COMPANY ANNOUNCEMENT 18/ 2007
7 November 2007
Page 1 of 23
FINANCIAL STATEMENT AS AT 30 SEPTEMBER 2007
Market position continues to strengthen in all key markets
• Positive development of market share driven by innovation and focus on
execution.
• Net revenue increased by 10% to DKK 33.9bn (DKK 30.8bn in the first nine
months of 2006). In local currencies, net revenue climbed 11%.
• Operating profit was DKK 4,334m (DKK 3,532m in the same period last year), an
increase of 23% or approx. DKK 800m. All regions contributed except the
investment region Asia.
• Net profit climbed to DKK 2,260m (DKK 1,964m in the same period last year),
resulting in growth in earnings per share of 15%.
• The full-year outlook for operating profit is unchanged at approx. DKK 5bn
(DKK 4,046m in 2006), including organic earnings growth for beverage activities
of approx. 20%. Net profit is unchanged expected to be approx. DKK 2.2bn, an
increase at the level of 15-20% on 2006 (DKK 1,884m).
Contacts:
Investors Mikael Bo Larsen +45 3327 1223
Media Jens Peter Skaarup +45 3327 1417
Carlsberg will present the financial statement at a conference call for analysts
and investors today at 9.30 (CET) / 8.30 (GMT). The conference call will refer
to a slide deck available at www.carlsberggroup.com.
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 2 of 23
KEY FIGURES AND FINANCIAL RATIOS
DKK Q3 Q3 9 mths 9 mths 200
6
million
2007 2006 2007 2006
Sales volumes (million hl)
Beer 33.3 30.2 89.3 77.3
100.7
Soft 5.6 5.7 15.8 15.4
20.2
Income statement
Net revenue 12,430 11,547 33,932 30,798
41,083
Operating profit before s pecial items 2,078 1,810 4,334 3,532
4,046
Special items, net -42 -152 -184 241
-160
Consolidated profit 1,298 1,041 2,512 2,227
2,171
Attributable to:
Minority interests 120 128 252 263
287
Shareholders in Carlsberg A/S 1,178 913 2,260 1,964
1,884
Balance sheet
Total assets 61,257 60,402
58,451
Invested capital 45,651 43,824
43,160
Interest-bearing 20,135 19,756
19,229
debt, net
Equity, shareholders in 19,038 18,000
17,597
C-
r-
s-
e-
g
A-
S
Cash flow
Cash flow- - - - op- 1,366 1,644 3,009
2,735 4,470
- - - - ra-
- - - - ing
m m- - ac-
- - iv-
- - ti-
- - s
- -
g g
- -
- -
- -
- -
- -
- -
- -
- -
- -
s s
Cash flow- f- - fr- -1,003 -497 -3,107
1,103 65
- om - m
- i- - in-
m v- m es-
- s- - ing
- i- - ac-
- g - iv-
- a- - ti-
- t- - s
- v- -
- t- -
- es -
g g
- -
- -
- -
- -
- -
- -
- -
- -
- -
s s
Free cash flow 363 1,147 -98 3,838
4,535
Financial ratios
Operating margin % 16.7 15.7 12.8 11.5
9.8
Return on average - i- 10.8 9.4
9.2
- v-
- s-
- ed
- c-
- p-
- t-
d l
- (-
- O-
- C)
-
-
-
l
-
-
-
-
-
)
Equity ratio % 31.1 29.8
30.1
Debt/equity ratio (financial gearing) 1.1 1.1
1.1
Interest cover x 5.6 5.6
4.7
Stock market ratios
Earnings per share - 15.4 12.0 29.6 25.7
24.7
(EPS) -
K
Cash flow- f- - fr- 17.9 21.6 39.4
35.9 58.6
- om - m
- o- - op-
m e- m ra-
- a- - ing
- i- - ac-
- g - iv-
- a- - ti-
- t- - s
- v- - per
- t- - sh-
- es - re
g p- g
- r -
- s- -
- a- -
- e -
- -
- -
- -
- -
- -
s s
- -
- -
r r
- -
- -
- -
- -
e e
(CFPS)
Free cash f low per share (FCFPS) 4.7 15.0 -1.3 50.3
59.5
Share price (B-shares - 714.0 494.5
561.0
) -
K
Number of- - - (- 76000 ,278 76,278 76,278 76,278
76,278
- - - e-
- - - i-
- - - d-
- - - e-
s s- d)
-
-
-
-
-
)
Number of- - - - 76000 ,248 76,270 76,259 76,264
76,265
- - - -
- - - -
- - - -
- - - .
s s- -
- -
- -
, -
-
-
-
y
shares)
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 3 of 23
BUSINESS DEVELOPMENT
Beer sales in the first nine months of 2007 totalled 63.2m hl (calculated pro
rata), an increase of 14%, which breaks down into 13% organic growth and 1%
through acquisitions. The parts of the business operating in the growth markets
of Asia and Eastern Europe, including BBH, saw the strongest growth. There was
also a small increase in sales in the mature markets of Western Europe
delivering market share growth in all key markets.
The international brands Carlsberg and Tuborg continued to grow, achieving
volume increases of 5% and 19% respectively, primarily as a result of strong
growth in several of BBH's markets.
Net revenue increased by 10% to DKK 33,932m (DKK 30,798m in 2006). All regions
made improvements during the period. The biggest was at BBH, which generated
organic growth of 36%, but there was also strong organic growth of 22% in the
rest of Eastern Europe. These two regions together accounted for DKK 2.6bn of
the total revenue growth of DKK 3.1bn. Changes in the relative breakdown of
revenue between the individual regions led to a lower average selling price per
litre of beer.
Operating profit before special items in the first nine months of the year
climbed 23% to DKK 4,334m (DKK 3,532m in 2006). Western Europe, Eastern Europe
and BBH contributed to the increase with substantial improvements. In Asia,
earnings decreased caused by changes in the business model in Malaysia. The
growth in earnings was due partly to higher volumes and partly to the positive
results being generated by the Excellence programmes.
The increases in input costs will continue to necessitate increases in selling
prices for beer across markets.
Carlsberg's historic strategy of focusing upon key regions and businesses where
the management and brands of the Group can add value through controlling
positions remains unchanged. This allows Carlsberg to maximise the creation of
shareholder value by developing and expanding key businesses in the speed and
direction which we believe is optimal.
