%Sinergie Proattive Srl Italy 36% 36%Brasserie du Pays Flamand France 28% 28%Knopp Oy Finland 50% 50%Viacer S.G.P.S., Lda Portugal G 29% 29%Super Bock Group, S.G.P.S., S.A. Portugal G 11 56% 60%Serviced Dispense Equipment (Holdings) Limited UK 2 33% 20%Nuuk Imeq A/S Greenland E 32% 32%Chongqing Jiawei Beer Co. Ltd China 33% 26%Lanzhou Huanghe Jianiang Brewery Company China 50% 50%LimitedQinghai Huanghe Jianiang Brewery Company China 50% 50%LtdJiuquan West Brewery Company Limited China 50% 50%Tianshui Huanghe Jianiang Brewery Company China 50% 50%LtdLion Brewery (Ceylon) PLC Sri Lanka A, E, H 25% 13%Hanoi Beer Alcohol and Beverage Joint Stock Vietnam E 17% 17%CorporationCarlsberg Distributors Taiwan Limited Taiwan 1 50% 50%NCC Crowns Private Limited India 33% 33%Bottlers Nepal Limited Nepal 1 22% 20%Myanmar Carlsberg Co. Ltd Myanmar E 1 61% 61%G Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock), with a 56% shareholding, with Carlsberg Breweries A/S owning the remaining 44%. In addition, Carlsberg Breweries A/S has a direct ownership share of 29% in Viacer without exercising control. Therefore, both Viacer and Super Bock are considered associates of the Group. The Group's direct and indirect ownership of Super Bock totals 60%.H Lion Brewery (Ceylon) PLC is owned by Carlsberg Brewery Malaysia Berhad (25%). Carlsberg owns 51% of Carlsberg Brewery Malaysia Berhad, resulting in 13% of the result being attributed to the shareholders in Carlsberg A/S.",
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"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%Carlsberg Deutschland GmbH Germany 4 100% 100%Duckstein GmbH Germany 100% 100%Holzmarkt Beteiligungsgesellschaft mbH Germany 100% 100%Holsten-Brauerei AG Germany 100% 100%Carlsberg Supply Company Deutschland GmbH Germany 100% 100%Carlsberg Supply Company Polska SA Poland 100% 100%Carlsberg Polska Sp. z o.o. Poland 100% 100%Carlsberg UK Holdings Limited UK 1 100% 100%Carlsberg Marston's Limited UK 100% 100%Carlsberg Marston's Brewing Company Ltd. UK 100% 100%Marston's Beer Company Limited UK 100% 100%CMBC Supply Limited UK 100% 100%CM Brewery Holdings Limited UK 1 100% 100%Emeraude S.A.S. France 7 100% 100%Kronenbourg S.A.S. France 2 100% 100%Kronenbourg Supply Company S.A.S. France 100% 100%Parent Place of Number of direct Consolidated Western Europeincorporation NotesubsidiariesownershipownershipFeldschl\u00f6sschen Getr\u00e4nke Holding AG Switzerland 3 100% 100%Feldschl\u00f6sschen Getr\u00e4nke AG Switzerland 100% 100%Schlossgarten Gastronomie AG Switzerland 100% 100%SB 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 4 100% 100%Guangzhou Carlsberg Investment Company Limited China 100% 100%Chongqing Brewery Co., Ltd China A 60% 60%Carlsberg Chongqing Breweries Company ChinaLimitedB 8 51% 79%Kunming Huashi Brewery Company LimitedChina100% 79%Carlsberg (China) Breweries and Trading ChinaCompany 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 Company ChinaLimited100% 79%Carlsberg Beer Enterprise Management China(Chongqing) Company Limited100% 79%Carlsberg Brewery (Anhui) ChinaCompany Ltd75% 60%Parent Place of Number of direct Consolidated Asiaincorporation NotesubsidiariesownershipownershipCarlsberg Tianmuhu Brewery (Jiangsu) ChinaCompany Ltd100% 79%Lao Brewery Co. Ltd Laos 61% 61%Carlsberg Korea Ltd. South Korea 100% 100%Carlsberg Brewery Malaysia Berhad Malaysia A 51% 51%Carlsberg Marketing Sdn BHD Malaysia 100% 51%Euro Distributors Sdn BHD Malaysia 100% 51%Carlsberg Singapore Pte Ltd Singapore 100% 51%Maybev Pte LtdSingaporeC 51% 26%Carlsberg Vietnam Trading Co. Ltd Vietnam 100% 100%Carlsberg Vietnam Breweries Ltd Vietnam 100% 100%Paduak Holding Pte. Ltd Singapore 100% 100%Carlsberg Supply Company Asia Ltd Hong Kong SAR 100% 100%Caretech Limited Hong Kong SAR 100% 100%Cambrew Limited Cambodia 2 100% 100%Cambrew Properties Ltd Cambodia 100% 100%Angkor Beverage Co Ltd Cambodia 100% 100%CB Distribution Co., Ltd Thailand 100% 100%Parent Place of Number of direct Consolidated Central & Eastern Europe and Indiaincorporation NotesubsidiariesownershipownershipCarlsberg