Carlsberg A/S 100 Ny Carlsberg Vej Tel +45 3327 3300
1760 Copenhagen V Fax +45 3327 4701
CVR.no. 61056416 carlsberg@carlsberg.com
Company announcement 11/2009
5 August 2009
Page 1 of 28
Interim results as at 30 June 2009
Strong cash flow and organic profit growth
• Carlsberg delivered a strong result for the first six months of 2009 with
strong cash flow
growth, margin improvement and organic profit growth. Free cash flow increased
considerably to DKK 4.1bn, operating margin improved to 15.1% (13.1% in 2008)
and for beverage activities organic operating profit growth was 26%. The
intensified focus on efficiencies more than off-set the ongoing market
challenges.
• Beer volumes increased by 15% to 56.9m hl (49.6m hl in 2008). Organic beer
volume
declined by 5% while acquisitions contributed 20%. The Asian business
delivered high single- digit organic volume growth while organic volumes
declined in Eastern Europe and Northern & Western Europe. Q2 beer volumes
declined organically by 6%.
• Net revenue increased by 9% to DKK 29.4bn (DKK 27.0bn in 2008). Organic net
revenue
growth was flat (-7% in DKK). The price increases implemented in 2008 and
early 2009 together with a greater focus on value management have driven a
positive price effect of +6% year on year ('yoy'). There was a negative mix
effect of 1%. Q2 net revenue was DKK 17.6bn with organic net revenue growth of
0% (-8% in DKK).
• Carlsberg gained market shares in most markets in Asia and Eastern Europe,
with
particularly strong gains in Russia, and held overall market share in Northern
& Western Europe.
• Operating profit increased to DKK 4,443m (DKK 3,538m in 2008). The beverage
activities
delivered strong organic operating profit growth of 26% (14% in DKK) due to
the accelerated efficiency improvements across the whole group. For Q2, Group
operating profit was DKK 3,655m (DKK 3,150m in Q2 2008) with 25% organic
growth in the beverage activities. In Northern & Western Europe the
accelerated efficiency improvements became visible during the second quarter
but the improvements will become even more evident in the second half of the
year. The Eastern European and Asian businesses delivered strong improvement
throughout all six months.
• Operating margin increased to 15.1% (13.1% in 2008). Q2 Group operating margin
was 20.7%
(18.0% in Q2 2008).
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Company announcement 11/2009
5 August 2009
Page 2 of 28
• Free cash flow improved considerably to DKK 4.1bn driven principally by
improved working
capital, higher profits and lower capital expenditures.
• Net debt at the end of Q2 was DKK 40.8bn compared to DKK 44.2bn at the end of
2008. At
the end of Q1, net debt was DKK 45.8bn. In May, Carlsberg successfully issued
two notes of EUR 1bn and GBP 300m under the EMTN programme following which,
there is no need for refinancing for a number of years.
• The integration of the S&N assets is on track and synergies are coming through
as expected.
As at June 30 2009, synergies of approx. DKK 430m have been extracted.
• The Russian market declined by around 9% for H1 and Q2. Carlsberg is reducing
2009
market development expectations for the Russian market to around 5-6% decline
(previously assuming a 2% decline). Carlsberg still anticipates Baltika
gaining market share in Russia for the year.
• Carlsberg confirms all full year targets on earnings, cash flow and financial
leverage (net
revenue is revised due to slightly weaker markets than anticipated):
• Net revenue of around DKK 61bn
• Operating profit of at least DKK 9bn
• Net profit of at least DKK 3.5bn
• Free cash flow of at least DKK 6bn
• Operating capital expenditure of less than DKK 3.75bn
• Net interest-bearing debt to EBITDA ratio of around 3x
Commenting on the results, CEO Jorgen Buhl Rasmussen said: “We entered the year
with a strong focus on sustainable efficiency improvements based on expected
challenging markets. Numerous actions have been taken and we are pleased with
the strong earnings and cash flow performance for the first six months. We are
on-track to deliver on our targets without compromising Carlsberg's ambitions of
growing our brands and delivering continuous profit growth.”
Carlsberg will present the financial statements at a conference call for
analysts and investors today at 9.00 am CET (8.00 am GMT). The conference call
will refer to a slide deck, which will be available beforehand at
www.carlsberggroup.com.
Contacts:
Investor Relations: Peter Kondrup, +45 3327 1221
Media Relations: Jens Peter Skaarup, +45 3327 1417
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 3 of 28
KEY FIGURES AND FINANCIAL RATIOS
DKK millionQ2Q2H1H1
2009 2008 2009
20082008
37.8 37.6 62.9
61.3126.8
6 .2 6.2 10.8 10.8
22.3
1 17,54 1 29,409
26,97759,944
7,62
3
3,655 3,15 0 4,443 3,538
7,97 9
- 84 -91 -191 -128
-1,641
- 546 -81 2 -1,450
-1,282-3,456
- 878 -65 9 -813 -627
324
2,14 1,588 1,98 9 1,501
3,20 6
7
207 173 261 215
575
1,940 1,41 5 1,728 1,286
2,63 1
14 0,06 0
152,82214 3,30 6
112,236
124,10611 9,32 6
40, 814
47,40944,156
52, 537
58,70155,521
6,20 2,77 1 5,968 2,083
7,81 2
1
- -52,269 -1,868
-54,365-57, 153
1,022
5,17 -49,49 8 4,10 0
-52,282-49, 341
9
2 0.7 18.0 15.1 13.1
13.3
Return on average invested capital (ROIC) 7.3 11.4
8.2
40.9 41.3
42.4
0.7 0.8
0.7
3.1 2.8
2.3
1 2.7 13.1 11.3 12.7
22.2
shar eshar eshar eshar eshar shar eshar shar e4 0.6 25.7 39.1 20.5
65.8
e e
33 .9 -458.2 26.9
-514.3-415.4
341 458
171
11,0- 152,55715 2,55 4
152,557152, 554
0 52,
554
excl .excl .excl .excl .excl excl .excl excl .152, 10 8,02615 2,55 4 101,65211
8,77 8
tr eastr eastr eastr eas. tr tr eas. tr tr eas554
ury ury ury ury eas ury eas ury
ury ury
* Adjusted for bonus factor from rights issue in June 2008 in accordance with
IAS 33.
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 4 of 28
BUSINESS DEVELOPMENT
The markets were challenging during the first six months of 2009. Organic beer
volume growth for the Group was -5%. Including acquisitions beer volumes
increased 15% to 56.9m hl (49.6m hl in 2008). Q2 beer volumes declined
organically by 6%. The beer volume declined in most markets in Eastern Europe
and in Northern & Western Europe although the Asian business continued to grow.
