ANNUAL
REPORT 2024
As approved on the Company's Annual General Meeting on 17 March 2025
Anders Stubbe Arndal
Chair of the Meeting
CONTENTS
MANAGEMENT REVIEW FINANCIAL STATEMENTS
To our shareholders
Letter from the Chair &
the Group CEO 2
Meet our Executive Committee 4
Shaping our future 6
2024 at a glance
Highlights of the year 8
Our results 10
Capital allocation 11
Our regions 12
Our beer portfolio 15
Our alcohol-free brews and other
beverage portfolios
16
5-year key figures 17
Creating value
Our purpose 18
Our business model 19
Our strategy 20
2024 review and 2025 expectations
Group review 28
Western Europe 30
Asia 32
Central & Eastern Europe and India 34
2025 earnings expectations 36
Governance
Risk management 37
Corporate governance 39
Supervisory Board 46
Share information 49
ESRS data points 50
Forward-looking statements & ESEF 51
Sustainability statement
Contents 52
General disclosures 55
Environment 63
Social 88
Governance 103
Appendices 106
Consolidated financial statements
Statements 111
Notes 116
Parent company financial statements
Statements 186
Notes 190
Reports
Management statement 198
Auditor’s reports 199
FIND US ONLINE
carlsberggroup.com
Carlsberg Group
@carlsberggroup
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
1 Carlsberg Group Annual Report 2024
AN EVENTFUL YEAR
LETTER FROM THE CHAIR & THE GROUP CEO
2024 was a year of major
events at Carlsberg, including
the launch of our refreshed
strategy and several
acquisitions. It was also a year
when our business was
impacted by a challenging
environment in some of our
major markets.
Despite challenging consumer environment in
many markets, our teams achieved organic
volume and revenue growth of 0.4% and 2.4%
respectively.
As part of our refreshed strategy – Accelerate
SAIL – we want to restore gross margins to pre-
COVID levels over the coming years, and we
were pleased to see positive progress already
this year, with a 120bp improvement in gross
margin. Part of this improvement was
reinvested in the business in support of our key
growth categories and markets. Despite the
higher level of commercial investments, organic
operating profit grew by 6.0%.
It is testimony to the financial strength of the
Carlsberg Group that we have the capacity to
invest in the business and, at the same time,
continue our long-term earnings growth
trajectory.
Read about the Group’s financial results on
pages 28-35.
SHAREHOLDER RETURNS
We are committed to our capital allocation
principles, outlined on page 11. We increased our
financial leverage target following the exit from
Russia and the increased exposure to hard
currency cash flows.
In March, we paid a total dividend of DKK
3.6bn, equivalent to 49% of adjusted net profit
in 2023.
At the Annual General Meeting in March 2025,
the Supervisory Board will recommend a
dividend of DKK 27.0 per share. The dividend
per share is unchanged compared with 2024
and equals a payout ratio of 49% of adjusted
net profit for continuing operations.
During the first half of the year, we bought back
shares amounting to DKK 2.0bn. We stopped
our share buy-back programme upon
announcing the recommended offer for Britvic
plc on 8 July, but we will have a sharp focus on
deleveraging our balance sheet as fast as
possible, getting to below 2.5x NIBD/EBITDA by
the end of 2027 at the latest.
OUR REFRESHED STRATEGY
In February, we launched Accelerate SAIL with
ambitions to grow revenue organically by 4-6%
(CAGR) and to grow operating profit ahead of
that. To deliver on this ambition, we have set
clear priorities for where and how we will grow
our business. See page 6 for more information
on how we will achieve our growth ambitions
and pages 20-27 for more detailed information
on the Accelerate SAIL growth levers.
In addition to the higher growth investments,
we also need to ensure the engagement and
motivation of our more than 30,000
employees. Their support of Accelerate SAIL is
key for us to deliver on our growth ambitions.
“The Supervisory Board is
confident that Accelerate
SAIL – through its focus
on growth opportunities
in key markets and
categories, commercial
execution, cost
optimisation, and the new
growth culture principles –
will set up Carlsberg to
deliver top- and bottom-
line growth.”
Henrik Poulsen, Chair
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Letter from the Chair & the Group CEO
2 Carlsberg Group Annual Report 2024
HENRIK POULSEN JACOB AARUP-ANDERSEN
SUPERVISORY BOARD CHAIR
GROUP CEO
An important element of Accelerate SAIL was
therefore the launch of a structured growth
culture programme, operationalised through five
principles. These were developed by the
extended leadership team (our global top 90
leaders). To ensure commitment to the growth
principles, they will be embedded in our people
performance evaluation and remuneration.
We are very pleased with the excited reception
of the growth culture and principles by our
people, which gives us confidence that, together,
we will deliver results in line with our growth
ambitions.
EXPANDING OUR BUSINESS
In addition to our refreshed strategy, we
announced several acquisitions during the year
that will strengthen the Group and be
supportive of our growth ambitions.
The two most significant transactions were the
acquisition of Britvic plc in the UK and the buy-
out of the partners in our businesses in India
and Nepal.
We are also excited about the further expansion
of our global partnership with PepsiCo through
the bottling franchise in Kazakhstan and
Kyrgyzstan from 1 January 2026.
Read more about the acquisitions and the
extended partnership with PepsiCo on pages
6-7.
Any future capital allocations towards inorganic
opportunities will of course be subject to
rigorous analysis to ensure long-term value
creation and returns for our shareholders.
DIVESTING THE RUSSIAN
BUSINESS
In December, following the removal of the
Russian presidential decree, which transferred
Baltika Breweries to the temporary
management of the Russian Federal Agency for
State Property Management, we sold our
shares in the company to two long-standing
Baltika employees. As part of the agreement,
Baltika Breweries transferred its shareholdings
in the businesses in Kazakhstan and Azerbaijan
to Carlsberg, and we settled all outstanding
legal disputes.
Given the circumstances, we believe that this
deal was the best achievable outcome for our
employees, our shareholders and the continued
business.
CONTINUED COMMITMENT TO
DOING BETTER
Our ESG programme, Together Towards ZERO
and Beyond (TTZAB), is an integral part of
Accelerate SAIL. The programme focuses on the
most material environmental, social and
governance (ESG) topics impacting our business.
We are working hard to deliver on the bold
ambitions set out in TTZAB – from targeting a
net ZERO value chain and sourcing all raw
materials from regenerative agricultural
practices by 2040 to replenishing all the water
we consume at our breweries in areas with high
water risk by 2030.
We are pleased with the progress achieved in
2024, including a decline in our absolute
brewery carbon emissions of 58%, compared
with our baseline year 2015, and four new water
replenishment projects in China and Laos.
Within our ZERO farming footprint ambition, we
were excited to expand our sourcing of
regenerative raw materials to Denmark, joining
France, the UK and Finland, where we have also
started the transition to regenerative agriculture
practices.
While we are on track to deliver on our ESG
ambitions, we recognise that we still have
significant work ahead of us if we are to
succeed in our TTZAB ambitions.
REPORTING IN LINE WITH CSRD
In this year’s Annual Report, we are for the first
time reporting in accordance with the EU
Corporate Sustainability Reporting Directive
(CSRD) and the corresponding European
Sustainability Reporting Standards (ESRS). See
the sustainability statement on pages 52-110.
We welcome this opportunity to enhance
corporate transparency and reporting by
ensuring standardised, comparable and reliable
sustainability disclosure. We will seek to
continuously develop our external reporting in
the coming years as interpretation of the
standards and guidance evolves.
Our sustainability reporting is based on a
double materiality assessment as required by
the CSRD. The assessment confirmed that
TTZAB focuses our actions and commitments in
the areas that are most material for our
business and our stakeholders.
CHANGES TO THE EXECUTIVE
COMMITTEE
During 2024, we strengthened our Executive
Committee (ExCom) to align our top
management team with the priorities and
ambitions of Accelerate SAIL.
In June, Esther Wu, then Vice President,
Integrated Information Technology in the Asia
region, was appointed Chief Information Officer.
In August, Yves Briantais joined Carlsberg as
Chief Marketing Officer from a global executive
vice president position at Colgate-Palmolive,
and Susanne Skippari joined the Group as Chief
Human Resources Officer from a position as
Executive Vice President, People and
Communications and member of the Executive
Board at Kone.
In September, Søren Brinck, then Executive Vice
President (EVP), Group Commercial and
Strategy, took over responsibility for the
Western Europe region following the retirement
of Graham Fewkes. Anders Røed, then
Managing Director of Brasseries Kronenbourg,
our French business, was appointed Chief
Strategy and Commercial Officer.
At the end of the year, Lars Lehmann, EVP,
Central & Eastern Europe and India left the
Group to pursue a CEO role in another
company. Lars will be replaced by Nikos
Kalaitzidakis no later than March 2025.
Meet our ExCom on pages 4-5.
Although Graham will continue as special
advisor to the Group CEO, we want to thank
him and Lars for their significant contribution to
the Carlsberg Group during their long tenures.
THANK YOU
On behalf of the Supervisory Board and ExCom,
we would also like to take this opportunity to
thank the Group’s employees. We are
continuously impressed by the engagement and
enthusiasm of colleagues across the business
and their reception of Accelerate SAIL. We are
confident that we have the winning brands and
the capabilities, energy and determination to
deliver on our growth ambitions.
We also extend our thanks to all suppliers and
customers for their partnership, and express our
gratitude to our consumers around the world.
Henrik Poulsen Jacob Aarup-Andersen
Chair Group CEO
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Letter from the Chair & the Group CEO
3 Carlsberg Group Annual Report 2024
OUR EXECUTIVE COMMITTEE
Our Executive Committee
was strengthened and
expanded during 2024
to ensure alignment of
capabilities with the
priorities and
ambitions of
Accelerate SAIL
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our Executive Committee
4 Carlsberg Group Annual Report 2024
SØREN BRINCK
VICTOR SHEVTSOV
SUSANNE SKIPPARI ANDERS RØED
ESTHER WU
ULRICA FEARN
JACOB AARUP-
ANDERSEN
JOÃO ABECASIS
YVES BRIANTAIS
See the biographies of the
Executive Committee on the
following page.
JACOB AARUP-ANDERSEN
GROUP CEO
Nationality: Danish
Year of birth: 1977
Appointed to ExCom: 2023
Jacob joined Carlsberg on 1 September 2023.
Prior to joining Carlsberg, Jacob served as CEO
of ISS, a global leader in facility management
with 350,000 employees operating in 60
countries globally. Prior to ISS, he had executive
leadership roles at Danske Bank and Danica
Pension. Before that, Jacob worked as an
investment professional in firms including TPG-
Axon Capital and Goldman Sachs. Jacob is a
member of the Board of Directors of SEB
Group.
ULRICA FEARN
CFO
Nationality: Swedish
Year of birth: 1973
Appointed to ExCom: 2023
Ulrica joined the Carlsberg Group on 1 January
2023. Before joining Carlsberg, Ulrica was CFO
of Equinor, Norway. Prior to Equinor, she was
Director, Group Finance at BT Group. She began
her career at Diageo, where she spent almost
20 years in various senior finance and other
management roles across Europe, APAC and
the USA. Ulrica is a member of the Board of
Directors of Capgemini.
JOÃO ABECASIS
EVP, ASIA
Nationality: Portuguese
Year of birth: 1972
Appointed to ExCom: 2019
João joined the Carlsberg Group in 2011 as CCO
and later CEO of Super Bock, our associate in
Portugal. In 2016, he became Vice President for
smaller markets in the Western Europe region.
He has also served as interim Managing
Director of Carlsberg Danmark. In 2017, he
became Managing Director of our French
business, Kronenbourg. He became CCO and a
member of ExCom in 2019. Earlier in his career,
João held a range of sales and marketing roles
at Unilever.
YVES BRIANTAIS
CHIEF MARKETING OFFICER
Nationality: French
Year of birth: 1974
Appointed to ExCom: 2024
Yves Briantais joined Carlsberg in August 2024
from Colgate-Palmolive, where he most
recently served as Global Executive Vice
President, Design and Creative Capabilities. Yves
has 25 years of global, regional and local
experience across marketing disciplines. During
his time with Colgate-Palmolive, he held a
range of senior leadership roles with marketing
responsibilities for clusters, regions, categories
and global functions.
SØREN BRINCK
EVP, WESTERN EUROPE
Nationality: Danish
Year of birth: 1974
Appointed to ExCom: 2021
Søren took over the responsibility for Western
Europe in 2024, having been head of Group
Commercial and Strategy. He joined Carlsberg
in 2005. During his career at Carlsberg, Søren
has held various management positions at
Group, regional and market level. From 2009 to
2019, he was Managing Director in Denmark,
Norway and Greece, and after that he was SVP,
Asia. Before joining Carlsberg, Søren worked as
a consultant at Accenture and was a manager
at Arla Foods.
ANDERS RØED
CHIEF STRATEGY AND COMMERCIAL
OFFICER
Nationality: Norwegian
Year of birth: 1968
Appointed to ExCom: 2024
Anders has been with Carlsberg since 2010,
most recently as Managing Director of
Kronenbourg in France. Before that, he was
Managing Director of Ringnes in Norway, and
held senior management roles in marketing and
commercial in the Western Europe region and
at Ringnes. Before Carlsberg, Anders held senior
management positions at Storebrand and TINE
in Norway.
VICTOR SHEVTSOV
EVP, SUPPLY CHAIN
Nationality: Russian
Year of birth: 1970
Appointed to ExCom: 2021
Victor joined Carlsberg from PepsiCo in 2015 as
Vice President for our supply chain in Asia.
Victor’s solid end-to-end supply chain expertise
has been accrued through various supply chain
roles, including several operative and strategy
roles within supply chain across Europe and
Sub-Saharan Africa during his 20 years with
PepsiCo. Prior to PepsiCo, Victor worked for
Siemens.
SUSANNE SKIPPARI
CHIEF HUMAN RESOURCES OFFICER
Nationality: Finnish
Year of birth: 1974
Appointed to ExCom: 2024
Susanne joined Carlsberg in August 2024 from
KONE. Susanne has 25 years of experience in
human resources, including in senior leadership
positions. This includes 17 years across HR areas
at KONE, where most recently she served as
Executive Vice President, People and
Communications and a member of the
Executive Board. Prior to KONE, Susanne
worked at Nokia in various HR roles in Finland
and Argentina.
ESTHER WU
CHIEF INFORMATION OFFICER
Nationality: Hong Kong SAR Chinese
Year of birth: 1976
Appointed to ExCom: 2024
Esther joined Carlsberg in 2019 as head of IT in
the Asia region. Esther has more than 20 years
of strong technology and digital transformation
experience from various senior technology
positions in global companies. Prior to joining
Carlsberg, she was Head of Strategic Planning
and IT Transformation at Chanel. Before that,
she held management positions within IT at
thyssenkrupp Elevator and The Nielsen
Company.
NIKOS KALAITZIDAKIS
EVP, CENTRAL & EASTERN EUROPE
AND INDIA
Nationality: Greek
Year of birth: 1968
Appointed to ExCom: 2025
Nikos will join Carlsberg no later than March
2025 from The Olayan Group, where he was
responsible for the Food & Beverages division.
Prior to joining The Olayan Group, Nikos held
several executive roles at Coca-Cola HBC and
commercial management roles at Philip Morris
International. Nikos has extensive international
experience, having worked in several countries
in Central and Eastern Europe and Central Asia.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our Executive Committee
5 Carlsberg Group Annual Report 2024
SHAPING OUR FUTURE
During 2024, we took several
steps to support the future of
the Carlsberg Group and the
achievement of our long-term
growth ambitions.
OUR STRATEGY: ACCELERATE
SAIL
Accelerate SAIL was launched in February 2024. It
sets clear priorities for selected growth drivers
within our portfolio, geographies and capabilities,
and for how we want to improve supply chain
efficiency, develop a growth culture and continue
our well-embedded cost focus. It also re-
emphasises our commitment to sustainable
business practices through our Together Towards
ZERO and Beyond programme.
With Accelerate SAIL, we are making a clear
commitment to support our business and drive
compounding earnings growth. This includes
gradually restoring gross margins to pre-COVID
levels and increasing investments in marketing
and sales, capability building, and digital tools
and systems.
Consequently, we have raised our long-term
organic growth ambitions for revenue and
operating profit for the business (with 2024 as
the baseline):
• Organic revenue growth of 4-6% CAGR
(previously 3-5%).
• Organic operating profit growth ahead of
revenue growth.
Read more about the Accelerate SAIL priorities
on pages 20-27.
EXPANDING OUR SOFT DRINKS
BUSINESS
For more than 30 years, the production,
distribution and selling of soft drinks have been an
integral and value-accretive part of the Group’s
business in several markets, providing many
operational and financial synergistic benefits.
Our soft drinks portfolio includes both own and
partner-owned brands. It mainly consists of
beverages within the carbonated soft drinks,
energy drinks and water categories.
PepsiCo is our largest soft drinks partner. Up
until 2024, our partnership comprised five
markets: Norway, Sweden, Switzerland, Laos
and Cambodia. We also partner with Coca-Cola
in Denmark and Finland.
In 2024, soft drinks accounted for 16% of total
Group volumes.
Strengthening our partnership with
PepsiCo
In 2024, we were pleased to announce the
expansion of the PepsiCo partnership to four
new markets:
• The UK and Ireland, where we acquired
Britvic plc in January 2025.
• Kazakhstan and Kyrgyzstan, where we will
take over the soft drinks licences in these
markets from 1 January 2026.
In addition, we extended our bottling
agreements in Norway and Sweden, securing
our long-term cooperation with PepsiCo in
these two markets.
The extended partnership makes the Carlsberg
Group the largest partner for PepsiCo in Europe
and one of the biggest worldwide. The
increased cooperation will bring longer-term
opportunities to the benefit of both companies.
“We’re happy to see our
long-standing partnership
with PepsiCo strengthening
with the addition of four
new markets, underlining
the long-term potential in
the collaboration between
our two companies.”
Jacob Aarup-Andersen, Group CEO
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Shaping our future
6 Carlsberg Group Annual Report 2024
Britvic is a leading integrated soft
drinks business in Europe, with a
comprehensive portfolio of market-
leading brands.
The company has been the bottling
partner for PepsiCo in the UK since
1987 and in Ireland since 2007, with
the Pepsi franchise accounting for
around half of total revenue.
The other half is generated by a
range of own brands in multiple soft
drinks segments. Many of these own
brands hold a no. 1 or 2 market
position in their respective segments.
Britvic is the largest supplier of
branded still soft drinks in the UK and
the second-largest supplier of
branded carbonated soft drinks.
Beyond the UK and Ireland, Britvic is
established in France and Brazil,
where it markets and sells owned
brands in a smaller number of
categories. In both markets, it is the
leading supplier of dilutables, also
called flavour concentrates.
The company has a proven track
record of growing, expanding and
revitalising its own brands, such as
Robinsons, Tango, MiWadi,
Ballygowan, Teisseire and Maguary.
Acquisition of Britvic plc
On 8 July, we announced the recommended offer
to acquire Britvic plc, one of the leading integrated
soft drinks businesses in Europe and a Pepsi bottler
in the UK and Ireland. The transaction was
completed on 16 January 2025.
The acquisition of Britvic plc is attractive for
Carlsberg strategically, operationally and
financially. It also brings on board a company
with a highly talented workforce, a strong
innovation track record and consistent
sustainability performance, and the same strong
commitment to science-based climate targets
as the Carlsberg Group.
Incorporating Britvic into the Carlsberg Group
will be supportive of our Accelerate SAIL growth
ambitions, doubling our soft drinks exposure to
around 30% of total volumes. While beer remains
our core business, the increased exposure to
structurally growing categories will improve the
resilience of the Group, from both a market and
brand portfolio perspective.
In Western Europe, the acquisition will improve the
long-term revenue and operating profit growth
opportunities, and enhance operating margin.
In the UK, we will create a single, integrated
company, applying the same operating model
that we have successfully set up in other
markets with commercial and synergistic
benefits. In so doing, we will transform the
business into a leading supplier, offering
customers a comprehensive portfolio of strong
beer and soft drinks brands.
During the past decade, the share of low-calorie
cola of the total cola segment in the UK has
gone up by 18 percentage points. During the
same period, Pepsi Max’s share of the total cola
segment has more than doubled to almost 31%.
Compared with our experience with the cola
market in Norway and other Nordic markets,
we believe that there is more growth potential
for Pepsi Max in the UK, supported by
continued growth of the low-calorie segment
and market share gains.
Consequently, we intend to invest further in
Britvic and the combined business to accelerate
growth. The increased investments will mainly
be in sales and marketing, and will be allocated
to brands and categories for which we see
attractive growth opportunities.
We will leverage the combined company’s
broad-based opportunities for cross-selling
between beer and soft drinks, and for expanding
the distribution reach for growth categories.
Synergies
We expect to realise GBP 100m in synergies in
the combined business across a number of
areas, including direct and indirect procurement,
supply chain, administration and overheads.
While we have also identified a number of revenue
opportunities from the combination, these are not
included in the announced synergy estimates.
Taking over the Pepsi bottling franchise in
Kazakhstan and Kyrgyzstan
As of 1 January 2026, we will take over the
Pepsi bottling franchise in Kazakhstan and
Kyrgyzstan.
Carlsberg Kazakhstan holds a no. 1 position in
the beer market, with a market share of around
36%.
The new agreement will more than double our
business in Kazakhstan, consolidating our presence
in the market. It will also support us in further
building our business in neighbouring Kyrgyzstan.
To facilitate the significant increase in volumes,
during 2025 we intend to invest more than EUR
100m in building a new soft drinks facility in
Kazakhstan. The investment is expected to
deliver a double-digit ROIC from year 1 and be
accretive to Group ROIC by year 3.
