ANNUAL
REPORT 2024
CONTENTS
MANAGEMENT REVIEW
FINANCIAL STATEMENTS
To our shareholders
Letter from the Chair &
the Group CEO
2
Meet our Executive Committee
4
Shaping our future
6
2024 at a glance
Highlights of the year
8
Our results
10
Capital allocation
11
Our regions
12
Our beer portfolio
15
Our alcohol-free brews and other
beverage portfolios
16
5-year key figures
17
Creating value
Our purpose
18
Our business model
19
Our strategy
20
2024 review and 2025 expectations
Group review
28
Western Europe
30
Asia
32
Central & Eastern Europe and India
34
2025 earnings expectations
36
Governance
Risk management
37
Corporate governance
39
Supervisory Board
46
Share information
49
ESRS data points
50
Forward-looking statements & ESEF
51
Sustainability statement
Contents
52
General disclosures
55
Environment
63
Social
88
Governance
103
Appendices
106
Consolidated financial statements
Statements
111
Notes
116
Parent company financial statements
Statements
186
Notes
190
Reports
Management statement
198
Auditor’s reports
199
FIND US ONLINE
carlsberggroup.com
Carlsberg Group
@carlsberggroup
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
1
Carlsberg Group Annual Report 2024
AN EVENTFUL YEAR
LETTER FROM THE CHAIR & THE GROUP CEO
2024 was a year of major
events at Carlsberg, including
the launch of our refreshed
strategy and several
acquisitions. It was also a year
when our business was
impacted by a challenging
environment in some of our
major markets.
Despite challenging consumer environment in
many markets, our teams achieved organic
volume and revenue growth of 0.4% and 2.4%
respectively.
As part of our refreshed strategy – Accelerate
SAIL – we want to restore gross margins to pre-
COVID levels over the coming years, and we
were pleased to see positive progress already
this year, with a 120bp improvement in gross
margin. Part of this improvement was
reinvested in the business in support of our key
growth categories and markets. Despite the
higher level of commercial investments, organic
operating profit grew by 6.0%.
It is testimony to the financial strength of the
Carlsberg Group that we have the capacity to
invest in the business and, at the same time,
continue our long-term earnings growth
trajectory.
Read about the Group’s financial results on
pages 28-35.
SHAREHOLDER RETURNS
We are committed to our capital allocation
principles, outlined on page 11. We increased our
financial leverage target following the exit from
Russia and the increased exposure to hard
currency cash flows.
In March, we paid a total dividend of DKK
3.6bn, equivalent to 49% of adjusted net profit
in 2023.
At the Annual General Meeting in March 2025,
the Supervisory Board will recommend a
dividend of DKK 27.0 per share. The dividend
per share is unchanged compared with 2024
and equals a payout ratio of 49% of adjusted
net profit for continuing operations.
During the first half of the year, we bought back
shares amounting to DKK 2.0bn. We stopped
our share buy-back programme upon
announcing the recommended offer for Britvic
plc on 8 July, but we will have a sharp focus on
deleveraging our balance sheet as fast as
possible, getting to below 2.5x NIBD/EBITDA by
the end of 2027 at the latest.
OUR REFRESHED STRATEGY
In February, we launched Accelerate SAIL with
ambitions to grow revenue organically by 4-6%
(CAGR) and to grow operating profit ahead of
that. To deliver on this ambition, we have set
clear priorities for where and how we will grow
our business. See page 6 for more information
on how we will achieve our growth ambitions
and pages 20-27 for more detailed information
on the Accelerate SAIL growth levers.
In addition to the higher growth investments,
we also need to ensure the engagement and
motivation of our more than 30,000
employees. Their support of Accelerate SAIL is
key for us to deliver on our growth ambitions.
“The Supervisory Board is
confident that Accelerate
SAIL – through its focus
on growth opportunities
in key markets and
categories, commercial
execution, cost
optimisation, and the new
growth culture principles –
will set up Carlsberg to
deliver top- and bottom-
line growth.”
Henrik Poulsen, Chair
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Letter from the Chair & the Group CEO
2
Carlsberg Group Annual Report 2024
HENRIK POULSEN
JACOB AARUP-ANDERSEN
SUPERVISORY BOARD CHAIR
GROUP CEO
An important element of Accelerate SAIL was
therefore the launch of a structured growth
culture programme, operationalised through five
principles. These were developed by the
extended leadership team (our global top 90
leaders). To ensure commitment to the growth
principles, they will be embedded in our people
performance evaluation and remuneration.
We are very pleased with the excited reception
of the growth culture and principles by our
people, which gives us confidence that, together,
we will deliver results in line with our growth
ambitions.
EXPANDING OUR BUSINESS
In addition to our refreshed strategy, we
announced several acquisitions during the year
that will strengthen the Group and be
supportive of our growth ambitions.
The two most significant transactions were the
acquisition of Britvic plc in the UK and the buy-
out of the partners in our businesses in India
and Nepal.
We are also excited about the further expansion
of our global partnership with PepsiCo through
the bottling franchise in Kazakhstan and
Kyrgyzstan from 1 January 2026.
Read more about the acquisitions and the
extended partnership with PepsiCo on pages
6-7.
Any future capital allocations towards inorganic
opportunities will of course be subject to
rigorous analysis to ensure long-term value
creation and returns for our shareholders.
DIVESTING THE RUSSIAN
BUSINESS
In December, following the removal of the
Russian presidential decree, which transferred
Baltika Breweries to the temporary
management of the Russian Federal Agency for
State Property Management, we sold our
shares in the company to two long-standing
Baltika employees. As part of the agreement,
Baltika Breweries transferred its shareholdings
in the businesses in Kazakhstan and Azerbaijan
to Carlsberg, and we settled all outstanding
legal disputes.
Given the circumstances, we believe that this
deal was the best achievable outcome for our
employees, our shareholders and the continued
business.
CONTINUED COMMITMENT TO
DOING BETTER
Our ESG programme, Together Towards ZERO
and Beyond (TTZAB), is an integral part of
Accelerate SAIL. The programme focuses on the
most material environmental, social and
governance (ESG) topics impacting our business.
We are working hard to deliver on the bold
ambitions set out in TTZAB – from targeting a
net ZERO value chain and sourcing all raw
materials from regenerative agricultural
practices by 2040 to replenishing all the water
we consume at our breweries in areas with high
water risk by 2030.
We are pleased with the progress achieved in
2024, including a decline in our absolute
brewery carbon emissions of 58%, compared
with our baseline year 2015, and four new water
replenishment projects in China and Laos.
Within our ZERO farming footprint ambition, we
were excited to expand our sourcing of
regenerative raw materials to Denmark, joining
France, the UK and Finland, where we have also
started the transition to regenerative agriculture
practices.
While we are on track to deliver on our ESG
ambitions, we recognise that we still have
significant work ahead of us if we are to
succeed in our TTZAB ambitions.
REPORTING IN LINE WITH CSRD
In this year’s Annual Report, we are for the first
time reporting in accordance with the EU
Corporate Sustainability Reporting Directive
(CSRD) and the corresponding European
Sustainability Reporting Standards (ESRS). See
the sustainability statement on pages 52-110.
We welcome this opportunity to enhance
corporate transparency and reporting by
ensuring standardised, comparable and reliable
sustainability disclosure. We will seek to
continuously develop our external reporting in
the coming years as interpretation of the
standards and guidance evolves.
Our sustainability reporting is based on a
double materiality assessment as required by
the CSRD. The assessment confirmed that
TTZAB focuses our actions and commitments in
the areas that are most material for our
business and our stakeholders.
CHANGES TO THE EXECUTIVE
COMMITTEE
During 2024, we strengthened our Executive
Committee (ExCom) to align our top
management team with the priorities and
ambitions of Accelerate SAIL.
In June, Esther Wu, then Vice President,
Integrated Information Technology in the Asia
region, was appointed Chief Information Officer.
In August, Yves Briantais joined Carlsberg as
Chief Marketing Officer from a global executive
vice president position at Colgate-Palmolive,
and Susanne Skippari joined the Group as Chief
Human Resources Officer from a position as
Executive Vice President, People and
Communications and member of the Executive
Board at Kone.
In September, Søren Brinck, then Executive Vice
President (EVP), Group Commercial and
Strategy, took over responsibility for the
Western Europe region following the retirement
of Graham Fewkes. Anders Røed, then
Managing Director of Brasseries Kronenbourg,
our French business, was appointed Chief
Strategy and Commercial Officer.
At the end of the year, Lars Lehmann, EVP,
Central & Eastern Europe and India left the
Group to pursue a CEO role in another
company. Lars will be replaced by Nikos
Kalaitzidakis no later than March 2025.
Meet our ExCom on pages 4-5.
Although Graham will continue as special
advisor to the Group CEO, we want to thank
him and Lars for their significant contribution to
the Carlsberg Group during their long tenures.
THANK YOU
On behalf of the Supervisory Board and ExCom,
we would also like to take this opportunity to
thank the Group’s employees. We are
continuously impressed by the engagement and
enthusiasm of colleagues across the business
and their reception of Accelerate SAIL. We are
confident that we have the winning brands and
the capabilities, energy and determination to
deliver on our growth ambitions.
We also extend our thanks to all suppliers and
customers for their partnership, and express our
gratitude to our consumers around the world.
Henrik Poulsen
Jacob Aarup-Andersen
Chair
Group CEO
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Letter from the Chair & the Group CEO
3
Carlsberg Group Annual Report 2024
OUR EXECUTIVE COMMITTEE
Our Executive Committee
was strengthened and
expanded during 2024
to ensure alignment of
capabilities with the
priorities and
ambitions of
Accelerate SAIL
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our Executive Committee
4
Carlsberg Group Annual Report 2024
SØREN BRINCK
VICTOR SHEVTSOV
SUSANNE SKIPPARI
ANDERS RØED
ESTHER WU
ULRICA FEARN
JACOB AARUP-
ANDERSEN
JOÃO ABECASIS
YVES BRIANTAIS
See the biographies of the
Executive Committee on the
following page.
JACOB AARUP-ANDERSEN
GROUP CEO
Nationality: Danish
Year of birth: 1977
Appointed to ExCom: 2023
Jacob joined Carlsberg on 1 September 2023.
Prior to joining Carlsberg, Jacob served as CEO
of ISS, a global leader in facility management
with 350,000 employees operating in 60
countries globally. Prior to ISS, he had executive
leadership roles at Danske Bank and Danica
Pension. Before that, Jacob worked as an
investment professional in firms including TPG-
Axon Capital and Goldman Sachs. Jacob is a
member of the Board of Directors of SEB
Group.
ULRICA FEARN
CFO
Nationality: Swedish
Year of birth: 1973
Appointed to ExCom: 2023
Ulrica joined the Carlsberg Group on 1 January
2023. Before joining Carlsberg, Ulrica was CFO
of Equinor, Norway. Prior to Equinor, she was
Director, Group Finance at BT Group. She began
her career at Diageo, where she spent almost
20 years in various senior finance and other
management roles across Europe, APAC and
the USA. Ulrica is a member of the Board of
Directors of Capgemini.
JOÃO ABECASIS
EVP, ASIA
Nationality: Portuguese
Year of birth: 1972
Appointed to ExCom: 2019
João joined the Carlsberg Group in 2011 as CCO
and later CEO of Super Bock, our associate in
Portugal. In 2016, he became Vice President for
smaller markets in the Western Europe region.
He has also served as interim Managing
Director of Carlsberg Danmark. In 2017, he
became Managing Director of our French
business, Kronenbourg. He became CCO and a
member of ExCom in 2019. Earlier in his career,
João held a range of sales and marketing roles
at Unilever.
YVES BRIANTAIS
CHIEF MARKETING OFFICER
Nationality: French
Year of birth: 1974
Appointed to ExCom: 2024
Yves Briantais joined Carlsberg in August 2024
from Colgate-Palmolive, where he most
recently served as Global Executive Vice
President, Design and Creative Capabilities. Yves
has 25 years of global, regional and local
experience across marketing disciplines. During
his time with Colgate-Palmolive, he held a
range of senior leadership roles with marketing
responsibilities for clusters, regions, categories
and global functions.
SØREN BRINCK
EVP, WESTERN EUROPE
Nationality: Danish
Year of birth: 1974
Appointed to ExCom: 2021
Søren took over the responsibility for Western
Europe in 2024, having been head of Group
Commercial and Strategy. He joined Carlsberg
in 2005. During his career at Carlsberg, Søren
has held various management positions at
Group, regional and market level. From 2009 to
2019, he was Managing Director in Denmark,
Norway and Greece, and after that he was SVP,
Asia. Before joining Carlsberg, Søren worked as
a consultant at Accenture and was a manager
at Arla Foods.
ANDERS RØED
CHIEF STRATEGY AND COMMERCIAL
OFFICER
Nationality: Norwegian
Year of birth: 1968
Appointed to ExCom: 2024
Anders has been with Carlsberg since 2010,
most recently as Managing Director of
Kronenbourg in France. Before that, he was
Managing Director of Ringnes in Norway, and
held senior management roles in marketing and
commercial in the Western Europe region and
at Ringnes. Before Carlsberg, Anders held senior
management positions at Storebrand and TINE
in Norway.
VICTOR SHEVTSOV
EVP, SUPPLY CHAIN
Nationality: Russian
Year of birth: 1970
Appointed to ExCom: 2021
Victor joined Carlsberg from PepsiCo in 2015 as
Vice President for our supply chain in Asia.
Victor’s solid end-to-end supply chain expertise
has been accrued through various supply chain
roles, including several operative and strategy
roles within supply chain across Europe and
Sub-Saharan Africa during his 20 years with
PepsiCo. Prior to PepsiCo, Victor worked for
Siemens.
SUSANNE SKIPPARI
CHIEF HUMAN RESOURCES OFFICER
Nationality: Finnish
Year of birth: 1974
Appointed to ExCom: 2024
Susanne joined Carlsberg in August 2024 from
KONE. Susanne has 25 years of experience in
human resources, including in senior leadership
positions. This includes 17 years across HR areas
at KONE, where most recently she served as
Executive Vice President, People and
Communications and a member of the
Executive Board. Prior to KONE, Susanne
worked at Nokia in various HR roles in Finland
and Argentina.
ESTHER WU
CHIEF INFORMATION OFFICER
Nationality: Hong Kong SAR Chinese
Year of birth: 1976
Appointed to ExCom: 2024
Esther joined Carlsberg in 2019 as head of IT in
the Asia region. Esther has more than 20 years
of strong technology and digital transformation
experience from various senior technology
positions in global companies. Prior to joining
Carlsberg, she was Head of Strategic Planning
and IT Transformation at Chanel. Before that,
she held management positions within IT at
thyssenkrupp Elevator and The Nielsen
Company.
NIKOS KALAITZIDAKIS
EVP, CENTRAL & EASTERN EUROPE
AND INDIA
Nationality: Greek
Year of birth: 1968
Appointed to ExCom: 2025
Nikos will join Carlsberg no later than March
2025 from The Olayan Group, where he was
responsible for the Food & Beverages division.
Prior to joining The Olayan Group, Nikos held
several executive roles at Coca-Cola HBC and
commercial management roles at Philip Morris
International. Nikos has extensive international
experience, having worked in several countries
in Central and Eastern Europe and Central Asia.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our Executive Committee
5
Carlsberg Group Annual Report 2024
SHAPING OUR FUTURE
During 2024, we took several
steps to support the future of
the Carlsberg Group and the
achievement of our long-term
growth ambitions.
OUR STRATEGY: ACCELERATE
SAIL
Accelerate SAIL was launched in February 2024. It
sets clear priorities for selected growth drivers
within our portfolio, geographies and capabilities,
and for how we want to improve supply chain
efficiency, develop a growth culture and continue
our well-embedded cost focus. It also re-
emphasises our commitment to sustainable
business practices through our Together Towards
ZERO and Beyond programme.
With Accelerate SAIL, we are making a clear
commitment to support our business and drive
compounding earnings growth. This includes
gradually restoring gross margins to pre-COVID
levels and increasing investments in marketing
and sales, capability building, and digital tools
and systems.
Consequently, we have raised our long-term
organic growth ambitions for revenue and
operating profit for the business (with 2024 as
the baseline):
• Organic revenue growth of 4-6% CAGR
(previously 3-5%).
• Organic operating profit growth ahead of
revenue growth.
Read more about the Accelerate SAIL priorities
on pages 20-27.
EXPANDING OUR SOFT DRINKS
BUSINESS
For more than 30 years, the production,
distribution and selling of soft drinks have been an
integral and value-accretive part of the Group’s
business in several markets, providing many
operational and financial synergistic benefits.
Our soft drinks portfolio includes both own and
partner-owned brands. It mainly consists of
beverages within the carbonated soft drinks,
energy drinks and water categories.
PepsiCo is our largest soft drinks partner. Up
until 2024, our partnership comprised five
markets: Norway, Sweden, Switzerland, Laos
and Cambodia. We also partner with Coca-Cola
in Denmark and Finland.
In 2024, soft drinks accounted for 16% of total
Group volumes.
Strengthening our partnership with
PepsiCo
In 2024, we were pleased to announce the
expansion of the PepsiCo partnership to four
new markets:
• The UK and Ireland, where we acquired
Britvic plc in January 2025.
• Kazakhstan and Kyrgyzstan, where we will
take over the soft drinks licences in these
markets from 1 January 2026.
In addition, we extended our bottling
agreements in Norway and Sweden, securing
our long-term cooperation with PepsiCo in
these two markets.
The extended partnership makes the Carlsberg
Group the largest partner for PepsiCo in Europe
and one of the biggest worldwide. The
increased cooperation will bring longer-term
opportunities to the benefit of both companies.
“We’re happy to see our
long-standing partnership
with PepsiCo strengthening
with the addition of four
new markets, underlining
the long-term potential in
the collaboration between
our two companies.”
Jacob Aarup-Andersen, Group CEO
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Shaping our future
6
Carlsberg Group Annual Report 2024
Britvic is a leading integrated soft
drinks business in Europe, with a
comprehensive portfolio of market-
leading brands.
The company has been the bottling
partner for PepsiCo in the UK since
1987 and in Ireland since 2007, with
the Pepsi franchise accounting for
around half of total revenue.
The other half is generated by a
range of own brands in multiple soft
drinks segments. Many of these own
brands hold a no. 1 or 2 market
position in their respective segments.
Britvic is the largest supplier of
branded still soft drinks in the UK and
the second-largest supplier of
branded carbonated soft drinks.
Beyond the UK and Ireland, Britvic is
established in France and Brazil,
where it markets and sells owned
brands in a smaller number of
categories. In both markets, it is the
leading supplier of dilutables, also
called flavour concentrates.
The company has a proven track
record of growing, expanding and
revitalising its own brands, such as
Robinsons, Tango, MiWadi,
Ballygowan, Teisseire and Maguary.
Acquisition of Britvic plc
On 8 July, we announced the recommended offer
to acquire Britvic plc, one of the leading integrated
soft drinks businesses in Europe and a Pepsi bottler
in the UK and Ireland. The transaction was
completed on 16 January 2025.
The acquisition of Britvic plc is attractive for
Carlsberg strategically, operationally and
financially. It also brings on board a company
with a highly talented workforce, a strong
innovation track record and consistent
sustainability performance, and the same strong
commitment to science-based climate targets
as the Carlsberg Group.
Incorporating Britvic into the Carlsberg Group
will be supportive of our Accelerate SAIL growth
ambitions, doubling our soft drinks exposure to
around 30% of total volumes. While beer remains
our core business, the increased exposure to
structurally growing categories will improve the
resilience of the Group, from both a market and
brand portfolio perspective.
In Western Europe, the acquisition will improve the
long-term revenue and operating profit growth
opportunities, and enhance operating margin.
In the UK, we will create a single, integrated
company, applying the same operating model
that we have successfully set up in other
markets with commercial and synergistic
benefits. In so doing, we will transform the
business into a leading supplier, offering
customers a comprehensive portfolio of strong
beer and soft drinks brands.
During the past decade, the share of low-calorie
cola of the total cola segment in the UK has
gone up by 18 percentage points. During the
same period, Pepsi Max’s share of the total cola
segment has more than doubled to almost 31%.
Compared with our experience with the cola
market in Norway and other Nordic markets,
we believe that there is more growth potential
for Pepsi Max in the UK, supported by
continued growth of the low-calorie segment
and market share gains.
Consequently, we intend to invest further in
Britvic and the combined business to accelerate
growth. The increased investments will mainly
be in sales and marketing, and will be allocated
to brands and categories for which we see
attractive growth opportunities.
We will leverage the combined company’s
broad-based opportunities for cross-selling
between beer and soft drinks, and for expanding
the distribution reach for growth categories.
Synergies
We expect to realise GBP 100m in synergies in
the combined business across a number of
areas, including direct and indirect procurement,
supply chain, administration and overheads.
While we have also identified a number of revenue
opportunities from the combination, these are not
included in the announced synergy estimates.
Taking over the Pepsi bottling franchise in
Kazakhstan and Kyrgyzstan
As of 1 January 2026, we will take over the
Pepsi bottling franchise in Kazakhstan and
Kyrgyzstan.
Carlsberg Kazakhstan holds a no. 1 position in
the beer market, with a market share of around
36%.
The new agreement will more than double our
business in Kazakhstan, consolidating our presence
in the market. It will also support us in further
building our business in neighbouring Kyrgyzstan.
To facilitate the significant increase in volumes,
during 2025 we intend to invest more than EUR
100m in building a new soft drinks facility in
Kazakhstan. The investment is expected to
deliver a double-digit ROIC from year 1 and be
accretive to Group ROIC by year 3.
Getting full control of India
and Nepal
India is one of the key growth markets in
Accelerate SAIL. It is an exciting beer market with a
positive long-term outlook, driven by increasing
disposable income, urbanisation, a growing on-
trade and the increasing popularity of beer.
We first entered India in 2007 and have since built
an attractive business. Today, we have a no. 2
market position and a market share of around
21%.
Up until November 2024, the holding company
of the Indian business – Carlsberg South Asia
Pte Ltd (CSAPL) – was owned 67% by the
Carlsberg Group and 33.33% by CSAPL
Holdings Pte Ltd (CSAPLH). CSAPL also owned
90% of the shares in Gorkha Brewery in Nepal.
On 2 August, following several years of
negotiations, we signed an agreement to
acquire CSAPLH’s 33% shareholding in CSAPL
and an additional 9.94% shareholding in Gorkha
Brewery.
Following the final closure of the deal on 29
November, the Group now owns 100% of the
Indian business and 99.94% of the Nepalese
business.
The full ownership enables us to accelerate
investments in India with the aim of increasing
capacity, expanding and developing the brand
portfolio, and increasing distribution to capture the
long-term volume and value growth opportunities
in this exciting growth market.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Shaping our future
7
Carlsberg Group Annual Report 2024
BRITVIC ACQUISITION
DELIVERING COMPELLING
SHAREHOLDER VALUE
CREATION
The acquisition valued the ordinary
share capital of Britvic plc at
approximately GBP 3.3bn on a fully
diluted basis.
The acquisition of Britvic plc is attractive
for Carlsberg’s shareholders:
•
It is expected to become accretive
to the Group’s operating margin by
2027.
•
Total synergies of GBP 100m are
expected to be realised by 2029, of
which GBP 80m are expected to be
realised by 2027.
•
Including synergies, the acquisition is
expected to be accretive to adjusted
earnings per share (EPS) by mid-
single-digit percentages in 2025 and
by double-digit percentages in 2027.
•
Return on invested capital (ROIC) is
expected to exceed the weighted
average cost of capital (WACC) of
7.0% in 2027.
•
The acquisition will be fully debt-
financed. We expect to reach our net
interest-bearing debt/EBITDA
leverage target of below
2.5x by the end of 2027 at the latest.
HIGHLIGHTS OF THE YEAR
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Highlights of the year
8
Carlsberg Group Annual Report 2024
February
ACCELERATE SAIL
We launched our refreshed strategy – Accelerate SAIL – with a
sharpened focus on capturing long-term growth opportunities and
an increased ambition level for long-term revenue and operating
profit growth. Read more on pages 20-27.
May
TUBORG TILTS YOUR
WORLD
Building on the success of the 2023 “Tuborg – Tilt
Your World” global campaign, we launched a
localised version across 39 Chinese cities, featuring
exciting collaborations with some of China's
leading music artists, including Asen, one of China’s
most popular rappers. Read about our results in
China on page 32.
July
ACQUISITION OF
BRITVIC
We announced the recommended
offer to acquire Britvic plc with the
intention to create a single, integrated
company, leveraging significant
commercial and synergistic benefits.
The combined business will be the
leading supplier in the UK offering
customers a comprehensive portfolio
of beer and soft drinks. Read more on
pages 6-7.
April
GLOBAL CARLSBERG CAMPAIGN
Our new global Carlsberg brand campaign – Do the best things
begin with curiosity? Probably – went live. The campaign
leverages the curiosity that has helped us push boundaries to
make better beer and a positive difference in people’s lives for
more than 175 years. Read more about why curiosity is part of
Carlsberg’s DNA on page 21.
April
SAFEGUARDING WATER RESOURCES
In partnership with WWF, we initiated three projects in China, along the
Yangtze River, and one in Laos, near the Mekong River, to restore wetlands
and replenish water resources for the benefit of local communities and
nature. Read more about our water targets on pages 27 and 79-80.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Highlights of the year
9
Carlsberg Group Annual Report 2024
September
STRENGTHENING THE EXECUTIVE
COMMITTEE
During 2024, we welcomed four new members to our Executive
Committee, further strengthening our capabilities within marketing,
sales, digital and human resources. The new team was in place on
1 September. Meet our Executive Committee throughout the
management review and on pages 4-5.
August and September
EXPANDING COOPERATION WITH
PEPSI
We announced the further expansion of our strategic partnership
with a new licence agreement, giving Carlsberg the franchise to
produce, sell and distribute PepsiCo’s non-alcoholic beverage
portfolio in Kazakhstan and Kyrgyzstan. We also extended our
bottling agreements in Norway and Sweden, securing our long-
term cooperation with PepsiCo in these two markets. Read more
on pages 6-7.
October
SCALING RENEWABLE ENERGY
Teaming up with ten other leading beverage companies, we became
part of a new industry-wide forum – REfresh Alliance – designed to
help accelerate renewable energy adoption. The initiative will pool and
scale industry resources to remove barriers to renewable energy
adoption in the supply chain, provide education on best market
practices and support the industry’s transition to net zero. Read about
our carbon emission targets on pages 27 and 66-70.
November
BUYING OUT OUR
PARTNERS IN INDIA
AND NEPAL
The acquisition of the partners’ stake in Carlsberg
South Asia Pte Ltd (the holding company of the
businesses in India and Nepal) was completed,
giving us full ownership of the businesses in India
and Nepal. Read more on page 7.
August
GREENFIELD BREWERY IN CHINA
China remains a key volume and value growth market for the
Carlsberg Group. We inaugurated our 27th Chinese brewery in
Foshan to support our future growth in this market. The brewery
has an annual capacity of 5m hl and brings together state-of-the-
art brewing technology, sustainability and safety.
December
RUSSIA
We sold the shares in Baltika Breweries in Russia
to two long-standing Baltika employees. As part
of the agreement, Baltika transferred all its
shareholdings in Carlsberg Azerbaijan and
Carlsberg Kazakhstan to the Carlsberg Group,
and all outstanding legal disputes, including IP
rights issues, were settled.
A SOLID SET OF RESULTS
OUR RESULTS
FINANCIAL DELIVERY
REVENUE (ORGANIC GROWTH)
+2.4%
DKK 75.0bn
DKK 73.6bn
‘24
‘23
OPERATING PROFIT (ORGANIC GROWTH)
+6.0%
DKK 11.4bn
DKK 11.1bn
‘24
‘23
ADJUSTED EPS
DKK 54.9
DKK 54.9
DKK 54.6
‘24
‘23
RETURN ON INVESTED CAPITAL (ROIC)
35.5%
38.3%
13.8%
14.5%
‘24
‘23
g ROIC excl. goodwill
g ROIC
NET INTEREST-BEARING DEBT/EBITDA
1.73x
1.47x
‘24
‘23
CASH RETURNS TO SHAREHOLDERS
DKK 3.6bn
DKK 3.7bn
DKK 2.0bn
DKK 3.2bn
‘24
‘23
g Dividends
g Share buy-back
NON-FINANCIAL
DELIVERY
Read more about our sustainability targets
and performance in the sustainability
statement.
BREWERY EMISSIONS,
ABSOLUTE SCOPE 1 & 2 (CO2e)
294 Kt
301 Kt
‘24
‘23
RELATIVE WATER USE
2.5 hl/hl
2.5 hl/hl
‘24
‘23
LOST-TIME ACCIDENTS,
OWN EMPLOYEES
94
110
‘24
‘23
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our results
10
Carlsberg Group Annual Report 2024
CAPITAL ALLOCATION
OUR PRIORITIES
We reconfirm our commitment to our capital allocation principles
– in place since 2016 – albeit we revised our leverage target in
2024.
INVESTING
IN OUR BUSINESS
TO DRIVE LONG-TERM
SUSTAINABLE GROWTH
+6%
Our first priority is to ensure the right
investments in our business to drive
sustainable, compounding organic
earnings growth. In 2024, we
invested in commercial tools and
capabilities, including within
marketing, where investments
increased by 6% organically in
support of our growth categories and
markets. Marketing investments/
revenue increased by 30bp to 8.7%.
TARGETTING
NET INTEREST-
BEARING DEBT (NIBD)/
EBITDA OF BELOW 2.5x
1.73x
Our second priority is our leverage
target of NIBD/EBITDA below 2.5x.
In 2024, we revised our leverage
target from below 2.0x to below 2.5x
due to the increased exposure to
stable, hard currency cash flows
following the exit from Russia and
the acquisition of Britvic plc. As our
leverage increased to above our
target following completion of the
acquisition, we are committed to
reaching our target by the end of
2027 at the latest.
TARGETTING
AN ADJUSTED
PAYOUT RATIO OF
AROUND 50%
49%
Our third priority is to ensure a
consistent dividend payout to our
shareholders. We target a payout
ratio of around 50% of adjusted net
profit. At the Annual General Meeting
on 17 March 2025, the Supervisory
Board will propose a dividend be paid
for 2024 of DKK 27.0 per share, or a
total of DKK 3.6bn. This equals an
adjusted payout ratio of 49%.
DISTRIBUTING EXCESS
CASH TO SHAREHOLDERS
THROUGH SHARE BUY-
BACKS
2.0bn
Our fourth priority is to return excess
cash to shareholders if we do not
engage in value-accretive M&A. Since
2019, we have bought back shares
amounting to DKK 20bn, of which
shares worth DKK 2.0bn were bought
back in 2024. We stopped the share
buy-back programme following the
announcement of the acquisition of
Britvic plc. When we reach our
leverage target, we will again return
any excess cash to shareholders.
VALUE-
ENHANCING
M&A
2024
We will carry out value-enhancing
M&A if relevant opportunities arise.
In 2024, we announced two major
deals. In July, we announced the
acquisition of Britvic plc, which was
completed in January 2025. In
November, the acquisition of our
partners’ shareholdings in the Indian
and Nepalese businesses was
completed. Read more about these
acquisitions on pages 6-7.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Capital allocation
11
Carlsberg Group Annual Report 2024
OUR REGIONS
WESTERN EUROPE
Western Europe delivered solid financial results
despite volumes being impacted by bad weather
in many markets during the summer, a continued
weak consumer sentiment and supply chain issues
in a couple of markets.
A selection of our Western Europe brands:
VOLUME BY MARKET
g Nordics
41%
g UK, Poland, Germany
40%
g France, Switzerland
19%
SHARE OF REGIONS
VOLUME
34.1%
34%
36%
30%
REVENUE
50.8%
51%
27%
22%
OPERATING PROFIT
40.7%
41%
36%
23%
g Western Europe
g Asia
g CEEI
REGIONAL RESULTS
VOLUME (ORGANIC GROWTH)
-1.1%
42.9m hl
43.4m hl
‘24¹
‘23¹
REVENUE (ORGANIC GROWTH)
+0.9%
DKK 38.1bn
DKK 37.3bn
‘24¹
‘23¹
OPERATING PROFIT (ORGANIC GROWTH)
+5.2%
DKK 5.3bn
DKK 5.0bn
‘24¹
‘23¹
1 Reported figures.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our regions
12
Carlsberg Group Annual Report 2024
Søren Brinck
Executive Vice President
“We saw good progress
for our growth
categories in most
markets, and we’re
looking forward to
the integration of
Britvic into Carlsberg.”