Pro rata volumes of other beverages increased to 9.7m hl (9.5m hl in 2008).
Net revenue increased 9% to DKK 29,409m (DKK 26,977m in 2008) driven by: organic
growth of 0% (consisting of total volume growth -5%, price 6% and mix -1%),
currency impact -7% and acquisition impact 16%. For Q2 the organic net revenue
growth was also 0%.
The continued focus on portfolio and value management coupled with strong sales
execution and impact from price increases implemented both last year and in the
first half of this year resulted in the +6% price effect. The modest negative
mix effect was primarily driven by a shift in channel and packaging mix. The
negative currency effect was mainly driven by weaker Eastern European
currencies.
To ensure that we keep building a strong underlying momentum in our branded
business, we maintained a focused marketing spend to support key brands and
activities whilst benefitting from lower media costs than last year.
Group operating profit increased by 26% yoy to DKK 4,443m (DKK 3,538m in 2008).
Organic operating profit growth was 15%, currency impact was -11% and
acquisitions contributed 22%. Operating profit for the beverage activities was
DKK 4,496m (DKK 3,257m in 2008) with organic growth of 26% (14% in DKK). For Q2
organic operating profit growth for the Group was 14% with a 25% organic
operating profit growth for the beverage activities.
The main drivers behind the organic operating profit growth were the efficiency
improvements consisting of both long-term projects and accelerated efficiency
programmes, the synergies from the S&N acquisition, the positive price impact as
well as our Value Management initiatives. The Eastern European region was the
main contributor with 47% organic operating profit growth (23% in DKK). In Q2
the first signs of improvement also became visible in Northern & Western Europe.
The region delivered 1% organic operating profit growth for the half year but 6%
for Q2. The impact from the Northern & Western Europe region will become even
more evident in the second half of the year.
Cost of sales per hl increased organically by approx. 4% in local currency (-3%
in DKK). While Carlsberg already this year benefits from favourable raw material
prices in Eastern Europe, the Northern & Western European and Asian businesses
are affected negatively.
The six months result demonstrates the efforts Carlsberg has taken to strengthen
cash flow. Operating cash flow grew to DKK 6.0bn (DKK 2.1bn in 2008) and free
cash flow increased substantially to DKK 4.1bn (DKK 1.5bn in 2008 when adjusted
for the S&N acquisition). This was driven by higher profits, lower capital
expenditure and a substantial working capital
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Company announcement 11/2009
5 August 2009
Page 5 of 28
improvement. As a result net interest-bearing debt declined to DKK 40.8bn as at
30 June compared to DKK 44.2bn at the end of 2008.
During the first six months of the year several structural initiatives were
taken. The Norwegian Arendal brewery was sold, the closure of the Finnish Pori
brewery was announced, the German brewery Braunschweig was divested and
Carlsberg will enter into a distribution joint-venture with the Nordmann Group
in Germany. In the first six months Carlsberg also increased its share- holding
in its operation in Kazakhstan.
Profit and cash flow expectations remain unchanged
The market environment remains challenging and some markets, in particular
Russia, are now expected to decline more than Carlsberg previously anticipated.
Consequently, Carlsberg has reduced the net revenue outlook for the year.
However, as Carlsberg was well-prepared entering 2009 and has continued the
execution of cost reduction initiatives throughout the whole Group during the
first six months, Carlsberg maintains its profit and cash flow expectations for
the year.
The key assumptions for this year's outlook are:
• An average annual EUR/RUB rate of 47
• Contracting beer markets in Northern & Western Europe
• Around 5-6% decline in the Russian beer market (previously a 2% decline)
• Continued implementation of cost reduction measures throughout the Group
Based on these assumptions Carlsberg confirms its earnings outlook for the full
year:
• Net revenue of around DKK 61bn (previously 'around DKK 63bn')
• Operating profit of at least DKK 9bn
• Net profit of at least DKK 3.5bn
• Free cash flow of at least DKK 6bn
• Operating capital expenditure of less than DKK 3.75bn
• Net interest-bearing debt to EBITDA ratio of around 3x
NORTHERN & WESTERN EUROPE
DKK million Q2 Q2 Change H1 H1 Change
2009 2008 (%) 2009 2008 (%) 2008
Beer sales (million 15.0 14.8 1.4 24.7 23.5 5.3 51.0
hl)
Net revenue 10,705 10,776 -0.7 17,905 17,409 2.8 37,128
Operating profit 1,740 1,570 10.8 1,880 1,705 10.3 3,953
Ope rat ing mar gin 16. 3 14.6 1.7 10.5 9.8 0.7 10.6
In Northern & Western Europe, the development of individual beer markets
differed significantly - while the Finnish and Swedish markets were almost
unchanged, the Baltic markets experienced a double-digit decline. Overall, the
regional beer market declined by approximately 6% compared to 2008, slightly
more than expected at the beginning of the year.
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Company announcement 11/2009
5 August 2009
Page 6 of 28
Carlsberg organic beer volumes declined by 6% (-5% for Q2) with overall stable
market share for the region. Reported beer volumes increased by 5% to 24.7m hl
(23.5m hl in 2008) due to acquisitions.
Net revenue per hl increased organically due to the strong focus on value
management and price increases which mitigated some of the negative volume
impact. Organic net revenue development was -2% for the region (-1% in Q2). Net
revenue for beer increased by 8% (-6% volumes, 5% price, 0% mix, -5% currency
and 14% from acquisitions).
For the half year gross profit margins for the region declined due to higher
input costs and a negative channel mix from on-trade to off-trade. In absolute
terms the higher input costs were off-set by the higher organic net revenue per
hl. The Group continues to see a mixture of markets where consumers either
slightly trade up or trade down. Overall mix for the region was flat.
Carlsberg has continued to launch new products across its markets in Northern &
Western Europe. The most important activity taking place is the re-launch in
France of Kronenbourg and 1664 which is a vital part of the commercial
restructuring plan in the French operations. The re- launch is still in the very
early stage but we have started to see some positive indications on these two
brands in recent off-trade market data.
In the UK, new management has successfully improved the business in what remains
a very challenging market. The improvement is driven by value management and
efficiency initiatives. In the off-trade channel Carlsberg has gained both
volume and value share and overall UK market share is now at around 14.4%.
The Polish market is challenging due to the economic recession, market decline
and down- trading. Actions to improve efficiency and protect earnings are being
implemented.
In Denmark, the cider Somersby has proven very successful driving significant
growth in the category. Total beer market is still declining but Carlsberg's
market share increased. Positive price/mix development, the closure of the
Copenhagen brewery and cost reductions resulted in satisfactory operating profit
growth.