Getting full control of India
and Nepal
India is one of the key growth markets in
Accelerate SAIL. It is an exciting beer market with a
positive long-term outlook, driven by increasing
disposable income, urbanisation, a growing on-
trade and the increasing popularity of beer.
We first entered India in 2007 and have since built
an attractive business. Today, we have a no. 2
market position and a market share of around
21%.
Up until November 2024, the holding company
of the Indian business – Carlsberg South Asia
Pte Ltd (CSAPL) – was owned 67% by the
Carlsberg Group and 33.33% by CSAPL
Holdings Pte Ltd (CSAPLH). CSAPL also owned
90% of the shares in Gorkha Brewery in Nepal.
On 2 August, following several years of
negotiations, we signed an agreement to
acquire CSAPLH’s 33% shareholding in CSAPL
and an additional 9.94% shareholding in Gorkha
Brewery.
Following the final closure of the deal on 29
November, the Group now owns 100% of the
Indian business and 99.94% of the Nepalese
business.
The full ownership enables us to accelerate
investments in India with the aim of increasing
capacity, expanding and developing the brand
portfolio, and increasing distribution to capture the
long-term volume and value growth opportunities
in this exciting growth market.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Shaping our future
7 Carlsberg Group Annual Report 2024
BRITVIC ACQUISITION
DELIVERING COMPELLING
SHAREHOLDER VALUE
CREATION
The acquisition valued the ordinary
share capital of Britvic plc at
approximately GBP 3.3bn on a fully
diluted basis.
The acquisition of Britvic plc is attractive
for Carlsberg’s shareholders:
• It is expected to become accretive
to the Group’s operating margin by
2027.
• Total synergies of GBP 100m are
expected to be realised by 2029, of
which GBP 80m are expected to be
realised by 2027.
• Including synergies, the acquisition is
expected to be accretive to adjusted
earnings per share (EPS) by mid-
single-digit percentages in 2025 and
by double-digit percentages in 2027.
• Return on invested capital (ROIC) is
expected to exceed the weighted
average cost of capital (WACC) of
7.0% in 2027.
• The acquisition will be fully debt-
financed. We expect to reach our net
interest-bearing debt/EBITDA
leverage target of below
2.5x by the end of 2027 at the latest.
HIGHLIGHTS OF THE YEAR
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Highlights of the year
8 Carlsberg Group Annual Report 2024
February
ACCELERATE SAIL
We launched our refreshed strategy – Accelerate SAIL – with a
sharpened focus on capturing long-term growth opportunities and
an increased ambition level for long-term revenue and operating
profit growth. Read more on pages 20-27.
May
TUBORG TILTS YOUR
WORLD
Building on the success of the 2023 “Tuborg – Tilt
Your World” global campaign, we launched a
localised version across 39 Chinese cities, featuring
exciting collaborations with some of China's
leading music artists, including Asen, one of China’s
most popular rappers. Read about our results in
China on page 32.
July
ACQUISITION OF
BRITVIC
We announced the recommended
offer to acquire Britvic plc with the
intention to create a single, integrated
company, leveraging significant
commercial and synergistic benefits.
The combined business will be the
leading supplier in the UK offering
customers a comprehensive portfolio
of beer and soft drinks. Read more on
pages 6-7.
April
GLOBAL CARLSBERG CAMPAIGN
Our new global Carlsberg brand campaign – Do the best things
begin with curiosity? Probably – went live. The campaign
leverages the curiosity that has helped us push boundaries to
make better beer and a positive difference in people’s lives for
more than 175 years. Read more about why curiosity is part of
Carlsberg’s DNA on page 21.
April
SAFEGUARDING WATER RESOURCES
In partnership with WWF, we initiated three projects in China, along the
Yangtze River, and one in Laos, near the Mekong River, to restore wetlands
and replenish water resources for the benefit of local communities and
nature. Read more about our water targets on pages 27 and 79-80.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Highlights of the year
9 Carlsberg Group Annual Report 2024
September
STRENGTHENING THE EXECUTIVE
COMMITTEE
During 2024, we welcomed four new members to our Executive
Committee, further strengthening our capabilities within marketing,
sales, digital and human resources. The new team was in place on
1 September. Meet our Executive Committee throughout the
management review and on pages 4-5.
August and September
EXPANDING COOPERATION WITH
PEPSI
We announced the further expansion of our strategic partnership
with a new licence agreement, giving Carlsberg the franchise to
produce, sell and distribute PepsiCo’s non-alcoholic beverage
portfolio in Kazakhstan and Kyrgyzstan. We also extended our
bottling agreements in Norway and Sweden, securing our long-
term cooperation with PepsiCo in these two markets. Read more
on pages 6-7.
October
SCALING RENEWABLE ENERGY
Teaming up with ten other leading beverage companies, we became
part of a new industry-wide forum – REfresh Alliance – designed to
help accelerate renewable energy adoption. The initiative will pool and
scale industry resources to remove barriers to renewable energy
adoption in the supply chain, provide education on best market
practices and support the industry’s transition to net zero. Read about
our carbon emission targets on pages 27 and 66-70.
November
BUYING OUT OUR
PARTNERS IN INDIA
AND NEPAL
The acquisition of the partners’ stake in Carlsberg
South Asia Pte Ltd (the holding company of the
businesses in India and Nepal) was completed,
giving us full ownership of the businesses in India
and Nepal. Read more on page 7.
August
GREENFIELD BREWERY IN CHINA
China remains a key volume and value growth market for the
Carlsberg Group. We inaugurated our 27th Chinese brewery in
Foshan to support our future growth in this market. The brewery
has an annual capacity of 5m hl and brings together state-of-the-
art brewing technology, sustainability and safety.
December
RUSSIA
We sold the shares in Baltika Breweries in Russia
to two long-standing Baltika employees. As part
of the agreement, Baltika transferred all its
shareholdings in Carlsberg Azerbaijan and
Carlsberg Kazakhstan to the Carlsberg Group,
and all outstanding legal disputes, including IP
rights issues, were settled.
A SOLID SET OF RESULTS
OUR RESULTS
FINANCIAL DELIVERY
OPERATING PROFIT (ORGANIC GROWTH)
+6.0%
DKK 11.4bn
DKK 11.1bn
‘24
‘23
ADJUSTED EPS
DKK 54.9
DKK 54.9
DKK 54.6
‘24
‘23
RETURN ON INVESTED CAPITAL (ROIC)
35.5%
38.3%
13.8%
14.5%
‘24
‘23
g
ROIC excl. goodwill
g
ROIC
NET INTEREST-BEARING DEBT/EBITDA
1.73x
1.47x
‘24
‘23
CASH RETURNS TO SHAREHOLDERS
DKK 3.6bn
DKK 3.7bn
DKK 2.0bn
DKK 3.2bn
‘24
‘23
g
Dividends
g
Share buy-back
NON-FINANCIAL
DELIVERY
Read more about our sustainability targets
and performance in the sustainability
statement.
BREWERY EMISSIONS,
ABSOLUTE SCOPE 1 & 2 (CO
2
e)
294 Kt
301 Kt
‘24
‘23
RELATIVE WATER USE
2.5 hl/hl
2.5 hl/hl
‘24
‘23
LOST-TIME ACCIDENTS,
OWN EMPLOYEES
94
110
‘24
‘23
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Our results
10 Carlsberg Group Annual Report 2024
CAPITAL ALLOCATION
OUR PRIORITIES
We reconfirm our commitment to our capital allocation principles
– in place since 2016 – albeit we revised our leverage target in
2024.
INVESTING
IN OUR BUSINESS
TO DRIVE LONG-TERM
SUSTAINABLE GROWTH
+6%
Our first priority is to ensure the right
investments in our business to drive
sustainable, compounding organic
earnings growth. In 2024, we
invested in commercial tools and
capabilities, including within
marketing, where investments
increased by 6% organically in
support of our growth categories and
markets. Marketing investments/
revenue increased by 30bp to 8.7%.
TARGETTING
NET INTEREST-
BEARING DEBT (NIBD)/
EBITDA OF BELOW 2.5x
1.73x
Our second priority is our leverage
target of NIBD/EBITDA below 2.5x.
In 2024, we revised our leverage
target from below 2.0x to below 2.5x
due to the increased exposure to
stable, hard currency cash flows
following the exit from Russia and
the acquisition of Britvic plc. As our
leverage increased to above our
target following completion of the
acquisition, we are committed to
reaching our target by the end of
2027 at the latest.
TARGETTING
AN ADJUSTED
PAYOUT RATIO OF
AROUND 50%
49%
Our third priority is to ensure a
consistent dividend payout to our
shareholders. We target a payout
ratio of around 50% of adjusted net
profit. At the Annual General Meeting
on 17 March 2025, the Supervisory
Board will propose a dividend be paid
for 2024 of DKK 27.0 per share, or a
total of DKK 3.6bn. This equals an
adjusted payout ratio of 49%.
DISTRIBUTING EXCESS
CASH TO SHAREHOLDERS
THROUGH SHARE BUY-
BACKS
2.0bn
Our fourth priority is to return excess
cash to shareholders if we do not
engage in value-accretive M&A. Since
2019, we have bought back shares
amounting to DKK 20bn, of which
shares worth DKK 2.0bn were bought
back in 2024. We stopped the share
buy-back programme following the
announcement of the acquisition of
Britvic plc. When we reach our
leverage target, we will again return
any excess cash to shareholders.
VALUE-
ENHANCING
M&A
2024
We will carry out value-enhancing
M&A if relevant opportunities arise.
In 2024, we announced two major
deals. In July, we announced the
acquisition of Britvic plc, which was
completed in January 2025. In
November, the acquisition of our
partners’ shareholdings in the Indian
and Nepalese businesses was
completed. Read more about these
acquisitions on pages 6-7.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Capital allocation
11 Carlsberg Group Annual Report 2024
OUR REGIONS
WESTERN EUROPE
Western Europe delivered solid financial results
despite volumes being impacted by bad weather
in many markets during the summer, a continued
weak consumer sentiment and supply chain issues
in a couple of markets.
A selection of our Western Europe brands:
SHARE OF REGIONS
VOLUME
34.1%
34% 36% 30%
REVENUE
50.8%
51% 27% 22%
OPERATING PROFIT
40.7%
41% 36% 23%
g
Western Europe
g
Asia
g
CEEI
REGIONAL RESULTS
VOLUME (ORGANIC GROWTH)
-1.1%
42.9m hl
43.4m hl
‘24¹
‘23¹
REVENUE (ORGANIC GROWTH)
+0.9%
DKK 38.1bn
DKK 37.3bn
‘24¹
‘23¹
OPERATING PROFIT (ORGANIC GROWTH)
+5.2%
DKK 5.3bn
DKK 5.0bn
‘24¹
‘23¹
1
Reported figures.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our regions
12 Carlsberg Group Annual Report 2024
Søren Brinck
Executive Vice President
“We saw good progress
for our growth
categories in most
markets, and we’re
looking forward to
the integration of
Britvic into Carlsberg.”
OUR REGIONS
ASIA
While we remain confident in the long-term
growth prospects in Asia, our results in 2024
were impacted by the challenging consumer
environment in China and Vietnam.
A selection of our Asia brands:
SHARE OF REGIONS
VOLUME
35.5%
36% 34% 30%
REVENUE
27.3%
27% 51% 22%
OPERATING PROFIT
35.8%
36% 41% 23%
g
Western Europe
g
Asia
g
CEEI
REGIONAL RESULTS
VOLUME (ORGANIC GROWTH)
-1.0%
44.6m hl
45.0m hl
‘24¹
‘23¹
REVENUE (ORGANIC GROWTH)
+1.0%
DKK 20.5bn
DKK 20.8bn
‘24¹
‘23¹
OPERATING PROFIT (ORGANIC GROWTH)
+7.9%
DKK 4.6bn
DKK 4.6bn
‘24¹
‘23¹
1
Reported figures.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our regions
13 Carlsberg Group Annual Report 2024
João Abecasis
Executive Vice President
“Despite a difficult
2024, Asia remains a
region with volume
and value growth
opportunities,
particularly in China
and Vietnam.”
OUR REGIONS
CENTRAL & EASTERN
EUROPE AND INDIA (CEEI)
CEEI delivered a strong set of results, supported
by broad-based growth for our growth categories,
including premium, AFB, Beyond Beer and soft
drinks.
A selection of our Central & Eastern Europe and Asia
brands:
SHARE OF REGIONS
VOLUME
30.4%
30% 34% 36%
REVENUE
21.9%
22% 51% 27%
OPERATING PROFIT
23.4%
23% 41% 36%
g
Western Europe
g
Asia
g
CEEI
REGIONAL RESULTS
VOLUME (ORGANIC GROWTH)
+4.0%
38.2m hl
36.7m hl
‘24¹
‘23¹
REVENUE (ORGANIC GROWTH)
+7.8%
DKK 16.5bn
DKK 15.5bn
‘24¹
‘23¹
OPERATING PROFIT (ORGANIC GROWTH)
+9.6%
DKK 3.0bn
DKK 2.8bn
‘24¹
‘23¹
1
Reported figures.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our regions
14 Carlsberg Group Annual Report 2024
Jacob Aarup-Andersen
Group CEO
“Our CEEI region
delivered good
results across the
board, albeit with
particularly strong
growth in India and
Ukraine.”
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our brand portfolio
15 Carlsberg Group Annual Report 2024
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our brand portfolio
16 Carlsberg Group Annual Report 2024
5-YEAR KEY FIGURES
2024 2023 2022 2021 2020¹
Volumes (million hl)
Beer 101.2 101.0 101.0 98.8 110.1
Other beverages 24.5 24.1 24.4 20.4 20.0
DKK million
Income statement
Revenue 75,011 73,585 70,265 60,097 58,541
Gross profit 34,380 32,832 32,067 28,569 28,361
EBITDA 15,781 15,179 15,657 14,367 14,085
Operating profit before special items 11,411 11,105 11,470 10,129 9,699
Special items, net -519 -431 -784 703 -247
Financial items, net -905 -844 -725 -385 -411
Profit before tax 9,987 9,830 9,961 10,447 9,041
Income tax -1,982 -1,859 -1,778 -2,154 -2,233
Profit for the period, continuing operations 8,005 7,971 8,183 8,293 6,808
Net result from discontinued operations 2,258 -47,748 -8,075 -284 -
Profit for the period 10,263 -39,777 108 8,009 6,808
Attributable to
Non-controlling interests 1,147 1,011 1,171 1,163 778
Shareholders in Carlsberg A/S (net profit) 9,116 -40,788 -1,063 6,846 6,030
Shareholders in Carlsberg A/S (net profit),
continuing operations 6,858 6,960 7,012 8,293 6,808
Shareholders in Carlsberg A/S (net profit),
continuing operations, adjusted² 7,280 7,425 7,785 6,462 6,363
Statement of financial position
Total assets 113,328 111,831 115,341 126,383 118,816
Invested capital 65,723 61,089 60,211 63,635 81,541
Invested capital excl. goodwill 24,105 22,774 21,758 23,743 31,049
Net interest-bearing debt (NIBD)
3
27,357 22,351 19,326 19,162 21,263
Equity, shareholders in Carlsberg A/S 27,771 23,234 31,902 45,497 39,308
Statement of cash flows
Cash flow from operating activities 11,312 11,607 12,949 12,278 10,928
Cash flow from investing activities -1,518 -6,729 -3,065 -4,067 -5,871
Free cash flow 9,794 4,878 9,884 8,211 5,057
2024 2023 2022 2021 2020¹
Investments
Acquisition of property, plant and
equipment, including right-of-use
assets -5,843 -4,987 -4,616 -4,319 -3,823
Acquisition and disposal of
subsidiaries, net 227 -822 - -621 -2,409
Financial ratios
Gross margin % 45.8 44.6 45.6 47.5 48.4
EBITDA margin % 21.0 20.6 22.3 23.9 24.1
Operating margin % 15.2 15.1 16.3 16.9 16.6
Effective tax rate % 19.8 18.9 17.9 20.6 24.7
Return on invested capital (ROIC) % 13.8 14.5 15.2 12.5 8.9
ROIC excl. goodwill % 35.5 38.3 41.6 33.6 23.2
NIBD/EBITDA x 1.73 1.47 1.23 1.37 1.51
Stock market ratios
Earnings per share (EPS) DKK 68.7 -299.7 -7.6 47.6 41.3
Earnings per share, continuing
operations DKK 51.7 51.1 50.1 49.6 41.3
EPS-A, continuing operations² DKK 54.9 54.6 55.7 44.9 43.6
Free cash flow per share (FCFPS) DKK 73.7 35.8 70.5 61.5 34.5
Dividend per share (proposed) DKK 27.0 27.0 27.0 24.0 22.0
Payout ratio % 39 n.m. n.m. 51 55
Payout ratio, adjusted
4
% 49 49 48 49 50
Share price (B shares) DKK 690.0 846.8 923.2 1,129.5 975.2
Market capitalisation DKKm 95,313 122,775 133,594 163,149 142,676
Number of issued shares at year-end 1,000 134,257 137,357 141,857 145,257 148,157
Number of shares at year-end, excl.
treasury shares 1,000 132,079 134,114 137,341 141,892 145,102
Weighted average number of shares,
excl. treasury shares 1,000 132,626 136,089 139,835 143,848 146,104
1
Comparative figures for 2020 include the result from the discontinued operation in Russia.
2
Adjusted for special items after tax.
3
Comparative figures for 2021 have not been restated.
4
Proposed dividend on number of shares at year-end as a percentage of net profit adjusted for special items after
tax, and in 2022-2024 also adjusted for net result from the discontinued operation in Russia.
Please refer to section 9.2 General accounting policies in the consolidated financial statements for definition and
calculation of key figures and ratios.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
5-year summary
17 Carlsberg Group Annual Report 2024
OUR PURPOSE
BREWING FOR A BETTER TODAY AND TOMORROW
“We pursue perfection every
day. We strive to brew better
beers. Beers that stand at the
heart of moments that bring
people together. We do not
settle for immediate gain when
we can create a better
tomorrow for all of us.”
Our purpose is rooted in our heritage and in the
mentality of our founders, who left a rich legacy
that still greatly influences how we run our
business today.
J.C. Jacobsen founded the Carlsberg
Foundation, and donated his brewery to it. The
foundation remains our majority shareholder –
and the dividends it received are used to fund
basic research, civil society and Frederiksborg,
The Museum of National History. Through the
Carlsberg foundations, approximately 30% of
Carlsberg A/S' dividends go back to the benefit
of society today – and tomorrow.
Our founder's pioneering spirit, passion for
brewing and proactive contribution to society
are what make us who we are today. We live
our purpose every day by focusing on our
brands and the art of brewing, exciting our
consumers with quality brews, and by
continuously aiming to do better.
OUR PURPOSE IN ACTION
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our purpose
18 Carlsberg Group Annual Report 2024
Colleagues
77%
of colleagues feel that working
for Carlsberg gives them the
sense that they are part of a
company with a larger purpose.
Investors
We conduct our business in a
responsible, honest and ethical
manner. We are committed to
ensuring the right balance of
investing in sustainable, long-
term growth and delivering
continued cash returns to our
shareholders.
Consumers
Our beers stand at the heart of
moments that bring people
together, and we extend this
spirit of togetherness to our
engagement with communities
on the environmental and social
causes they care about.
Society
The Carlsberg Research
Laboratory was founded in 1875.
Its science has perfected the art
of brewing and inspired the
advancement of innovation at
large: from purification of yeast
to the invention of the pH scale
and, today, breeding new
climate-tolerant plant types.
THE CARLSBERG FOUNDATION UNDERPINS OUR PURPOSE
In 1876, our founder, J.C. Jacobsen, established the
Carlsberg Foundation and donated his brewery to
it. The foundation remains our majority
shareholder, and the dividends it receives benefit
society today – and tomorrow. Through the
Carlsberg foundations, approximately 30% of the
dividends paid out by Carlsberg are used to fund
basic research, civil society and the arts.
In 2024, the Carlsberg Foundation
received DKK 1.1bn in dividends,
which was donated to basic
research, the arts and civil society.
DELIVERING ACROSS THE
VALUE CHAIN
OUR BUSINESS MODEL
We optimise supply chain and back
office systems and processes
We continuously optimise across our value chain to improve service and
profitability. We maximise asset utilisation and standardise processes and
systems to deliver timely data to support growth.
We focus on the markets where
we have a no. 1 or 2 position
Beer is a volume business with significant scale benefits. Our strong
market positions and the expansion of our market share in growth
markets drive economies of scale in sourcing, production, distribution and
sales, supporting the profitability of our business.
We engage in partnerships when
it adds value to our local businesses
We partner with soft drinks and other beverage producers in several
markets. These relationships broaden and enhance our brand portfolio
and expand our market presence, delivering synergies in supply chain,
logistics, sales and customer service.
We optimise our route-to-market
to cater for customer needs
Our customers range from small on-trade outlets to large retail accounts.
Our route-to-market approach varies by market to meet diverse needs
and ensure broad market access – from direct distribution to multi-layered
distributor networks tailored to local customs and logistics.
We deliver attractive portfolios
for all consumer occasions
Our brand portfolio is an appealing mix of international and local premium
beer brands, local core mainstream beer brands, and alcohol-free brews,
Beyond Beer and soft drinks brands. This diverse portfolio supports our
strong market positions and fosters customer and consumer loyalty.
Sustainability makes business sense
Sustainability is integral to our business success and our strategy,
Accelerate SAIL. Our Together Towards ZERO and Beyond programme
helps us mitigate and reduce our risk exposure, capitalise on opportunities
for business growth and strengthen long-term business resilience. This in
turn creates value for stakeholders throughout the value chain. See the
sustainability statement for further detail.
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Our business model
19 Carlsberg Group Annual Report 2024
Operating our business
Our activities are focused
on markets in which we
have the strength and
brand portfolio to secure a
leading position. We are
united across geographies
by our shared commitment
to our strategy and growth
culture, and our passion
tocontinuously strive
forgreat.