OUR REGIONS
ASIA
While we remain confident in the long-term
growth prospects in Asia, our results in 2024
were impacted by the challenging consumer
environment in China and Vietnam.
A selection of our Asia brands:
VOLUME BY MARKET
g China, Hong Kong SAR
67%
g Vietnam, Laos, Cambodia
30%
g Malaysia, Singapore
3%
SHARE OF REGIONS
VOLUME
35.5%
36%
34%
30%
REVENUE
27.3%
27%
51%
22%
OPERATING PROFIT
35.8%
36%
41%
23%
g Western Europe
g Asia
g CEEI
REGIONAL RESULTS
VOLUME (ORGANIC GROWTH)
-1.0%
44.6m hl
45.0m hl
‘24¹
‘23¹
REVENUE (ORGANIC GROWTH)
+1.0%
DKK 20.5bn
DKK 20.8bn
‘24¹
‘23¹
OPERATING PROFIT (ORGANIC GROWTH)
+7.9%
DKK 4.6bn
DKK 4.6bn
‘24¹
‘23¹
1 Reported figures.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our regions
13
Carlsberg Group Annual Report 2024
João Abecasis
Executive Vice President
“Despite a difficult
2024, Asia remains a
region with volume
and value growth
opportunities,
particularly in China
and Vietnam.”
OUR REGIONS
CENTRAL & EASTERN
EUROPE AND INDIA (CEEI)
CEEI delivered a strong set of results, supported
by broad-based growth for our growth categories,
including premium, AFB, Beyond Beer and soft
drinks.
A selection of our Central & Eastern Europe and Asia
brands:
VOLUME BY MARKET
g Export & License, Canada
32%
g India, Ukraine
30%
g Baltics, Kazakhstan, Belarus, Azerbaijan
18%
g Balkan markets, Italy, Greece
20%
SHARE OF REGIONS
VOLUME
30.4%
30%
34%
36%
REVENUE
21.9%
22%
51%
27%
OPERATING PROFIT
23.4%
23%
41%
36%
g Western Europe
g Asia
g CEEI
REGIONAL RESULTS
VOLUME (ORGANIC GROWTH)
+4.0%
38.2m hl
36.7m hl
‘24¹
‘23¹
REVENUE (ORGANIC GROWTH)
+7.8%
DKK 16.5bn
DKK 15.5bn
‘24¹
‘23¹
OPERATING PROFIT (ORGANIC GROWTH)
+9.6%
DKK 3.0bn
DKK 2.8bn
‘24¹
‘23¹
1 Reported figures.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our regions
14
Carlsberg Group Annual Report 2024
Jacob Aarup-Andersen
Group CEO
“Our CEEI region
delivered good
results across the
board, albeit with
particularly strong
growth in India and
Ukraine.”
OUR BEER PORTFOLIO
SELECTED BRANDS
PREMIUM BEER
MAINSTREAM CORE BEER
SHARE OF
TOTAL VOLUMES
VOLUME
GROWTH
SHARE OF
TOTAL VOLUMES
VOLUME
GROWTH
19%
2%
59%
-1%
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our brand portfolio
15
Carlsberg Group Annual Report 2024
5% volume
growth
9% volume
growth
6% volume
growth
5% volume
growth
OUR ALCOHOL-FREE BREWS
AND OTHER BEVERAGE PORTFOLIOS
SELECTED BRANDS
ALCOHOL-FREE BREWS (AFB)
BEYOND BEER
SOFT DRINKS
SHARE OF
TOTAL VOLUMES
VOLUME
GROWTH
SHARE OF
TOTAL VOLUMES
VOLUME
GROWTH
SHARE OF
TOTAL VOLUMES
VOLUME
GROWTH
3%
6%
2%
5%
16%
1%
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our brand portfolio
16
Carlsberg Group Annual Report 2024
-2% volume
growth
5-YEAR KEY FIGURES
2024
2023
2022
2021
2020¹
Volumes (million hl)
Beer
101.2
101.0
101.0
98.8
110.1
Other beverages
24.5
24.1
24.4
20.4
20.0
DKK million
Income statement
Revenue
75,011
73,585
70,265
60,097
58,541
Gross profit
34,380
32,832
32,067
28,569
28,361
EBITDA
15,781
15,179
15,657
14,367
14,085
Operating profit before special items
11,411
11,105
11,470
10,129
9,699
Special items, net
-519
-431
-784
703
-247
Financial items, net
-905
-844
-725
-385
-411
Profit before tax
9,987
9,830
9,961
10,447
9,041
Income tax
-1,982
-1,859
-1,778
-2,154
-2,233
Profit for the period, continuing operations
8,005
7,971
8,183
8,293
6,808
Net result from discontinued operations
2,258
-47,748
-8,075
-284
-
Profit for the period
10,263
-39,777
108
8,009
6,808
Attributable to
Non-controlling interests
1,147
1,011
1,171
1,163
778
Shareholders in Carlsberg A/S (net profit)
9,116
-40,788
-1,063
6,846
6,030
Shareholders in Carlsberg A/S (net profit),
continuing operations
6,858
6,960
7,012
8,293
6,808
Shareholders in Carlsberg A/S (net profit),
continuing operations, adjusted²
7,280
7,425
7,785
6,462
6,363
Statement of financial position
Total assets
113,328
111,831
115,341
126,383
118,816
Invested capital
65,723
61,089
60,211
63,635
81,541
Invested capital excl. goodwill
24,105
22,774
21,758
23,743
31,049
Net interest-bearing debt (NIBD)3
27,357
22,351
19,326
19,162
21,263
Equity, shareholders in Carlsberg A/S
27,771
23,234
31,902
45,497
39,308
Statement of cash flows
Cash flow from operating activities
11,312
11,607
12,949
12,278
10,928
Cash flow from investing activities
-1,518
-6,729
-3,065
-4,067
-5,871
Free cash flow
9,794
4,878
9,884
8,211
5,057
2024
2023
2022
2021
2020¹
Investments
Acquisition of property, plant and
equipment, including right-of-use
assets
-5,843
-4,987
-4,616
-4,319
-3,823
Acquisition and disposal of
subsidiaries, net
227
-822
-
-621
-2,409
Financial ratios
Gross margin
%
45.8
44.6
45.6
47.5
48.4
EBITDA margin
%
21.0
20.6
22.3
23.9
24.1
Operating margin
%
15.2
15.1
16.3
16.9
16.6
Effective tax rate
%
19.8
18.9
17.9
20.6
24.7
Return on invested capital (ROIC)
%
13.8
14.5
15.2
12.5
8.9
ROIC excl. goodwill
%
35.5
38.3
41.6
33.6
23.2
NIBD/EBITDA
x
1.73
1.47
1.23
1.37
1.51
Stock market ratios
Earnings per share (EPS)
DKK
68.7
-299.7
-7.6
47.6
41.3
Earnings per share, continuing
operations
DKK
51.7
51.1
50.1
49.6
41.3
EPS-A, continuing operations²
DKK
54.9
54.6
55.7
44.9
43.6
Free cash flow per share (FCFPS)
DKK
73.7
35.8
70.5
61.5
34.5
Dividend per share (proposed)
DKK
27.0
27.0
27.0
24.0
22.0
Payout ratio
%
39
n.m.
n.m.
51
55
Payout ratio, adjusted4
%
49
49
48
49
50
Share price (B shares)
DKK
690.0
846.8
923.2
1,129.5
975.2
Market capitalisation
DKKm
95,313
122,775
133,594
163,149
142,676
Number of issued shares at year-end
1,000
134,257
137,357
141,857
145,257
148,157
Number of shares at year-end, excl.
treasury shares
1,000
132,079
134,114
137,341
141,892
145,102
Weighted average number of shares,
excl. treasury shares
1,000
132,626
136,089
139,835
143,848
146,104
1 Comparative figures for 2020 include the result from the discontinued operation in Russia.
2 Adjusted for special items after tax.
3 Comparative figures for 2021 have not been restated.
4 Proposed dividend on number of shares at year-end as a percentage of net profit adjusted for special items after
tax, and in 2022-2024 also adjusted for net result from the discontinued operation in Russia.
Please refer to section 9.2 General accounting policies in the consolidated financial statements for definition and
calculation of key figures and ratios.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
5-year summary
17
Carlsberg Group Annual Report 2024
OUR PURPOSE
BREWING FOR A BETTER TODAY AND TOMORROW
“We pursue perfection every
day. We strive to brew better
beers. Beers that stand at the
heart of moments that bring
people together. We do not
settle for immediate gain when
we can create a better
tomorrow for all of us.”
Our purpose is rooted in our heritage and in the
mentality of our founders, who left a rich legacy
that still greatly influences how we run our
business today.
J.C. Jacobsen founded the Carlsberg
Foundation, and donated his brewery to it. The
foundation remains our majority shareholder –
and the dividends it received are used to fund
basic research, civil society and Frederiksborg,
The Museum of National History. Through the
Carlsberg foundations, approximately 30% of
Carlsberg A/S' dividends go back to the benefit
of society today – and tomorrow.
Our founder's pioneering spirit, passion for
brewing and proactive contribution to society
are what make us who we are today. We live
our purpose every day by focusing on our
brands and the art of brewing, exciting our
consumers with quality brews, and by
continuously aiming to do better.
OUR PURPOSE IN ACTION
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our purpose
18
Carlsberg Group Annual Report 2024
Colleagues
77%
of colleagues feel that working
for Carlsberg gives them the
sense that they are part of a
company with a larger purpose.
Investors
We conduct our business in a
responsible, honest and ethical
manner. We are committed to
ensuring the right balance of
investing in sustainable, long-
term growth and delivering
continued cash returns to our
shareholders.
Consumers
Our beers stand at the heart of
moments that bring people
together, and we extend this
spirit of togetherness to our
engagement with communities
on the environmental and social
causes they care about.
Society
The Carlsberg Research
Laboratory was founded in 1875.
Its science has perfected the art
of brewing and inspired the
advancement of innovation at
large: from purification of yeast
to the invention of the pH scale
and, today, breeding new
climate-tolerant plant types.
THE CARLSBERG FOUNDATION UNDERPINS OUR PURPOSE
In 1876, our founder, J.C. Jacobsen, established the
Carlsberg Foundation and donated his brewery to
it. The foundation remains our majority
shareholder, and the dividends it receives benefit
society today – and tomorrow. Through the
Carlsberg foundations, approximately 30% of the
dividends paid out by Carlsberg are used to fund
basic research, civil society and the arts.
In 2024, the Carlsberg Foundation
received DKK 1.1bn in dividends,
which was donated to basic
research, the arts and civil society.
DELIVERING ACROSS THE
VALUE CHAIN
OUR BUSINESS MODEL
We optimise supply chain and back
office systems and processes
We continuously optimise across our value chain to improve service and
profitability. We maximise asset utilisation and standardise processes and
systems to deliver timely data to support growth.
We focus on the markets where
we have a no. 1 or 2 position
Beer is a volume business with significant scale benefits. Our strong
market positions and the expansion of our market share in growth
markets drive economies of scale in sourcing, production, distribution and
sales, supporting the profitability of our business.
We engage in partnerships when
it adds value to our local businesses
We partner with soft drinks and other beverage producers in several
markets. These relationships broaden and enhance our brand portfolio
and expand our market presence, delivering synergies in supply chain,
logistics, sales and customer service.
We optimise our route-to-market
to cater for customer needs
Our customers range from small on-trade outlets to large retail accounts.
Our route-to-market approach varies by market to meet diverse needs
and ensure broad market access – from direct distribution to multi-layered
distributor networks tailored to local customs and logistics.
We deliver attractive portfolios
for all consumer occasions
Our brand portfolio is an appealing mix of international and local premium
beer brands, local core mainstream beer brands, and alcohol-free brews,
Beyond Beer and soft drinks brands. This diverse portfolio supports our
strong market positions and fosters customer and consumer loyalty.
Sustainability makes business sense
Sustainability is integral to our business success and our strategy,
Accelerate SAIL. Our Together Towards ZERO and Beyond programme
helps us mitigate and reduce our risk exposure, capitalise on opportunities
for business growth and strengthen long-term business resilience. This in
turn creates value for stakeholders throughout the value chain. See the
sustainability statement for further detail.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our business model
19
Carlsberg Group Annual Report 2024
Operating our business
Our activities are focused
on markets in which we
have the strength and
brand portfolio to secure a
leading position. We are
united across geographies
by our shared commitment
to our strategy and growth
culture, and our passion
to continuously strive
for great.
OUR STRATEGY
ACCELERATE SAIL
Launched in February 2024, Accelerate SAIL sets high ambitions for top- and bottom-line growth as we sharpen our focus on selected
growth drivers within our portfolio, geographies and capabilities, for which we are ensuring sufficient investments and support. We are
also improving supply chain efficiency, continuing our well-embedded cost focus, developing a growth culture and maintaining our
commitment to ESG.
PORTFOLIO
CHOICES
GEOGRAPHICAL
PRIORITIES
EXECUTION
EXCELLENCE
FUNDING OUR
JOURNEY
WINNING
CULTURE
Accelerate
premium beer and AFB
Accelerate growth
in Asia
Excel at sales, marketing
and innovation
Optimise
sourcing
Build a
growth culture
Strengthen
mainstream core beer
Drive profitable growth
in strongholds
Drive digital
transformation
Unlock
supply chain efficiency
Together Towards
ZERO and Beyond
Step up in
Beyond Beer and soft drinks
Develop high-potential
markets
Manage supply chain
end to end
Continue
cost discipline
Live by
our Compass
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our strategy
20
Carlsberg Group Annual Report 2024
OUR PORTFOLIO
CHOICES
In Accelerate SAIL, we
particularly focus on categories
with attractive long-term volume
and value growth opportunities.
This includes premium beer,
alcohol-free brews, Beyond Beer
and soft drinks.
We have a solid foundation with our local
mainstream power brands. With Accelerate SAIL,
we aim to transform our portfolio by increasing
our presence in key growth categories, capturing
our fair share across all the growing segments in
our markets. By increasing investments in
marketing and brand development, and
strengthening our execution capabilities, we aim to
accelerate growth of our premium-margin brands.
The soft drinks category presents long-term
growth opportunities and is an important part of
our business in many markets. It offers numerous
synergistic benefits and attractive prospects,
especially within the no-sugar segments, aligning
perfectly with our commitment to consumer
centricity and future-proofing our strategy.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our strategy
21
Carlsberg Group Annual Report 2024
SUPPORTING CARLSBERG GROWTH
WITH NEW GLOBAL CAMPAIGN
Carlsberg is one of our key international premium
brands. In 2024, we launched a new global
campaign: “Do the best things begin with curiosity?
Probably.” Since our founder opened his brewery in
1847, curiosity has been at the forefront of
everything we do. The Carlsberg Research
Laboratory, founded in 1875, is home to more than
100 scientists dedicated to not only brewing better
beer, but “brewing” a better world – from inventing
the pH scale in 1909 to winning a Nobel Prize for
click chemistry in 2022 and breeding climate-
tolerant plant types for future generations.
9%
CARLSBERG BRAND VOLUME GROWTH
What is the most important growth driver in the
Carlsberg Group’s beer portfolio?
Carlsberg has a strong brand portfolio, consisting of both local
power brands and international premium brands. This
combination allows us to cater for varying consumer needs and
occasions. In particular, we see very attractive volume and value
growth opportunities for our local and international premium
and alcohol-free brands by leveraging segment growth and
improving our market share.
Is soft drinks a new focus area in Accelerate SAIL?
Soft drinks has been an integral part of our business for decades.
We are now a Pepsi bottler in seven markets across Europe and
Asia, and a Coca-Cola bottler in two Nordic markets. Soft drinks
has multiple synergies with beer, including in areas such as back
office and administration, supply chain, logistics, sales and
customer service. As such, the combination of beer and soft
drinks drives top-line opportunities and bottom-line benefits.
“We’re ensuring the
right level of support
for our growth
categories to
support our top-
and bottom-line
growth ambitions.”
Yves Briantais, CMO
GEOGRAPHICAL
PRIORITIES
Our geographical footprint
spans Europe and Asia, across
which we have a no. 1 or 2
position in 23 markets. The rest
of the world is serviced through
export or licence agreements.
While market dynamics differ between our
regions, our strategic levers are the same, albeit
with local adaptations.
Despite recent macroeconomic challenges and
weak consumer sentiment in some markets, Asia
has been and remains the key long-term volume
and value growth driver for the Group,
particularly in the key markets of China, Vietnam
and India, where we are leveraging our attractive
portfolios of international premium brands and
strong local brands.
In China, we will continue to support our
strongholds in the western part of the country.
In the big cities, we will strengthen our presence
and market share in the cities we already serve
by developing and advancing our route-to-
market, while continuing to seed for the future
by entering new big cities.
In Vietnam, we are continuing the execution of
our multi-year growth strategy with its clear
ambition of driving growth and market share
gains by expanding our portfolio and increasing
investments in key brands, regions and
capabilities.
In India, we achieved full control of the business
in November 2024. We will now accelerate our
growth journey in this exciting beer market by
expanding our portfolio, strengthening our
route-to-market and investing in capacity.
In our other stronghold markets across our
geographies, we are maintaining our focus on
driving profitable growth by strengthening our
portfolio growth categories, scale and leading
route-to-market set-up.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our strategy
22
Carlsberg Group Annual Report 2024
OUR BUSINESS IN INDIA
We first entered India in 2007, when we acquired a
brewery in Himachal Pradesh. This was followed by a
greenfield brewery in Rajastan in 2008. Today, we
have seven breweries in India. With a focused portfolio
comprising Carlsberg and Tuborg, we have consistently
grown our market share, reaching a solid no. 2 position
with a market share of around 21%. Tuborg is the
largest and most popular international brand and
second largest brand overall in India. Having acquired
full ownership of the business, we are excited about our
future growth opportunities in India.
12%
VOLUME GROWTH IN INDIA
Will you change strategy in China in
light of the soft consumer sentiment?
We have not changed our view on China.
We remain committed to this market,
where we continue to see attractive long-
term volume and value growth
opportunities.
Are you looking to expand outside
your current regional exposure?
Beer is a scale business, and having a no.
1 or 2 market position and a strong
regional position are key to profitability.
We strongly believe that our regional
footprint offers appealing revenue and
earnings growth prospects, both in the
short and the long term.
“Our regional
footprint offers
appealing
revenue and
earnings
growth
prospects.”
Jacob Aarup-
Andersen
Group CEO
EXECUTION
EXCELLENCE
To be successful and achieve
our growth ambitions, we must
continuously improve our
commercial capabilities, drive
supply chain excellence and
master digital, data and
processes.
We have identified the key capabilities and
enablers for the delivery of our Accelerate SAIL
ambitions. These require improved tools,
processes and digitisation in areas such as value
management, sales
execution and business-to-
business e-commerce to drive revenue
growth, and in the areas of end-to-
end supply chain management
and transactional processes to
drive productivity.
We will ensure the right investments behind
these capabilities and enablers, many of which
rely heavily on digital components.
Consequently, investments will support the
digital transformation of our business.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our strategy
23
Carlsberg Group Annual Report 2024
TAKING VALUE MANAGEMENT TO
THE NEXT LEVEL
Building on our strong foundation, we are taking our
value management capabilities to the next level.
Leveraging machine learning and cloud computing,
our enhanced value management toolbox allows
improved and more efficient utilisation of data. Using
data from multiple external and internal sources, such
as shopper data, weather data, competitor pricing,
promotional activities, customer data and internal
data, the enhanced toolbox will deliver more accurate
and granular customer-level insights into elasticity
and impact on product, brand and portfolio, enabling
end-to-end simulations across pricing, promotions
and assortment. We have started the roll-out of the
toolbox, which we will continue in the coming years.
In what areas will digital
transformation be particularly
important?
Our digital transformation will be in all
areas of the business. We have set out to
change the traditional role of IT from
being a support function to being a
trusted and strategic business partner
across all functions, delivering impactful
solutions and innovations to unlock value.
Can you leverage the power of
GenAI across Carlsberg?
In the ever-evolving landscape of
technology, GenAI stands out as a
beacon of innovation, driving efficiency
and creativity across various industries.
When I was working in Asia, we launched
the value proposition for GenAI together
with key markets in the region. As we
integrate GenAI tools into our daily
operations, it is crucial for us to
understand both the immense potential
they hold and the risks they entail.
“Our new B2B
e-commerce
programme will
redefine how
we connect
with and know
our customers.”
Anders Roed
CSCO
Where will you step change
capabilities to achieve your ambitions?
We are prioritising seven key capabilities
across the commercial, supply chain and
back office areas, in which we will build
scalable, innovative digital platforms. Within
the commercial area we will particularly
focus on go-to-market excellence, value
management and marketing, while in the
back office area we are working on
simplifying and automating administrative
and retrospective reporting tasks to free up
resources to focus on driving insights and
proactively identifying opportunities for
growth.
What are you doing in e-commerce?
We have launched a digital transformation
programme that focuses on bringing the best
of modern-day e-commerce capabilities to
our customers. By leveraging advanced
analytics and AI capabilities, we aim to
deliver a personalised and seamless
experience to our customers, enabling them
to grow their business.
“The digital
transformation
of Carlsberg
is key to
deliver on
our growth
ambition.”
Esther Wu
CIO
FUNDING OUR
JOURNEY
Funding our Journey is a
crucial element in Accelerate
SAIL, as it will provide the
financial headroom for the
increased commercial
investments.
Being well embedded in our corporate culture,
the Funding our Journey mindset has served us
well since first introduced in 2015. We remain
committed to Funding our Journey and the
continuous strict focus on cost and cash.
In Accelerate SAIL, we are expanding the reach
of Funding our Journey, taking the programme
to the next level with a firm ambition to restore
gross margin to pre-COVID levels. This will
facilitate the step-up in investment levels
required to capture the growth opportunities for
our brands and in our markets.
We have identified significant savings and
efficiency opportunities within supply chain,
including in areas such as procurement, value
engineering and standardisation of raw and
packaging materials, production and brewing,
and logistics.
We are maintaining the focus on SG&A costs,
enabled by our operating cost management
(OCM) framework.
Supporting the delivery of our high ambitions,
we have anchored responsibility and
performance management of the supply chain
savings in ExCom to ensure top leadership
attention, fast execution and alignment
between functions, regions and markets.
Furthermore, incentive structures align with the
savings ambitions.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our strategy
24
Carlsberg Group Annual Report 2024
TRANSFORMING SUPPLY CHAIN
PLANNING
First launched in Malaysia in 2023, OnePlan is
a new-generation planning tool that brings
together all aspects of supply chain planning,
including demand, supply, inventory, production
and materials planning. It enables a fully
connected sales and operations planning (S&OP)
process and near-real-time “what if” scenario
planning, as well as faster identification of
capacity constraints and faster response time
to changes in demand. Leveraging learnings
from Malaysia, we continued the market
preparation and roll-out in 2024.
What are the key levers to
restore the gross margin to
pre-COVID levels?
As for supply chain levers, we will
not be dependent on commodity
prices coming down. The margin
improvement will mainly be driven
by initiatives within our control
related to procurement, raw materials
and packaging, and brewing and
production. However, the gross margin
will also benefit from pricing and, over
time, mix as we premiumise our
portfolio.
How important is
the development in
commodity prices for
the margin uplift?
Being sourced on the open
market, we are not in control
of commodity prices.
Consequently, we base
our margin ambition on
initiatives within our control.
Victor Shevtsov
EVP, Supply Chain
WINNING
CULTURE
We are a purpose-driven
company with high ambitions
and clear priorities. Our winning
culture is built on our ambition to
grow our people, our growth
culture principles and our
contribution to societies at large.
We believe that our people and culture set us
apart.
To successfully deliver on our Accelerate SAIL
growth priorities, we need an even stronger
growth focus. We are therefore evolving our
culture to empower our entire organisation to
shift into growth mode. By translating our
growth principles into tangible behaviours, ways
of working, leadership practices and aligned
incentive programmes, we are creating the
foundation for success. Our growth culture is
the foundation for unlocking growth, enabling
us to deliver strong results today and tomorrow.
Living by our Compass is an integral part of our
Winning Culture. This entails doing business well
and responsibly, upholding our commitment to
making the right choices in how we conduct our
business as we brew for a better today and
tomorrow. We expect and empower all our people
to act ethically and make the right choices in their
daily work, setting the tone from the top, ensuring
that integrity underpins our business success and
reputation.
Our contribution to societies at large is delivered
through our comprehensive and ambitious ESG
programme, which is expanded on in the
following pages and in the sustainability
statement.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our strategy
25
Carlsberg Group Annual Report 2024
Are you changing the
corporate culture at
Carlsberg?
We are building on our already strong
performance-driven culture. While we
will evolve our culture to support our
growth ambitions, we remain
committed to the strengths that have
brought us to where we are today.
Is the growth culture well
embedded across Carlsberg?
We began our new growth journey in
2024 with the launch of Accelerate
SAIL and our growth culture principles.
Embedding a culture across a global
organisation takes time, but much of
the foundation we need is already in
place. We are now focused on
supporting our people in
embracing the growth
principles and, together,
continuously building
the culture we need
to succeed.
Susanne
Skippari
CHRO
OUR GROWTH CULTURE
Recognising that our people work in different
markets, cultures, functions and roles, we
launched five common growth principles, which
will serve as our north star for the behaviours
that we expect of our employees. Our growth
culture means striving for the extraordinary by
challenging the status quo, setting stretched
targets and driving innovation. It is about
fostering a workplace fuelled by positive energy,
compassion, collaboration and inclusion, where
achievements are celebrated. Our passion for
consumers is at the heart of everything we do,
making us true ambassadors for our brands. We
prioritise fast, make data-driven decisions and
embrace failures as opportunities to learn. Our
growth culture empowers, supports and grows
our people, enabling everyone to reach their full
potential.
We live by Semper Ardens
and constantly strive for the
extraordinary
We foster an environment of
positive energy and
compassion
We are passionate about the
consumer in everything we do
We decide fast and deliver
with excellence
We empower, support and
grow our people to reach their
full potential
TOGETHER TOWARDS
ZERO AND BEYOND
Our ESG programme, Together Towards
ZERO and Beyond (TTZAB), is an integral
part of Accelerate SAIL, focusing on the 11
most material ESG issues affecting our
business.
TTZAB is our response to global challenges such as climate
change, water scarcity and inequality. TTZAB supports our licence
to operate and reputation, and strengthens our relationships with
stakeholders.
Meeting our targets and commitments will be challenging and
demands transformative change – across our operations and
value chain – that we cannot achieve alone. Therefore, partnering
with suppliers, customers, consumers and communities remains
central to our approach as we drive progress Together Towards
ZERO and Beyond.
Read more about our ESG actions in the sustainability statement.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our strategy
26
Carlsberg Group Annual Report 2024
Responsible Sourcing
We strive to partner with suppliers who share
our values and responsible approach to doing
business.
Diversity, Equity & Inclusion
We are committed to providing a diverse and
inclusive global workplace where everyone
belongs and can be at their best.
Human Rights
We are committed to respecting the human
rights of the people connected to our business
and our value chain.
Living by our Compass
We are committed to conducting our business
with integrity in a responsible, honest and
ethical manner.
Community Engagement
We give back to the communities we are part
of through local partnerships, brand
campaigns and employee volunteering.
ZERO
CARBON
FOOTPRINT
ZERO
FARMING
FOOTPRINT
ZERO
PACKAGING
WASTE
ZERO
WATER WASTE
ZERO
IRRESPONSIBLE
DRINKING
ZERO
ACCIDENTS
CULTURE
DRIVING PROGRESS FOR TOGETHER TOWARDS ZERO AND BEYOND
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Our strategy
27
Carlsberg Group Annual Report 2024
ZERO CARBON FOOTPRINT
We aim to eliminate carbon emissions from our breweries
by 2030 and reach net ZERO for our entire value chain by
2040. In 2024, the relative emissions at our breweries were
2.7 kg CO2e/hl. This was a reduction of 60% against our
2015 baseline. The absolute carbon emissions decreased by
58% in the same period. Our relative value chain emissions
declined by 3% from 2022 to 2024. Read more in the
sustainability statement, pages 66-70.
-58%
absolute emissions from our breweries 2015-2024.
ZERO WATER WASTE
We are working hard to minimise our water usage across
our breweries. We target a water usage efficiency of 2.0 hl/
hl globally and 1.7 hl/hl at our breweries in high-risk areas.
We also target 100% replenishment of water consumption
at breweries in high-risk areas by 2030. Read more in the
sustainability statement, pages 79-80.
4 new projects
on water replenishment in China and Laos.
ZERO FARMING FOOTPRINT
We aim to have 30% of our raw materials grown using
regenerative agricultural practices by 2030 and 100% by
2040. Recognising that our approach will vary depending
on geographic and climatic circumstances, our initial
actions include formalising the principles of regenerative
agriculture, engaging with our suppliers on the topic and
plugging new regenerative agriculture requirements into
our automated procurement process. Read more in the
sustainability statement, pages 82-83.
ZERO ACCIDENTS CULTURE
We are creating a ZERO accidents culture that aims to
ensure that everyone returns home safely every day. We
want to achieve a year-on-year reduction in the accident
rate to achieve ZERO lost-time accidents. We put a strong
focus on instilling safe behaviours across our business.
Read more in the sustainability statement, pages 91-92.
-69%
lost-time accidents 2015-2024.
ZERO PACKAGING WASTE
Our ambitious targets for 2030 include shifting 100% to
recyclable, reusable or renewable packaging, a 90%
collection and recycling rate for bottles and cans, a 50%
reduction in virgin fossil-based plastic and 50% recycled
content in bottles and cans. Our actions include projects
and innovations across markets, global collaboration with
suppliers, and industry engagement and advocacy to
support the roll-out of effective deposit return schemes.
Read more in the sustainability statement, pages 85-86.
ZERO IRRESPONSIBLE DRINKING
Our targets reflect our commitment to responsible drinking,
moderation and enjoyment of our products as part of a
balanced lifestyle, and to offer consumers alternatives if
they choose not to consume alcohol. We promote
responsible drinking and have committed to having 100%
responsible drinking messaging through packaging and
brand activations, 100% availability of alcohol-free brews
and 35% of our brews to be low- or no-alcohol by 2030.
Read more in the sustainability statement, pages 100-102.
GROUP REVIEW
The Group delivered good
results with overall positive
development for all key
growth categories despite the
challenging environment in
some of our major markets.
Our soft drinks portfolio grew by 1%, impacted
by the loss of the Schweppes brand in
Switzerland.
REVENUE, EARNINGS AND
RETURNS
Revenue grew organically by 2.4% as a result of
revenue/hl growth of 2% and organic volume
growth of 0.4%. Reported revenue grew by 1.9%
with a negative currency impact from China,
Ukraine and Laos (including the impact from
hyperinflation accounting), partly offset by a
small net acquisition impact from Waterloo
Brewing in Canada and Jing-A in China.
VOLUMES
Beer volumes grew organically by 0.2% due to
solid growth in CEEI that more than offset a
decline in Western Europe and Asia. Other
beverage volumes grew organically by 1.6%,
mainly driven by carbonated soft drinks in
Sweden, Finland and Laos, energy drinks in
CEEI and Beyond Beer products in China and
Ukraine.
Growth categories
Our portfolio of international and local premium
brands grew by 2%, supported by very strong
growth in CEEI.
Alcohol-free brews grew by 6%. Growth was
broad based across most markets in Western
Europe and CEEI.
Beyond Beer volumes grew by 5%, driven by
the Garage and Wind Flower Snow Moon
brands.
