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1410410E0GSN06862
Contents
Management Review
Carlsberg Breweries Group financial statements scenerne terts nt LEE LEEDS veeeeesesererssrnee 15
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Statement of comprehensive i income
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Statement of changes in equity ..........sssensrsse versene bueeseresensrresnrere branereveesens en enenn renses tere k sense resterne 18
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Financial statements, Parent Company Carlsberg Breweries AIS….
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Activities of the Group
The Carlsberg Breweries Group is one of the leading brewery groups in
the world, with a large portfolio of beer and other beverage brands.
Carlsberg Breweries' activities are focused on the markets where the
Group has the expertise and the right products to secure a leading
position. Due to the variation of the markets, the contribution to growth,
earnings and development within the Group differs, both at present and
in the longer-term projections.
The parent company's main activities are investments in national and
international breweries as well as license and export business.
BUSINESS DEVELOPMENT
The Carlsberg Group has a very strong portfolio of brands addressing
the relevant consumer needs and occasions. An import-ant part of our
commercial strategy and an important means to continued improvement
in our market share is to grow our strong local power brands as well as
our international premium brands — Carlsberg, Tuborg, Kronenbourg
1664, Grimbergen and Somersby.
The Carlsberg brand grew its volumes in the premium markets in the
second half of the year but declined 2% for the full year as we were
cycling last year's EURO 2012 activations, when the brand grew 8%. In
Asia, the brand showed particularly strong performance in China and
India. During the year, we rolled out the innovative music engagement
programme "Where's the Party?” in 20 markets; started activation of our
English Premier League sponsorship in 53 markets, including the
launch of the innovative "Strikr” app, which is the first app to let fans
have real-time football conversation on Twitter; and renewed our long-
standing partnership with Liverpool FC. The activation on digital media
platforms continued successfuily and the viral "Carlsberg puts friends to
the test” achieved over 13m views on YouTube.
The Tuborg brand grew 10% for the year. The growth was mainly
driven by very strong performance in Asia, not least in China and India.
We continued the brand's rejuvenation programme, supported by the
launch of Tuborg Booster in India, the new Tuborg bottle in the UK and
the launch of Skøll by Tuborg in France,
Kronenbourg 1664 continued its positive momentum with 6% growth
(excluding France, which was impacted by destocking following a
significant excise duty increase). We introduced the brand in new
markets, and the successful roll-out of the wheat beer Kronenbourg
Blanc contributed to the overall brand development, particularly in Asia.
Our cider brand, Somersby, continued its very strong progress and
grew 78%. The key drivers behind the growth were the launch in the UK,
continued positive performance in Poland and line extensions in
established markets such as Wild Cactus by Somersby in Denmark and
Double Press in Norway. The brand is now available in 40 markets
around the world and | am proud of the fact that it continues to be the
fastest growing international cider brand.
The Group's Belgian abbey beer Grimbergen continued its successful
expansion in 2013 and is now available in 33 markets globally. During
the year, Grimbergen was launched in nine new markets, including
Denmark and Poland, and we took over the distribution in Russia.
2013 results
In 2013, we delivered solid earnings growth despite challenging and
uncertain market conditions and we achieved market share growth in all
three regions driven by focused commercial execution and a number of
successful innovations.
Our Asian markets continued to grow while our Western European
markets declined by an estimated 2%. The Russian market declined by
an estimated 8% due to outlet restrictions and slower economic growth.
Tuborg grew 10% and was the fastest growing international premium
beer brand in China and the largest premium brand in India.
The Carlsberg brand grew 6% in the second half of 2013 in premium
markets (declined 2% for the full year, cycling last year's EURO 2012
activations).
Our international cider brand, Somersby, grew 78%.
We kept a high level of investments across markets and functions to
capture the short- and longer-term earnings growth opportunities.
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1410410E0GSN06864
Cash flow from investing activities amounted to DKK -8,857mM against
DKK -5,888m in 2012.
Total operational investments were DKK 6.1bn (DKK 5.1bn in 2012)
and primarily included capacity expansion in Poland and Asia,
greenfield breweries in Asia, investments related to network
optimisation in Western Europe and sales investments.
Financial investments were impacted by the acquisition of 30.29% of
the shares in Chongqing Brewery Company at the end of 2013 and
prepayments related to the acquisition of Chongqing Beer Group
Assets Management at the end of 2013.
Free cash flow was DKK 484m against DKK 4,250m in 2012.
Financing
At 31 December 2013, gross interest-bearing debt amounted to DKK
40.2bn and net interest-bearing debt amounted to DKK 33.8bn. The
difference of DKK 6.4bn was other interest-bearing assets, including
DKK 3.7bn in cash and cash equivalents.
Of the gross interest-bearing debt, 76% (DKK 30.5bn) was long-term,
i,e. with maturity more than one year from 31 December 2013. The net
interest-bearing debt consisted primarily of facilities in EUR and
approximately 60% was at fixed interest (fixed-interest period
exceeding one year).
STRUCTURAL CHANGES
During the year, we took several steps in Asia to further strengthen the
Carlsberg Group's growth profile.
In China, we initiated the construction of a new brewery in the Yunnan
province in October. The brewery is expected to be operational in 2015.
During the year, we increased our shareholdings in the Qinghai and
Lanzhou joint ventures to 50%. In December, we finalised the partial
takeover offer for the shares in Chongqing Brewery Company and now
own 60% of the company. Also in December, we announced the
purchase of 100% of Chongqing Beer Group Assets Management,
further expanding our footprint in China. The approvals for that
transaction are still pending.
In August, we started the construction of the first international brewery
in Myanmar. The brewery is expected to be operational in the second
half of 2014.
Finally, in Laos we increased our shareholding in Lao Brewery by 10%
to 61% and in Tibet, we increased our shareholding in Lhasa Brewery
to 50%.
INCENTIVE PROGRAMMES
In 2013, a total of 91,000 share options with an exercise price of DKK
573.50 were granted to the Executive Board. In addition, a total of
372,049 performance shares with an exercise price of DKK 0 were
granted to 336 members of the long-term incentive plan of which
45,135 performance shares were granted to the Executive Board. The
number of performance shares in this programme is preliminary, as the
final number will be determined on the basis of the achievement of
specific performance criteria as described in the remuneration report in
the Annual Report.
In 2014, a total of approximately 100,000 share options will be granted
to the Executive Board. The precise number will be calculated using the
Black-Scholes formula and on the basis of an exercise price calculated
as an average of the share price on the first five trading days after
publication of the present Company Announcement. In addition,
approximately 365,000 performance shares with an exercise price of
DKK 0 will be granted to 342 members of the long-term incentive plan
of which approximately 47,000 will be granted to the Executive Board.
The preliminary number will be based on the average share price of the
trading days before and after the publication of the present Company
announcement.
RISK MANAGEMENT
At Carlsberg we consider effective risk management an integral part of
our business operations as it reduces uncertainty, helps the group
achieve its strategic ambition and facilitates value creation for all
stakeholders.
Carlsberg's comprehensive approach to risk management involves the
identification, assessment, prioritisation and economic management of
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1410410E0GSN06€865
2015-2018 and placed in the upper-right quartile of the risk heat map.
These three high risks for 2014 are presented below.
The identified strategic high risks also included declining beer markets
and the image of beer in Europe, increasing excise taxes, tightened
regulation and lack of top-line growth. The Group closely monitors and
undertakes risk-reducing activities in order to mMinimise the likelihood
and potential impact of all strategic high risks.
Economic slowdown
Description
The economic slowdown of recent years continues, particularly in
Western Europe. But slower growth is also evident in Eastern Europe
and some Asian countries.
Possible impact
Slower economic growth particularly impacts emerging markets,
including Eastern Europe, where there is a clear correlation between
GDP growth and growth in beer consumption. However, in the mature
markets of Western Europe the challenging macroeconomy has also
had a negative impact on beer consumption. Declining or slower growth
in beer consumption may negatively impact the Group's net revenue
and operating profit.
Mitigation
We continuously monitor the macroeconomic health of our markets and
will continue to take actions to reduce the impact of the adverse
economic environment. Mitigating factors and actions include our broad
portfolio of beer, which caters to different price segments, and the
active diversification of our portfolio outside beer, for example the
Somersby cider brand. From a cost perspective, we apply a systematic
and focused approach to allocate our resources to fewer things with the
highest impact. The many efficiency initiatives across the business will
also reduce the cost base.
Implementation of BSP1
Description
2013 was the first year of the three-year implementation period of the
supply chain integration and business standardisation project (BSP1).
The project is a key enabler for the transformation of the operating
model in Western Europe and will lead to increased speed, optimised
asset utilisation and improved capabilities. The project will yield
significant long-term benefits in Western Europe.
Possible impact
Rolling out the BSP1 project requires significant resources and entails
substantial implementation costs. If the implementation of the project or
the adoption of the new operating model fails, this could have a
negative impact on regional and Group earnings.
Mitigation
In order to reduce the risk of not being able to manage the BSP1
implementation and the business transformation, a number of activities
are ongoing, including: post go-live assessment of ways of working to
identify issues and create solutions; accumulating and adapting to
lessons learned from past roll-outs; securing key resources across the
markets; and, when and if appropriate, reorganising the BSP1 teams to
ensure clear responsibilities at all times during the roll-out period.
Impact and speed of large Group projects
Description
In addition to the BSP1 project, the Carlsberg Group is running a
number of large structural and efficiency projects to reduce the overall
cost base of the Group. Another large project in 2014 will be the
integration of the newly acquired Chongqing Brewery.
Possible impact '
In light of the challenging economic environment in many of the Group's
markets, the structural, efficiency and integration projects represent
important levers for growing Group operating profit. Failure to
successfully implement the projects therefore represents a risk to
achieving the Group's financial ambitions.
Mitigation
To ensure the development and implementation of the large Group
projects, they are the focus of attention for top management. In addition, |
the Group has adopted a rigid and systematic approach to closely
monitor and track the status of key initiatives, including progress versus
plan, issues, risks and savings. Where relevant, KPis are linked to
project performance.
CORPORATE SOCIAL RESPONSIBILITY
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1410410E0GSN06866
Consequently, developing sustainable packaging solutions offers great
potential for reducing our environmental impact and reducing long- and
short-term risks. In 2013, we set ambitious targets and implemented a
number of initiatives to reduce the environmental impact of our
packaging.
We have entered into partnerships with global packaging suppliers of
cans, glass bottles, coatings and shrink wrap. Our joint aim is to reduce
the environmental impact and develop solutions that are optimised for
reuse either as new packaging or as something completely different,
such as clothing, with the same or a higher level of quality than the
original packaging.
Promoting responsible drinking
While the vast majority of consumers enjoy beer in moderation as part
of a healthy lifestyle, we recognise that a Minority of consumers may
have a harmful drinking pattern leading to unwanted health and
social effects. As a responsible brewer, we are committed to reducing
the harmful overconsumption of beer and to playing a positive role in
taking global action on this important public health issue.
In 2013, we defined targets and developed a new policy and related
guidelines for this area to enable commitment and compliance across
the Group.
In 2012, we signed the Global Commitments to reduce harmful drinking
and committed to reporting on our actions and progress within five
areas as of 2013. Our reporting under the Global Commitments has
been audited by an external assurer to increase trans-parency for our
financial and non-financial stakeholders. We believe that delivering on
the Global Commitments is essential for our ambition to improve the
image of beer and continue to drive category growth.
As another initiative, we have implemented strategic self-regulation
schemes in cooperation with regulatory stakeholders in selected
markets. This has enabled an open and constructive dialogue with key
stakeholders, giving us the opportunity to prove our willingness to act
on our ambition to reduce harmfu! drinking and grow responsibly.
DIVERSITY
We refer to the description in the consolidated financial statement of
Carlsberg A/S
THE AUDIT COMMITTEE
In 2013, the Audit Committee consisted of four members of the
Supervisory Board: Jess Søderberg (Chairman), Flemming
Besenbacher, Richard Burrows and Donna Cordner. Jess Søderberg,
Richard Burrows and Donna Cordner all qualify as being independent
of the Company and all possess the relevant financial expertise.
The Audit Committee is appointed for one year at a time. For 2014,
Jess Søderberg, Richard Burrows and Donna Cordner have been
appointed to the Committee, Jess Søderberg as Chairman.
The Audit Committee works according to Terms of Reference, which
are reviewed and approved annually by the Supervisory Board, and a
detailed annual meeting plan approved by the Supervisory Board prior
to the beginning of each financial year. The Supervisory Board
approved the current Terms of Reference and the Audit Committee
meeting plan for 2013 at its meeting in December 2012 and approved
the 2014 meeting plan at its meeting in December 2013. The Terms of
Reference are available on the Company's website.
In 2013, the Audit Committee held five meetings. All members
participated in four of the meetings. At one meeting, one member was
absent. In accordance with its Terms of Reference and annual meeting
plan, the Audit Committee has primarily carried out the following work:
28) Monitored the financial reporting process. The presentations to the
Audit Committee and the Audit Committee's discussions had special
focus on management judgements, estimates, and changes in
accounting policies and procedures and the clarity of disclosures. In
addition, they focused on compliance with accounting standards and
stock exchange and other legal requirements related to financial
reporting. The Audit Committee also discussed the assumptions behind
the Company's full-year profit expectations before all releases of
financial statements. In addition, the Audit Committee reviewed the
financial personnel succession planning.
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1410410E0GSN06867
and qualitative factors. The associated financial reporting risks are
identified based on the evaluation of the impact of the risks
materialising and the likelihood of the risks materialising.
The identified areas are divided into accounts with high, medium or low
risk. High-risk areas are accounts that include significant accounting
estimates, including goodwill and special items, and the sales and
purchase process. Carlsberg's financial control! framework reporting
covers relevant Group companies and functions to the level where high-
risk accounts are covered at least 80% and medium-risk accounts at
least 60%. Low-risk accounts are not covered.
Control activities
The Group has implemented a formalised financial reporting process for
the strategy process, budget process, quarterly estimates and monthly
reporting on actual performance. The accounting information reported
by all Group companies is reviewed both by controllers with regional or
functional in-depth knowledge of the individual companies/functions and
by technical accounting specialists. In addition, significant Group
companies have controllers with extensive commercial and/or
accounting knowledge and insight.
Based on the risk assessment, the Group has established minimum
requirements for the conducting and documentation of IT and manual
control activities to mitigate identified significant financial reporting risks.
Carlsberg's financial control framework covers 132 controls relating to
23 accounting processes and areas.
The relevant Group companies and functions must ensure that
Carlsberg's financial control framework is implemented in their business
and that individual controls are designed to cover the predefined
specific risk, The local management is responsible for ensuring that the
internal control activities are performed and documented, and is
required to report the compliance quarterly to the Group's finance
organisation.
The entities in the Group are dependent on IT systems. Any
weaknesses in the system controls or IT environment are compensated
for by manual controls in order to mitigate any significant risk relating to
the financial reporting. This includes the implementation of
compensating controls during the implementation of the supply chain
integration and business standardisation project given that an increased
number of people will have access to systems. Sweden was the first
country to implement the project in the spring of 2013.
Information and communication
The Group has established information and communication systems to
ensure that accounting and internal control compliance are established,
including a finance manual, a controller manual and internal control
requirements.
Besides this, the Group has implemented a formalised reporting
process for reporting monthly, quarterly, budget and estimate figures
from all countries and functions.
Monitoring
The Audit Committee's monitoring covers both the internal control
environment and business risk. The monitoring of the internal control
environment is covered by Carlsberg's financial control! framework. The
business risk is assessed and reviewed at multiple levels in the Group,
such as periodic review of control documentation, controller visits and
audits performed by Group Internal Audit.
Additionally, business risks are discussed and monitored at business
review meetings between the Executive Committee, regional
management and local management, at which potential financial
impacts are identified.
The Audit Committee's Terms of Reference outline its roles and
responsibilities concerning supervision and monitoring of the internal
control and risk management systems related to financial reporting. The
monitoring is performed on the basis of periodical reporting from the
finance organisation, internal and external audit.
2014 EARNINGS EXPECTATIONS
Based on restated figures for 20137, for 2014 the Group expects:
. Operating profit to grow organically by high-single-digit
percentages (reported mid-single-digit percentage growth).
