H1 2022 Financial Statement

Carlsberg delivered a strong set of results, significantly ahead of the pre-pandemic levels of H1 of 2019. Thanks to strong cash generation, we have made DKK 5.4 billion cash returns to shareholders in H1.

Volume growth driven by Western Europe and Asia

Organic volume growth +8.9% (Q2: +8.7%)

  • Organic volume growth in Western Europe +10.2%, Asia +13.2% and Central & Eastern Europe 0.3% (excluding Ukraine: +7%).
  • Solid volume growth for premium brands: Tuborg +14%, Carlsberg +20%, 1664 Blanc ‑1% (excluding Ukraine: +5%), Grimbergen +11%, Somersby +2% and Brooklyn +44%.
  • Alcohol-free brews -3% (excluding Ukraine: +4%).

Revenue impacted by positive channel mix

Organic revenue growth +20.7% (Q2: +18.7%)

  • Revenue/hl +11%, primarily driven by channel mix, country mix and price increases.
  • Reported revenue growth of 23.6% to DKK 35,447m due to a positive currency impact. 

Strong profit and cash performance

Organic operating profit growth +31.8%

  • Strong operating profit growth reflecting the on-trade recovery and strong Asia performance, partly offset by higher commodity prices and energy costs.
  • Reported operating profit growth of +35.9% to DKK 6,442m and operating margin improvement of 170bp to 18.2%.
  • Reported net profit of DKK -5,276m, impacted by impairment charges in Russia, Ukraine and Central & Eastern Europe recognised in March, in total amounting to DKK 10,401m.
  • Adjusted net profit DKK 5,059m.
  • Adjusted earnings per share (excluding treasury shares) +63.9% to DKK 35.9.
  • Strong free cash flow of DKK 7,294m.

Improved shareholder value

  • NIBD/EBITDA 1.11x.
  • ROIC improvement of 340bp to 14.9%; excluding goodwill +1030bp to 40.7%.
  • The third quarterly share buy-back programme, amounting to DKK 1bn, launched today.

Ambitious New ESG targets

  • Progressive ESG programme Together Towards ZERO and Beyond launched today.
  • Ambitious and broader targets, including net-zero carbon emissions target and targets for sustainable agriculture and packaging.

2022 Earnings expectations

  • High single-digit percentage organic operating profit growth (unchanged from announcement of 8 August).
  • A translation impact of around DKK +350m, based on the spot rates at 16 August (unchanged).
  • Financial expenses, excluding foreign exchange losses or gains, of around DKK 550m (previously DKK 550-600m).
  • Reported effective tax rate at around 22% (previously 22-23%).

CEO Cees ’t Hart says:

“We’re very satisfied with the strong set of results for the first half year in light of the severe challenges stemming from the war in Ukraine, rising commodity prices and energy costs, and the pandemic. Despite these challenges, the Carlsberg Group’s half-year results are now well ahead of pre-pandemic levels.

 “I’m impressed by our Ukrainian colleagues, who’ve shown incredible strength and resilience, navigating both the humanitarian crisis and the enormous business challenges since the outbreak of the war.

 “Global uncertainty remains high, with the increasing input cost pressure a particular challenge for us in the coming quarters. In this environment, we’ll continue to seek the right balance between mitigating the short-term challenges and investing in the long-term opportunities behind our SAIL’27 priorities to deliver on our ambitions for top- and bottom-line growth. Despite challenging market conditions, we’re staying the course.

 “Today we’re launching our ambitious new sustainability programme, Together Towards ZERO and Beyond, taking the next steps on our ESG journey to fight climate change, improve diversity and encourage responsible consumption of our products.”


Please address enquiries to:

Vice President, Investor Relations

Peter Kondrup

Tel +45 3327 1221 Email [email protected]

For any press inquiries.

Press phone

Tel +45 4179 1216 Email [email protected]