Western Europe
DKK million Q3 Q3 Chan ge 9 mths 9 mths Chan ge 200 6
2007 2006 (%) 2007 2006 (%)
Bee rsa les- 7.5 7.7 - 2 21.2 21.0 1 28.2
-
-
-
-
-
o
n
Net revenue 7,257 7,379 - 2 20,526 20,199 2 27,307
Operating 918 986 - 7 2,084 1,896 10 2,425
profit
Operating 12.6 13.4 - 0.8 10.2 9.4 0.8 8.9
margin (%)
A total of 21.2m hl of beer was sold in Western Europe in the first nine months
of the year, an increase of 1%. This was attributable to growth during the first
five months of the year, whilst sales were lower in the third quarter. In the
third quarter, beer sales were 2% down on the same period last year and we
estimate that the total beer market in the relevant markets in Western Europe
was reduced by 4%. In
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 4 of 23
Q3, Carlsberg increased its market share in several important markets, including
Denmark, Sweden, Finland, Switzerland, the UK and Germany. Innovation and the
launch of new products have helped to achieve this progress, including the
introduction of Cardinal Eve in Switzerland and the continued rollout of
DraughtMaster™. Net revenue rose by 2% to DKK 20,526m (DKK 20,199m in 2006). .
The average selling price of a litre of beer was approx. 1% higher than in the
same period last year. In a number of important raw material categories, in
particular malt and aluminium, there were substantial price rises which could
not be fully offset by higher selling prices in the short term. Continued
efficiency gains and disciplined cost control have generally ensured lower
operating costs, primarily in sales and distribution (including Brands
Marketing) of -4% and in administration of -6%.
Operating profit was DKK 2,084m (DKK 1,896m in 2006), an increase of DKK 188m or
10%. The 2006 figure included gains of DKK 59m against DKK 4m in 2007 on the
sale of assets and other non- recurring income, but was adversely affected by
writedowns of DKK 105m in the third quarter in respect of bad debts in Sweden
and the UK. The underlying increase in operating profit was therefore DKK 138m
(7%). The operating margin climbed 0.8 percentage points to 10.2%, and the
rolling 12- month average is now 9.5%.
Since the end of the period, it has been announced that Unicer in Portugal has
decided to close the Loulé brewery in the south of the country. This move is
part of the company's ongoing work to improve productivity in order to increase
competitiveness.
Baltic Beverages Holding (50%)
DKK million Q3 Q3 Chan ge 9 mths 9 mths Chan ge 200 6
2007 2006 (%) 2007 2006 (%)
Bee rsa les- 8.9 7.5 18 22.9 18.0 27 23.4
-
-
-
-
-
o
n
Net revenue 3,269 2,552 28 8,174 6,148 33 7,953
Operating 846 733 15 1,959 1,484 32 1,804
profit
Operating 25.9 28.7 - 2.8 24.0 24.1 -0.1 22.7
margin (%)
After extraordinarily strong growth of 23% in Russia during the first six months
of the year, market growth moderated in Q3 in line with expectations.
Nevertheless, the Russian beer market grew by 9% in the third quarter of 2007,
resulting in market growth of 17% in the first nine months of the year.
There was also growth in BBH's markets outside Russia, with volumes increasing
by 20% in the Ukraine, 17% in Kazakhstan, and 2% in the Baltic States. Total
sales of beer at BBH grew by 24%, while the pro rata volume increased by 27% to
22.9m hl as a result of continued strong growth for the Tuborg brand in
particular.
Net revenue rose by 33% to DKK 8,174m (DKK 6,148m in 2006). The increase
reflects higher volumes and an improved price/mix contribution of approx. 12%
and a contribution of approx. -3% from exchange rate movements. In addition to
high activity levels, higher prices for raw materials and distribution meant
that costs grew in step with revenue, resulting in operating profit of DKK
1,959m
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 5 of 23
(DKK 1,484m in 2006), an increase of 32%. The operating margin was 24.0%,
marginally down on the same period last year.
BBH has further strengthened its position in Russia and increased its market
share to 37.7% (36.3% in 2006), thanks to continued growth in national key
brands like Baltika and Tuborg (+79%) as well as in regional brands. Tuborg and
Carlsberg are now the 2nd and 9th largest brands within BBH by value, and are a
key element of BBH's continuing success. Approximately 25% of the growth in net
revenue in Russia in the first nine months of 2007 is due to higher volumes on
Tuborg and Carlsberg, and in total these two brands have thus grown 77% in net
revenue.
Market share in the Baltic States rose to 44.8% (44.5% in 2006). Strong focus on
value and premium, combined with an increase in sales of other beverages, helped
bring about strong growth in earnings. In the Ukraine, the long-term turnaround
is proceeding according to plan, and the first signs of improved profitability
are now emerging.
The markets in which BBH operates are expected to continue to generate growth
and make progress. After the strong growth in Russia in the first nine months of
the year, market growth for the year as a whole is now expected to be 13-15%,
compared with the previous expectation of 11-13%. Capital investments, including
significant sums to raise capacity in line with the predicted growth in demand,
are expected to amount to approx. EUR 550m this year. The operating margin for
the year as a whole is expected to be around 22.5%, compared with the previous
expectation of approx. 23%, which is primarily a reflection of rising raw
material prices and distribution costs.
Eastern Europe excl. BBH
DKK million Q3 Q3 Chan ge 9 mths 9 mths Chan ge 200 6
2007 2006 (%) 2007 2006 (%)
Bee rsa les- 4.4 4.1 8 11.6 10.4 12 13.3
-
-
-
-
-
o
n
Net revenue 1,289 1,010 28 3,305 2,682 23 3,509
Operating 233 143 63 425 179 137 135
profit
Operating 18.1 14.2 3.9 12.9 6.7 6.2 3.8
margin (%)
A total of 11.6m hl of beer was sold in Eastern Europe, an increase of 12%. This
growth was generated in Poland and the growth markets of South East Europe.
Market share increased in most markets in the region, including Serbia, Bulgaria
and Croatia.
Net revenue rose by 23% to DKK 3,305m (DKK 2,682m in 2006). Operating profit was
DKK 425m, against DKK 179m in the same period last year. These earnings reflect
the growth in Poland and South East Europe, while Turkey is pulling in the other
direction.