! See section 9.3 in the consolidated financial statements.
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the Group's actual results to differ materially from those expressed in its forward-looking
statements include, but are not limited to: economic and political uncertainty (including
mterest rates and exchange rates), financial and regulatory developments, demand for
the Group's products, increasing Industry consolidation. competition from other breweries,
the avarlability and pricing of raw materials and packaging materials. cost of energy,
production- and distribution-related issues, informatson technology failures. breach or
unexpected termination of contracts, price reductions resulting from market-driven price
reductions, market acceptarice of new products, changes in consumer preferences,
launches of rival products, stipulation of market value In the opening balance sheet of
acqured entities, litigat:ion, environmental issues and other unforeseen factors. New risk
factors can arise, and it may not be possible for management to predict all such risk
factors. nor to assess the impact of all such risk factors on the Group's business or the
extent to which any individual risk factor, or combination of factors, may cause results to
difter materially from those contained in any forward-looking statement. Accordingly,
forward-iooking statements should not be relied on as a prediction of actual results.
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14104
Income statement Statement of comprehensive income
DKK million Section 2013 2012 DKK million Section 2013 2012
Revenue 93.732 92,367 Consolidated profit 5.911 4,833
Excise duties on beer and soft drinks etc. -27.180 "25.899
Net revenue 66,552 66.468 Other comprehensive income
Retirement benefit obligations 7.4 825 -739
Cost of sales 1.3.1 -33.622 -33.831 Share of other comprehensive income in assoclates 4 4
Gross profit 32.930 32.637 Corporation tax relating to items that will not be reclassified 6.1 -196 133
Items that wiil not be reclassified to the income it 633 -602
Sales and distribution expenses 1.3.3 "18.717 -18.912
Administrative expenses 1,3,3 4,464 "4.174 Forelgn exchange adjustments of foreign entitles 4,1 -7,499 1.904
Other operating activities, net 1.3.4 129 248 Value adjustments of hedging instruments 41 11 111
Share of profit after tax, associates 5,5 104 112 Effect of hyperinfation 4.1 61 75
Operating profit before special items 9,982 9.909 Other -28 2
Corporation tax relating to items that may be reclassified 6,1 -B »46
Special items, net 3.1 -1.812 Items that may be reclassified to the Income statement -7.463 2.042
Financlal Income 4.1 918 Other comprehensive income -6.830 1.440
Financial expenses 4,1 "2,653
Profit before tax 6,362 Total comprehensive income -919 6.273
Corporation tax 6,1 -2,086 1.529 Attributable to:
Consolidated profit 5,911 4.833 Non-controlling interests 307 582
Shareholders in Carlsberg Breweries A/S -1.226 5,691
Attributable to:
Non-controlling interests 480 638
Shareholders in Carlsberg Breweries A/S 5.431 4.195
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1410410E0GSN06870
Statement of changes in equity
2013
Shareholders in Carlsberg Breweries A/S
Equity,
shareholders
in Carlsberg Non-
Share Currency Hedging Total Retained Breweries controlling Total
DKK million capital translation reserves reserves earnings AS interests equity
Equity at 1 January 2013 501 -5.769 -733 -6.368 65.396 59.529 3.389 62,918
Consolidated profit - - - - 5.431 5,431 480 5.911
Other comprehensive income
Foreign exchange adjustments of foreign entities - -7.327 - -7.327 - -7.327 -172 -7.499
Value adjustments of hedging instruments - -118 129 11 - 11 - 11
Retirement benefit obligations - - - - 818 818 7 825
Share of other comprehensive income in associates - - - - 4 4 - 4
| Effect of hyperinflation - 58 ” 58 - 58 3 61
Other - - - -17 -17 -11 -28
Corporation tax - 44 -52 -8 -196 -204 - -204
Other comprehensive income - -7.343 77 -7.266 609 -6.657 -173 -6.830
Total comprehensive income for the year - -7.343 77 -7.266 6.040 -1.226 307 "919
Capital increase - - - - - - 32 32
Refund to parent company for exercise of share options - - - - 51 -51 - -51
Change in expected future refunds for exercise of share options - - - - 1 1 ” 1
Share-based payment - - - - 57 57 - 57
Dividends paid to shareholders - - - - -915 -915 -359 -1.274
Acquisition of non-controlling interests - - - - -332 -332 -224 -556
Acquisition of entities - - - - - - 543 543
Total changes in equity - -7.343 77 -7.266 4.800 -2.466 299 -2.167
Equity at 31 December 2013 501 -13.112 -656 -13.634 70.196 57.063 3.688 60.751
The proposed dividend of DKK 2,435 per share, in total DKK 1,220m (2012: DKK 1,827 per share, in total DKK 915m), is included in retained earnings at 31 December 2013.
Dividends paid out in 2013 for 2012 amount to DKK 915m (paid out in 2012 for 2011: no dividend), which is DKK 1,827 per share (2012: no dividend). Dividends paid out to
shareholders of Carlsberg A/S do not impact taxable income in Carlsberg A/S.
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Statement of cash flows
Shareholders in Carlsberg Breweries A/S 4.3.2 -915 -
Non-controlling interests 4.3.2 "679 -5.198
Extemal financing 4.4.1 464 3.263
Cash flow from fi ing activities -2,058 1.935
Net cash flow 1.574 2,315
Cash and cash equlvalents at 1 January? 5.048 2,798
Foreign exchange adjustment of cash and cash equlvalents -165 -65
Cash and cash equivalents at 31 December? 4.4.2 3.309 5,048
DKK million Section 2013 2012
Operating profit before special items 9.982 9,909
Adjustment for depreciation and amortisation 3,975 3.980
Adjustment for impairment losses" 6 28
Operating profit before depreciation, amortisation and impairment losses 13.963 13.917
Adjustment for other non-cash items 1.5.1 608 323
Change in trade working capital 1.5.1 614 865
Change in other working capital 1.5.1 -736 -505
Restructuring costs pald -848 -324
Interest etc. received 338 378
Interest etc. paid -2.444 -2.251
Corporation tax paid -2.354 -2,265
Cash flow from operating activities 9.341 10.138
Acqulsition of property, plant and equipment and intangible assets -5,765 -5,061
Disposal of property, plant and equipment and intangible assets 151 440
Change in on-trade loans 1.5.1 487 -447
Total operational investments -6.101 -5.068
Free operating cash flow 5,070
Acquisitlon and disposal of entities, net 5,3 -2.340 27
Acquisition and disposal of associates, net =191 -822
Acquisition and disposal of financial assets, net - -17
Change in financial receivables 1,5,1 -289 28
Dividends received 71 &%
Total financial investments -2.749 -798
Other investments in property, plant and equipment - -
Disposal of other property, plant and equipment 7 22
Total other activities? -7 -22
Cash flow from investing activities -8.857 -5,888
Free cash flow 1,5 484 4.250
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3 Cash and cash oqulvalents 088 bank ovardrafts,
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Section 1.1 Business developments
Breweries Group
2012 Organic — Acq., net FX 2013 Reported
120,4 "2% 1% 119,7 "1%
Other beverages (million hl) 19,1 2% 1% 19,7 3%
Total volume, pro rata 139,5 -1% 1% 139,4 0%
Net revenue 66.468 1% 2% -»3% 66.552 0%
Operating profit, before special items 9,909 5% 0% -4% 9,982 1%
Operating margin (%) 14,9 15,0 10bp
Group beer volumes declined organically by 2%, while reported beer volumes declined by 1%, The
growing volumes in Asia were not enough to offset the volume decline in Eastern and Western Europe.
The acquisition impact of 1% mainly related to Chongqing Brewery Group in China and distribution
ities acquired from Nordic Getrånke in Germany. Other beverages grew organically by 2%.
Net revenue grew by 1% organically, while reported net revenue was flat as a result of -3% impact
from currencies and acquisition impact of +2%. The negative currency impact was due to weaker
currencies in Russia, Malawi, Norway, the UK and several Asian countries,
Cost of goods sold per hl increased organically by approximately 1%, but due to the positive price/mix
gross profit per hl grew by approximately 5% organically. Reported cost of goods sold per hl declined
slightly and reported gross profit per hl grew by 1%. Total gross profit grew organically by 3%.
Reported gross margin improved by 40bp to 49.5%.
We invested in future efficiency improvements and reported operating expenses grew by 1% impacted
by BSP1-related costs of approximately DKK 350m. Excluding the BSP1 related costs, reported
operating expenses declined by 1%, driven by tight cost control in all areas.
Consequently, operating profit before special items grew organically by 5%.
All three regions delivered organic operating profit growth, with particularly strong growth in Asia.
Reported operating profit was DKK 9,982m. Group operating margin increased by 10bp to 15.0%.
Eastern Europe and Asia improved operating margins, while the Western European margin was flat
versus prior year despite the BSP1-related costs.
Reported net profit was DKK 5,431m (2012: DKK 4,195m).
Adjusted net profit (adjusted for post-tax impact of special items) grew by 2% to DKK 5,762m versus
DKK 5,711m last year.
Accounting policies
Growth represents the combined effect of the following three elements: acquisitions, foreign exchange
effects and organic growth. The acquisition effect is calcutated as the effect of acquisitions and
divestments, including any additional share obtained from increased ownership of proportionately
consolidated entities and associates for a 12-month period from the acquisition date. The foreign
exchange effect is the difference between the figures for the current reporting period translated at the
exchange rates applying to the previous reporting period and at the rates applying to the current
reporting period. Organic growth is the remaining growth that is not related to acquisitions, divestments
or foreign exchange effects.
Section 1.2 Revenue and segmentation of operations
The segmentation reflects the geographical and strategic management, decision and reporting
structure applied by the Executive Committee (Chief Operating Decision Maker).
The non-beverage activities are managed separately and therefore also shown separately.
Not allocated net revenue, DKK 171m (2012: DKK 125m), consists of DKK 9,176m (2012: DKK
7,687m) net revenue from other companies and activities and DKK -9,005m (2012: DKK -7,562m)
from eliminations of sales between these other companies and the geographical segments,
Not allocated operating profit before special items, DKK -1,335m (2012: DKK -1,1 99m), consists of
DKK -1,345m (2012: DKK -1,217m) from other companies and activities and DKK 10m (2012: DKK
18m) from eliminations.
Segmentation of income statement etc.
2013
Carlsberg
Westerm Eastem Not — Breweres
DKK million Europe Europa Asia allocated Group, total
Net revenue 38.696 17,700 9,874 282 66.552
Intra-segment revenue 100 11 - -111 -
Total net revenue 38.796 17.711 9.874 171 66.552
Total cost -33,528 -13,589 8.051 -1.506 -56,674
Share of profit after tax, associates 1 5 98 - 104
Operating profit before special items 5,269 4.127 1.921 z1.335 9.982
Special items, net -473
Financial items, net -1.512
Profit before tax 7.997
Corporation tax -2,.086
Consolidated profit 5,911
Operating margin 13,6% 23,3% 19,5% 15,0%
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1410410E0GSN06873
Section 1.3 Operating expenses, inventory and deposit
liability
Cost of sales decreased by 0.6%. The cost per hi declined slightiy compared to last year.
1.3.1 Cost of sales and inventory
Cost of materials mainly relates to barley/malt, hops, glass, cans and other packaging materials.
Purchased finished goods include cost of point-of-sale materials sold to customers and third-party
products.
Cost of sales
DKK million 2013 2012
Cost of materials 19,650 19,566
Direct staff costs 1.400 1.375
Machinery costs 944 902
Depreciation, amortisation and impalrment losses 2,863 2,815
Indirect production overheads 3.687 3,682
Purchased finlshed goods and other costs 5,078 5,491
Total 33.622 33,834
Research and development costs of DKK -99m (2012: DKK -96m) have been recognised in the
income statement as incurred,
Inventory
DKK million 2013 2012
Raw materials and consumables 2,319 2,332
Work in progress 319 304
Finished goods 2,124 1,905
Total 4.762 4.541
Inventory increased due to the acquisition of Chongqing Brewery Group, which was fully consolidated
from December 2013 and therefore impacted the level of inventory at year-end while having only a
minor impact on the cost of sales (only included for one month).
Raw material risk
Raw material risks are associated in particular with purchasing of cans (aluminium), malt (barley) and
energy. The management of raw material risks is coordinated centrally and aimed at achieving stable
and predictable raw material prices in the long term and avoiding capi-tal and liquidity being tied up
unnecessarily.
As the underlying markets for the specified categories of raw materials vary, so does the way in which
they are hedged against price increases, The most common form of hedging is fixed-price agreements
in local currencies with suppliers.
To hedge the implicit risk of volatile aluminium prices associated with the purchase of cans, the
Group's purchase price in the majority of purchase agreements is variable and based on the global
market price of aluminium (London Metal Exchange, LME). The Group is thus able to hedge the
underlying aluminium price risk.
For 2013, the majority of the aluminium price risk has been hedged for Western Europe and Eastern
Europe, and for 2014 the risk has been partially hedged, The total volume of aluminium purchased via
financial instruments was approximately 110,800 tonnes at the end of 2013 (2012: 97,300 tonnes).
Based on this volume, and assuming 100% efficiency, a 10% increase (decrease) in aluminium prices
would impact equity positively (negatively) by DKK 108m (2012: DKK 106m). Fair values of the
financial instruments are specified in section 4,8.
It is Group policy to secure delivery of malt and hops for the coming budget year, and the main part of
the exposure for 2013 was thus hedged through fixed-price purchase agreements for the majority of
the Group in 2012. The percentage which is hedged or price-fixed is higher for Western Europe than
for Eastern Europe,
Significant accounting estimates and judgements
At least once a year, the local entities assess whether the standard cost of inventories is
a close approximation of the actual cost, The standard cost is also revised if during the year it deviates
by more than 5% from the actual cost of the individual product.
Management also assesses the impact on the standard cost of government and other grants received
to fund operating activities. This involves assessing the terms and conditions of grants received,
including the risk of any repayment.
Funding and grants are recognised in the income statement in the same period as the activities to
which they relate,
Indirect production overheads are calculated on the basis of relevant assumptions as to capacity
utilisation, production time and other factors pertaining to the individual product.
The calculation of the net realisable value of inventory is mainly relevant to packaging materials, point-
of-sale materials and spare parts. The net realisable value is normally not calculated for beer and soft
drinks because their limited shelf-life means that slow-moving goods must be scrapped instead.
Following the economic downturn, the individual entities in the Group have paid special attention to
inventory tumover and the remaining shelf-life when determining the net realisable value and
scrapping.
Accounting policies
Cost of sales comprises costs of products sold during the year, indirect production overheads not
allocated to specific products (IPO) and development costs.
Own-produced finished goods and work in progress are measured at standard cost comprising the
cost of raw materials, consumables, direct labour and indirect production overheads. Indirect
production overheads comprise indirect supplies, wages and salaries, amortisation of trademarks and
software as well as maintenance and depreciation of machinery, plant and equipment used for
production and costs of production, administration and management.
The cost of purchased finished goods, raw and packaging materials and point-of-sale materials
includes any costs that are related directly to bringing inventories to the relevant place of sale and
getting them ready for sale, e.g. purchase cost, insurance, freight, duties and similar costs.
Inventories are measured at the lower of standard cost (own-produced finished goods) and weighted
average cost (other inventories) and net realisable value. The net realisable value of inventories is
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14104
Section 1.4 Foreign exchange risk related to earnings
A significant part of the Group's activities takes place outside Denmark and in currencies other than
DKK. Foreign exchange risk is therefore a principal financial risk for the Group and, as such, exchange
rate fluctuations can have a significant impact on the income statement.
Transaction risks on purchases and sales
The Group is exposed to transaction risks on purchases and sales in currencies other than the
functional currency of the local entities. It is therefore Group policy to hedge future cash flows in
currencies other than the functional currency of the entities for a one-year period. This policy applies to
Western Europe, excluding some of the Baltic and Balkan states. Hedging is carried out when plans
for the following year are being prepared, effectively hedging the entities' operating profit in local
currency, Since a major part of the purchases in foreign currency is in EUR, this will not constitute a
risk at Group level. However, at Group level these hedges are effectively an economic hedge of (parts
of) the net revenue in the relevant currency, and they are accounted for as cash flow hedges.