Group
Change
Change
2023
Organic
Acq., net
FX
2024
Reported
Volumes (million hl)
Beer
101.0
0.2 %
0.0 %
-
101.2
0.2 %
Other beverages
24.1
1.6 %
0.0 %
-
24.5
1.6 %
Total volume
125.1
0.4 %
0.1 %
-
125.7
0.5 %
DKK million
Revenue
73,585
2.4 %
0.2 %
-0.7 %
75,011
1.9 %
Operating profit
11,105
6.0 %
-0.1 %
-3.1 %
11,411
2.8 %
Operating margin (%)
15.1
15.2
10bp
Earnings expectations 2024
Date
Expectations for operating profit
7 February 2024
Organic growth of 1-5%
13 August 2024
Organic growth of 4-6%
6 February 2025
Organic growth of 6.0% (reported)
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Group review
28
Carlsberg Group Annual Report 2024
“The two most important
priorities on my agenda
in the coming years are
improving the gross
margin and deleveraging
our balance sheet. I’m
pleased with the first
steps achieved in 2024,
with a gross margin
improvement of 120bp.
And the sale of the
Russian business
supports our efforts
towards reaching our
leverage target.”
Ulrica Fearn
CFO
Gross profit/hl increased organically by 5%. The
improvement was due to the higher revenue/hl
and a 1% decline in cost of sales/hl thanks to
efficiency improvements, a positive country mix
and slightly lower commodity prices, the
combination of which more than offset
continued salary inflation, higher packaging
costs and increasing environmental fees. Gross
profit increased organically by 5.9%. The
reported gross margin was 45.8% (+120bp).
We maintained our focus on costs, supporting
our efforts to offset inflation and increase
growth investments in brands and commercial
activities. Marketing investments grew
organically and in reported terms by 6%. As a
percentage of revenue, reported marketing
investments increased to 8.7% (+30bp). Total
reported operating expenses increased by 5.3%,
impacted by higher logistics costs, higher sales
expenses, mainly in Asia, and higher commercial
IT investments.
Other operating activities declined by DKK 86m.
Profit from associates increased by DKK 35m,
mainly due to the good performance of Super
Bock in Portugal.
Operating profit before depreciation,
amortisation and impairment losses (EBITDA)
grew organically by 5.4% and by 4.0% in
reported terms to DKK 15,781m (including the
impact of hyperinflation accounting in Laos of
DKK +87m).
Total operating profit grew organically by 6.0%,
with positive contributions from all three
regions. The reported operating profit before
special items grew by 2.8%, particularly
impacted by the hyperinflation accounting in
Laos, amounting to DKK -75m, and the
weakening of the Laotian, Ukrainian and
Chinese currencies. The reported operating
margin improved by 10bp to 15.2%, mainly
because of the improved gross margin, which
more than offset higher commercial
investments.
Section 1 of the consolidated financial
statements contains more details on operating
activities.
Net special items (pre-tax) amounted to DKK
-519m (2023: DKK -431m). Special items are
detailed in section 3.1 of the consolidated
financial statements.
Financial items, net, amounted to DKK -905m
(2023: DKK -844m). Excluding currency gains
and losses, financial items, net, amounted to
DKK -1,064m (2023: DKK -693m). The increase
was mainly a result of higher interest rates on
bonds issued in 2023 and higher net interest-
bearing debt. The net currency impact was DKK
+159m, with a positive contribution from USD
hedging ahead of the acquisition of the non-
controlling interest in CSAPL and the impact of
hyperinflation accounting in Laos (DKK +50m).
Read more about net financial items in section
4.4 of the consolidated financial statements.
Tax totalled DKK -1,982m (2023: DKK -1,859m).
The effective tax rate was 19.8% (2023: 18.9%).
Tax is detailed in section 6 of the consolidated
financial statements.
The Carlsberg Group’s share of profit from
continuing operations amounted to DKK
6,858m (2023: DKK 6,960m). Adjusted net
profit (adjusted for special items after tax),
continuing operations, amounted to DKK
7,280m (2023: DKK 7,425m).
The Group’s share of consolidated profit (net
profit) for the period was DKK 9,116m, positively
impacted by reversal of impairment recognised
in prior years of DKK 2,258m from the disposal
of the Russian business. Non-controlling
interests’ share of profit for the period was DKK
1,147m (2023: DKK 1,011m).
Adjusted earnings per share, continuing
operations, increased by 0.6% to DKK 54.9,
supported by the share buy-back. Reported
earnings per share was DKK 68.7.
ROIC was 13.8% (2023: 14.5%), mainly impacted
by the step acquisition in Nepal and
hyperinflation accounting, the latter reducing
ROIC by 70bp. ROIC excluding goodwill was
35.5% (2023: 38.3%).
CASH FLOW
Free operating cash flow amounted to DKK
6,368m (2023: DKK 7,469m).
The change in trade working capital was DKK
471m (2023: DKK 698m), mainly impacted by
an increase in trade payables. Average trade
working capital to revenue for the year
remained strong at -20.7% (2023: -20.3%). The
change in other working capital was DKK
-1,108m (2023: DKK -780m), mainly impacted
by other receivables.
Total operational investments amounted to
DKK -4,944m (2023: DKK -4,138m), of which
acquisition of property, plant and equipment
(CapEx) amounted to DKK -4,668m (2023: DKK
-3,887m). The higher CapEx was mainly due to
capacity expansion in Asia, including the
greenfield brewery in Foshan, China.
Total financial investments amounted to DKK
+3,426m (2023: DKK -2,591m). The difference
was mainly related to change in financial
investments, which in 2023 was negatively
impacted by cash in deposits not meeting the
definition of cash and cash equivalents. The
positive impact of acquisition of subsidiaries
related to Gorkha Brewery in Nepal. The
change in financial receivables included the
repayment of a loan to the partner in CSAPL,
which was settled as part of the acquisition of
the partner’s 33.33% shareholding in CSAPL.
Free cash flow amounted to DKK 9,794m
(2023: DKK 4,878m). The positive development
was mainly due to the rewinding of a deposit in
2023, financial receivables and acquisitions.
Net cash flow amounted to DKK -1,883m (2023:
DKK 5,254m). Cash flow from financing
activities amounted to DKK -13,935m (2023:
DKK 1,370m), impacted by non-controlling
interests of DKK -6,463m, including the
acquisition of 33.33% of the shares in CSAPL
and the acquisition of the 40% non-controlling
interest in Carlsberg Marston’s Brewing
Company, cash returns to shareholders in the
form of dividends (DKK -3,601m) and share
buy-backs (DKK -1,960m), and the net impact
of bond repayment and ECP issuance of DKK
-1,911m.
The net cash flow from discontinued operations
of DKK 2,258m related to the sale of the
Russian business.
FINANCING
At 31 December 2024, net interest-bearing debt
amounted to DKK 27,357m (2023: DKK
22,351m). The increase of DKK 5,006m was
mainly the result of acquisition of non-
controlling interests, the dividend payout and
share buy-back, and CapEx, partly offset by the
proceeds from the disposal of the Russian
business. Net interest-bearing debt/EBITDA was
1.73x (2023: 1.47x).
Read more about capital structure, net interest-
bearing debt and borrowings in sections 4.1, 4.6
and 4.7 of the consolidated financial
statements.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Group review
29
Carlsberg Group Annual Report 2024
WESTERN EUROPE
Western Europe delivered solid
financial results despite
volumes being impacted by a
continued weak consumer
sentiment and supply chain
issues in certain markets.
Beer volumes declined organically by 1.8%.
Other beverage volumes grew by 0.3% thanks
to growth of the soft drinks businesses in the
Nordics, offset by lower volumes in Switzerland.
Consequently, total volume development was
-1.1%.
Revenue/hl improved organically by 2% despite
the headwind of approximately 1 percentage
point caused by the inclusion of excise duties on
the Kronenbourg 1664 brand in the UK last year.
The growth in revenue/hl was mainly due to
price increases. Organic revenue growth was
0.9%, while reported growth was 2.0%,
positively impacted mainly by the appreciation
of the British, Polish and Swiss currencies.
Organic operating profit growth was 5.2%
thanks to the positive revenue/hl development
and gross margin improvement, which more
than offset increased commercial investments.
The reported operating profit growth of 6.0%
was positively impacted by currencies. The
operating margin strengthened by 60bp to
13.9%.
THE NORDICS
In Denmark, we strengthened our market share,
driven by good performance in mainstream and
growth of premium brands such as Jacobsen
and Brooklyn. We continued to see solid growth
of our alcohol-free brews.
In January, we established a sales and
distribution agreement for the Danish market
with the Danish craft brewer Mikkeller. As part
of the agreement, Carlsberg acquired a 20%
stake in Mikkeller.
Our Swedish business had a very good year,
delivering solid volume growth for both beer
and soft drinks. We saw good growth for our
premium brands such as Eriksberg, 1664 Blanc
and Brooklyn. We strengthened our market
share in soft drinks thanks to strong results for
Pepsi Max, making it the largest non-sugar cola
brand in the market.
Our business in Norway had a challenging start
to the year. Volumes for the year were flat, with
growth for premium and alcohol-free brews
offset by lower mainstream volumes.
Western Europe
Change
Change
2023
Organic
Acq., net
FX
2024
Reported
Volumes (million hl)
Beer
28.7
-1.8 %
0.0 %
-
28.1
-1.8 %
Other beverages
14.7
0.3 %
0.0 %
-
14.8
0.3 %
Total
43.4
-1.1 %
0.0 %
-
42.9
-1.1 %
DKK million
Revenue
37,317
0.9 %
0.0 %
1.1 %
38,081
2.0 %
Operating profit
4,975
5.2 %
0.0 %
0.8 %
5,274
6.0 %
Operating margin (%)
13.3
13.9
60bp
Our markets
Markets
Market
position (no.)
Breweries1
Denmark
1
1
Sweden
2
1
Norway
1
1
Finland
1
1
France
2
1
Switzerland
1
1
Poland
3
3
UK
4
32
Germany
33
3
Portugal
1
1
1 Breweries with capacity above 100,000 hl. 2 Brewery in Wolverhampton to be closed in autumn 2025. 3 North-
eastern Germany. Source: Carlsberg estimates.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Western Europe
30
Carlsberg Group Annual Report 2024
It was a strong year in Finland, with mid-single-
digit volume growth, driven by growth in most
categories. We saw particularly strong results
for our premium portfolio, which delivered high-
single-digit volume growth, and for alcohol-free
brews, which grew by high teens. The soft drink
portfolio delivered mid-single-digit percentage
growth, driven by good results for the Coca-
Cola portfolio.
SWITZERLAND
Our beer market share in Switzerland was
stable, while the overall market declined by a
low-single-digit percentage due to the weak
consumer sentiment and bad weather. We
relaunched 1664 Blanc in Q1 and saw very
strong performance for the brand. Pepsi Max
delivered good growth, but total soft drinks
volumes were impacted by the loss of the
Schweppes brand at the beginning of 2024.
POLAND
Our business in Poland stabilised in 2024, seeing
flat market share in a market that declined by a
low-single-digit percentage. We saw very good
performance for alcohol-free brews and Beyond
Beer, while beer volumes developed in line with
the market.
FRANCE
It was a difficult year for our French business.
The market was impacted by weak consumer
sentiment and bad weather in Q2 and Q3. In
addition, our volumes were impacted by our
pricing actions, which were ahead of the overall
market. Consequently, we lost market share,
particularly in the mainstream segment.
In June, we announced that we had entered into
a strategic partnership with Brasserie du Pays
Flamand, aimed at accelerating the roll-out of
the Anosteké brand in France. As part of the
agreement, we acquired a non-controlling stake
in Brasserie du Pays Flamand.
UK
It was a very busy year for our UK business,
with the Britvic plc acquisition, the notification in
July concerning the loss of the San Miguel
brand from January 2025 and an incident at
one of our breweries in Q3. In addition, we
acquired the remaining 40% of Carlsberg
Marston’s Limited from Marston’s plc, giving us
100% ownership of our UK business. The
transaction was completed on 31 July.
Despite these events, the business performed
well, delivering flat volumes in a slightly
declining market. The Carlsberg brand grew by
mid-single-digit percentages, significantly
improving the brand’s market share. In the
premium segment, Poretti and Brooklyn
delivered double-digit growth rates, and we also
saw good results for 1664 Blanc, which was
launched in April.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Western Europe
31
Carlsberg Group Annual Report 2024
GROWING ALCOHOL-FREE
BREWS (AFB)
AFB is a growing category in Western
Europe, supported by increased
consumer awareness of health and
wellbeing. Local AFB brands, including
line extensions of local power brands,
play a key role in our AFB strategy. In
2024, our AFB volumes in Western
Europe grew by 5%. In Sweden, the AFB
line extension of the local power brand
Falcon also grew by 9%.
ASIA
Our Asia performance was
impacted by the challenging
consumer environment in
China.
Beer volumes declined organically by 1.3%,
mainly due to a soft H2 in China. Other
beverage volumes grew organically by 1.2%
thanks to strong growth in Laos, partly offset by
weak energy drinks volumes in Cambodia.
Organic revenue growth was 1.0%. Revenue/hl
grew organically by 2%, supported by price
increases, particularly in Laos due to the high
inflation, and a positive product mix. Reported
revenue declined by 1.5% due to a negative
currency impact, notably from the Laotian,
Chinese and Vietnamese currencies.
Operating profit increased organically by 7.9%,
positively impacted by the revenue/hl growth
and the gross margin improvement. The
currency impact was -6.7%, of which
approximately 2% related to the impact of
hyperinflation accounting in Laos. Reported
operating profit improved by 1.0%.
The impact of hyperinflation is detailed in
section 8.1 of the consolidated financial
statements.
CHINA
The Chinese beer market declined by an
estimated 4% due to a weak consumer
environment and bad weather during the peak
season.
We maintained our positive market share
trajectory, gaining an estimated 30bp market
share. Our volumes declined by 1%, with
continued growth in the big cities offset by
lower volumes in the western provinces.
Revenue/hl was slightly negative, as stable
pricing was offset by a negative channel mix.
Although premium volumes grew slightly, the
channel mix had a negative impact on mix
within our premium portfolio.
The premium Carlsberg and Wind Flower Snow
Moon brands saw strong growth, while the
super-premium 1664 Blanc declined, impacted
by the weak nightlife channel. Tuborg delivered
modest growth.
Asia
Change
Change
2023
Organic
Acq., net
FX
2024
Reported
Volumes (million hl)
Beer
39.1
-1.3 %
0.0 %
-
38.6
-1.3 %
Other beverages
5.9
1.2 %
0.0 %
-
6.0
1.2 %
Total
45.0
-1.0 %
0.1 %
-
44.6
-0.9 %
DKK million
Revenue
20,780
1.0 %
0.3 %
-2.8 %
20,466
-1.5 %
Operating profit
4,586
7.9 %
-0.2 %
-6.7 %
4,632
1.0 %
Operating margin (%)
22.1
22.6
50bp
Our markets
Markets
Market
position (no.)
Breweries1
China
5/12
27
Laos
1
2
Vietnam
4
1
Cambodia
3
1
Malaysia
2
1
Myanmar
5
1
Singapore
2
0
Hong Kong SAR
2
0
1 Breweries with capacity above 100,000 hl. 2 Total China/western China. Source: Carlsberg estimates.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Asia
32
Carlsberg Group Annual Report 2024
VIETNAM
The Vietnamese market was flat for the full
year, and our volumes were also flat. We
continued to see solid growth of our premium
brands – Tuborg, 1664 Blanc and Carlsberg – as
we expanded outside our central stronghold.
The mainstream brand, Huda, declined slightly
in its stronghold in the central part of the
country due to a challenging Q4 during which
the region was impacted by bad weather and
weak consumer offtake.
LAOS
Our volumes grew by a low-single-digit
percentage, reaching an all-time high in excess
of 8 million hl despite the macro environment
and several price increases during the year due
to significant inflationary pressure. The volume
growth was mainly driven by soft drinks and
bottled water, but we also saw good growth for
premium, led by Carlsberg, albeit from a small
base.
CAMBODIA
Our beer business delivered solid volume
growth, driven by the Angkor beer brand. Total
volumes declined due to the very soft volume
development of the energy drinks business,
particularly in H1.
MALAYSIA AND SINGAPORE
We delivered solid performance in Malaysia,
with strong growth for both the Carlsberg and
1664 Blanc brands. In Singapore, our
mainstream and Beyond Beer volumes grew,
while premium volumes were impacted by the
loss of a partner brand.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Asia
33
Carlsberg Group Annual Report 2024
EXPANDING IN VIETNAM
Vietnam is a key volume and value
growth market in our Accelerate SAIL
strategy. We leverage our international
premium brands – 1664 Blanc, Tuborg,
Carlsberg and, most recently, Somersby –
in the expansion outside our strong
market position in central Vietnam.
Despite difficult market conditions during
the past couple of years, in 2024 the
premium portfolio saw volume growth of
21%, with particularly strong results for
1664 Blanc.
CENTRAL & EASTERN EUROPE
AND INDIA
Central & Eastern Europe and
India delivered a strong set of
results for volumes, revenue
and earnings.
Beer volumes grew organically by 3.6% as a
result of growth in most markets. We saw very
good growth for our premium and alcohol-free
brews.
Other beverage volumes grew organically by
7.7%, mainly due to growth of energy drinks in
the eastern European part of the region. We
also saw good growth of Beyond Beer,
particularly supported by the Garage brand.
Organic revenue growth was 7.8%. Revenue/hl
grew by 4% thanks to price increases in all
markets and a very positive product mix with
mid-teens growth for our premium portfolio.
Operating profit grew organically by 9.6% as a
result of revenue growth and gross margin
expansion, which more than compensated for
higher commercial investments.
Reported operating profit grew by 6.8%, mainly
impacted by depreciation of the Eastern
European currencies. The operating margin was
18.5%, a 10bp improvement.
UKRAINE
In Ukraine, we saw an increasingly difficult
environment, particularly in the latter part of the
year, when a growing number of attacks caused
electricity shortages and less traffic in
traditional trade and on-trade outlets.
Despite this challenging environment, our local
team delivered strong results, achieving high-
single-digit volume growth. Growth was broad-
based, with very good results for premium
brands such as 1664 Blanc, Carlsberg and
Tuborg, alcohol-free brews such as Kvas,
Garage and Lvivske, and Beyond Beer for the
Garage and Somersby brands.
EASTERN EUROPE
Our businesses in the other Eastern Europe
markets – Kazakhstan, Azerbaijan and Belarus
– delivered mixed performance, with solid
volume growth in Belarus and Azerbaijan, and a
decline in Kazakhstan.
In Kazakhstan, our business was impacted by
the overall market decline, caused by poor
consumer sentiment in the highly inflationary
environment and bad weather.
CEEI
Change
Change
2023
Organic
Acq., net
FX
2024
Reported
Volumes (million hl)
Beer
33.2
3.6 %
0.2 %
-
34.5
3.8 %
Other beverages
3.5
7.7 %
0.1 %
-
3.7
7.8 %
Total
36.7
4.0 %
0.2 %
-
38.2
4.2 %
DKK million
Revenue
15,467
7.8 %
0.9 %
-2.3 %
16,454
6.4 %
Operating profit
2,846
9.6 %
-0.1 %
-2.7 %
3,039
6.8 %
Operating margin (%)
18.4
18.5
10bp
Our markets
Markets
Market
position (no.)
Breweries1
Ukraine
1
3
Belarus
1
1
Kazakhstan
1
1
Azerbaijan
1
1
The Baltics
1-2
2
Italy
4
1
Greece
2
2
Bulgaria
1
2
Croatia
3
1
Serbia
3
1
India
2
7
Nepal
1
1
1 Breweries with capacity above 100,000 hl. Source: Carlsberg estimates.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Central & Eastern Europe and Asia
34
Carlsberg Group Annual Report 2024
We are preparing for the takeover of the Pepsi
licence in Kazakhstan and Kyrgyzstan from
2026, which will transform our business in
Kazakhstan, doubling its size.
South-East Europe and the Baltics
All markets in South East Europe and the
Baltics delivered volume growth, supported by
favourable weather during the year and easy
comparable figures from last year, when
weather had a negative impact.
In total, volumes grew by mid-single-digit
percentages, with particularly good growth in
markets such as Greece, Serbia and Croatia. The
growth of premium and alcohol-free brews was
a key contributor.
India and Nepal
In India, our business had another good year,
delivering low-double-digit volume growth.
We achieved growth in most states, supported
by good progress for our two largest products –
Tuborg Strong and Carlsberg Elephant. In
December, we strengthened our portfolio,
launching 1664 Blanc in the super-premium
segment.
Following the buyout of the non-controlling
interests in Nepal, we regained control of
Gorkha Brewery in Nepal. Consequently,
Gorkha Brewery was consolidated from
December 2024 (previously included as an
associate).
Gorkha Brewery is the market leader in Nepal,
with the mainstream local Gorkha brand and
Tuborg in premium being the most important
brands.
Export & License
Volumes in our Export & License business
increased by mid-single-digit percentages,
driven by very good growth of Carlsberg and
Tuborg in several markets.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Central & Eastern Europe and Asia
35
Carlsberg Group Annual Report 2024
GROWING IN GREECE
Carlsberg first entered the Greek market
in 2008 through the acquisition of
Mythos Brewery as part of the Scottish &
Newcastle transaction. In 2015, we
merged Mythos Brewery with Olympic
Brewery, establishing ourselves as the no.
2 player in the market. Following the
challenges of COVID-19, our Greek
business has delivered strong results,
driven in particular by the success of local
brands, such as the mainstream Mythos,
the impressive recent performance of the
premium Kaiser brand, and the alcohol-
free FIX Anef brand. In 2024, our volumes
in Greece grew by 7%.
2025 EARNINGS EXPECTATIONS
For 2025, we are expecting a
relatively stable consumer
environment, although
uncertainty related to
consumer sentiment in both
Asia and Europe remains.
For the business excluding Britvic, we expect a
moderate increase in our total cost base due to
slightly higher marketing investments and
investments in capability building and
technology, while we expect a flattish
development in cost of sales/hl.
The organic development in volumes, revenue
and operating profit will be impacted by the
loss of the San Miguel brand in the UK as of 31
December 2024, with an estimated negative
impact of 2-3 percentage points on organic
operating profit growth for the Group (included
in the earnings expectations).
Consequently, our earnings expectations for
2025 are:
• Organic operating profit growth of 1-5%.
Based on the currency spot rates at 5 February,
we assume a translation impact of around DKK
+150m for 2025. The currency impact does not
include the impact of hyperinflation accounting
in Laos or the currency impact on profits in
Britvic, as the latter will be included in the
acquisition impact in 2025.
EXPECTATIONS FOR BRITVIC
Britvic has been consolidated into Carlsberg’s
financial statements as of 16 January 2025.
Having owned the business for only three
weeks, we are still in the process of assessing
the commercial and financial details of the
company in terms of historical performance and
plans for the future. Our current assessment is
that the commercial and financial situation is in
line with our expectations, giving us confidence
in the business case on which we based our
offer.
For the full-year ending 30 September 2024,
Britvic plc reported an adjusted operating profit
of GBP 250m. We currently assume a similar
level in 2025, driven by underlying business
growth and initial cost synergies offset by items
such as additional commercial investments,
write-offs, accounting differences and impact of
purchase price allocation adjustments.
OTHER RELEVANT
ASSUMPTIONS
Other relevant assumptions, including the
impact from the Britvic acquisition, are:
• Financial expenses, excluding foreign
exchange losses or gains, of DKK 2.6-2.7bn.
The increase compared with 2024 is due to
higher financial leverage as a result of the
acquisition of Britvic plc and the buyout of
the partner in CSAPL.
• Reported effective tax rate of around 23%.
The increase compared with previous years is
due to the acquisition of Britvic plc and
deferred tax deductibility of the acquisition-
related interest expenses.
• Capital expenditure of around DKK 7-8bn
(including estimated capital expenditure for
Britvic), impacted by the construction of a
soft drinks bottling facility in Kazakhstan
ahead of the takeover of the Pepsi licence in
2026.
Forward-looking statements
Forward-looking statements are subject to risks
and uncertainties that could cause the Group’s
actual results to differ materially from those
expressed in the forward-looking statements.
Accordingly, forward-looking statements should
not be relied on as a prediction of actual results.
Please see page 51 for the full forward-looking
statements disclaimer.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
2025 earnings expectations
36
Carlsberg Group Annual Report 2024
RISK MANAGEMENT
In conducting our business and
executing our strategy, we
seek to manage risks in such a
way as to minimise the threats
they present.
As with any business, we face a number of risks
and uncertainties that could have both short-
term and long-term implications for the Group.
The aim of our risk management approach is to
address these risks and uncertainties in due time.
GOVERNANCE STRUCTURE
The Supervisory Board is ultimately responsible
for the risk management framework and its
effectiveness.
The Board is made aware of the material risks
facing the company on an ongoing basis. At
least once a year, the Board reviews the overall
risk matrix and conducts deep dives into
selected risks. The identified risks, including risk
development, are subsequently monitored by
the Board, ensuring that plans are in place to
manage the individual risks, such as strategic,
operational, financial and compliance risks.
The Supervisory Board may choose to delegate
the monitoring of one or more specific risks to a
board committee, which then reports back to
the Supervisory Board on progress.
The Executive Committee (ExCom) is
responsible for reviewing the overall risk
exposure associated with the Group’s activities
and ensuring that appropriate actions are taken.
RISK MANAGEMENT PROCESS
Our risk management process ensures timely
identification and proactive management of
risks and uncertainties throughout the year.
Risks are assessed according to a two-
dimensional heat map that estimates the
impact of the risk on operating profit or brand/
image and the likelihood of the risk
materialising.
The risks identified in the heat map represent
the most significant current and emerging risks
to the company over the next 3-5 years.
The identification of risks is founded on a
systematic bottom-up/top-down approach
involving markets, regions and functions. This is
complemented with external views, including
publicly available white papers from leading
organisations and enterprises.
Local and functional risk assessment workshops
follow the same principles and methodology as
Group-level risk assessment, and are held at
appropriate intervals, or as a minimum on an
annual basis.
Our most significant risks are assessed
holistically by ExCom, which considers changes
to the risk environment and the adequacy of
our risk response, generally applying a time
horizon of up to five years, although some risks
may have a longer time horizon.
ExCom assigns risk owners, who are responsible
for mitigating the risks through a programme of
risk management activities. Each key risk is
assigned to an ExCom member, who assumes
ultimate responsibility for risk mitigation.
ExCom conducts half-yearly reviews of the risk
heat map and mitigation plans, and also
conducts a deep dive into heightened risks at
least twice a year. Our principal risks are
presented to and discussed with the Supervisory
Board at least once a year.
Read about the management of sustainability
risks in the sustainability statement.
IDENTIFIED RISKS
The most significant risks are presented in the
following paragraphs. Other significant risks
identified included the digital transformation of
our company, supply chain interruption due to
climate risks and resource scarcity, upholding
product quality and safety, talent and
workforce shortage, and reputational risks
stemming from potential human rights and ESG
concerns.
Legal and regulatory compliance
Risk movement
Heightened versus last year.
Description
Carlsberg faces potential significant legal and
regulatory compliance risks as the regulatory
landscape expands, and the international focus
on competition law, anti-corruption, trade
sanctions, tax compliance and health standards
is increasing.
The risk is further exacerbated by the Group’s
growth in complex markets.
Failure to comply with regulations and Group
policies may lead to fines, claims, and brand
and reputation damage.
The Group is party to certain ongoing lawsuits
and disputes. These and their significance are
described in section 3.4 of the consolidated
financial statements.
Mitigation
We maintain a strong tone from the top and
continuously review and strengthen the Group-
wide control framework covering legal
compliance areas, including, but not limited to,
competition law, anti-bribery & corruption and
trade sanctions to reflect areas of increased
regulatory focus.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Risk Management
37
Carlsberg Group Annual Report 2024
We periodically update our Code of Ethics &
Conduct and related Group legal and
compliance policies as needed. To ensure that
these policies are thoroughly understood, we
provide mandatory training to all relevant
employees on a regular basis. We also
continuously strive to include health concerns in
our innovation efforts.
Read more about our compliance efforts in the
sustainability statement.
Macroeconomic and financial
volatility
Risk movement
Heightened versus last year.
Description
Across our regions, the Group is subject to a
volatile and uncertain macroeconomic and
financial environment, impacting inflation,
interest rates, unemployment and consumer
sentiment. The volatile macroeconomic
environment may also lead to governments
seeking to add additional revenue streams from
higher taxes, including excise duties.
Such conditions influence the Group in multiple
ways, including, but not limited to, the pricing of
raw and packaging materials, the ability to
implement price increases, and execution of the
Group’s growth agenda as set out in our
refreshed strategy, Accelerate SAIL.
In addition, the variability in financial markets,
interest rate fluctuations and currency instability
impact the Group’s financial flexibility.
Mitigation
We employ scenario planning and agile
financial management, leverage our value
management capabilities and deploy localised
strategies to address volatility and adapt to
market-specific challenges.
Our public affairs team, in cooperation with
relevant industry associations, seeks to engage
in fact-based dialogue with relevant public
authorities on changes in regulation, including
within the areas of tax and excise duty.
In addition, our well-embedded and rigorous
performance management system allows us to
quickly adapt to changes in the trading
environment.
These measures aim to safeguard growth,
maintain financial flexibility and ensure
operational stability across our key markets.
Geopolitical uncertainty
Risk movement
Heightened versus last year.
Description
The geopolitical environment is challenged by
wars, civil unrest and an increased level of
global geopolitical tensions.
The wider impact of these challenges may be
economic instability in key markets, inflation
and recession, posing a risk to operational
resilience and financial flexibility.
Mitigation
We monitor the global geopolitical situation on
an ongoing basis and develop scenarios for
intervention in the event that tensions emerge
or further evolve.
In our scenario analyses, we apply lessons
learned from various geographies, including the
impact and consequences of the situation in
Russia.
Consumer preferences
Risk movement
New.
Description
Consumer preferences are continuously
changing, including for areas such as
consumption occasions, liquid preferences,
alcohol intake, and purchasing habits and
patterns.
The Group faces a risk of market share and
volume loss if we fail to respond, adapt and
evolve our product portfolio to cater for
changing and emerging consumer trends and
the evolving beverage landscape.
Mitigation
Accelerate SAIL has a clear focus on stepping
up investments in and support of key growth
categories, including premium beer, alcohol-free
brews, Beyond Beer and soft drinks, and
capabilities, including within sales execution and
digital. See pages 20-27 for more information
on Accelerate SAIL.
To ensure a consumer-centric focus and
superior marketing and sales capabilities, in
2024 we further strengthened ExCom with the
appointment of a Chief Marketing Officer and a
Chief Strategy & Commercial Officer.
Cyber and IT security
Risk movement
Unchanged versus last year.
Description
The Carlsberg Group relies heavily on
technology and IT infrastructure for its day-to-
day business. A cyber attack or non-availability
of IT systems could have severe financial,
regulatory and reputational consequences for
our business.
Mitigation
Our Chief Information Security Officer (CISO)
leads an independent cyber security function
within our IT organisation. The CISO coordinates
risk mitigation plans and activities with ExCom
and the Supervisory Board.
As the cyber security threat assessment has
intensified in recent years, we have
strengthened our protective work to counter the
risk. Furthermore, we deploy a wide array of
advanced defensive technologies, as well as
continuing to embed our risk management
framework in all layers of the organisation. We
undertake regular testing of our security
controls via an ongoing series of technological
audits and breach simulations.
As the threat landscape remains difficult, we
continue to invest in improving our security and
mitigation activities.
Britvic integration
Risk movement
New.
Description
The Britvic acquisition is significant and entails
financial and operational risks until the
company has been successfully integrated. Any
integration process requires significant
operational resources on both sides, which may
impact our ability to execute other initiatives
and daily operations.
Mitigation
We prioritise thorough due diligence, robust
integration planning and clear governance
structures.
Dedicated teams are assigned to manage
business continuity and integration processes,
ensuring alignment with Carlsberg's operational
standards and strategic goals. Additionally, we
closely monitor resource allocation to minimise
disruption to ongoing initiatives and daily
operations.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Risk Management
38
Carlsberg Group Annual Report 2024
CORPORATE GOVERNANCE
Our governance framework
aims to ensure value creation,
safeguard active and
transparent stewardship across
the Group and reduce risk.