OUR STRATEGY
ACCELERATE SAIL
Launched in February 2024, Accelerate SAIL sets high ambitions for top- and bottom-line growth as we sharpen our focus on selected
growth drivers within our portfolio, geographies and capabilities, for which we are ensuring sufficient investments and support. We are
also improving supply chain efficiency, continuing our well-embedded cost focus, developing a growth culture and maintaining our
commitment to ESG.
PORTFOLIO
CHOICES
GEOGRAPHICAL
PRIORITIES
EXECUTION
EXCELLENCE
FUNDING OUR
JOURNEY
WINNING
CULTURE
Accelerate
premium beer and AFB
Accelerate growth
in Asia
Excel at sales, marketing
and innovation
Optimise
sourcing
Build a
growth culture
Strengthen
mainstream core beer
Drive profitable growth
in strongholds
Drive digital
transformation
Unlock
supply chain efficiency
Together Towards
ZERO and Beyond
Step up in
Beyond Beer and soft drinks
Develop high-potential
markets
Manage supply chain
end to end
Continue
cost discipline
Live by
our Compass
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our strategy
20 Carlsberg Group Annual Report 2024
OUR PORTFOLIO
CHOICES
In Accelerate SAIL, we
particularly focus on categories
with attractive long-term volume
and value growth opportunities.
This includes premium beer,
alcohol-free brews, Beyond Beer
and softdrinks.
We have a solid foundation with our local
mainstream power brands. With Accelerate SAIL,
we aim to transform our portfolio by increasing
our presence in key growth categories, capturing
our fair share across all the growing segments in
our markets. By increasing investments in
marketing and brand development, and
strengthening our execution capabilities, we aim to
accelerate growth of our premium-margin brands.
The soft drinks category presents long-term
growth opportunities and is an important part of
our business in many markets. It offers numerous
synergistic benefits and attractive prospects,
especially within the no-sugar segments, aligning
perfectly with our commitment to consumer
centricity and future-proofing our strategy.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our strategy
21 Carlsberg Group Annual Report 2024
SUPPORTING CARLSBERG GROWTH
WITH NEW GLOBAL CAMPAIGN
Carlsberg is one of our key international premium
brands. In 2024, we launched a new global
campaign: “Do the best things begin with curiosity?
Probably.” Since our founder opened his brewery in
1847, curiosity has been at the forefront of
everything we do. The Carlsberg Research
Laboratory, founded in 1875, is home to more than
100 scientists dedicated to not only brewing better
beer, but “brewing” a better world – from inventing
the pH scale in 1909 to winning a Nobel Prize for
click chemistry in 2022 and breeding climate-
tolerant plant types for future generations.
9%
CARLSBERG BRAND VOLUME GROWTH
What is the most important growth driver in the
Carlsberg Group’s beer portfolio?
Carlsberg has a strong brand portfolio, consisting of both local
power brands and international premium brands. This
combination allows us to cater for varying consumer needs and
occasions. In particular, we see very attractive volume and value
growth opportunities for our local and international premium
and alcohol-free brands by leveraging segment growth and
improving our market share.
Is soft drinks a new focus area in Accelerate SAIL?
Soft drinks has been an integral part of our business for decades.
We are now a Pepsi bottler in seven markets across Europe and
Asia, and a Coca-Cola bottler in two Nordic markets. Soft drinks
has multiple synergies with beer, including in areas such as back
office and administration, supply chain, logistics, sales and
customer service. As such, the combination of beer and soft
drinks drives top-line opportunities and bottom-line benefits.
“We’re ensuring the
right level of support
for our growth
categories to
support our top-
and bottom-line
growth ambitions.”
Yves Briantais, CMO
GEOGRAPHICAL
PRIORITIES
Our geographical footprint
spans Europe and Asia, across
which we have a no. 1 or2
position in 23 markets. The rest
of the world is serviced through
export or licence agreements.
While market dynamics differ between our
regions, our strategic levers are the same, albeit
with local adaptations.
Despite recent macroeconomic challenges and
weak consumer sentiment in some markets, Asia
has been and remains the key long-term volume
and value growth driver for the Group,
particularly in the key markets of China, Vietnam
and India, where we are leveraging our attractive
portfolios of international premium brands and
strong local brands.
In China, we will continue to support our
strongholds in the western part of the country.
In the big cities, we will strengthen our presence
and market share in the cities we already serve
by developing and advancing our route-to-
market, while continuing to seed for the future
by entering new big cities.
In Vietnam, we are continuing the execution of
our multi-year growth strategy with its clear
ambition of driving growth and market share
gains by expanding our portfolio and increasing
investments in key brands, regions and
capabilities.
In India, we achieved full control of the business
in November 2024. We will now accelerate our
growth journey in this exciting beer market by
expanding our portfolio, strengthening our
route-to-market and investing in capacity.
In our other stronghold markets across our
geographies, we are maintaining our focus on
driving profitable growth by strengthening our
portfolio growth categories, scale and leading
route-to-market set-up.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our strategy
22 Carlsberg Group Annual Report 2024
OUR BUSINESS ININDIA
We first entered India in 2007, when we acquired a
brewery in Himachal Pradesh. This was followed by a
greenfield brewery in Rajastan in 2008. Today, we
have seven breweries in India. With a focused portfolio
comprising Carlsberg and Tuborg, we have consistently
grown our market share, reaching a solid no. 2 position
with a market share of around 21%. Tuborg is the
largest and most popular international brand and
second largest brand overall in India. Having acquired
full ownership of the business, we are excited about our
future growth opportunities in India.
12%
VOLUME GROWTH IN INDIA
Will you change strategy in China in
light of the soft consumer sentiment?
We have not changed our view on China.
We remain committed to this market,
where we continue to see attractive long-
term volume and value growth
opportunities.
Are you looking to expand outside
your current regional exposure?
Beer is a scale business, and having a no.
1 or 2 market position and a strong
regional position are key to profitability.
We strongly believe that our regional
footprint offers appealing revenue and
earnings growth prospects, both in the
short and the long term.
“Our regional
footprint offers
appealing
revenue and
earnings
growth
prospects.”
Jacob Aarup-
Andersen
Group CEO
EXECUTION
EXCELLENCE
To be successful and achieve
our growth ambitions, we must
continuously improve our
commercial capabilities, drive
supply chain excellence and
master digital, data and
processes.
We have identified the key capabilities and
enablers for the delivery of our Accelerate SAIL
ambitions. These require improved tools,
processes and digitisation in areas such as value
management, sales
execution and business-to-
business e-commerce to drive revenue
growth, and in the areas of end-to-
end supply chain management
and transactional processes to
drive productivity.
We will ensure the right investments behind
these capabilities and enablers, many of which
rely heavily on digital components.
Consequently, investments will support the
digital transformation of our business.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our strategy
23 Carlsberg Group Annual Report 2024
TAKING VALUE MANAGEMENT TO
THE NEXT LEVEL
Building on our strong foundation, we are taking our
value management capabilities to the next level.
Leveraging machine learning and cloud computing,
our enhanced value management toolbox allows
improved and more efficient utilisation of data. Using
data from multiple external and internal sources, such
as shopper data, weather data, competitor pricing,
promotional activities, customer data and internal
data, the enhanced toolbox will deliver more accurate
and granular customer-level insights into elasticity
and impact on product, brand and portfolio, enabling
end-to-end simulations across pricing, promotions
and assortment. We have started the roll-out of the
toolbox, which we will continue in the coming years.
In what areas will digital
transformation be particularly
important?
Our digital transformation will be in all
areas of the business. We have set out to
change the traditional role of IT from
being a support function to being a
trusted and strategic business partner
across all functions, delivering impactful
solutions and innovations to unlock value.
Can you leverage the power of
GenAI across Carlsberg?
In the ever-evolving landscape of
technology, GenAI stands out as a
beacon of innovation, driving efficiency
and creativity across various industries.
When I was working in Asia, we launched
the value proposition for GenAI together
with key markets in the region. As we
integrate GenAI tools into our daily
operations, it is crucial for us to
understand both the immense potential
they hold and the risks they entail.
“Our new B2B
e-commerce
programme will
redefine how
we connect
with and know
our customers.”
Anders Roed
CSCO
Where will you step change
capabilities to achieve your ambitions?
We are prioritising seven key capabilities
across the commercial, supply chain and
back office areas, in which we will build
scalable, innovative digital platforms. Within
the commercial area we will particularly
focus on go-to-market excellence, value
management and marketing, while in the
back office area we are working on
simplifying and automating administrative
and retrospective reporting tasks to free up
resources to focus on driving insights and
proactively identifying opportunities for
growth.
What are you doing in e-commerce?
We have launched a digital transformation
programme that focuses on bringing the best
of modern-day e-commerce capabilities to
our customers. By leveraging advanced
analytics and AI capabilities, we aim to
deliver a personalised and seamless
experience to our customers, enabling them
to grow their business.
“The digital
transformation
of Carlsberg
is key to
deliver on
our growth
ambition.”
Esther Wu
CIO
FUNDING OUR
JOURNEY
Funding our Journey is a
crucial element in Accelerate
SAIL, as it will provide the
financial headroom for the
increased commercial
investments.
Being well embedded in our corporate culture,
the Funding our Journey mindset has served us
well since first introduced in 2015. We remain
committed to Funding our Journey and the
continuous strict focus on cost and cash.
In Accelerate SAIL, we are expanding the reach
of Funding our Journey, taking the programme
to the next level with a firm ambition to restore
gross margin to pre-COVID levels. This will
facilitate the step-up in investment levels
required to capture the growth opportunities for
our brands and in our markets.
We have identified significant savings and
efficiency opportunities within supply chain,
including in areas such as procurement, value
engineering and standardisation of raw and
packaging materials, production and brewing,
and logistics.
We are maintaining the focus on SG&A costs,
enabled by our operating cost management
(OCM) framework.
Supporting the delivery of our high ambitions,
we have anchored responsibility and
performance management of the supply chain
savings in ExCom to ensure top leadership
attention, fast execution and alignment
between functions, regions and markets.
Furthermore, incentive structures align with the
savings ambitions.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our strategy
24 Carlsberg Group Annual Report 2024
TRANSFORMING SUPPLY CHAIN
PLANNING
First launched in Malaysia in 2023, OnePlan is
a new-generation planning tool that brings
together all aspects of supply chain planning,
including demand, supply, inventory, production
and materials planning. It enables a fully
connected sales and operations planning (S&OP)
process and near-real-time “what if” scenario
planning, as well as faster identification of
capacity constraints and faster response time
to changes in demand. Leveraging learnings
from Malaysia, we continued the market
preparation and roll-out in 2024.
What are the key levers to
restorethe gross margin to
pre-COVID levels?
As for supply chain levers, we will
not be dependent on commodity
prices coming down. The margin
improvement will mainly be driven
by initiatives within our control
related to procurement, raw materials
and packaging, and brewing and
production. However, the gross margin
will also benefit from pricing and, over
time, mix as we premiumise our
portfolio.
How important is
the development in
commodity prices for
the marginuplift?
Being sourced on the open
market, we are not in control
of commodity prices.
Consequently, we base
our margin ambition on
initiatives within our control.
Victor Shevtsov
EVP, Supply Chain
WINNING
CULTURE
We are a purpose-driven
company with high ambitions
and clear priorities. Our winning
culture is built on our ambition to
grow ourpeople, our growth
culture principles andour
contribution to societies at large.
We believe that our people and culture set us
apart.
To successfully deliver on our Accelerate SAIL
growth priorities, we need an even stronger
growth focus. We are therefore evolving our
culture to empower our entire organisation to
shift into growth mode. By translating our
growth principles into tangible behaviours, ways
of working, leadership practices and aligned
incentive programmes, we are creating the
foundation for success. Our growth culture is
the foundation for unlocking growth, enabling
us to deliver strong results today and tomorrow.
Living by our Compass is an integral part of our
Winning Culture. This entails doing business well
and responsibly, upholding our commitment to
making the right choices in how we conduct our
business as we brew for a better today and
tomorrow. We expect and empower all our people
to act ethically and make the right choices in their
daily work, setting the tone from the top, ensuring
that integrity underpins our business success and
reputation.
Our contribution to societies at large is delivered
through our comprehensive and ambitious ESG
programme, which is expanded on in the
following pages and in the sustainability
statement.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our strategy
25 Carlsberg Group Annual Report 2024
Are you changing the
corporate culture at
Carlsberg?
We are building on our already strong
performance-driven culture. While we
will evolve our culture to support our
growth ambitions, we remain
committed to the strengths that have
brought us to where we are today.
Is the growth culture well
embedded across Carlsberg?
We began our new growth journey in
2024 with the launch of Accelerate
SAIL and our growth culture principles.
Embedding a culture across a global
organisation takes time, but much of
the foundation we need is already in
place. We are now focused on
supporting our people in
embracing the growth
principles and, together,
continuously building
the culture we need
to succeed.
Susanne
Skippari
CHRO
OUR GROWTH CULTURE
Recognising that our people work in different
markets, cultures, functions and roles, we
launched five common growth principles, which
will serve as our north star for the behaviours
that we expect of our employees. Our growth
culture means striving for the extraordinary by
challenging the status quo, setting stretched
targets and driving innovation. It is about
fostering a workplace fuelled by positive energy,
compassion, collaboration and inclusion, where
achievements are celebrated. Our passion for
consumers is at the heart of everything we do,
making us true ambassadors for our brands. We
prioritise fast, make data-driven decisions and
embrace failures as opportunities to learn. Our
growth culture empowers, supports and grows
our people, enabling everyone to reach their full
potential.
We live by Semper Ardens
and constantly strive for the
extraordinary
We foster an environment of
positive energy and
compassion
We are passionate about the
consumer in everything we do
We decide fast and deliver
with excellence
We empower, support and
grow our people to reach their
full potential
TOGETHER TOWARDS
ZERO AND BEYOND
Our ESG programme, Together Towards
ZERO and Beyond (TTZAB), is an integral
part of Accelerate SAIL, focusing on the 11
most material ESG issues affecting our
business.
TTZAB is our response to global challenges such as climate
change, water scarcity and inequality. TTZAB supports our licence
to operate and reputation, and strengthens our relationships with
stakeholders.
Meeting our targets and commitments will be challenging and
demands transformative change – across our operations and
value chain – thatwe cannot achieve alone. Therefore, partnering
with suppliers, customers, consumers and communities remains
central to our approachas we drive progress Together Towards
ZERO and Beyond.
Read more about our ESG actions in the sustainability statement.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our strategy
26 Carlsberg Group Annual Report 2024
Responsible Sourcing
We strive to partner with suppliers who share
our values and responsible approach to doing
business.
Diversity, Equity & Inclusion
We are committed to providing a diverse and
inclusive global workplace where everyone
belongs and can be at their best.
Human Rights
We are committed to respecting the human
rights of the people connected to our business
and our value chain.
Living by our Compass
We are committed to conducting our business
with integrity in a responsible, honest and
ethical manner.
Community Engagement
We give back to the communities we are part
of through local partnerships, brand
campaigns and employee volunteering.
ZERO
CARBON
FOOTPRINT
ZERO
FARMING
FOOTPRINT
ZERO
PACKAGING
WASTE
ZERO
WATER WASTE
ZERO
IRRESPONSIBLE
DRINKING
ZERO
ACCIDENTS
CULTURE
DRIVING PROGRESS FOR TOGETHER TOWARDS ZERO AND BEYOND
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Our strategy
27 Carlsberg Group Annual Report 2024
ZERO CARBON FOOTPRINT
We aim to eliminate carbon emissions from our breweries
by 2030 and reach net ZERO for our entire value chain by
2040. In 2024, the relative emissions at our breweries were
2.7 kg CO
2
e/hl. This was a reduction of 60% against our
2015 baseline. The absolute carbon emissions decreased by
58% in the same period. Our relative value chain emissions
declined by 3% from 2022 to 2024. Read more in the
sustainability statement, pages 66-70.
-58%
absolute emissions from our breweries 2015-2024.
ZERO WATER WASTE
We are working hard to minimise our water usage across
our breweries. We target a water usage efficiency of 2.0 hl/
hl globally and 1.7 hl/hl at our breweries in high-risk areas.
We also target 100% replenishment of water consumption
at breweries in high-risk areas by 2030. Read more in the
sustainability statement, pages 79-80.
4 new projects
on water replenishment in China and Laos.
ZERO FARMING FOOTPRINT
We aim to have 30% of our raw materials grown using
regenerative agricultural practices by 2030 and 100% by
2040. Recognising that our approach will vary depending
on geographic and climatic circumstances, our initial
actions include formalising the principles of regenerative
agriculture, engaging with our suppliers on the topic and
plugging new regenerative agriculture requirements into
our automated procurement process. Read more in the
sustainability statement, pages 82-83.
ZERO ACCIDENTS CULTURE
We are creating a ZERO accidents culture that aims to
ensure that everyone returns home safely every day. We
want to achieve a year-on-year reduction in the accident
rate to achieve ZERO lost-time accidents. We put a strong
focus on instilling safe behaviours across our business.
Read more in the sustainability statement, pages 91-92.
-69%
lost-time accidents 2015-2024.
ZERO PACKAGING WASTE
Our ambitious targets for 2030 include shifting 100% to
recyclable, reusable or renewable packaging, a 90%
collection and recycling rate for bottles and cans, a 50%
reduction in virgin fossil-based plastic and 50% recycled
content in bottles and cans. Our actions include projects
and innovations across markets, global collaboration with
suppliers, and industry engagement and advocacy to
support the roll-out of effective deposit return schemes.
Read more in the sustainability statement, pages 85-86.
ZERO IRRESPONSIBLE DRINKING
Our targets reflect our commitment to responsible drinking,
moderation and enjoyment of our products as part of a
balanced lifestyle, and to offer consumers alternatives if
they choose not to consume alcohol. We promote
responsible drinking and have committed to having 100%
responsible drinking messaging through packaging and
brand activations, 100% availability of alcohol-free brews
and 35% of our brews to be low- or no-alcohol by 2030.
Read more in the sustainability statement, pages 100-102.
GROUP REVIEW
The Group delivered good
results with overall positive
development for all key
growth categories despite the
challenging environment in
some of our major markets.
Our soft drinks portfolio grew by 1%, impacted
by the loss of the Schweppes brand in
Switzerland.
VOLUMES
Beer volumes grew organically by 0.2% due to
solid growth in CEEI that more than offset a
decline in Western Europe and Asia. Other
beverage volumes grew organically by 1.6%,
mainly driven by carbonated soft drinks in
Sweden, Finland and Laos, energy drinks in
CEEI and Beyond Beer products in China and
Ukraine.
Growth categories
Our portfolio of international and local premium
brands grew by 2%, supported by very strong
growth in CEEI.
Alcohol-free brews grew by 6%. Growth was
broad based across most markets in Western
Europe and CEEI.
Beyond Beer volumes grew by 5%, driven by
the Garage and Wind Flower Snow Moon
brands.
Volumes (million hl)
Beer 101.0 0.2 % 0.0 % - 101.2 0.2 %
Other beverages 24.1 1.6 % 0.0 % - 24.5 1.6 %
Total volume 125.1 0.4 % 0.1 % - 125.7 0.5 %
Operating profit 11,105 6.0 % -0.1 % -3.1 % 11,411 2.8 %
Operating margin (%) 15.1 15.2 10bp
Earnings expectations 2024
Date Expectations for operating profit
7 February 2024 Organic growth of 1-5%
13 August 2024 Organic growth of 4-6%
6 February 2025 Organic growth of 6.0% (reported)
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Group review
28 Carlsberg Group Annual Report 2024
“The two most important
priorities on my agenda
in the coming years are
improving the gross
margin and deleveraging
our balance sheet. I’m
pleased with the first
steps achieved in 2024,
with a gross margin
improvement of 120bp.
And the sale of the
Russian business
supports our efforts
towards reaching our
leverage target.”
Ulrica Fearn
CFO
Gross profit/hl increased organically by 5%. The
improvement was due to the higher revenue/hl
and a 1% decline in cost of sales/hl thanks to
efficiency improvements, a positive country mix
and slightly lower commodity prices, the
combination of which more than offset
continued salary inflation, higher packaging
costs and increasing environmental fees. Gross
profit increased organically by 5.9%. The
reported gross margin was 45.8% (+120bp).
We maintained our focus on costs, supporting
our efforts to offset inflation and increase
growth investments in brands and commercial
activities. Marketing investments grew
organically and in reported terms by 6%. As a
percentage of revenue, reported marketing
investments increased to 8.7% (+30bp). Total
reported operating expenses increased by 5.3%,
impacted by higher logistics costs, higher sales
expenses, mainly in Asia, and higher commercial
IT investments.
Other operating activities declined by DKK 86m.
Profit from associates increased by DKK 35m,
mainly due to the good performance of Super
Bock in Portugal.
Operating profit before depreciation,
amortisation and impairment losses (EBITDA)
grew organically by 5.4% and by 4.0% in
reported terms to DKK 15,781m (including the
impact of hyperinflation accounting in Laos of
DKK +87m).
Total operating profit grew organically by 6.0%,
with positive contributions from all three
regions. The reported operating profit before
special items grew by 2.8%, particularly
impacted by the hyperinflation accounting in
Laos, amounting to DKK -75m, and the
weakening of the Laotian, Ukrainian and
Chinese currencies. The reported operating
margin improved by 10bp to 15.2%, mainly
because of the improved gross margin, which
more than offset higher commercial
investments.
Section 1 of the consolidated financial
statements contains more details on operating
activities.
Net special items (pre-tax) amounted to DKK
-519m (2023: DKK -431m). Special items are
detailed in section 3.1 of the consolidated
financial statements.