Impact from Eastern Europe
The foreign exchange risk in the entities in Eastern Europe is managed differently from Carlsberg's
operations in the main parts of the rest of the Group. The reason is the excessive cost of hedging
these currencies over a longer period of time, With regard to transaction risk, Baltika Breweries has
expenses in both USD and EUR. This split is likely to reduce the transaction risk. However,
appreciation and depreciation of RUB have affected and will continue to affect operating profit
measured in both DKK and RUB.
Translation Risk
The Group is exposed to risk from translation of foreign entities into the Group's functional currency,
DKK, The Group is primarily exposed to RUB and secondarily to other currencies as stated in the
graph to the right, which distributes revenue by major currencies. There is also some exposure to a
number of Asian currencies, which in total represent approximately 20% (2012: 15%) of the Group's
operating profit. The exposure to fluctuations in EUR/DKK is considered insignificant due to Denmark's
fixed exchange rate policy towards EUR.
Net revenue by currency as
a percentage of total net
Net revenue by currency
as a percentage of total
revenue 2013 net revenue 2012
MEUR27% I Mm EUR 26%
M RUB 18% mm MRUB 219%
B DKK 11% NM DKK 10%
M GBP 7% GBP 7%
& CHF 5% Mm CHF 5%
ER NOK 4% Mm NOK 4%
BH CNY 4% DI SEK 4%
U PLN 4% TI PLN 4%
” SEK 4% UAH 3%
2 UAH 3% i CNY 3%
+ Other 13% co Other 13%
The Group has chosen not to hedge the exposure arising from translation of revenue or earnings in
foreign currencies but does in certain cases hedge specific cash flows such as dividends to be
received in foreign currencies.
Impact on operating profit
Developments in exchange rates between DKK and the functional currencies of foreign entities had a
negative impact on the Group's operating profit measured in DKK. Operating profit was reduced as a
result of a decrease in the average rates for CHF/DKK (-1.9%), NOK/DKK (-4.4%), GBP/DKK (-4.4%),
MYRIDKK (-4.4%), RUB/DKK (-5.6%) and UAH/DKK (-3.6%).
Section 1.5 Cash flow from operating activities
Cash flow from operating activities was DKK 9.3bn (2012: DKK 10.1bn), i.e. a change of DKK -0.8bn.
The change was impacted by net working capital and higher paid restructuring cost than in 2012,
The Group is continuously working to improve its cash flow and looking into new initiatives. In some
major markets, Carlsberg uses receivable transfer agreements to sell trade receivables on a non-
recourse basis, Cash flow relating to trade payables improved because the Group focused on
achieving better payment terms with suppliers.
Against the backdrop of the slow recovery of most European economies, the Group is focusing on the
generally increased credit risk, on collection of receivables and on tightening of credit control in certain
Western European countries.
These activities led to an improvement of 0.8% in average trade working capital as a percentage of net
revenue, from 1% in 2012 to 0.2% in 2013.
The development in average trade working capital is shown in the graph below
Trade working capital as percentage of total net
revenue
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Section 1.6 On-trade receivables and trade loans
Receivables are included in the statement of financial position as follows:
On-trade loans
2013 2012
Trade recelvables 7.902 7,872 DKK million 2013 2012
Other recelvables 2947 2,679 Interest and amortisation of on-trade loans 79 91
Total current receivables 10.849 10,651 .
Non-current recelvables 2.079 2.187 Losses and write-downs on on-trade loans —78 -55
Total 32.928 12.738 On-trade loans, net 1 36
Trade receivables comprise invoiced goods and services as well as short-term on-trade loans to
customers. Other receivables com-prise VAT receivables, loans to partners and associates, interest
receivables and other financial receivables.
The Group's non-current receivables mainly consist of on-trade loans.
The current receivables comprise receivables from trade and other receivables.
Receivables by origin:
DKK million 2013 2012
Sale of goods and services 7.258 7,117
On-trade loans 1,916 2.022
Loans, fair value of hedging instruments and other receivables 3,754 3,599
Total 12.928 12.738
The fair value of the on-trade loans amounted to DKK 1,916m (2012: DKK 2,022m).
2013 2012
Average effective interest rates
On-trade loans 49 4,9
Non-current receivables fall due more than one year from the end of the reporting period, with DKK
137m (2012: DKK 142m) falling due more than five years from the end of the reporting period.
On-trade loans
Under certain circumstances the Group grants loans to on-trade customers in France, the UK,
Germany, Switzerland and Sweden. On-trade ioans are spread across a large number of
customers/debtors and consist of several types of Ioans, including ioans repaid in cash or through
reduced discounts, and prepaid discounts, The operating entities monitor and control! these loans in
accordance with central guidelines.
The following on-trade loan items are recognised in other operating activities, net:
Significant accounting estimates and judgements
The on-trade loan agreements are typicaliy complex and cover several aspects of the relationship
between the parties. Management assesses the recognition and classification of income and expenses
for each of these agreements, including the allocation of payments from the customer between
revenue, discounts, interest on the loan (other operating activities) and repayment of the loan.
1.6.1 Credit risk
Exposures on trade receivables are managed locally in the operating entities and credit
deemed appropriate for the customer taking into account the current local market cond
The Group does not generally renegotiate the terms of trade receivables with the individual customer
and trade receivables are not changed to on-trade loans, However, if a negotiation takes place, the
outstanding balance is included in the sensitivity analysis based on the original payment terms. No
ignificant trade receivables or on-trade loans were renegotiated during 2012 and 2013.
It is Group policy to reduce the credit risk through prepayments or cash payments on delivery,
especially for certain categories of customers in each country, The local entities assess the credit risk
and whether it is appropriate and cost-effective to hedge the credit risk by way of credit or bank
guarantees, credit insurance, conditional sale etc, Such security is taken into account when assessing
impairment losses. Security is primarily received from on-trade customers.
On-trade loans are usually repaid through discounts during the continuing sales relationship with the
individual customer, which is reflected in the repayment scheme and the discounting of the loans.
Consequently, there are no significant overdue on-trade loans.
Management also assesses whether developments of importance to the on-trade could indicate
impairment of on-trade loans in a market in general. Such developments also include changes in local
legislation, which may have an adverse effect on the earnings in the industry as a whole and where
the effect cannot be allocated to individual loans.
The credit risk on on-trade loans is usually reduced through collateral and pledges of on-trade
movabies (equipment in bars, cafés etc.). The fair value of the pledged on-trade movables cannot be
estimated reliably but is assessed to be insignificant as the movables are used. Movables received
through pledges usually need major repairs before they can be used again.
The credit risk on loans to partners is re-duced through pledge of shares in one of the Group's
subsidiaries that are held by the borrower.
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Section 2 — ASSET BASE AND RETURNS
KEY DEVELOPMENTS 2013
.…… 9.3%
o … The Group's return on invested capital (ROIC) increased by 30bp to
9.3%. The increase was primarily attributable to the decrease in
invested capital.
. 8,529m
o … Intangible assets and property, plant and equipment increased by
DKK 8,529m from the acquisition of entities, primarily Chongqing
Brewery Group.
. 721m
o … Capital expenditure (CapEx) increased by DKK 721m compared to
2012, primarily due to investments in BSP1 and capacity expansions
in Asia.
. 375m
o … Impairment, DKK 375m, of trademarks impacted by changed brand
strategy and of breweries impacted by restructuring projects.
10% . |” | - mr en mn mm em nn mener mn me me en
9% |
8% +
——ROIC
7%
Maximising return on investments is key in delivering sustainable value to shareholders. Return on
invested capital (ROIC) analyses all investments throughout the value chain and is a key measure in
ensuring the proper basis for decision making.
ROIC is calculated as operating profit before special items as a percentage of average invested capital,
including goodwill.
Section 2.1 Return on invested capital
Invested capital decreased by 2.2%, impacting the Group's return on invested capital (ROIC), which
improved by 30bp to 9.3%. The slight reduction of total assets included in invested capital is due toa
significant reduction in intangible assets and property, plant and equipment from foreign exchange
adjustmenis, which is almost balanced by an increase from the acquisition of Chongaing Brewery
Group. Liabilities offset in the invested capital have increased due to an increase of trade payables
and deposits.
DKK million 2013 2012
Total assets 139.347 141.944
Less
Deferred tax assets -1.122 -1.192
Loans to group companies and associates (current) "1.093 -7860
Interest Income recelvable, falr value of hedging instruments and financial recelvables 530 -772
Cash and cash equlvatents 3.707 5,748
Assets included 132.895 133.472
Trade payables -12,954 -11.908
Deposits on retumable packaging -1,630 =1,381
Prousions, excluding restructurings -1.188 -1.096
Corporation tax "547 -551
Deferred income 1.057 =1,139
Finance lease llablilties, included in borrowings 46 -39
Other liabilities, excluding deferred Income, interest payable and fair value of hedging instruments ; 8.264
Liabilities offæt 26.111 24.376
Invested capita! 106.784 109.096
Development in CAPEX, depreciations and amortisations
The development in capital expenditures (CapEx), depreciation and amortisation is shown below.
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Section 2.3 Impairment
Section 2.3.1 Impairment losses
The Carlsberg Breweries Group performs annual impairment tests to verify the value of recognised
goodwill, trademarks and other non-current assets.
In connection with impairment testing management reassesses the useful life and residual value of
assets with impairment indicators.
Based on the impairment tests performed, the Group has recognised impairment losses totalling DKK
375m in respect of trademarks and other non-current assets.
DKK million 2013 2012
Trademarks
Trademarks with finite useful life 18 -
Trademarks with indefinite useful life 182 11
Total 200 11
Other intangible assets
Impairment of Carlsberg Uzbekistan
- 2
Other 23 28
Total 23 28
Property, plant and equipment
Impairment of Carlsberg Uzbekistan - 78
Impairment of Vena Brewery, production and sales equipment, Russia - 589
Impairment of Aldaris Brewery, Latva 43 93
Impairment of plant, machinery and equipment, Ringnes, Norway 31 76
Impairment of prodution lines In Westem Europe - 54
Impalrment of plant, machinery and equipment, Carlsberg Deutschland, Germany 18 -
Impairment of plant, machinery and equipment, Carlsberg UK 17 -
Impairment of plant, machinery and equipment, Xinjiang Wusu Group, China 28 ”
Other 15 2
Total 152 892
Investments in associates - -
Jmpairment of Nordic Getrånke, Germany - 64
Total 375 995
The impairment losses on trademarks (indefinite and finite) in 2013 related partly to local trademarks in
Russia (Nevskoye) and Kazakhstan (Derbes) that have suffered from the economic crisis and changes
in the brand strategy and therefore showed a recoverable amount below the carrying amount. The
trademarks were therefore written down to the lower recoverable amount. A local trademark in France
(Kanterbrau) and local trademarks with finite useful life in Estonia were also impaired due to changes
in the brand strategy in these two markets,
The impairment of plant, machinery and equipment in Ringnes, Norway, is a consequence of the
switch to one-way recyclable packaging, cf. section 3. Impairment of plant, machinery and equipment
in other markets is a consequence of difficult market conditions.
In 2012 there were recognised impairments of Carlsberg Uzbekistan, DKK 91m in total, Nordic
Getrånke, Germany, DKK 64m, and Vena Brewery, production and sales equipment, Russia, DKK
589m, The impairments related to intangible assets and property, plant and equipment and were a
consequence of difficult market conditions and poor performance. The Sarbast trademark was fully
impaired as part of the DKK 91m impairment of Carlsberg Uzbekistan in 2012.
Other impairments of property, plant and equip-ment are a consequence of restructuring and process
optimisations, especially in Western Europe and Eastern Europe.
Impairment losses of DKK 369m (2012: DKK 967m) are recognised in special items and DKK 6m
(2012: DKK 28m) in cost of sales.
2.3.2 Impairment test of goodwill and trademarks
The impairment test of goodwill is performed for Western Europe and Eastern Europe, while entities in
Asia are tested at sub-regional levels, Entities that are less integrated in regions or sub-regions are
tested at individual entity level.
Management of the Group is centralised and driven through the regional managements, which are
responsible for performance, investments and growth initiatives in their respective regions. The
management structure and responsibilities support and promote optimisations across countries
focusing on the Group or region as a whole and not just on the specific country. Changes in
procurement and sourcing between countries increase intra-Group trade/transactions, which will also
have an increasing impact on the allocation of profits.
Trademarks are impairment-tested individually at Group level. The carrying amount of trademarks
which have an indefinite useful life and therefore are not amortised was DKK 29,191m (2012: DKK
32,395m) at 31 December 2013, equivalent to 98% (2012: 99%) of the capitalised trademarks.
Management assesses that the value of these trademarks can be maintained for an indefinite period,
as these are well-established trademarks in the markets concerned and these markets are expected to
be profitable in the long term. In the opinion of management, there is only a minimal risk of the current
situation in the markets reducing the useful life of these trademarks, primarily due to the respective
market share in each market and the current and planned marketing efforts, which are helping to
maintain and increase the value of these trademarks.
For the Group's cash-generating units, the carrying amount of goodwill and trademarks with indefinite
useful life at 31 December is summarised below,
Goodwill
DKK million 2013 % 2012 %
Western Europe:
Westem Europe exct. Unicer-Bebidas de Portugal 14.657 30% 14,694 32%
Unicer-Bebidas de Portugal 536 1% 536 1%
Eastern Europe:
Eastem Europe 22.060 45% 24.573 54%
Adla:
Greater China and Malaysia 1.459 3% 1.777 4%
Chongqing Brewery Group 6,166 13% - 0%
Indochina 3,434 7% "… 3.526 8%
India 211 0% 247 0%
Nepal 303 1% 355 1%
Total 48.825 100% 45.708 100%
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Discount rate,
Growth rate after tax
DKK million Allowed decrease Allowed increase
2013
Goodwill 3,9 3,4
Trademarks 1,6 0,8
3,7 3,2
Trademarks 0,6 0,3
In 2013 several of the WACC rates in Western Europe increased but the region was still impacted by
relatively low risk-free interest rates due to the current economic climate and associated outlook. In
addition to the impairment test and to ensure that a potential impairment is not overlooked, the Group
prepares an additional impairment sensitivity calculation, This sensitivity calculation tests the impact of
a higher interest rate, reflecting a reasonable assumption of a higher risk-free interest rate level. The
additional sensitivity test did not identify potential impairments.
2.3.5 Significant accounting estimates and judgements
Goodwill The impairment test of goodwi performed for the cash-generating units to which goodwill
is allocated. The cash-generating units are determined based on the management structure, linkage of
the cash flows between entities and the individual entities? integration in regions or sub-regions. The
structure and cash-generating units are reassessed each year.
The impairment test of goodwill for each cash-generating unit calculates the recoverable amount,
corresponding to the discounted value of the expected future free cash flow (value in use) based on
budgets and target plans for the next three years and projections for subsequent years (the terminal
period). Key parameters include assumptions about revenue growth, operating margin, future capital
expenditure and growth expectations beyond the next three years. Budgets and target plans do not
incorporate the effect of future restructurings and non-contracted capacity increases.
Budgets and target plans for the next three years are based on concrete commercial initiatives, and
the risks associated with the key parameters are assessed and incorporated in expected future free
cash flows. The impairment test is based on scenarios for possible future cash flows. Potential upsides
and downsides identified during the budget process and in the daily business are reflected in the future
cash flow scenarios for each individual cash-generating unit. The scenarios reflect, among other things,
different assumptions about combinations of market, price and input cost developments, Projections
for the terminal period are based on general expectations and risks, taking into account the general
growth expectations for the brewing industry in the relevant segments. The growth rates applied are
not expected to exceed the average long-term growth rate for the Group's individual geographical
segments.
In calculating the recoverable amounts, the Group uses pre-tax discount rates that reflect the risk-free
borrowing rate in each particular geographical segment.
Trademarks The impairment test of trademarks is performed using the relief from royalty method and
is based on expected future free cash flows from the Group's calculated royalty income generated by
the individual trademark for the next 20 years and projections for subsequent years. Key assumptions
include revenue, royalty rate, expected useful life, growth rate and a theoretically calculated tax effect.
A post-tax discount rate is used which reflects the risk-free interest rate with the addition of a risk
premium associated with the individual trademark.