The earnings figure includes gains on the sale of property in Poland of DKK 63m
in the first quarter of 2007, but the Polish business again generated growth in
volumes, revenue and earnings in the third quarter. The very strong growth in
profitability can to some extent be attributed to positive momentum from last
year's change in the business model.
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 6 of 23
Asia
DKK million Q3 Q3 Chan ge 9 mths 9 mths Chan ge 200 6
2007 2006 (%) 2007 2006 (%) 0
Bee rsa les- 2.6 2.2 18 7.5 6.0 25 7.7
-
-
-
-
-
o
n
Net revenue 654 590 11 1,938 1,737 12 2,299
Operating 93 91 2 262 311 - 16 332
profit
Operating 14.2 15.4 - 1.2 13.5 17.9 -4.4 14.4
margin (%)
Sales of beer in Asia totalled 7.5m hl (6.0m hl in the same period in 2006), an
increase of 25%, which breaks down into 14% organic growth and 11% through
acquisitions.
Net revenue rose by DKK 201m to DKK 1,938m, of which DKK 199m was organic
growth. The average selling price for a litre of beer was slightly lower due to
continued strong volume growth in the low-price markets - primarily local,
cheaper beers in China.
Operating profit was DKK 262m, against DKK 311m in 2006. This can be attributed
to a positive performance in China being offset by rising raw material costs and
lower earnings in Malaysia as a result of changes in the business model in the
first half of the year.
Activities in Asia are being expanded all the time, resulting in a high level of
investment. In Vietnam, the new brewery in Phu Bai is expected to start
production at the end of this year, and Carlsberg has recently started up a
joint venture with Hanoi Beer & Beverage Corp. to build a brewery in the
southern province of Vung Tau.
OTHER ACTIVITIES
Other activities include the development and sale of real estate, primarily at
former brewery sites, and operation of the Carlsberg Research Center in Denmark.
These activities generated operating profit of DKK 167m, against DKK 64m in the
same period last year.
The closure of the brewery in Valby (Denmark) at the end of 2008 and the
subsequent development and sale of real estate will have a significant
beneficial impact on Carlsberg's balance sheet in the medium term. The Carlsberg
site at Valby covers a total of approx. 330,000 m2. As part of the preparations,
an architectural competition was held to explore development opportunities for
the site. The winning entry proposes total development of approx. 550,000 m2.
Carlsberg anticipates continuing to use 60-70,000 m2 of the site in Valby after
production is relocated. Drafting and approval of the public plan for the site
are expected to take place in 2008.
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 7 of 23
COMMENTS ON THE FINANCIAL STATEMENT
ACCOUNTING POLICIES
The present interim report has been prepared in accordance with IAS 34 Interim
Financial Reporting, as adopted by the EU, and additional Danish regulations
governing presentation of interim reports by listed companies.
The interim report has been prepared using the same accounting policies as the
Annual Report for 2006.
In 2007 the following interpretations relevant to the Carlsberg Group have been
adopted by the EU and implemented with effect from 1 January 2007: o
IFRIC 10 Interim Financial Reporting and Impairment
o IFRIC 11 IFRS 2: Group and Treasury Share Transactions.
The implementation of these IFRS standards and interpretations has not impacted
materially on the Carlsberg Group's financial statements.
INCOME STATEMENT
Net revenue of DKK 33,932m was recorded in the nine months from 1 January to 30
September, an increase of 10% on the same period in 2006. This revenue growth
was driven mainly by a positive performance at BBH and in the rest of Eastern
Europe and continued progress in Asia. Sales of beer accounted for DKK 25,103m
or 74% of total revenue.
Gross profit was DKK 17,173m, an increase of 8%. The gross margin was 50.6%,
which is 1.1 percentage points lower than in the same period last year. This was
due to rising raw material prices, which in the short-term could only partly be
offset by higher selling prices.
Sales and distribution expenses rose by 4% to DKK 10,861m. The increase can be
attributed primarily to BBH as a result of increased volumes and intensified
sales and marketing, and was partially offset by a reduction in these expenses
in the Western European markets of 4%.
Administrative expenses totalled DKK 2,334m, an increase of 6% on 2006, due
mainly to increased costs in BBH and rising central costs in 2007 incurred in
connection with extensive analytical work concerning the standardisation of
processes, procedures, IT systems, etc. In Western Europe, these costs were
reduced by 6%.
Other operating income, net, rose by DKK 78m to DKK 290m, due primarily to sales
of property. The Group's share of the net profit of associates was DKK 66m,
against DKK 60m in 2006.
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 8 of 23
Operating profit before special items was DKK 4,334m, an increase of DKK 802m on
the same period last year. Beverage activities generated operating profit of DKK
4,167m, an increase of DKK 699m.
The overall operating margin was 12.8%, which is 1.3 percentage points higher
than in the same period last year. This improvement was the result of improved
earnings in both Western Europe, the rest of Eastern Europe and continued growth
at BBH.
Special items, net, amounted to DKK -184m, against DKK +241m last year, and
relate to costs incurred in connection with restructuring and the Excellence
programmes. The comparative figure for 2006 includes gains of DKK 616m on the
sale of the final tranche of shares in Hite Brewery Co. Ltd.
Financial items, net, amounted to DKK -773m, against DKK -628m in the same
period last year. Net interest came to DKK -805m against DKK -773m in the same
period last year. The increase in interest costs is a consequence of rising
interest rates, which more than offset a lower average level of net
interest-bearing debt.
Tax on the profit for the period amounted to DKK -865m.
Consolidated profit was DKK 2,512m, against DKK 2,227m in the same period last
year.
Carlsberg's share of net profit was DKK 2,260m, against DKK 1,964m in the same
period last year.
CASH FLOW AND INTEREST-BEARING DEBT
Cash flow from operating activities totalled DKK 3,009m in the first nine months
of the year, against DKK 2,735m in the same period last year, an increase of DKK
274m. The most significant movements in the underlying cash flow components were
an increase in operating profit and changes in working capital.