Financial items, net, amounted to DKK -905m
(2023: DKK -844m). Excluding currency gains
and losses, financial items, net, amounted to
DKK -1,064m (2023: DKK -693m). The increase
was mainly a result of higher interest rates on
bonds issued in 2023 and higher net interest-
bearing debt. The net currency impact was DKK
+159m, with a positive contribution from USD
hedging ahead of the acquisition of the non-
controlling interest in CSAPL and the impact of
hyperinflation accounting in Laos (DKK +50m).
Read more about net financial items in section
4.4 of the consolidated financial statements.
Tax totalled DKK -1,982m (2023: DKK -1,859m).
The effective tax rate was 19.8% (2023: 18.9%).
Tax is detailed in section 6 of the consolidated
financial statements.
The Carlsberg Group’s share of profit from
continuing operations amounted to DKK
6,858m (2023: DKK 6,960m). Adjusted net
profit (adjusted for special items after tax),
continuing operations, amounted to DKK
7,280m (2023: DKK 7,425m).
The Group’s share of consolidated profit (net
profit) for the period was DKK 9,116m, positively
impacted by reversal of impairment recognised
in prior years of DKK 2,258m from the disposal
of the Russian business. Non-controlling
interests’ share of profit for the period was DKK
1,147m (2023: DKK 1,011m).
Adjusted earnings per share, continuing
operations, increased by 0.6% to DKK 54.9,
supported by the share buy-back. Reported
earnings per share was DKK 68.7.
ROIC was 13.8% (2023: 14.5%), mainly impacted
by the step acquisition in Nepal and
hyperinflation accounting, the latter reducing
ROIC by 70bp. ROIC excluding goodwill was
35.5% (2023: 38.3%).
CASH FLOW
Free operating cash flow amounted to DKK
6,368m (2023: DKK 7,469m).
The 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
remained strong at -20.7% (2023: -20.3%). The
change in other working capital was DKK
-1,108m (2023: DKK -780m), mainly impacted
by other receivables.
Total operational investments amounted to
DKK -4,944m (2023: DKK -4,138m), of which
acquisition of property, plant and equipment
(CapEx) amounted to DKK -4,668m (2023: DKK
-3,887m). The higher CapEx was mainly due to
capacity expansion in Asia, including the
greenfield brewery in Foshan, China.
Total financial investments amounted to DKK
+3,426m (2023: DKK -2,591m). The difference
was mainly related to change in financial
investments, which in 2023 was negatively
impacted by cash in deposits not meeting the
definition of cash and cash equivalents. The
positive impact of acquisition of subsidiaries
related to Gorkha Brewery in Nepal. The
change in financial receivables included the
repayment of a loan to the partner in CSAPL,
which was settled as part of the acquisition of
the partner’s 33.33% shareholding in CSAPL.
Free cash flow amounted to DKK 9,794m
(2023: DKK 4,878m). The positive development
was mainly due to the rewinding of a deposit in
2023, financial receivables and acquisitions.
Net cash flow amounted to DKK -1,883m (2023:
DKK 5,254m). Cash flow from financing
activities amounted to DKK -13,935m (2023:
DKK 1,370m), impacted by non-controlling
interests of DKK -6,463m, including the
acquisition of 33.33% of the shares in CSAPL
and the acquisition of the 40% non-controlling
interest in Carlsberg Marston’s Brewing
Company, cash returns to shareholders in the
form of dividends (DKK -3,601m) and share
buy-backs (DKK -1,960m), and the net impact
of bond repayment and ECP issuance of DKK
-1,911m.
The net cash flow from discontinued operations
of DKK 2,258m related to the sale of the
Russian business.
FINANCING
At 31 December 2024, net interest-bearing debt
amounted to DKK 27,357m (2023: DKK
22,351m). The increase of DKK 5,006m was
mainly the result of acquisition of non-
controlling interests, the dividend payout and
share buy-back, and CapEx, partly offset by the
proceeds from the disposal of the Russian
business. Net interest-bearing debt/EBITDA was
1.73x (2023: 1.47x).
Read more about capital structure, net interest-
bearing debt and borrowings in sections 4.1, 4.6
and 4.7 of the consolidated financial
statements.
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Group review
29 Carlsberg Group Annual Report 2024
WESTERN EUROPE
Western Europe delivered solid
financial results despite
volumes being impacted by a
continued weak consumer
sentiment and supply chain
issues in certain markets.
Beer volumes declined organically by 1.8%.
Other beverage volumes grew by 0.3% thanks
to growth of the soft drinks businesses in the
Nordics, offset by lower volumes in Switzerland.
Consequently, total volume development was
-1.1%.
Revenue/hl improved organically by 2% despite
the headwind of approximately 1 percentage
point caused by the inclusion of excise duties on
the Kronenbourg 1664 brand in the UK last year.
The growth in revenue/hl was mainly due to
price increases. Organic revenue growth was
0.9%, while reported growth was 2.0%,
positively impacted mainly by the appreciation
of the British, Polish and Swiss currencies.
Organic operating profit growth was 5.2%
thanks to the positive revenue/hl development
and gross margin improvement, which more
than offset increased commercial investments.
The reported operating profit growth of 6.0%
was positively impacted by currencies. The
operating margin strengthened by 60bp to
13.9%.
THE NORDICS
In Denmark, we strengthened our market share,
driven by good performance in mainstream and
growth of premium brands such as Jacobsen
and Brooklyn. We continued to see solid growth
of our alcohol-free brews.
In January, we established a sales and
distribution agreement for the Danish market
with the Danish craft brewer Mikkeller. As part
of the agreement, Carlsberg acquired a 20%
stake in Mikkeller.
Our Swedish business had a very good year,
delivering solid volume growth for both beer
and soft drinks. We saw good growth for our
premium brands such as Eriksberg, 1664 Blanc
and Brooklyn. We strengthened our market
share in soft drinks thanks to strong results for
Pepsi Max, making it the largest non-sugar cola
brand in the market.
Our business in Norway had a challenging start
to the year. Volumes for the year were flat, with
growth for premium and alcohol-free brews
offset by lower mainstream volumes.
Western Europe
Change Change
2023 Organic Acq., net FX 2024 Reported
Volumes (million hl)
Beer 28.7 -1.8 % 0.0 % - 28.1 -1.8 %
Other beverages 14.7 0.3 % 0.0 % - 14.8 0.3 %
Total 43.4 -1.1 % 0.0 % - 42.9 -1.1 %
DKK million
Revenue 37,317 0.9 % 0.0 % 1.1 % 38,081 2.0 %
Operating profit 4,975 5.2 % 0.0 % 0.8 % 5,274 6.0 %
Operating margin (%) 13.3 13.9 60bp
Our markets
Markets
Market
position (no.) Breweries
1
Denmark 1 1
Sweden 2 1
Norway 1 1
Finland 1 1
France 2 1
Switzerland 1 1
Poland 3 3
UK 4 3
2
Germany 3
3
3
Portugal 1 1
1
Breweries with capacity above 100,000 hl.
2
Brewery in Wolverhampton to be closed in autumn 2025.
3
North-
eastern Germany. Source: Carlsberg estimates.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Western Europe
30 Carlsberg Group Annual Report 2024
It was a strong year in Finland, with mid-single-
digit volume growth, driven by growth in most
categories. We saw particularly strong results
for our premium portfolio, which delivered high-
single-digit volume growth, and for alcohol-free
brews, which grew by high teens. The soft drink
portfolio delivered mid-single-digit percentage
growth, driven by good results for the Coca-
Cola portfolio.
SWITZERLAND
Our beer market share in Switzerland was
stable, while the overall market declined by a
low-single-digit percentage due to the weak
consumer sentiment and bad weather. We
relaunched 1664 Blanc in Q1 and saw very
strong performance for the brand. Pepsi Max
delivered good growth, but total soft drinks
volumes were impacted by the loss of the
Schweppes brand at the beginning of 2024.
POLAND
Our business in Poland stabilised in 2024, seeing
flat market share in a market that declined by a
low-single-digit percentage. We saw very good
performance for alcohol-free brews and Beyond
Beer, while beer volumes developed in line with
the market.
FRANCE
It was a difficult year for our French business.
The market was impacted by weak consumer
sentiment and bad weather in Q2 and Q3. In
addition, our volumes were impacted by our
pricing actions, which were ahead of the overall
market. Consequently, we lost market share,
particularly in the mainstream segment.
In June, we announced that we had entered into
a strategic partnership with Brasserie du Pays
Flamand, aimed at accelerating the roll-out of
the Anosteké brand in France. As part of the
agreement, we acquired a non-controlling stake
in Brasserie du Pays Flamand.
UK
It was a very busy year for our UK business,
with the Britvic plc acquisition, the notification in
July concerning the loss of the San Miguel
brand from January 2025 and an incident at
one of our breweries in Q3. In addition, we
acquired the remaining 40% of Carlsberg
Marston’s Limited from Marston’s plc, giving us
100% ownership of our UK business. The
transaction was completed on 31 July.
Despite these events, the business performed
well, delivering flat volumes in a slightly
declining market. The Carlsberg brand grew by
mid-single-digit percentages, significantly
improving the brand’s market share. In the
premium segment, Poretti and Brooklyn
delivered double-digit growth rates, and we also
saw good results for 1664 Blanc, which was
launched in April.
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
Western Europe
31 Carlsberg Group Annual Report 2024
GROWING ALCOHOL-FREE
BREWS (AFB)
AFB is a growing category in Western
Europe, supported by increased
consumer awareness of health and
wellbeing. Local AFB brands, including
line extensions of local power brands,
play a key role in our AFB strategy. In
2024, our AFB volumes in Western
Europe grew by 5%. In Sweden, the AFB
line extension of the local power brand
Falcon also grew by 9%.
ASIA
Our Asia performance was
impacted by the challenging
consumer environment in
China.
Beer volumes declined organically by 1.3%,
mainly due to a soft H2 in China. Other
beverage volumes grew organically by 1.2%
thanks to strong growth in Laos, partly offset by
weak energy drinks volumes in Cambodia.
Organic revenue growth was 1.0%. Revenue/hl
grew organically by 2%, supported by price
increases, particularly in Laos due to the high
inflation, and a positive product mix. Reported
revenue declined by 1.5% due to a negative
currency impact, notably from the Laotian,
Chinese and Vietnamese currencies.
Operating profit increased organically by 7.9%,
positively impacted by the revenue/hl growth
and the gross margin improvement. The
currency impact was -6.7%, of which
approximately 2% related to the impact of
hyperinflation accounting in Laos. Reported
operating profit improved by 1.0%.
The impact of hyperinflation is detailed in
section 8.1 of the consolidated financial
statements.
CHINA
The Chinese beer market declined by an
estimated 4% due to a weak consumer
environment and bad weather during the peak
season.
We maintained our positive market share
trajectory, gaining an estimated 30bp market
share. Our volumes declined by 1%, with
continued growth in the big cities offset by
lower volumes in the western provinces.
Revenue/hl was slightly negative, as stable
pricing was offset by a negative channel mix.
Although premium volumes grew slightly, the
channel mix had a negative impact on mix
within our premium portfolio.
The premium Carlsberg and Wind Flower Snow
Moon brands saw strong growth, while the
super-premium 1664 Blanc declined, impacted
by the weak nightlife channel. Tuborg delivered
modest growth.
Asia
Change Change
2023 Organic Acq., net FX 2024 Reported
Volumes (million hl)
Beer 39.1 -1.3 % 0.0 % - 38.6 -1.3 %
Other beverages 5.9 1.2 % 0.0 % - 6.0 1.2 %
Total 45.0 -1.0 % 0.1 % - 44.6 -0.9 %
DKK million
Revenue 20,780 1.0 % 0.3 % -2.8 % 20,466 -1.5 %
Operating profit 4,586 7.9 % -0.2 % -6.7 % 4,632 1.0 %
Operating margin (%) 22.1 22.6 50bp
Our markets
Markets
Market
position (no.) Breweries
1
China 5/1
2
27
Laos 1 2
Vietnam 4 1
Cambodia 3 1
Malaysia 2 1
Myanmar 5 1
Singapore 2 0
Hong Kong SAR 2 0
1
Breweries with capacity above 100,000 hl.
2
Total China/western China. Source: Carlsberg estimates.
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Asia
32 Carlsberg Group Annual Report 2024
VIETNAM
The Vietnamese market was flat for the full
year, and our volumes were also flat. We
continued to see solid growth of our premium
brands – Tuborg, 1664 Blanc and Carlsberg – as
we expanded outside our central stronghold.
The mainstream brand, Huda, declined slightly
in its stronghold in the central part of the
country due to a challenging Q4 during which
the region was impacted by bad weather and
weak consumer offtake.
LAOS
Our volumes grew by a low-single-digit
percentage, reaching an all-time high in excess
of 8 million hl despite the macro environment
and several price increases during the year due
to significant inflationary pressure. The volume
growth was mainly driven by soft drinks and
bottled water, but we also saw good growth for
premium, led by Carlsberg, albeit from a small
base.
CAMBODIA
Our beer business delivered solid volume
growth, driven by the Angkor beer brand. Total
volumes declined due to the very soft volume
development of the energy drinks business,
particularly in H1.
MALAYSIA AND SINGAPORE
We delivered solid performance in Malaysia,
with strong growth for both the Carlsberg and
1664 Blanc brands. In Singapore, our
mainstream and Beyond Beer volumes grew,
while premium volumes were impacted by the
loss of a partner brand.
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Asia
33 Carlsberg Group Annual Report 2024
EXPANDING IN VIETNAM
Vietnam is a key volume and value
growth market in our Accelerate SAIL
strategy. We leverage our international
premium brands – 1664 Blanc, Tuborg,
Carlsberg and, most recently, Somersby –
in the expansion outside our strong
market position in central Vietnam.
Despite difficult market conditions during
the past couple of years, in 2024 the
premium portfolio saw volume growth of
21%, with particularly strong results for
1664 Blanc.
CENTRAL & EASTERN EUROPE
AND INDIA
Central & Eastern Europe and
India delivered a strong set of
results for volumes, revenue
and earnings.
Beer volumes grew organically by 3.6% as a
result of growth in most markets. We saw very
good growth for our premium and alcohol-free
brews.
Other beverage volumes grew organically by
7.7%, mainly due to growth of energy drinks in
the eastern European part of the region. We
also saw good growth of Beyond Beer,
particularly supported by the Garage brand.
Organic revenue growth was 7.8%. Revenue/hl
grew by 4% thanks to price increases in all
markets and a very positive product mix with
mid-teens growth for our premium portfolio.
Operating profit grew organically by 9.6% as a
result of revenue growth and gross margin
expansion, which more than compensated for
higher commercial investments.
Reported operating profit grew by 6.8%, mainly
impacted by depreciation of the Eastern
European currencies. The operating margin was
18.5%, a 10bp improvement.
UKRAINE
In Ukraine, we saw an increasingly difficult
environment, particularly in the latter part of the
year, when a growing number of attacks caused
electricity shortages and less traffic in
traditional trade and on-trade outlets.
Despite this challenging environment, our local
team delivered strong results, achieving high-
single-digit volume growth. Growth was broad-
based, with very good results for premium
brands such as 1664 Blanc, Carlsberg and
Tuborg, alcohol-free brews such as Kvas,
Garage and Lvivske, and Beyond Beer for the
Garage and Somersby brands.
EASTERN EUROPE
Our businesses in the other Eastern Europe
markets – Kazakhstan, Azerbaijan and Belarus
– delivered mixed performance, with solid
volume growth in Belarus and Azerbaijan, and a
decline in Kazakhstan.
In Kazakhstan, our business was impacted by
the overall market decline, caused by poor
consumer sentiment in the highly inflationary
environment and bad weather.
CEEI
Change Change
2023 Organic Acq., net FX 2024 Reported
Volumes (million hl)
Beer 33.2 3.6 % 0.2 % - 34.5 3.8 %
Other beverages 3.5 7.7 % 0.1 % - 3.7 7.8 %
Total 36.7 4.0 % 0.2 % - 38.2 4.2 %
DKK million
Revenue 15,467 7.8 % 0.9 % -2.3 % 16,454 6.4 %
Operating profit 2,846 9.6 % -0.1 % -2.7 % 3,039 6.8 %
Operating margin (%) 18.4 18.5 10bp
Our markets
Markets
Market
position (no.) Breweries
1
Ukraine 1 3
Belarus 1 1
Kazakhstan 1 1
Azerbaijan 1 1
The Baltics 1-2 2
Italy 4 1
Greece 2 2
Bulgaria 1 2
Croatia 3 1
Serbia 3 1
India 2 7
Nepal 1 1
1
Breweries with capacity above 100,000 hl. Source: Carlsberg estimates.
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Central & Eastern Europe and Asia
34 Carlsberg Group Annual Report 2024
We are preparing for the takeover of the Pepsi
licence in Kazakhstan and Kyrgyzstan from
2026, which will transform our business in
Kazakhstan, doubling its size.
South-East Europe and the Baltics
All markets in South East Europe and the
Baltics delivered volume growth, supported by
favourable weather during the year and easy
comparable figures from last year, when
weather had a negative impact.
In total, volumes grew by mid-single-digit
percentages, with particularly good growth in
markets such as Greece, Serbia and Croatia. The
growth of premium and alcohol-free brews was
a key contributor.
India and Nepal
In India, our business had another good year,
delivering low-double-digit volume growth.
We achieved growth in most states, supported
by good progress for our two largest products –
Tuborg Strong and Carlsberg Elephant. In
December, we strengthened our portfolio,
launching 1664 Blanc in the super-premium
segment.
Following the buyout of the non-controlling
interests in Nepal, we regained control of
Gorkha Brewery in Nepal. Consequently,
Gorkha Brewery was consolidated from
December 2024 (previously included as an
associate).
Gorkha Brewery is the market leader in Nepal,
with the mainstream local Gorkha brand and
Tuborg in premium being the most important
brands.
Export & License
Volumes in our Export & License business
increased by mid-single-digit percentages,
driven by very good growth of Carlsberg and
Tuborg in several markets.
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35 Carlsberg Group Annual Report 2024
GROWING IN GREECE
Carlsberg first entered the Greek market
in 2008 through the acquisition of
Mythos Brewery as part of the Scottish &
Newcastle transaction. In 2015, we
merged Mythos Brewery with Olympic
Brewery, establishing ourselves as the no.
2 player in the market. Following the
challenges of COVID-19, our Greek
business has delivered strong results,
driven in particular by the success of local
brands, such as the mainstream Mythos,
the impressive recent performance of the
premium Kaiser brand, and the alcohol-
free FIX Anef brand. In 2024, our volumes
in Greece grew by 7%.
2025 EARNINGS EXPECTATIONS
For 2025, we are expecting a
relatively stable consumer
environment, although
uncertainty related to
consumer sentiment in both
Asia and Europe remains.
For the business excluding Britvic, we expect a
moderate increase in our total cost base due to
slightly higher marketing investments and
investments in capability building and
technology, while we expect a flattish
development in cost of sales/hl.
The organic development in volumes, revenue
and operating profit will be impacted by the
loss of the San Miguel brand in the UK as of 31
December 2024, with an estimated negative
impact of 2-3 percentage points on organic
operating profit growth for the Group (included
in the earnings expectations).
Consequently, our earnings expectations for
2025 are:
• Organic operating profit growth of 1-5%.
Based on the currency spot rates at 5 February,
we assume a translation impact of around DKK
+150m for 2025. The currency impact does not
include the impact of hyperinflation accounting
in Laos or the currency impact on profits in
Britvic, as the latter will be included in the
acquisition impact in 2025.
EXPECTATIONS FOR BRITVIC
Britvic has been consolidated into Carlsberg’s
financial statements as of 16 January 2025.
Having owned the business for only three
weeks, we are still in the process of assessing
the commercial and financial details of the
company in terms of historical performance and
plans for the future. Our current assessment is
that the commercial and financial situation is in
line with our expectations, giving us confidence
in the business case on which we based our
offer.
For the full-year ending 30 September 2024,
Britvic plc reported an adjusted operating profit
of GBP 250m. We currently assume a similar
level in 2025, driven by underlying business
growth and initial cost synergies offset by items
such as additional commercial investments,
write-offs, accounting differences and impact of
purchase price allocation adjustments.
OTHER RELEVANT
ASSUMPTIONS
Other relevant assumptions, including the
impact from the Britvic acquisition, are:
• Financial expenses, excluding foreign
exchange losses or gains, of DKK 2.6-2.7bn.
The increase compared with 2024 is due to
higher financial leverage as a result of the
acquisition of Britvic plc and the buyout of
the partner in CSAPL.
• Reported effective tax rate of around 23%.
The increase compared with previous years is
due to the acquisition of Britvic plc and
deferred tax deductibility of the acquisition-
related interest expenses.
• Capital expenditure of around DKK 7-8bn
(including estimated capital expenditure for
Britvic), impacted by the construction of a
soft drinks bottling facility in Kazakhstan
ahead of the takeover of the Pepsi licence in
2026.
Forward-looking statements
Forward-looking statements are subject to risks
and uncertainties that could cause the Group’s
actual results to differ materially from those
expressed in the forward-looking statements.
Accordingly, forward-looking statements should
not be relied on as a prediction of actual results.
Please see page 51 for the full forward-looking
statements disclaimer.
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2025 earnings expectations
36 Carlsberg Group Annual Report 2024
RISK MANAGEMENT
In conducting our business and
executing our strategy, we
seek to manage risks in such a
way as to minimise the threats
they present.
As with any business, we face a number of risks
and uncertainties that could have both short-
term and long-term implications for the Group.
The aim of our risk management approach is to
address these risks and uncertainties in due time.
GOVERNANCE STRUCTURE
The Supervisory Board is ultimately responsible
for the risk management framework and its
effectiveness.