Royalty income generated by the trademark is based on the Group's total income and earned globally,
Le. the income is also earned outside the segment that owns the trademark. If external licence
agreements for the individual trademark already exist, tne market terms of such agreements are
considered when assessing the royalty rate which the trademark is expected to generate in a
transaction with independent parties.
For each individual trademark a 20-year curve is projected, reflecting the expected future growth in
revenue per year. Depending on the expectations for the individual trademark, the growth in individual
years is above, equal to or below the current inflation level in the countries where the individual
trademark is sold, The curve for each individual trademark is determined with reference to its market
position, the overall condition of the markets where the trademark is marketed, as well as regional and
national macroeconomic trends etc, For some trademarks, national, regional and international
potential has been linked to the value of the trademark, and investments in terms of product
development and marketing strategy are expected to be made. For these trademarks the expected
growth is generally higher than for comparable trademarks, especially at the beginning of the 20-year
period. The growth rates determined for the terminal period are in line with the expected rate of
inflation.
Management assesses the market, market position and strength to determine the useful life of the
trademarks. When the value of well-established trademarks is expected to be maintained for an
indefinite period in the relevant markets, and these markets are expected to be profitable for a long
period, the useful life of the trademark is determined to be indefinite.
The tax rate is the expected future tax rate in each country based on current legistation. The
impairment test at year-end 2013 incorporated tax rates in the range of 15-34%,
The discount rate is an after-tax WACC calculated country by country based on long-term expectations
for each trademark. |
Property, plant and equipment Property, plant and equipment are impairment-tested when there are
indications of impairment. Management performs an annual assessment of the assets' future
application, e.g. in relation to changes in production structure, restructurings or closing of breweries.
The impairment test is based on budgeted and estimated cash flows from the cash-generating unit,
The assessment is based on the lowest cash-generating unit affected by the changes that indicate
impairment. The discount rate is an after-tax WACC that reflects the risk-free interest rate with the
addition of a risk premium associated with the particular asset.
Associates Management performs an impairment test of investments in associates when there are
indications of impairment, e.g. due to loss-making activities or major changes in the business
environment. The impairment test is based on budgeted and estimated cash flows from the associate
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1410410EQ0GSN06879
Section 2.4 Intangible and tangible assets
Intangible assets
Property, plant and equipment
Fixtures and
Other fittings, other
intangible Land and Plant and plantand
DKK million Goodwill — Trademarks assets Total butidings machinery equipment Total
Cost
Cost at 1January 2013 45.804 34,043 3.512 83,359 17.629 31.009 12.434 61.072
Acquisition of entities/Adfustments to prior period 5,982 106 9 6.097 1.248 887 297 2.432
Additions - 2 919 921 295 3.142 1.406 4.843
Disposals - - -189 -189 -112 -1.299 -1.260 -2,671
Transfers - " 4 4 205 -772 445 =122
Forefgn exchange adjustments etc./Effect of hyperinflation -2,884 -3.117 3 -5,998 -903 -1,655 -634 -3,192
Cost at 31 December 2013 48,902 31.034 4.258 84.194 18.362 31.312 12.688 62,362
Amortisation, deprectation, and imparrment losses
Amortisation, depreciation and impairment losses at 1January 2013 96 1,116 2.137 3,349 5,710 16.245 8.083 30.038
Disposals " - 175. -175 -15 -1,183 -1.099 -2,297
Amortisation and depreciation - 25 224 249 538 1.738 1.451 3,727
Impairment losses - 200 23 223 2 116 34 152
Transfers - - ” - -27 73 -8 -108
Foreign exchange adjustments etc, /Effect of hyperinflation -20 -70 -37 -127 -255 -202 -498 -1.655
Amortisation, depredation and impairment losses at 31 December 2013 76 1.271 2.172 3.519 5,953 15,941 7.963 29,857
Carrying amount at 31 December 2013 48.826 29.763 2.086 80.675 12,409 15.371 4.725 32.505
Carrying amount of assets pledged as security for loans 80 251 7 338
Cost
Cost at 1 January 2012 44.895 32,941 3,180 81,016 17.015 29.173 11.788 57.976
Acquisition of entities/(-) Adjustments to prior period -6 - - -6 8 33 10 51
Additions - 2 470 472 318 2.693 1.520 4.531
Disposals - - -132 -132 -88 "756 -1.247 -2.091
Transfers - - 16 316 103 "477 357 -17
Forelgn exchange adjustments etc./Effect of hyperinflation 915 1,100 -22 1,993 273 343 s 622
Cost at 31 December 2012 45,804 34.043 3.512 83.359 17.629 31.009 12.434 61,072
Amortisation, depreciation, and impairment losses
Amortisation, depreciation and impairment losses at 1 January 2012 105 1.070 2.007 3,182 4.851 14,469 7.766 27.086
Disposals - - -130 -130 734 -709 "1.238 -1.981
Amortisation and depreciation ” 25 214 239 538 1,764 1,439 3.741
Impalrment losses - 11 28 39 289 522 81 892
Transfers - - ”- - 4 4 -$ -1
Foreign exchange adjustments etc./Effect of hyperinflation -9 10 18 19 62 195 44 301
Amortisation, depreciation and impairment losses at 31 December 2012 96 1,116 2.137 3.349 5.710 16.245 8.083 30.038
Carrying amount at 31 December 2012 45.708 32.927 1.375 80.010 11.919 14.764 4,351 31,034
Carrying amount of assets pledged as security for |oans 307 366 3 476
Additions to goodwill are described in more detail in section 5.
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(1410410E0GSR06880
Cost comprises the purchase price and any costs directly attributable to the acquisition until the date
when the asset is available for use, The cost of self-constructed assets comprises direct and indirect
costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on
specific ør general borrowing attributable to the construction of the asset.
Research costs are recognised in the income statement as they are incurred. Development costs are
recognised as intangible assets if the costs are expected to generate future economic benefits.
For assets acquired in business combinations, including trademarks and property, plant and
equipment, cost at initial recognition Is determined by estimating the fair value of the individual assets
in the purchase price allocation. Goodwill is only acquired in business combinations and is measured
by the purchase price allocation. Goodwill is not amoriised.
CO2 emission rights are measured at cost at the date of allocation (i.e. nørmally DKK 0), while
acquired rights are measured at cost. A liability is recognised (at fair value) only if actual emissions of
CO2 exceed allocated levels based on the holding of rights.
The present value of estimated liabilities related to dismantling and removing the asset and restoring
the site on which the asset is located is added to the cost of self-constructed assets if the liabilities are
provided for.
Where individual components of an item of property, plant and equipment have different useful lives,
they are accounted for as separate items and are depreciated separately.
The cost of assets held under finance leases is stated at the lower of fair value of the assets and the
present value of the future minimum lease payments. For the calculation of the net present value, the
interest rate implicit in the lease or an approximation thereof is used as the discount rate,
Subsequent costs, e.g. in connection with replacement of components of property, plant and
equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result
in future economic benefits for the Group. The replaced components are derecognised from the
statement of financial position and recognised as an expense in the income statement. Costs incurred
for ordinary repairs and maintenance are recognised in the income statement as incurred.
Useful life, amortisation and depreciation The useful life and the residual value are determined at
the acquisition date and reassessed annually. If the residual value exceeds the carrying amount,
depreciation is discontinued.
Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of
the assets, taking into account any residual value. The expected useful life and residual value are
determined based on past experience and expectations of the future use of assets.
The basis of depreciation is calculated on the basis of the cost less the residual value and impairment
losses,
The expected useful life for the various items is as follows:
Trademarks with finite useful life
Software etc.
Delivery rights
Customer agreements/relationships
Normally 20 years
Normally 3-5 years. Group-wide systems
developed as an integrated part of a major
business development programme: 5-7 years
Depending on contract; if no contract term has
been agreed, normally not exceeding 5 years
Depending on contract with the customer; ifno
contract exists, normally not exceeding 20 years
COesrights Production period where utilised
Buildings 20-40 years
Technical installations 15 years
Brewery equipment 15 years
Filling and bottling equipment 8-15 years
Technical installations in warehouses 8 years
On-trade and distribution equipment 5 years
Fixtures and fittings, other plant and equipment — 5-8 years
Returnable packaging 3-10 years -
Hardware 3-5 years
Land Not depriciated
Amortisation and depreciation are recognised in t
he income statement under cost of sales, sales and
distribution expenses, and administrative expenses to the extent that they are not included in the cost
of self-constructed assets,
Impairment losses Impairment losses of a non-recurring nature are recognised in the income
statement under special items,
Operating leases Operating lease payments are recognised in the income statement on a straight-
line basis over the lease term.
Government grants and other funding
Grants and funding received for the acquisition of assets and development projects are recognised in
the statement of financial position as deferred income and charged to the same line item in the income
statement as the depreciation of the assets for which the grants and funding were awarded.
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14104
Impairment of trademarks
The impairment loss on trademarks, DKK 200m (indefinite and finite useful life), relates to Nevskoye
(Russia), Derbes (Kazakhstan), Kanterbrau (France) and trademarks in Estonia.
The Sarbast trademark was fully impaired in 2012 as part of the impairment of Carlsberg Uzbekistan.
Cost related to acquisition and disposals
Cost related to the acquisition of entities, DKK 28m, primarily relates to the acquisition of Chongqing
Brewery Group, China.
Significant accounting estimates and judgements
The use of special items entails management judgement in the separation from other items in the
income statement. Management carefully considers such changes in order to ensure the correct
distinction between the operating activities and restructuring of the Group carried out to enhance the
future earnings potential.
Management reassesses useful life and residual value of non-current assets used in the entity
undergoing restructuring. The extent and amount of onerous contracts as well as employee and other
ations arising in connection with the restructuring are also estimated. Management initially
assesses the entire project and recognises all present costs of the project, but the project is also
assessed on an ongoing basis with further costs possibly occurring during the lifetime of the project.
Accounting policies
Special items include significant income and costs of a special nature in terms of the Group's revenue«
generating operating activities which cannot be attributed directly to the Group's ordinary operating
activities. Such Income and costs include the cost of extensive restructuring of processes and
fundamental structural adjustments, as well as any gains or losses arising from disposals of related
assets which have 2 material effect over a given period.
Special items also include significant non-recurring items, including impairment of goodwill (including
goodwill allocated to joint ventures and associates) and trademarks, gains and losses on the disposal
of activities, revaluation of the shareholding in an entity held immediately before a step acquisition of
that entity and transaction costs in a business combination.
Section 3.2 Provisions
Restructuring projects comprise expected costs directly linked to the restructuring. These costs are
typically recognised in special items and provided for as provisions. The restructuring provisions are
calculated on the basis of detailed plans announced to the parties concerned and relate mainly to
termination benefits to employees made redundant.
In 2013, restructuring provisions amounted to DKK 439m. The provisions related primarily to the
restructuring of Ringnes, due to the switch to one-way recyclable packaging, cf. above, and to
Feldschlåsschen, Carlsberg Italia and Brasseries Kronenpourg.
Other provisions totalling DKK 1,169m (2012: .DKK 984m) related primarily to profit sharing in France,
employee obligations other than retirement benefits, and ongoing disputes, lawsuits etc.
DKK million
Onerous
Restructurings contracts Other Total
Provislons at 1 January 2013 575 112 984 1,671
Acquisition of entities - - 121 121
Additional provisions recognised 155 - 228 383
Used during the year -263 »2 -193 -458
Reversal of unused provisions - =107 48 -155
Transfers - 16 62 78
Discounting 14 « 48 62
Foreign exchange adjustments etc. "42 - -33 -75
Provisions at 31 December 2013 439 19 1.169 1.627
Provisl are gnised in the t of fi ial position as follows
Non-curent provisions 255 19 854 1,128
Current provisions 184 - 315 499
Total 439 19 1.169 1.627
Significant accounting estimates and judgement
In connection with large restructurings, management assesses the timing of costs to be incurred,
which influences the classification as current or non-current liabilities. Provision for losses on onerous
procurement contracts is based on agreed terms with the supplier and expected fulfilment of the
contract based on the current estimate of volumes and use of raw materials. Warranty provisions are
based on the substance of the agreements entered into, including the guarantees issued covering
customers in the on-trade.
Management assesses provisions, contingent assets and contingent liabilities, and the likely outcome
of pending or probable lawsuits etc, on an ongoing basis, The outcome depends on future events,
which are by nature uncertain. In assessing the likely outcome of lawsuits and tax disputes etc.,
management bases its assessment on external legal assistance and established precedents.
Accounting policies
Provisions, including warranty provisions, are recognised when, as a result of events arising before or
at the end of the reporting period, the Group has a legal or a constructive obligation and it is probable
that there may be an outflow of resources embodying economic benefits to settle the obl gation. Other
provisions are discounted if the effect is material to the measurement of the liability. The Carlsberg
Breweries Group's average borrowing rate is used as the discount rate.
Restructuring costs are recognised under liabilities when a detailed, formal restructuring plan has been
announced to the persons affected no later than at the end of the reporting period. On acquisition of
entities, restructuring provisions in the acquiree are only included in the opening balance when the
acquiree has a restructuring liability at the acquisition date.
A provision for onerous contracts is recognised when the benefits expected to be derived by the Group
from a contract are lower than the unavoidable costs of meeting its obligations under the contract.
When the Group has a legal obligation to dismantie or remove an asset or restore the site on which
the asset is located, a provision is recognised corresponding to the present value of expected future
costs.
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1410410EQGSN06882
Section 4 — Financing costs, capital structure and
equity
KEY DEVELOPMENTS 2013
Borrowings are diversified between a number of funding sources.
Average funding rate of 4.1%, down from 4.5% in 2012. The main reason for
the decline was the redemption of a GBP 200m bond in February 2013 and
EUR 1bn swaps maturing in the second half of the year. Both the bond and the
swaps had a high interest rate,
Carlsberg had available credit resources of DKK 7,8bn at 31 December 2013.
In December 2013, existing credit facilities of EUR 1,735m (maturing October
2015) and EUR 800m (maturing December 2016) were replaced by a EUR
2,510m multi-currency credit facility. The new facility matures in February 2019
and may be extended for another two years.
Net financials totalled DKK -1,512m, down from DKK -1,749m in 2012.
Net interest-bearing debt increased DKK 2.5bn, primarily due to investments in
Chongqing Brewery Group.
Distributton of grøss financial debt 2013, DKK
39,984m
Distribution of gross financla! debt 2012,DKK
39,831m
fk Non tuer
Borvwing 1
burtwwng 14%
8 fssb0r] Bands 7983 mM lsvurd bunds 73%
8 Noir current mutgages 2 Non-current mortgages:
3%
mf utro bank ; S Current hank L
Bbotrvvang 3 botrowing $3 |
m
Other varentand non | Mm Other current and non
(Uren bortræmngs 1' urent horrawings 7%
Section 4.1 Financial income and expenses
Financial items, net, decreased by DKK 223m, primarily due to the issue of bonds late in 2012 with a
lower coupon than that of bonds maturing during 2013. The coupon was also lower than the interest
rates on swaps maturing in 2013.
DKK million 2013 2012
Financial Income
Interest income 312 361
Falr value adjustments of financial instruments, net, cf. section 4.8 - 191
Forelgn exchange gains, net 177 -
Expected retum on plan assets, defined benefit plans 218 323
Other financial Income 18 43
Total 725 918
Interest Income relates to interest from cash and cash equivalents measured at amortised cost.
Financial expenses
Interest expenses -1.719 -1.890
Capltallsed financial expenses 4 «
Fair value adjustments of financial instruments, net, cf. section 4.8 ; 17 -
Forelgn exchange losses, net ” -172
Impalrment of financial assets 4 2
Interest cost on obligations, defined benefit plans -332 -380
Other financial expenses 169 -209
Total -2.237 -2,653
Financial items, net, recognised in the income statement
=1.512 1.735
Interest expenses primarily relate to interest on borrowings measured at amortised cost and include
DKK -37m which is the ineffective portion of interest rate swaps. The ineffectiveness was recognised
in fair value adjustments in 2012 and realised in 2013. Borrowing costs on specific or general
borrowings which are directly attributable to the development or construction of a qualifying asset are
included in the cost of that asset. Interest, losses and write-downs relating to on-trade loans, which are
measured at amortised cost, are included as income and expenses in other operating activities (cf.
section 1.3,4), as such loans are seen as a prepaid discount to the customer.