The governing bodies of the Carlsberg Group
are the Supervisory Board and the Executive
Committee, which includes the Executive Board.
None of the members of the Supervisory Board
are involved in the executive management of
the Group.
The Supervisory Board hires and supervises the
Executive Board, which consists of two
members, the Group CEO and the CFO, who are
formally registered as executive directors of
Carlsberg A/S.
RECOMMENDATIONS
ON CORPORATE GOVERNANCE
The Supervisory Board is responsible for the
Group’s corporate governance framework and
compliance with the Danish corporate
governance recommendations and statutory
requirements.
The Group complies with all but two of the
current recommendations:
• With respect to the recommendation to
publish quarterly reports, the Group has
chosen to only publish full- and half-year
reports.
• With respect to the recommendation that a
majority of the members of a board
committee should be independent, in 2024
two of the four members of the People &
Culture Committee were independent.
Our statutory report on corporate governance
includes the full list of recommendations, with
comments on the Group’s position on each
recommendation. It can be downloaded here:
carlsberggroup.com/who-we-are/corporate-
governance/#Statutoryreports
OUR COMPASS
The Group is dedicated to conducting business
with integrity in a responsible, honest and
ethical manner. Living by these values – our
Compass – is an integrated part of our strategy,
Accelerate SAIL, mitigates risks and protects our
reputation as a responsible brewer.
Our Compass consists of a Code of Ethics &
Conduct and our Group policies, which guide
everyone in the Group on everyday decisions
and actions, setting out the ethical standards for
our behaviour both within the company and
towards external business partners, such as
customers and suppliers.
Group policies include, but are not limited to,
anti-bribery & corruption, labour & human
rights, diversity, equity & inclusion, competition
law, information security & acceptable use,
trade sanctions, data protection, data ethics, risk
management, tax, marketing, corporate
communication, responsible drinking, and public
and government affairs.
Our policies can be downloaded here:
carlsberggroup.com/sustainability/report-
policies/policies/
The Supervisory Board is responsible for
overseeing that the Executive Committee has an
adequate system and resources in place to
ensure compliance with the Group’s codes and
policies in relation to its business activities.
Our Executive Committee members complete
training on our Anti-Bribery and Corruption
Policy and Code of Ethics and Conduct every
three years, and are informed of key
developments in this area in an ongoing
manner, as necessary.
The impact of Living by our Compass in relation
to material sustainability topics is presented in
the sustainability statement.
THE ANNUAL GENERAL MEETING
The 2024 Annual General Meeting (AGM) took
place on 11 March. The minutes of the meeting
are available on www.carlsberggroup.com.
Rules and deadlines applying to the AGM and
other general meetings are stipulated in the
Company’s Articles of Association, available on
www.carlsberggroup.com along with other
AGM-related information.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Corporate Governance
39
Carlsberg Group Annual Report 2024
UPHOLDING DATA ETHICS1
The Carlsberg Group is committed to earning and keeping the trust of our consumers, business partners,
employees and other stakeholders as we strive to brew for a better today and tomorrow. As explained
in our corporate Data Ethics Policy, which can be found on www.carlsberggroup.com, one way in
which we live up to this commitment – within a globalised and digitised business environment –
is to only use personal data consistently with our four ethical pillars:
1. Keeping data safe
We take measures to ensure that any data shared and used – whether personal or business data
– is protected through robust security features, effective processes for their implementation, and
reliable IT applications and providers. Through these actions, we protect the digital wellbeing of
our many stakeholders by safeguarding all of their data in our care, including in our information
systems, from the exponentially growing risks of illegal and damaging conduct by individuals or
groups acting either carelessly or intentionally for financial gain or other pernicious reasons.
2. Complying with data protection laws
The Carlsberg Group has effective and meaningful privacy and data protection standards in
place, not only to comply with the many evolving regulatory requirements across our global
markets, but also to promote the trust of those countries’ citizens, leaders and business
communities. To comply with local requirements, the Carlsberg Group directs that all personal
data, however and wherever used in our business operations, must be handled in strict
accordance with the data protection standards set out in our internal policies.
3. Using data respectfully
The Carlsberg Group respects individual privacy as part of our greater commitment to ethical business
conduct and stakeholder dignity. For our workers, our commitment to a fair, respectful, safe and non-
discriminatory workplace includes the lawful, fair and limited handling of their data as part of our
working relationship. When collecting and using consumer data to better produce and market our
products, the Carlsberg Group does so ethically, for example by not acting in any way to promote the
drinking of alcohol to minors, by enabling consumers’ autonomy over how their data is processed
through transparent privacy notifications, and by reducing the privacy impact of digital technologies
that we use.
4. Embedding data ethics in the organisation
Our Data Ethics Policy is approved by the Carlsberg Group executive management team. In
addition to top management being committed to prioritising data ethics, it is also embedded
throughout the organisation in various polices, manuals and guidance, which detail Carlsberg’s
standards of privacy, data protection and responsible use of data. These standards are promoted
through employee training, communication and continuous improvement of underlying
processes, technology, and organisational and technical controls.
1 The information contained in this text box constitutes our compliance with section 99d of the Danish Financial
Statements Act.
COMPOSITION OF THE
EXECUTIVE COMMITTEE2
The Executive Committee (ExCom) currently
consists of the Executive Board and a wider group
of senior executives, in total nine members,
portrayed on pages 4-5. A tenth member, replacing
the Executive Vice President, Central & Eastern
Europe and India will join the Executive Committee
no later than March 2025.
Executive Committee gender representation
ExCom
Women
Men
Number
3
6
Share of total
33%
67%
ExCom members collectively prepare and
implement the Group’s strategic plans.
The nine members of ExCom represent eight
different nationalities. They all have an
international business background and a broad
set of competencies and responsibilities related
to general management, strategy, finance, our
three regions, FMCG, marketing, sales, supply
chain, procurement, ESG, human resources,
digital and technology.
Driving diversity is a business priority. The Diversity,
Equity & Inclusion Policy, available on
www.carlsberggroup.com, sets out the Group’s
broader aspirations and commitments to attract,
develop and retain people with different
perspectives, experiences and backgrounds. Read
more about our commitments and work with
diversity in the sustainability statement on pages
92-93.
2 ESRS-2, GOV-1; 21c, 21d.
COMPOSITION OF THE
SUPERVISORY BOARD3
The Supervisory Board has 14 members, none of
whom are part of the executive management of
the Company.
Nine of the 14 members are elected by the
General Meeting, six of whom (67%) are
independent directors. In accordance with the
Danish Companies Act, the five other members
are elected by the employees.
Two of the members elected by the General
Meeting are affiliated to the Carlsberg
Foundation, the Company’s largest shareholder,
in their capacity as members of the Carlsberg
Foundation Board, and both have an academic
background. These members are bearers of the
Carlsberg Group culture and heritage, and the
values stemming from our founder, J.C.
Jacobsen, and the Supervisory Board sees these
members as patrons of the same.
The five employee representatives are elected
for a term of four years. They have the same
rights and obligations as the members elected
by the General Meeting. The current employee
representatives were elected in 2022 and the
next election will take place in 2026. In 2024, a
supplementary election took place to identify an
employee representative to replace Tenna
Thorsted, who left the Carlsberg Group and thus
the Supervisory Board as of 31 October 2024.
The members of the Supervisory Board and
their board meeting attendance are shown in
the table on page 41. Information on the
Supervisory Board members is available on
pages 46-48.
3 ESRS-2, GOV-1; 21a, 21b, 21e.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Corporate Governance
40
Carlsberg Group Annual Report 2024
THE CARLSBERG
FOUNDATION
The Carlsberg Foundation is the
Company’s largest shareholder.
According to its Charter, the foundation
must own shares equivalent to at least
51% of the votes in Carlsberg A/S. At 31
December, the Carlsberg Foundation
held 30% of the capital and 77% of the
votes in Carlsberg A/S.
The foundation is a long-term, value-
oriented shareholder, supporting the
Group in creating sustainable value
growth through the execution of its
strategy and adherence to the
company’s capital allocation priorities.
The foundation has participated pro rata
in the share buy-back programmes.
In 2024, dividends received by the
foundation amounted to DKK 1.1bn.
The dividends from Carlsberg A/S are
given back to society by granting funds
to foster and support academic research
within natural sciences, humanities and
social sciences, and funds for cultural
and socially beneficial purposes.
The foundation also grants funds to the
Carlsberg Research Laboratory.
Supervisory Board meetings
Board member
Chairship meetings attended
Board meetings attended
Henrik Poulsen1,2 (Chair)
Majken Schultz1 (Deputy Chair)
Mikael Aro1,2
Magdi Batato1,2
Lilian Fossum Biner1,2
Richard Burrows1
Eva Vilstrup Decker3
Bob Kunze-Concewitz1,2
Punita Lal1,2
Erik Lund3
Ivan Nielsen3
Olayide Oladokun3
Søren-Peter Fuchs Olesen1
Peter Petersen3
Tenna Skov Thorsted3
1 Elected by the General Meeting. 2 Independent. 3 Employee-elected.
Attended meeting.
Did not attend meeting (position of hop leaf does not represent actual meeting).
Not a board member at the time.
Diversity1
The Supervisory Board recognises the value and
benefits of diversity in respect of professional
and international experience, culture and gender.
Consequently, diversity is of high priority for the
Supervisory Board, and it has laid down the
following specific objectives in relation to
international experience and gender:
• With regard to international experience, the
objective is that 50% or more of the Supervisory
Board members elected by the General Meeting
should have substantial international experience
from managing large corporations or
institutions. The Supervisory Board fulfils the
objective regarding international experience.
• With regard to gender, the target for the under-
represented gender is 40% of the Supervisory
Board members elected by the General Meeting
to be reached no later than 2028. As per the
Annual General Meeting 2024, three of the nine
members (33%) elected by the General Meeting
are women. Including the members elected by
the employees, until December five out of 14
members were women, equal to 36%. By the
end of the year, four out of 14 members are
women, equal to 29%.
The Supervisory Board constantly considers how
to best achieve as diverse a representation as
possible in terms of views, culture, experience,
background, gender etc.
In order to reach the gender diversity target, it is a
requirement for recruitment firms to present a pool
of women candidates for the Supervisory Board to
consider, and for the Board to look at gender
balance as a factor when evaluating future
candidates.
1 ESRS-2, GOV-1; 21d.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Corporate Governance
41
Carlsberg Group Annual Report 2024
Competencies1
According to the Specification of Competencies, the
Supervisory Board should be composed such that
the Board is able to support, inspire, challenge and
guide the Executive Board and the wider Executive
Committee, and to deal effectively with the
Carlsberg Group's strategic direction and decisions,
general and financial management, and challenges
and opportunities.
The skills and competencies that should be
represented on the Supervisory Board are
described in the Specification of Competencies,
available on www.carlsberggroup.com. On the
basis of a recommendation from the People &
Culture Committee, the Supervisory Board reviews
the Specification of Competencies annually.
Seven of the nine Supervisory Board members
elected by the General Meeting have an
international business background and, in addition,
competencies related to FMCG, marketing, finance,
ESG, supply chain, procurement, M&A, Carlsberg’s
three key regions and emerging markets.
In line with the new CSRD regulation, we
undertook an evaluation of the Supervisory Board
generally, and specifically with regard to our
sustainability-related impacts, risks and
opportunities. Please see page 56 for more
information.
The Supervisory Board continuously assesses,
including as part of its annual Board evaluation,
whether the board members possess the required
skills and competencies to best support the
Carlsberg Group and its strategy, and whether the
composition can be further optimised for this
purpose.
1 ESRS-2, GOV-1; 21c.
The Supervisory Board believes that the current
composition of the Board ensures an
appropriate level of skills, breadth and diversity
in the members’ approach to their duties,
thereby helping to ensure that decisions are well
considered and that both short- and long-term
perspectives are taken into account.
SUPERVISORY BOARD
EVALUATION PROCESS
Each year, the Chair of the Supervisory Board
heads a structured evaluation of the Board’s
work, accomplishments and competencies.
In 2024, the evaluation process included a report
produced by an external provider based on
questionnaires completed anonymously, as well
as individual conversations between the Chair
and each board member.
During the evaluation process, the Supervisory
Board members generally expressed that
agendas cover relevant topics, that meetings are
well planned and cover the relevant topics, that
time and discussions are well prioritised, that
material and presentations are of a high quality,
and that all relevant perspectives are considered
when decisions are made. The members also
appreciated the discussions, mutual trust and
cooperation with ExCom and other
management members.
The evaluation resulted in a list of ideas to
improve the board work and an action plan with
specific initiatives for 2025.
THE WORK OF THE SUPERVISORY BOARD
Main topics of review and discussion in 2024
Strategy
•
Development of Accelerate SAIL and its execution.
•
The ESG programme Together Towards ZERO and Beyond.
•
R&D, innovation, brand portfolio and branding initiatives, quality and other strategic priorities.
•
Organic growth opportunities, including commercial priorities and three-year plans.
•
Inorganic growth opportunities, including the acquisition of Britvic plc, the purchase of
Marston’s plc’s 40% stake in Carlsberg Marston’s and the buyout of the partners in our
businesses in India and Nepal.
•
Selected market and function deep dives.
•
Continued embedding of cost focus.
•
Capital structure, funding, dividend and share buy-backs.
•
Divestment of Baltika Breweries.
Organisation, people, succession planning and talent management
•
Supervisory Board composition and succession planning.
•
Succession planning for the Executive Management.
•
The Group's people agenda, including people-related aspects of Accelerate SAIL.
•
The diversity, equity & inclusion agenda.
•
Bonus structures in incentive programmes, ensuring support of and alignment with
Accelerate SAIL.
Governance, compliance and risk management
•
Review of the outcome of the 2023 board evaluation process, including follow-up on all
suggestions in 2024.
•
2024 board evaluation.
•
Compliance risks and set-up, including discussion of compliance-enhancing efforts.
•
An enhanced enterprise risk management approach and anchoring of the same in the Board.
•
Various risk deep dives based on the enterprise management review.
•
Internal audit & control reports, working processes and continued improvement.
•
IT & cyber security strategy.
•
Compliance with the EU sustainability reporting regulation.
•
Relevant issues and ways of working with the external auditor.
•
Approval of the external auditor for election at the 2024 AGM.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Corporate Governance
42
Carlsberg Group Annual Report 2024
THE WORK OF THE SUPERVISORY
BOARD
The main topics of discussion at the Supervisory
Board meetings in 2024 are presented in the
box on page 42.
The Group CEO and the CFO always attend the
Supervisory Board meetings and, in order to
ensure transparency, the members of ExCom
are also invited and attend when relevant.
This gives the Supervisory Board better insight
into the business and exposure to the full group
of senior executives.
In connection with most Supervisory Board
meetings, key people from the Group present a
market, a function, a specific risk or other
relevant topics.
BOARD COMMITTEES
The Supervisory Board has established three
board committees: the People & Culture
Committee, the Remuneration Committee and
the Audit Committee.
Each year, the Supervisory Board considers
whether the number and scope of the
committees are appropriate.
Committee members are appointed for one
year at a time. The members of the respective
committees and their meeting attendance are
shown in the tables on this and the following
page.
The People & Culture Committee
The Terms of Reference for the People &
Culture Committee are available on
www.carlsberggroup.com.
In 2024, the Committee had particular focus on:
•
Review of the Specification of Competencies
for board members to ensure that they
reflect the skills and experiences needed to
best support the execution of Accelerate
SAIL.
•
Succession planning at Supervisory Board
and management level, evaluating the
composition of ExCom and the composition,
structure and size of the Supervisory Board
and its committees.
•
Performance evaluation of ExCom.
•
Carlsberg’s talent management programmes
and processes.
•
Carlsberg’s DE&I strategy, progress and
ambitions.
•
The company culture, including employee
surveys in light of Accelerate SAIL and its
growth ambitions.
People & Culture Committee members
and meetings
Committee member
Committee
meetings
attended
Henrik Poulsen1 (Chair)
Richard Burrows
Punita Lal1
Majken Schultz
1 Independent.
Attended meeting.
The Remuneration Committee
The Terms of Reference for the Remuneration
Committee are available on
www.carlsberggroup.com.
In 2024, the main activities of the Remuneration
Committee were:
•
Appointment of Magdi Batato as Chair.
•
Presentation of the revised Remuneration
Policy for approval at the AGM.
•
Increasing the weighting of revenue growth
targets in the short-term incentive scheme to
reflect our Accelerate SAIL ambitions.
•
Moving from relative to absolute carbon
reduction targets in the long-term incentive
scheme to reflect our ambitious
environmental commitments.
•
Amending the Committee’s Terms of
Reference to include greater oversight of the
remuneration of the extended leadership
team below the Executive Management.
The work of the Committee is described in more
detail in the Remuneration Report, available on
www.carlsberggroup.com.
Remuneration Committee members
and meetings
Committee member
Committee
meetings
attended
Magdi Batato1 (Chair)
Richard Burrows
Bob Kunze-Concewitz1
Søren-Peter Fuchs Olesen
Henrik Poulsen1
1 Independent.
Attended meeting.
Not a committee member at
the time.
The Audit Committee
The Terms of Reference for the Audit
Committee are available on
www.carlsberggroup.com. The Committee
members have the relevant financial expertise
and necessary experience of the Company’s
sector.
While three members of the Committee qualify
as being independent, Richard Burrows is not
considered independent as per the definition in
the Danish corporate governance
recommendations due to his more than 12-year
tenure on the Supervisory Board.
The Audit Committee works according to the
Terms of Reference and a detailed annual
meeting plan, which is reviewed and approved
by the Supervisory Board prior to the beginning
of each financial year. At its meeting in
December 2024, the Supervisory Board
approved the Audit Committee meeting plan for
2025 and the current Terms of Reference.
In 2024, the Audit Committee had particular
focus on a number of areas, including:
•
Monitoring the effectiveness of the control
environment and overseeing the progress on
improving and further developing the
effectiveness of the controls over financial
and sustainability reporting.
•
Monitoring the external financial and
sustainability reporting and accounting
judgements, including the implementation of
the Corporate Sustainability Reporting
Directive and double materiality assessment,
the accounting treatment in relation to the
acquisitions of Britvic plc and the non-
controlling interests in Carlsberg Marston’s
Brewing Company and Carlsberg South Asia
Pte Ltd.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Corporate Governance
43
Carlsberg Group Annual Report 2024
•
Monitoring the cooperation with the external
auditors.
•
Reviewing the progress of the work of and
actions taken by the Group Internal Audit
function.
•
Reviewing the work regarding Speak Up
matters.
•
Reviewing financial risk management and
insurance.
•
Reviewing the risk management process and
deep dives into selected risks.
•
Reviewing global shared services.
•
Reviewing Group tax matters.
•
Reviewing succession planning for finance
personnel.
Audit Committee members and meetings
Committee member
Committee meetings
attended
Lilian Fossum Biner1 (Chair)
Magdi Batato1
Richard Burrows
Mikael Aro1
1 Independent.
Attended meeting.
Did not attend meeting
(position of hop leaf does not represent actual
meeting).
INTERNAL CONTROL AND RISK
MANAGEMENT RELATED TO
THE OVERALL CONTROL
ENVIRONMENT FOR THE
FINANCIAL REPORTING PROCESS
The Supervisory Board and ExCom have overall
responsibility for the Carlsberg Group’s internal
control environment.
The Audit Committee is responsible for
monitoring the effectiveness of the overall
internal control environment and risk
management systems, in particular related to
the financial reporting process.
The Group has a number of policies and
procedures in key areas of financial reporting,
including the Finance Policy, the Accounting
Manual, the Controller Manual, the Use of
Auditors Policy, the Chart of Authority, the Risk
Management Policy, the Financial Risk
Management Policy, the Corporate Governance
Policy, the Information Security & Acceptable
Use Policy, the Stock Exchange Compliance
Policy, the Tax Policy and the Code of Ethics &
Conduct.
The policies and procedures apply to all
subsidiaries, and we expect standards similar to
those set out in the Carlsberg codes and policies
for non-controlled entities.
The Group’s internal control framework for
financial reporting is designed to reduce and
mitigate financial risks identified and ensure
reliable internal and external financial reporting.
It defines roles and responsibilities, and provides
assurance that key risks are covered by internal
control activities.
While systems and processes are not
standardised across all entities, all entities are
subject to the same set of internal key controls.
The Group continuously seeks to strengthen the
internal control environment through further
standardisation, increased automation, strong
analytics and transparent governance.
The internal financial control framework is
monitored through entities’ self-assessment of
the effectiveness of the implemented controls
and continuous testing of performance by the
Group’s Internal Controls function. The
monitoring of the performance of the controls
focuses on the adequacy of the controls, their
design and operating effectiveness, and the
efficiency of the overall controlling processes.
Risk assessment
In the internal control framework for financial
reporting, the Group has identified the risks that
could have a direct or indirect material impact
on the financial statements. Group entities are
required to carry out and document the internal
controls defined by the Group to cover the key
risks identified.
All Group entities are further required to
reassess the coverage and effectiveness of their
controls biannually and to document additions
to the local internal control framework for
financial reporting addressing local risks.
Furthermore, Group entities are required to
maintain mapping of risks related to the
segregation of duties and to implement
necessary compensating controls, thereby
continuously strengthening the internal control
environment and enforcing optimal segregation
of duties in the ERP systems.
The segregation of duties within the main ERP
systems is continuously monitored by the
Group’s Internal Control function.
Control activities and monitoring
The Group has implemented a formalised
financial reporting process, budget process,
estimates and monthly reporting on actual
performance. The accounting information
reported by all Group companies is reviewed by
controllers with regional or functional in-depth
knowledge of the individual companies/
functions and by technical accounting
specialists.
Controllers are continuously updated on best
practice relating to internal financial controls,
and trained in new accounting and reporting
requirements.
The entities in the Group are dependent on IT
systems. Any weaknesses in the system
controls or IT environment are compensated for
by manual controls to mitigate any significant
risk relating to the financial reporting.
The quality of processes and associated internal
controls is subject to continuous monitoring and
testing by the Group’s Internal Control function
as well as to regular internal audits.
The Audit Committee’s monitoring covers both
the internal control environment and business
risk.
The financial risks are assessed and reviewed at
multiple levels in the Group, including monthly
performance review meetings at ExCom level,
periodic review of control documentation, and
audits performed by Group Internal Audit.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Corporate Governance
44
Carlsberg Group Annual Report 2024
GROUP INTERNAL AUDIT
Group Internal Audit provides objective and
independent assessment of the adequacy,
effectiveness and quality of the Group’s internal
controls. Group Internal Audit works in
accordance with a charter, which is reviewed
periodically and approved by the Audit
Committee.
Taking into account the annual review of
business risks (see pages 37-38), an internal
audit plan is drawn up for the year. The plan is
reviewed and approved by the Audit Committee.
In 2024, Group Internal Audit conducted audits
mainly in the areas of key operational
processes, financial reporting controls, brewery
operations, compliance (internal and external
regulation) and information technology.
In addition, Group Internal Audit continuously
assesses the adequacy of actions implemented
by management to address previously raised
risks and control issues.
SPEAKUP
Our whistleblower system1
The Carlsberg Group encourages open
communication about company culture, ethics
and values. We provide several channels for our
employees, value chain workers, consumers and
business partners to report suspected breaches
of our Code of Ethics & Conduct, including
bribery and corruption, or other concerns,
without fear of retaliation.
While employees are encouraged to share
concerns directly with managers or local HR or
compliance representatives, any individual –
internal or external – can report concerns
anonymously through our SpeakUp system.
The SpeakUp system is a 24-hour grievance
mechanism operated by an external provider. It
is accessible via phone or online at
speakup@carlsberg.com, and available in local
languages across our markets.
We have robust processes in place to ensure
compliance with the EU Whistleblower
Protection Directive. The SpeakUp Manual,
which clarifies how investigations should be
undertaken, is regularly updated to reflect the
most recent changes in legislation and new
tools used in investigations.
Reviewing and investigating
complaints2
All reports received through the SpeakUp
system or other channels are treated seriously.
To ensure confidentiality, an independent
SpeakUp Review team, which is part of Group
Internal Audit, reviews all reports.
Reporters receive acknowledgement upon
submission of a report and are notified when
investigations conclude.
Serious matters are overseen by our Integrity
Committee, chaired by the CFO, with members
from HR, Group Internal Audit and Legal &
Compliance, including follow-up of major
SpeakUp investigations, with a report to ExCom
and the Audit Committee at least quarterly. The
SpeakUp Summary report contains an overview
of all open and closed investigations during the
quarter and the time taken to resolve cases.
Remediation actions developed as a result of
serious matters are tracked by Group Internal
Audit to ensure they are implemented in a
timely manner. Where a matter is upheld, or
partially upheld, we take appropriate
disciplinary action as required.
Less serious matters are allocated to the
market to investigate, track and resolve with
timely remediation plans.
In 2024, we received 229 reports. These included
146 reports of suspected misconduct, compared
to 188 in 2023, covering issues such as bribery,
conflicts of interest and other integrity breaches.
Of the 147 cases closed, 72 were fully or
partially upheld, leading to actions, including 30
dismissals, 38 warnings and 26 feedback
meetings.
The incidents have not had any material impact
on the financial results of the Group.
Promoting a culture of speaking up3
In Q1 2024, we launched an internal campaign
to promote SpeakUp throughout our markets.
As part of this campaign, information about
SpeakUp was disseminated through posters,
intranet articles and town hall or department
meetings in all markets where Carlsberg has
operations, and in export and licence markets
where such activities were conducted for the
first time.
In addition to regular SpeakUp campaigns, a
survey was initiated in Q4 2024 to understand
awareness among employees of the SpeakUp
system and experience of it in order to identify
areas for further improvement of the SpeakUp
process and understand reporting behaviours of
employees.
In order to assess how comfortable our
employees feel about speaking their minds, our
My Voice survey includes a question on whether
employees feel comfortable speaking freely. In
2024, this question scored 75, which was five
points above the external benchmark of nearly
1,100 companies – reflecting our commitment to
fostering a culture of safety, transparency and
open dialogue.
Protecting people raising concerns4
The SpeakUp Manual and Code of Ethics &
Conduct explicitly prohibit retaliation against
those who report concerns in good faith or
participate in investigations. Managers may not
dismiss, demote, suspend, threaten, harass or in
any other way discriminate against an
employee who reports a suspected violation in
good faith.
1 G1-1; 10a, S1-3; 32a, 32b, 32c, 32d, S2-3; AR25, S2-3;
27a, 27b, 27c S4-3; 25a, 25b, 25c.
2 G1-1; 10e, G1-3; 18c, S1-3; 32e, G1-4; 24b, S2-3; 27d,
S4-3; 25d.
3 S1-3; 33, S2-3; 28, S4-3; 26.
4 G1-1, 10c, S1-3; 33, S2-3; 28, S4-3; 26.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Corporate Governance
45
Carlsberg Group Annual Report 2024
SUPERVISORY BOARD
HENRIK POULSEN
MAJKEN SCHULTZ
MIKAEL ARO
MAGDI BATATO
LILIAN FOSSUM BINER
Chair
Deputy Chair
RICHARD BURROWS
EVA VILSTRUP DECKER
BOB KUNZE-CONCEWITZ
PUNITA LAL
ERIK LUND
IVAN NIELSEN
OLAYIDE OLADOKUN
SØREN-PETER FUCHS
OLESEN
PETER PETERSEN
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Supervisory Board
46
Carlsberg Group Annual Report 2024
HENRIK POULSEN
Chair (since 2022)
Nationality: Danish
Year of birth: 1967
Appointed (until): 2021 (2025)
Board function: Non-executive, independent
director
Shareholding (B shares): 5,829 (2023: 3,056)
Henrik Poulsen has extensive executive and
board experience in large international
companies, significant financial knowledge and
in-depth knowledge of mergers and
acquisitions, strategy, risk management, ESG,
transformation and innovation. He is Senior
Advisor to A.P. Moller Holding.
Henrik is Deputy Chair of the Board of
Directors, member of the Audit Committee and
Chair of the Remuneration Committee of Novo
Nordisk. He is Chair of the Board of Directors at
Faerch, and a member of the Boards of
Directors of Novo Holdings and Bertelsmann SE
& Co.
MAJKEN SCHULTZ
Deputy Chair (since 2022)
Nationality: Danish
Year of birth: 1958
Appointed (until): 2019 (2025)
Board function: Non-executive, non-
independent director
Shareholding (B shares): 150 (2023: 150)
Majken Schultz has substantial experience as a
professor and advisor in change management,
organisational culture and branding, and in how
companies address future climate goals. She
has 25 years of board experience in companies
working in areas such as finance, consumer
products and food. In addition to her analytical
and strategic capabilities, she has a broad
international network and expertise.
Majken holds a PhD and is a Professor at
Copenhagen Business School and Chair of the
Board of Directors of the Carlsberg Foundation.
She is actively involved in the Danish business
community and is a founder partner in the CBS
board education programme. She is a member
of the Danish Committee on Foundation
Governance.
MIKAEL ARO
Nationality: Finnish
Year of birth: 1965
Appointed (until): 2022 (2025)
Board function: Non-executive, independent
director
Shareholding (B shares): 0 (2023: 0)
Mikael Aro has strong experience of the
branded beverage sector. He has significant
financial knowledge and in-depth knowledge of
mergers and acquisitions, business
development, logistics, sales and marketing.
Mikael is Senior Industry Adviser in the private
equity firm Triton. In this capacity, he holds
multiple Chair and board member positions in
Triton portfolio companies. He is Chair of the
Board of Directors of Kojamo.
MAGDI BATATO
Nationality: Swiss
Year of birth: 1959
Appointed (until): 2018 (2025)
Board function: Non-executive, independent
director
Shareholding (B shares): 3,000 (2023: 401)
Magdi Batato was COO at Nestlé 2015-2024.
He has international experience and significant
expertise within procurement and supply chain
operations and efficiency, health & safety and
ESG, including environmental and human rights-
related matters. He has extensive knowledge of
emerging markets, having held several positions
across Asia, the Middle East and Africa. In
addition, he has a broad understanding of the
assessment and management of business risks.
Magdi is Chair of the IDH board (an NGO
specialised in farmers’ livelihoods and overall
sustainable value chains), Executive in
Residence at the IMD Business School, Senior
Advisor with the Boston Consulting Group and
Advisor on the board of o9.
LILIAN FOSSUM BINER
Nationality: Swedish
Year of birth: 1962
Appointed (until): 2019 (2025)
Board function: Non-executive, independent
director
Shareholding (B shares): 550 (2023: 350)
Lilian Fossum Biner has wide experience from a
range of consumer-fronted industries. She has
substantial experience of financial management
and control, strategic pricing, HR matters and
multiple brand strategy.
Lilian is a member of the Board of Directors and
of the Audit Committee of Alfa Laval and
Scania, a member of the Board of Directors and
Chair of the Audit Committee at Pandora and a
member of the Boards of Directors of Röko.
RICHARD BURROWS
Nationality: Irish
Year of birth: 1946
Appointed (until): 2009 (2025)
Board function: Non-executive, non-
independent director
Shareholding (B shares): 2,040 (2023: 2,040)
Richard Burrows has extensive experience of
the branded consumer goods sector and wide
international business experience. He also has a
deep understanding of shareholder and investor
relations, and the assessment and mitigation of
business risks, and he has worked extensively
with developing markets and product
innovation. In addition, he has substantial
experience of financial management and
reporting processes.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Supervisory Board
47
Carlsberg Group Annual Report 2024
EVA VILSTRUP DECKER
Nationality: Danish
Year of birth: 1964
Appointed (until): 2014 (2026)
Board function: Employee representative
Shareholding (B shares): 68 (2023: 68)
Eva Vilstrup Decker is Senior Director, Customer
Service & Sourcing, Carlsberg Breweries A/S.
She is an employee representative on the Board
of Carlsberg Breweries A/S.
