2021 Financial Statement

2021 performance well ahead of pre-COVID 2019: strong top-line growth and operating cash flow; increased returns to shareholders.


  • Organic revenue growth of 10.0%; reported growth of 13.8% to DKK 66,634m.
  • Revenue/hl +3%.
  • Total organic volume growth of 7.4%; reported growth of 9.3% to 142.2m hl.
    • Tuborg volume +17%, Carlsberg +5%, 1664 Blanc +24%, Grimbergen -3% and Somersby +10%.
    • Craft & speciality +15%; alcohol-free brews +17%.
  • Organic operating profit growth of 12.5%; reported growth of 12.0% to DKK 10,862m.
  • Reported operating margin -30bp to 16.3%; excluding acquisitions +30bp to 16.9%.
  • Adjusted net profit growth of 9% to DKK 6,943m, supported by lower financial costs and a lower tax rate; reported net profit growth of 14% to DKK 6,846m.
  • Adjusted earnings per share +11% to DKK 48.3.
  • Free cash flow of DKK 8,876m.
  • ROIC increased by 140bp to 10.3%; excluding goodwill +430bp to 27.5%.
  • Net interest-bearing debt/EBITDA of 1.24x (2020: 1.51x).
  • The Supervisory Board will propose to the Annual General Meeting a 9% increase in dividend to DKK 24 per share, equal to an adjusted payout ratio of 49%.
  • During 2021 and up until 28 January 2022, the Company bought back shares amounting to DKK 4.0bn. Once again in 2022, the Company intends to execute quarterly share buy-back programmes, launching the first DKK 1bn programme today, which will run until 22 April. We will provide information on the next quarterly share buy-back programme in connection with the Q1 trading statement on 28 April.
  • Yesterday, the Group announced its updated strategy, SAIL’27, including a long-term organic revenue ambition of 3-5% CAGR and organic operating profit growth above revenue growth. See separate announcement for details.


2022 will be another challenging year. COVID-19 is expected to continue to impact our markets to various degrees. At the same time, our business will be impacted by substantial increases in input costs, which we aim to offset in absolute terms through higher revenue/hl and continued tight focus on costs. The higher revenue/hl may have a negative impact on beer consumption. As a result, 2022 guidance is: 

• Organic operating profit growth of 0-7%. 

Based on the currency spot rates at 3 February, we assume a translation impact of around DKK +250m for 2022.


CEO Cees ’t Hart says: “We’re very satisfied with the Group’s 2021 performance. Although our business was significantly impacted by COVID-19, we delivered strong top- and bottom-line growth and free cash flow. Our results in 2021 are well above the pre-pandemic levels of 2019.

“The Group’s financial situation is very strong, and we’re pleased to announce that the Supervisory Board recommends another solid increase in dividends for 2021 and a new share buy-back programme. The significantly higher input costs and continued impact from COVID-19 will pose challenges in 2022, but we’re well prepared.

“We have also launched our new strategy, SAIL’27, with clear priorities for our portfolio, geographies, execution and culture and with ambitious long-term growth aspirations for the Group. Building on the strong foundation of SAIL’22 and our ambitions for the next strategy
period, we’re convinced that we can continue our sustainable long-term value creation.”


Please address enquiries to:

Vice President, Investor Relations

Peter Kondrup

Tel +45 3327 1221 Email [email protected]

Head of Group External Communications

Kenni Leth

Tel +45 51 71 43 68 Email [email protected]