Operating profit increased by 10% to DKK 1,880m (DKK 1,705m in 2008) with 1%
organic operating profit growth for the period. For Q2 operating profit growth
was 11% with 6% organic growth.
The Baltic markets are heavily impacted by the macro economic crisis with
significant volume and operating profit decline. Excluding the Baltic markets,
organic operating profit in Northern & Western Europe would be up by 7% (10% for
Q2).
During the year Carlsberg has been aggressively reducing costs in all markets
and improving efficiency. During the second quarter some of these initiatives
have started to impact regional profits positively. The efforts will have a more
material impact in the coming quarters.
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Company announcement 11/2009
5 August 2009
Page 7 of 28
EASTERN EUROPE
DKK million Q2 Q2 Change H1 H1 Change
2009 2008 (%) 2009 2008 (%) 2008
Beer sales (million 15.8 14.8 6.8 25.8 20.4 26.7 46.8
hl)
Net revenue 5,841 5,888 -0.8 9,307 7,860 18.4 19,137
Operating profit 1,952 1,388 40.6 2,647 1,673 58.2 4,109
Ope rat ing mar gin 33. 4 23.6 9.8 28.4 21.3 7.2 21.5
Total beer volumes in Eastern Europe increased by 27% while organic beer volumes
declined by 7%. For Q2 organic beer volume development for the region was -9%.
For the first six months the Russian beer market declined by an estimated 9%.
Baltika continued to strengthen its market share to 41.0% compared to 38.5% for
same period of 2008 gaining an impressive 250bp market share1 (Q2 market share
was 41.1% vs 38.2% in Q2 2008). Baltika showed leadership in all market segments
and increased market shares in every segment except lower mainstream. There is
still no significant trading-down between segments in the market. Key drivers
behind the strong market performance are a superior brand portfolio and the
strongest route-to-market with an integrated production, logistics and
distribution set-up.
Our Russian beer volumes (shipments) declined by 8%. Going into the peak season
inventory levels at distributors were not increased as last year and we
therefore estimate that 'in-market sales' (off-take) declined by around 5-6%
(versus shipments of -8%).
The Russian market development was, especially in Q2, weaker than Carlsberg
expected. Despite easier comparables in the second half of the year, Carlsberg
is reducing expectations for Russian market development for the year to around a
5-6% decline (previously a 2% decline). Carlsberg still expects Baltika to gain
market share as a trend throughout the year and consequently perform ahead of
the market.
In the Ukraine, where the market declined by around 9%, Carlsberg managed to
increase beer volumes by 1% reaching 28.5% market share and has for the past
months held the number two position. Market volumes were positively affected by
stock building at distributors prior to excise duty increase on 1 July.
For the region organic net revenue growth was 1% (-16% in DKK). The price/mix
improvement of 7% for beer off-set lower beer volumes. In Q2 organic net revenue
was flat (-17% in DKK).
In Russia, there was a positive price effect of 11% and mix effect of -3%. The
higher price per hl was driven by price increases, improved portfolio management
and sales execution. The negative mix effect was primarily driven by a shift in
packaging mix within brands, and a changed channel mix within off-trade.
1 The source for market share, Business Analytica, has recalibrated the total
universe to better reflect total market and historical data have been
recalibrated accordingly.
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Company announcement 11/2009
5 August 2009
Page 8 of 28
During the year Baltika launched its own kvass product (traditional Russian
non-alcoholic beverage) in the Russian market. This unique product is the first
nationwide non-alcoholic beverage in the Baltika product portfolio. The consumer
response has been positive.
For the region organic operating profit growth was 47% (23% in DKK). Including
acquisitions operating profit was DKK 2,647m (DKK 1,673m in 2008). Both gross
margins and operating margins for the region improved considerably, driven by
accelerated efficiency improvements, price increases, improved point-of-sales
execution, synergies and favourable input costs.
Based on these improvements, and combined with its strong and unique business
model, Baltika delivered record operating margins for the six months period.
Despite a more challenging macro environment, profits in the Ukraine are
improving strongly.
For the region the operating margin increased to 28.4% from 21.3% in 2008.
Excluding the effect of PPA, the operating margin would have been 29.8% for the
first half of 2009.
ASIA
DKK million Q2 Q2 Change H1 H1 Change
2009 2008 (%) 2009 2008 (%) 2008
Beer sales (million 3.5 3.2 9.4 6.4 5.7 12.0 11.5
hl)
Net revenue 1,049 828 26.7 2,123 1,639 29.5 3,555
Operating profit 167 117 42.3 321 241 33.4 511
Ope rat ing mar gin 15. 9 14.1 1.8 15.1 14.7 0.4 14.4
With 7% organic beer volume growth the Asian business continued to grow in 2009.
Including acquisitions, beer volumes increased by 12%. Organic beer volume
growth for Q2 was 5%.
Organic volume growth in China was mid-single digit driven by very strong growth
of Carlsberg Chill and continued growth in Western China. Carlsberg continued to
gain market share in China, both in Western China and in the international
premium segment.
The business in Indochina (Vietnam, Laos and Cambodia) continued its strong
progress and delivered double-digit volume growth. Carlsberg gained market share
across all markets.
Volumes in Malaysia for the half-year were affected negatively by the earlier
Chinese New Year in 2009 compared to 2008 (i.e. stock building in December
2008). Positive channel mix and price increases led to higher net sales/hl.
Growth and expansion in India are on track with plans. Following launch of the
Tuborg brand, the portfolio now includes Carlsberg, Tuborg and Palone.
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Company announcement 11/2009
5 August 2009
Page 9 of 28
Organic net revenue growth was 15% (30% in DKK). For Q2 the organic net revenue
growth was 13%, split equally between volume growth and price/mix improvements.
The positive price/mix effect prevailed in the majority of the Asian markets,
particularly in China.
Operating profit increased by 33% to DKK 321m with organic growth of 13%. Q2
organic operating profit growth was 17%. The Chinese business was the key driver
behind the organic profit growth with Indochina also being an important
contributor.
CENTRAL COSTS (NOT ALLOCATED)
Central costs were DKK 352m for the first six months (DKK 362m in 2008). These
costs are incurred for ongoing support of the Group's overall operations and
development and driving Excellence Programmes. In particular, they include the
costs of running the headquarters and costs for central marketing, including
sponsorships.