The Board is made aware of the material risks
facing the company on an ongoing basis. At
least once a year, the Board reviews the overall
risk matrix and conducts deep dives into
selected risks. The identified risks, including risk
development, are subsequently monitored by
the Board, ensuring that plans are in place to
manage the individual risks, such as strategic,
operational, financial and compliance risks.
The Supervisory Board may choose to delegate
the monitoring of one or more specific risks to a
board committee, which then reports back to
the Supervisory Board on progress.
The Executive Committee (ExCom) is
responsible for reviewing the overall risk
exposure associated with the Group’s activities
and ensuring that appropriate actions are taken.
RISK MANAGEMENT PROCESS
Our risk management process ensures timely
identification and proactive management of
risks and uncertainties throughout the year.
Risks are assessed according to a two-
dimensional heat map that estimates the
impact of the risk on operating profit or brand/
image and the likelihood of the risk
materialising.
The risks identified in the heat map represent
the most significant current and emerging risks
to the company over the next 3-5 years.
The identification of risks is founded on a
systematic bottom-up/top-down approach
involving markets, regions and functions. This is
complemented with external views, including
publicly available white papers from leading
organisations and enterprises.
Local and functional risk assessment workshops
follow the same principles and methodology as
Group-level risk assessment, and are held at
appropriate intervals, or as a minimum on an
annual basis.
Our most significant risks are assessed
holistically by ExCom, which considers changes
to the risk environment and the adequacy of
our risk response, generally applying a time
horizon of up to five years, although some risks
may have a longer time horizon.
ExCom assigns risk owners, who are responsible
for mitigating the risks through a programme of
risk management activities. Each key risk is
assigned to an ExCom member, who assumes
ultimate responsibility for risk mitigation.
ExCom conducts half-yearly reviews of the risk
heat map and mitigation plans, and also
conducts a deep dive into heightened risks at
least twice a year. Our principal risks are
presented to and discussed with the Supervisory
Board at least once a year.
Read about the management of sustainability
risks in the sustainability statement.
IDENTIFIED RISKS
The most significant risks are presented in the
following paragraphs. Other significant risks
identified included the digital transformation of
our company, supply chain interruption due to
climate risks and resource scarcity, upholding
product quality and safety, talent and
workforce shortage, and reputational risks
stemming from potential human rights and ESG
concerns.
Legal and regulatory compliance
Risk movement
Heightened versus last year.
Description
Carlsberg faces potential significant legal and
regulatory compliance risks as the regulatory
landscape expands, and the international focus
on competition law, anti-corruption, trade
sanctions, tax compliance and health standards
is increasing.
The risk is further exacerbated by the Group’s
growth in complex markets.
Failure to comply with regulations and Group
policies may lead to fines, claims, and brand
and reputation damage.
The Group is party to certain ongoing lawsuits
and disputes. These and their significance are
described in section 3.4 of the consolidated
financial statements.
Mitigation
We maintain a strong tone from the top and
continuously review and strengthen the Group-
wide control framework covering legal
compliance areas, including, but not limited to,
competition law, anti-bribery & corruption and
trade sanctions to reflect areas of increased
regulatory focus.
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Risk Management
37 Carlsberg Group Annual Report 2024
We periodically update our Code of Ethics &
Conduct and related Group legal and
compliance policies as needed. To ensure that
these policies are thoroughly understood, we
provide mandatory training to all relevant
employees on a regular basis. We also
continuously strive to include health concerns in
our innovation efforts.
Read more about our compliance efforts in the
sustainability statement.
Macroeconomic and financial
volatility
Risk movement
Heightened versus last year.
Description
Across our regions, the Group is subject to a
volatile and uncertain macroeconomic and
financial environment, impacting inflation,
interest rates, unemployment and consumer
sentiment. The volatile macroeconomic
environment may also lead to governments
seeking to add additional revenue streams from
higher taxes, including excise duties.
Such conditions influence the Group in multiple
ways, including, but not limited to, the pricing of
raw and packaging materials, the ability to
implement price increases, and execution of the
Group’s growth agenda as set out in our
refreshed strategy, Accelerate SAIL.
In addition, the variability in financial markets,
interest rate fluctuations and currency instability
impact the Group’s financial flexibility.
Mitigation
We employ scenario planning and agile
financial management, leverage our value
management capabilities and deploy localised
strategies to address volatility and adapt to
market-specific challenges.
Our public affairs team, in cooperation with
relevant industry associations, seeks to engage
in fact-based dialogue with relevant public
authorities on changes in regulation, including
within the areas of tax and excise duty.
In addition, our well-embedded and rigorous
performance management system allows us to
quickly adapt to changes in the trading
environment.
These measures aim to safeguard growth,
maintain financial flexibility and ensure
operational stability across our key markets.
Geopolitical uncertainty
Risk movement
Heightened versus last year.
Description
The geopolitical environment is challenged by
wars, civil unrest and an increased level of
global geopolitical tensions.
The wider impact of these challenges may be
economic instability in key markets, inflation
and recession, posing a risk to operational
resilience and financial flexibility.
Mitigation
We monitor the global geopolitical situation on
an ongoing basis and develop scenarios for
intervention in the event that tensions emerge
or further evolve.
In our scenario analyses, we apply lessons
learned from various geographies, including the
impact and consequences of the situation in
Russia.
Consumer preferences
Risk movement
New.
Description
Consumer preferences are continuously
changing, including for areas such as
consumption occasions, liquid preferences,
alcohol intake, and purchasing habits and
patterns.
The Group faces a risk of market share and
volume loss if we fail to respond, adapt and
evolve our product portfolio to cater for
changing and emerging consumer trends and
the evolving beverage landscape.
Mitigation
Accelerate SAIL has a clear focus on stepping
up investments in and support of key growth
categories, including premium beer, alcohol-free
brews, Beyond Beer and soft drinks, and
capabilities, including within sales execution and
digital. See pages 20-27 for more information
on Accelerate SAIL.
To ensure a consumer-centric focus and
superior marketing and sales capabilities, in
2024 we further strengthened ExCom with the
appointment of a Chief Marketing Officer and a
Chief Strategy & Commercial Officer.
Cyber and IT security
Risk movement
Unchanged versus last year.
Description
The Carlsberg Group relies heavily on
technology and IT infrastructure for its day-to-
day business. A cyber attack or non-availability
of IT systems could have severe financial,
regulatory and reputational consequences for
our business.
Mitigation
Our Chief Information Security Officer (CISO)
leads an independent cyber security function
within our IT organisation. The CISO coordinates
risk mitigation plans and activities with ExCom
and the Supervisory Board.
As the cyber security threat assessment has
intensified in recent years, we have
strengthened our protective work to counter the
risk. Furthermore, we deploy a wide array of
advanced defensive technologies, as well as
continuing to embed our risk management
framework in all layers of the organisation. We
undertake regular testing of our security
controls via an ongoing series of technological
audits and breach simulations.
As the threat landscape remains difficult, we
continue to invest in improving our security and
mitigation activities.
Britvic integration
Risk movement
New.
Description
The Britvic acquisition is significant and entails
financial and operational risks until the
company has been successfully integrated. Any
integration process requires significant
operational resources on both sides, which may
impact our ability to execute other initiatives
and daily operations.
Mitigation
We prioritise thorough due diligence, robust
integration planning and clear governance
structures.
Dedicated teams are assigned to manage
business continuity and integration processes,
ensuring alignment with Carlsberg's operational
standards and strategic goals. Additionally, we
closely monitor resource allocation to minimise
disruption to ongoing initiatives and daily
operations.
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38 Carlsberg Group Annual Report 2024
CORPORATE GOVERNANCE
Our governance framework
aims to ensure value creation,
safeguard active and
transparent stewardship across
the Group and reduce risk.
The governing bodies of the Carlsberg Group
are the Supervisory Board and the Executive
Committee, which includes the Executive Board.
None of the members of the Supervisory Board
are involved in the executive management of
the Group.
The Supervisory Board hires and supervises the
Executive Board, which consists of two
members, the Group CEO and the CFO, who are
formally registered as executive directors of
Carlsberg A/S.
RECOMMENDATIONS
ON CORPORATE GOVERNANCE
The Supervisory Board is responsible for the
Group’s corporate governance framework and
compliance with the Danish corporate
governance recommendations and statutory
requirements.
The Group complies with all but two of the
current recommendations:
• With respect to the recommendation to
publish quarterly reports, the Group has
chosen to only publish full- and half-year
reports.
• With respect to the recommendation that a
majority of the members of a board
committee should be independent, in 2024
two of the four members of the People &
Culture Committee were independent.
Our statutory report on corporate governance
includes the full list of recommendations, with
comments on the Group’s position on each
recommendation. It can be downloaded here:
OUR COMPASS
The Group is dedicated to conducting business
with integrity in a responsible, honest and
ethical manner. Living by these values – our
Compass – is an integrated part of our strategy,
Accelerate SAIL, mitigates risks and protects our
reputation as a responsible brewer.
Our Compass consists of a Code of Ethics &
Conduct and our Group policies, which guide
everyone in the Group on everyday decisions
and actions, setting out the ethical standards for
our behaviour both within the company and
towards external business partners, such as
customers and suppliers.
Group policies include, but are not limited to,
anti-bribery & corruption, labour & human
rights, diversity, equity & inclusion, competition
law, information security & acceptable use,
trade sanctions, data protection, data ethics, risk
management, tax, marketing, corporate
communication, responsible drinking, and public
and government affairs.
Our policies can be downloaded here:
carlsberggroup.com/sustainability/report-
policies/policies/
The Supervisory Board is responsible for
overseeing that the Executive Committee has an
adequate system and resources in place to
ensure compliance with the Group’s codes and
policies in relation to its business activities.
Our Executive Committee members complete
training on our Anti-Bribery and Corruption
Policy and Code of Ethics and Conduct every
three years, and are informed of key
developments in this area in an ongoing
manner, as necessary.
The impact of Living by our Compass in relation
to material sustainability topics is presented in
the sustainability statement.
THE ANNUAL GENERAL MEETING
The 2024 Annual General Meeting (AGM) took
place on 11 March. The minutes of the meeting
are available on www.carlsberggroup.com.
Rules and deadlines applying to the AGM and
other general meetings are stipulated in the
Company’s Articles of Association, available on
www.carlsberggroup.com along with other
AGM-related information.
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Corporate Governance
39 Carlsberg Group Annual Report 2024
1
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Corporate Governance
40 Carlsberg Group Annual Report 2024
THE CARLSBERG
FOUNDATION
The Carlsberg Foundation is the
Company’s largest shareholder.
According to its Charter, the foundation
must own shares equivalent to at least
51% of the votes in Carlsberg A/S. At 31
December, the Carlsberg Foundation
held 30% of the capital and 77% of the
votes in Carlsberg A/S.
The foundation is a long-term, value-
oriented shareholder, supporting the
Group in creating sustainable value
growth through the execution of its
strategy and adherence to the
company’s capital allocation priorities.
The foundation has participated pro rata
in the share buy-back programmes.
In 2024, dividends received by the
foundation amounted to DKK 1.1bn.
The dividends from Carlsberg A/S are
given back to society by granting funds
to foster and support academic research
within natural sciences, humanities and
social sciences, and funds for cultural
and socially beneficial purposes.
The foundation also grants funds to the
Carlsberg Research Laboratory.
Supervisory Board meetings
Board member Chairship meetings attended Board meetings attended
Henrik Poulsen
1,2
(Chair)
Majken Schultz
1
(Deputy Chair)
Mikael Aro
1,2
Magdi Batato
1,2
Lilian Fossum Biner
1,2
Richard Burrows
1
Eva Vilstrup Decker
3
Bob Kunze-Concewitz
1,2
Punita Lal
1,2
Erik Lund
3
Ivan Nielsen
3
Olayide Oladokun
3
Søren-Peter Fuchs Olesen
1
Peter Petersen
3
Tenna Skov Thorsted
3
1
Elected by the General Meeting.
2
Independent.
3
Employee-elected.
Attended meeting. Did not attend meeting (position of hop leaf does not represent actual meeting).
Not a board member at the time.
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41 Carlsberg Group Annual Report 2024
SUPERVISORY BOARD
EVALUATION PROCESS
Each year, the Chair of the Supervisory Board
heads a structured evaluation of the Board’s
work, accomplishments and competencies.
In 2024, the evaluation process included a report
produced by an external provider based on
questionnaires completed anonymously, as well
as individual conversations between the Chair
and each board member.
During the evaluation process, the Supervisory
Board members generally expressed that
agendas cover relevant topics, that meetings are
well planned and cover the relevant topics, that
time and discussions are well prioritised, that
material and presentations are of a high quality,
and that all relevant perspectives are considered
when decisions are made. The members also
appreciated the discussions, mutual trust and
cooperation with ExCom and other
management members.
The evaluation resulted in a list of ideas to
improve the board work and an action plan with
specific initiatives for 2025.
THE WORK OF THE SUPERVISORY BOARD
Main topics of review and discussion in 2024
Strategy
• Development of Accelerate SAIL and its execution.
• The ESG programme Together Towards ZERO and Beyond.
• R&D, innovation, brand portfolio and branding initiatives, quality and other strategic priorities.
• Organic growth opportunities, including commercial priorities and three-year plans.
• Inorganic growth opportunities, including the acquisition of Britvic plc, the purchase of
Marston’s plc’s 40% stake in Carlsberg Marston’s and the buyout of the partners in our
businesses in India and Nepal.
• Selected market and function deep dives.
• Continued embedding of cost focus.
• Capital structure, funding, dividend and share buy-backs.
• Divestment of Baltika Breweries.
Organisation, people, succession planning and talent management
• Supervisory Board composition and succession planning.
• Succession planning for the Executive Management.
• The Group's people agenda, including people-related aspects of Accelerate SAIL.
• The diversity, equity & inclusion agenda.
• Bonus structures in incentive programmes, ensuring support of and alignment with
Accelerate SAIL.
Governance, compliance and risk management
• Review of the outcome of the 2023 board evaluation process, including follow-up on all
suggestions in 2024.
• 2024 board evaluation.
• Compliance risks and set-up, including discussion of compliance-enhancing efforts.
• An enhanced enterprise risk management approach and anchoring of the same in the Board.
• Various risk deep dives based on the enterprise management review.
• Internal audit & control reports, working processes and continued improvement.
• IT & cyber security strategy.
• Compliance with the EU sustainability reporting regulation.
• Relevant issues and ways of working with the external auditor.
• Approval of the external auditor for election at the 2024 AGM.
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Corporate Governance
42 Carlsberg Group Annual Report 2024
THE WORK OF THE SUPERVISORY
BOARD
The main topics of discussion at the Supervisory
Board meetings in 2024 are presented in the
box on page 42.
The Group CEO and the CFO always attend the
Supervisory Board meetings and, in order to
ensure transparency, the members of ExCom
are also invited and attend when relevant.
This gives the Supervisory Board better insight
into the business and exposure to the full group
of senior executives.
In connection with most Supervisory Board
meetings, key people from the Group present a
market, a function, a specific risk or other
relevant topics.
BOARD COMMITTEES
The Supervisory Board has established three
board committees: the People & Culture
Committee, the Remuneration Committee and
the Audit Committee.
Each year, the Supervisory Board considers
whether the number and scope of the
committees are appropriate.
Committee members are appointed for one
year at a time. The members of the respective
committees and their meeting attendance are
shown in the tables on this and the following
page.
The People & Culture Committee
The Terms of Reference for the People &
Culture Committee are available on
www.carlsberggroup.com.
In 2024, the Committee had particular focus on:
• Review of the Specification of Competencies
for board members to ensure that they
reflect the skills and experiences needed to
best support the execution of Accelerate
SAIL.
• Succession planning at Supervisory Board
and management level, evaluating the
composition of ExCom and the composition,
structure and size of the Supervisory Board
and its committees.
• Performance evaluation of ExCom.
• Carlsberg’s talent management programmes
and processes.
• Carlsberg’s DE&I strategy, progress and
ambitions.
• The company culture, including employee
surveys in light of Accelerate SAIL and its
growth ambitions.
People & Culture Committee members
andmeetings
Committee member
Committee
meetings
attended
Henrik Poulsen
1
(Chair)
Richard Burrows
Punita Lal
1
Majken Schultz
1
Independent.
Attended meeting.
The Remuneration Committee
The Terms of Reference for the Remuneration
Committee are available on
www.carlsberggroup.com.
In 2024, the main activities of the Remuneration
Committee were:
• Appointment of Magdi Batato as Chair.
• Presentation of the revised Remuneration
Policy for approval at the AGM.
• Increasing the weighting of revenue growth
targets in the short-term incentive scheme to
reflect our Accelerate SAIL ambitions.
• Moving from relative to absolute carbon
reduction targets in the long-term incentive
scheme to reflect our ambitious
environmental commitments.
• Amending the Committee’s Terms of
Reference to include greater oversight of the
remuneration of the extended leadership
team below the Executive Management.
The work of the Committee is described in more
detail in the Remuneration Report, available on
www.carlsberggroup.com.
Remuneration Committee members
andmeetings
Committee member
Committee
meetings
attended
Magdi Batato
1
(Chair)
Richard Burrows
Bob Kunze-Concewitz
1
Søren-Peter Fuchs Olesen
Henrik Poulsen
1
1
Independent.
Attended meeting. Not a committee member at
the time.
The Audit Committee
The Terms of Reference for the Audit
Committee are available on
www.carlsberggroup.com. The Committee
members have the relevant financial expertise
and necessary experience of the Company’s
sector.
While three members of the Committee qualify
as being independent, Richard Burrows is not
considered independent as per the definition in
the Danish corporate governance
recommendations due to his more than 12-year
tenure on the Supervisory Board.
The Audit Committee works according to the
Terms of Reference and a detailed annual
meeting plan, which is reviewed and approved
by the Supervisory Board prior to the beginning
of each financial year. At its meeting in
December 2024, the Supervisory Board
approved the Audit Committee meeting plan for
2025 and the current Terms of Reference.
In 2024, the Audit Committee had particular
focus on a number of areas, including:
• Monitoring the effectiveness of the control
environment and overseeing the progress on
improving and further developing the
effectiveness of the controls over financial
and sustainability reporting.
• Monitoring the external financial and
sustainability reporting and accounting
judgements, including the implementation of
the Corporate Sustainability Reporting
Directive and double materiality assessment,
the accounting treatment in relation to the
acquisitions of Britvic plc and the non-
controlling interests in Carlsberg Marston’s
Brewing Company and Carlsberg South Asia
Pte Ltd.
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Corporate Governance
43 Carlsberg Group Annual Report 2024
• Monitoring the cooperation with the external
auditors.
• Reviewing the progress of the work of and
actions taken by the Group Internal Audit
function.
• Reviewing the work regarding Speak Up
matters.
• Reviewing financial risk management and
insurance.
• Reviewing the risk management process and
deep dives into selected risks.
• Reviewing global shared services.
• Reviewing Group tax matters.
• Reviewing succession planning for finance
personnel.
Audit Committee members and meetings
Committee member
Committee meetings
attended
Lilian Fossum Biner
1
(Chair)
Magdi Batato
1
Richard Burrows
Mikael Aro
1
1
Independent.
Attended meeting. Did not attend meeting
(position of hop leaf does not represent actual
meeting).
INTERNAL CONTROL AND RISK
MANAGEMENT RELATED TO
THE OVERALL CONTROL
ENVIRONMENT FOR THE
FINANCIAL REPORTING PROCESS
The Supervisory Board and ExCom have overall
responsibility for the Carlsberg Group’s internal
control environment.
The Audit Committee is responsible for
monitoring the effectiveness of the overall
internal control environment and risk
management systems, in particular related to
the financial reporting process.
The Group has a number of policies and
procedures in key areas of financial reporting,
including the Finance Policy, the Accounting
Manual, the Controller Manual, the Use of
Auditors Policy, the Chart of Authority, the Risk
Management Policy, the Financial Risk
Management Policy, the Corporate Governance
Policy, the Information Security & Acceptable
Use Policy, the Stock Exchange Compliance
Policy, the Tax Policy and the Code of Ethics &
Conduct.
The policies and procedures apply to all
subsidiaries, and we expect standards similar to
those set out in the Carlsberg codes and policies
for non-controlled entities.
The Group’s internal control framework for
financial reporting is designed to reduce and
mitigate financial risks identified and ensure
reliable internal and external financial reporting.
It defines roles and responsibilities, and provides
assurance that key risks are covered by internal
control activities.
While systems and processes are not
standardised across all entities, all entities are
subject to the same set of internal key controls.
The Group continuously seeks to strengthen the
internal control environment through further
standardisation, increased automation, strong
analytics and transparent governance.
The internal financial control framework is
monitored through entities’ self-assessment of
the effectiveness of the implemented controls
and continuous testing of performance by the
Group’s Internal Controls function. The
monitoring of the performance of the controls
focuses on the adequacy of the controls, their
design and operating effectiveness, and the
efficiency of the overall controlling processes.
Risk assessment
In the internal control framework for financial
reporting, the Group has identified the risks that
could have a direct or indirect material impact
on the financial statements. Group entities are
required to carry out and document the internal
controls defined by the Group to cover the key
risks identified.
All Group entities are further required to
reassess the coverage and effectiveness of their
controls biannually and to document additions
to the local internal control framework for
financial reporting addressing local risks.
Furthermore, Group entities are required to
maintain mapping of risks related to the
segregation of duties and to implement
necessary compensating controls, thereby
continuously strengthening the internal control
environment and enforcing optimal segregation
of duties in the ERP systems.
The segregation of duties within the main ERP
systems is continuously monitored by the
Group’s Internal Control function.
Control activities and monitoring
The Group has implemented a formalised
financial reporting process, budget process,
estimates and monthly reporting on actual
performance. The accounting information
reported by all Group companies is reviewed by
controllers with regional or functional in-depth
knowledge of the individual companies/
functions and by technical accounting
specialists.