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1410410E0GSN06883
Section 4.3 Capital structure
4.3.1 Capital structure
Management regularly assesses whether the Group's capital structure is in the interests of the Group
and its shareholders. The overall objective is to ensure a continued development and strengthening of
the Group's capital structure which supports iong-term profitable growth and a solid increase in key
earnings and statement of financial position ratios.
This includes assessment of and decisions on the split of financing between share capital and loans,
which is a long-term strategic decision to be made in connection with major acquisitions and similar
transactions.
As an element in strategic decisions on capital structure, management assesses the risk of changes in
the Group's investment-grade rating. In 2006 the Group was awarded investment grade ratings by
Moody's Investor Service and Fitch Ratings. In February 2011 both ratings were upgraded one notch.
The current ratings are BAA2 from Moody's and BBB from Fitch, both with a stable outlook.
Other operational decisions relate to the issue of bonds, and the entering into and changing of bank
loan agreements. To facilitate these decisions and manage the operational capital structure,
management assesses committed credit facilities, expected future cash flows and the net debt ratio.
Section 4.3.2 Equity
in 2013, total equity decreased to DKK 60,751m from DKK 62,918m. The decrease in equity was
mainly due to profit for the period of DKK 6.0bn less foreign currency translation of foreign entities of
DKK 7.5bn. Payment of dividends to Carlsberg shareholders and non-controlling interests amounted to
DKK -1.3bn.
Share capital
Total share capital
Nomina!
Shares cf value, DKK
DKK 1.000 "000
1 January 2012 501 501.000
No change in 2012 - -
31 December 2012 501 501.000
No change in 2013 - -
31 December 2013 501 501.000
The share capital amounts to DKK 501m divided into shares in denominations of. DKK 1,000 and
multiples thereof, None of the shares confer any special rights, The share capital is fully owned by
Carlsberg A/S, Copenhagen, Denmark.
The Group proposes dividends of DKK 1,220m (2012: DKK 915m), amounting to DKK 2,435 per share
(2012: DKK 1,827 per share). The proposed dividends are included in retained earnings at 31
December 2013.
Transactions with non-controlling interesis
During 2013, the Group had the following transactions with non-controlling interests.
DKK million 2043 2012
Acqulsition of non-controlling interests -320 -4.916
Dividends to non-controlling interests 359 -282
Total 679 »5,198
Dividends paid primarily refated to entities in Asia.
4.3.2 Accounting policies
Currency translations in equity comprise foreign exchange adjustments arising on translation of
financial statements of foreign entities from their functional currencies into the presentation currency
used by Carlsberg A/S (DKK), balances considered to be part of the total net investment in foreign
entities, and financial instruments used to hedge net investments in foreign entlties.
On full or partial realisation of the net investment, the foreign exchange adjustments are recognised in
the income statement in the same item as the gain/loss.
Fair value adjustments in equlty comprise changes in the fair value of hedging transactions that qualify
for recognition as cash flow hedges and where the hedged transaction has not yet been realised.
Proposed dividends are recognised as a liability at the date when they are adopted at the Annual
General! Meeting (declaration date). The dividend recommended by the Supervisory Board and
therefore expected to be paid for the year is disclosed in the statement of changes in equity.
Section 4.3.3 Financial risk management
The Group's activities create exposure to a variety of financial risks. These risks include market risk
(foreign exchange risk, interest rate risk and raw material risk), credit risk and liquidity risk.
The Group's financial risks are managed by Group Treasury in accordance with the Financial Risk
Management Policy approved by the Supervisory Board and are an integrated part of the overall risk
management process in Carlsberg. The risk management framework is described in the Management
review,
Tø reduce the exposure to these risks, the Group enters intø a variety of financial instruments and
generally seeks to apply hedge accounting to reduce volatility in profit and loss.
As the Group did not identify any additional financial risk exposures in 2013, the risk management
activities were unchanged compared to 2012,
Section 4.4 Borrowings and cash
4,4.1 Borrowings
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Section 4,5,1 Currency profile of the Group's borrowings
The Group is exposed to foreign exchange risk on borrowings denominated in a currency other than
the Group's functional currency due to the foreign exchange risk as well as the risk that arises when
net cash inflow is generated in one currency and loans are denominated in and have to be repaid in
another currency.
At 31 December 2013, 79% of the Group's net financial debt was in EUR (2012: 87%), cf. section 4.6.
Currency profile of borrowings before and after derivative financial instruments
DKK million Originabrincipal Effecbø swap — Afteswap
CHF 40 1.825 1.865
DKK 1.561 265 1.826
EUR 32.128 -2.668 29.460
GBP 2.796 -2,720 76
RUB 3 -390 -387
USD 1.730 1.771 3.501
Other 1.726 1.917 3.643
Total 39.984 - 39.984
39.831 - 39.831
Section 4,5,2 Hedging of net investments in foreign subsidiaries
The Group holds a number of investments in foreign subsidiaries where the translation of net assets to
DKK is exposed to foreign exchange risks. The Group hedges part of this foreign exchange exposure
by entering into forward exchange contracts (net investment hedges), This applies to net investments
In CHF, CNY, MYR, HKD and SEK, The basis før hedging is reviewed at least once a year, and the
two parameters, risk reduction and cost, are balanced.
Vvhere the fair value adjustments do not exceed the value adjustments of the investment, the
adjustments of the financial instruments are recognised in other comprehensive income; otherwise the
fair value adjustments are recognised in the income statement, For 2013, all fair value adjustments
were recognised in other comprehensive income. The effect of net investment hedges on the income
statement and other comprehensive income is summarised in the table to the right.
Total Total
Additionto — adjustment Additionto adjustment
Hedging of net to other Hedging of net to other
investment, Investment, compre- investment, investment, compre=
amount amaunt hensive Income amount amount hensive Income
in local in local mcome — statement In local In local mcome — statement
Million currency currency IDKK) (DKK) currency currency (DKK) (DKK)
CNY -1.250 - 8 - -1.250 - -5 -
CHF -380 - 29 - -380 - -20 -
NOK - 3,000 -326 - -750 3,182 125 -
SEK 4,630 - 160 - 4.560 - -167 -
RUB - - -39 - -13,572 " -105 -
Other - = 50 - - - "44 1
Total -118 - "216 1
The most significant net risk relates to foreign exchange adjustment of net assets in RUB. This risk
was hedged only partially for most of the year and not hedged at all at year-end,
Fair value adjustments of net investment hedges and loans classified as additions to net investments
in the financial year are recognised in other comprehensive income and amounted to DKK -118m
(2012: DKK -216m).
The fair value of derivatives used as net investment hedges recognised at 31 December 2013
amounted to DKK 35m (2012: DKK -10m).
Section 4.5.3 Financing of local entities.
The Group is exposed to foreign exchange risk on borrowings denominated in a currency other than
the functional currency of the individual Group entity.
The main principle for funding of subsidiaries is that loans and borrowings should be in local currency
or hedged to local currency to avoid foreign exchange risk. However, in some Group entities debt is
denominated in a currency other than the local entity's functional currency without the foreign
exchange risk being hedged. This applies primarily to a few entities in Eastern Europe and is based on
an assessment of the alternative cost of financing the entity in the local currency. For the countries
concerned, the interest rate level in the local currency, and thus the additional cost of financing in local
currency, is so high that it justifies a foreign exchange risk. In some countries financing in local
currency is not available at all.
The tables in the sensitivity analysis in section 4.5.4 show the impact of a 10% adverse development
in exchange rates for the relevant currencies at 31 December.
Section 4.5.4 Impact on financial statements and sensitivity analysis
Impact on operating profit. The impact on operating profit is primarily currency impact as described in
section 1,4.
Impact on financial items, net. In 2013, the Group had net gains on foreign exchange and fair value
adjustments of financial instruments of DKK 160m (2012: DKK 19m), cf. section 4.1.
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1410410E0GSN06885
interest rate risk at 31 December
2013
Average
effective
Interest Interest Carrying Interest
DKK million rate rate Fixed for amount rate risk
Issued bonds:
EUR 1,000m maturing 28 May 2014 Fixed 6,22% <1 year 7.455 Fair value
GBP 300m maturing 28 November 2016 Fixed 7,41% 2-3 years 2.824 Fair value
EUR 1,000m maturing 13 October 2017 Fixed 3,55% 3-4 years 7,413 Fair value
EUR 750m maturing 3 July 2019 Fixed 2,49% >5 years 5.624 Fair value
EUR 750m maturing 15 November 2022 Fixed 2,71% >5 years 5.552 Fair value
Total issued bonds 4,25% 28.868
Total issued bonds 2012 4,43% 30.847
Mortgages:
Floating-rate Floating 0,99% <1 year 1.248 Cash flow
Total mortgages 0,99% 1.248
Total mortgages 2012 1,51% 1.248
Bank borrowings:
Floating-rate Floating 0,85% <1 year 6.212 Cash flow
Fixed-rate Fixed 4,94% 1-2 years 3.118 Fair value
Total bank borrowings 9.330
Total bank borrowings 2012 6.901
The EUR 750m bond maturing 3 July 2019 consists of two bond issues of EUR 250m and EUR 500m.
The EUR 500m bond was issued in July 2012, while the EUR 250m bond was issued in November
2012.
A cross-currency swap has been used to change the interest on the GBP 300m bond from fixed to
floating 6-month EURIBOR +4,01%. The bond and the swap are designated as a fair value hedge
relationship, meaning that the carrying amount of the bond is the fair value.
The floating-rate mortgage was repriced in December 2013 at a rate of 0.34% (excl. margin)
commencing in January 2014 and will be repriced again in July 2014. The time to maturity is more
than five years. The floating-rate mortgage is repriced semi-annually with reference to 6-month CIBOR.
The main part of the bank borrowings presented as having a fixed rate was originally at floating rate
but has been swapped to a fixed rate of 4.94% incl. margin. The maturity of these interest rate swaps
is 1,5 years,
2013 interest rate?
Net financial
interest-
DKK million bearing debt' Floating Fixed loating % Fixed %
EUR 28.733 7.091 21.642 25% 75%
DKK 1.818 1.818 - 100% 0%
PLN 508 508 - 100% -
USD 2.916 2.916 - 100% -
CHF 1.857 1.857 - 100% -
RUB -653 -653 - 100% -
Other 1.098 1.045 53 95% 5%
Total 36.277 14.582 21.695 40% 60%
"Net financial interest-bearing debt consist of current and non-current after
swaps and currency derivatives less cash and cash equivalent.
Before currency derivatives.
2012 interest rate?
Net financial
interest-
DKK million bearing debt' Floating Fixed loating % Fixed %
EUR 29.855 748 29,107 3% 97%
DKK -680 -680 " 100% -
USD 1.180 1,180 " 100% -
CHF 1.892 1.892 - 100% -
RUB -3.049 -3.049 - 100% -
Other 4.885 4.818 67 98% 2%
Tota! 34.083 4.909 29.174 14% 86%
"Net financial interest-bearing debt consist of current and non-current after
swaps and currency derivatives less cash and cash equivalent.
Before currency derivatives.
Time to maturity for non-current borrowings
DKK million 2013
1-2 years 2-3 years 3-4 years 4-5 years > 5 years Total
Issued bonds - 2,824 7.413 -»… 11.176 21,413
Mortgages " - - - 1.248 1.248
Bank borrowings 277 78 30 33 7.077 7,495
Other non-current borowings 258 8 6 22 14 308
Total 535 2,910 7.449 55 19.515 30.464
Total 2012 8,051 5,417 3.115 7.439 12,457 36.479
Sensitivity analysis
At the reporting date, 60% of the net borrowings consisted of fixed-rate loans with rates fixed for more
than one year (2012: 86%). Itis estimated that an interest rate increase of 1 percentage point would
lead to an increase in annual interest expenses of DKK 146m (2012: DKK 49m). The analysis
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10EQGSN06886
14104
MATURITY OF FINANCIAL LIABILITIES
2013
Matunty
Contractual Matunty >1year Matunty Carying
DKK miftion cash flows <tyear <5years >5 years amount
Derivative financial instruments
Derivative financial instruments, payables 331 198 133 = 334
Non-derivative financial instruments
Financial debt, gross 40.013 9,525 10,848 19,640 39.984
Interest expenses 4,313 1.114 2.485 714 N/A
Trade payables and other liabilities 14.602 14.602 - -… 14.602
Liabilittes related to the acquisition of entities 1,837 652 157 1.028 1.837
Non-derivative financial instruments 60.765 25.893 13.490 21.382 -
Financial liabilities i 61.096 26.091 13.623 21.382 -
Financial [abilities 2012 60.064 18.330 27.315 14.419 =
All items are stated at their nominal amounts, Derivative financial instruments are presented gross,
Derivative financial instruments are in general traded with the Group's relationship banks. The nominal
amount/contractual cash flow of the financial debt is DKK 29m higher (2012: DKK 121m lower) than
the carrying amount. The difference between the nominal amount and the carrying amount comprises
differences between these amounis at initial recognition, which are treated as cost that is capitalised
and amortised over the duration of the borrowings, and differences between nominal amounts and fair
values of bonds.
The interest expense is the contractual cash flows expected on the financial gross debt at 31
December 2013. For the part of bank borrowing and mortgages that has been swapped, the expected
interest expense (before swaps but including margin) has been included. The expected net cash flow
from the swaps related to the borrowings is included in the contractual cash flow for the derivative
financial instrument, It should be noted that the cash flow regarding the interest expenses is estimated
cash flow based on the notional amount of the above-mentioned borrowings and forward interest rates
at year-end 2013 and 2012. Interest on debt recognised at year-end 2013 and 2012, for which no
contractual obligation exists (current borrowing and part of the amount drawn on cash pools), has
been included for a two-year period.
Section 4.8 Financial instruments
Farr value hedges and financial derivatives not designated as hedging instruments (economic hedges)
2013 2012
Fair value adjustment Fair value adjustment
recognised in the income recognised in income
DKK million statement Fair value statement | Fair value
Exchange rate instruments -8 264 222 438
Other instruments 6 -2 -5 -1
Ineffective portion of hedge -3 - -26 -
Total -17 262 191 437
Value adjustments of fair value hedges and financial derivatives not designated as hedging
instruments in the financial year are recognised in the income statement. The adjustments are
included in financial income and financial expenses (cf. section 4.1). In 2013, fair value adjustments
amounted to DKK -17m (2012: DKK 191m).
The ineffective portion of hedge in 2013 relates to the ineffective portion of the Group's aluminium
hedging scheme (DKK -3m).
The fair value of the entire derivative classified as a cash flow hedge is presented in the cash flow
hedge section below. Other instruments are primarily aluminium hedges, which were not classified as
cash flow hedges.
The value of fair value hedges recognised at 31 December 2013 amounted to DKK 262m (2012: DKK
437m).
Cash flow hedges
Cash flow hedges comprise interest rate swaps where the hedged item is the underlying (floating-rate)
borrowing (EUR 400m maturing June 2015), aluminium hedges where the hedged item is aluminium
cans that will be used in a number of Group entities in Western Europe and Eastern Europe during
2014 and 2015, and currency swaps to cover the foreign exchange risk on transactions expected to
take place in 2014.
2013 2012
Far value Fair value
adjustment adjustment
recognised in recognised in
other other
comprehensive Expected comprehensive Expected
DKK million income Fair value recognition income Fair value recognition
Interest rate instrument: 232 -174 2014-2015 244 -452 2013-2015
Exchange rate instrume -21 27 2014 24 46 2013
Other instruments 83 -128 2014-2015 59 -43 2013-2014
Total 128 -275 327 -449
Fair value adjustments of cash flow hedges in the financial year are recognised in other
comprehensive income and amounted to DKK 128m (2012: DKK 327m).
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1410410E0GSN06887
Section 5 - Acquisitions and associates
KEY DEVELOPMENTS 2013
. Chongqing
o Completion of the step acquisition of Chongqing Brewery Group in China in
December for a consideration of DKK 3,064m, including a contingent
consideration of DKK 428m,
. Nordic Getrånke
o Step acquisitions of entities acquired from Nordic Getrånke through
the assumption of debt with a fair value of DKK 143m.