Cash flow from investing activities was DKK -3,107m, against DKK +1,103m in
2006. The difference of DKK -4,210m is due primarily to the 2006 figure
including the proceeds from the sale of shares in Hite Brewery Co. Ltd. (DKK
3,293m) and an increase in operating investments of DKK 1,142m, which is mainly
a result of a high level of investment at BBH this year.
After this, free cash flow was DKK -98m, against DKK +3,838m last year. Adjusted
for Hite, the change in free cash flow was DKK -643m, which can be put down to
the high level of investment this year.
Cash and cash equivalents totalled DKK 1,496m at the end of September, a
decrease of DKK 212m since the beginning of the year..
Net interest-bearing debt totalled DKK 20.1bn at the end of the period, an
increase of DKK 906m since the beginning of the year. This is largely a
reflection of the change in free cash flow and payment of dividends to
shareholders in Carlsberg A/S.
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 9 of 23
Net debt at BBH (50%) amounted to EUR 424m at 30 September 2007.
EARNINGS EXPECTATIONS
Carlsberg's earnings expectations for 2007 are unchanged from the revised
figures published in the previous interim report on 8 August 2007.
For 2007 as a whole, net revenue is expected to grow by at least 10%, while
operating profit is expected to climb to approx. DKK 5bn overall, which breaks
down into approx. DKK 4.75bn for beverage activities and approx. DKK 250m for
other activities.
Hence beverage activities are expected to generate organic growth of 18-20%
relative to last year's operating profit of DKK 3,997m. Improvements are
expected in Western Europe, at BBH and in the rest of Eastern Europe. These
earnings expectations also incorporate significant central costs (the “not
distributed” segment) for marketing and standardisation of processes,
procedures, IT systems, etc. to support essential ongoing productivity
improvements in all areas of the business.
The most recent estimate of the financial consequences of agreements entered
into concerning delivery of properties/flats at Tuborg Syd is that this will
mean investments of approx. DKK 150m, approx. DKK 340m and approx. DKK 125m in
the fourth quarter of 2007 and in 2008 and 2009 respectively, while sales
proceeds will be approx. DKK 200m, approx. DKK 1bn and approx. DKK 350m
respectively. Gain on sale or new rental income are expected to be approx. DKK
100m, approx. DKK 400m and approx. DKK 100m in the fourth quarter of 2007 and in
2008 and 2009 respectively. Approx. 60,000 m2 of housing, approx. 9,000 m2 of
commercial property and approx. DKK 10,000 m2 of public buildings will then
remain to be constructed and sold on the Tuborg site according to the current
zoning plan.
Other activities (gains on the sale of real estate less the cost of operating
the Carlsberg Research Center etc.) are expected to contribute approx. DKK 250m
to operating profit in 2007.
Special items are expected to amount to approx. DKK -400m, consisting mainly of
termination benefits etc. relating to restructuring projects in Western Europe.
Financial expenses are still expected to be somewhat higher than in 2006,
primarily because other financial items (translation adjustments etc.) totalled
DKK +172m in 2006. At present, other financial items are expected to be slightly
negative for 2007. Interest costs in 2007 are also expected to be higher than in
2006, which can be attributed to significant investment programmes in 2007, cf.
below, and interest rate rises.
At present the overall effective tax rate for 2007 is expected to be in the
region of 27%.
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 10 of 23
Minority interests are still expected to increase in 2007 as a result of an
expected positive trend at BBH.
Net profit is currently expected to be approx. DKK 2.2bn, an increase at the
level of 15-20% compared with last year (DKK 1,884m).
Investments in real estate development, continued capacity expansion at BBH and
in connection with establishing a new production structure in Denmark, Finland,
Italy and other countries mean that total investments will be very high and will
have a negative effect on free cash flow.
The above forward-looking statements, including the forecasts of future revenue,
profit and cash flow etc., reflect management's current expectations and are
associated with risks and uncertainty. Many factors, some of which will be
beyond management's control, may cause actual developments to differ materially
from the expectations expressed. Such factors include - but are not limited to -
matters presented in previously published material from Carlsberg A/S, most
recently in the Annual Report for 2006.
PROPOSED CONSORTIUM BID FOR SCOTTISH & NEWCASTLE PLC ("S&N")
On 25 October 2007 Carlsberg and Heineken N.V. announced that a proposal was
submitted to the Board of S&N for a cash offer for the entire share capital of
S&N. The proposal envisages that Carlsberg would acquire 50% of BBH, the French
and Greek operations of S&N, together with its investments in China. Carlsberg
has secured new underwritten debt facilities to fund such a proposal, including
an equity bridge loan to a rights issue of approximately DKK 31 billion. The
funding has been structured to ensure that Carlsberg's debt facilities remain
investment grade.
Carlsberg and Heineken N.V. continue to seek to engage in discussions with the
Board of S&N with a view to negotiating a transaction on a recommended basis.
The Board of S&N have not, to date, entered into such discussions.
On 31 October 2007 Carlsberg was informed that S&N had commenced arbitration
proceedings with regards to alleged breaches of the BBH Shareholders' Agreement.
Carlsberg has unequivocal legal advice that the claims have absolutely no merit
whatsoever. Carlsberg reserves its position with regards to a claim for material
damages - also if S&N should decide to withdraw the arbitration.
FINANCIAL CALENDAR 2007-08
The financial year follows the calendar year, and the following schedule has
been set:
19 February 2008 Interim Report for 2007
1 March 2008 Printed Annual Report for 2007
10 March 2008 Annual General Meeting
7 May 2008 Interim Report for Q1 2008
5 August 2008 Interim Report for Q2 2008
5 November 2008 Interim Report for Q3 2008
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 11 of 23
Carlsberg's communication with investors, analysts and the press is subject to
special restrictions during a four-week period prior to the publication of
quarterly and annual financial statements.
MANAGEMENT STATEMENT
The Board of Directors and the Executive Board have discussed and approved the
interim report of the Carlsberg Group for the period 1 January - 30 September
2007.
The interim report is unaudited and has been prepared in accordance with IAS 34
Interim Financial Reporting, as adopted by the EU, cf. Accounting Policies, and
additional Danish interim reporting requirements for listed companies.
We consider the accounting policies used to be appropriate. Accordingly, the
interim report gives a true and fair view of the Carlsberg Group's assets,
liabilities and financial position at 30 September 2007, and of the results of
the Carlsberg Group's operations and cash flow for the period 1 January - 30
September 2007.