BOB KUNZE-CONCEWITZ
Nationality: Austrian
Year of birth: 1967
Appointed (until): 2024 (2025)
Board function: Non-executive, independent
director
Shareholding (B shares): 2,500 (2023: 0)
Bob Kunze-Concewitz has extensive beverage
industry experience, not least from being CEO
of Campari Group from 2007 to 2024. Bob has
an impressive track record of value creation,
underpinned by marketing and commercial
excellence, in-depth knowledge of category and
portfolio management, premiumisation and
activation, as well as the ability to build the
business foundations for success, including
structuring functions and standardising
processes. He also brings strong competencies
within organic growth, acquisitions, emerging
markets, innovation, and diversity & inclusion.
Bob is a member of the Board of Directors of
Campari, a member of the Board of Directors,
the Remuneration Committee and the People &
Governance Committee of Imperial Brands and
a member of the Board of Directors and Audit
Committee and Chair of the Remuneration
Committee of Luigi Lavazza.
PUNITA LAL
Nationality: Indian
Year of birth: 1962
Appointed (until): 2022 (2025)
Board function: Non-executive, independent
director
Shareholding (B shares): 0 (2023: 0)
Punita Lal has over 30 years of experience in
the consumer packaged goods industry in
general, and beverages in particular. Her
extensive experience spans multiple disciplines,
geographies and cultures, particularly in Asia,
where she has worked across China, India, Hong
Kong and Singapore. Her areas of expertise are
growth strategy, marketing and leadership. She
has in-depth expertise in building brands,
understanding consumer behaviour, product
development and portfolio management.
Punita has extensive board experience across
blue-chip corporates in India and Singapore, and
is currently a member of the Board of Directors
and the Audit, Compensation & Management
Development and Nominating Committees of
DBS Group Bank based out of Singapore.
ERIK LUND
Nationality: Danish
Year of birth: 1964
Appointed (until): 2015 (2026)
Board function: Employee representative
Shareholding (B shares): 54 (2023: 54)
Erik Lund is Head Brewer at the Carlsberg
Research Laboratory.
IVAN NIELSEN
Nationality: Danish
Year of birth: 1965
Appointed (until): 2023 (2026)
Board function: Employee representative
Shareholding (B shares): 0 (2023: 0)
Ivan Nielsen is a brewery worker at Carlsberg
Supply Company Danmark A/S, where he is an
employee representative on the Board.
OLAYIDE OLADOKUN
Nationality: British
Year of birth: 1986
Appointed (until): 2022 (2026)
Board function: Employee representative
Shareholding (B shares): 0 (2023: 0)
Olayide Oladokun is Senior Science Manager at
the Carlsberg Research Laboratory.
SØREN-PETER FUCHS OLESEN
Nationality: Danish
Year of birth: 1955
Appointed (until): 2012 (2025)
Board function: Non-executive, non-
independent director
Shareholding (B shares): 1,052 (2023: 652)
Søren-Peter Fuchs Olesen has substantial
experience of managing knowledge
organisations, turning basic science into new
products, innovation, planning, funding, investor
relations and ESG.
Søren-Peter is a Professor, DMSc and CEO of
the Danish National Research Foundation. He is
a member of the Board of Directors of the
Carlsberg Foundation, property companies
affiliated to the Carlsberg Foundation and the
Carlsberg Research Laboratory. He is Chair of
the evaluation committees for visiting scientists
at Danmarks Nationalbank and the Nordea
Foundation.
PETER PETERSEN
Nationality: Danish
Year of birth: 1969
Appointed (until): 2024 (2026)
Board function: Employee representative
Shareholding (B shares): 0
Peter Petersen is President of the Staff
Association and Process Lead at Carlsberg
Supply Company Danmark A/S. Peter is an
employee representative on the Board of
Carlsberg Breweries.
The Supervisory Board members’ full CVs,
including their skills and competencies, are
available online at: www.carlsberggroup.com/
who-we-are/about-the-carlsberg-group/
supervisory-board/
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Supervisory Board
48
Carlsberg Group Annual Report 2024
SHARE INFORMATION
Carlsberg A/S is listed on
Nasdaq Copenhagen. The
Company has around 70,000
registered shareholders.
Carlsberg has two share classes: Carlsberg A
and Carlsberg B. An A share carries 20 votes,
while a B share carries two votes and is entitled
to a preferential dividend. The B share is
included in the Nasdaq OMX Nordic Large Cap
and OMXC20 blue-chip indices.
As a supplement to its Copenhagen listing, the
Group has a sponsored level 1 ADR (American
Depository Receipt) programme with J.P.
Morgan. The ADRs trade over-the-counter in
the USA under the symbol CABGY. More
information on the ADR programme is available
on www.carlsberggroup.com.
Major shareholders
At 31 December 2024, the Company’s largest
shareholder was the Carlsberg Foundation with
30% of the capital and 77% of the votes. In
accordance with section 29 of the Danish
Securities Trading Act, Massachusetts Financial
Services Company (Boston, USA) has notified
Carlsberg that it owns more than 5% of the
share capital.
Shareholder returns
The Carlsberg Group’s dividend policy targets an
adjusted payout ratio of around 50%. In
addition, the Company conducted share buy-
backs amounting to DKK 2.0bn in 2024. For
more information, see page 11.
Investor relations
The Carlsberg Group aims to give shareholders
and the market the best possible insight into
factors considered relevant for ensuring market-
efficient and fair pricing of the Company’s
shares. This is achieved through the quality,
consistency and continuity of the information
provided to the market, which is handled by the
Group’s Investor Relations department.
We observe a four-week silent period prior to
the publication of the annual and half-year
reports, and a two-week silent period prior to
the Q1 and Q3 trading statements.
More information
www.carlsberggroup.com provides
comprehensive information about the Group
and its shares and bonds, including Company
announcements, annual and half-year financial
statements and quarterly trading statements,
share prices and financial data, investor
presentations, webcasts and transcripts, and a
financial and event calendar.
At the end of 2024, a total of 26 brokers had
coverage of the Company. The analysts’ names
and consensus estimates can be found on
www.carlsberggroup.com.
Financial calendar 2025
Date
Annual General Meeting
17 March
Q1 trading statement
30 April
H1 interim financial statement
14 August
Capital Markets Day
1 October
Q3 trading statement
30 October
Share information
Share class
A
B
Total
Number of issued shares1
33,699,252
100,557,554
134,256,806
Number of issued shares, excl. treasury shares1
33,699,252
98,379,335
132,078,587
Carlsberg Foundation
33,136,435
6,643,288
39,779,723
Votes per share
20
2
Par value
DKK 20
DKK 20
Share price, year-end
814
690
Proposed dividend per share
27
27
1 At 31 December 2024.
Shareholder geographic split
Carlsberg B share 2024 (DKK)
(excluding the Carlsberg Foundation and treasury shares)
g US
40%
g DK
20%
g UK
10%
g Other Europe
15%
g Other
15%
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Share information
49
Carlsberg Group Annual Report 2024
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
200
400
600
800
1,000
1,200
1,400
ESRS DATA POINTS
The index below summarises the ESRS disclosure for the sustainability statement incorporated in the management review. See the sustainability
statement for all other disclosures on the eight topical standards, which are material to Carlsberg and which have guided the preparation of our
sustainability statement.
ESRS DR
ESRS paragraph
Disclosures required by ESRS
Section in management review / paragraphs in section
Page
GOV-1
(ESRS 2) 21 a
Number of executive/non-executive members
Corporate governance
•
Composition of the Executive Committee
•
Composition of the Supervisory Board
40
GOV-1
(ESRS 2) 21 b
Information about representation of employees and other workers
GOV-1
(ESRS 2) 21 c
Information about member's experience relevant to sectors, products and geographic
locations of undertaking
Corporate governance
•
Composition of the Executive Committee
•
Composition of the Supervisory Board (Competencies)
40
42
GOV-1
(ESRS 2) 21 d
Percentage of members of administrative, management and supervisory bodies by gender
and other aspects of diversity
Corporate governance
•
Composition of the Executive Committee
•
Composition of the Supervisory Board (Diversity)
40
41
GOV-1
(ESRS 2) 21 e
Percentage of independent board members
Corporate governance
•
Composition of the Supervisory Board
40
G1-1, S1-3, S2-3, S4-3
(G1) 10 a; (S1) 32 a, 32 c; (S2) 27 a;
(S4) 25 a
General approach for providing remedy for negative impact, grievance/complaints handling
mechanism related to employee matters
Corporate governance
•
SpeakUp
45
S1-3, S2-3, S4-3
(S1) 32 b; (S2) 27 b; (S4) 25 b
Channel to raise concerns is independent/established by a third party
S1-3, S2-3, S4-3
(S1) 32 d; (S2) 27 c; (S4) 25 c
Process to support availability of channels
G1-1, S1-3, S2-3, S4-3
(G1) 10 e; 18 c; (S1) 32 e; (S2) 27 d;
(S4) 25 d
How reports are tracked/monitored and how effectiveness of channels is ensured
Corporate governance
•
SpeakUp (Reviewing and investigating complaints)
45
S1-3, S2-3, S4-3
(S1) 33; (S2) 28; (S4) 26
Awareness and trust assessment
Corporate governance
•
SpeakUp (Promoting a culture of speaking up)
45
S1-3, S2-3, S4-3
(S1) 33; (S2) 28; (S4) 26; (G1) 10 c
Protection against retaliation
Corporate governance
•
SpeakUp (Protecting people raising concerns)
45
S2-3
(S2) AR 25
Anonymity and confidentiality
Corporate governance
•
SpeakUp
45
G1-4
(G1) 24 b
Actions taken to address breaches in procedures and standards relating to anti-corruption
and anti-bribery
Corporate governance
•
SpeakUp (Reviewing and investigating complaints)
45
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
ESRS data points
50
Carlsberg Group Annual Report 2024
FORWARD-LOOKING STATEMENTS AND ESEF
This Annual Report contains forward-looking
statements, including statements about the
Group’s sales, revenues, earnings, spending,
margins, cash flow, inventory, products, actions,
plans, strategies, objectives and guidance with
respect to the Group's future results.
Forward-looking statements include, without
limitation, any statement that may predict,
forecast, indicate or imply future results,
performance or achievements, and may contain
the words “believe, anticipate, expect, estimate,
intend, plan, project, will be, will continue, will
result, could, may, might”, or any variations of
such words or other words with similar
meanings. Any such statements are subject to
risks and uncertainties that could cause the
Group’s actual results to differ materially from
the results discussed in such forward-looking
statements.
Prospective information is based on
management’s then current expectations or
forecasts. Such information is subject to the risk
that such expectations or forecasts, or the
assumptions underlying such expectations or
forecasts, may change.
The Group assumes no obligation to update any
such forward-looking statements to reflect
actual results, changes in assumptions or
changes in other factors affecting such forward-
looking statements.
Some important risk factors that could cause
the Group’s actual results to differ materially
from those expressed in its forward-looking
statements include, but are not limited to:
geopolitical volatility, financial and economic
uncertainty (including interest rates and
exchange rates), financial and regulatory
developments, legal and regulatory compliance,
demand for the Group’s products, increasing
industry consolidation, competition from other
breweries, the availability and pricing of raw
materials and packaging materials, cost of
energy, production- and distribution-related
issues, information technology failures, breach
or unexpected termination of contracts, market-
driven price reductions, market acceptance of
new products, changes in consumer preferences,
launches of rival products, stipulation of fair
value in the opening balance sheet of acquired
entities, litigation, cyber and IT threats, issue of
new trade sanctions, environmental issues and
other unforeseen factors. New risk factors can
arise, and it may not be possible for
management to predict all such risk factors, nor
to assess the impact of all such risk factors on
the Group’s business or the extent to which any
individual risk factor, or combination of factors,
may cause results to differ materially from
those contained in any forward-looking
statement.
Accordingly, forward-looking statements should
not be relied on as a prediction of actual results.
ESEF data
Domicile of entity
Denmark
Description of nature of entity’s operations and principal activities Brewing company
Country of incorporation
Denmark
Principal place of business
Global
Legal form of entity
A/S
Name of reporting entity or other means of identification
Carlsberg A/S
Address of entity's registered office
1 J. C. Jacobsens Gade
1799 Copenhagen V
Phone number
+45 3327 3300
Corporate website
www.carlsberggroup.com
CVR No.
61056416
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
51
Carlsberg Group Annual Report 2024
SUSTAINABILITY STATEMENT
Welcome to the Carlsberg Group’s sustainability statement for 2024. This is our first year of reporting ESG progress against the EU Corporate
Sustainability Reporting Directive (CSRD). As such, our report is structured based on the topical standards of the CSRD. Each section takes its
starting point in the impacts, risks and opportunities material for our business. We then detail the key policies, targets and actions that address
these topics, driven by our Together Towards ZERO and Beyond ESG programme.
CONTENTS
General disclosures
Disclosure requirements index
53
How the sustainability statement has
been prepared
55
Strategy and business model
55
ESG governance
56
Identifying impacts, risks and
opportunities & mapping our value chain
59
Conducting our double materiality
assessment
60
Sustainability due diligence
61
ESG risk management
61
Engaging with our stakeholders
62
Environment
E1 Climate change
63
EU Taxonomy
74
E3 Water and marine resources
78
E4 Biodiversity and ecosystems
81
E5 Resource use and circular economy
84
Social
S1 Own workforce
88
S2 Workers in the value chain
96
S4 Consumers and end-users
99
Governance
G1 Business conduct
103
Appendices
Appendix 1: Data points that derive from
other EU legislation
106
Appendix 2: Emission factors applied to
Scope 1-3 GHG emissions
108
Appendix 3: BP-2 disclosures on value
chain estimates and measurement
uncertainties
108
Appendix 4: Additional accounting
policies
110
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
52
Carlsberg Group Annual Report 2024
DISCLOSURE
REQUIREMENTS INDEX
IRO-2
The following index lists all the ESRS disclosure requirements in ESRS 2 and the eight topical
standards that are material to Carlsberg and have guided the preparation of our sustainability
statement.
The index can be used to navigate to information relating to a specific disclosure requirement within
the sustainability statement, and also shows where we have utilised incorporation by reference for
disclosure requirements and/or data points that are dealt with outside the sustainability statement
and consequently sit in the management review section of this report or in the Remuneration Report.
Unless otherwise stated, ESRS 2-related disclosures for topical standards are included in ESRS 2.
ESRS 2 - General disclosures
n BP-1
General basis for preparation of the sustainability statement
SUS
55
n BP-2
Disclosures in relation to specific circumstances
SUS
55
n BP-2
Disclosures on value chain estimates and measurement uncertainties
SUS
108
n GOV-1
The role of the administrative, management and supervisory bodies
SUS
56-57
GOV-1
Characteristics of the supervisory board and management members
MR
50
n GOV-2 Information provided to and sustainability matters addressed by the undertaking’s
administrative, management and supervisory bodies
SUS
56
GOV-3 Integration of sustainability-related performance in incentive schemes
REM
14
n GOV-4 Statement on due diligence
SUS
61
n GOV-5 Risk management and internal controls over sustainability reporting
SUS
61
n SBM-1 Strategy, business model and value chain
SUS
55-56
n SBM-2 Interests and views of stakeholders
SUS
62
n SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
SUS
59
n SBM-3 Changes to the material impacts, risks and opportunities from previous year
SUS
60
n IRO-1
Description of the processes to identify and assess material impacts, risks and
t
iti
SUS
60
n IRO-2
Disclosure requirements in ESRS covered by the undertaking’s sustainability
t t
t
SUS
53-54
n IRO-2
Determining thresholds for inclusion in the sustainability statement
SUS
55
n IRO-2
Data points that derive from other EU legislation
SUS
106-107
Standard
Section
Page
E1 - Climate change
GOV-3 Integration of sustainability-related performance in incentive schemes
REM
14
n E1-1
Transition plan for climate change mitigation
SUS
64
n SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
SUS
63
n IRO-1
Description of the processes to identify and assess material climate-related impacts,
risks and opportunities
SUS
64
n E1-2
Policies related to climate change mitigation and adaptation
SUS
66
n E1-3
Actions and resources in relation to climate change policies
SUS
66
n E1-4
Targets related to climate change mitigation and adaptation
SUS
66
n E1-4
Stakeholder involvement in target setting
SUS
55
n E1-5
Energy consumption and mix
SUS
71
n E1-6
Gross Scope 1, 2, 3 and total GHG emissions
SUS
72
n E1-6
GHG emissions disaggregated by value chain stage
SUS
68
n E1-8
Internal carbon pricing
SUS
70
E3 - Water and marine resources
n IRO-1
Description of the processes to identify and assess material water and marine
resources-related impacts, risks and opportunities
SUS
78
n E3-1
Policies related to water and marine resources
SUS
78
n E3-2
Actions and resources related to water and marine resources
SUS
79
n E3-3
Targets related to marine resources
SUS
79
n E3-3
Stakeholder involvement in target setting
SUS
55
n E3-4
Water consumption
SUS
80
E4 - Biodiversity and ecosystems
n E4-1
Transition plan and consideration of biodiversity and ecosystems in strategy and
business model
SUS
82
n SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
SUS
81
n IRO-1
Description of the processes to identify and assess material biodiversity and
ecosystem-related impacts, risks and opportunities
SUS
81
n E4-2
Policies related to biodiversity and ecosystems
SUS
82
n E4-3
Actions and resources related to biodiversity and ecosystems
SUS
82
n E4-4
Targets related to biodiversity and ecosystems
SUS
82
n E4-4
Stakeholder involvement in target setting
SUS
55
E5 - Resource use and circular economy
n IRO-1
Description of the processes to identify and assess material resource use and circular
economy-related impacts, risks and opportunities
SUS
84
n E5-1
Policies related to resource use and circular economy
SUS
85
n E5-2
Actions and resources related to resource use and circular economy
SUS
85
n E5-3
Targets related to resource use and circular economy
SUS
85
n E5-3
Stakeholder involvement in target setting
SUS
55
n E5-4
Resource inflows
SUS
87
n E5-5
Resource outflows
SUS
87
Standard
Section
Page
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
General disclosures
53
Carlsberg Group Annual Report 2024
S1 - Own workforce
n SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
SUS
88
n S1-1
Policies related to own workforce
SUS
89
n S1-2
Processes for engaging with own workers and workers’ representatives about
i
t
SUS
90
S1-3
Processes to remediate negative impacts and channels for own workers to raise
concerns
MR
50
n S1-4
Actions and resources related to own workforce
SUS
91
n S1-5
Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities
SUS
91
n S1-5
Stakeholder involvement in target setting
SUS
55
n S1-6
Characteristics of the undertaking’s employees
SUS
94-95
n S1-8
Collective bargaining coverage and social dialogue
SUS
94
n S1-9
Diversity metrics
SUS
93, 95
n S1-10
Adequate wages
SUS
94
n S1-14
Health and safety metrics
SUS
92
n S1-16
Compensation metrics (gender pay gap)
SUS
93
S1-16
CEO pay ratio
REM
14
n S1-17
Incidents, complaints and severe human rights impacts
SUS
95
S2 - Workers in the value chain
n SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
SUS
96
n S2-1
Policies related to value chain workers
SUS
96
n S2-2
Processes for engaging with value chain workers about impacts
SUS
97
S2-3
Processes to remediate negative impacts and channels for value chain workers to
raise concerns
MR
50
n S2-4
Actions and resources related to value chain workers
SUS
98
n S2-4
Severe human rights incidents
SUS
95
n S2-5
Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities
SUS
98
n S2-5
Stakeholder involvement in target setting
SUS
55
S4 - Consumers and end-users
n SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business
d l
SUS
99
n S4-1
Policies related to consumers and end-users
SUS
100
n S4-2
Processes for engaging with consumers and end-users about impacts
SUS
100
S4-3
Processes to remediate negative impacts and channels for consumers and end-users
to raise concerns
MR
50
n S4-4
Actions and resources related to consumers and end-users
SUS
100
n S4-4
Severe human rights incidents
SUS
95
n S4-5
Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities
SUS
100
n S4-5
Stakeholder involvement in target setting
SUS
55
Standard
Section
Page
G1 - Business conduct
n IRO-1
Description of the processes to identify and assess material impacts, risks and
opportunities
SUS
104
n G1-1
Corporate culture and business conduct policies and corporate culture
SUS
103
G1-1
Reporting business conduct incidents
MR
50
n G1-3
Prevention and detection of corruption and bribery
SUS
104
G1-3
Process to report outcomes to administrative, management and supervisory bodies
MR
50
n G1-4
Confirmed incidents of corruption or bribery
SUS
104
G1-4
Actions taken to address breaches in procedures and standards of anti-corruption
and anti-bribery
MR
50
Standard
Section
Page
SUS
Sustainability statement
n
Mandatory disclosure requirement
MR
Management review
n
Material
REM Remuneration Report
Incorporation by reference
Abbreviations in the sustainability statement
AFB
Alcohol-free brews
ABV
Alcohol by volume
CapEx Capital expenditures
CSAB
Carlsberg Sustainability Advisory Board
CSRD
Corporate Sustainability Reporting Directive
DE&I
Diversity, equity and inclusion
DMA
Double materiality assessment
DRS
Deposit return scheme
ESRS
European Sustainability Reporting Standards
FLAG
Forest, Land and Agriculture
FSA
Farm Sustainability Assessment
IARD
International Alliance for Responsible Drinking
IPCC
Intergovernmental Panel on Climate Change
ILO
International Labour Organization
IRO
Impact, risk and opportunity
ISC
Integrated Supply Chain
LCA
Life cycle assessment
OpEx
Operational expenditures
PPA
Power purchase agreement
REC
Renewable energy certificate
SAI
Sustainable Agriculture Initiative
SBTi
Science Based Targets initiative
SLCOC Supplier and Licensee Code of Conduct
TTZAB Together Towards ZERO and Beyond
UNGPs United Nations Guiding Principles on Business
and Human Rights
WBA
World Brewing Alliance
NON-MATERIAL TOPICS
IRO-2
E2 Pollution and S3 Affected communities were deemed to be non-material topics in our 2024 DMA.
Relevant aspects related to Pollution are incorporated into the material topics of E4 Biodiversity and
ecosystems and E5 Resource use and circular economy, while those related to Affected communities
are covered under E3 Water and marine resources. We will continue to track and assess our impacts,
risks and opportunities related to these topics, and their materiality will be continually reassessed
each year as part of our annual DMA process.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
General disclosures
54
Carlsberg Group Annual Report 2024
GENERAL DISCLOSURES
HOW THE SUSTAINABILITY STATEMENT HAS BEEN PREPARED
BP-1; BP-2; SBM-1
Scope of consolidation and coverage of our value chain
Our sustainability statement has been prepared on a consolidated basis for the Carlsberg Group. The
scope of consolidation for the sustainability statement is consistent with the financial statements.
As our upstream and downstream value chains are a substantial part of our overall business model,
they have been thoroughly considered in the double materiality assessment (DMA) process that
defines the scope of the sustainability statement. For example, in our disclosures we address the
sourcing of raw and packaging materials, upstream and downstream transportation, and sales and
marketing to customers and consumers. For more information on our value chain, please see the
IRO-1 section.
We have not omitted any disclosures because of ongoing negotiations, nor have we omitted any
information due to reasons of intellectual property.
Additional information relevant for users of the report
The Group produces and markets beer and other beverages. While mainstream core beer accounts
for a significant part of total volumes, we have particular focus on categories with attractive long-
term volume and value growth opportunities, including premium beer, alcohol-free brews, Beyond
Beer and soft drinks. An overview of some of our key figures, including reporting sites, production
volumes and revenue can be found in the table below.
The Group’s main activities are in markets across Europe and Asia, where the Group holds a number 1
or 2 market position in 23 markets. The rest of the world is serviced through export and licence
agreements.
Carlsberg at a glance
Unit
Value
Breweries
number
82
Warehouses, offices and other
number
306
Total reporting sites
number
388
Production of fermented beverages
million hl
90
Production of non-fermented beverages
million hl
19
Total production of beverages
million hl
109
Total revenue
DKK million
75,011
Some metrics are subject to measurement uncertainty or are partially calculated using value chain
estimates. Measurement uncertainty arises primarily from conversions applied to harmonise the input
data used in the Scope 3 GHG emissions and the resource use-related metrics. Value chain estimates
are mostly prevalent in Scope 3 GHG emissions. More information on significant assumptions made,
measurement uncertainties and value chain estimates is disclosed in the accounting policies for the
relevant metrics. The metrics have not been validated by another external body, unless specifically
mentioned in the accounting note for the respective metric.
We expect to revise our ESG targets and baseline values in 2025 following the acquisition of Britvic
plc.
DETERMINING THRESHOLDS FOR INCLUSION IN THE SUSTAINABILITY
STATEMENT
IRO-2
To collect and assess the information necessary for disclosure in the sustainability statement, we
conducted a series of interviews with key stakeholders in the business who hold in-depth knowledge
of all our material topics. These interviews covered specific ESRS data points and company-specific
targets, actions and roadmaps. A follow-up exercise, which included further stakeholder consultation
and verification, analysed interview results and benchmarked them against existing results, activities,
processes and plans to determine which elements of a given material topic are necessary for
disclosure.
STRATEGY AND BUSINESS MODEL
SBM-1
Anchoring Together Towards ZERO and Beyond in our business
Our ESG programme, Together Towards ZERO and Beyond (TTZAB), is an integral part of our
corporate strategy to create value for shareholders and society. With ambitious targets and
commitments across the 11 focus areas that are most material for our business and our stakeholders,
our TTZAB programme supports our purpose to brew for a better today and tomorrow. It is firmly
anchored in the business through a robust governance model, described on pages 56-57.
The programme and its targets have been developed based on thorough stakeholder engagement
processes and materiality assessments. Since 2011, we have undertaken regular materiality
assessments to identify and prioritise the issues most significant to our stakeholders and the planet.
These assessments have gathered the views of customers, suppliers, investors, industry associations,
academics, and non-governmental and intergovernmental organisations, consumers and our
employees across a range of geographies and functions.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
General disclosures
55
Carlsberg Group Annual Report 2024
Our 2024 DMA confirmed our material impacts, risks and opportunities (IROs) and validated the
existing focus areas of our TTZAB programme, reflecting IROs related to our products, all the
markets we operate in, and the customer groups we serve. While some material IROs are global by
nature, others are connected to our presence in specific regions, as specified in our IRO descriptions.
Based on DMA findings, we work to mitigate and reduce our risk exposure to material topics
essential to our business, such as responsible drinking, which has a clear connection to our main
product group, and carbon pricing, which can impact the cost of our products. We also seek to
capitalise on opportunities for growth and strengthen our future plans. This includes championing
opportunities related to no- and low-alcohol brews, as well as deposit return schemes, which have
the potential to reduce our cost for packaging materials.
Our value chain inputs and outputs
The main features of our value chain, including upstream and downstream activities, are illustrated
on page 59. Complementing this overview is a description of the various inputs and outputs necessary
to create our products and operate our business.
To brew our beer and other beverages, we rely on various inputs, including: agricultural products such
as barley and hops; water and energy; brewing and bottling equipment and packaging materials; our
skilled workforce (the geographic breakdown of which is presented in the table below); and
intellectual assets like brewing recipes, supplier relationships and our brand reputation. We have built
strategies to ensure a resilient supply of these inputs across many years of responsible business.
These inputs are transformed into outputs that include: products (beer and other beverages);
environmental impacts (emissions and waste); economic impacts (dividends for shareholders, tax and
duty revenues for governments etc.); social impacts (employment); intellectual contributions
(innovations in brewing and wider scientific contributions from the Carlsberg Research Laboratory);
and brand presence (market share and customer satisfaction). By integrating these elements, we
create value for all stakeholders.
Our business model, as it relates to our value chain, is focused on engaging with and optimising our
supply chain, prioritising leading markets and delivering for a range of customers and consumers.
Geographical breakdown of employees by headcount
Asia
12,792
CEEI (excl. EEA)
5,508
EEA
10,890
Western Europe (excl. EEA)
3,401
Total
32,591
EEA: European Economic Area
CEEI: Central & Eastern Europe and India
ESG GOVERNANCE
GOV-1; GOV-2
Managing and controlling ESG governance
A number of internal functions work to ensure that the ESG governance model presented on the
following page is properly guided, supported and managed. These include Group Sustainability &
ESG, which is responsible for developing our ESG programme, and Group Sustainable Finance, which
collates all ESG data for reporting. Both functions report to the ESG Steering Committee at least
quarterly and also collaborate closely with internal audit and compliance teams to ensure our
governance and reporting processes are operating as intended. Moreover, we have established a
process by which ESG risks, identified through the DMA, are funnelled into the broader risk
management landscape.
IROs addressed by the Supervisory Board in 2024
Impacts, risks and opportunities addressed by our Supervisory Board and its various committees in
the reporting year included carbon emissions in our operations and value chain, carbon pricing in our
own operations and purchased goods, collective bargaining and work-related human rights,
purchasing of raw ingredients, biodiversity impacts from sourcing of raw materials, development of
recycling and deposit return schemes, post-consumer waste from packaging material, and purchasing
of packaging material. For information on how frequently administrative, management and
supervisory bodies are informed about material impacts, risks and opportunities, see GOV-1 Oversight
structure on page 57.
Supervisory Board and Executive Committee ESG skills and experience
Our Supervisory Board and Executive Committee (ExCom) bring a diverse set of skills and
experiences, not least in areas related to ESG matters. Each body collectively possesses a strong
understanding of brewery operations, environmental and carbon reduction initiatives, business
conduct, managing working conditions and HR matters, marketing practices, and promoting no- and
low-alcohol products. They also have extensive experience in overseeing human rights and
governance matters. In 2024, the assessment of competencies of both the Supervisory Board and
ExCom concluded that the Board is satisfied that both bodies possess sufficient skills and experience
related to the material ESG impacts, risks and opportunities at Carlsberg, as well as general ESG
matters, and in accordance with the Specification of Competencies. Where we identify gaps in
expertise at management level, we carry out education and upskilling of internal resources or
leverage external expertise as appropriate. Please refer to our ESRS index on page 50 in the
management review for more information on where the gender diversity ratio of our Supervisory
Board can be found.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
General disclosures
56
Carlsberg Group Annual Report 2024
Supervisory Board
• Responsible for oversight of ESG at Carlsberg, including TTZAB targets and initiatives
• Discusses relevant impacts, risks and opportunities related to our ESG programme at least twice a year
• Responsible for annually reviewing overall ESG performance and progress
Board committees’ oversight of ESG
• Board committees meet regularly to assist the Supervisory Board with oversight duties
• ESG-relevant committees and focus areas are: Audit Committee (ESG reporting and risk management),
Remuneration Committee (ESG-linked incentives), and People & Culture Committee (diversity, equity and inclusion)
Executive Committee (ExCom)
• Holds accountability to the Supervisory Board for the effective management of ESG
• Approves ESG strategy, key roles, policies, targets and resource allocation
• Responsible for annually reviewing ESG performance and progress towards targets
Carlsberg Sustainability Advisory Board
ESG Steering Committee (ESG SteerCo)
• Sounding board to ExCom and ESG SteerCo on ESG matters
• Comprised of external sustainability experts, as well as certain Supervisory Board and ExCom members
• CSAB has no decision-making power and meets twice annually
• Analyses material ESG topics in depth and makes recommendations to ExCom
• Comprised of a subset of ExCom members, with ESG-relevant leaders brought in as necessary
• Met five times in 2024
TTZAB area owners
• Every TTZAB target has an ExCom sponsor responsible for delivering the target
• These sponsors delegate responsibility to VP-level TTZAB area owners and roadmap owners, who ensure each target has a fully costed plan for implementing its actions
ZERO
ZERO
ZERO
ZERO
ZERO
ZERO
Carbon Footprint
Farming Footprint
Packaging Waste
Water Waste
Irresponsible Drinking
Accidents Culture
EVP, Integrated Supply Chain
EVP, Integrated Supply Chain
EVP, Group Strategy & Commercial
EVP, Chief Marketing Officer
VP, Corporate Affairs
EVP, Integrated Supply Chain
VP, Corporate Affairs
EVP, Chief Marketing Officer
EVP, Integrated Supply Chain
Responsible Sourcing
Diversity, Equity & Inclusion
Human Rights
Living by our Compass
Community Engagement
EVP, Integrated Supply Chain
Chief Human Resources Officer
VP, Corporate Affairs
Chief Compliance Officer
Local management
Regional, market and function leadership teams
ESG Champions
Local TTZAB area owners
Responsible for integrating TTZAB into their markets/ functions
Responsible for coordinating local implementation and communication
Responsible for local implementation
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
General disclosures
57
Carlsberg Group Annual Report 2024
HOW WE MANAGE TOGETHER TOWARDS ZERO AND BEYOND
(TTZAB)
The implementation of our Together Towards ZERO and Beyond programme is supported by
robust governance, illustrated to the right, ensuring transparency and driving action. Target
setting related to our material ESG-related IROs is led by the Group Sustainability & ESG team.