. South Asian Breweries
jon of South Asian Breweries Group
in India in October changing it from a proportionately consolidated
entity to a fully consolidated subsidiary.
Section 5.1 Acquisition of subsidiaries
Step acquisition of entities in 2013
In 2013, Carlsberg gained control! of Chongqing Brewery Group (China), South Asian Breweries Group
(India) and distribution entities acquired from Nordic Getrånke (Germany).
DKK million 2013
Proviausly
Country of Provious hold Acquired Total Consdarati
main mathod of ownership ownership Carlsberg Acquidtlon Man on
oporations conzofidation antorest interest intoract data
Chongqing Brewery Group China Equlty method 30% 30% 60% 10 Dec. 2013 Brewery 2.636
South Astan Breweries Group India Propotionately 60% 7% 67% 31 Oct. 2013 Brewery 108
Distribution entitlies Germany Equlty method 50% 50% 100% 1 Jan. 2013 Logistics 143
These step acquisitions were a natural step for Carlsberg and in line with the strategy of obtaining full
control of key operating activities, The calculation of goodwill, DKK 6,166m in total, represents staff
competences as well as expectations of positive growth. See the table below,
Condderation and goodwill recognised
Chongqing
Brewery
DKK million Group Othar Total
Fair value of consideration transferred for acquired ownership interest 2.636 251 2,887
Fair value of previously held ownership Interest 4.115 225 4.341
428 - 428
7.179 477 7.85
1.013 477 1.490
6.166 " 6.166
-184
5.982
In December 2013 Carlsberg gained control of Chongqing Brewery Group in China by completing a
partial takeover offer and acquiring 30.29% of the shares at a purchase price of DKK 2,636m. In
addition, a put option was granted allowing a non-controlling interest of 4.95% of the shares to be sold
to Carlsberg within a 12-month period at the same price per share as the partial takeover offer price.
This put option was recognised at fair value amounting to DKK 428m. Prior to Carlsberg gaining
control, Chongqing Brewery Group was classified as an associate and consolidated according to the
equity method.
In October 2013 Carisberg gained control of South Asian Breweries Group through the exercise bya
non-controlling interest of a put option of 6.67% of the shares at a price of DKK 108m. Prior to
Carlsberg gaining control, South Asian Breweries Group was classified as a joint venture and
proportionately consolidated.
The acquisitions of Chongqing Brewery Group and South Asian Breweries Group were both made in
several steps over a period of 2-3 years, leading to Carlsberg gaining control in December and
October 2013 respectively. The shareholding for each of these groups recognised prior to gaining
control had a fair value equal to the carrying amount, which is why no revaluation adjustment has been
recognised, The purchase price allocations of the fair value of identified assets, liabilities and
contingent liabilities are still ongoing, Adjustments are therefore expected to be made to al! items in the
opening statement of financial position, especially in relation to trademarks and property, plant and
equipment in Chongqing Brewery Group. Accounting for the acquisition will be completed within the
12-month period required by IFRS 3.
In January 2013 Carlsberg gained control of distribution entities acquired from Nordic Getrånke
following the termination of cooperation between Carlsberg and its partner. The consideration
consisting of assumed debt amounts to DKK 143m. Prior to Carlsberg gaining control, Nordic
Getrånke was classified as an associate and consolidated according to the equity method. The
shareholding recognised prior to gaining control was impaired to fair value in December 2012, which is
why no revaluation adjustment has been recognised. The purchase price allocation of the fair value of
identified assets, liabilities and contingent liabilities has been completed.
Fafr value of net ascets acquired
Chongqing
Browery
DKK million Group Other Total
Intangible assets 108 9 115
Property, plant and equipment 2.297 135 2.432
Financial assets, excl, deferred tax 132 29 161
Iventories 265 101 388
Loans and receivables, current 225 429 655
Cash and cash egulvalents 444 103 547
Provsions 89 »32 121
Deferred tax assets and Ilabllities, net 25 20 45
Borrowings 1.101 62 =1.039
"Trade payables and other payables -753 375 =1.128
Net assets of acquired entitles 1.552 481 2.033
Non-controlling interests' proportlonate share of acqulred net assots, recognlsed 539 4 =543
Not assets of acqulred entitios, attributable to Carlsbor: 1.013 477 1.490
Acquisition of entities
The Group has not completed any acquisitions of entities during 2013 or 2012 that were not step
acquisitions,
In 2012, the purchase price of part of the activities in S&N (acquired in 2008) was adjusted by DKK 4m
as a result of allocation of debt according to agreement, The adjustment was recognised as good
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1410410E0GSN06888
The acquisition date is the date when the Carlsberg Breweries Group effectively obtains control of an
acquired subsidiary, enters the management of a joint venture or obtains significant influence over an
associate.
The cost of a business combination comprises the fair value of the consideration agreed upon. When a
business combination agreement provides for an adjustment to the cost of the combination contingent
on future events, the fair value of that adjustment is included in the cost of the combination.
Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a
functional currency other than the presentation currency used in the Carlsberg Breweries Group are
treated as assets and liabilities belonging to the foreign entity and translated into the foreign entity's
functional currency at the exchange rate at the transaction date.
if uncertainties regarding measurement of acquired identifiable assets, liabilities and contingent
liabilities exist at the acquisition date, initial recognition will take place on the basis of preliminary fair
values. if identifiable assets, liabilities and contingent lia s are subsequently determined to have a
different fair value at the acquisition date from that first assumed, goodwill is adjusted up until 12
months after the acquisition. The effect of the adjustments is recognised in the opening balance of
equity and the comparative figures are restated accordingly.
Changes in estimates of contingent purchase considerations, except in cases of material error, are
recognised in the income statement under special items. Changes in estimates of contingent purchase
considerations in business combinations completed no later than 31 December 2009 are recognised
as an adjustment to goodwill.
Step acquisitions In a business combination achieved in stages (step acquisition), the shareholding
held immediately before the step acquisition is remeasured at fair value at the acquisition date. The
resulting gain or loss is retognised in the income statement under special items. The total fair value of
the shareholding held immediately after the step acquisition is estimated and recognised as the cost of
the total shareholding in the entity.
Non-controlling interests in a business combination In each business combination, management
decides whether or not to recognise goodwill related to non-controlling interests. if such goodwil
recognised, it is estimated based on the fair value of the non-controlling interests less the non-
controlling interests' share of the fair value of acquired assets, liabilities and contingent liabilities,
Section 5.2 Impact from acquisitions
In 2013, Carlsberg gained control of Chongqing Brewery Group, South Asian Breweries Group in India
and distribution entities acquired from Nordic Getrånke, which impacted the income statement by the
following amounts:
DKK million 2013 2012
Operating profit before special items -93 -
Net profit for the year -163 -
Net profit for the year had the acquisition been completed 1 January 48
Contingent consideration
In 2013 Carlsberg revalued contingent considerations for the previous acquisition of shareholdings in
Gorkha Brewery (Nepal), Carisberg South Asia (Singapore), and Olivaria (Belarus). The revaluations
are based on updated information since the initial recognition of the liabilities including new budgets
and sales forecasts, discount rates etc, The total revaluation recognised in 2013 is DKK 131m (2012:
DKK 17m).
Section 5.3 Cash flow effect from acquisitions
The cash flow from acquisition of entities comprises the cash consideration paid net of cash and cash
equivalents acquired with the entities.
Chongqing
DKK million Brewery Group Other Total
Cash 2,686 281 2,887
Cash and cash equivalents acquired 444 -103 547
Total cash consideration paid 2.192 148 2.340
The total cash flow from acquisition of entities can be specified as foliows:
2013 2012
Step acqulsitions, cash outflow, net =2,340 -
Acquisition of proportionately consolidated entitles, cash outflow - -23
on in previous years - 4
Net -2.340 -27
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1410410EQGSN06889
Section 5,5 Associates
The Group gained control of Chongqing Brewery Group in December 2013, at which point it was
derecognised as an associate and was fully consolidated as a subsidiary. Accordingly, the 2013 profit
after tax in associates includes 11 months' activity for Chongqing Brewery Group.
Section 5,1.contains a more detailed description of the acquisition and purchase price allocation for
this transaction.
In May 2013, the Group increased its shareholding in the Qinghai and Lanzhou Group to 50% and in
late December 2013 the shareholding in Tibet Lhasa Brewery Co. Ltd was increased to 50%,
2013
Carlsberg Breweries Group share
Profit after Ownemship Profit after
DKK million tax Assats Liabillies — mlerust fax
Ruvinua
Equit:
Key figures for associates:
Chongqing Brewery Group 3.258 32 - - - 11 -
Tibet Lhasa Brewery Co, Ltd. 395 83 887 111 50% 28 388
Hanol Beer Company 1.681 213 4.259 735 17% 37 599
Other 3,387 78 4.361 2.909 20-55% 28 892
104 1.879
2012
Carlsberg Breweries Group share
Profit after Owsursiip Profit after
DKK million Ruvwonuu tax Assets Liatahties interest tax Equity
Key figures for associates:
Chongqing Brewery Group 2,866 57 15.630 2,567 29,7% 17 4.201
Tibet Lhasa Brawery Co, Ltd. 428 81 680 48 33% 27 209
Hanoi Beer Company 1.639 210 4,360 827 17% 37 601
Other 5,736 108 4.900 3,512 20-50% 3 757
112 5,768
DKK mililon 2013 2012
Fair value of investments in listed associates:
Chongqing Brewery Co, Ltd, Chongqing, China « 2.006
The Lion Brewery Ceylon, Biyagama, Sri Lanka 294 235
Total 294 2.241
For associates in which the Group holds an ownership interest of less than 20%, the Group
participates in the management of the company and is therefore exercising significant influence.
The Group also has minor investments in entities in which the Group is unable to exercise significant
influence,
Contingent Liabilities
The Group has issued guarantees for loans etc, raised by associated entities (non-consoiidated share
of loans) of DKK 71m in 2013 (2012: DKK 83m).
Accounting policies
The proportionate share of the results of associates after tax is recognised in the consolidated income
statement after elimination of the proportionate share of unrealised intra-Group profitsdosses.
Investments in associates are recognised according to the equity method and measured at the
proportionate share of the entities' net asset values calculated in accordance with the Group's
accounting policies. The proportionate share of unrealised intra-Group profits and the carrying amount
of goodwill are added, whereas the proportionate share of unrealised intra-Group losses is deducted.
Investments in associates with negative net asset values are measured at DKK 0, If ihe Group has a
legal or constructive obligation to cover a deficit in the associate, the deficit is recognised under
provisions., Any amounts owed by associates are written down to the extent that the amount owed is
deemed irrecoverable.
On acquisition of investments in associates, the acquisition method is used, cf. section 5.1.
Section 5.6 Investments in proportionally consolidated
entities
Investments In proportionally consolidated entities
The amounts shown in the table represent the Group's share of the assets and lia ies, revenue and
profit of proportionately consolidated entities as shown in the overview of Group companies. These
amounts are recognised in the statement of financial position, including goodwill, and in the income
statement.
The change in key figures is attributabte to South Asian Breweries Group, which was previously
recognised as a proportionately consolidated entity, being recognised as a subsidiary from November.
Accordingly, the 2013 figures only include 10 months' activity for South Asian Breweries Group
proportionately consolidated in the income statement and cash flows, while proportionately
consolidated figures for South Asian Breweries Group are not included in the statement of financial
position as at 31 December 2013,
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Section 6 — Tax
KEY DEVELOPMENTS 2013
… Taxtotalled DKK 2,086m against DKK 1,529m in 2012.
+ Taxrate of 26.1%, impacted by non-capitalised tax assets.
Section 6.1 Corporation tax
2013
Reconcifiation of the effective tax rate for the year W% DKK million
Nominal welghted tax rate for the Carlsberg Breweries Group 21,0% 1.683 20,5% 1.302
Change in tax rate -0,2% -19 0,4% 27
Adjustments to tax for previous years -0,1% -11 -0,9% -61
Non-capitalised tax assets, net movements 2,8% 220 =1,9% "119
Non-taxable Income -0,7% -55 -0,4% -26
Non-deductible expenses 3,0% 237 3,4% 216
Tax Incentives etc. -0,6% 45 -1,7% -109
Special items -0,4% "28 0,7% 43
Withholding taxes 1,4% 115 4,1% 269
Other and tax in associates -0,1% -11 -0,2% -13
Effective tax rate for the year 26,1% 2.086 24,0% 1,529
The nominal weighted tax rate for the Group is calculated as domestic tax rates applicable to profits in
the entities as a proportion of each entity's share of the Group's profit before tax.
DKK million 2013 2012
Other Total Other Total
compre- compre« compre- compre-
Income hensive hensive Income hensive hensive
Statement Income income statement — Income income
Tax for the year can be specified as follows
Current tax 2.260 15 2,275 1.553 189 1.742
Change In deferred tax during the year -144 189 45 10 -193 -183
Change in deferred tax from change in tax rate -19 - -19 27 - 27
Adjustments to tax for previous years =11 - -=11 61 -83 144
Total 2,086 204 2.290 1.529 87 1.442
Tax recognised in other comprehensive income
2013 2012
Recognised Tax Recognised Tax
item incomer item income/
DKK million before tax exponse After tax before tax expense After tax
Foreign exchange adjustments -7.499 - »7.499 1.904 - 1.904
Hedging instruments 11 -8 3 111 133 244
Retirement benefit obligations 825 -196 629 -739 130 -609
Share of other comprehensive income In associates 4 - 4 4 - 4
Effect of hyperinflation 61 - 61 75 ” 75
Other -28 - =28 -2 -176 -178
Total -6.626 -204 6.830 1.353 87 1.440
An interest ceiling maximises the tax deduction accumulated for fair value adjustments of hedging
instruments recognised in other comprehensive income. Tax on such adjustments therefore fluctuates
from year to year.
Adjustment to tax for previous years of DKK Om (2012: DKK 83m) is included in the tax
benefit/expense for hedging instruments.
Accounting policies
Tax for the year comprises current tax and changes in deferred tax for the year, including changes as
a result of a change in the tax rate. The tax expense relating to the profit/løss for the year is
recognised in the income statement, and the tax expense relating to items recognised directly in other
comprehensive Income is recognised in other comprehensive income.
lf the Group obtains a tax deduction on computation of the taxable income in Denmark or in foreign
jurisdictions as a result of share-based payment programmes, the tax effect of the programmes is
recognised in tax on the profit/loss for the year. However, if the total tax deduction exceeds the total
tax expense, the tax benefit for the excess deduction is recognised in other comprehensive income.
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1410410E0GSN06891
Section 7 ST AF F C O STS AN D REM U N E RATI O N The average number of employees decreased due to efficiencies and optimisations, especially in the
Asia region. The acquisition of Chongqing Brewery Group increased the number of employees at year-
end by approximately 6,500 but had very limited impact on the average number of employees due to
the late acquisition date.
KEY DEVELOPMENTS 2013 Section 7.2 Remuneration
' Decreased defined benefit obligations ur Remuneration of the executive directors and key management personnel is based on a fixed salary,
o Changes in future assumptions for defined benefit obligations cash bonus payments and non-monetary benefits such as company car, telephone etc. Furthermore,
resulted in a decrease in the obligations. share option programmes and incentive schemes have been established for the executive directors
and other management personnel. These programmes and schemes cover a number of years.