OTHER ACTIVITIES
In addition to beverage activities, Carlsberg has interests in the sale of real
estate, primarily at its former brewery sites, and running the operation of the
Carlsberg Research Centre. Real estate gains were, as expected, insignificant in
the first half of 2009, and all in all these activities generated operating
profit of DKK -53m against DKK 281m in 2008.
Monetising the value of redundant assets, including the Copenhagen brewery site,
which are no longer used in operations, remains an important focus to provide
additional capital to the Group and enhance return on invested capital.
COMMENTS ON THE FINANCIAL STATEMENTS
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 2008 except from IAS 1 "Presentation of Financial Statements"
which has been implemented from 1 January 2009 changing the presentation of the
primary financial statements and expenses for the year. The implementation has
not changed measurement and recognition.
Besides this, other new and amended standards and interpretations effective from
1 January 2009, including IAS 23 "Borrowings" have been implemented from 1
January 2009. These changes to the accounting policies have only had minor
effect on the interim accounts.
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Company announcement 11/2009
5 August 2009
Page 10 of 28
INCOME STATEMENT
Net revenue totalled DKK 29,409m (DKK 26,977m in 2008), an increase of 9%
compared to the same period of 2008. Organic development was 0% compared to
2008, net acquisitions accounted for DKK 4,331m (+16%), while exchange rate
movements had a negative impact of DKK -1,903m (-7%). Organic revenue
development reflects a positive price trend, including value management
initiatives, focused brand support and attention to details in execution in
Northern & Western Europe and Eastern Europe and continued strong volume and
positive price/mix in Asia.
Gross profit amounted to DKK 14,401m (DKK 13,143m in 2008), with net acquired
activities representing DKK 2,018m of the increase. Organic gross profit growth
was DKK 183m (+1%) and the reported gross profit margin increased by 25bp to 49%
driven by higher sales prices compensating for increased input costs (organic).
Sales and distribution expenses were DKK -8,122m, a reduction of DKK 136m
compared to the same period in 2008. Net acquired activities represented DKK
-1,000m, organic development was DKK 669m and currencies impacted with DKK 467m.
Administrative expenses amounted to DKK -1,928m (DKK -1,753 in 2008) with
acquired activities accounting for DKK -246m.
Other operating income, net, was DKK 47m (DKK 370m in 2008). The decrease was
expected and due to significant real estate gains in the first half of 2008. The
Group's share of the net profit of associates was DKK 45m against DKK 36m in
2008.
Operating profit before special items was DKK 4,443m against DKK 3,538m in 2008.
Beverage activities generated a profit of DKK 4,496m, an increase of DKK 1,239m.
Net acquired activities represented DKK 784m of the increase while organic
growth was DKK 862m. The beverage activities achieved an operating margin of
15.3%, +320bp compared to same period in 2008.
Net special items amounted to DKK -191m against DKK -128m in 2008, and relate to
costs in connection with the restructuring measures implemented across the
Group.
Net financial items amounted to DKK -1,450m against DKK -1,282m in 2008.
Interest costs accounted for DKK -1,115m, compared with DKK -988m in 2008. Other
net financial items were DKK -335m (DKK -294m in 2008) and mostly related to FX
losses on debt denominated in foreign currency in Eastern Europe.
Tax totalled DKK -813m against DKK -627m last year.
Consolidated profit was DKK 1,989m, against DKK 1,501m in 2008.
Carlsberg's share of net profit was DKK 1,728m, against DKK 1,286m last year.
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Company announcement 11/2009
5 August 2009
Page 11 of 28
BALANCE SHEET
At 30 June 2009, Carlsberg had total assets of DKK 140,060m (DKK 143,306m at 31
December 2008). The decrease primarily relates to a reduction of property, plant
and equipment and foreign exchange movements, in particular from Russia with
impact on intangible assets.
Assets
Intangible assets totalled DKK 81,042m against DKK 84,678m at 31 December 2008.
The decrease is related to foreign exchange impact mainly from the Russian RUB.
Property, plant and equipment totalled DKK 33,144m, down DKK 899m from 31
December 2008 driven by reduced capital expenditures.
Financial assets amounted to DKK 5,344m (DKK 5,305m at 31 December 2008).
Current assets amounted to DKK 20,415m (DKK 19,118m at 31 December 2008), The
increase is due to normal seasonality.
Equity and liabilities
Total equity was DKK 57,338m, of which DKK 4,801m can be attributed to minority
interests and DKK 52,537m to shareholders in Carlsberg A/S. The decrease in
equity compared to 31 December 2008 of DKK 3,4bn is mainly due to foreign
exchange adjustments of approximately DKK -4bn primarily due to the devaluation
of the net assets in primarily RUB, profit for the period of DKK 2.0bn and
payment of dividends to shareholders of DKK 0.8bn.
Net interest bearing debt has been reduced from DKK 44,2bn as at 31 December
2008 to DKK 40,8bn as at 30 June 2009.
Total liabilities were DKK 82,722m (DKK 82,555m at 31 December 2008). Current
liabilities were DKK 24,898m (DKK 25,600m at 31 December 2008). Excluding
current portion of borrowings, current liabilities totalled DKK 23,416m (DKK
20,309m at 31 December 2008) reflecting the focus on working capital
improvement.
CASH FLOW
Cash flow from operating activities in the first six months of 2009 was DKK
5,968m against DKK 2,083m for the same period of 2008. Operating profit before
depreciation and amortisation was DKK 6,303m against DKK 5,133m in 2008.
The previously announced intense focus on reduction of working capital had a
significantly positive impact on free cash flow in the first six months of 2009.
The positive impact of DKK
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Company announcement 11/2009
5 August 2009
Page 12 of 28
1,868m (DKK -669m in 2008) was mainly driven by increased payables. The focus on
payables will continue but significant focus is now also on receivables and
inventories.
Paid net interest etc. amounted to DKK -1,366m against DKK -1,289m for the same
period of 2008.
Cash flow from investing activities was DKK -1,868m against DKK -54,365m in the
first half year of 2008. Excluding the acquisition of certain assets in S&N, the
decrease is essentially attributed to the planned reduction of operating capital
expenditures of DKK -1,775m (-50%) compared to 2008 and a change in financial
investments of DKK +1,044m which is explained by prepayments and hedging
instruments relating to the acquired activities of S&N in 2008.
Consequently, free cash flow was DKK 4,100m against DKK -52,282m for 2008.
FINANCING
At 30 June 2009, the gross interest-bearing debt amounted to DKK 46.0bn and net
interest- bearing debt amounted to DKK 40.8m. The difference of DKK 5.2bn is
other interest-bearing assets, including DKK 4.0bn in cash and cash equivalents.