After consolidating expertise and analysis from stakeholders across all functions, the team
makes recommendations to ExCom and the Supervisory Board for approval. The Supervisory
Board is responsible for reviewing the company’s strategic approach to ESG and annual ESG
disclosures, as set out in the Rules of Procedure. Monitoring of progress towards the targets is
the responsibility of the ESG Steering Committee, with updates on progress shared regularly
with ExCom via the executive-level target sponsors and the Accelerate SAIL tracking process.
The Supervisory Board reviews our progress on the targets at least once a year as part of the
ESG reporting cycle. This oversight contributed to the firm anchoring of TTZAB in our overall
corporate strategy, Accelerate SAIL. It also ensures an ongoing consideration of our material
impacts, risks and opportunities in business steering.
GOV-1
Together Towards ZERO and Beyond performance at a glance
Target
Year
Value
2024 Unit
Page
ZERO
Carbon
Footprint
ZERO carbon emissions at our breweries by 2030
2015
697
294 kt CO2e
66
Convert to electricity adding to additional renewable capacity by 2030
2021
1%
6% %, additional renewable electricity relative to electricity consumption at
breweries
67
30% reduction in relative value chain carbon emissions by 2030
20222
602
58 kg CO2e/hl
68
Net ZERO value chain by 2040
N/A1
N/A1
8,220 kt CO2e
70
ZERO
Farming
Footprint
30% of raw materials from regenerative agricultural practices by 2030;
100% by 2040
2021
0%
<1% %, relative to total weight of raw materials purchased
82
30% of raw materials sustainably sourced by 2030; 100% by 2040
2021
0%
0% %, relative to total weight of raw materials purchased
83
ZERO
Packaging
Waste
100% recyclable, reusable or renewable packaging by 2030
2024
94%
94% %, absolute volume sold in relation to total volume sold
85
90% collection and recycling rate for bottles and cans by 2030
2019
72%
76% %, absolute volume sold in bottles and cans in relation to recycling rate
85
50% recycled content in bottles and cans by 2030
2019
29%
43% %, absolute volume sold in bottles and cans in relation to recycled content for
bottles and cans
85
50% reduction in virgin fossil-based plastic by 2030
2019
60
48 kt
86
ZERO
Water
Waste
Water usage efficiency of 2.0 hl/hl at breweries globally by 2030
2015
3.6
2.5 hl/hl, hectolitres of water usage per hectolitre of beverage produced
79
Water usage efficiency of 1.7 hl/hl at breweries in high-risk areas by 2030
2015
4.0
2.2 hl/hl, hectolitres of water usage per hectolitre of beverage produced
79
100% of replenishment of water consumed at breweries in high-risk areas
by 2030
2021
0%
16% %, relative to water consumed at breweries
79
ZERO
Irresponsible
Drinking
35% of our brews globally are low-alcohol or alcohol-free by 2030
2021
27%
30% %, volume of beer, cider, kvas and malt-based brews with <3.5% ABV sold
relative to total volume of beverages sold
101
100% availability of alcohol-free brews by 2030
2021
58%
90% %, share of markets with AFB products included in price lists to customers
101
100% of our markets run partnerships to support responsible consumption
by 2030
2021
68%
86% %, share of companies running responsible drinking partnerships,
campaigns or other activities
101
100% responsible drinking messaging through packaging and brand
activations by 2030
1: 2021
98%
100% %, share of primary packaging for volume with >0.5% ABV sold for each of
the following mandatory on-pack elements:
1. Ingredient information
2. Nutrition information
3. Legal drinking age (a. >0.5% ABV and b. AFB)
4. Consumer information
102
2: 2021
58%
57%
3a (ABV): 2021
41%
70%
3b (AFB): 2023
28%
42%
4: 2023
77%
88%
2021
26%
56% %, share of companies having a responsible drinking message related to a
responsible drinking campaign on the primary packaging of the #1 or #2
brand in the market, with a URL to a brand webpage as optional
102
ZERO
Accidents
Culture
Reduction in accident rate year on year towards 2030
2015
4.4
1.6 Lost-time accident rate (LTAR)
91
ZERO lost-time accidents by 2030
2015
302
94 Lost-time accidents (LTA)
91
Diversity,
Equity &
Inclusion
30% women in senior leadership roles by 2024; 35% by 2027; and 40% by
2030
2020
28%
30% %, number of women in senior leadership roles relative to the total number
of employees in senior leadership roles
92
Baseline
1 The gross Scope 1-3 GHG emissions have not been calculated for the baseline year and are therefore not disclosed. The baseline figure will be updated during 2025. 2 2022 is applied as a reference year, but is not the baseline for our
Science Based Targets initiative (SBTi) submission (2015). The baseline year will be revisited and updated during 2025.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
General disclosures
58
Carlsberg Group Annual Report 2024
IDENTIFYING OUR IMPACTS, RISKS AND OPPORTUNITIES
SBM-3
Impacts, risks and opportunities (IROs) exist throughout our value chain, from the growing of our
hops and grains to the sale and marketing of our products. Through our Together Towards ZERO and
Beyond (TTZAB) programme, we take a rigorous approach to identifying and addressing these.
Our DMA identified material IROs across eight topical standards, presented below. All IROs stem
from sub-topics and sub-sub-topics in ESRS. We have entity-specific disclosures for particular topics
as they relate to our material IROs. Namely, we report on ZERO Irresponsible Drinking targets and
programmes as part of our commitment to consumers and end-users, and on ZERO Farming
Footprint as part of our approach to regeneratively grown and sustainably sourced raw materials.
The visualisation below provides a consolidated list of all our material IROs identified in the 2024
DMA. It also places these IROs across our value chain, showing how they are connected to our
strategy and business model. A more detailed overview of material IROs specific to each topic,
including the connection between our IROs and TTZAB focus areas, is shown under SBM-3 for each
topical standard.
Among our material topics, we have identified two financial risks and two financial opportunities,
described in the relevant sections of this report. These material risks and opportunities are not
currently impacting our business financially, nor do we assess that they will cause significant material
adjustments within the next annual reporting period.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
General disclosures
59
Carlsberg Group Annual Report 2024
Carlsberg Group value chain and
presentation of sustainability-
related impacts, risks and
opportunities (IROs)
E1 Climate change
Carbon emissions in our operations and value chain
Carbon pricing on own operations and purchased goods
E3 Water
Water consumption for crops and beverage production
Water replenishment and stewardship programmes
E4 Biodiversity and ecosystems
Biodiversity impacts from sourcing of raw materials
Land use changes in value chain
E5 Resource use and circular economy
Purchasing of raw ingredients
Purchasing of packaging material
Post-consumer waste from packaging material
Development of recycling and deposit return schemes
S1 Own workforce
Health and safety during production processes
Gender disparity in senior management
Healthy work-life balance
Collective bargaining and work-related human rights
Workforce harassment
Wage adequacy across our own operations
S2 Workers in the value chain
Working conditions in the upstream value chain
Working conditions in the downstream value chain
S4 Consumers and end-users
Health and safety connected to harmful drinking
Negative impacts from marketing
Diminishing public perception of alcohol
Expansion of no- and low-alcohol products
G1 Business conduct
ESG-linked executive remuneration
Corruption in business practices
CONDUCTING OUR DOUBLE MATERIALITY ASSESSMENT
IRO-1
Our double materiality assessment (DMA) from 2023 analysed the impacts, risks and opportunities
(IROs) of our own operations and upstream and downstream value chain. IROs are mapped in our
value chain as identified, ensuring consideration of both indirect and direct impacts. As part of this
process, we performed interviews with internal and external stakeholders, and conducted third-party
research, focusing - when necessary - on specific activities, business relationships and geographies
that could give rise to heightened risk of adverse impacts. Underlying analyses and inputs that
contribute to the DMA (including water risk assessment, GHG inventory, climate scenario analysis,
and more) utilise distinct parameters, and these in turn influence our material outcomes.
In 2024, significant changes were made in the DMA, including a thoroughly updated scoring
methodology, consolidation of IROs to avoid double-counting, and sharpening the relevant topical
standard of IROs based on IRO origin. We also reviewed the impact description, organisational
boundary, geographical scope and secondary sources, and linked our IROs to ESRS topics, sub-topics
and disclosure requirements. All these updates were informed by interviews and workshops, the final
CSRD requirements, the DMA guidance from the European Financial Reporting Advisory Group
(EFRAG), and engagement with a representative from EFRAG's Sustainability Reporting Board (SRB).
DMA methodology
In our DMA, we assessed impacts based on the severity and likelihood of the event, and risks and
opportunities based on financial magnitude and likelihood.
The severity of potential impacts was evaluated with consideration for any mitigating actions that
were already in place. The severity of actual impacts was assessed without consideration for any
remediating actions. We attributed severity and likelihood scores to all impacts in order to prioritise
these impacts. Severity was scored on a scale of 1-5, based on the average score of the scale, scope
and irremediability (for negative impacts only). We developed bespoke parameters for each topic’s
scoring criteria, clearly indicating the criteria that must be met for scoring in each step of the scale.
This resulted in less subjectivity and greater comparability of the scoring process. For human rights-
related impacts, the severity of the impact was weighted higher than the likelihood in our
assessment.
We attributed a score to financial risks and opportunities based on magnitude and likelihood. The
magnitude criterion scores risks and opportunities based on estimated impacts on operating profit on
a scale of 1-5. In 2024, we undertook a quantitative climate change scenario analysis for risks and
opportunities under E1 Climate change. These financial calculations determined the magnitude of
risks and opportunities.
As part of our assessment, we have considered the interaction between IROs. Where relevant, we
have linked identified impacts to financial risks and opportunities, such as in the case of carbon
emissions and carbon pricing.
Likelihood scoring for both impacts and financial risks and opportunities and time horizon is aligned
to our global risk management framework and ESRS. Potential impacts as well as risks and
opportunities were scored on a scale of 1-4. Actual impacts were scored as a 5.
Alignment with risk management practices
We are working to align the DMA process with our global enterprise risk management (ERM)
framework where possible. Group functions, including Group Sustainability & ESG, perform annual
risk assessments related to their areas to contribute to the ERM process. DMA outputs related to risk
are used as ESG inputs for the ERM. These are consolidated with inputs from other Group functions,
prioritised in a heat map and presented to ExCom.
As severity depends on the nature of a given topic, we have developed topic-specific criteria to best
understand and measure the impacts. We are investigating the possibility of integrating the
assessment into our global risk management process in 2025.
To ensure the accuracy of the results of our DMA, the IROs were thoroughly validated with internal
stakeholders, including risk management professionals responsible for the assessment of financial
risks. Furthermore, when Group Sustainability performs the annual DMA, the results are validated
and approved by the ESG Steering Committee, Executive Committee and Supervisory Board.
Identifying and assessing pollution-related impacts, risks and opportunities
As explained in IRO-2 on page 54, our DMA concluded that IROs related to pollution from our own
operations are non-material due to the determination that their material impacts originate in
different topical standards. Pollution associated with production of sourced raw materials is
considered under E4 Biodiversity and ecosystems, and pollution associated with improperly managed
waste from the packaging we put on the market is considered under E5 Resource use and circular
economy.
We have a clear process for identifying and assessing the pollution-related IROs of every major
project or modification of existing processes, equipment or infrastructure. This includes, but is not
limited to, consideration of requirements of local regulations, environmental permits and licences;
processes for brewing, bottling, storing and utilities; raw and packaging materials and processing aids,
cleaning chemicals and lubricants; energy sources; waste and all intermediate products; any other
specific scope required by local regulations. Pollution in our value chain is assessed through the
nature-related assessment described in E4 and through supplier audits.
Each location has a communication plan for informing and involving communities and authorities if
and when relevant and necessary.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
General disclosures
60
Carlsberg Group Annual Report 2024
SUSTAINABILITY DUE DILIGENCE
GOV-4
The table below provides a mapping to where in our sustainability statement we provide information
about our due diligence process. These labels with corresponding topics can be found throughout the
report in each section.
Embedding due diligence in governance,
strategy and business model
Cross-topics: ESRS 2 GOV-2; ESRS 2 GOV-3; ESRS 2 SBM-3
Engaging with affected stakeholders in all
key steps of the due diligence
Cross-topics: ESRS 2 SBM-2; ESRS 2 IRO-1
Social: S1-2; S2-2; S4-2
Identifying and assessing adverse impacts Cross-topics: ESRS 2 IRO-1
Environment: E1 IRO-1; E2 IRO-1; E3 IRO-1; E4 IRO-1; E5 IRO-1
Social: S1-3; S2-3; S4-3
Taking actions and describing processes
to address those adverse impacts
Environment: E1-3; E3-2; E4-3; E5-2
Social: S1-4; S2-4; S4-4
Governance: G1-3
Tracking and communicating the
effectiveness of these efforts
Environment: E1-4; E1-6; E3-3; E3-4; E4-4; E5-3; E5-4; E5-5
Social: S1-4; S1-5; S1-8; S1-9; S1-10; S1-14; S1-16; S1-17; S2-5; S2-4; S4-5;
S4-4
G
G1 4
Core elements of due diligence
Paragraphs in the sustainability statement
RISK MANAGEMENT AND INTERNAL CONTROLS FOR ESG REPORTING
GOV-5
General approach to internal controls for ESG reporting
The Group’s Internal Control Framework for Sustainability Reporting has been designed to reduce
and mitigate sustainability reporting-related risks. It defines roles and responsibilities, outlines specific
procedures for securing data collection, validation and reporting, and provides assurance that key
reporting risks are covered by internal control activities. The control framework is monitored through
a biannual Group-level self-assessment process to evaluate its effectiveness and the efficiency of the
overall sustainability reporting processes. It currently contains Group-level controls covering the data
collected and validated across the different markets and regions. The overall effectiveness and
coverage of the control framework and data quality will continue to improve as we cascade internal
control requirements in coming reporting periods.
A quarterly report to the Audit Committee is prepared by Group Internal Audit and Group Risk &
Internal Controls. It provides an overview of all internal control activities and matters, including
regular updates on the status of risk and internal control activities linked to the sustainability
reporting process and their operating effectiveness.
We update the control framework promptly in response to any significant developments, and will
expand the control requirements further as necessary. In 2025, a risk assessment exercise focused on
the ESG data collection process will be organised to identify new risks and reassess existing ones. We
expect to mature our risk assessment approach and corresponding prioritisation methodology in
future reports.
Identifying and mitigating ESG reporting risks
Reviews of ESG reporting processes and practices are triggered by the identification of material topics
via control self-assessments, internal audits or specific risk assessments. Action plans are established
and internal organisation, internal controls, processes and ways of working may be adjusted. This
could include actions such as updating documentation requirements (policies, procedures and
manuals), streamlining data collection and validation with specific approval rules, implementing
reconciliations across systems, and establishing controls when inputting or reporting key data to
ensure accuracy, replicability, reliability and timeliness.
We have analysed observations from Group Internal Audit and previous years’ ESG assurance
processes, and have identified three main risk categories that could directly or indirectly impact our
sustainability statement: misstatements, compliance breaches and fraud. This has led to the
development of 12 initial internal controls covering various stages of the reporting process, from data
collection to overall ESG programme management, with the goal of addressing and mitigating these
risks and supporting corrective action plans.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
General disclosures
61
Carlsberg Group Annual Report 2024
ENGAGING WITH OUR STAKEHOLDERS
SBM-2
In order to run our business, we need input and consultation every step of the way, from suppliers,
employees, consumers and a range of other stakeholders, as outlined below.
This continuous dialogue, including that which formed part of our double materiality assessment,
informs our ESG programme, projects and processes, allowing us to align with the interests and views
of our stakeholders. Feedback from these engagement processes is shared with our ESG Steering
Committee, Executive Committee and Supervisory Board on an ongoing basis.
Consumers
Increasing consumer demand for no- and low-alcohol beverages and
responsible marketing practices.
Events, messaging on our products, advertising, marketing campaigns,
social media, local websites, global consumer research and local
consumer feedback questionnaires.
Expanding our range of no- and low-alcohol beverages worldwide
and encouraging responsible consumption through messaging and
partnerships.
On- and off-trade
customers
Reducing supply chain risks, achieving sustainability goals and
meeting consumer demand for healthier and more sustainable
options.
Ongoing communication and regular visits with key accounts, customer
service handling processes, customer satisfaction surveys, completion of
our customers’ supplier questionnaires, participation in customers’
supplier audits, and collaboration on events and campaigns.
Impact varies greatly from market to market. For example, increased
data requirements concerning carbon emissions necessitate customer-
specific emissions accounting for some markets.
Employees and
contractors
Development opportunities, a diverse and inclusive workplace, and a
purpose-driven company they can be proud of. Our aim is to stay
attuned to evolving employee expectations so that we can attract
and retain talent that secures our mutual long-term success.
Daily communication via our intranet, annual My Voice employee survey,
performance reviews, townhall meetings and employee resource groups
(ERGs).
Learnings from engagement efforts are analysed and integrated
where appropriate into our people strategy. They also inform our
growth culture principles, which provide clarity on the culture we need
to achieve our growth ambitions.
Industry
organisations
Working together with industry peers, including direct competitors, to
drive improvements in responsible, sustainable and ethical business
practices, keep pace with evolving legislation, hold ourselves to
recognised standards and pool resources to develop and drive best
practices.
Industry organisation memberships, partnerships and board positions to
learn, share and drive best practices. Examples include the Beverage
Industry Environmental Roundtable (BIER), REfresh Alliance, Climate
Group’s RE100, the International Alliance for Responsible Drinking (IARD)
and the World Federation of Advertisers (WFA).
Significant influence over our policies, practices and targets, both
through self-regulation and auditing processes within many of the
industry associations of which we are members.
Investors and
analysts
Transparent information about our business, financial performance
and progress on EGS targets.
Annual and half-yearly reports, quarterly trading statements, quarterly
conference calls, ad hoc stock exchange announcements, press releases,
regular meetings with investors and analysts and capital markets days.
Influence over our business strategy, which they can exert through
regular engagement, voting rights, proposals and activism.
Suppliers
ESG subject matter expertise, practical assistance and clear
understanding of our priorities and long-term goals so that they can
align their own strategies for mutual success.
Site visits, periodic in-person and virtual training sessions, supplier
summits, communication of the Supplier and Licensee Code of Conduct,
regular quality audits, Sedex assessments and third-party audits for our
highest-risk suppliers.
Engagement allows us to learn about market-specific conditions and
challenges, and in turn understand opportunities for improvement.
Sustainability
experts and NGOs
Strong ESG performance, transparent reporting on measurable
targets, and support on projects and initiatives that help address
broad societal and/or environmental challenges.
Strategic partnerships (WWF, TapEffect and WaterAid for water
replenishment projects), the Science Based Targets initiative (SBTi), the
RE100, the World Economic Forum’s Alliance of CEO Climate Leaders
and the Carlsberg Sustainability Advisory Board (CSAB).
Engagement fills gaps in our expertise and demonstrates a
commitment to standards or targets that exceed regulatory
requirements. This insight is integrated into our ESG policies, targets
and actions.
Policymakers and
regulators
Economic contributions, including job creation, to the societies in
which we operate. These stakeholders also want to understand how
we support strategies on sustainability and public health.
Bilateral meetings and high-level public events, such as the World
Economic Forum’s annual Davos meeting. We also engage with
governments indirectly on sustainability and public health issues through
industry associations, such as the International Alliance for Responsible
Drinking (IARD) and the World Brewing Alliance (WBA).
Through continuous engagement and dialogue with key policymakers
and regulators, we enhance our alignment with their objectives,
refining our internal policies and business strategies.
Stakeholder
Stakeholder interests and purpose of
engagement
How we engage
Impact on operations, business model and
strategy
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
General disclosures
62
Carlsberg Group Annual Report 2024
ENVIRONMENT
E1 CLIMATE CHANGE
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES
SBM-3
More extreme weather events and record temperatures around the world underline the urgent need for action on climate change, and we are committed to reducing emissions throughout our value chain.
Specifically, we have identified six sources of GHG emissions in our value chain that have material negative impacts on climate change in the short term, and one material financial risk that climate change
poses to our business in the long term. We seek to address all these IROs through the policies, targets and actions outlined in this section.
How our E1 Climate change IROs
link to our value chain
AGRICULTURE
PACKAGING
BEVERAGE
PRODUCTION &
ADMINISTRATION
DISTRIBUTION
SELLING &
MARKETING
Material impact
Where it originates
How it affects people or planet
Time horizon Addressed in TTZAB
Emissions generated by
our agricultural sourcing
We source ingredients from agricultural
businesses, with emissions generated
during the farming and processing of
these raw materials.
GHGs are emitted in the farming and
processing of raw ingredients and
materials.
Short term
ZERO
Carbon
Footprint
ZERO
Farming
Footprint
Responsible
Sourcing
Emissions generated
from our breweries
Our breweries emit GHGs while they
operate.
GHGs are emitted by our breweries.
Short term
ZERO
Carbon
Footprint
Emissions generated by
the energy we purchase
We purchase energy from providers to
enable the continuous operation of our
breweries and other locations.
GHGs are emitted in the generation and
transportation of the energy we
purchase.
Short term
ZERO
Carbon
Footprint
Emissions generated by
the production of our
packaging
We use packaging to prepare our
products for transportation and sale.
GHGs are emitted in the production of
our packaging.
Short term
ZERO
Carbon
Footprint
ZERO
Packaging
Waste
Responsible
Sourcing
Emissions generated
from transportation and
distribution
The transportation and distribution of
our products result in GHG emissions.
GHGs are emitted in the transportation
of our products.
Short term
ZERO
Carbon
Footprint
Responsible
Sourcing
Emissions generated by
product refrigeration in
bars and shops
We use fridges to keep drinks cool in
bars and shops.
GHGs are emitted in the powering of
fridges.
Short term
ZERO
Carbon
Footprint
Responsible
Sourcing
Material risk/opportunity
Where it originates
How it affects our business
Time horizon Addressed in TTZAB
Carbon pricing on our
own operations and
purchased goods
Our operations result in GHG emissions
throughout the value chain, with
potentially broad-based impacts
contributing to climate change globally.
Risk: The potential for carbon pricing to
increase the costs of purchased goods and the
costs of our own operations presents a
financial risk to the business.
Long term
ZERO
Carbon
Footprint
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
63
Carlsberg Group Annual Report 2024
E1-1
Charting a course towards ZERO Carbon Footprint
To take action on climate change, we aim to eliminate carbon emissions from our breweries by 2030 and
reach net ZERO for our entire value chain by 2040. Our transition plan is anchored in our ESG programme,
Together Towards ZERO and Beyond, which is available on our website. Specifically, the environmental
focus areas of ZERO Carbon Footprint, ZERO Water Waste, ZERO Farming Footprint and ZERO Packaging
Waste are key pillars that guide our plan. TTZAB commits us to reducing emissions to net ZERO by 2040,
covering our entire GHG inventory, as well as achieving near-term and long-term GHG emissions reduction
targets consistent with limiting the global temperature increase to 1.5°C. TTZAB also steers our
decarbonisation strategy, which outlines the principal actions we will take to deliver the GHG emissions
targets. A detailed EU Taxonomy disclosure can be found at the end of the E1 disclosures.
Aligning with the Paris Agreement
For an explanation of how our targets are compatible with limiting global warming to 1.5°C in line
with the Paris Agreement, and the decarbonisation levers and key actions planned to achieve our
targets, please see E1-3 and E1-4, Climate change targets and actions. Carlsberg is not excluded from
EU Paris-aligned Benchmarks.
We are not focusing on creating a capital expenditure plan to align with EU Taxonomy criteria, as our main
business activity (manufacturing of beverages) is not in scope of the Climate Change Mitigation or Climate
Change Adaptation objectives of the EU Taxonomy. This will be performed once the manufacturing of
beverages is in scope as an eligible economic activity under the Taxonomy Regulation.
Embedding climate action in our business strategy
To ensure that our climate action ambitions become a reality, we have anchored our transition plan
into our overall business strategy and financial planning processes. Doing so allows us to take into
account our organic growth trajectory, with detailed analysis and modelling of climate impacts in the
regions where we aim to grow our portfolio most significantly.
Creating the transition plan was a collaborative effort, led by TTZAB target sponsors and our Group
Sustainability & ESG function. It was approved according to the Carlsberg governance model, as
described in GOV-1. While we still have far to go to reach our targets, we are at a mature stage of
implementation, with well-defined ownership and oversight of TTZAB targets and initiatives, and
robust data on our Scope 1, 2 and 3 emissions.
Meeting our targets will require both business transformation and investment in physical
infrastructure. While we believe the majority of our equipment can undergo a renewable transition,
we do expect to face some potential locked-in GHG emissions (<10%) that are hard to abate due to
infrastructure in the markets, availability of sustainable fuel and unavoidable methane emissions.
These will be covered through carbon removals.
For a discussion of the operational expenditures (OpEx) and capital expenditures (CapEx) required for
implementation of the transition plan, please see E1-3 Climate change actions and resources. For the
EU Taxonomy disclosure, please refer to the EU Taxonomy section at the end of the E1 disclosures.
IRO-1
Climate-related impact assessment
The process of assessing our climate-related impacts starts with our GHG inventory covering Scope 1, 2 and
3 emissions. Compilation of the inventory enables us to understand where we impact climate change
directly and indirectly, and at which stage of the value chain. In addition to an overview of the sources and
types of emissions, we also break down the data by regions and markets. Analysis of the GHG inventory
provides a starting point for understanding the key challenges and identifying the key levers.
Climate-related financial risk and opportunity assessment and scenario application
Methodology
The Task Force on Climate-related Financial Disclosures (TCFD) provided our framework for the
identification, assessment and scenario application of climate-related financial risks and
opportunities. These findings were complemented by our existing analyses and research, and the
shortlisted risks and opportunities were then discussed by internal stakeholders to further understand
the implications and validate the result.
We applied three ranges of scenarios, including sources from the Intergovernmental Panel on Climate
Change (IPCC), the Network for Greening the Financial System (NGFS) and other analyses referring
to IPCC: a low emissions scenario (RCP 2.6 / SSP1 and NGFS CGAM 6.0 Below 2°C), an intermediate
emissions scenario (RCP 4.5 / SSP 2) and a very high emissions scenario (RCP 8.5 / SSP 5). The
scenarios were based on scenario-specific science-based climate projections and macroeconomic
trends. When possible, we used climate projections for specific geolocations (CMIP6, Coupled Model
Intercomparison Project) to reflect the most specific consideration, magnitude and duration of
hazards. For hazards affecting our supply chain, we drew on data for broader regions when specific
geolocations were not available. These scenarios were applied to the analysis with time horizons of
2025, 2030 and 2050.
For both transition and physical risks, we identified and assessed climate-related financial risks within
our operations and throughout the upstream and downstream value chain. This analysis used our
existing work as a starting point, including site-level climate hazard exposure assessment, water risk
assessment, our GHG inventory and our previous double materiality assessment.
We analysed our shortlisted transition risks connected with our business activities, based on their
relevance to our operations, strategies, procedures etc. The scenarios across which the transition risks
were assessed drew on different science-based climate projections as well as assumptions about
macroeconomic trends, energy consumption and mix, and climate-related policies. For our 2024
analysis, we assessed the impacts of transition events by drawing on internal inputs and data, as well
as external databases such as NGFS and research papers. We used outputs from the Global Change
Analysis Model 6.0 (GCAM 6.0) as provided by NGFS. GCAM is an Integrated Assessment Model
that provides outputs on emissions, land use and prices for given macroeconomic and environmental
scenario inputs. The country-level outputs were used to model future carbon prices affecting our own
operations as well as our supply chain based on regional emissions projections. The analysis
considered the magnitude and duration of the transition events.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E1 CLIMATE CHANGE
64
Carlsberg Group Annual Report 2024
For physical risks, site-level assessment tools addressed several climate hazard types, including
drought, fire, heat stress, precipitation, river flood, sea level rise, tropical cyclone and extratropical
cyclone, and broader climate-related scenario analysis covering both acute and chronic physical risks.
This offered us insights into how our specific assets were exposed to climate-related hazards and
water-related risks, and our scenario analysis shed light on the potential financial impacts from
physical risks under three different scenarios.
For both physical and transition risks, additional inputs were collected through desktop research and
a series of interviews with internal stakeholders to expand our scope of analyses to include upstream
and downstream value chain.
We consider climate-related impacts when relevant in our financial planning. However, as we do not
expect significant immediate financial implications from these impacts, they are not integrated into
the financial statements.
Key results
Climate-related physical risks
We identified acute hazards, including heatwaves and droughts with the potential to affect crop
yields of key ingredients for our products, while chronic hazards identified included water stress
affecting our operations.
Climate-related transition risks
The identified transition risks were assessed to have significantly different impacts in 2025, 2030 and 2050.
We found that carbon pricing costs may pose a material financial risk for us in a low emissions scenario
(RCP 2.6 / SSP 1) in the long term given a gross risk perspective (i.e. assuming that we do not pursue further
decarbonisation). However, we identified that this risk can be mitigated through fulfilment of our
decarbonisation targets within TTZAB, which was considered in the net risk perspective.
The scenario analysis has informed us where our material risks are concentrated. The key risk areas
were found to be cost of sourcing raw and packaging materials, due to the high carbon price
assumed in the low emissions scenario. Carbon pricing on GHG emissions from our own operations,
too, was deemed material. These are the risks before mitigation actions are considered.
SBM-3
Resilience analysis
Methodology
Our resilience analysis was conducted in H1 2024 in the context of the climate-related scenario
analysis. While our climate-related scenario analysis explained above focused on risks and
opportunities without consideration for likelihood or mitigation actions, the resilience analysis
assessed the financial effects with consideration for likelihood of the event occurring and
implementation of mitigation actions, i.e. assuming the fulfilment of TTZAB targets. Aside from this
difference, the scope and methodology of this assessment were the same as in the scenario analysis.
For both analyses, the low emissions scenario assumes stricter regulations and higher costs for
emitting GHGs, thereby increasing costs for companies. The high emissions scenario assumes limited
regulation of GHGs and thereby limited costs incurred by companies. By comparing the anticipated
financial effects between the two perspectives, we are able to assess to what extent our sustainability
strategy mitigates the anticipated effects of climate-related risks.
Key results
Our results need to be seen in light of limitations and uncertainties that are inherent to scenario and
resilience analysis. In particular, in the context of physical risks, we note that there remains significant
uncertainty within regional effects of changes in climate patterns. This creates uncertainty around the
effects of climate hazards on the production and supply of key ingredients, for example. Additionally,
the mitigating potential identified for regenerative ingredients in terms of improved climate resilience
is under-researched and highly uncertain. Despite such uncertainties, we are able to draw the
following conclusions from the analysis:
• In the low emissions scenario (RCP 2.6 / SSP 1), a number of factors, including carbon pricing,
contribute to reduced emissions. But they also come with significant potential costs to the
business in the form of increased expenses within our own operations and procured goods. These
transition risks, however, can largely be mitigated by our decarbonisation efforts within TTZAB.
• In the intermediate emissions scenario (RCP 4.5 / SSP 2), transition risks related to carbon pricing
are much lower than under RCP 2.6. Notably, physical risks related to key ingredient supply chain
instability entail higher but still limited costs for us.
• In the very high emissions scenario (RCP 8.5 / SSP 5), transition risks are very low, while physical
risks become more severe, in particular key ingredient supply chain instability. This occurs as more
frequent and more severe droughts and extreme heat negatively affect global ingredient supply
leading to supply shortages and higher procurement prices. In consideration of the net risk
perspective, we find that the risks related to these climate hazards can partially be mitigated.
