| DKK million |
|
2005 |
2006 |
2007 |
2008 |
2009 |
| |
|
|
|
|
|
|
| Sales volumes, gross (million hl) |
|
|
|
|
|
|
| Beer |
|
101.6 |
100.7 |
115.2 |
126.8 |
137.0 |
| Non-beer |
|
19.1 |
20.2 |
20.8 |
22.3 |
22.2 |
|
|
| Income statement |
|
|
|
|
|
|
| Net revenue |
|
38,047 |
41,083 |
44,750 |
59,944 |
59,382 |
| Operating profit before special items |
|
3,518 |
4,046 |
5,262 |
7,978 |
9,390 |
| Special items, net |
|
-386 |
-160 |
-427 |
-1,641 |
-695 |
| Financial items, net |
|
-1,240 |
-857 |
-1,201 |
-3,456 |
-2,990 |
| Profit before tax |
|
1,892 |
3,029 |
3,634 |
2,881 |
5,705 |
| Corporation tax |
|
-521 |
-858 |
-1,038 |
312 |
-1,538 |
| Consolidated profit |
|
1,371 |
2,171 |
2,596 |
3,193 |
4,167 |
| |
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
| Non-controlling interests |
|
261 |
287 |
299 |
572 |
565 |
| Shareholders in Carlsberg A/S |
|
1,110 |
1,884 |
2,297 |
2,621 |
3,602 |
|
|
| Statement of financial position |
|
|
|
|
|
|
| Total assets |
|
62,359 |
58,451 |
61,220 |
142,639 |
134,515 |
| Invested capital |
|
42,734 |
43,160 |
45,394 |
118,643 |
109,538 |
| Interest-bearing debt, net |
|
20,753 |
19,229 |
19,726 |
44,156 |
35,679 |
| Equity, shareholders in Carlsberg A/S |
|
17,968 |
17,597 |
18,621 |
54,750 |
54,829 |
|
|
| Cash flow |
|
|
|
|
|
|
| Cash flow from operating activities |
|
4,734 |
4,470 |
4,837 |
7,812 |
13,631 |
| Cash flow from investing activities |
|
-2,354 |
65 |
-4,927 |
-57,153 |
-3,082 |
| Free cash flow |
|
2,380 |
4,535 |
-90 |
-49,341 |
10,549 |
|
|
| Investments |
|
|
|
|
|
|
| Acquisition and disposal of property, plant and equipment, net |
1,323 |
2,864 |
4,596 |
4,669 |
2,342 |
| Acquisition and disposal of entities, net |
|
738 |
-18 |
179 |
-51,438 |
95 |
|
|
| Financial ratios |
|
|
|
|
|
|
| Operating margin |
% |
9.2 |
9.8 |
11.8 |
13.3 |
15.8 |
| Return on average invested capital (ROIC) |
% |
7.8 |
9.2 |
11.7 |
8.2 |
8.2 |
| Equity ratio |
% |
31.3 |
32.5 |
32.6 |
42.0 |
44.2 |
| Debt/equity ratio (financial gearing) |
x |
1.06 |
1.01 |
0.99 |
0.74 |
0.60 |
| Debt/operating profit before depreciation and amortisation |
x |
3.29 |
2.73 |
2.43 |
3.80 |
2.71 |
| Interest cover |
x |
2.84 |
4.72 |
4.38 |
2.31 |
3.14 |
|
|
| Stock market ratios* |
|
|
|
|
|
|
| Earnings per share (EPS) |
DKK |
11.7 |
19.9 |
24.3 |
22.1 |
23.6 |
| Cash flow from operating activities per share (CFPS) |
DKK |
50.1 |
47.1 |
51.2 |
65.8 |
89.3 |
| Free cash flow per share (FCFPS) |
DKK |
25.2 |
48.0 |
-1.0 |
-415.4 |
69.1 |
| Dividend per share (proposed) |
DKK |
4.0 |
4.8 |
4.8 |
3.5 |
3.5 |
| Pay-out ratio |
% |
34 |
24 |
20 |
20 |
15 |
| Share price (B-shares) |
DKK |
272.8 |
452.9 |
498.1 |
171.3 |
384.0 |
| Number of shares (period-end) |
1,000 |
76,278 |
76,271 |
76.246 |
152,554 |
152,553 |
| Number of shares (average, excl. treasury shares) |
1,000 |
94,433 |
94,479 |
94,466 |
118,778 |
152,550 |
|
|
| * Stock market ratios in 2008 were adjusted for bonus factor from rights issue in June 2008 in accordance with IAS 33. Number of shares (period-end) is not adjusted. |