Controllers are continuously updated on best
practice relating to internal financial controls,
and trained in new accounting and reporting
requirements.
The entities in the Group are dependent on IT
systems. Any weaknesses in the system
controls or IT environment are compensated for
by manual controls to mitigate any significant
risk relating to the financial reporting.
The quality of processes and associated internal
controls is subject to continuous monitoring and
testing by the Group’s Internal Control function
as well as to regular internal audits.
The Audit Committee’s monitoring covers both
the internal control environment and business
risk.
The financial risks are assessed and reviewed at
multiple levels in the Group, including monthly
performance review meetings at ExCom level,
periodic review of control documentation, and
audits performed by Group Internal Audit.
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Corporate Governance
44 Carlsberg Group Annual Report 2024
GROUP INTERNAL AUDIT
Group Internal Audit provides objective and
independent assessment of the adequacy,
effectiveness and quality of the Group’s internal
controls. Group Internal Audit works in
accordance with a charter, which is reviewed
periodically and approved by the Audit
Committee.
Taking into account the annual review of
business risks (see pages 37-38), an internal
audit plan is drawn up for the year. The plan is
reviewed and approved by the Audit Committee.
In 2024, Group Internal Audit conducted audits
mainly in the areas of key operational
processes, financial reporting controls, brewery
operations, compliance (internal and external
regulation) and information technology.
In addition, Group Internal Audit continuously
assesses the adequacy of actions implemented
by management to address previously raised
risks and control issues.
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Corporate Governance
45 Carlsberg Group Annual Report 2024
SUPERVISORY BOARD
HENRIK POULSEN MAJKEN SCHULTZ MIKAEL ARO MAGDI BATATO LILIAN FOSSUM BINER
Chair Deputy Chair
RICHARD BURROWS EVA VILSTRUP DECKER BOB KUNZE-CONCEWITZ PUNITA LAL ERIK LUND
IVAN NIELSEN OLAYIDE OLADOKUN SØREN-PETER FUCHS
OLESEN
PETER PETERSEN
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Supervisory Board
46 Carlsberg Group Annual Report 2024
HENRIK POULSEN
Chair (since 2022)
Nationality: Danish
Year of birth: 1967
Appointed (until): 2021 (2025)
Board function: Non-executive, independent
director
Shareholding (B shares): 5,829 (2023: 3,056)
Henrik Poulsen has extensive executive and
board experience in large international
companies, significant financial knowledge and
in-depth knowledge of mergers and
acquisitions, strategy, risk management, ESG,
transformation and innovation. He is Senior
Advisor to A.P. Moller Holding.
Henrik is Deputy Chair of the Board of
Directors, member of the Audit Committee and
Chair of the Remuneration Committee of Novo
Nordisk. He is Chair of the Board of Directors at
Faerch, and a member of the Boards of
Directors of Novo Holdings and Bertelsmann SE
& Co.
MAJKEN SCHULTZ
Deputy Chair (since 2022)
Nationality: Danish
Year of birth: 1958
Appointed (until): 2019 (2025)
Board function: Non-executive, non-
independent director
Shareholding (B shares): 150 (2023: 150)
Majken Schultz has substantial experience as a
professor and advisor in change management,
organisational culture and branding, and in how
companies address future climate goals. She
has 25 years of board experience in companies
working in areas such as finance, consumer
products and food. In addition to her analytical
and strategic capabilities, she has a broad
international network and expertise.
Majken holds a PhD and is a Professor at
Copenhagen Business School and Chair of the
Board of Directors of the Carlsberg Foundation.
She is actively involved in the Danish business
community and is a founder partner in the CBS
board education programme. She is a member
of the Danish Committee on Foundation
Governance.
MIKAEL ARO
Nationality: Finnish
Year of birth: 1965
Appointed (until): 2022 (2025)
Board function: Non-executive, independent
director
Shareholding (B shares): 0 (2023: 0)
Mikael Aro has strong experience of the
branded beverage sector. He has significant
financial knowledge and in-depth knowledge of
mergers and acquisitions, business
development, logistics, sales and marketing.
Mikael is Senior Industry Adviser in the private
equity firm Triton. In this capacity, he holds
multiple Chair and board member positions in
Triton portfolio companies. He is Chair of the
Board of Directors of Kojamo.
MAGDI BATATO
Nationality: Swiss
Year of birth: 1959
Appointed (until): 2018 (2025)
Board function: Non-executive, independent
director
Shareholding (B shares): 3,000 (2023: 401)
Magdi Batato was COO at Nestlé 2015-2024.
He has international experience and significant
expertise within procurement and supply chain
operations and efficiency, health & safety and
ESG, including environmental and human rights-
related matters. He has extensive knowledge of
emerging markets, having held several positions
across Asia, the Middle East and Africa. In
addition, he has a broad understanding of the
assessment and management of business risks.
Magdi is Chair of the IDH board (an NGO
specialised in farmers’ livelihoods and overall
sustainable value chains), Executive in
Residence at the IMD Business School, Senior
Advisor with the Boston Consulting Group and
Advisor on the board of o9.
LILIAN FOSSUM BINER
Nationality: Swedish
Year of birth: 1962
Appointed (until): 2019 (2025)
Board function: Non-executive, independent
director
Shareholding (B shares): 550 (2023: 350)
Lilian Fossum Biner has wide experience from a
range of consumer-fronted industries. She has
substantial experience of financial management
and control, strategic pricing, HR matters and
multiple brand strategy.
Lilian is a member of the Board of Directors and
of the Audit Committee of Alfa Laval and
Scania, a member of the Board of Directors and
Chair of the Audit Committee at Pandora and a
member of the Boards of Directors of Röko.
RICHARD BURROWS
Nationality: Irish
Year of birth: 1946
Appointed (until): 2009 (2025)
Board function: Non-executive, non-
independent director
Shareholding (B shares): 2,040 (2023: 2,040)
Richard Burrows has extensive experience of
the branded consumer goods sector and wide
international business experience. He also has a
deep understanding of shareholder and investor
relations, and the assessment and mitigation of
business risks, and he has worked extensively
with developing markets and product
innovation. In addition, he has substantial
experience of financial management and
reporting processes.
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Supervisory Board
47 Carlsberg Group Annual Report 2024
EVA VILSTRUP DECKER
Nationality: Danish
Year of birth: 1964
Appointed (until): 2014 (2026)
Board function: Employee representative
Shareholding (B shares): 68 (2023: 68)
Eva Vilstrup Decker is Senior Director, Customer
Service & Sourcing, Carlsberg Breweries A/S.
She is an employee representative on the Board
of Carlsberg Breweries A/S.
BOB KUNZE-CONCEWITZ
Nationality: Austrian
Year of birth: 1967
Appointed (until): 2024 (2025)
Board function: Non-executive, independent
director
Shareholding (B shares): 2,500 (2023: 0)
Bob Kunze-Concewitz has extensive beverage
industry experience, not least from being CEO
of Campari Group from 2007 to 2024. Bob has
an impressive track record of value creation,
underpinned by marketing and commercial
excellence, in-depth knowledge of category and
portfolio management, premiumisation and
activation, as well as the ability to build the
business foundations for success, including
structuring functions and standardising
processes. He also brings strong competencies
within organic growth, acquisitions, emerging
markets, innovation, and diversity & inclusion.
Bob is a member of the Board of Directors of
Campari, a member of the Board of Directors,
the Remuneration Committee and the People &
Governance Committee of Imperial Brands and
a member of the Board of Directors and Audit
Committee and Chair of the Remuneration
Committee of Luigi Lavazza.
PUNITA LAL
Nationality: Indian
Year of birth: 1962
Appointed (until): 2022 (2025)
Board function: Non-executive, independent
director
Shareholding (B shares): 0 (2023: 0)
Punita Lal has over 30 years of experience in
the consumer packaged goods industry in
general, and beverages in particular. Her
extensive experience spans multiple disciplines,
geographies and cultures, particularly in Asia,
where she has worked across China, India, Hong
Kong and Singapore. Her areas of expertise are
growth strategy, marketing and leadership. She
has in-depth expertise in building brands,
understanding consumer behaviour, product
development and portfolio management.
Punita has extensive board experience across
blue-chip corporates in India and Singapore, and
is currently a member of the Board of Directors
and the Audit, Compensation & Management
Development and Nominating Committees of
DBS Group Bank based out of Singapore.
ERIK LUND
Nationality: Danish
Year of birth: 1964
Appointed (until): 2015 (2026)
Board function: Employee representative
Shareholding (B shares): 54 (2023: 54)
Erik Lund is Head Brewer at the Carlsberg
Research Laboratory.
IVAN NIELSEN
Nationality: Danish
Year of birth: 1965
Appointed (until): 2023 (2026)
Board function: Employee representative
Shareholding (B shares): 0 (2023: 0)
Ivan Nielsen is a brewery worker at Carlsberg
Supply Company Danmark A/S, where he is an
employee representative on the Board.
OLAYIDE OLADOKUN
Nationality: British
Year of birth: 1986
Appointed (until): 2022 (2026)
Board function: Employee representative
Shareholding (B shares): 0 (2023: 0)
Olayide Oladokun is Senior Science Manager at
the Carlsberg Research Laboratory.
SØREN-PETER FUCHS OLESEN
Nationality: Danish
Year of birth: 1955
Appointed (until): 2012 (2025)
Board function: Non-executive, non-
independent director
Shareholding (B shares): 1,052 (2023: 652)
Søren-Peter Fuchs Olesen has substantial
experience of managing knowledge
organisations, turning basic science into new
products, innovation, planning, funding, investor
relations and ESG.
Søren-Peter is a Professor, DMSc and CEO of
the Danish National Research Foundation. He is
a member of the Board of Directors of the
Carlsberg Foundation, property companies
affiliated to the Carlsberg Foundation and the
Carlsberg Research Laboratory. He is Chair of
the evaluation committees for visiting scientists
at Danmarks Nationalbank and the Nordea
Foundation.
PETER PETERSEN
Nationality: Danish
Year of birth: 1969
Appointed (until): 2024 (2026)
Board function: Employee representative
Shareholding (B shares): 0
Peter Petersen is President of the Staff
Association and Process Lead at Carlsberg
Supply Company Danmark A/S. Peter is an
employee representative on the Board of
Carlsberg Breweries.
The Supervisory Board members’ full CVs,
including their skills and competencies, are
available online at: www.carlsberggroup.com/
who-we-are/about-the-carlsberg-group/
supervisory-board/
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Supervisory Board
48 Carlsberg Group Annual Report 2024
SHARE INFORMATION
Carlsberg A/S is listed on
Nasdaq Copenhagen. The
Company has around 70,000
registered shareholders.
Carlsberg has two share classes: Carlsberg A
and Carlsberg B. An A share carries 20 votes,
while a B share carries two votes and is entitled
to a preferential dividend. The B share is
included in the Nasdaq OMX Nordic Large Cap
and OMXC20 blue-chip indices.
As a supplement to its Copenhagen listing, the
Group has a sponsored level 1 ADR (American
Depository Receipt) programme with J.P.
Morgan. The ADRs trade over-the-counter in
the USA under the symbol CABGY. More
information on the ADR programme is available
on www.carlsberggroup.com.
Major shareholders
At 31 December 2024, the Company’s largest
shareholder was the Carlsberg Foundation with
30% of the capital and 77% of the votes. In
accordance with section 29 of the Danish
Securities Trading Act, Massachusetts Financial
Services Company (Boston, USA) has notified
Carlsberg that it owns more than 5% of the
share capital.
Shareholder returns
The Carlsberg Group’s dividend policy targets an
adjusted payout ratio of around 50%. In
addition, the Company conducted share buy-
backs amounting to DKK 2.0bn in 2024. For
more information, see page 11.
Investor relations
The Carlsberg Group aims to give shareholders
and the market the best possible insight into
factors considered relevant for ensuring market-
efficient and fair pricing of the Company’s
shares. This is achieved through the quality,
consistency and continuity of the information
provided to the market, which is handled by the
Group’s Investor Relations department.
We observe a four-week silent period prior to
the publication of the annual and half-year
reports, and a two-week silent period prior to
the Q1 and Q3 trading statements.
More information
www.carlsberggroup.com provides
comprehensive information about the Group
and its shares and bonds, including Company
announcements, annual and half-year financial
statements and quarterly trading statements,
share prices and financial data, investor
presentations, webcasts and transcripts, and a
financial and event calendar.
At the end of 2024, a total of 26 brokers had
coverage of the Company. The analysts’ names
and consensus estimates can be found on
www.carlsberggroup.com.
Financial calendar 2025
Date
Annual General Meeting 17 March
Q1 trading statement 30 April
H1 interim financial statement 14 August
Capital Markets Day 1 October
Q3 trading statement 30 October
Share information
Share class
A B Total
Number of issued shares
1
33,699,252 100,557,554 134,256,806
Number of issued shares, excl. treasury shares
1
33,699,252 98,379,335 132,078,587
Carlsberg Foundation
33,136,435 6,643,288 39,779,723
Votes per share
20 2
Par value
DKK 20 DKK 20
Share price, year-end
814 690
Proposed dividend per share
27 27
1
At 31 December 2024.
Shareholder geographic split Carlsberg B share 2024 (DKK)
(excluding the Carlsberg Foundation and treasury shares)
g
US 40%
g
DK 20%
g
UK 10%
g
Other Europe 15%
g
Other 15%
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49 Carlsberg Group Annual Report 2024
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
200
400
600
800
1,000
1,200
1,400
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ESRS data points
50 Carlsberg Group Annual Report 2024
FORWARD-LOOKING STATEMENTS AND ESEF
This Annual Report contains forward-looking
statements, including statements about the
Group’s sales, revenues, earnings, spending,
margins, cash flow, inventory, products, actions,
plans, strategies, objectives and guidance with
respect to the Group's future results.
Forward-looking statements include, without
limitation, any statement that may predict,
forecast, indicate or imply future results,
performance or achievements, and may contain
the words “believe, anticipate, expect, estimate,
intend, plan, project, will be, will continue, will
result, could, may, might”, or any variations of
such words or other words with similar
meanings. Any such statements are subject to
risks and uncertainties that could cause the
Group’s actual results to differ materially from
the results discussed in such forward-looking
statements.
Prospective information is based on
management’s then current expectations or
forecasts. Such information is subject to the risk
that such expectations or forecasts, or the
assumptions underlying such expectations or
forecasts, may change.
The Group assumes no obligation to update any
such forward-looking statements to reflect
actual results, changes in assumptions or
changes in other factors affecting such forward-
looking statements.
Some important risk factors that could cause
the Group’s actual results to differ materially
from those expressed in its forward-looking
statements include, but are not limited to:
geopolitical volatility, financial and economic
uncertainty (including interest rates and
exchange rates), financial and regulatory
developments, legal and regulatory compliance,
demand for the Group’s products, increasing
industry consolidation, competition from other
breweries, the availability and pricing of raw
materials and packaging materials, cost of
energy, production- and distribution-related
issues, information technology failures, breach
or unexpected termination of contracts, market-
driven price reductions, market acceptance of
new products, changes in consumer preferences,
launches of rival products, stipulation of fair
value in the opening balance sheet of acquired
entities, litigation, cyber and IT threats, issue of
new trade sanctions, environmental issues and
other unforeseen factors. New risk factors can
arise, and it may not be possible for
management to predict all such risk factors, nor
to assess the impact of all such risk factors on
the Group’s business or the extent to which any
individual risk factor, or combination of factors,
may cause results to differ materially from
those contained in any forward-looking
statement.
Accordingly, forward-looking statements should
not be relied on as a prediction of actual results.