Of the gross interest-bearing debt, 97% (DKK 44.5bn) is long term, i.e. with
maturity more than one year from 30 June 2009, and consists primarily of
facilities in EUR.
In May Carlsberg established a EUR 3bn EMTN programme under which a EUR 1bn and
GBP 300m notes were issued. The proceeds were used to refinance part of the debt
related to the acquisition of parts of S&N. Consequently, Carlsberg has no
refinancing needs for a number of years.
Approximately 79% of net financial debt is fixed interest (fixed-interest period
exceeding one year).
FINANCIAL CALENDAR FOR THE FINANCIAL YEAR 2009
The financial year follows the calendar year, and the following schedule has
been set:
4 November 2009 Interim results for Q3 2009
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.
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Company announcement 11/2009
5 August 2009
Page 13 of 28
DISCLAIMER
The forward-looking statements, including forecasts on sales and earnings
performance, reflect management's current expectations based on information
available at the date of this document, and are subject to risks and
uncertainty. Such statements are made on the basis of assumptions and
expectations which the Company believes to be reasonable at this time, but which
may prove to be erroneous. 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,
economic and political uncertainty (including developments in interest rates and
exchange rates), financial and regulatory developments, changes in demand for
the Group's products, competition from other breweries, the availability and
pricing of raw materials and packaging materials, price reductions resulting
from market-driven price reductions, market acceptance of new products, launches
of rival products, stipulation of market values in the opening balance of the
acquired companies, litigations, and other unforeseen factors. Should one or
more of these risks or uncertainties materialise, or should any underlying
assumptions prove incorrect, actual outcomes may vary materially from those
indicated.
Carlsberg assumes no obligation to update or revise such forward-looking
statements or to update the reasons for which actual results could differ
materially from those anticipated in such forward-looking statements except when
required by law.
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 June 2009.
The interim report which has not been audited or reviewed by the Company's
auditor has been prepared in accordance with IAS 34 Interim Financial Reporting,
as adopted by the EU, and additional Danish interim reporting requirements for
listed companies.
In our opinion, the interim report gives a true and fair view of the Carlsberg
Group's assets, liabilities and financial position at 30 June 2009, and of the
results of the Carlsberg Group's operations and cash flow for the period 1
January - 30 June 2009.
Further, in our opinion the management's review (p. 1-12) gives a true and fair
review of the development in the Group's operations and financial matters, the
result of the Carlsberg Group for the period and the financial position as a
whole, and describes the significant risks and uncertainties pertaining to the
Group.
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 14 of 28
Copenhagen, 5 August 2009
Executive Board of Carlsberg A/S
Jørgen Buhl Rasmussen Jørn P. Jensen
Board of Directors of Carlsberg A/S
Povl Krogsgaard-Larsen Jess Søderberg Hans Andersen
Chairman Deputy Chairman
Flemming Besenbacher Hanne Buch-Larsen Richard Burrows
Kees van der Graaf Niels Kærgård Axel Michelsen
Erik Dedenroth Olsen Bent Ole Petersen Per Øhrgaard
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 15 of 28
FINANCIAL STATEMENT
Income statement
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Note 1 Segment reporting by region (beverages)
Note 2 Segment reporting by activity
Note 3 Segment reporting by quarter
Note 4 Special items
Note 5 Borrowings and facilities
Note 6 Net interest-bearing debt
Note 7 Acquisition of entities
This statement is available in Danish and English. In the event of any
discrepancy between the two versions, the Danish version shall prevail.
The Carlsberg Group 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
45,000 people work for the Carlsberg Group, and its products are sold in more
than 150 markets. In 2008 the Carlsberg Group sold more than 125 million
hectolitres of beer, which is about 103 million bottles of beer a day.
Find out more at www.carlsberggroup.com.
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 16 of 28
INCOME STATEMENT
DKK millionQ2Q2H1H1
200 9 20 08 200 9 20 08 200 8
Net 17,623 17,54129,4 09 26,97759,944
rev-
nue
Cost of sales -8,630 -8,815-15,008 -13, 834-31,248
Gro- 8,993 8,72 614,4 01
13,14328,696
s
pro-
it
Sales and distribution expenses -4,445 -4,954 -8,122 -8,258-17,592
Administrative expenses -959 -969 -1,9 28 -1,753-3,934
op erat in g inc ome, 32 323 47 370728
Share of profit after tax, associates 34 24 45 36 81
Operating profit before special items 3,655 3,15 0 4,443 3,53 8 7,979
Sp ecia l item s, -84 -91 -191 -128 -1,641
Financial income 244 945 654 1,103 1,310
expe ns es expe ns es expe ns es -79 0 -1,757 -2,104 -2,385-4,766
Pro- tax tax tax 3,02 5 2,24 7 2,802 2,12 8
2,882
i t
bef-
re
Corporation tax -878 -659 -813 -627324
Consolidated profit 2,147 1,58 8 1,989 1,50 1 3,206
Profit attributable to:
Minor ity inte rests 207 173 261 215 575
Shareholders in Carlsberg A/S 1,940 1,41 5 1,728 1,28 6 2,631
per sh ar e* sh ar e* sh ar e* 12. 7 13.1 11.3 12.722.2
Earnings per share, diluted* 12.7 13.1 11.3 12.622.2
* Adjusted for bonus factor from right issue in June 2008 in accordance with IAS
33, excl. number of shares period-end
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 17 of 28
STATEMENT OF COMPREHENSIVE INCOME
Q2 Q2 H1 H1
DKK million 2009 2008 2009
2008 2008
Profit for the period 2,147 1,588 1,98 9 1,50
1 3,206
Other comprehensive income
Foreign exchange adjustments of foreign entities: -571 8 6 - 4,332 -27
5 - 7,515
Value adjustments of hedging instruments -87 152 -149 -47
9 - 1,552
Value adjustments of securities - -1 - -24
-54
Retirement benefit obligations 9 -65 1 5 -75
-46
Shar e-b ased pa yme nt 1 2 5 2 3 10
3 1
Value adjustment of step acquisition of -65 11,21 4 -65 1 1,21
4 14,810
subsidaries
Other -2 3 4 -2 32
-9
Tax - -2 -24 2 3 1
67 3 35
-
-
e
r
-
o
-
-
r
-
-
-
n
-
i
-
e
-
n
-
-
m
e
Other comprehensive income -706 11,40 1 - 4,487 1 0,57
0 6,00 0
Total comprehensive income 1,441 12,98 9 - 2,498 1 2,07
1 9, 206
Total comprehensive income attributable to:
Minority interests 306 1, 394 -48 1,37
4 1 ,788
Shareholders in Carlsberg A/S 1,135 11,59 5 - 2,450 1 0,69
7 7, 418
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 18 of 28
STATEMENT OF FINANCIAL POSITION
DKK mill ion
30 30 31
Ju- Jun Dec
e e 20
200 200 08
9 8
Assets
Intan gible asse ts
81- 89,3- 84-
042 2 67
8
Property, plant and equipment
33,- 30,9- 34-
44 3 04
3
Financial assets
5 5 5,-
,344,435 05
Total non-current assets
119- 125,- 12-
530 00 ,0-
6
Inv ent orie s and
12, 17,2- 11-
924 4 68
6
Other receivables etc.