Copenhagen, 7 November 2007
Executive Board of Carlsberg A/S
Jørgen Buhl Rasmussen Jørn P. Jensen
Board of Directors of Carlsberg A/S
Povl Krogsgaard-Larsen Jens Bigum Hans Andersen
Chairman Deputy Chairman
Flemming Besenbacher Søren Bjerre-Nielsen Henning Dyremose
Hanne Buch-Larsen Niels Kærgård Axel Michelsen
Erik Dedenroth Olsen Bent Ole Petersen Per Øhrgaard
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 12 of 23
Appendix 1 Segment reporting by region (beverages)
Appendix 2 Beverages and other activities
Appendix 3 Segment reporting by quarter
Appendix 4 Income statement
Appendix 5 Special items
Appendix 6 Balance sheet
Appendix 7 Statement of total recognised income and expense and movements in
equity Cash flow statement
Appendix 8
Appendix 9 Net interest-bearing debt
This statement is available in Danish and English. In the event of any
discrepancy between the two versions, the English version shall prevail.
Carlsberg is one of the leading brewery groups in the world, with a large
portfolio of beer and soft drinks brands. Its flagship brand - Carlsberg - is
one of the fastest-growing and best-known beer brands in the world. More than
30,000 people work for Carlsberg at 92 local production sites in 48 countries,
and its products are sold in more than 150 markets. In 2006 Carlsberg sold more
than 100 million hectolitres of beer, which is about 83 million bottles of beer
a day. Find out more at www.carlsberggroup.com.
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 13 of 23
APPENDIX 1 (PAGE 1/2)
Segment reporting by region (beverages)
DKK million Q3 Q3 9 mths 9 mths 2006
2007 2006 2007 2006
Beer sales (pro rata,
million hl)
Western Europe 7.5 7.7 21.2 21.0 28.2
Baltic Beverages 8.9 7.5 22.9 18.0 23.4
Holding (BBH)
Eastern Europe (excl. 4.4 4.1 11.6 10.4 13.3
Asia 2.6 2.2 7.5 6.0 7.7
Total 23.4 21.5 63.2 55.4 72.6
Net revenue (DKK
million)
Western Europe 7,257 7,379 20,526 20,19927,307
Baltic Beverages 3,269 2,552 8,174 6,1487,953
Holding (BBH)
Eastern Europe (excl. 1,289 1,010 3,305 2,6823,509
Asia 654 590 1,938 1,7372,299
Not distributed -39 16 -11 32 15
Beverages, total 12,430 11,547 33,932 30,79841,083
Net revenue (% of
total)
Western Europe 58.4 63.9 60.5 65.6 66.5
Baltic Beverages 26.3 22.1 24.1 20.0 19.4
Holding (BBH)
Eastern Europe (excl. 10.4 8.7 9.7 8.7 8.5
Asia 5.3 5.1 5.7 5.6 5.6
Not distributed -0.4 0.2 - 0.1 -
Beverages, total 100.0 100.0 100.0 100.0100.0
Operating profit -
-
-
-
-
e
-
-
-
-
-
-
l
-
-
-
-
s
(DKK million)
Western Europe 918 986 2,084 1,8962,425
Baltic Beverages 846 733 1,959 1,4841,804
Holding (BBH)
Eastern Europe (excl. 233 143 425 179 135
Asia 93 91 262 311 332
Not distributed -136 -152 -563 -402 -699
Beverages, total 1,954 1,801 4,167 3,4683,997
Operating profit -
-
-
-
-
n
-
-
)
Western Europe 12.6 13.4 10.2 9.4 8.9
Baltic Beverages 25.9 28.7 24.0 24.1 22.7
Holding (BBH)
Eastern Europe (excl. 18.1 14.2 12.9 6.7 3.8
Asia 14.2 15.4 13.5 17.9 14.4
Not distributed……………
Beverages, total 15.7 15.6 12.3 11.3 9.7
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 14 of 23
APPENDIX 1 (PAGE 2/2)
Segment reporting by region (beverages)
DKK Q3 Q3 9 mths 9 mths 200 6
million
2007 2006 2007 2006
De pr e cia
ti on
Western 386 394 1,143 1,187 1,667
Europe
Baltic 160 195 459 470 619
Bevera ges
Eastern 102 96 292 282 396
Europe
(excl.
Asia 33 29 95 86 120
Not 34 54 104 104 138
distributed
Beverages, 715 768 2,093 2,129 2,940
Invested
capital,
period-end
(DKK
m
illion)
Western 17,160 17,77616,767
Europe
Baltic 8,125 6,902 7,346
Bevera ges
Eastern 4,405 4,119 3,972
Europe
(excl.
Asia 2,858 2,700 2,580
Not 959 655 632
distributed
Beverages, 33,507 32,15231,297
Retur n on-
-
-
r
-
-
e
ROIC (%)
(running 12
months )
Western 15.1 12.1 13.3
Europe
Baltic 29.6 26.2 26.5
Bevera ges
Eastern 9.2 6.3 3.3
Europe
(excl.
