Carlsberg’s strategy aims to ensure the continued development and strengthening of the business. At the heart of our financial goals is the target of increasing the Company’s earnings and profitability. Thus one goal for 2008- 09 is to raise Carlsberg’s operating margin from its current level, including an increase in the operating margin in Western Europe to 10-12%.
We are keen to develop and expand our business in Asia in the coming years, primarily in China and Vietnam. The plan is therefore for cash flow from mature markets to be invested in growth markets. At the beginning of 2006 Carlsberg was awarded investment- grade ratings by Moody’s Investor Service and Fitch Ratings.
These ratings are viewed as an endorsement of Carlsberg’s business strategy. We aim to maintain healthy earnings and balance sheet ratios in the future so that we continue to meet the rating criteria. Carlsberg had net interest-bearing debt of DKK 19bn at the end of 2006, which is considered reasonable in the light of our current needs in terms of financial flexibility.