3 4 4,-
,5- ,225 75
0
Cash and cash equivalents
3 4 2,-
,9- ,706 57
1
Total current assets
20,- 26,- 19-
15 45 11
8
Assets
- 1 8 77162
- 15
-
d
-
-
r
-
-
-
e
Total assets
14- 152,- 14-
,0- 22 ,3-
0 6
Equi ty
-
-
d
l
-
-
-
i
-
i
-
-
-
s
Equi ty,
- 52, 58,7- 55-
h537 1 52
- 1
-
-
h
-
-
-
e
-
s
Minor ity
- 4 4 5,-
- ,8- ,395 30
- 1
e
-
-
-
-
s
Total
- 57- 63,0- 60-
- 338 6 75
- 1
i
-
y
Borrowings
44- 45,6- 43-
528 5 23
0
Deferred tax, retirement benefit obligations etc.
12,- 14,0- 13-
42 4 35
7
Total non-current liabilities
57,- 59,6- 56-
70 9 58
7
Bor rowi ngs
1, 7 5,-
482 ,786 91
Tra de pa yabl es
9, 9 7,-
395 ,665 93
Deposits on returnable bottles and crate
1 1 1,-
,563,644 55
Other current liabilities
12,- 10,1- 10-
58 3 86
1
Total current liabilities
24,- 29,2- 25-
98 8 60
0
Liabilities associated with assets held for sale
3 8 29368
54
Total equity and liabilities
140- 152,- 14-
060 22 ,3-
6
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 19 of 28
STATEMENT OF CHANGES IN EQUITY
H1 20 09
Shareholders in Carlsberg A/S
DKK mill Share Cur renc y Fa ir Reta ined To tal Total Min
Total
ion valu orit y
e
capit al tra nsla- adjus earni ngs rese rves ca pital and inter
Equit y
t- est s
tion ment res erve s
s
Equity at 3,051 -6,700 -1,5- 60,709 52,470 55,521
5,230 60,751
1 January 9
2009
Total - - 3,943 - 212 1,705 -2,450 -2,450 -48
- 2,498
comprehen-
ive income
for the
period
Dividends - - - -534 - 534 -534 -296
-830
paid to
sharehold-
rs
Acquisiti- - - - - - -
- -85 -85
n of
minority
interests
and
entities
Total 0 -3,943 -212 1,171 -2,984 -2,984 -429
-3,413
changes in
equity
Equity at 3,051 -10,643 -1,7- 61,880 49,486 52,537
4,801 57,338
30 June 1
2009
H1 20 08
Shareholders in Carlsberg A/S
DKK mill Share Cur renc y Fa ir Reta ined To tal Total Min
Total
ion valu orit y
e
capit al tra nsla- adjus earni ngs rese rves ca pital and inter
Equit y
t- est s
tion ment res erve s
s
Equity at 1,526 -170 67 17,198 17,095 1 8,621 1, 323
19,944
1 January
2008
Total - -312 - 281 11,290 10,697 1 0,697 1, 374
12,071
comprehen-
ive income
for the
period
Capital 1, 525 - - 28,312 28,312 2 9,837 13
29,850
increase
Acquisiti- - - - 8 8 8
8 - 8
n/disposal
of
treasury
shares
Dividends - - - -458 - 458 -458 -256
-714
paid to
sharehold-
rs
Acquisiti- - - - - - -
- 1,941 1,937
n of
minority
interests
and
entities
Other - - - -4 -4 -4 -4 -
-
Total 1, 525 -312 - 281 39,148 38,555 4 0,080 3, 072
43,152
changes in
equity
Equity at 3,051 -482 - 214 56,346 55,650 5 8,701 4, 395
63,096
30 June
2008
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 20 of 28
STATEMENT OF CASH FLOWS
DKK millionQ2Q2H1H1
2009 2008 2009
20082008
Operating profit before special items 3,655 3,150 4,443 3
,5387,97 9
Adju stm ent depr eci amor tis 9 33 897 1,860 1
,5953,63 1
ati on, ati on
and
impairment losses
Operating profit before depreciation, 4,588 4,047 6,303 5
,13311,610
amortisation and
impairment losses1
Adju stm ent for othe r non -ca sh 9 5 -176 228 - 185-
604
ite ms Change in working capital2
3,121 403 1,868 - 669
1,556
Restructuring costs paid -75 -125 -295 - 196-
482
Interest etc. received 5 9 147 109 2 01
256
Interest etc. paid -919 -969 -1,475 -1,4 90 -
3,010
Corporation tax paid -668 -556 - 770 -
711-1,514
Cash flow from operating activities 6,201 2,771 5,968 2
,0837,81 2
Acquisition of property, plant and equipment -903 -1,742-1,537 -2,9 74 -
5,292
and
intangible assets
Disposal of property, plant and equipment and 8 6 5 1 109 7 9
374
intangible assets
Change in trade loans -71 1 2 - 218 -92-
290
Total operational investments -888 -1,679-1,646 -2,9 87 -
5,208
Aqui sit ion disp osa lnet -4 -50,82 8 - 12 -50,828-
51, 444
Acquisition of financial assets3 3 -215 - 13
-948-1,248
Disposal of financial assets 2 1 45 3 6 3
9
Change in financial receivables -47 -105 - 19 -119
427
Dividends received 16 2 1 21 2 3 7
5
Total financial investments -30 -51,12 6 22 -51,836-
52, 151
Other investments in property, plant and -118 -454 - 264 -
602-1,117
equipment
Disposal of other property, plant and 1 4 990 20
1,0601,32 3
equipment
Total other activiti -104 536 -2 44 458
206
es4
Cash flow from investing activities - 1,022 -52,26 9-1,868 -54,365-
57, 153
Free cash flow 5,179 -49,49 8 4,100 -52,282-
49, 341
Shar eho lde rs in Car lsb - 29,838 - 534
29,38729,482
erg A /S
Minor ity inte rests -24 0 -379 - 296 - 445-
549
External financing5 - 3,858 21,915-1,872 25,1
9721,151
Cash flo w fr om fi - 4,0 51,374-2,702 54,1
3950,084
nanc in g 98
act ivi
tie s
1,876
Net cash flow 1,081 1,398 1 ,857
743
Cash and cash equivalents at beginning of 2,474 1,300 2,065 1
,3511,35 1
period Currency translation adjustments
-96 2 3 - 4 -9
-29
Cash and cash equivalents at period-end6 3,459 3,199 3,459 3
,1992,06 5
1 Im pai rmen t loss es repor ted
2 2008 FY includes DKK 1,065 million received from the license agreement with
The
Coca-Cola Company in June 2008 . 3 2008 FY includes costs of hedging
instruments
acquired prior to the acquisition of S&N . 4 Other activities cover real estate
and
assets under construction, separate from beverage activities, including costs
of
construction contracts. 5 2008 FY includes loan raised for the financing of the
the
acquisition from S&N and repayment of parts of the loan
following the capital increase.