ESEF data
Domicile of entity Denmark
Description of nature of entity’s operations and principal activities Brewing company
Country of incorporation Denmark
Principal place of business Global
Legal form of entity A/S
Name of reporting entity or other means of identification Carlsberg A/S
Address of entity's registered office 1 J. C. Jacobsens Gade
Phone number +45 3327 3300
Corporate website www.carlsberggroup.com
CVR No. 61056416
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General disclosures
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2
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Carlsberg Group value chain and
presentation of sustainability-
related impacts, risks and
opportunities (IROs)
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Environment
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Environment
E1 CLIMATE CHANGE
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E1 CLIMATE CHANGE
72 Carlsberg Group Annual Report 2024
ACCOUNTING POLICIES continued
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Environment
E1 CLIMATE CHANGE
73 Carlsberg Group Annual Report 2024
Climate
change
mitigation
Climate
change
adaptation
Water (7)
Pollution
(8)
Circular
economy
(9)
Biodiversity
(10)
Climate
change
mitigation
Climate
change
adaptation
Water (13)
Pollution
(14)
Circular
economy
(15)
Biodiversity
(16)
Minimum
safeguards
(17)
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Environment
74 Carlsberg Group Annual Report 2024
Climate change
mitigation (5)
Climate change
adaptation (6)
Water (7)
Pollution (8)
Circular
economy (9)
Biodiversity (10)
Climate change
mitigation (11)
Climate change
adaptation (12)
Water (13)
Pollution (14)
Circular
economy (15)
Biodiversity (16)
Minimum
safeguards (17)
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Environment
EU TAXONOMY
75 Carlsberg Group Annual Report 2024
Climate change
mitigation (5)
Climate change
adaptation (6)
Water (7)
Pollution (8)
Circular
economy (9)
Biodiversity (10)
Climate change
mitigation (11)
Climate change
adaptation (12)
Water (13)
Pollution (14)
Circular
economy (15)
Biodiversity (16)
Minimum
safeguards (17)
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Environment
EU TAXONOMY
76 Carlsberg Group Annual Report 2024
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Environment
EU TAXONOMY
77 Carlsberg Group Annual Report 2024
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Environment
78 Carlsberg Group Annual Report 2024
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Environment
E3 WATER AND MARINE RESOURCES
79 Carlsberg Group Annual Report 2024
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Environment
E3 WATER AND MARINE RESOURCES
80 Carlsberg Group Annual Report 2024
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Environment
81 Carlsberg Group Annual Report 2024
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Environment
E4 BIODIVERSITY AND ECOSYSTEMS
82 Carlsberg Group Annual Report 2024
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Environment
E4 BIODIVERSITY AND ECOSYSTEMS
83 Carlsberg Group Annual Report 2024
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Environment
84 Carlsberg Group Annual Report 2024
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Environment
E5 RESOURCE USE AND CIRCULAR ECONOMY
85 Carlsberg Group Annual Report 2024
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Environment
E5 RESOURCE USE AND CIRCULAR ECONOMY
86 Carlsberg Group Annual Report 2024
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Environment
E5 RESOURCE USE AND CIRCULAR ECONOMY
87 Carlsberg Group Annual Report 2024
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Social
88 Carlsberg Group Annual Report 2024
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Social
S1 OWN WORKFORCE
89 Carlsberg Group Annual Report 2024
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Social
S1 OWN WORKFORCE
90 Carlsberg Group Annual Report 2024
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Social
S1 OWN WORKFORCE
91 Carlsberg Group Annual Report 2024
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Social
S1 OWN WORKFORCE
92 Carlsberg Group Annual Report 2024
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Social
S1 OWN WORKFORCE
93 Carlsberg Group Annual Report 2024
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Social
S1 OWN WORKFORCE
94 Carlsberg Group Annual Report 2024
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Social
S1 OWN WORKFORCE
95 Carlsberg Group Annual Report 2024
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Social
96 Carlsberg Group Annual Report 2024
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Social
S2 WORKERS IN THE VALUE CHAIN
97 Carlsberg Group Annual Report 2024
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Social
S2 WORKERS IN THE VALUE CHAIN
98 Carlsberg Group Annual Report 2024
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Social
99 Carlsberg Group Annual Report 2024
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Social
S4 CONSUMERS AND END-USERS
100 Carlsberg Group Annual Report 2024
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Social
S4 CONSUMERS AND END-USERS
101 Carlsberg Group Annual Report 2024
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Social
S4 CONSUMERS AND END-USERS
102 Carlsberg Group Annual Report 2024
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Governance
103 Carlsberg Group Annual Report 2024
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Governance
G1 – BUSINESS CONDUCT
104 Carlsberg Group Annual Report 2024
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Governance
G1 – BUSINESS CONDUCT
105 Carlsberg Group Annual Report 2024
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Appendices
106 Carlsberg Group Annual Report 2024
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Appendices
APPENDIX 1: Data points that derive from other EU legislation
107 Carlsberg Group Annual Report 2024
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Appendices
108 Carlsberg Group Annual Report 2024
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Appendices
APPENDIX 3: BP-2 disclosures on value chain estimates and measurement uncertainties
109 Carlsberg Group Annual Report 2024
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Appendices
110 Carlsberg Group Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Income statement 112
Statement of comprehensive income 112
Statement of financial position 113
Statement of changes in equity 114
Statement of cash flows 115
Notes 116
SECTION 1
OPERATING ACTIVITIES
1.1 Segmentation of operations
116
1.2 Operating expenses and inventories
119
1.3 Cash flow from operating
activities
120
1.4 Trade and other receivables
121
SECTION 2
ASSET BASE AND RETURNS
2.1 Segmentation of assets and returns
125
2.2 Intangible assets and property, plant
and equipment
127
2.3 Impairment
131
SECTION 3
SPECIAL ITEMS, PROVISIONS AND
OTHER LIABILITIES
3.1 Special items
138
3.2 Provisions
140
3.3 Other liabilities
141
3.4 Contingent liabilities
141
SECTION 4
FINANCING COSTS, CAPITAL
STRUCTURE AND EQUITY
4.1
Capital structure and financial risk
management 142
4.2
Equity 143
4.3
Earnings per share 145
4.4
Financial income and expenses 145
4.5
Financial assets and liabilities 147
4.6
Net interest-bearing debt 148
4.7
Borrowings and cash 148
4.8
Interest rate risk 150
4.9
Foreign exchange and commodity
risk 151
4.10
Funding and liquidity risk 155
SECTION 5
ACQUISITIONS, NON-CONTROLLING
INTERESTS AND ASSOCIATES,
DISPOSALS AND DISCONTINUED
OPERATIONS
5.1 Acquisitions
157
5.2 Non-controlling interests and
associates
161
5.3 Disposals and discontinued
operations
162
5.4 Contingent considerations
164
SECTION 6
TAX
6.1 Income tax 165
6.2 Tax assets and liabilities 166
SECTION 7
STAFF COSTS AND REMUNERATION
7.1 Staff costs 168
7.2 Remuneration 169
7.3 Share-based payments 169
7.4
Retirement benefit obligations
and similar obligations 171
SECTION 8
OTHER DISCLOSURE REQUIREMENTS
8.1
Hyperinflation 174
8.2
Fees to auditors 176
8.3
Related parties 176
8.4
Events after the reporting period 177
SECTION 9
BASIS FOR PREPARATION
9.1 Significant accounting estimates and
judgements
178
9.2 General accounting policies 178
9.3 Changes in accounting policies 180
9.4 New legislation 180
9.5 Key definitions 181
SECTION 10
GROUP COMPANIES
10 Group companies 182
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111 Carlsberg Group Annual Report 2024
INCOME STATEMENT
DKK million Section 2024 2023
Revenue 1.1.1 75,011 73,585
Cost of sales 1.2.1 -40,631 -40,753
Gross profit 34,380 32,832
Sales and distribution expenses 1.2.2 -19,242 -18,355
Administrative expenses -4,381 -4,077
Other operating activities, net 1.2.3 38 124
Share of profit after tax of associates 5.2 616 581
Operating profit before special items 11,411 11,105
Special items, net 3.1 -519 -431
Financial income 4.4 959 755
Financial expenses 4.4 -1,864 -1,599
Profit before tax 9,987 9,830
Income tax 6.1 -1,982 -1,859
Profit from continuing operations 8,005 7,971
Net result from discontinued operations 5.3 2,258 -47,748
Profit for the period 10,263 -39,777
Attributable to
Non-controlling interests 5.2 1,147 1,011
Shareholders in Carlsberg A/S (net profit) 9,116 -40,788
DKK
Earnings per share 4.3
Earnings 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
STATEMENT OF COMPREHENSIVE INCOME
DKK million Section 2024 2023
Profit for the period 10,263 -39,777
Other comprehensive income
Retirement benefit obligations 7.4 -96 -73
Income tax 6.1 13 -28
Items that will not be reclassified to the income statement -83 -101
Foreign exchange adjustments of foreign entities 4.2, 4.4 874 37,781
Hyperinflation restatement of equity 8.1 2,428 -
Fair value adjustments of hedging instruments 4.2, 4.4 2 920
Income tax 6.1 30 -44
Items that will be reclassified to the income statement 3,334 38,657
Other comprehensive income 3,251 38,556
Total comprehensive income 13,514 -1,221
Attributable to
Non-controlling interests 2,138 753
Shareholders in Carlsberg A/S 11,376 -1,974
Total comprehensive income for the period arises from
Continuing operations 11,256 6,297
Discontinued operations 2,258 -7,518
Total comprehensive income 13,514 -1,221
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112 Carlsberg Group Annual Report 2024
STATEMENT OF FINANCIAL POSITION
DKK million Section 31 Dec. 2024 31 Dec. 2023
ASSETS
Non-current assets
Intangible assets 2.2, 2.3 52,387 49,100
Property, plant and equipment 2.2, 2.3 27,050 24,405
Investments in associates 5.2 4,674 5,437
Receivables 1.4 814 881
Tax assets 6.2 2,056 1,810
Total non-current assets 86,981 81,633
Current assets
Inventories 1.2.1 5,953 5,811
Trade receivables 1.4 4,940 5,102
Tax receivables 410 356
Other receivables 1.4 2,258 2,476
Prepayments 1,185 835
Deposits and securities 4.7.2 59 2,236
Cash and cash equivalents 4.7.2 11,542 13,382
Total current assets 26,347 30,198
Total assets 113,328 111,831
DKK million Section 31 Dec. 2024 31 Dec. 2023
EQUITY AND LIABILITIES
Equity
Share capital 4.2.1 2,685 2,747
Reserves -496 -2,819
Retained earnings 25,582 23,306
Equity, shareholders in Carlsberg A/S 27,771 23,234
Non-controlling interests 2,841 2,515
Total equity 30,612 25,749
Non-current liabilities
Borrowings 4.6, 4.7.1 27,392 30,763
Retirement benefit obligations 7.4 1,304 1,387
Tax liabilities 6.2 4,744 4,823
Provisions 3.2 1,736 1,565
Other liabilities 3.3 1,495 314
Total non-current liabilities 36,671 38,852
Current liabilities
Borrowings 4.6, 4.7.1 10,748 8,338
Trade payables 23,317 22,159
Deposits on returnable packaging materials 1,728 1,717
Provisions 3.2 950 944
Tax payables 1,204 1,052
Other liabilities 3.3 8,098 13,020
Total current liabilities 46,045 47,230
Total liabilities 82,716 86,082
Total equity and liabilities 113,328 111,831
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113 Carlsberg Group Annual Report 2024
STATEMENT OF CHANGES IN EQUITY
2024 Section Shareholders in Carlsberg A/S
DKK million
Share
capital
Currency
translation
Hedging
reserves
Total
reserves
Retained
earnings Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2,747 -2,639 -180 -2,819 23,306 23,234 2,515 25,749
Profit for the period - - - - 9,116 9,116 1,147 10,263
Other comprehensive income 4.2.2 - 2,042 281 2,323 -63 2,260 991 3,251
Total comprehensive income for the period - 2,042 281 2,323 9,053 11,376 2,138 13,514
Cancellation of treasury shares 4.2.1 -62 - - - 62 - - -
Share-based payments 7.3 - - - - 100 100 - 100
Dividends paid to shareholders 4.2.1 - - - - -3,601 -3,601 -1,376 -4,977
Share buy-back 4.2.1 - - - - -1,960 -1,960 - -1,960
Non-controlling interests 5.2 - - - - -1,378 -1,378 -436 -1,814
Total changes in equity -62 2,042 281 2,323 2,276 4,537 326 4,863
Equity at 31 December 2,685 -597 101 -496 25,582 27,771 2,841 30,612
2023 Section Shareholders in Carlsberg A/S
DKK million
Share
capital
Currency
translation¹
Hedging
reserves¹
Total
reserves
Retained
earnings Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2,837 -40,889 -822 -41,711 70,776 31,902 2,820 34,722
Profit for the period - - - - -40,788 -40,788 1,011 -39,777
Other comprehensive income 4.2.2 - 38,250 642 38,892 -78 38,814 -258 38,556
Total comprehensive income for the period - 38,250 642 38,892 -40,866 -1,974 753 -1,221
Cancellation of treasury shares 4.2.1 -90 - - - 90 - - -
Share-based payments 7.3 - - - - 129 129 1 130
Dividends paid to shareholders 4.2.1 - - - - -3,695 -3,695 -1,149 -4,844
Share buy-back 4.2.1 - - - - -3,200 -3,200 - -3,200
Non-controlling interests 5.2 - - - - 72 72 90 162
Total changes in equity -90 38,250 642 38,892 -47,470 -8,668 -305 -8,973
Equity at 31 December 2,747 -2,639 -180 -2,819 23,306 23,234 2,515 25,749
¹ Prior to the deconsolidation of the discontinued operation in Russia, the related accumulated currency translation and hedging reserves within equity represented losses of DKK 40.9 bn and DKK 0.5 bn respectively. Following the
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114 Carlsberg Group Annual Report 2024
STATEMENT OF CASH FLOWS
DKK million Section 2024 2023
Operating profit before special items 11,411 11,105
Depreciation, amortisation and impairment losses 2.2 4,370 4,074
Operating profit before depreciation, amortisation and impairment
losses 15,781 15,179
Other non-cash items -635 -499
Change in trade working capital 471 698
Change in other working capital -1,108 -780
Restructuring costs and other special items paid -220 -552
Interest etc. received 456 329
Interest etc. paid -1,091 -602
Income tax paid -2,342 -2,166
Cash flow from operating activities 1.3 11,312 11,607
Acquisition of property, plant and equipment 2.2 -4,668 -3,887
Acquisition of intangible assets 2.2 -362 -356
Disposal of property, plant and equipment and intangible assets 2.2 85 115
Change in on-trade loans 1.3 1 -10
Total operational investments -4,944 -4,138
Free operating cash flow 6,368 7,469
Acquisition of subsidiaries 5.1 254 -826
Disposal of subsidiaries -27 4
Acquisition of associates 5.2 -161 -7
Change in financial investments 4.7.2 2,179 -2,248
Change in financial receivables 389 -26
Dividends received 792 512
Total financial investments 3,426 -2,591
Cash flow from investing activities -1,518 -6,729
Free cash flow 9,794 4,878
DKK million Section 2024 2023
Shareholders in Carlsberg A/S 4.2.1 -3,601 -3,695
Share buy-back 4.2.1 -1,960 -3,200
Non-controlling interests 4.2.1 -6,463 -1,106
External financing 4.7.1 -1,911 9,371
Cash flow from financing activities -13,935 1,370
Net cash flow from continuing operations -4,141 6,248
Net cash flow from discontinued operations 5.3 2,258 -994
Net cash flow -1,883 5,254
Cash and cash equivalents at 1 January 13,382 8,163
Cash and cash equivalents included in discontinued operations
at 1 January - 1,194
Foreign exchange adjustment of cash and cash equivalents 11 -1,229
Cash and cash equivalents at 31 December¹ 4.7.2 11,510 13,382
¹ Cash and cash equivalents less bank overdrafts.
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115 Carlsberg Group Annual Report 2024
SECTION 1
OPERATING ACTIVITIES
DKKbn
IN THIS SECTION:
1.1 Segmentation of operations
116
1.1.1 Revenue
117
1.1.2 Operating profit before special items
118
1.1.3 Operating margin
118
1.2 Operating expenses and inventories
119
1.2.1 Cost of sales and inventories
119
1.2.2 Sales and distribution expenses
119
1.2.3 Other operating activities, net
120
1.3 Cash flow from operating activities
120
1.4 Trade and other receivables
121
1.4.1 Receivables
121
1.4.2 On-trade loans
122
1.4.3 Credit risk
123
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SECTION 1.1 (CONTINUED)
SEGMENTATION OF OPERATIONS
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117 Carlsberg Group Annual Report 2024
SECTION 1.1 (CONTINUED)
SEGMENTATION OF OPERATIONS
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118 Carlsberg Group Annual Report 2024
SECTION 1.1 (CONTINUED)
SEGMENTATION OF OPERATIONS
ACCOUNTING POLICIES
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119 Carlsberg Group Annual Report 2024
SECTION 1.2 (CONTINUED)
OPERATING EXPENSES AND INVENTORIES
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120 Carlsberg Group Annual Report 2024
SECTION 1.3 (CONTINUED)
CASH FLOW FROM OPERATING ACTIVITIES
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121 Carlsberg Group Annual Report 2024
SECTION 1.4 (CONTINUED)
TRADE AND OTHER RECEIVABLES
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122 Carlsberg Group Annual Report 2024
SECTION 1.4 (CONTINUED)
TRADE AND OTHER RECEIVABLES
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123 Carlsberg Group Annual Report 2024
SECTION 1.4 (CONTINUED)
TRADE AND OTHER RECEIVABLES
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124 Carlsberg Group Annual Report 2024
DKKbn
IN THIS SECTION:
2.1 Segmentation of assets and returns
125
2.2 Intangible assets and property, plant and equipment
127
2.3 Impairment
131
2.3.1 Recognised impairments
131
2.3.2 Significant amounts of goodwill and brands
132
2.3.3 Impairment test of goodwill
132
2.3.4 Impairment test of brands
134
2.3.5 Impairment of other assets
135
2.3.6 Sensitivity tests
137
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125 Carlsberg Group Annual Report 2024
SECTION 2.1 (CONTINUED)
SEGMENTATION OF ASSETS AND RETURNS
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126 Carlsberg Group Annual Report 2024
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127 Carlsberg Group Annual Report 2024
SECTION 2.2 (CONTINUED)
INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT
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128 Carlsberg Group Annual Report 2024
SECTION 2.2 (CONTINUED)
INTANGIBLE ASSETS AND PROPERTY, PLANT AND
EQUIPMENT
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129 Carlsberg Group Annual Report 2024
SECTION 2.2 (CONTINUED)
INTANGIBLE ASSETS AND PROPERTY, PLANT AND
EQUIPMENT
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SECTION 2.2 (CONTINUED)
INTANGIBLE ASSETS AND PROPERTY, PLANT AND
EQUIPMENT
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131 Carlsberg Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
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132 Carlsberg Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
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133 Carlsberg Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
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134 Carlsberg Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
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135 Carlsberg Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
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136 Carlsberg Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
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137 Carlsberg Group Annual Report 2024
SECTION 3
SPECIAL ITEMS,
PROVISIONS AND
OTHER LIABILITIES
IN THIS SECTION:
3.1 Special items
138
3.2 Provisions
140
3.3 Other liabilities
141
3.4 Contingent liabilities
141
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138 Carlsberg Group Annual Report 2024
SECTION 3.1 (CONTINUED)
SPECIAL ITEMS
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140 Carlsberg Group Annual Report 2024
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
141 Carlsberg Group Annual Report 2024
SECTION 4
FINANCING COSTS,
CAPITAL STRUCTURE
AND EQUITY
1
DKKbn
IN THIS SECTION:
4.1 Financial risk management and capital structure
142
4.2 Equity
143
4.3 Earnings per share
145
4.4 Financial income and expenses
145
4.5 Financial assets and liabilities
147
4.6 Net-interest bearing debt
148
4.7 Borrowings and cash
148
4.8 Interest rate risk
150
4.9 Foreign exchange and commodity risk
151
4.9.1 Net revenue
151
4.9.2 Operating profit
152
4.9.3 Net finance
152
4.9.4 Consolidated profit and other comprehensive income
152
4.9.5 Impact on financial statements and sensitivity analysis
153
4.9.6 Commodity risk
154
4.10 Funding and liquidity risk
155
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142 Carlsberg Group Annual Report 2024
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143 Carlsberg Group Annual Report 2024
SECTION 4.2 (CONTINUED)
EQUITY
ACCOUNTING POLICIES
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144 Carlsberg Group Annual Report 2024
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145 Carlsberg Group Annual Report 2024
SECTION 4.4 (CONTINUED)
FINANCIAL INCOME AND EXPENSES
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146 Carlsberg Group Annual Report 2024
SECTION 4.4 (CONTINUED)
FINANCIAL INCOME AND EXPENSES
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147 Carlsberg Group Annual Report 2024
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148 Carlsberg Group Annual Report 2024
SECTION 4.7 (CONTINUED)
BORROWINGS AND CASH
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149 Carlsberg Group Annual Report 2024
SECTION 4.7 (CONTINUED)
BORROWINGS AND CASH
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150 Carlsberg Group Annual Report 2024
SECTION 4.8 (CONTINUED)
INTEREST RATE RISK
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151 Carlsberg Group Annual Report 2024
SECTION 4.9 (CONTINUED)
FOREIGN EXCHANGE AND COMMODITY RISK
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152 Carlsberg Group Annual Report 2024
SECTION 4.9 (CONTINUED)
FOREIGN EXCHANGE AND COMMODITY RISK
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153 Carlsberg Group Annual Report 2024
SECTION 4.9 (CONTINUED)
FOREIGN EXCHANGE AND COMMODITY RISK
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154 Carlsberg Group Annual Report 2024
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155 Carlsberg Group Annual Report 2024
SECTION 4.10 (CONTINUED)
FUNDING AND LIQUIDITY RISK
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156 Carlsberg Group Annual Report 2024
SECTION 5
ACQUISITIONS, NON-
CONTROLLING
INTERESTS AND
ASSOCIATES,
DISPOSALS AND
DISCONTINUED
OPERATIONS
This section describes the acquisition of the Britvic Group, which took place after the reporting date
31 December 2024, the purchase of Marston’s plc’s 40% stake in Carlsberg Marston’s Brewing
Company and the buyout of the partners in our business in India and Nepal as well as the related
contingent and deferred considerations. In addition, the section describes the disposal of the Russian
business.
IN THIS SECTION:
5.1 Acquisitions
157
5.1.1 Acquisitions completed after the end of the reporting period
157
5.1.2 Acquisitions completed in the reporting period
158
5.2 Non-controlling interests and associates
161
5.3 Disposals and discontinued operations
162
5.4 Contingent considerations
164
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157 Carlsberg Group Annual Report 2024
SECTION 5.1 (CONTINUED)
ACQUISITIONS
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158 Carlsberg Group Annual Report 2024
SECTION 5.1 (CONTINUED)
ACQUISITIONS
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159 Carlsberg Group Annual Report 2024
SECTION 5.1 (CONTINUED)
ACQUISITIONS
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160 Carlsberg Group Annual Report 2024
SECTION 5.2
NON-CONTROLLING INTERESTS AND ASSOCIATES
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161 Carlsberg Group Annual Report 2024
SECTION 5.2 (CONTINUED)
NON-CONTROLLING INTERESTS AND ASSOCIATES
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162 Carlsberg Group Annual Report 2024
SECTION 5.3 (CONTINUED)
DISPOSALS AND DISCONTINUED OPERATIONS
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163 Carlsberg Group Annual Report 2024
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164 Carlsberg Group Annual Report 2024
IN THIS SECTION:
6.1 Income tax
165
6.2 Tax assets and liabilities
166
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165 Carlsberg Group Annual Report 2024
SECTION 6.1 (CONTINUED)
INCOME TAX
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166 Carlsberg Group Annual Report 2024
SECTION 6.2 (CONTINUED)
TAX ASSETS AND LIABILITIES
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167 Carlsberg Group Annual Report 2024
IN THIS SECTION:
7.1 Staff costs
168
7.2 Remuneration
169
7.3 Share-based payments
169
7.4 Retirement benefit obligations and similar obligations
171
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168 Carlsberg Group Annual Report 2024
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169 Carlsberg Group Annual Report 2024
SECTION 7.3 (CONTINUED)
SHARE-BASED PAYMENTS
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170 Carlsberg Group Annual Report 2024
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171 Carlsberg Group Annual Report 2024
SECTION 7.4 (CONTINUED)
RETIREMENT BENEFIT OBLIGATIONS
AND SIMILAR OBLIGATIONS
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172 Carlsberg Group Annual Report 2024
SECTION 7.4 (CONTINUED)
RETIREMENT BENEFIT OBLIGATIONS
AND SIMILAR OBLIGATIONS
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173 Carlsberg Group Annual Report 2024
SECTION 8
OTHER DISCLOSURE
REQUIREMENTS
IN THIS SECTION:
8.1 Hyperinflation
174
8.2 Fees to auditors
176
8.3 Related parties
176
8.4 Events after the reporting period
177
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
174 Carlsberg Group Annual Report 2024
SECTION 8.1 (CONTINUED)
HYPERINFLATION
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175 Carlsberg Group Annual Report 2024
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176 Carlsberg Group Annual Report 2024
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177 Carlsberg Group Annual Report 2024
SECTION 9
BASIS FOR
PREPARATION
IN THIS SECTION:
9.1 Significant accounting estimates and judgements
178
9.2 General accounting policies
178
9.3 Changes in accounting policies
180
9.4 New legislation
180
9.5 Key definitions
181
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178 Carlsberg Group Annual Report 2024
SECTION 9.2 (CONTINUED)
GENERAL ACCOUNTING POLICIES
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179 Carlsberg Group Annual Report 2024
SECTION 9.2 (CONTINUED)
GENERAL ACCOUNTING POLICIES
SECTION 9.4
NEW LEGISLATION
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180 Carlsberg Group Annual Report 2024
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181 Carlsberg Group Annual Report 2024
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182 Carlsberg Group Annual Report 2024
SECTION 10 (CONTINUED)
GROUP COMPANIES
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183 Carlsberg Group Annual Report 2024
SECTION 10 (CONTINUED)
GROUP COMPANIES
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184 Carlsberg Group Annual Report 2024
SECTION 10 (CONTINUED)
GROUP COMPANIES
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185 Carlsberg Group Annual Report 2024
PARENT COMPANY FINANCIAL STATEMENTS
PARENT COMPANY FINANCIAL
STATEMENTS
Income statement 187
Statement of comprehensive income 187
Statement of financial position 188
Statement of changes in equity 189
Statement of cash flows 189
Notes 190
SECTION 1
SUBSIDIARIES AND RELATED
PARTIES
1.1 Investments in subsidiaries 190
1.2 Related parties 191
SECTION 2
CAPITAL STRUCTURE
2.1 Financial items 192
2.2 Net interest-bearing debt 192
2.3 Share capital 193
SECTION 3
STAFF COSTS AND
REMUNERATION
3.1 Staff costs and remuneration 194
3.2 Retirement benefit obligations 194
SECTION 4
OTHER DISCLOSURE
REQUIREMENTS
4.1 Other operating activities, net 195
4.2 Cash flow 195
4.3 Provisions 195
4.4 Asset base and leases 195
4.5 Fees to auditors 195
4.6 Tax 196
4.7 Contingent liabilities and other
commitments
196
4.8 Events after the reporting period 196
SECTION 5
GENERAL ACCOUNTING POLICIES
5 General accounting policies 197
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186 Carlsberg Group Annual Report 2024
INCOME STATEMENT
DKK million Section 2024 2023
Administrative expenses -35 -32
Other operating activities, net 4.1 -25 -29
Operating profit before special items -60 -61
Special items, net 4 -15
Financial income 2.1 3,619 3,713
Financial expenses 2.1 -53 -42
Profit before tax 3,510 3,595
Income tax 4.6 -21 123
Profit for the period 3,489 3,718
Attributable to
Dividend to shareholders 3,625 3,709
Reserves -136 9
Profit for the period 3,489 3,718
STATEMENT OF COMPREHENSIVE INCOME
DKK million Section 2024 2023
Profit for the period 3,489 3,718
Other comprehensive income
Retirement benefit obligations 3.2 -3 -2
Income tax 4.6 1 1
Items that will not be reclassified to the income statement -2 -1
Other comprehensive income -2 -1
Total comprehensive income 3,487 3,717
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187 Carlsberg Group Annual Report 2024
STATEMENT OF FINANCIAL POSITION
DKK million Section 31 Dec. 2024 31 Dec. 2023
ASSETS
Non-current assets
Property, plant and equipment 4.4 231 222
Investments in subsidiaries 1.1 25,697 27,271
Receivables 357 341
Tax assets 4.6 59 37
Total non-current assets 26,344 27,871
Current assets
Receivables 1.2 27 208
Tax receivables 25 137
Other receivables 199 254
Total current assets 251 599
Total assets 26,595 28,470
DKK million Section 31 Dec. 2024 31 Dec. 2023
EQUITY AND LIABILITIES
Equity
Share capital 2.3 2,685 2,747
Retained earnings 23,521 25,419
Total equity 26,206 28,166
Non-current liabilities
Retirement benefit obligations 3.2 29 30
Provisions 4.3 15 10
Total non-current liabilities 44 40
Current liabilities
Borrowings 1.2 162 -
Trade payables 38 100
Provisions 4.3 8 23
Other liabilities 137 141
Total current liabilities 345 264
Total liabilities 389 304
Total equity and liabilities 26,595 28,470
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188 Carlsberg Group Annual Report 2024
STATEMENT OF CHANGES IN EQUITY
DKK million Shareholders in Carlsberg A/S
2024 Section
Share
capital
Retained
earnings Total equity
Equity at 1 January 2,747 25,419 28,166
Profit for the period 3,489 3,489
Other comprehensive income - -2 -2
Total comprehensive income for the period - 3,487 3,487
Cancellation of treasury shares -62 62 -
Share-based payments 3.1 - 1 1
Share-based payments to employees in subsidiaries - 113 113
Share buy-back 2.3 - -1,960 -1,960
Dividends paid to shareholders 2.3 - -3,601 -3,601
Total changes in equity -62 -1,898 -1,960
Equity at 31 December 2,685 23,521 26,206
2023
Equity at 1 January 2,837 28,351 31,188
Profit for the period 3,718 3,718
Other comprehensive income - -1 -1
Total comprehensive income for the period - 3,717 3,717
Cancellation of treasury shares -90 90 -
Share-based payments 3.1 - 1 1
Share-based payments to employees in subsidiaries - 155 155
Share buy-back 2.3 - -3,200 -3,200
Dividends paid to shareholders 2.3 - -3,695 -3,695
Total changes in equity -90 -2,932 -3,022
Equity at 31 December 2,747 25,419 28,166
STATEMENT OF CASH FLOWS
DKK million Section 2024 2023
Operating profit before special items -60 -61
Depreciation and amortisation 4.4 14 16
Operating profit before depreciation and amortisation -46 -45
Other non-cash items 3 -20
Change in working capital 69 181
Interest etc. received 19 18
Interest etc. paid -108 -40
Income tax paid 71 -34
Cash flow from operating activities 8 60
Acquisition of property, plant and equipment -15 -72
Total operational investments -15 -72
Dividends from subsidiaries 1.2 3,598 3,695
Capital reductions in subsidiaries 1.2 1,660 3,000
Total financial investments 5,258 6,695
Cash flow from investing activities 5,243 6,623
Free cash flow 5,251 6,683
Shareholders in Carlsberg A/S 2.3 -5,561 -6,895
External financing 2.2 310 212
Cash flow from financing activities -5,251 -6,683
Net cash flow - -
Cash and cash equivalents at 1 January - -
Cash and cash equivalents at 31 December - -
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189 Carlsberg Group Annual Report 2024
SECTION 1
SUBSIDIARIES AND RELATED PARTIES
SECTION 1.1
INVESTMENTS IN SUBSIDIARIES
Investments in subsidiaries
DKK million 2024 2023
Cost
Cost at 1 January 27,271 30,080
Capital reductions -1,660 -3,000
Share-based payments to employees, net 86 191
Cost at 31 December 25,697 27,271
Carrying amount at 31 December 25,697 27,271
Share-based payments to employees in subsidiaries comprise exercised as well as outstanding share-
based incentive instruments.