+ New LTI programme
o In 2013 a new long-term incentive plan (performance shares) was
Key
introduced. management
Jørgen Buhl Rasmussen Jørn P. Jensen personnel
. Staff costs in line with 2012 DKK million 2013 2012 2011 2013 2012 2011 2013 2012
Fixed salary 11,0 10,5 10,5 9,5 9,1 9,1 52,0 50,5
Cash bonus 47 6,3 ” 4,1 5,5 - 21,1 21,3
Non-monetary benefits 0,3 0,3 0,3 0,3 0,3 0,2 7,5 5,5
Share-based payment 8,6 5,7 4,0 7,3 5,4 4,0 68 11,2
. Total 24,6 22,8 14,8 21,2 20,3 13,3 87,4 88,5
Section 7.1 Staff costs
DKK million
| DKK million 2013 — 2012 Number Fag
| Exercise 1 Jan, 31 Dec, exercise
Salaries and other remuneration 8.035 7.926 Grant year year 2013 Granted Adjusted Exercised 2013 31 Dec. Fair value
Severance pay 134 351 Jørgen Buhl Rasmussen:
Social security costs 1.353 1.240 2007 2010-2015 12,388 - - - 12.388 12.388 2
Retirement benefit costs — defined contribution plans 155 192 Fa RD, Snare ” ” ” sl sne "
Retirement benefit costs — defined benefit plans 247 113 2010 2013-2018 15.000 . . 2 148.000 15.000 3
Share-based payment 49 48 2011 2014-2019 30.000 - . 2 30,000 - 4
Other employee benefits 194 305 2012 2015-2020 69,500 - - « 69,500 - 15
Total 10.167 10.175 2013 2016-2021 49.000 - == 49,000 - 8
- Ea Total 201.664 49.000 - -… 250,664 102.164 59
Average number of employees 40.341 41.814
Jørm P. Jensen:
Staff costs are included in the following items in the Income statement: 2005 2008-2013 12,388 - - -12,388 - ” i
Cost of sales 2.768 2.830 2005 2009-2014 12,388 - - == 12,388 12,388 4
" " 2007 2010-2015 12.388 - - - 12,388 12.388 2
Sales and distribution expenses 5,291 5,069 2008 2011-2016 44.776 . - «44,776 44.776 7
Administrative expenses 1.943 1.975 2009 2012-2017 30.000 - - 30,000 30,000 11
Other operating activities, net 3 3 2010 2013-2018 15,000 - - - 15,000 15.000 3
Special it: t j 6 98 2011 2014-2019 30.000 = - - 30,000 - 4
pecial items (restructurings) 162 2 2012 2015-2020 62.000 - - - 62.000 - 13
Total 10.167 10.175 2013 2016-2021 42.000 - 42.000 - 7
Total 218.340 42.000 - -12.388 248.552 114.552 51
Executive Directors total 420.604 91.000 - =12,388 499.216 216.715 101
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General terms and conditions for the three programmes.
Share option programme Long-term incentive Long-term incentive
programme plan (performance
shares)
Equity-settled scheme Each share option entitles the holder to purchase one class B share in The long-term incentive programme is settled in performance share units (PSUs). A participant in The long-term incentive
Carlsberg A/S. The options may only be settled in shares. The Group the programme will receive a number of PSUs, each giving thø right to receive one Carlsberg B plan is settled in
has not purchased a significant number of treasury shares to meet this share, The exact number of PSUs granted Is determined after the publication of the Annual Report performance shares. A
obligation, Treasury share holdings at 31 December 2013 totalled 23,941 for the year in which the PSUs are granted.
participant In the
shares (2012: 1,587 shares).
programme will receive a
number of Carlsberg 8
shares. For each grant, the
exact number of shares
granted is determined after
the publication of the
Annual Report for the last
year in the vesting period.
Valuation The fair value of granted share options Is estimated using the Black- — - The calculation of the number of PSUs where no value has been determined at year-end is based The calculation of the
Scholes call option-pricing model based on the exercise price. on the assumptions available at year-end (preliminary). The final number of PSUs will be adjusted number of performance
to reflect the assumptions available at the time of vesting of each part of the long-term incentive shares is based on the
The share price and the exercise price for share options are calculated programme (final). estimated number of
j as the average price of Carlsberg A/S's class B shares on NASDAQ performance shares
OMX Copenhagen during the first five trading days after the publication The value of PSUs is calculated using the same method as for the share option programme, expected to vest, The final
of Carlsberg A/S's Annual Report following the granting of the options. although not until after the publication of the Annual Report in the year following the grant year. The number of performance
preliminary share price and the value for PSUs granted under the long-term incentive programme shares is the number that
are the last available prices before 31 December of the reporting year. ultimately vest.
The value of the remuneration received under the long-term incentlve programme is calculated as a The fair value of
predetermined percentage of the employee's yearly salary. Depending on the Group's performance, performance shares is
this percentage can be adjusted to a maximum of 150% of the predetermined percentage, calculated at the grant date
using a stochastic valuation
model.
Immediately after
publication of the Annual
Report for the Group for the
prior reporting period.
3 years of service and the Group's financial performance for the grant year. 3 years of service and
achievement of 4 KPIs
in the vesting period,
Time of valuation of Immediately after publication of the Annual Report for the Group for the Immediately after publication of the Annual Report for the Group for the grant year,
option prior reporting period,
Vesting conditions 3 years of service,
Earliest time of exercise 3 years from grant date, -
Latest time of exercise 8 years from grant date, Shares are transferred to the employee immediately after PSUs have vested, Shares are transferred to
the employee immediately
after they have vested,
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There were no exercisable performance shares in the long-term incentive plan at 31 December 2013.
The granted number of performance shares included in the specification is the number of performance
Shares that are expected to vest. The estimated number is revised on a regular basis until vesting.
Accounting pol
The fair value of equity-settied programmes is measured at the grant date and recognised in the
income statement under staff costs, net over the vesting period with a corresponding increase in equity.
The fair value of granted share options and PSUs is estimated using the Black-Scholes call option
pricing Model, taking into account the terms and conditions upon which the options were granted.
The fair value of granted performance shares Is estimated using a stochastic (quasi-Monte Carlo)
valuation model, taking into account the terms and conditions upon which the performance shares
were granted,
On initial recognition of share options, PSUs and performance shares, an estimate is made of the
number of awards expected to vest. The estimated number is subsequently revised for changes in the
number of awards expected to vest. Accordingly, recognition Is based on the number of awards that
ultimately vested.
Section 7.4 Retirement benefit obligations and similar obligations
A number of the Group's employees are covered by retirement benefit plans. The nature of the
retirement benefit plans varies depending on labour market conditions, legal requirements, tax
legislation and economic conditions in the individual countries, Benefits are generally based on wages
and salaries and length of employment. Retirement benefit obligations cover both present and future
retirees' entitlement to retirement benefits.
The future retirement obligation is primarily based on seniority and salary at the point of retirement,
Defined contribution plans
Approximately 39% (2012: 63%) of the Group's retirement benefit costs relate to defined contribution
plans, which limit the Group's obligation to the contributions paid. The retirement benefit plans are
funded by payments to funds that are independent of the Group,
Defined benefit plans
The defined benefit plans typically guarantee the employees covered a retirement benefit based on the
salary at the time of retirement, For defined benefit plans, the Group assumes the risk associated with
future developments in interest rates, inflation, mortality and disability etc.
The majority of the obligations are funded, with assets placed in independent pension funds in e.g.
Switzeriand, Norway, the UK and Hong Kong.
In some countries, primarily in Germany, Sweden and Italy, the obligation is unfunded. For these
unfunded plans, the retirement benefit obligations amounted to DKK 1,543m (2012: DKK 1,612m) or
approximately 14% (2012: 14%) of the total gross liability.
Obligation, net is specified to the right.
2013 2012
Present Present
value of Fair value of Obligation, value of Fair value of Obligation,
DKK million obligation lan assets net obligation
1 January 11,561 7,648 3.913 10.312 7.099 3,213
Recognised in income statement
Current service cost 224 - 221 114 - 114
Interest cost 332 - 332 381 - 381
Retum on plan assets (excluding interest cost) - - - - "129 129
Expected retum on plan assets - 218 -218 - 452 -452
Curtaliments and settlements 26 - 26 -1 la =1
Total 579 218 361 494 323 171
Remeasurements
Galn/loss from changes in actuarial assumptions 28 -2 30 691 -B 697
Gain/loss from changes in financial assumptions -508 347 -855 310 268 42
Total -480 345 "825 1.001 262 739
Other changes
Contributions to plans 6 252 -»246 15 245 -230
Benefits paid 477 -402 »75 7511 415 96
Acquisition and disposal of entitles 1 - 1 - " ”
Foreign exchange adjustments etc, -268 -189 -79 189 134 55
Transfer from other provisions 1 2 -1 61 - 61
Obtigation at 31 December 10,923 7.874 3.049 11.561 7.648 3.913
The total return on plan assets for the year amounted to DKK 563m (2012: DKK 585m).
The Group expects to contribute DKK 22m (2012: DKK 23m) to the plan assets in 2014. Plan assets
are invested in the following:
2013 2012
Breakdawn of plan asgets DKK million % DKK million %
Shares 2,842 36% 2.490 33%
Bonds and other securitles 3,502 45% 3.460 45%
Real estate 1.192 15% 1.170 15%
Cash and cash equivalents 338 4% 528 7%
Total 7,874 100% 7.648 100%
Plan assets do not include shares in or properties used by Group companies.
The actuarial gain and foreign exchange adjustment recognised in other comprehensive income
amounted to DKK 904m (2012; DKK -794m). The accumulated amount recognised at 31 December
2013 was DKK -2,400m (2012: DKK -3,304m), of which actuarial losses, net totalled DKK 2,504m
(2012: DKK -3,329m).
7,43 Si
cant assumptions applied
The main assumptions applied in calculating the defined benefit obligations can be summarised as
follows:
2013 2012
Weighted Weighted
CHE uk EUR Others average CHE Average
Discount rate 2,1% 4,5% 2,4 -4.0% 2,1 = 18.6% 3,1% 1,8% 30%
Future salary increases 1,0% 3,0% 1.0-3.0% 3,5 -16.0% 2,0% 2,0% 28%
Switzerland represents 39% (2012: 41%), the UK 42% (2012; 39%) and the euro-zone countries 11%
(2012: 6%) of the gross obligation.
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Section 8 — Other disclosure requirements
Section 8.1 Related party disclosure
Related parties exercising control
Carlsberg A/S, Ny Carlsberg Vej 100, DK, 1799 Copenhagen V, Denmark, holds all the shares in
Carlsberg Breweries A/S. During the year, the Group had balances with the parent company. The
balances were subject to arm's length terms and prices, No transactions were carried out with
Carlsberg A/S during the year.
Related parties exercising significant influence
During the year the Carlsberg Breweries Group was not involved in any transactions with major
shareholders, members of the Supervisory Board, members of the Executive Board, key management
personnel, or companies outside the Carlsberg Breweries Group in which these parties have
significant influence,
The income statement and the statement of financial position include the following transactions:
Associates Proportionatety
consolidated entitles
DKK million 2013 2012 2013 2012
Revenue 201 286 14 13
Cost of sales -339 -381 - -
Loans 212 300 - 727
Receivables 22 131 9 26
Borrowings - -96 - -
Trade payables and other liabilities etc. -26 -22 -3 4
The decrease in transactions with and receivables from associates is primarily a result of the
terminated cooperation in Nordic Getrånke at 1 January 2013. After this date, the activities acquired
were fully consolidated in the Group.
The decrease in key figures for proportionately consolidated entities is attributable to South Asian
Breweries Group, which was recognised as a subsidiary as of 31 October 2013.
Accordingly, the 2013 figures only include 10 months' activity for Carlsberg India Group recognised
proportionately in the income statement, while proportionately consolidated figures are not included in
the statement of financial position at 31 December 2013.
Section 8.2 Fees to auditors
Fees to the auditors appointed by the Annual General Meeting are specified as follows.
DKK million
KPMG
Statutory audit
Assurance engagements
Tax advisory
Other services
Assurance engagements include fees for assurances in relation to opinions on third parties, including
fees for assurances in relation to bond issue, Tax advisory services mainly relate to fees for assistance
on Group restructuring projects and general tax consultancy.
Other services include fees for advice and services in relation to acquisition and disposal of entities,
which includes accounting and tax advice and due diligence.
Section 8.3 Events after the reporting period
Apart from the events recognised or disclosed in the consolidated financial statements, no events have
occurred after the reporting period of importance to the consolidated financial statements.
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141041QE0GSW06895
Entities over which the Group exercises a significant influence, but which it does not control, are
considered associates, Significant influence is generally obtained by direct or indirect ownership or
control of more than 20% but less than 50% of the voting rights. When assessing whether Carlsberg
AS exercises contro! or significant influence, potential voting rights exercisable at the end of the
reporting period are taken into account.
Entities which by agreement are managed jointly with one or more other parties (joint ventures) are
consolidated proportionately, and the individual accounting entries are recognised in proportion to the
ownership interest.
The consolidated financial statements have been prepared as a consolidation of the financial
statements of the Parent Company, subsidiaries and proportionately consolidated entities according to
the Group's accounting policies, On consolidation, intra-Group income and expenses, shareholdings,
intra-Group balances and dividends, and realised and unrealised gains on intra-Group transactions are
eliminated. Unrealised gains on trans-actions with associates and proportionately consolidated entities
are eliminated in proportion to the Group's ownership share of the entity. Unrealised losses are
eliminated in the same way as unrealised gains to the extent that impairment has not taken place.
Investments in subsidiaries and proportionately consolidated entities are set off against the
proportionate share of the subsidiaries' fair value of identifiable net assets, including recognised
contingent liabilities, at the acq
The accounting items of subsidiaries are included in full in the consolidated financial statements. Non-
controlling interests' share of the profitoss for the year and of the equity of subsidiaries is included in
the Group's profit/loss and equity respectively, but is disclosed separately.
Entities acquired or formed during the year are recognised in the consolidated financial statements
from the date of acquisition or formation. Entities which are disposed of or wound up are recognised in
the consolidated income statement until the date of disposal or winding-up. The comparative figures
are not restated for entities acquired, disposed of or wound up.
Foreign currency translation
For each of the reporting entities in the Group, a functional currency is determined, The functional
currency is the primary currency used for the reporting entity's operations. Transactions denominated
in currencies other than the functional currency are considered transactions denominated in foreign
currencies.
On initial recognition, transactions denominated in foreign currencies are translated to the functional
currency at the exchange rates at the transaction date. Foreign exchange differences arising between
the exchange rates at the transaction date and at the date of payment are recognised in the income
statement as financial income or financial expenses.
Receivables, payables and other monetary items denominated in foreign currencies are translated at
the exchange rates at the end of the reporting period. The difference between the exchange rates at
the end of the reporting period and at the date at which the receivable or payable arose or the
exchange rate in the latest consolidated financial statements is recognised in the income statement as
financial income or financial expenses.
On recognition in the consolidated financial statements of entities with a functional currency other than
the presentation currency of Carlsberg A/S (DKK), the income statement and statement of cash flows
are translated at the exchange rates at the transaction date, and the statement of financial position
items are translated at the exchange rates at the end of the reporting period. An average exchange
rate for the month is used as the exchange rate at the transaction date to the extent that this does not
significantly deviate from the exchange rate at the transaction date. Foreign exchange differences
arising on translation of the opening balance of equity of foreign entities at the exchange rates at the
end of the reporting period and on translation of the income statement from the exchange rates at the
transaction date to the exchange rates at the end of the reporting period are recognised in other
comprehensive income and attributed to a separate translation reserve in equity.
Foreign exchange adjustment of balances with foreign entities which are considered part of the
investment in the entity is recognised in the consolidated financial statements in other comprehensive
income if the balance is denominated in the functional currency of the Parent Company or the foreign
entity. Correspondingly, foreign exchange gains and losses on the part of loans and derivative
financial instruments which is designated as hedges of investments in foreign entities with a functional
currency other than that of Carlsberg A/S and which effectively hedge against corresponding foreign
exchange gains and losses on the investment in the entity are also recognised in other comprehensive
income and attributed to a separate translation reserve in equity.
On recognition in the consolidated financial statements of associates with a functional currency other
than the presentation currency of Carisberg A/S, the share of profit/loss and other comprehensive
income for the year is translated at average exchange rates and the share of equity, including goodwill,
is translated at the exchange rates at the end of the reporting period. Foreign exchange differences
arising on the translation of the share of the opening balance of equity of foreign associates at the
exchange rates at the end of the reporting period, and on translation of the share of profit/loss and
other comprehensive income for the year from average exchange rates to the exchange rates at the
end of the reporting period, are recognised in other comprehensive income and attributed to a
separate translation reserve in equity.
On complete or partial disposal of a foreign entity or on repayment of balances which constitute part of
the net investment in the foreign entity, the share of the cumulative amount of the exchange
differences recognised in other comprehensive income relating to that foreign entity is recognised in
the income statement when the gain or loss on disposal is recognised.