6 Cash and cash equivalent less bank
overdrafts
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 21 of 28
NOTE 1
Segment reporting by region (beverages)
DKK
millionQ2Q2H1H1
200 9 2008 200 9
2008200 8
Beer
Northern & Western Europe 15.0 14.8 24.7
23.551.0
Eastern Europe 15.8 14.8 25.8
20.446.8
Asia 3.5 3.2 6.4
5.7 11.5
Total 34.3 32.8 56.9
49.6109.3
Net
Northern & Western Europe 10,705 10,7 76 17,90 5
17,40937,128
Eastern Europe 5,841 5,888 9,307 -
7,860 19,137
-
-
-
0
Asi a 1,04 9 828 2,123 -
1,639 3,555
-
-
-
9
Not a lloca ted 28 49 74
69124
Beverages, total 17,623 17,5 41 29,409
26,97759,944
Opera ting specia l - (EBIT DA -DKK mill
ion)
-
-
-
s
Northern & Western Europe 2,260 2,114 2,922 -
2,727 6,08 1
-
-
-
7
Eastern Europe 2,288 1,679 3,313 -
2,128 5,34 8
-
-
-
8
Asia 221 160 428
323694
Not a lloca ted -164 -175 -313
-337-90 0
Beverages, total 4,605 3,778 6,350 -
4,841 11,223
-
-
-
1
Operating profit before special
items (EBIT - DKK million) Northern
& Western Europe
1,740 1,570 1,88 0 -
1,7 053,95 3
-
7
-
5
Eastern Europe 1,952 1,388 2,64 7 -
1,6 734,10 9
-
6
-
3
Asia 167 117 321
241511
Not a lloca ted -184 -199 -352
-362-96 8
Beverages, total 3,675 2,876 4,49 6 -
3,2 577,60 5
-
2
-
7
Operating profit margin (%)
Northern & Western Europe 16.3 14.6 10.5
9.8 10.6
Eastern Europe 33.4 23.6 28.4
21.3 21.5
Asia 15.9 14.1 15.1
14.714.4
Not a lloca ted … … …
… …
Beverages, total 20.9 16.4 15.3
12.112.7
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 22 of 28
NOTE 2
Segment reporting by activity
DKK million Q2
Q2
2009
2008
Beverages Other Total
Beverages Other Total
ac tiv
ac tiv
iti es
itie s
Net 17, 623 - 17,62 3
17,541 - 17,54 1
Operating profit before special items 3,675 -20 3,655
2,87 6 274 3,150
Spec ia l item s, -84 - -84
-91 - -91
Financial items, net -539 -7 -546
-816 4 -81 2
Profit before tax 3,052 -27 3,025
1,96 9 278 2,247
Corporation tax -882 4 -878
-607 -52 -65 9
Con soli dat ed prof it 2,17 0 -23 2,147
1,36 2 226 1,588
Attributable to:
Minor ity inte rests 207 - 207
174 -1 173
Shareholders in Carlsberg A/S 1,963 -23 1,940
1, 188 227 1,41 5
DKK million H1
H1
2009
2008
Beverages Other Total
Beverages Other Total
ac tiv
ac tiv
iti es
itie s
Net 29, 409 - 29,40 9
26,977 - 26,97 7
Operating profit before special items 4,496 -53 4,443
3,25 7 281 3,538
Spec ia l item s, -191 - -191
-128 - -12 8
Fin anci al - - 1,45 4 4 -1,450
-1,224 -58 -1,282
-
e
-
-
,
Profit before tax 2,851 -49 2,802
1,90 5 223 2,12 8
Corporation tax -823 10 -813
-592 -35 -62 7
Con soli dat ed prof it 2,02 8 -39 1,989
1,31 3 188 1,501
Attributable to:
Minor ity inte rests 261 - 261
215 - 215
Shareholders in Carlsberg A/S 1,767 -39 1,728
1,09 8 188 1,286
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 23 of 28
NOTE 3
Segment reporting by quarter
DKK
millionQ3Q4Q1Q2Q3Q4Q1Q2
2007 2007 2008 2008 2008 2008 2009
2009
Net
reve-
ue
Northern & Western Europe 8, 624 7, 9886, 633 10,77 610,804 8,91 57,20 010,7
05
Eastern Europe 3, 069 2, 0661, 972 5, 8886,66 1 4,6163,46
65,841
Asia 7 46 7 09 8 11 8 28 932 984 1,07
41,049
Not a lloca ted -9 5 5 2 0 4 9 4 6 9 4 6 28
Beverages, total 12, 10,8 189, 436 17,54 118,443 14,52411,78617,6
23
430
Other activities - - - - - - - -
Total 12, 430 12, 10,8 189, 436 17,54 118,443 14,52411,78617,6
23
430
Operating profit before
special items
Northern & Western Europe 1, 179 7 31 1 35 1, 5701,40 1 847
1401,740
Eastern Europe 80 6 3 45 2 85 1, 3881,63 7 799
6951,952
Asia 1 07 7 6 1 24 1 17 145 125 155 167
Not a lloca ted -138 - 318 -163 - 199 - 243 -363 - 169
-184
Beverages, total 1 ,954 8 34 3 81 2, 8762,94 0 1,408
8213,675
Other activities 124 94 7 274 114 -21 -33 -20
Total 2 ,078 9 28 3 88 3, 1503,05 4 1,387
7883,655
Sp net -42 - 243 -37 -91 - 169 -1,344 - 107 -84
ecia
l
item
s,
Financial items, net -277 - 428 -470 - 812 - 893 -1,281 - 904
-546
Profitax 1 ,759 2 57 -119 2, 2471,99 2 -1,238 -
2233,025
t
befo-
e
Corporation tax -461 - 173 3 2 - 659 - 583 1,534 6 5
-878
Consolidated profit 1, 298 8 4 -87 1, 5881,40 9 296 -
1582,147
Attributable to:
Minori ty inte rests 1 20 4 7 4 2 1 73 188 172 5 4 207
Sh in Car lsbe 1 ,178 3 7 -129 1, 4151,22 1 124 -
2121,940
areho rg A/S
lde
rs
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 24 of 28
NOTE 4
Special items
DKK million H1 H1 2008
2009 2008
Impairment of Leeds Brewery, Carlsberg - - -19 7
UK
Impairment of Braunschweig Brewery, - - -13 5
Carlsberg Deutschland
Loss on disposal of Türk Tuborg - - -23 2
Provision for onerous malt contracts - - -24 5
Rel oc atio n co sts,
in connection with new production -20 -15 -19
structure in Denmark Ter mi nati on
bene fit s
in connection with new production -17 -30 -30
structure at Sinebrychoff, Finland