Although several other climate-related risks have the potential to impact our business, the financial effects
of carbon pricing pose the only risk currently crossing materiality thresholds. Physical risks related to key
ingredient supply chain instability also have the potential to materialise as substantial financial risks in the
very high emissions scenario. Per the current methodology, they do not cross financial materiality
thresholds when considering magnitude and likelihood across scenarios and time horizons.
Overall, we believe we are able to adjust and adapt our strategy and business model to climate
change in several ways. We have already initiated the transition to a business model that is more
resilient towards climate risks through our TTZAB programme, including net ZERO decarbonisation
plans and the transition to regeneratively grown ingredients. From a net risk perspective, we find that
some risks (in particular transition risks) can be nearly fully mitigated. Other hazards still pose relevant
residual risks for which we need to continue monitoring the effectiveness of our mitigating actions.
Our resilience is further improved through site-level responses, including the ability to redeploy,
upgrade and shift production loads in case of hazardous events. Through site-level assessment we
have identified that while several hazard risks may be material at site level (e.g. extreme
precipitation), we find that our business is generally effective at responding and adapting to these
disruptions, minimising the overall effects at Group level.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E1 CLIMATE CHANGE
65
Carlsberg Group Annual Report 2024
E1-2
Policies
Both policies below are publicly available online and published on our company intranet.
Environmental Policy
The Environmental Policy summarises our approach to energy, climate change and resilience, water
and wastewater, waste and by-products, packaging, raw materials and agriculture, and investments
and purchases. It is designed to be an overarching guiding document. As such, it does not specifically
address each IRO in detail. This detailed work is done through our TTZAB programme. The way we
manage and track our progress is described under each topic’s targets, actions and metrics.
The policy applies globally to all employees, contractors and visitors of the Carlsberg Group, and to
situations where the Group’s employees are working at external locations. Although the policy does
not apply to suppliers directly, it informs our requirements in a number of associated documents,
including the Supplier and Licensee Code of Conduct.
The policy commits us to adhering to applicable laws and regulations at all times, to maintaining our
ISO 14001-certified environmental management system, and to continuously working on risk
reduction with a view to achieving ZERO environmental accidents.
The EVP, Integrated Supply Chain is the most senior executive responsible for implementing the policy.
We review and, if necessary, revise the policy every two years to meet the evolving requirements and
expectations of a wide range of stakeholders, as assessed in our materiality assessments.
Supplier and Licensee Code of Conduct (Environmental considerations)
Our Supplier and Licensee Code of Conduct (SLCOC) includes a section addressing environmental
concerns as they relate to our downstream supply chain, specifically the management of
environmental issues, carbon emissions, water and waste. Our SLCOC applies to all suppliers and
details the minimum requirements we expect them to adhere to regarding these topics, based on
both regulatory requirements and our own commitment to reduce environmental impacts. The
SLCOC also states that suppliers must proactively work to understand and reduce their direct and
indirect carbon footprint throughout their supply chains.The EVP, Integrated Supply Chain is the most
senior executive responsible for implementing the SLCOC.
E1-4; E1-3
Targets and actions
ZERO Carbon Footprint
We have clear commitments to address climate change, with targets of ZERO carbon emissions at our
breweries by 2030, 100% of our electricity contributing to additional renewable capacity by 2030, a
30% reduction in our value chain emissions by 2030 and achieving net ZERO carbon emissions across
our entire value chain by 2040. These targets build on our Environmental Policy commitment to
continuously work to reduce emissions across our value chain. Rooted in our TTZAB ESG programme,
our ZERO Carbon Footprint targets have been set to manage material climate-related impacts and
risks regarding emissions from our operations and value chain, guiding how we are reducing our own
carbon footprint and contributing to the expansion of renewable energy capacity more broadly. For
information on how TTZAB targets are based on the views of our stakeholders, see page 55.
Impact of external factors on our decarbonisation roadmap
Our decarbonisation roadmap to 2030 is aligned with a 1.5°C pathway. We have not considered other
climate scenarios when determining decarbonisation levers as our aim is to reach net ZERO emissions
in our operations as quickly as possible, whichever socioeconomic pathway the world follows. We
have begun sensitivity analyses in certain markets to understand key variables over the lifetime of
our roadmap. To do this, we are collaborating with industry experts and consultants to better
understand the impact of external factors on our decarbonisation roadmaps. These include
technology costs, potential rises in the commodity and market prices of lower-carbon fuel
alternatives as demand rises, and policy changes in our diverse markets, including carbon pricing and
carbon taxes. We are diversifying our approach to take these factors into account.
There are four climate change targets. When there are significant changes, e.g. mergers and
acquisitions or divestments, we review whether the baseline needs to be recalculated. Due to the
recent acquisition of Britvic plc, this will be the case in 2025. We are in the process of submitting
near-term and long-term absolute Scope 3 reduction targets aligned with the updated SBTi
requirements and including recent material acquisitions in 2025. This update will include both Forest,
Land and Agriculture (FLAG) and non-FLAG targets, which will inform the necessary reduction
needed from our agriculture-based and non-agriculture-based emissions respectively. We do not
calculate detailed achieved emissions reductions based solely on our specific actions, unless
otherwise noted. Achieved emissions reductions as a result of various factors in each stage of the
value chain can be found on page 68. Further assessment of levers and expected emissions
reductions per lever will be part of our roadmap development. To learn more about our methodology
and other additional details for these targets, please see the corresponding accounting policies below.
Target 1: ZERO carbon emissions at our breweries by 2030
We have set a target to achieve net ZERO emissions from our beverage production. This target
allows us to offset up to 10% of hard-to-abate emissions with carbon credits. Therefore, the
percentage of total gross GHG emissions that needs to be reduced between our baseline year and
2030 is 90%. This target includes Scope 1 and 2 emissions from breweries and all relevant GHG types.
Aligned with a 1.5°C pathway, this target was set using the assumptions and criteria from the SBTi at
the time of submission in 2017. The target covers 92% of our baseline Scope 1 and 2 emissions. It
excludes emissions outside our production sites, such as offices, warehouses and owned logistics.
Brewery decarbonisation
Our brewery decarbonisation strategy is firstly to reduce carbon emissions as much as possible
through energy efficiency (estimated reduction of 10-20%). In 2024, we did this through improving
equipment efficiency, applying best practices and sharing knowledge, and measuring and optimising
energy consumption. Another focus area is to replace fossil-based energy sources with cost-efficient
use of electrification and renewable energy to reduce an estimated 50-60% of emissions. In 2024, we
began work to install electric boilers at selected breweries and will continue this expansion in the
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E1 CLIMATE CHANGE
66
Carlsberg Group Annual Report 2024
coming years. In all but four of our markets, we have secured full procurement of green electricity
through Guarantees of Origin and I-RECs, as well as operational PPAs for renewable electricity from
additionality in three markets (please see the following section for more information). We have also
begun work to install biogas recovery systems at two of our wastewater treatment plants and will
install biomass boilers at five breweries in 2025. A further 10-20% of emissions will be reduced by
investing in technology innovation, such as steam heat pumps and energy storage. These are
ongoing activities towards 2030. An estimated 10% of residual emissions that we are unable to abate
will be addressed through nature-based solutions.
To address and mitigate our climate impact, all breweries are working towards our 2030 target to
eliminate carbon emissions in our operations. The global and site-specific actions planned for 2025
will form part of the new Group decarbonisation roadmap, which we began developing in 2024. Each
brewery is at a different stage in this journey, dependent on local conditions, site-specific cost-benefit
analyses and investment decisions. Local action plans ensure we take a strategic approach to
delivering the greatest possible impact in a cost-efficient manner. We expect to see the full impact of
our 2024 actions impacting our carbon footprint from 2025 onwards.
Performance against target
In 2024, our breweries worldwide emitted 294 kt CO2e, representing a reduction of 58% against the
target’s 2015 baseline. The relative emissions per hectolitre of beverage have decreased from 6.8 kg
CO2e/hl to 2.7 kg CO2e/hl in the same period, representing an improvement of 60% This performance
is in line with our expectations, and emphasises the need for further focus on carbon reduction.
Unit
Value
Absolute GHG emissions at our breweries
kt CO2e
294
Relative GHG emissions at our breweries
kg CO2e/hl
2.7
ACCOUNTING POLICIES
The relative emissions represent the GHG emissions at Carlsberg breweries released from producing 1
hectolitre of beverage. The figure is calculated as the sum of Scope 1 and 2 (market-based) GHG
emissions from breweries divided by the total production of beverages (in hl). GHG emissions from
Carlsberg-owned warehouses, offices and vehicles are not included. For more information on the
accounting policies, please see Scope 1 and 2 GHG emissions on page 72.
Target 2: Convert to electricity adding to additional renewable capacity by 2030
89% of our electricity came from renewable sources in 2024, mainly purchased from the grid through
certificates that meet strict RE100 criteria. There is growing scientific consensus that power purchase
agreements (PPAs) are superior to renewable energy certificates (RECs) in leading to additional
renewable energy production and real emissions reductions. Therefore, we are committed to investing
in the contribution of additional renewable capacity in the markets where we operate through signing
PPAs with partners to develop new assets, either at our own sites or elsewhere, widening availability
of renewable power from national grids. We do this even though there is no contribution to emissions
reduction from a GHG inventory perspective, as PPAs are assessed with the same consideration as
certificates in this regard.
The target requires that 100% of our brewery electricity consumption is either from operational
renewable sources or committed contractually to future renewable sources by 2030. The target
covers all electricity consumption at our breweries.
Reducing emissions from electricity
As we already source the vast majority of the electricity for our breweries from renewable sources,
our actions are focused on supporting new assets that will contribute additional renewable capacity
and widen availability of renewable power on national grids.
In 2024, a number of assets we supported became operational. In August, our new flagship Foshan
Sanshui brewery in China began operations, producing approximately 30% of the site’s electricity
needs from a 6.5 MWp on-site solar installation that we contracted on a long-term basis. The
integrated rooftop panels are owned by a third-party provider through which we purchase the
electricity via a PPA. A 70 hectare solar park in Denmark became operational in October, providing
our brewery in Fredericia with 29 GWh of electricity each year. And in Lithuania, we have expanded
our existing on-site solar capacity and will add electricity from an off-site solar PPA in early 2025.
We have also laid the groundwork for more PPAs in selected locations next year and beyond,
including defining our criteria for identifying feasible and preferred PPA opportunities based on
pricing, profiles, technologies and locations.
Performance against target
In 2024, we sourced 48 GWh of renewable electricity contributing to additional renewable capacity,
equating to 6% of our total electricity consumption across all our breweries, of which 2% was fully
operational and 4% was contracted. Our baseline of 1% was established in 2021. Given the volatile
electricity market, this performance is in line with our expectations.
Unit
Value
Relative additional renewable electricity consumption (operational)
%
2
Relative additional renewable electricity consumption (contracted)
%
4
ACCOUNTING POLICIES
The relative additional electricity consumption is calculated as the total additional renewable electricity
consumption divided by total electricity consumption at Carlsberg. Additional renewable electricity
sources can be on-site renewable electricity generation, electricity procured through power purchase
agreements (PPAs), or generation otherwise owned or procured by Carlsberg. Additional electricity
installations include installations where construction began after the date of Carlsberg’s purchase and/
or investment, and existing renewable installations that will be modernised and/or upgraded after the
date of Carlsberg’s purchase and/or investment, provided that the PPA adheres to the RE100 criteria
(this element was added to the target definition in 2024). Since additional renewable electricity also
includes installations that are (not yet) under construction, the KPI is reported both as “contracted” and
“operational” as a percentage of total electricity consumption.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E1 CLIMATE CHANGE
67
Carlsberg Group Annual Report 2024
Target 3: 30% reduction in relative value chain carbon emissions by 2030
Our near-term value chain 2030 target covers all Scope 1 and 2 emissions and the majority of Scope
3 emissions, as illustrated to the right, and is aligned with scientific evidence to limit global warming
to 1.5°C. Due to the target being relative to volume, and our recent M&A activity, we have not
converted this to an absolute reduction target in 2024.
Since launching our GHG emissions reduction target in 2015, we have continuously improved the
target’s calculation methodology. As a result, the scope for which data is available has expanded
significantly. This means that no like-for-like comparison can be made between the figures disclosed
for 2015 and 2024. To address this, we will update our target and its affiliated baseline year and
value in 2025.
For more information on the various levers used to achieve the target, please see the emissions
reduction actions described under Target 4.
Performance against target
In 2024, the relative emissions in our value chain were 58 kg CO2e/hl. Since we have been able to
apply appropriate scoping changes retroactively for 2022 figures, we can measure the development
from 2022 (60 kgCO2e/hl) to 2024 (58 kgCO2e/hl), representing a 3% reduction. This performance
matches our expectations and continues our positive trajectory in reducing emissions across our value
chain. We aim to continue to accelerate these reductions in coming years.
Unit
Value
Relative GHG emissions in our near-term target scope
kg CO2e/hl
58
Absolute GHG emissions in our near-term target scope
kt CO2e
6,378
ACCOUNTING POLICIES
The absolute GHG emissions in our near-term target scope include all Scope 1 and 2 (market-based)
GHG emissions excluding refrigerants, and all Scope 3 GHG emissions associated with Carlsberg's
production volume (specifically from procurement, production, distribution, in-trade cooling and waste
treatment of Carlsberg products). Excluded sources of GHG emissions are presented in the visual on
GHG emissions per value chain stage. For more information on the accounting policies, please see
Scope 1, 2 and 3 GHG emissions on page 72. A higher degree of measurement uncertainty is present in
the input data related to Scope 3. For more details, see Appendix 3 (BP-2) on pages 108-109.
The relative GHG emissions are calculated by dividing the absolute GHG emissions by the total
production of beverages (in hl).
GHG emissions by value chain stage (E1-6)
6,378 kt CO2e (covering 78% of Carlsberg's gross Scope 1-3 GHG emissions)
Emissions share in 2024
Absolute emissions in 2024
Agricultural sourcing
Growing and processing of our
raw ingredients
21%
1,329 kt CO2e
Beverage production1
Production of our beer and
beverages
8%
489 kt CO2e
Packaging sourcing
Manufacturing and disposal of
our packaging
54%
3,436 kt CO2e
Distribution
Distribution of our products to
customers
10%
637 kt CO2e
Cooling
Refrigeration of our products in
bars and retail stores
7%
487 kt CO2e
Change in carbon intensity of value chain
emissions in near-term target scope
Relative reduction (%)
2022-2024
-3%
Additional scope for long-term net ZERO emissions target
1,842 kt CO2e (covering 22% of Carlsberg’s gross Scope 1-3 GHG emissions)
• Licensee volumes
• Joint venture volumes
• Co-manufacturing & third-party product volumes
• Capital goods
• Employee commuting
• Business travel
• Non-product purchases (advertising,
services, etc.)
1 This covers Scope 1 and 2 GHG emissions as well as Scope 3 GHG emissions at breweries related to purchased
water, waste generated in own operations and upstream energy-related activities.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E1 CLIMATE CHANGE
68
Carlsberg Group Annual Report 2024
Target 4: Net ZERO value chain by 2040
Our long-term 2040 net ZERO target covers all Scope 1, 2 and 3 GHG emissions. It is in line with
scientific evidence regarding limiting global warming to 1.5°C. This scope differs from our near-term
2030 target in that all emissions sources are included, as illustrated on the previous page. We do not
have a full-scope interim target. For more information on the scope of emissions included in our
2040 net ZERO target, please see our accounting policies for E1-6 on page 72.
This target allows us to offset up to 10% of hard-to-abate emissions with carbon removals.
Therefore, the expected percentage of total gross GHG emissions that must be reduced between our
baseline year and 2040 is 90%. Due to an expanded scope, updated methodology and improved
data accuracy, we cannot measure the performance against our baseline in 2015. We will update the
target and its baseline in 2025.
Our actions to address Targets 3 and 4 are outlined below.
Reducing emissions from agriculture
We have a programme to tackle the emissions associated with agriculture, as described under E4
Biodiversity and ecosystems. Actions described in the section “Sourcing raw materials from
regenerative agricultural practices” contribute to reducing GHG emissions as well as promoting
sustainable agricultural practices.
As techniques to define and measure farming-related emissions advance, we will be able to better
estimate the emissions reductions achieved by sourcing raw materials from regenerative and
sustainable agriculture.
Reducing emissions from the production of packaging
We have a programme to tackle the emissions associated with our packaging, described under E5
Resource use and circular economy (E5-3; E5-2), which focuses on increasing recyclability and
recycled content, using less fossil-based virgin plastics, and increasing collection and recycling rates.
All these actions contribute to GHG emissions reduction and promote sustainable use of resources.
Emissions reductions for packaging are typically achieved through a combination of factors, including
efficiency improvements, increased share of renewable electricity and energy in the grid, and using
raw materials with lower carbon footprints.
Reducing emissions from transportation and distribution
As transportation and distribution account for 10% of our near-term target scope (Target 3), and 11%
in Western Europe, decarbonising this area of our value chain is important for reaching our 2040 net
ZERO targets. Below we outline actions under way to address these emissions both within our own
fleet and in our outsourced transport.
Replacement of owned or leased fossil fuel-powered trucks
In 2024, as part of our decarbonisation lever to switch to renewable energy, we replaced 28 diesel
delivery trucks in our Western Europe fleet with biogas-powered vehicles. While biogas trucks are
inferior to renewable energy-powered electric trucks in terms of tailpipe emissions and particulate
matter, their carbon footprint is 89% lower than the diesel equivalent. In October 2024, we
introduced 14 biogas trucks in Norway and 14 in Denmark for long-haul deliveries.
We currently have 22 electric vehicles on the road in Western Europe for last-mile deliveries – 20 in
Switzerland and two in the UK. With improvements in battery technology, we are confident of
expanding on this significantly in coming years, including for long-haul transportation.
All our trucks in Western Europe are leased and will be replaced gradually over the coming years
based on contract expiration and kilometres driven.
Electrification of outsourced transport and logistics
We are in the process of electrifying our outsourced transport when possible. In 2024, we began
deploying battery electric trucks for shuttle movements between our Falkenberg brewery in Sweden
and other facilities in the area. The contract means we are no longer reliant on diesel trucks for these
10-15 km journeys, which amounted to more than 165,000 km in 2024. We hope to replicate this
electrification model in other markets, as it is both cost-effective and more sustainable than fossil
fuel alternatives. As the initiatives for electrification of outsourced transport and logistics scale, we
will look into the specific emissions reductions related to the actions.
Reducing emissions from refrigeration in bars and shops
Keeping our products cool in bars, restaurants and shops accounts for 7% of our near-term target
scope (Target 3). To make progress on our value chain emissions reduction target, we are
continuously seeking to improve the energy performance of the fridges we deliver to our customers’
outlets. In recent years, we have implemented centralised fridge procurement across all markets,
giving us an advantage when purchasing more energy-efficient fridges. As a result, we achieved a 3%
improvement in energy efficiency in 2024 compared with the previous year.
This reduction in cooling-related emissions is driven primarily by the procurement of more energy-
efficient fridges. However, other factors influence the trend, for example the reduction in emission
intensity of national electricity grids.
Partnering to reduce emissions
REfresh Alliance
We are a member of the REfresh Alliance, an industry-wide initiative launched in October 2024 to
accelerate renewable energy adoption throughout the beverage industry supply chain and thereby
reduce GHG emissions stemming from electricity consumption from our suppliers. Initially present in
Europe and North America, the initiative aims to expand to other regions in the future. Given that the
initiative is quite new, we do not yet have an estimate of its contribution to our Scope 3 category 1
emissions reductions. We plan to explore this in 2025.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E1 CLIMATE CHANGE
69
Carlsberg Group Annual Report 2024
Performance against target
In 2024, the absolute GHG emissions in our value chain were 8,220 kt CO2e. As the reduction
achieved in Target 3 covers 78% of this scope, we expect the performance to follow a similar
trajectory, and it is therefore in line with our expectations. Please see the accounting policy on page
72 for more information on how this metric is calculated.
Unit
Value
Absolute GHG emissions in our value chain
kt CO2e
8,220
Note: The corresponding accounting policy is below the E1-6 table on page 72
Addressing our financial risk: carbon pricing on our own operations and purchased goods
As our operations result in GHG emissions, the risk of carbon pricing increasing the costs of
purchased goods and our own operations presents a financial risk to our business. All actions
taken to reduce our carbon emissions, including those presented in E1, E3, E4 and E5, mitigate
the potential financial impact of carbon pricing on our business.
Internal carbon pricing (E1-8)
One particular type of carbon pricing is internal carbon pricing. In the process of CapEx project
approvals, we incorporate internal carbon pricing through shadow pricing. For certain CapEx
projects that exceed an investment of EUR 1.5m and relate to utilities and packaging, a
shadow price is applied to assess climate impacts and potential climate-related financial
impacts during the decision-making process.
Our current internal carbon pricing for Europe is fixed based on the 2022 average price of the
EU Emissions Trading Scheme (ETS). A different price is applied for all other markets, based
on an estimate informed by the World Bank’s Carbon Pricing Dashboard. We apply an
evolutionary pricing approach, meaning that forecasted increases in carbon prices are reflected
in the shadow prices applied to the projected emissions of CapEx projects. The internal carbon
prices applied are as follows:
Shadow price applied in
Markets
Unit
2024
2030
Europe
DKK/t CO2e
574
671
Rest of the world
DKK/t CO2e
440
671
Our shadow prices cover future emissions only. This means that the coverage of the carbon
pricing is limited to eligible CapEx projects subject to approval in the reporting year. We do not
track emissions from the approved projects, as the objective for applying the shadow price is
not to cover as much emissions as possible but to integrate the consideration into our major
CapEx decision-making.
Challenges
The implementation of the emissions reduction actions mentioned above may pose various
challenges, including material availability and added procurement costs. Additionally, the availability
of infrastructure, including energy grid connections and charging infrastructure for EVs in our
operating markets, can also delay our actions. Challenges and risks are considered in roadmap
planning, allowing us to prioritise cost-efficient solutions that can drive the agenda to reach our
targets.
Current and future allocated resources
For the actions to reduce our GHG emissions through, for example, energy reductions and inclusion of
renewable electricity, we invested DKK 120m in CapEx and relevant OpEx listed in E4 and E5 in 2024.
The investment in 2025 is expected to amount to DKK 130-180m in CapEx and additional specific
OpEx for value chain reductions. Some of this overlaps with EU Taxonomy economic activities (CCM
4.20, CCM 7.3 and CCM 7.6). We report on our investment related to our overall ESG targets and
investments that can be directly associated with energy efficiency. Other investments are an
integrated part of our capital cost allocations and are therefore not reported here, but in general
CapEx. For example, purchasing biofuels instead of fossil fuels happens through existing procurement
channels and is thus not included in the figures above. Furthermore, investments related to certain
upstream and downstream value chain emissions reductions are represented in other actions under
ZERO Packaging Waste and ZERO Farming Footprint, so we are not including them here to avoid
double-counting. These investments are not specifically segmented in our accounting and are
reported based on the general rules for financial reporting. The figures for total OpEx and CapEx can
be found in the financial statements, income statement on page 112 and section 2.2 on page 127
respectively.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E1 CLIMATE CHANGE
70
Carlsberg Group Annual Report 2024
Other mandatory data disclosures
E1-5
Energy consumption
From non-renewable sources
Unit
Value
Fuel consumption from coal and coal products1
GWh
<1
Fuel consumption from crude oil and petroleum products
GWh
296
Fuel consumption from natural gas
GWh
1,017
Fuel consumption from other fossil sources
GWh
1
Consumption of purchased or acquired electricity, heat, steam and cooling from fossil
sources
GWh
186
Total fossil energy consumption
GWh
1,500
Share of fossil sources in total energy consumption
%
61
Consumption from nuclear sources
GWh
0
Share of consumption from nuclear sources in total energy consumption
%
0
From renewable sources
Fuel consumption for renewable sources, including biomass
GWh
196
Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources
GWh
771
Consumption of self-generated non-fuel renewable energy
GWh
10
Total renewable energy consumption
GWh
977
Share of renewable sources in total energy consumption
%
39
Total energy consumption
GWh
2,477
1 <1% is due to a warehouse in Ukraine. We continue to have zero coal at all our breweries.
ACCOUNTING POLICIES
Total energy consumption related to own operations includes fuel consumption at sites (breweries,
warehouses and offices), fuel consumption in owned and leased vehicles, and consumption of purchased and
self-generated energy (electricity, heat and cooling). Energy consumption data is reported by each market
per energy type. The fuel consumption at sites and by vehicles can be split into fossil fuels (oil and petroleum
products, coal, natural gas, liquified petroleum gas (LPG) and other fossil sources) and renewable fuels
(biogas, biofuel and biomass). The purchased energy can be split into renewable (with certificates) and non-
renewable (without certificates). Self-generated renewable energy comes from solar power. Lower heating
values are applied to convert fuel consumption into energy. Carlsberg obtains Guarantees of Origin (GoO),
renewable energy certificates (RECs) and power purchase agreements (PPAs) to source its renewable
electricity. Purchased energy that is sold is not included in the energy consumption figures.
Energy intensity
Unit
Value
Energy intensity from activities in high climate impact sectors
MWh per DKK million
33
Total energy consumption from activities in high climate impact sectors
GWh
2,477
ACCOUNTING POLICIES
For energy intensity, the total energy consumption is divided by total net revenue. All revenue-
generating activities are either directly related to the manufacture of beverages or support that
objective, which is considered a high climate impact sector. Therefore, there is no difference in scope
compared to total energy consumption and total net revenue. The figure for total net revenue can be
found in the financial statements, income statement, page 112.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E1 CLIMATE CHANGE
71
Carlsberg Group Annual Report 2024
E1-6
Scope 1 GHG emissions
Gross Scope 1 GHG emissions
kt CO2e
331
Percentage of Scope 1 GHG emissions from regulated emissions trading schemes
%
11
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions
kt CO2e
300
Gross market-based Scope 2 GHG emissions
kt CO2e
57
Significant Scope 3 GHG emissions
Total gross indirect (Scope 3) GHG emissions
kt CO2e
7,832
Category 1: Purchased goods and services
kt CO2e
5,020
Category 2: Capital goods
kt CO2e
170
Category 3: Fuel and energy-related activities (not included in Scope 1 or 2)
kt CO2e
129
Category 4: Upstream transportation and distribution
kt CO2e
736
Category 5: Waste generated in operations
kt CO2e
20
Category 6: Business travel
kt CO2e
79
Category 7: Employee commuting
kt CO2e
12
Category 9: Downstream transportation and distribution
kt CO2e
495
Category 11: Use of sold products
kt CO2e
168
Category 12: End-of-life treatment of sold products
kt CO2e
151
Category 14: Franchises
kt CO2e
570
Category 15: Investments
kt CO2e
282
Total GHG emissions
Total GHG emissions (location-based)
kt CO2e
8,463
Total GHG emissions (market-based)
kt CO2e
8,220
GHG emissions
Unit
Value
Note: 2024 is our baseline year for CSRD reporting. In future reports, we will showcase comparative data and year-
on-year development.
Note: Since all of Carlsberg's investees over which it has operational control are consolidated in the financial
statements, the additional breakdown to be reported as required by ESRS E1-6 50 is not applicable.
Scope 1 GHG emissions include all direct GHG emissions from energy consumption, purchased CO₂ and the
use of refrigerants in own operations, calculated in line with the GHG Protocol. Energy consumption includes
all direct energy sources (oil, natural gas and biogas) at owned sites (breweries, warehouses and offices) or
by vehicles (including leased vehicles). GHG emissions are calculated as energy consumption multiplied by
relevant emission factors.
The sum of all GHG emissions from markets with regulation emissions trading schemes has been calculated
and divided by total emissions to calculate percentage.
Scope 2 GHG emissions include indirect GHG emissions from the generation of electricity, heat and steam
purchased and consumed, calculated in line with the GHG Protocol. Both location- and market-based GHG
emissions are calculated by multiplying the amount of energy purchased by country-specific emission
factors. Market-based emissions take into account renewable electricity purchased through power purchase
agreements (PPAs), or with renewable energy certificates (RECs) or Guarantees of Origin (GoO).
Scope 3 GHG emissions include indirect GHG emissions from operations in the value chain, covering both
upstream and downstream activities, including subsidiaries, franchises and joint ventures that Carlsberg does
not have operational control over. Scope 3 GHG emissions are calculated following the GHG Protocol
Corporate Value Chain (Scope 3) Standard, the Beverage Industry Environmental Roundtable (BIER)
Guidance and the Product Environmental Footprint Category Rules for Beer (PEFCR). Carlsberg does not
report on Scope 3 emissions in categories 8 (upstream leased assets), 10 (processing of sold products) and 13
(downstream leased assets), since these activities are not applicable or significant to Carlsberg. A higher
degree of measurement uncertainty is present in the input data. For more details, see Appendix 3 (BP-2) on
pages 108-109. The accounting policies for the categories in scope are further described below.
Category 1: upstream GHG emissions related to the cultivation and processing of purchased agricultural
ingredients required in the brewing process, packaging materials, water consumed at breweries, purchased
fridges, third-party production, and other goods and services not captured elsewhere.
Category 2: upstream GHG emissions related to the capital expenditures on construction, installation,
maintenance and repair, calculated based on the respective spend.
Category 3: upstream well-to-tank (WTT) GHG emissions related to fuel consumed and energy purchased
(as included in Scope 1 and 2).
Category 4: lifecycle GHG emissions related to the inbound transportation of agricultural materials and
packaging materials (including return transportation of reused packaging materials), third-party distribution
and transportation of third-party production volumes.
ACCOUNTING POLICIES
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E1 CLIMATE CHANGE
72
Carlsberg Group Annual Report 2024
ACCOUNTING POLICIES continued
Category 5: downstream GHG emissions related to the external waste treatment of waste generated in
Carlsberg breweries. The GHG emissions are calculated based on the weight of waste generated split out by
waste type. For wastewater specifically, emissions are calculated based on the condition of the water,
expressed as chemical oxygen demand (COD) per litre of wastewater.
Category 6: business-related travel activities of employees paid for by Carlsberg, including third-party
transportation services, reimbursed transport in employees’ own vehicles (mileage allowance), and
reimbursed accommodation and meals during travel. The GHG emissions are calculated based on travel
agency reports for flight travel and spend data for the remaining activities.
Category 7: transportation of employees to and from their home and worksite, as well as employees working
from home.
Category 9: outbound distribution performed by third parties not paid for by Carlsberg and cooling in third-
party fridges in the on- and off-trade.
Category 11: cooling of beverages in fridges in the on- and off-trade provided by Carlsberg and the CO₂
released from beverages during consumption.
Category 12: downstream GHG emissions from waste treatment at the end of life of packaging put on the
market by Carlsberg. These are calculated for the share of products (by material type) not recycled (i.e. going
to incineration or landfill), which is determined using publicly available statistics on national waste treatment
systems.
Category 14: licensees that have a license to produce and sell Carlsberg products. The GHG emissions are
estimated based on emissions from Carlsberg's own production channels and the volumes sold by licensees.
Category 15: joint ventures that produce and sell beverages. Joint ventures not producing beverages are not
considered material and are therefore excluded from the scope. The GHG emissions are estimated based on
emissions from Carlsberg's own production channels, the volumes sold by joint ventures and the respective
ownership shares that Carlsberg holds in these joint ventures.
For more information on the applied emission factors for Scope 1-3 GHG emissions, please see Appendix 2 on
page 108.
For more information on any measurement uncertainties and value chain estimates, please see Appendix 3
(BP-2) on pages 108-109.
For more information on the accounting policies for categories 1, 4, 7, 9 and 11, please see Appendix 4 on page
110.