Asia 10.2 13.4 12.2
Not ………
distributed
Beverages, 14.4 12.2 12.4
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 15 of 23
APPENDIX 2
Beverages and other activities
DKK million Q3 Q3
2007 2006
- Other
Other
-
-
-
-
-
-
-
s
activities activities
Net revenue -
-
Operating profit before s pecial items 124
9
Special items, net -
-
Financial items, net -61
-22
Profit bef ore 63
-13
Corporation tax -17
10
Consolidated profit 46
-3
Attributable to:
Minority interes ts -
-
Shareholders in Carlsberg A/S 46
-3
DKK 9 - 9
-
h
s
2007 2006
- Other
Other
-
-
-
-
-
-
-
s
activities activities
Net revenue -
-
Operating profit before s pecial items 167
64
Special items, net -
-
Financial items, net -185
-77
Profit bef ore -18
-13
Corporation tax -23
25
Consolidated profit -41
12
Attributable to:
Minority interes ts 2
1
Shareholders in Carlsberg A/S -43
11
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 16 of 23
APPENDIX 3
Segment reporting by quarter
DKK million Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2005 2006 2006 2006 2006 2007 2007 2007
Net revenue
Western 6,898 5,364 7,456 7,379 7 ,108 5,645 7,624
7,257
Europe
Baltic Holding 1,462 1,276 2,320 2,552 1 ,805 1,832 3,073
3,269
Beverages (BBH)
Eastern Europe (excl. 734 639 1,033 1,010 827 732 1 ,284
1,289
BBH)
As ia 415 517 630 590 562 634 650
654
Not 5 11 5 16 -17 20 8
-39
distributed
Bever ages, 9,514 7,807 11,444 1 1,547 1 0,285 8, 863 12,639
12,430
to tal
Other - - - - - - -
-
activities
Total 9,514 7,807 11,444 1 1,547 1 0,285 8, 863 12,639
12,430
Operating profit before s pecial items
Western Europe 344 16 894 986 529 197
969 918
Baltic Beverages Holding (BBH) 247 153 598 733 320 333
780 846
Eastern Europe (excl. BBH) 93 -75 111 143 -44 5
187 233
Asia 95 126 94 91 21 82
87 93
Not distributed -237 -116 -134 -152 -297 -214
-213 -136
Bever ages, to tal 542 104 1,563 1,801 529 403 1
,810 1,954
Other activities 77 -21 76 9 -15 -1
44 124
Total 619 83 1,639 1,810 514 402 1
,854 2,078
Special items, net 109 -105 498 -152 -401 -31
-111 -42
Financial items, net -341 -228 -200 -200 -229 -253
-243 -277
Profit before 387 -250 1,937 1,458 -116 118 1
,500 1,759
Corporation tax -26 71 -571 -417 60 -32
-372 -461
Consolidated profit 361 -179 1,366 1,041 -56 86 1
,128 1,298
Attributable to:
Minority interes ts 44 40 95 128 24 41
91 120
Shareholders in Carlsberg A/S 317 -219 1,271 913 -80 45 1
,037 1,178
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 17 of 23
APPENDIX 4
Income statement
DKK Q3 Q3 9 mths 9 mths
2006
million
2007 2006 2007 2006
Net 12,430 11,547 33,932 30,798
41,083
revenue
Cost of -6,015 -5,383 -16,759 -14,880
-20,151
Gross 6,415 6,164 17,173 15,918
20,932
Sales and distribution expenses -3,787 -3,720 -10,861 -10,462
-14,173
Administrative expenses - 736 -727 -2,334 -2,196
-3,065
Other operating income, net 158 53 290 212
267
Share of tax, assoc iates tax, 28 40 66 60
85
assoc
iates
Operating profit before 2,078 1,810 4,334 3,532
4,046
Special -42 -152 -184 241
-160
items,
net
Financi- 151 226 459
550 725
l income
Financi- - 428 -426 -1,232
-1,178 -1,582
l
expenses
Profit 1,759 1,458 3,377 3,145
3,029
before
tax
Corpora- -461 -417 -865
-918 -858
ion tax
Consoli- 1,298 1,041 2,512
2,227 2,171
ated
profit
Attribu-
able to:
Minority 120 128 252 263
287
interes-
s
Shareholders in Carlsberg A/S 1,178 913 2,260 1,964
1,884
Earnings 15.4 12.0 29.6 25.7
24.7
per
share
Earningsdiluted diluted 15.4 12.0 29.5 25.7
24.6
per
share,
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 18 of 23
APPENDIX 5
Special items
DKK million 9 mths 9 mths 2006
2007 2006
Spe cia l items , - 616 602
Special items, costs
Impairment of goodw ill - - -224
Loss - - -20 -21
n
-
-
-
-
-
-
-
l
-
f
Restructuring costs incl. associated impairments etc. - 184 -355 - 517
Tota l - 184 -375 - 762
Special items, net - 184 241 - 160
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 19 of 23
APPENDIX 6
Balance sheet
DKK million 30 Sep t. 30 Sep t.
31 Dec . 200
200 7 200 6
6
Assets
Intangible assets 21,249
21,344 21,279
Property, plant and equipment 21,700
20,420 20,367
Financial assets 3,066
3,633 2,724
Total non-current 46,015
45,397 44,370
Inventories and trade receivables 10,343
10,031 9,328
Other receivables etc. 2,308
2,125 2,154
Cash and cash 2,530
2,786 2,490
Total current 15,181
14,942 13,972
Assets held for sale 61
63 109
Total ass ets 61,257
60,402 58,451
Equity and liabilities
Equity, shareholders in Carlsberg A/S 19,038 18,000
17,597
Minority interests 1,499 1,499
1,390
Total equity 20,537 19,499
18,987
Borrow ings 20,550 14,806
16,241
Deferred tax, retirement benefit obligations 4,943 4,746
4,851
etc.
Total non-current 25,493 19,552
21,092
Borrow ings 3,031 8,833
6,556
Trade payables 5,283 4,893
5,147
Oth er 6,9 13 7,625
6,668
Tota l cu rr ent 15, 227 21,351
18,371
Liabilities assoc iated held held - -
1
w ith assets for for
sale sale
Total equity and 61,257 60,402
58,451
liabilities
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 20 of 23
APPENDIX 7 (PAGE 1/2)
9 m ths 2007
DKK million Shareholders
Minority Total
in
Carlsberg A/S
interests
total
Profit for the period 2,260
252 2,512
Currency -
-
-
-
-
-
-
-
-
-
n
-
-
-
-
-
-
-
-
-
-
-
:
Foreign entities -536
-45 -581
Value adjustments:
Hedging instruments 329
- 329
Securities 18
-1 17
Retirement benefit obligations -31
- -31
Other adjustments:
Share-based payment 14
- 14
Other -2
2 -
Tax on changes -78
- -78
Net income recognised directly in
equity -286
-44 -330
Total recognised income and
expenses 1,974
208 2,182
9 m ths 2006
DKK million Shareholders in Shareholders in
Minority Total
Carlsberg A/S Carlsberg A/S
interests
total total
Profit for the 1,964 1,964
263 2,227
period
Currency translation adjustments:
Foreign -174 -174
-44 -218
entities
Value
adjustments:
Hedging instruments
- 150
Securities1 -1,414 -1,414
- -1,414
Retirement benefit obligations
- -53
Other
adjustments:
Share-based payment
- 7
Other -11 -11
-11 -22
Tax on changesin equity
- -29
Net income recognised directly in
equity -1,524 -1,524
-55 -1,579
Total recognised income and
expenses 440 440
208 648
1Includes accumulated value adjustments transferred to the income statement in
connection with the sale of Hite Brewery
Co. Ltd.