Termination benefits etc. in connection
with Operational Excellence programmes
- -19 -15 0
Termination benefits and expenses,
transfer of activities to Acc oun ting
Sh ared Ser vic e Cent er in Polan d
- -11 -16
Restructuring, Carlsberg UK -31 - -
Restructuring, Carlsberg Italia -17 -22 -93
Rest ruc tur ing, -4 9 - -29 1
Rest ruc tur ing, - -9 -26
Other restructuring -40 -12 -13 8
Inte grat ion - -17 -10 -69
o
-
-
s
Special items, net -191 -128 -1, 641
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 25 of 28
NOTE 5 (PAGE 1 OF 2)
Debt and credit facilities
DKK million 30 Ju ne 20 09
Non-current borrowings:
Issued bonds 13,828
Bank borrowings 27,980
Mor tga ges 1,98 7
Lease liabilities 28
Other non-current borrowings 705
Tot al 44, 528
Current borrowings:
Mortgages 373
Bank borrowings 1,000
Lease liabilities 15
Other current borrowings 94
Total 1,482
Total non-current and current borrowings 46,010
Cash and cash equivalents -3,971
Net financial debt 42,039
Other interest bearing assets -1,225
Net interest bearing debt 40,814
All borrowings are measured at amortised cost. However, fixed-rate borr ow ing
s swap ped to fl oati ng rat es are meas ured at fai r va lue . The carrying
amount of these borrowings is DKK 2,884m
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 26 of 28
NOTE 5 (PAGE 2 OF 2)
Debt and credit facilities
DKK million
Time to maturity for non-current borrowings: 30 June 2009
1-2 years 2-3 years 3-4 years 4-5 years > 5 years
Total
- 2,168 1,749 7,39 2 2,519
13,828
7,156 369 19,7 10 - 745
27,980
- - - - 1,987 1,98
7
Other 728 - - 5 -
733
non-current
borrowings
7,884 2,537 21,459 7,397 5,251
44,528
Intere st*
Net financial
debt * Floating Fixed Floating % Fixed
%
35,348 2,372 32,97 6 7%
93%
3,933 3,562 371 91%
9%
1,192 1,192 - 100%
-
1,172 1,172 - 100%
-
1,875 1 ,875 - 100%
-
-1,940 -1,9 40 - N/A
N/A
4 59 4 59 - 100%
-
4 2,039 8 ,692 33,347 21%
79%
pai d by Bal tikin Jul y of moretha n DKK 2.3b n
a
Commited credit facilities* 30 June 2009
DKK million
Less than 1 year 1,481
1 to 2 years 9,486
2 to 3 years 3,168
3 to 4 years 26,432
4 to 5 years 7,397
Mor e than 5 ye ars5,2 51
Total 53,215
Short term 1,481
Long term 51,734
* Defined as short term borrowings and long term committed credit facilities
www.carlsberggroup.com
Company announcement 11/2009
5 August 2009
Page 27 of 28
NOTE 6
Net interest bearing debt
DKK millionQ2Q2H1H1
2009 2008 2008
Net interest-bearing debt is calculated as follows:
No n-cu rre nt borr ow ing s Current 44,
528 45,605 43,23 0
borrowings borrowings borrowings
1,482 7,786 5,291
Gr oss int eres t-b eari ng 46,
010 53,391 48,52 1
Ca sh and -3,
971 -4,706 -2,857
Lo ans to
-3 - 3 -6
On-trade loans
-2,307 -2,439 -2,278
less non- inte res t-b ear ing-
1,47 7 1,414 1,403
-
r
-
i
-
n
Oth er rec eivab les -1,
861 -2,124 -2,032
less non- inte res t-b ear ing-
1,46 9 1,876 1,405
-
r
-
i
-
n
Net interest-bearing debt
40,814 47,409 44,15 6
Changes in net interest-bearing debt:
Net interest-bearing debt at beginning 45,839 22,652
44,15 6 19,726 19,72 6
of peri od
Ca sh -6, 201 -2,7 71
-5,968 -2,083 -7,812
Ca sh fl ow fr om 1,02 2 52,269
1,86 8 54,365 57,15 3
Dividend to shareholders and minority 294 261
830 714 723
inte res ts
Acquisition of minority interests - 132
54 202 299
Acquisition/disposal of treasury shares - - 1
- - 8 -2
Acquisition of entities, net 4 4,418
4 4,419 4,015
Capital increase - -29,837
- -29,837 -29, 938
Change in interest-bearing lending 7 713
62 392 140
Effects of currency translation -240 56
-262 -330 -226
Other 89 -483
70 -151 78
Total change -5,025 24,757
-3,342 27,683 24,43 0
Net interest-bearing end of period 40,814 47,409
40,81 4 47,409 44,15 6
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Company announcement 11/2009
5 August 2009
Page 28 of 28
NOTE 7
Acquisition of entities
The purchase price allocation of fair value on identified assets, liabilities
and contingent liabilities in the acquisition of part of the activities in S&N
has been completed in April 2009. The final allocation of fair value has
resulted in total net assets of DKK 21.1 bn, a decline of DKK 0.2 bn compared to
the preliminary allocation 31 December 2008, and total goodwill amounts to DKK
33.7bn, a increase of DKK 0.2 bn. Furthermore, there have been some
reclassifications between the individual balance sheet items. Adjustments will
be made to the purchase price dependent on the final allocation of debt
according to agreement.
Further adjustments are expected to the purchase price allocation of Baku-Castel
Brewery which will be recognised within the 12 month period relating to the
acquisition in August 2008. .
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