| DKK million |
|
2007 |
2008 |
2009 |
2010 |
2011 |
| |
|
|
|
|
|
|
| Sales volumes, gross (million hl) |
|
|
|
|
|
|
| Beer |
|
115.2 |
126.8 |
137.0 |
136.5 |
139.8 |
| Other beverages |
|
20.8 |
22.3 |
22.2 |
22.5 |
22.2 |
|
|
| Sales volums, pro rata (million hl) |
|
|
|
|
|
|
| Beer |
|
82.0 |
109.3 |
116.0 |
114.2 |
118.7 |
| Other beverages |
|
17.8 |
19.8 |
19.8 |
19.3 |
19.2 |
|
|
| Income statement |
|
|
|
|
|
|
| Net revenue |
|
44,750 |
59,944 |
59,382 |
60,054 |
63,561 |
| Operating profit before special items |
|
5,262 |
7,978 |
9,390 |
10,249 |
9,816 |
| Special items, net |
|
-427 |
-1,641 |
-695 |
-249 |
-268 |
| Financial items, net |
|
-1,201 |
-3,456 |
-2,990 |
-2,155 |
-2,018 |
| Profit before tax |
|
3,634 |
2,881 |
5,705 |
7,845 |
7,530 |
| Corporation tax |
|
-1,038 |
312 |
-1,538 |
-1,885 |
-1,838 |
| Consolidated profit |
|
2,596 |
3,193 |
4,167 |
5,960 |
5,692 |
| |
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
| Non-controlling interests |
|
299 |
572 |
565 |
609 |
543 |
| Shareholders in Carlsberg A/S |
|
2,297 |
2,621 |
3,602 |
5,351 |
5,149 |
|
|
| Statement of financial position |
|
|
|
|
|
|
| Total assets |
|
61,220 |
142,639 |
134,515 |
144,232 |
147,714 |
| Invested capital |
|
45,394 |
118,643 |
109,538 |
117,101 |
118,196 |
| Interest-bearing debt, net |
|
19,726 |
44,156 |
35,679 |
32,743 |
32,460 |
| Equity, shareholders in Carlsberg A/S |
|
18,621 |
54,750 |
54,829 |
64,248 |
65,866 |
|
|
| Cash flow |
|
|
|
|
|
|
| Cash flow from operating activities |
|
4,837 |
7,812 |
13,631 |
11,020 |
8,813 |
| Cash flow from investing activities |
|
-4,927 |
-57,153 |
-3,082 |
-5,841 |
-4,883 |
| Free cash flow |
|
-90 |
-49,341 |
10,549 |
5,179 |
3,930 |
|
|
| Investments |
|
|
|
|
|
|
| Acquisition and disposal of property, plant and equipment, net |
-4,596 |
-4,669 |
-2,342 |
-2,197 |
-3618 |
| Acquisition and disposal of entities, net |
|
-179 |
-51,438 |
95 |
-477 |
-260 |
|
|
| Financial ratios |
|
|
|
|
|
|
| Operating margin |
% |
11.8 |
13.3 |
15.8 |
17.1 |
15.4 |
| Return on average invested capital (ROIC) |
% |
11.7 |
8.2 |
8.2 |
8.8 |
8.4 |
| Equity ratio |
% |
32.6 |
42.0 |
44.2 |
44.5 |
44.6 |
| Debt/equity ratio (financial gearing) |
x |
0.99 |
0.74 |
0.60 |
0.47 |
0.45 |
| Debt/operating profit before depreciation and amortisation |
x |
2.43 |
3.80 |
2.71 |
2.30 |
2.39 |
| Interest cover |
x |
4.38 |
2.31 |
3.14 |
4.76 |
4.86 |
|
|
| Stock market ratios* |
|
|
|
|
|
|
| Earnings per share (EPS) |
DKK |
24.3 |
22.1 |
23.6 |
35.1 |
33.8 |
| Cash flow from operating activities per share (CFPS) |
DKK |
51.2 |
65.8 |
89.3 |
72.1 |
57.7 |
| Free cash flow per share (FCFPS) |
DKK |
-1.0 |
-415.4 |
69.1 |
33.9 |
25.7 |
| Dividend per share (proposed) |
DKK |
4.8 |
3.5 |
3.5 |
5.0 |
5.5 |
| Pay-out ratio |
% |
20 |
20 |
15 |
14 |
16 |
| Share price (B-shares) |
DKK |
498.1 |
171.3 |
384.0 |
558.5 |
405.0 |
| Number of shares (period-end) |
1,000 |
76.246 |
152,554 |
152,553 |
152,539 |
152,523 |
| Number of shares (average, excl. treasury shares) |
1,000 |
94,466 |
118,778 |
152,550 |
152,548 |
152,538 |
|
|
| * 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. |