APPENDIX 7 (PAGE 2/2)
Statement of changes in equity
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 21 of 23
30 Sept em be r 2007
Shareholders in Carlsberg A/S
DKK million Sha re Reta ined Tota l ca pita Minor ity Tota l
equ
l ity
capital earnings/ and interests
reserves reserves
Equity at 1 January 2007 1,526 16,071 17,597 1,390
18,987
Total recognised 1,974 1,974 208
2,182
period
Purchase/sale of treasury - -75 -75 -
-75
shares
Dividends paid to - -458 -458 -211
-669
shareholders
Ac quisition of - - - 112
112
Other - - - -
-
Total changes - 1,441 1,441 109
1,550
Equity at 30 September 1,526 17,512 19,038 1,499
20,537
2007
30 Sept em be r 2006
Shareholders in Carlsberg A/S
DKK million Sha re Reta ined Tota l ca pita Minor ity Tota l
equ
l ity
capital earnings/ and interests
reserves reserves
Equity at 1 January 2006 1,526 16,442 17,968 1,528
19,496
Total recognised - 440 440 208
648
period
Purchase/sale of treasury - -27 -27 -
-27
shares etc.
Dividends paid to - -381 -381 -160
-541
shareholders
Ac quisition of - - - -77
-77
Total changes - 32 32 -29
3
Equity at 30 September 2006 1,526 16,474 18,000 1,499
19,499
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 22 of 23
APPENDIX 8
Ca-
h
fl-
w
st-
te-
ent
- Q3 Q3 9
9 mths 2006
- mths
K
-
-
-
-
-
-
n
2007 2006 2007
2006
- bef- be- bef- be- before bef- be- bef- be- bef-
be- before 2,0- 1,810 4,334 3,532 4,046
- re ore re ore speci- re ore re ore re ore special 8
- spe- sp- spe- sp- l spe- sp- spe- sp- spe-
sp-
- ial ci- ial ci- ial ci- ial ci- ial ci-
- l l l l l
-
-
-
g
-
-
-
-
-
t
Adjustment for depreciation, 719 773 2,105
2,143 2,989
Operating profit before depreciation, amortisation and 2,7- 2,583
6,439 5,675 7,035
7
Adjustment for other non-cash items -121 -15 -265
-142 -173
Ch- -572 -212
-1,2- -522 389
nge 4
in
wo-
ki-
g
ca-
it-
l
Re- -52 -86
-232 -354 -477
tr-
ct-
ri-
g
co-
ts
pa-
d
- e- 107 34
186 107 186
- c.
- r-
- c-
- i-
- ed
-
t
- -474 -382 -1,0-
-1,146 -1,512
- 2
-
-
-
-
-
t
Co- -319 -278
-863 -883 -978
po-
at-
on
tax
pa-
d
Cash flow from operating activities 1,3- 1,644
3,009 2,735 4,470
6
- pro- pr- pro- pr- prope- pro- pr- pro- pr-
pro- pr- property,-1,- -594 -3,4- -2,181 -3,188
- ert- pe- ert- pe- ty, ert- pe- ert- pe- ert-
pe- plant and38 4
- , ty, , ty, plant , ty, , ty, , ty, equipmen-
- pla- pl- pla- pl- and pla- pl- pla- pl- pla-
pl- , and
- t nt t nt equip- t nt t nt t nt
- and and and and ent, and and and and and and
- equ- eq- equ- eq- and equ- eq- equ- eq- equ-
eq-
- pme- ip- pme- ip- pme- ip- pme- ip- pme-
ip-
- t, en- t, en- t, en- t, en- t, en-
- and , and , and , and , and ,
n and and and and and
-
f
i-
t-
n-
i-
le
a-
s-
ts
Disposal of property, plant and equipment, and 14 57 254
225 305
i-
t-
n-
i-
le
a-
s-
ts
Ch- -23 -43
-62 -144 -200
nge
in
on-
tr-
de
lo-
ns
To- -- -- -- -- -- -- -- -- -- -- --
-- -1,147 -580 -3,2- -2,100 -3,083
al ,- ,- ,- ,- ,- ,- ,- ,- ,- ,- ,- ,-
2
op- 47 47 47 47 47 47 47 47 47 47 47 47
ra-
ing
in-
es-
me-
ts
Ac- of of of of of of of of of of of of -1 3
-143 -135 18
ui- e- en- ent- en- entit- ent- en- ent- en-
ent- en- entities,
it- t- it- tie- it- es, tie- it- tie- it- tie-
it-
on t- es, , es, , es, , es, , es,
ande-
di- ,
es-
me-
t
- f- a- as- ass- as- assets ass- as- ass- as- ass-
as- assets -2 -16 -27 -37 -82
- n- s- ets ts ets ts ets ts ets ts ets
- n- ts
- i-
- l
-
-
-
-
-
n
-
f
Di- 7 28
54 1,455 1,494
po-
al
of
fi-
an-
ial
Ch- r- re- rec- re- recei- rec- re- rec- re-
rec- re- receivab- 2 136 212 1,931 1,834
ngec- ei- iva- ei- ables1 iva- ei- iva- ei- iva-
ei- es1
in i- ab- les1 ab- les1 ab- les1 ab- les1 ab-
fi- a- es1 es1 es1 es1 es1
an- l-
ials1
Di- 21 26
76 76 70
id-
nds
re-
ei-
ed
- i- 27 177
172 3,290 3,334
- v-
- s-
- m-
ln-
- s
-
-
-
-
-
-
-
l
Ot- in in in in in in in in in in in in -296 -102
-662 -239 -371
er p- pr- pro- pr- prope- pro- pr- pro- pr-
pro- pr- property
in- o- pe- erty pe- ty erty pe- erty pe- erty pe- etc.
es- e- ty etc. ty etc. etc. ty etc. ty etc. ty
me- ty et- et- et- et- et-
ts e- . . . . .
c.