Please see section 10 in the consolidated financial statements for a list of companies in the Carlsberg
Group.
ACCOUNTING ESTIMATES AND JUDGEMENTS
Indications of impairment of investments in subsidiaries are assessed annually by management.
Impairment tests are performed by applying the same principles as the tests for impairment of goodwill in
the Group, cf. section 2.3 in the consolidated financial statements.
It is management’s assessment that no indications of impairment existed at year-end 2024. Impairment
tests have therefore not been carried out for subsidiaries.
ACCOUNTING POLICIES
Dividends on investments in subsidiaries are recognised in the Parent Company income statement in the
financial year in which the dividend is declared.
Investments in subsidiaries are measured at the lower of cost and recoverable amount.
Share-based payments granted to employees of the Company’s subsidiaries and the recharge of expenses
to the subsidiaries in connection with the employees’ exercise of share-based awards are recognised as
contributions to and reductions of the investment in the subsidiaries respectively.
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190 Carlsberg Group Annual Report 2024
SECTION 1.2
RELATED PARTIES
The Carlsberg Foundation, H.C. Andersens Boulevard 35, 1553 Copenhagen V, Denmark, exercises
control over Carlsberg A/S. The Foundation holds 29.6% (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 Carlsberg Group in
2024:
• The Carlsberg Foundation received a dividend from Carlsberg A/S and participated pro rata in the
Carlsberg A/S share buy-back.
• Carlsberg A/S received statutory funding and grants for research and development.
• Home of Carlsberg A/S, a 100%-owned subsidiary of the Carlsberg Group, hosted and
administered events at the Carlsberg Academy, which is owned by the Carlsberg Foundation.
• Carlsberg A/S leased parking spaces from the Carlsberg Foundation.
• Carlsberg Breweries A/S leased storage facilities in the researcher apartments in Carlsberg Byen.
• The Group delivered beer and soft drinks to the Carlsberg Foundation.
These transactions are described in further detail in sections 4.2 and 8.3 of the consolidated financial
statements.
It is estimated that the benefit for the Carlsberg Group corresponds to the value of the services
provided to the Carlsberg Foundation, which in turn corresponds to what each party would have had
to pay to have the same deliverables provided by external parties.
OTHER RELATED PARTIES
Related parties also comprise Carlsberg A/S’ Supervisory Board and Executive Board, their close
family members and companies in which these persons have significant influence. During the year,
there were no transactions between these parties and the Group, except for remuneration as
disclosed in section 3.
No losses on loans to or receivables from subsidiaries and associates were recognised or provided for
in either 2024 or 2023.
Transactions with subsidiaries
DKK million 2024 2023
Other operating activities, net 33 40
Interest income 21 18
Interest expenses -48 -36
Dividends received 3,598 3,695
Capital reductions 1,660 3,000
Recharge of share-based payments 83 126
Loans 355 503
Receivables 26 43
Borrowings -162 -
Trade payables -9 -74
Other payables - -1
The fair value of receivables from subsidiaries corresponds to the carrying amount in all material
respects.
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191 Carlsberg Group Annual Report 2024
SECTION 2
CAPITAL STRUCTURE
SECTION 2.1
FINANCIAL ITEMS
Financial items recognised in the income statement
DKK million 2024 2023
Financial income
Interest income 21 18
Dividends from subsidiaries 3,598 3,695
Total 3,619 3,713
Financial expenses
Interest expenses -48 -36
Other -5 -6
Total -53 -42
Financial items, net 3,566 3,671
Interest income relates to interest on loans to subsidiaries, whereas interest expenses relate to
borrowings incurred and repaid during the year.
No financial items were recognised in other comprehensive income. The average effective interest
rate on loans to subsidiaries was 4.04% (2023: 3.99%) and on borrowings from subsidiaries 4.73%
(2023: 4.25%).
SECTION 2.2
NET INTEREST-BEARING DEBT
DKK million 2024 2023
Borrowings 162 -
Gross interest-bearing debt 162 -
Loans to subsidiaries -355 -503
Net interest-bearing debt -193 -503
Changes in net interest-bearing debt
Net interest-bearing debt at 1 January -503 -716
Cash flow from operating activities, excluding interest-bearing part -8 -60
Cash flow from investing activities -5,243 -6,623
Share buy-back 1,960 3,200
Dividends to shareholders 3,601 3,695
Other - 1
Total change 310 213
Net interest-bearing debt at 31 December -193 -503
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192 Carlsberg Group Annual Report 2024
SECTION 2.3
SHARE CAPITAL
Class A shares Class B shares Total share capital
Shares of
DKK 20
Nominal
value,
DKK ’000
Shares of
DKK 20
Nominal
value,
DKK ’000
Shares of
DKK 20
Nominal
value,
DKK ’000
1 January 2023 33,699,252 673,985 108,157,554 2,163,151 141,856,806 2,837,136
Cancellation of treasury
shares - - -4,500,000 -90,000 -4,500,000 -90,000
31 December 2023 33,699,252 673,985 103,657,554 2,073,151 137,356,806 2,747,136
Cancellation of treasury
shares - - -3,100,000 -62,000 -3,100,000 -62,000
31 December 2024 33,699,252 673,985 100,557,554 2,011,151 134,256,806 2,685,136
A shares carry 20 votes per DKK 20 share. B shares carry two votes per DKK 20 share. A preferential right to an
8% non-cumulative dividend is attached to B shares. Apart from votes and dividends, all shares rank equally.
At the Annual General Meeting on 11March 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 9April 2024. These shares had been repurchased as part of the
Company’s share buy-back programme.
At the Annual General Meeting on 17March 2025, the Supervisory Board will recommend that
1,600,000 treasury shares not used for the hedging of the incentive programme be cancelled.
DIVIDENDS
The proposed dividend of DKK 27.00 per share (2023: DKK 27.00 per share), amounting to DKK
3,625m (2023: DKK 3,709m), 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 paid out in
2024 for 2023, net of dividends on treasury shares, amounted to DKK -3,601m (paid out in 2023 for
2022: DKK 3,695m). Dividends paid out to shareholders in Carlsberg A/S do not impact taxable
income in Carlsberg A/S.
SHARE BUY-BACK AND TREASURY SHARES
On 7February 2024, Carlsberg A/S announced its intention to continue the share buy-back, executed
as quarterly programmes. On 8 July, Carlsberg A/S terminated its share buy-back programme
following the announcement of the Group’s recommended offer to acquire the Britvic Group. In 2024,
a total of 2,123,980 B shares worth DKK 2.0bn were repurchased. Carlsberg A/S 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.
Transactions with shareholders in Carlsberg A/S
2024 2023
Dividends to shareholders -3,601 -3,695
Acquisition of treasury shares -1,960 -3,200
Total -5,561 -6,895
In the 2024 financial year, the Company acquired class B treasury shares at a nominal amount of
DKK 43m (2023: DKK 67m) at an average price per share of DKK 923 (2023: DKK 959). Class B
treasury shares are acquired and disposed of as part of the share buy-back programme and to
facilitate settlement of the share-based incentive programmes.
At 31 December 2024, the fair value of treasury shares amounted to DKK 1,503m (2023: DKK
2,746m). The holdings of treasury shares are specified in section 4.2 in the consolidated financial
statements.
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193 Carlsberg Group Annual Report 2024
SECTION 3
STAFF COSTS AND REMUNERATION
SECTION 3.1
STAFF COSTS AND REMUNERATION
Staff costs and remuneration
DKK million 2024 2023
Salaries and other remuneration 99 116
Retirement benefit costs - defined contribution plans 6 6
Share-based payments 25 52
Total 130 174
Staff costs are included in the following items in the income statement
Administrative expenses 2 2
Other operating activities, net 69 62
Total staff costs recognised by the Parent Company 71 64
Staff costs recognised by other Group companies 59 110
Total 130 174
The Company had an average of 92 (2023: 88) full-time employees during the year.
The remuneration of the Supervisory Board, executive directors and key management personnel is
described in detail in the Remuneration Report.
In 2024, the Supervisory Board received total remuneration of DKK 11.00m (2023: DKK10.31m),
comprising fixed salary only.
SHARE-BASED INCENTIVE PROGRAMMES
The executive directors in the Parent Company are the same as for the Carlsberg Group. Please refer
to section 7.3 in the consolidated financial statements for information on share-based incentive
programmes for the executive directors.
PERFORMANCE SHARES
Besides the executive directors, one employee in the Parent Company participates in the Group’s
performance share programmes as described in section 7.3 in the consolidated financial statements.
Refunds etc. between Carlsberg A/S and its subsidiaries are recognised directly in equity.
ACCOUNTING POLICIES
Staff costs are recognised in the financial year in which the employee renders the related service. The fair
value of share-based incentives, which is expensed over the vesting period of the programme according to
the service conditions, is recognised in staff costs and offset directly against equity.
The fair value of share-based incentives granted to employees in subsidiaries is recognised as investments
in subsidiaries and offset directly against equity.
The difference between the purchase price and the selling price for the exercise of share-based incentives
is settled between Carlsberg A/S and the individual subsidiary, and offset directly against investments in
subsidiaries.
The difference between the fair value of the Parent Company’s equity instruments and the exercise price
of outstanding share-based incentives is recognised as a receivable and offset directly against investments
in subsidiaries.
Share-based incentives granted to the Parent Company’s own employees are recognised and measured in
accordance with the accounting policies used by the Group.
SECTION 3.2
RETIREMENT BENEFIT OBLIGATIONS
Retirement benefit obligations and similar obligations comprise payments to retired directors that are
not covered by an insurance company. The plan is unfunded.
Total obligations amounted to DKK 29m (2023: DKK 30m) and include actuarial losses of DKK 3m
(2023: DKK 2m) and benefits paid in the year of DKK 4m (2023: DKK 4m).
Of the expected payment obligation, DKK 4m (2023: DKK 4m) is due within one year, DKK 16m
(2023: DKK 16m) between one and five years and DKK 9m (2023: DKK 10m) after more than five
years from the reporting date.
The underlying actuarial assumptions are based on local economic and labour market conditions. In
2023 and in 2024 the discount rate was 0.5% and the rate of increase in future retirement benefit
obligations was 0%.
Retirement benefit obligations had no impact on the income statement in either 2023 or 2024.
DKK-3m (2023: DKK -2m) was recognised in other comprehensive income.
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SECTION 4
OTHER DISCLOSURE REQUIREMENTS
SECTION 4.1
OTHER OPERATING ACTIVITIES, NET
Other operating activities, net
DKK million 2024 2023
Real estate, net -1 -1
Research activities, including the Carlsberg Research Laboratory -24 -26
Other, net - -2
Total -25 -29
Other operating activities are secondary to the principal activities of the Group and include income
and expenses relating to rental properties and research activities.
Research expenses are partially financed through funding received from the Carlsberg Foundation for
the operation of the Carlsberg Research Laboratory and other grants.
ACCOUNTING POLICIES
The funding and grants are recognised in the income statement in the same period as the activities to
which they relate.
SECTION 4.2
CASH FLOW
Change in working capital of DKK 69m (2023: DKK 181m) consists of trade receivables of DKK 73m
(2023: 6m), trade payables and other liabilities of DKK-73m (2023: DKK 65m) and retirement benefit
obligations and provisions of DKK69m (2023: DKK 110m).
Cash flow from operational investments of DKK -15m (2023: DKK -72m) comprises acquisition of
property, plant and equipment.
SECTION 4.3
PROVISIONS
Provisions primarily comprise warranty provisions regarding real estate disposed of
and provisions for ongoing disputes.
At 31 December 2024, total provisions amounted to DKK 23m (2023: DKK 33m). Provisions
amounting to DKK 6m (2023: DKK 33m) were utilised in 2024.
Of the total provisions, DKK 8m (2023: DKK 23m) falls due within one year and DKK 15m (2023: DKK
10m) between one and five years from the end of the reporting period.
SECTION 4.4
ASSET BASE AND LEASES
Property, plant and equipment totalled DKK 231m (2023: DKK 222m) and comprised land and
buildings of DKK 195m (2023: DKK 190m) and plant and machinery of DKK 36m (2023: DKK 32m).
Depreciation and amortisation of DKK 14m (2023: DKK 16m) was included in administrative expenses.
All lease contracts in Carlsberg A/S at 31 December 2024 related to short-term leases and leases of
low-value assets. The lease expenses recognised in the income statement amounted to DKK 0m
(2023: DKK 1m). Such contracts comprise the lease of copy and printing machines, coffee machines,
parking spaces, small IT devices and similar equipment.
SECTION 4.5
FEES TO AUDITORS
Fees to auditors appointed by the Annual General Meeting
DKK million 2024 2023
Statutory audit 0.5 0.5
Assurance engagements 0.2 0.1
Other services 0.1 0.1
Total 0.8 0.7
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195 Carlsberg Group Annual Report 2024
SECTION 4.6
TAX
Reconciliation of tax for the year
DKK million 2024 2023
Calculated tax on profit at 22% 772 791
Adjustments to tax for prior years 41 -100
Non-deductible expenses -1 -
Dividends and other tax-exempt items -791 -814
Tax for the year 21 -123
Total tax for the year recognised in the income statement of DKK 21m (2023: income of DKK 123m),
was primarily affected by non-taxable dividends.
Specification of deferred tax
Deferred tax assets Deferred tax liabilities
DKK million 2024 2023 2024 2023
Property, plant and equipment 5 - 5 6
Provisions and retirement benefit obligations 40 43 - -
Tax losses 19 - - -
Total before offset 64 43 5 6
Offset -5 -6 -5 -6
Deferred tax assets and liabilities at 31 December 59 37 - -
Expected to be used as follows
Within one year 3 - - -
After more than one year 56 37 - -
Total 59 37 - -
The unrecognised tax asset from tax losses amounts to DKK 55m (2023: DKK 30m).
As administration company in the mandatory Danish joint taxation regime, Carlsberg A/S has
unlimited and joint legal responsibility with the other Danish companies for Danish withholding taxes.
ACCOUNTING ESTIMATES AND JUDGEMENTS
Carlsberg A/S recognises deferred tax assets, including the tax base of tax losses carried forward, if
management assesses that these tax assets can be offset against positive taxable income in the
foreseeable future. This judgement is made annually and based on budgets and business plans for the
coming years.
ACCOUNTING POLICIES
Carlsberg A/S is the administration company for the mandatory Danish joint tax regime. Taxes calculated
under this regime are fully distributed between relevant entities.
The Parent Company has applied the exception to recognise and disclose information about deferred tax
in the OECD/EU Pillar Two Model Rules and their local implementation.
SECTION 4.7
CONTINGENT LIABILITIES AND OTHER
COMMITMENTS
Carlsberg A/S has issued guarantees to subsidiaries in Sweden for pension obligations of DKK 394m
(2023: DKK 389m) and guarantees for pension obligations in the UK, cf. section 7.4 in the
consolidated financial statements.
Carlsberg A/S is jointly registered for Danish VAT and excise duties with Carlsberg Breweries,
Carlsberg Danmark, Carlsberg Supply Company Danmark and various other Danish subsidiaries, and
is jointly and severally liable for payment of VAT and excise duties.
Carlsberg A/S is party to certain lawsuits, disputes etc. of various scopes. In management’s opinion,
apart from items recognised in the statement of financial position or disclosed in the financial
statements, the outcome of these lawsuits, disputes etc. will not have a material negative effect on
the Company’s financial position.
SECTION 4.8
EVENTS AFTER THE REPORTING PERIOD
Apart from the events recognised or disclosed in the financial statements, no events have occurred
after the reporting date of importance to the financial statements.
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196 Carlsberg Group Annual Report 2024
SECTION 5
GENERAL ACCOUNTING POLICIES
The financial statements of Carlsberg A/S 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 financial statements are presented in Danish kroner (DKK), which is the presentation currency.
The accounting policies for the Parent Company are the same as for the Group, cf. section 9 in the
consolidated financial statements and the individual sections.
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
In preparing Carlsberg A/S’ financial statements, management makes various accounting estimates
and judgements that form the basis of presentation, recognition and measurement of the Company’s
assets and liabilities.
The estimates and judgements made are based on historical experience and other factors that
management assesses to be reliable, but that by their very nature are associated with uncertainty
and unpredictability. These estimates and judgements may therefore prove incomplete or incorrect,
and unexpected events or circumstances may arise.
The significant accounting estimates and judgements made and accounting policies specific to the
Parent Company are presented in the explanatory notes.
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REPORTS
MANAGEMENT
STATEMENT
Executive Board of Carlsberg A/S
Supervisory Board of Carlsberg A/S
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REPORTS
INDEPENDENT
AUDITOR’S REPORTS
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
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199 Carlsberg Group Annual Report 2024
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200 Carlsberg Group Annual Report 2024
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202 Carlsberg Group Annual Report 2024
CVR no 33 77 12 31
REPORTS
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
203 Carlsberg Group Annual Report 2024
To our shareholders 2024 at a glance Creating value 2024 review and 2025 expectations Governance Sustainability statement Consolidated financial statements Parent company financial statements Reports
204 Carlsberg Group Annual Report 2024
CVR no 33 77 12 31
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205 Carlsberg Group Annual Report 2024
Carlsberg A/S
J.C. Jacobsens Gade 1
1799 Copenhagen V
Denmark
Phone +45 3327 3300
www.carlsberggroup.com
CVR No. 61056416