Azerbaijan LLC Azerbaijan 100% 100%Baku Piva JSC Azerbaijan 91% 91%Carlsberg Kazakhstan Ltd Kazakhstan 90% 100%Carlsberg Beverages Central Asia LLP Kazakhstan 100% 100%Carlsberg Kyrgyzstan LLC Kyrgyzstan 100% 100%PJSC Carlsberg Ukraine Ukraine 1 100% 100%Carlsberg South Asia Pte Ltd Singapore 100% 100%South Asian Breweries Pte Ltd Singapore 100% 100%Carlsberg India Pvt. Ltd India 100% 100%A Listed company.B Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou Carlsberg Consultancy and Management Services Co Ltd (49%), resulting in a consolidated ownership of 79%.C Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia Berhad (51%), resulting in a consolidated ownership of 26%.Parent Place of Number of direct Consolidated Central & Eastern Europe and Indiaincorporation NotesubsidiariesownershipownershipGorkha Brewery Pvt. Ltd Nepal D, E 100% 100%G.B. Marketing Pvt Ltd Nepal E 100 % 100 %Baltic Beverages Holding AB Sweden 100% 100%Carlsberg Serbia Ltd Serbia 100% 100%Bosnia and Carlsberg BH d.o.o.Herzegovina 100% 100%Carlsberg Montenegro d.o.o. Montenegro 100% 100%Carlsberg Croatia d.o.o. Croatia 100% 100%Carlsberg Bulgaria AD Bulgaria 100% 100%OJSC Brewery Alivaria Belarus E, F 78% 89%Vista BY Co LLC Belarus 100% 100%Carlsberg Italia S.p.A. Italy 100% 100%Carlsberg Horeca Srl Italy 100% 100%T&C Italia Srl Italy 100% 100%Olympic Brewery SA Greece 100% 100%Hellenic Beverage Company SA Greece 100% 100%Carlsberg Hungary Kft. Hungary 100% 100%Saku \u00d6lletehase AS Estonia 100% 100%Aldaris JSC Latvia 100% 100%Svyturys-Utenos Alus UAB Lithuania 99% 99%CTDD Beer Imports Ltd Canada 100% 100%Carlsberg Canada Inc. Canada 100% 100%Kronenbourg Breweries Canada Inc. Canada 100% 100%Carlsberg USA Inc. USA 100% 100%D In November 2024, the Group gained control of Gorkha Brewery through the acquisition of an additional 33.33% of the shares in the holding company Carlsberg South Asia Pte Ltd and an additional 9.94% of the shares in Gorkha Brewery.E Company not audited by PwC.F Consolidated ownership is higher than the legal ownership due to written put options.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 Denmark 100% 100%A/SCarlsberg 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 E 50 25% 25%Bjergs\u00f8 Holding ApS Denmark E 25 20% 20%Sinergie Proattive Srl Italy 36% 36%Brasserie du Pays Flamand France 28% 28%Knopp Oy Finland 50% 50%Viacer S.G.P.S., Lda Portugal G 29% 29%Super Bock Group, S.G.P.S., S.A. Portugal G 11 56% 60%Serviced Dispense Equipment (Holdings) Limited UK 2 33% 20%Nuuk Imeq A/S Greenland E 32% 32%Chongqing Jiawei Beer Co. Ltd China 33% 26%Lanzhou Huanghe Jianiang Brewery Company China 50% 50%LimitedQinghai Huanghe Jianiang Brewery Company China 50% 50%LtdJiuquan West Brewery Company Limited China 50% 50%Tianshui Huanghe Jianiang Brewery Company China 50% 50%LtdLion Brewery (Ceylon) PLC Sri Lanka A, E, H 25% 13%Hanoi Beer Alcohol and Beverage Joint Stock Vietnam E 17% 17%CorporationCarlsberg Distributors Taiwan Limited Taiwan 1 50% 50%NCC Crowns Private Limited India 33% 33%Bottlers Nepal Limited Nepal 1 22% 20%Myanmar Carlsberg Co. Ltd Myanmar E 1 61% 61%G Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock), with a 56% shareholding, with Carlsberg Breweries A/S owning the remaining 44%. In addition, Carlsberg Breweries A/S has a direct ownership share of 29% in Viacer without exercising control. Therefore, both Viacer and Super Bock are considered associates of the Group. The Group's direct and indirect ownership of Super Bock totals 60%.H Lion Brewery (Ceylon) PLC is owned by Carlsberg Brewery Malaysia Berhad (25%). Carlsberg owns 51% of Carlsberg Brewery Malaysia Berhad, resulting in 13% of the result being attributed to the shareholders in Carlsberg A/S.",
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"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. Following thedeconsolidation in July 2023, the amounts were reclassified from equity to the income statement and included in net result from discontinued operations.",
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