Disposal of other property etc. 413 8 625
152 185
To- 117 -94
-37 -87 -186
al
ot-
er
ac-
iv-
ti-
s2
Cash flow from investing activities -1,- -497
-3,1- 1,103 65
03 7
- 363 1,147 -98
3,838 4,535
-
-
e
-
-
-
h
-
-
-
w
Shareholders in Carlsberg A/S -35 -7 -533
-393 -397
Mi- -2 -143
-235 -624 -701
or-
ty
in-
er-
sts
Ex- 15 -646
717 -2,517 -3,592
er-
al
fi-
an-
ing
Cash flow from financing activities -22 -796 -51
-3,534 -4,690
- 341 351 -149
304 -155
-
t
-
-
-
h
-
-
-
w
Ca- at at at at at at at at at at at at 1,1- 1,809
1,708 1,940 1,940
h b- be- beg- be- begin- beg- be- beg- be-
beg- be- beginning3
andg- in- nni- in- ing of nni- in- nni- in- nni-
in- of period
ca- n- ing g of ing period g of ing g of ing g of ing
h i- of per- of per- of per- of per- of
eq- g pe- od pe- od pe- od pe- od pe-
iv- of iod iod iod iod iod
le- p-
ts r-
od
Currency translation adjustment s -38 28 -63
-56 -77
Ca- at at at at at at at at at at at at 1,4- 2,188
1,496 2,188 1,708
h p- pe- per- pe- perio- per- pe- per- pe-
per- pe- period-e- 6
andr- io- od-- io- -end od-- io- od-- io- od--
io- d
ca- o- -e- nd -e- nd -e- nd -e- nd -e-
h -- d d d d d
eq- nd
iv-
le-
ts
1Inc- In- Inc- In- Inclu- Inc- In- Inc- In-
Inc- In- Includes DKK 1,928m
udes lu- udes lu- es DKK udes lu- udes lu- udes lu- received on
the sale of
DKK es DKK es 1,928m DKK es DKK es DKK es the shares in Hite
1,9- DKK 1,9- DKK recei- 1,9- DKK 1,9- DKK 1,9- DKK
Brewery Co. Ltd. In 2006.
8m 1,- 8m 1,- ed on 8m 1,- 8m 1,- 8m 1,- Other
activities
rec- 28m rec- 28m the rec- 28m rec- 28m rec- 28m
ived re- ived re- sale ived re- ived re- ived re-
on ei- on ei- of the on ei- on ei- on ei-
the ed the ed shares the ed the ed the ed
sale on sale on in sale on sale on sale on
of the of the Hite of the of the of the
the sa- the sa- Brewe- the sa- the sa- the sa-
sha- e sha- e y Co. sha- e sha- e sha- e
es of es of Ltd. es of es of es of
in the in the In in the in the in the
Hite sh- Hite sh- 2006. Hite sh- Hite sh- Hite sh-
Bre- res Bre- res Other Bre- res Bre- res Bre- res
ery in ery in activ- ery in ery in ery in
Co. Hi- Co. Hi- ties Co. Hi- Co. Hi- Co. Hi-
Ltd. e Ltd. e Ltd. e Ltd. e Ltd. e
In Br- In Br- In Br- In Br- In Br-
200- we- 200- we- 200- we- 200- we- 200-
we-
. y . y . y . y . y
Oth- Co. Oth- Co. Oth- Co. Oth- Co. Oth- Co.
r Lt- r Lt- r Lt- r Lt- r Lt-
act- . act- . act- . act- . act- .
vit- In vit- In vit- In vit- In vit- In
es 20- es 20- es 20- es 20- es 20-
6. 6. 6. 6. 6.
Ot- Ot- Ot- Ot- Ot-
er er er er er
ac- ac- ac- ac- ac-
iv- iv- iv- iv- iv-
ti- ti- ti- ti- ti-
s s s s s
2cov- co- cov- co- cover cov- co- cov- co- cov-
co- cover separate from beverage
r er r er prope- r er r er r er property activities
, including costs
pro- pr- pro- pr- ty and pro- pr- pro- pr- pro-
pr- and
erty pe- erty pe- assets erty pe- erty pe- erty pe- assets
and ty and ty and ty and ty and ty
ass- and ass- and ass- and ass- and ass- and
ts as- ts as- ts as- ts as- ts as-
ets ets ets ets ets
- work wo- work wo- work work wo- work wo- work wo- work in
fin k in k in in k in k in k progress.
- pro- in pro- in progr- pro- in pro- in pro- in
- res- pr- res- pr- ss. res- pr- res- pr- res-
pr-
- . gr- . gr- . gr- . gr- . gr-
- ss. ss. ss. ss. ss.
-
-
-
t
COMPANY ANNOUNCEMENT 18/2007
7 November 2007
Page 23 of 23
APPENDIX 9
Net interest-bearing debt
DKK million Q3 Q3 9 mths 9 mths 200 6
2007 2006 2007 2006
Net interest-bearing debt is calculated as follow s:
Non-current borrow ings 20,550 14,806
16,241
Current borrow ings 3,031 8,833
6,556
Gross interest-bearing debt 23,581 23,639
22,797
Cash and cash equivalents - 2,530 -2,786
-2,490
Loans - 56 - 184
-221
On-trade -1,646 -1,716
-1,711
less - 847 949
927
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
g
-
-
-
-
-
-
n
Other receivables - 977 - 1,054
-857
less - 916 908
784
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
g
-
-
-
-
-
-
n
Net interest-bearing debt 20,135 19,756
19,229
Changes in net interest-bearing debt:
Net interest-bearing debt at beginning of 20,530
20,628 19,229 20,753 20,753
period
Cash flow from operating activities - 1,366
-1,644 -3,009 -2,735 -4,470
Cash flow 1,003
497 3,107 -1,103 -65
Dividend to shareholders 8
1 669 541 529
inter es ts
A cq uis ition of minor ity inte re st s Purchase/sale of -3
142 26 464 576
treasury 35
7 75 12 16
Additions re. acquisition of entities, net -
- 60 141 146
Change in interest-bearing lending -5
82 136 1,878 1,832
Currency - 44
17 - 147 -241 -272
Other -23
26 -11 46 184
Total change - 395
-872 906 -997 - 1,524
Net interest-bearing debt at period-end 20,135
19,756 20,135 19,756 19,229