Prior to translation of the financial statements of foreign entities in countries with hyperinfiation, the
financial statements are inflation-adjusted for changes in purchasing power in the local currency.
Inflation adjustment is based on relevant price indexes at the end of the reporting period,
Hyperinflation
The financial statements of foreign entities whose functional currency is the currency of a
hyperinfiationary market are stated in terms of the measuring unit current at the end of the reporting
period using a general price index. Non-monetary assets are restated to the current purchasing power
at the reporting date from the value on the date when they were first recognised in the financial
statements.
The gain/ioss is recognised in other comprehensive income. The gain/loss on the net monetary
position is recognised as financial income or expenses in the income statement. Income statement
items are restated from the value on the transaction date to the value on the reporting date except for
items related to non-monetary assets, such as depreciation and amortisation and consumption of
inventories etc, Deferred tax is adjusted accordingly. The comparative figures for the Group are not
restated in terms of the measuring unit current at the end of the reporting period.
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1410410E0GSN06896
Segment information
For segment reporting purposes, the Chief Operating Decision Maker is the Executive Committee. The
Executive Committee manages and makes business decisions based on geographical regional
information, Segments are managed and decisions are made based on business performance
measured as operating profit before special items. Decisions on financing and tax planning are made
based on information for the Group as a whole and therefore not segmented. The non-beverage
activities are managed separately and therefore also shown separately. The segmentation reflects the
structure used for internal reporting and monitoring of the strategic and financial targets of the
Carlsberg Breweries Group.
In accordance with the Group's management structure, beverage activities are segmented according
to the geographical regions where production takes place, The segment information is based on the
Group's accounting policies.
A segment's operating profit/loss includes revenue, operating costs and share of profit/loss in
assocjates to the extent that they can be allocated directly to the individual segment. Income and
expenses related to Group functions have not been allocated and, as is the case with eliminations and
non-beverage activities, are not included in the operating profit/loss of the segments.
Total segment assets comprise non-current assets used directly in the operating activities of the
segment, including intangible assets, property, plant and equipment, investments in associates and
current segment assets to the extent that they can be allocated directly to the individual segment,
including inventories, trade receivables, other receivables and prepayments.
The geographical allocation is made on the basis of the selling countries' domicile and comprises
countries individually accounting for more than 10% of the Group's consolidated net revenue as well
as the domicile country.
Financial ratios
Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with
IAS 33.
Other financial ratios are calculated in accordance with the Danish Society of Financial Analysts'
guidelines on the calculation of financial ratios, "Recommendations and Financial Ratios 2010”, unless
specifically stated.
Cash flow from operating activities pershare |Cash flow from operating activities divided by the number of
(CFPS) shares outstanding, fully diluted for share options in the money
in accordance with IAS 337,
Debt/operating profit before depreciation, — |Netinterest-bearing debt”divided by operating profit before
amortisation and impairment special items adjusted for depreciation, amortisation and
Impairment.
Equity ratio Equity attributable to shareholders in Carlsberg Breweries A/S at
year-end as a percentage of total assets at year-end.
Financial gearing Netinterest-bearing debt? at year-end divided
by total equity at year-end.
Free cash flow per share (FCFPS) Free cash flow? divided by average number of shares
outstanding, fully diluted for share options in the money in
accordance with IAS 331,
interest cover Operating profit before special items divided
by interest expenses, net.
Number of shares, average Number of issued shares, excluding treasury shares, as an
average for the year (= average number of shares outstanding).
Number of shares, year-end Total number of issued shares, excluding treasury shares, at year=
end (= number of shares outstanding at year-end).
Operating margm Operating profit before special items as a percent-age of
revenue,
Operating profit Expression used for operating profit before special items in the
Management review,
Organic development Measure of growth excluding the Impact of acquisi-tjons,
divestitures and foreign exchange from year-over-year
comparisons, We belleve this provides investors with a better
understanding of underlying trends,
Payout ratio Dividend for the year as a percentage of consolidated profit,
excluding non-controlling interests.
Pro rata volumes
The Group's sale of beverages in consolidated entities, and 100%
of the sale of the Group's international brands in proportionately
consolidated entities and associates and the proportionate share
of the sale of local brands in these entities.
Return on average invested capital, including |Operating profit before special items as a percentage of average
goodwill (ROIC) invested capital”,
Volumes The Group's total sale of beverages, including the total sales
through proportionately consolidated entities and associates.
1 The dilutive effect is calculated as the difference between the number of shares that could be acquired at fair value for
the proceeds from the exercise of the share options and the number of shares that could be issued assuming that the
options are exercised,
2 The calcuiation of net interest-bearing debt is specified in section 4.2.
3 The calculation of free cash flow is specified in the statement of cash flows.
4 The calculation of invested capital is specified in section 2,1.
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1410410E0GSN06897
The changes in accounting policies have no impact on the equity attributable to shareholders in
Carlsberg A/S, whereas the equity attributable to non-controlling interests will decrease DKK 13m at
31 December 2013 (31 December 2012: DKK 13m).
Furthermore, the changed consolidation method will impact all line items in the statement of financial
position and statement of cash flows due to the deconsolidation of the currently proportionately
consolidated share of the entities, The free cash flow will be reduced by DKK 96m, whereas cash flow
from financing will increase by DKK 49m.
New and amended IFRSSs and Interpretations not yet adopted by or applicable within the EU
Furthermore, the following new or amended IFRSs and Interpretations of relevance to the Carlsberg
Breweries Group have been issued but not yet adopted by the EU:
. IFRS 9 "Financial Instruments”, most recently revised in November 2010. As further
changes to the standard are being drafted and planned, the impact of the final standard on
the consolidated financial statements cannot yet be estimated.
. Improvements to IFRS 2010-2012, effective for financial years beginning on or after
. 1 July 2014.
. Improvements to IFRS 2011-2013, effective for financial years beginning on or after 1 July
2014,
. IFRIC 21 "Levies", effective for financial years beginning on or after 1 January 2014.
. Amendments to JAS 19 "Defined Benefit Plans: Employee Contributions”, effective for
financial years beginning on or after 1 July 2014.
The new and amended Standards and Interpretations are not mandatory for the financial reporting for
2013. The Carlsberg Breweries Group expects to adopt the Standards and Interpretations when they
become mandatory.
72
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1410410EQGSWN06898
Not allocatod
Danish Malting Group AYS, Vordingborg, Ben mark 300% 100.000 DKK
Danish Malting Group Polska Sp. 20.0. Slerpe Paa ao 100% | 20.000 PLN.
Carlsberg Finans A/S, Copenhagen, Denmark 0 2 300% 8.308.000 DKK.
erg International A/S, Copenhagen, Denmark em 2 3004 1.100 DKK.
Carlsberg Invest A/S, Copenhagen, Denmark et 2 300% 33,000 DKK.
Carlsberg IT A/S, Copenhagen, Denmark 300 50.000 — DKK
Carlsberg Insurance A/S, Copenhagen, Denmark 2 3004 28.000 DKK
Carlsberg Accounting Centre Sp. z0,0., Poman, Poland OG TOO 80 PIN
Carisberg Supply Company AG, Ziagelbriicke, Switzerland 0 8 100% 50 CHF
O subsidlary
4 Proportionately consolidated entity
NM Associate
1. For some entities the consolldatlon percentage Is higher than the ownershlp share due ta written put options
2 Listed company
4 A separate annual report is not prepared
4 Company not audited by KPMG
AZN 692,97 BGN 381.44 BYR 0,06 CAD 505.30 C11F 608.56 CNY 89,29 DKK 100.00 EUR 746.03 GEL 312,93 GBP 891,95 LIKD 69,80
HRK 97,68 LUE 2.51 INR 8.78 KZT 3.51 LA K 0,07 LKR 4.15 LTL 216,07 LVL. 1,061,96 MWK 1.26 MYR 164.29 NOK 88.54 PLN 179,82.
RSD 6.51 RUB 16,59 SEK 83,56 SGD 426,77 TIIB 16.49 TWD 18.20 UA11 67.57 USD 541,27 UZS 0.25 VND 0:03
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141.0410QEQGSN06899
Statement of Financial Position
DKK million
Section 31 Dec. 2013 31 Dec. 2012 DKK million Section | 31 Dec. 2013 31 Dec. 2012
Assets Equity and liabilities
Non-current assets Equity
Intangible assets 2,2 1.080 1.113 Share capital 4,3 501 501
Property, plant and equipment 2,2 19 16 Hedging reserves "427 614
Investments in subsidiaries 5,1 72.592 66.682 Retained eamings 44.961 46.522
Investments in associates and joint ventures 5,2 2.884 2.812 Total equity 45.035 46.409
Receivables 1,5 167 237
Deferred tax assets 6,2 86 317 Non-current liabilities
Total non-current assets 76.828 71.177 Borrowings 4,4 29,128 34,877
Provisions 3,2 138 67
Current assets Other Ilabitities - 3
Imentories 2 2 Total non-current iiabilities 29.266 34.947
Trade receivables 1,5 1,161 1.366
Other receivables 1,5 19,751 29,562 Current liabilities
Cash and cash equivalents 4,4 22 16 Borrowings 4,4 21.517 18.123
Total current assets 20.936 30.946 Trade payables 584 535
Total assets 97,764 102.123 Deposits on retumable packaging 22 22
Other liabilities, etc. 1,340 2.087
Total current liabilities 23.463 20.767
Total liabitities 52.729 55.714
Total equity and liabilities 97.764 102.123
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Statement of cash flows
DKK million Section 2013 2012
Operating profit before special items 309 50
Adjustment for depreciation and amortisation and impairment losses 15 15
Operating profit before depreciation, amortisation and impairment losses 324 65
Adjustment for olher non-cash Items 1,4 23 15
Change in working capital 1,4 99 -245
Restructuring costs paid -16 63
Interest etc, received 787 1.067
Interest etc. pald »2,726 -2.130
Corporation tax pald 271 284
Cash flow from operating activities -1.238 1.007
Acquisition of property, plant and equipment and intangible assets -8 =12
Total operatlonal investments -8 =12
Acquisition and disposal of subsidalries, net -108 1,566
Capital injection in subsidiares "7.310 -164;
Acquilsition and disposal of associates, net -72 -65;
Divdend paid In excess of accumulated eamings from the acquisltion - 3
Change in financial receivables 90 21
Dividends received 1.610 1.673
Total financial Investments 5.790 3.034
Disposal of other property. plant and equipment -2 -15
Total! other activities 2 15
Cash flow from investing activities 5,800 3.007
Free cash flow -7.038 2.000
Shareholders in Carlsberg Breweries A/S 7915 -
External financin 4,4 8.448 72,438
Cash flow from financing activities 7,533 -2.438
Net cash flow 495 438
Cash and cash equivalents at 1 Janua -473 735
Cash and cash egquivalents at 31 December! 44 22 -473
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Receivables by origin
DKK million 2013 2012
Receivables from sale of goods and services 269 241
Recelvables from group companies 892 1.125
Loans to group companies 18.746 28.377
Loans, fair value of hedging instruments and other receivables 1.172 1.422
Total 21.079 31.165
Section 2 — Asset base
Section 2.1 Impairment test
At 31 December 2013 impairment tests were performed of the carrying amount of trademarks with an
indefinite useful life, Impairment tests are performed annually in the fourth quarter,
The impairment test of trademarks is based on a comparison of the recoverable amount,
corresponding to the discounted value of the expected future free cash flow, with the carrying amount
of the individual trademark.
The impairment test is based on expected future free cash flows primarily from the royalty income
generated by the individual trademark. Key assumptions include royalty rate, useful life and a
theoretically calculated tax effect, An after tax discount rate is used which reflects the risk-free interest
rate with the addition of specific and estimated future risks associated with the particular trademark.
Based on the impairment tests performed, no indications of further impairment of trademarks with an
indefinite useful life existed at 31 December 2013. In addition, it is Management's assessment that
probable changes in the described significant parameters would not lead to the carrying amount of the
trademarks with an indefinite useful life exceeding the recoverable amount.
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1410410E0GSN06902
2012 Intangible assets Property, plant and equipment
i Fixtures and
Other fittings, other
intangible Land and plant and
DKK million Trademarks assets Prepayments Total buildings equipment Total
Cost
Cost at 1 January 2012 1.108 34 22 1.164 5 35 40
Additions - 1 3 4 - 8 8
Disposals - - - - -3 -2 -5
Transfers - - -2 -2 - - -
Cost at 31 December 2012 1.108 35 23 1.166 2 MA 43
Amortisation, depreciation and impairment losses
Amortisation, depreciation and impairment losses at 1 January 2012 18 27 - 45 2 24 26
Amortisation and depreciation 6 2 - 8 2 3 5
Disposals - - - - -2 -2 4
Amortisation, depreciation and impairment losses at 31 December 2012 24 29 m 53 2 25 27
Carrying amount at 31 December 2012 1.084 6 23 1.113 - 16 16
Carrying amount of assets pledged as security for loans - - -
Assets under construction amounted to DKK 1m (2012: DKK 1m) and are included in fixtures and Contractual commitments
fittings, other plant and equipment. The Carlsberg Breweries A/S has entered into service contracts in respect of sales, logistics and IT,
Costs related to the contracts are recognized as the services are received.
Measurement of trademarks is based on a number of estimates, see section 9 general accounting
policies for further description. Capital commitments
Neither at the end of the reporting period in 2013 nor 2012 had Carlsberg Breweries A/S any capital
Management assesses that the value of these trademarks can be maintained for an indefinite period, commitments to be made at a later date.
as these are well established trademarks in the markets concerned and these markets are expected to
be profitable in the longer term. In the opinion of Management, there is only a minimal risk of the
current situation in the markets reducing the useful life of these trademarks, primarily due to the
respective market share in each market and the current and planned marketing efforts which are
helping to maintain and increase the value of these trademarks.
The carrying amount of other intangible assets at 31 December 2013 included capi
costs of DKK 1m (2012: DKK 1m).
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Section 3.3 Contingent liabilities and other commitments
Carlsberg Breweries A/S has issued guarantees for loans etc. raised by subsidiaries and associates
(non-consolidated share of Ioan) of DKK 3,592 (2012: DKK 3,726m)
Carlsberg Breweries A/S is jointly registered for Danish VAT and excise duties with Carlsberg A/S,
Carlsberg Danmark A/S and various other minor Danish subsidiaries, and is jointly and severally liable
for payment of VAT and excise duties.
Carlsberg Breweries A/S and the other companies covered by the Danish join taxation scheme are
jointly and severally liable for payment of corporation tax for 2004 and previous years.
Carlsberg Breweries A/S is party to certain lawsuits, disputes etc. of various scopes. In management's
opinion, apart from as recognised in the statement of financial position or disclosed in the financial
statements, the outcome of these lawsuits, disputes etc, will not have a material negative effect on the
Company's financial position.
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1410410EQ0GSN062904
Section 4.3 Capital structure
Management's strategy and overall goal is to ensure a continued development and strengthening of
the Group's capital structure which supports long-term profitable growth and a solid increase in key
earnings and ratios. In 2006 the Carlsberg Breweries Group was awarded investment-grade ratings by
Moody's Investor Service and Fitch Ratings. This rating was improved by one notch in February 2011
to Baa2
Share capital
Shares of Nominal value,
DKK 1,000 DKK '000
1 January 2012 501 501,000
No change in 2012
31 December 2012 501 501,000
No change in 2013
31 December 2013 501 501,000
The share capital amounts to DKK 501m divided into shares in denominations of DKK 1,000 and
multiples thereof. None of the shares confer any special rights. The share capital is owned by
Carlsberg A/S, Copenhagen, Denmark.
Transactions with shareholders in Carlsberg Breweries A/S
DKK million 2013 2012
Dividends to shareholders -915 -
Total -915 -
Section 4.4 Borrowings and cash
Gross financial debt
DKK m
n 2013 2012
Non-current borrowings
issued bonds 21.413 29.021
Bank borrowings 6.969 5,110
Borowings from Group companies 746 746
Total 29.128 34.877
Current borrowings
Issues bonds - short tem portion 7.455 -
Bank borrowings - 489
Borrowings from Group companies 14,062 17.634
Total 21.517 18.123
Total non-current and current borrowings 50.645 53.000
Fair value 51.256 54,485
All borrowings are measured at amortis