GHG intensity
Unit
Value
GHG intensity (location-based)
t CO2e per DKK million
113
GHG intensity (market-based)
t CO2e per DKK million
110
Financial reconciliation
Unit
Value
Net revenue used to calculate GHG intensity
DKK million
75,011
Net revenue (other)
DKK million
0
Total net revenue (in financial statements)
DKK million
75,011
Biogenic emissions
Unit
Value
Biogenic emissions not included in Scope 1 GHG emissions
kt CO2e
401
Biogenic emissions not included in Scope 2 GHG emissions
kt CO2e
29
Biogenic emissions not included in Scope 3 GHG emissions
kt CO2e
52
Contractual instruments
Unit
Value
Share of Scope 2 GHG emissions covered by contractual instruments
%
73
Share of Scope 2 GHG emissions covered by energy attribute certificates (unbundled)
%
72
Share of Scope 2 GHG emissions covered by power purchase agreements (bundled)
%
1
ACCOUNTING POLICIES
To calculate GHG intensity, we divide gross Scope 1, 2 and 3 GHG emissions by total net revenue, calculated
for both market- and location-based emissions. The figure for total net revenue can be found in the financial
statements, income statement, page 112.
Biogenic emissions not included in Scope 1 include; CO₂ emissions from the combustion of biomass, biofuels
and biogas with certificates at breweries or in vehicles and the release of CO₂ in the fermentation processes.
Biogenic emissions not included in Scope 2 include CO₂ emissions from purchased district heating where the
energy source is biomass. Biogenic emissions not included in Scope 3 include CO₂ emissions from suppliers
using biomass, biogas or biofuel to produce materials, biofuel use in inbound and outbound transportation
and distribution, renewable CO₂ released from beverages during consumption, and landfill emissions from the
end of life of biological packaging materials (i.e. cardboard). All biogenic emissions are calculated in line with
the GHG Protocol and by multiplying the input data by the relevant emission factors.
Contractual instruments are the sum of purchased energy bundled with attributes about energy generation
(PPAs) and energy purchased from unbundled energy attribute certificates (EACs) divided by total energy
consumption (electricity and heating).
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E1 CLIMATE CHANGE
73
Carlsberg Group Annual Report 2024
EU TAXONOMY
ELIGIBILITY AT CARLSBERG IN 2024
According to the NACE-code framework, Carlsberg’s main activity is considered under the economic
activity “Manufacture of beverages”, which has not been adopted by the EU Taxonomy and is
therefore non-eligible. For Carlsberg, 99% of our turnover is related to the economic activity
“Manufacture of beverages”. The remaining turnover is associated with the selling of merchandise,
services and by-products from fermentation. All of these activities are also non-eligible under the EU
Taxonomy. For revenue, please see table 1.1.1 on page 117.
One of the non-climate environmental objectives is relevant for Carlsberg as well: circular economy.
This specifically relates to construction projects for new buildings, as well as projects associated with
renovation of existing buildings. Therefore, these two economic activities have the potential to
substantially contribute to multiple environmental objectives. In avoiding double-counting, we have
assigned climate change mitigation as the most relevant objective for these economic activities.
Moreover, Carlsberg is eligible to report against 12 other economic activities under the climate change
mitigation objective. An assessment of our CapEx recognises an eligibility of 17.1%, or DKK 1,059m.
Our current assessment of our operational expenditure indicates that less than 10% of OpEx follows
the OpEx definition of the Taxonomy, of which 15.4%, or DKK 659m, is eligible. For both CapEx and
OpEx, the development in the eligibility percentages, compared with 2023, is driven by an increase in
non-eligible activities.
TOWARDS TAXONOMY ALIGNMENT
The Taxonomy alignment assessment requires a thorough review of the criteria related to substantial
contribution, “do no significant harm” (DNSH) and minimum safeguards. To perform a Taxonomy
alignment assessment, a range of external data must be available. In 2024, it has not been possible
to obtain certain required data, and based on this, we concluded that further assessment would not
lead to meaningful alignment scores. Hence, we will report 0% alignment in 2024 for our CapEx and
OpEx.
TURNOVER
Financial year 2024
2024
Substantial contribution criteria
DNSH criteria
(‘do no significant harm’)
Economic activities (1)
Code (2)
Turnover
(3)
Proportion
of Turnover,
2024 (4)
Climate
change
mitigation
Climate
change
adaptation
Water (7)
Pollution
(8)
Circular
economy
(9)
Biodiversity
(10)
Climate
change
mitigation
Climate
change
adaptation
Water (13)
Pollution
(14)
Circular
economy
(15)
Biodiversity
(16)
Minimum
safeguards
(17)
Proportion of
Taxonomy-aligned
(A.1.) or -eligible
(A.2.) Turnover,
2023 (18)
Category
enabling
activity
(19)
Category
transitional
activity (20)
mdkk
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0
0%
0%
0%
0%
0%
0%
0%
N
N
N
N
N
N
N
0%
Of which Enabling
0
0%
0%
0%
0%
0%
0%
0%
N
N
N
N
N
N
N
0%
E
Of which Transitional
0
0%
0%
N
N
N
N
N
N
N
0%
T
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Turnover of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
0
0%
0%
0%
0%
0%
0%
0%
0%
A. Turnover of Taxonomy-eligible activities (A.1 + A.2)
0
0%
0%
0%
0%
0%
0%
0%
0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities (B)
75,011
100%
TOTAL
75,011
100%
* See Income statement in page 112
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
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Carlsberg Group Annual Report 2024
CAPEX
Financial year 2024
2024
Substantial contribution criteria
DNSH criteria
(‘do no significant harm’)
Economic activities (1)
Code (2)
CapEx
(3)
Proportion
of CapEx,
2024 (4)
Climate change
mitigation (5)
Climate change
adaptation (6)
Water (7)
Pollution (8)
Circular
economy (9)
Biodiversity (10)
Climate change
mitigation (11)
Climate change
adaptation (12)
Water (13)
Pollution (14)
Circular
economy (15)
Biodiversity (16)
Minimum
safeguards (17)
Proportion of
Taxonomy-
aligned (A.1.) or
-eligible (A.2.)
CapEx, 2023 (18)
Category
enabling
activity
(19)
Category
transitional
activity
(20)
mdkk
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable activities (Taxonomy-aligned)
(A.1)
-
0
0%
0%
0%
0%
0%
0%
0%
N
N
N
N
N
N
N
0%
Of which Enabling
0
0%
0%
0%
0%
0%
0%
0%
N
N
N
N
N
N
N
0%
E
Of which Transitional
0
0%
0%
N
N
N
N
N
N
N
0%
T
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Cogeneration of heat/cool and power from geothermal energy
CCM 4.18
0
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.0%
Cogeneration of heat/cool and power from bioenergy
CCM 4.20
0
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.1%
Construction, extension and operation of water collection, treatment
and supply systems
CCM 5.1
20.6
0.3%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.2%
Construction, extension and operation of wastewater collection and
treatment
CCM 5.3
11.5
0.2%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.4%
Transport by motorbikes, passenger cars and light commercial vehicles
CCM 6.5
188.7
3.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
3.3%
Freight transport services by road
CCM 6.6
212.4
3.4%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
3.1%
Construction of new buildings
CCM 7.1 / CE 3.1
8.8
0.1%
EL
N/EL
N/EL
N/EL
EL
N/EL
0.8%
Renovation of existing buildings
CCM 7.2 / CE 3.2
121.5
2.0%
EL
N/EL
N/EL
N/EL
EL
N/EL
1.9%
Installation, maintenance and repair of energy efficiency equipment
CCM 7.3
269.2
4.3%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
6.1%
Installation, maintenance and repair of charging stations for electric
vehicles in buildings (and parking spaces attached to buildings)
CCM 7.4
0.4
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.0%
Installation, maintenance and repair of instruments and devices for
measuring, regulation and controlling energy performance of buildings
CCM 7.5
1.9
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.2%
Installation, maintenance and repair of renewable energy technologies
CCM 7.6
16.9
0.3%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.2%
Acquisition and ownership of buildings
CCM 7.7
121.6
2.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
3.3%
Data processing, hosting and related activities
CCM 8.1
85.3
1.4%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.9%
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
1,059
17.1%
100%
0%
0%
0%
0%
0%
20.5%
A. CapEx of Taxonomy-eligible activities (A.1 + A.2)
1,059
17.1%
100%
0%
0%
0%
0%
0%
20.5%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities
5,148
82.9%
TOTAL
6,207
100%
* See Section 2.2 in page 127
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
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Environment
EU TAXONOMY
75
Carlsberg Group Annual Report 2024
OPEX
Financial year 2024
2024
Substantial contribution criteria
DNSH criteria
(‘do no significant harm’)
Economic activities (1)
Code (2)
OpEx
(3)
Proportion
of OpEx,
2024 (4)
Climate change
mitigation (5)
Climate change
adaptation (6)
Water (7)
Pollution (8)
Circular
economy (9)
Biodiversity (10)
Climate change
mitigation (11)
Climate change
adaptation (12)
Water (13)
Pollution (14)
Circular
economy (15)
Biodiversity (16)
Minimum
safeguards (17)
Proportion of
Taxonomy-
aligned (A.1.) or
-eligible (A.2.)
OpEx, 2023 (18)
Category
enabling
activity
(19)
Category
transitional
activity (20)
mdkk
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable activities (Taxonomy-aligned)
(A.1)
0
0%
0%
0%
0%
0%
0%
0%
N
N
N
N
N
N
N
0%
Of which Enabling
0
0%
0%
0%
0%
0%
0%
0%
N
N
N
N
N
N
N
0%
E
Of which Transitional
0
0%
0%
N
N
N
N
N
N
N
0%
T
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Transport by motorbikes, passenger cars and light commercial vehicles
CCM 6.5
117.7
2.7%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
3.7%
Freight transport services by road
CCM 6.6
103.4
2.4%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
3.2%
Renovation of existing buildings
CCM 7.1 / CE 3.1
167.3
3.9%
EL
N/EL
N/EL
N/EL
EL
N/EL
4.6%
Installation, maintenance and repair of energy efficiency equipment
CCM 7.3
154.9
3.6%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
5.4%
Acquisition and ownership of buildings
CCM 7.7
79.6
1.9%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
2.3%
Data processing, hosting and related activities
CCM 8.1
36.0
0.9%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
1.1%
OpEx of Taxonomy-eligible but not environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
0
15.4%
100%
0%
0%
0%
0%
0%
20.3%
A. OpEx of Taxonomy-eligible activities (A.1 + A.2)
659
15.4%
100%
0%
0%
0%
0%
0%
20.3%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities
3,632
84.6%
TOTAL
4,291
100%
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
EU TAXONOMY
76
Carlsberg Group Annual Report 2024
ACCOUNTING POLICIES
Turnover
The turnover measure comprises the net revenue line items from the consolidated income statement.
The vast majority of our revenue is derived from our beverage production, including sale of beer,
energy drinks and other carbonated drinks. The remainder of our revenue is derived from activities
supporting the sale of our beverages, including sale of merchandise, services and by-products from
fermentation. These revenue streams are currently non-eligible according to the Taxonomy Regulation.
CapEx
The CapEx measure comprises additions to intangible assets and property, plant and equipment, including
right-of-use assets. The Taxonomy Regulation defines three CapEx categories in allocating eligible and
aligned expenditures: CapEx that is associated with Taxonomy-aligned activities; CapEx that is part of a plan
to upgrade an eligible Taxonomy activity to render it aligned or to expand already aligned Taxonomy
activities; CapEx related to the purchase of output of Taxonomy-aligned activities and individual measures
enabling target activities to become low-carbon or lead to greenhouse gas reductions.
A smaller proportion of our eligible CapEx is recognised under “category a”, but the majority of
expenditure is placed in “category c”.
Amounts reported under CCM 4.20 therefore represent additions to property, plant and equipment
associated with heat/cool and power generated from bioenergy. These are classified under NACE-
codes D35.11 and D35.30. Similarly, eligible CapEx under CCM 5.1 and 5.3 also include additions to
property, plant and equipment related to water and wastewater treatment at our breweries,
represented by NACE-codes E36 and E37.
CapEx under CCM 6.5 and 6.6 represents our additions to both purchased and leased right-of-use
assets, including company cars, light commercial vehicles and heavier vehicles, such as trucks. These
are classified under NACE-codes N77.11 and N77.12 respectively.
Under CCM 7.1 / CE 3.1, we have allocated expenditure associated with assets under construction that is
related to construction projects for new buildings (new breweries and administrative buildings), as well
as development of land. The NACE-codes F41.1 and F41.2 represent these economic activities. A similar
exercise was performed to allocate CapEx to CCM 7.2 / CE 3.2 for major renovation projects of our
existing buildings, classified by NACE-codes F41 and F43.
A majority of CapEx for the economic activity CCM 7.3 is accounted for by purchases of commercial
coolers and fridges from third parties, representing investments in support of customer acquisitions. The
NACE-code C28.25 characterises such purchases of refrigeration and cooling equipment. The remainder
of eligible CapEx under CCM 7.3 relates to installation, replacement and maintenance of energy
efficiency equipment, such as insulation materials, doors, windows, light sources, heating, ventilation
and air-conditioning and water heating systems.
For CCM 7.4, CapEx has been allocated relating to projects for the installation of electric car charging
stations attached to buildings. Under CCM 7.5, we have assigned specific installation and maintenance
costs of energy performance and management systems in our buildings, such as smart meters for gas,
heat, cool and electricity, as well as devices controlling motion and light control. For CapEx allocated
with regard to CCM 7.6, we have assessed expenditures related to installation of solar photovoltaic
technologies, which are listed under NACE-code F42.
CCM 7.7 comprises amounts related to additions associated with ownership, including leases under
right-of-use assets, of buildings and land, represented by NACE-code L68. Finally, CCM 8.1 accounts
for technology-related investments such as IT systems, data centres and upgrades to network
infrastructure, which are classified under NACE-code J63.11.
The non-eligible part of our CapEx is composed of purchases and leases under right-of-use assets of
plant, machinery and equipment associated with our beverage production, as well as small amounts of
commercial CapEx and administration-related expenditures.
OpEx
The Taxonomy’s OpEx definition is narrow and includes only direct non-capitalised costs related to
R&D, maintenance, short-term leases and building renovation measures. It also includes other direct
expenditure relating to the day-to-day servicing of assets of property, plant and equipment, but not
cost of goods sold. Under CCM 6.5 and 6.6, we have allocated repair, maintenance and fleet
management costs related to assets associated with light and heavy motor vehicles.
Amounts under CCM 7.2 / CE 3.2 consist of day-to-day running costs associated with building
renovation projects, including repair and maintenance.
CCM 7.3 represents refurbishment, repair and maintenance of our commercial coolers and fridges,
which are leased, sold or given free of charge to our customers in on- and off-trade locations. Lastly,
CCM 7.7 is linked to short-term leases of buildings and CCM 8.1 is dedicated to maintenance of data
centres and network infrastructure.
The non-eligible proportion of OpEx consists of repair and maintenance and R&D associated with our
beverage production, as well as other administrative operating costs.
Nuclear and fossil gas related activities
Nuclear energy related activities
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment
of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste
from the fuel cycle.
No
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear
installations to produce electricity or process heat, including for the purposes of district heating or industrial
processes such as hydrogen production, as well as their safety upgrades, using best available technologies.
No
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that
produce electricity or process heat, including for the purposes of district heating or industrial processes such as
hydrogen production from nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity generation
facilities that produce electricity using fossil gaseous fuels.
No
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of combined
heat/cool and power generation facilities using fossil gaseous fuels.
No
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat
generation facilities that produce heat/cool using fossil gaseous fuels.
No
To our shareholders
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Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
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EU TAXONOMY
77
Carlsberg Group Annual Report 2024
E3 WATER AND MARINE RESOURCES
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES
SBM-3
Water is an essential ingredient in our products. It is also needed to grow our hops and grains. The effects of climate change and population growth are putting stress on water supplies around the world, felt
most acutely in certain high-risk river basins. Our 2024 DMA confirmed our focus on water, identifying three material impacts: significant water consumption in irrigated production of raw materials, water
consumption for beverage production processes, and water replenishment and stewardship opportunities in high water-risk areas. This section discusses these impacts in more detail, as well as the policies,
targets and actions to address them.
How our E3 Water and marine
resources IROs link to our value
chain
AGRICULTURE
PACKAGING
BEVERAGE
PRODUCTION &
ADMINISTRATION
DISTRIBUTION
SELLING &
MARKETING
IRO-1
Exemplifying the interconnected nature of many impacts, risks and
opportunities in our value chain, the first identified impact (water consumption
in irrigated production of raw materials) also affects biodiversity and
ecosystem health, water scarcity/stress, and potentially reduces availability for
local communities, particularly in high-risk areas. As such, the policies, targets
and actions to address IRO 3.1 are covered in E4.
Our ZERO Water Waste efforts are based on a robust understanding of
the water risks facing our breweries and key crops. High-risk areas were
identified by a 2020 assessment using the WWF’s Water Risk Filter tool,
based on three types of water risk: physical, regulatory and reputational.
We work closely with partner organisations on our replenishment projects.
They have the capacity and experience to engage with the communities
most affected and all necessary local stakeholders, and to navigate the
local governmental and administrative processes. The local knowledge
and insight they offer is crucial to the success of these projects.
E3-1
Policies
Our Environmental Policy states that we strive to achieve sustainable use
of water in the communities in which we operate. It also lays out our
commitment to engage with local communities in water-scarce areas, and
to understand how we can best help to manage their watersheds. It also
commits us to regularly assessing our exposure to water scarcity in all
forms and initiating appropriate actions to ensure the long-term
availability of water.
We also place expectations regarding water management on our suppliers,
as covered in our Supplier and Licensee Code of Conduct. Here we set the
expectation that suppliers, especially in areas with high water stress, must
manage water responsibly. Details of the policy and code of conduct are
summarised in E1-2 on page 66.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
78
Carlsberg Group Annual Report 2024
Material impact
Where it originates
How it affects people or planet
Time horizon Addressed in TTZAB
Water consumption for
irrigation of crops
The farms we source ingredients from
consume a significant amount of water
for the irrigated production of raw
ingredients, such as crops.
The consumption of water could worsen
water stress, especially in areas of high
water risk.
Short term
ZERO
Farming
Footprint
Water consumption for
beverage production
We use water to produce our beverages.
The consumption of water could worsen
water stress, especially in areas of high
water risk.
Short term
ZERO
Water
Waste
Water replenishment
and stewardship
programmes
We take part in water replenishment and
stewardship programmes in the river
basins of a number of our breweries
deemed at high water risk.
These programmes aim to increase
access to water in local communities and
improve biodiversity and ecosystem
health.
Short term
ZERO
Water
Waste
E3-3; E3-2
Targets and actions
ZERO Water Waste
Our Environmental Policy sets the foundation of our ambition to use water with maximum efficiency
and engage with local communities in water management, particularly in areas of high water risk.
Our voluntary TTZAB targets related to water drive our continuous action in these areas. We define
high-risk areas first by utilising WWF’s Water Risk Filter and then applying our operation’s risk,
growth and size. There are two ZERO Water Waste targets, detailed below.
For information on how TTZAB targets are based on the views of our stakeholders, see page 55. To
learn more about our methodology and other additional details for these targets, please see the
corresponding accounting policies to the right.
Target 1: Water usage efficiency of 2.0 hl/hl globally and 1.7 hl/hl at breweries in high-
risk areas by 2030
We have set a target to reduce the hectolitre of water usage per hectolitre of beverage produced to
2.0, with breweries in high-risk areas having an even more ambitious target of 1.7. This target applies
to all breweries. External warehouses and offices not connected to a brewery are not in scope. There
were no changes to the target in 2024.
Biodiversity impacts, dependencies, risks and opportunities are not a primary focus for our water
efficiency target, but efficiency gains could indirectly reduce negative impacts on biodiversity in
water-stressed areas.
Efficient water consumption for beverage production
At a global level, our actions are focused on structuring, standardising and rolling out a best practice
programme for more efficient water consumption in our beverage production processes, with a strong
focus on the 17 breweries in high-risk areas. Anchored in our policy objective of achieving sustainable
use of water, we continue to reduce the amount of water we use to make our beverages, building on
the efficiencies we have achieved since setting our baseline in 2015.
Key actions in 2024 included updates to our global operations manual, the development of a water
diagnostic tool, which provides a detailed overview of all water consumption throughout a brewery,
and the launch of a manual to ensure optimisation of water used in cleaning for brewing, processing
and filling lines in all our regions.
The target was set based on internal subject matter expertise and technological feasibility
assessments of our engineers. Dedicated to increasing water use efficiency, it relates to the
management of the impacts of our water consumption, including water scarcity/stress, potential
reduced availability for local communities, and biodiversity and ecosystem health.
Performance against target
In 2024, our total water usage amounted to 27 million m3. Our water usage efficiency was 2.5 hl/hl
globally in 2024, and 2.2 hl/hl at breweries in high-risk areas. This represents decreases of 31% and
44% respectively, compared with our 2015 baseline values of 3.6 and 4.0 hl/hl. This is slightly less
than expected due to production volume increases in less water-efficient regions and a lack of
consistent best practice implementation. We are confident we will continue to achieve water
efficiency gains in 2025.
Unit
Value
Water usage efficiency (global)
hl/hl
2.5
Water usage efficiency (high-risk areas)
hl/hl
2.2
ACCOUNTING POLICIES
Water usage is calculated as water withdrawal at breweries minus sold water. Water intake includes
water from municipalities, own boreholes, surface water and other sources.
Water usage efficiency is the water needed at Carlsberg breweries to produce 1 hectolitre of beverage.
It is the ratio of total water use at breweries divided by the total production volume of beverages. High-
risk areas are as defined in E3-4 "Water consumption in areas of high water stress".
Additional information on target methodology: volume produced is the total volume of packaged
beverage leaving the site.
Target 2: 100% replenishment of water consumed at breweries in high-risk areas by
2030
This target is to achieve replenishment of water through off-site projects equal to 100% of the total
water consumed at breweries in areas of high water risk.
This target was developed following a 2020 water risk assessment using WWF’s Water Risk Filter
tool, which applied a scientific dataset. The amount of water replenished through off-site projects
must follow the definitions described in the Volumetric Water Benefit Accounting (VWBA) method
developed by the World Resource Institute (WRI). This includes criteria around location of projects,
financing and external verification.
The 2020 assessment identified 17 breweries in areas with high risk of water scarcity. The 17 sites are:
Alwar, Aurangabad, Dharuhera, Hyderabad, Gorkha, Kolkata, Mysuru and Paonta Sahib in India;
Sihanoukville in Cambodia; Vientiane in Laos; and Changzhou, Dazhulin, Korle, Kunming, Ningxia,
Urumqi and Wusu in China.
Water replenishment and stewardship
Our actions to address this target are the undertaking of projects to replenish the water we consume
at breweries in high-risk areas. In 2024, we established new replenishment projects at four high-risk
locations (three in China and one in Laos) and expanded or continued projects at four high-risk
locations (one in Cambodia and three in India).
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E3 WATER AND MARINE RESOURCES
79
Carlsberg Group Annual Report 2024
Our water replenishment projects contribute to increased groundwater levels, reduced agricultural
water demand, protected and restored ecosystems, and strengthened resilience against climate-
related hazards for local communities. Increased groundwater levels in turn support our policy
objectives of initiating appropriate actions to ensure the long-term availability of water in our regions
with water scarcity. Water replenishment projects will be continuously implemented until we achieve
our target. Afterwards, these projects will be maintained and monitored to ensure they continue to
provide the full replenishment amount of water to local communities.
With a focus on 17 breweries across Cambodia, China, India, Nepal and Laos, the primary
stakeholders affected by our activities are the communities and employees that will benefit from our
work to protect and restore the natural water resources we share. The scope of our water
replenishment activities is not limited to reducing water scarcity, but also focuses on improving the
quality and availability of water as well.
Performance against target
We replenished 481,170 m3 of water in high water risk areas in 2024, equal to replenishing 16% of the
total water consumed by breweries in high-risk areas. This performance reflects the strong
foundation of replenishment projects we have created in recent years and matches our expectations.
Our baseline of 0% of water replenished was established in 2021. Replenishment activities first began
in 2022, with results visible beginning in 2023.
Biodiversity impacts, dependencies, risks and opportunities were not a key lever in setting the water
replenishment target, but there are benefits for biodiversity and ecosystem health from this activity.
For example, one project will improve the wetland landscape to enhance the black-necked crane
habitat, the world's only alpine crane species residing in high-altitude wetlands.
Unit
Value
Replenishment of water consumed at breweries in high-risk areas
%
16
ACCOUNTING POLICIES
Replenishment of water is calculated by the volume of water replenished through off-site projects
relative to water consumption at breweries in high-risk areas. High-risk areas are defined as in E3-4
"Water consumption in areas of high water stress".
Current and future allocated resources
To protect water resources by improving water efficiency, ensuring adequate cleaning and
management of water, and replenishing water, we invested DKK 30m in CapEx and DKK 5m in OpEx
in 2024. The investment in 2025 is expected to amount to DKK 50-70m in CapEx and DKK 5-10m in
OpEx. This includes, for example, investment in new assets enabling improved water efficiency at
production sites, cleaning of waste water, management of water on-site and investment in water
replenishment projects near breweries in areas with high risk of water scarcity. Note that some
actions related to water efficiency are part of usual business operating costs or capital goods
investment, and therefore not necessarily captured here. These costs are not specifically segmented
in our accounting. Consequently, they are reported based on the general rules for financial reporting.
Other mandatory data disclosures
E3-4
Water consumption from own operations
Unit
Value
Total water consumption
million m³
12
Total water discharges
million m³
15
Total water withdrawals
million m³
27
Total water recycled and reused
million m³
1
Water consumption in areas at water risk, including areas of high water
stress
million m³
3
Water intensity ratio
m³ per DKK million
162
ACCOUNTING POLICIES
Water consumption is calculated as the water withdrawal at breweries minus discharged and sold
water.
Water consumption in areas at water risk includes breweries in areas of high water stress as identified
by conducting a detailed water risk assessment using the Water Risk Filter tool from WWF. The
assessment includes three types of risks: physical, regulatory and reputational. The latest assessment
was conducted in 2020 and breweries established or acquired after this have not been considered.
Water recycled and reused is defined as water recycled from wastewater and used for process or non-
process activities at breweries (including cleaning, irrigation, groundwater recharge and cooling).
Water intensity ratio is the water consumption divided by total net revenue. The figure for total net
revenue can be found in the financial statements, income statement, page 112.
Total water withdrawals includes all water intake at Carlsberg's breweries from municipalities, own
boreholes, surface water and other sources.
Total water discharges is the total volume of wastewater discharged from breweries, which includes
discharge to recipients, to recipients after own treatment, to public or third-party treatment facilities, or
to public or third-party treatment facilities after own treatment.
All water intake is measured by meters on site. Water discharges, which includes water recycled and
reused, is measured mostly through meters on site (~80%), whereas the remaining values are based on
best estimates.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
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Consolidated financial statements
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Environment
E3 WATER AND MARINE RESOURCES
80
Carlsberg Group Annual Report 2024
E4 BIODIVERSITY AND ECOSYSTEMS
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES
SBM-3
In recent years, the impacts on biodiversity and nature loss have become more apparent and better understood. As the biggest driver of these impacts is land use changes, including those related to agriculture,
we are committed to doing our part to reduce these impacts in our value chain. Our DMA has identified two material negative impacts in our value chain over the short term that relate to biodiversity and
ecosystems, outlined below. In the following section we describe these impacts in more detail, discuss the assessments we have performed to get a better understanding of their relationship to our business,
and outline the policies, targets and actions we have in place to mitigate their effects.
How our E4 Biodiversity and
ecosystems IROs link to our value
chain
AGRICULTURE
PACKAGING
BEVERAGE
PRODUCTION &
ADMINISTRATION
DISTRIBUTION
SELLING &
MARKETING
IRO-1; SBM-3
Nature-related assessment
In 2024, we performed three assessments that considered impacts on
biodiversity and nature, including a water risk assessment, the DMA and
our first nature-related assessment. The nature-related assessment was
aligned with methodologies outlined by the Taskforce on Nature-related
Financial Disclosures (TNFD), and utilised two geocoded tools: ENCORE
(Exploring Natural Capital Opportunities, Risks and Exposure) and IBAT
(Integrated Biodiversity Assessment Tool). This assessment examined
brewing activities (own operations) as well as the sourcing of aluminium
and barley (upstream value chain). It identified potential IROs that may
arise from nature-related dependencies and impacts across ecosystems,
biodiversity and water, with a focus on ten breweries in Asia. Based on
the ENCORE and IBAT results, physical risks and opportunities were
qualitatively assessed to determine materiality. In the coming years, we
will strive to enhance our understanding of nature-related risks and
opportunities, and their potential impacts, incorporating more
comprehensive data, refining our assumptions and investigating how we
can consider and mitigate systemic biodiversity and ecosystems risks.
Through our continuous engagement with a wide range of internal and
external stakeholders in our materiality assessments, including NGOs and
– through them – affected communities in connection with water
replenishment projects, and farmers in connection with the transition to
regenerative agriculture, we gain important stakeholder insights into both
positive and negative impacts. These insights were used as input for our
first nature-related assessment.
Key results
All ten sites were identified as being within 50 km of biodiversity-sensitive
areas, meaning that each was near at least one location defined as a
habitat for IUCN Red List species, protected areas or key biodiversity
areas. In our future assessments, and in accordance with guidances, we
will consider setting a smaller radius and specifying the radius depending
on site type (breweries, offices, warehouses).
Our initial assessment concluded that material impacts on biodiversity in
our value chain stem from the production of raw and packaging materials
(upstream) and consumer waste (downstream). Due to our established
practices to manage pollution, we do not determine there to be a high risk
of material impacts on biodiversity from our own sites. Markets are
responsible for complying with local regulations related to biodiversity,
and therefore we have no global overview of whether there have been any
cases where biodiversity mitigation measures needed to be implemented.
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Creating value
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Carlsberg Group Annual Report 2024
Material impact
Where it originates
How it affects people or planet
Time horizon Addressed in TTZAB
Biodiversity impacts
from sourcing raw
materials
Pollutants, such as pesticides and
fertiliser, may be used in the production
of raw materials for both ingredients and
packaging.
Pollution of water, soil, air and living
organisms could have a negative impact
on biodiversity and the environment.
Short term
ZERO
Farming
Footprint
ZERO
Packaging
Waste
Land use changes in
value chain
Significant agricultural activity is involved
in the sourcing of raw materials.
Intensive land use changes due to value
chain activities such as agriculture and
energy generation could contribute to
biodiversity loss and degrade ecosystems.
Short term
ZERO
Farming
Footprint
ZERO
Packaging
Waste
These IROs relate to both ingredients and packaging materials. Aspects related to ingredients are covered in E4, while aspects related to packaging materials are covered in E5.
Assessment on selected sites
As part of our assessments of our own operations and supply chain sites, we identified that
aluminium production and agriculture can lead to soil pollution, while agriculture could also lead to
long-lasting negative impacts on biodiversity and ecosystem degradation.
In addition to utilising the IBAT tool, which informs us whether our ten sites are in or near a habitat
for threatened species (those on the IUCN Red List), we have also identified the natural capital assets
that are impacted by water use, GHG emissions, water pollutants, solid waste and other resource use.
Currently we do not consider that we have material impacts on biodiversity from our own sites, as
explained above. However, further assessment of each site in higher-risk areas will inform us whether
or not we have sites affecting threatened species.
Impact mitigation and response to an incident
We have processes to comply with local regulations and our own standards to avoid negative
impacts on nature. In case of emergency, crisis management teams handle the situation as
appropriate. Sites must communicate with local communities and their emergency services, providing
them with the relevant information to allow adequate planning for a response at community level, as
stated in our Heath and Safety Policy.
E4-1
Resilience analysis
While we have yet to conduct a full resilience analysis on nature, our DMA addresses the financial risks from
biodiversity and ecosystems at a high level, with inputs from various stakeholders and desktop research. The
DMA, together with our nature-related assessment, identified that we have material impacts related to nature,
while financial risks related to biodiversity and ecosystems were assessed to be immaterial.
We believe that our TTZAB ambitions contribute to mitigation or reduction of our nature-related
impacts and enhance our resilience to changes in biodiversity and ecosystems.
E4-2
Policies
Through our TTZAB targets, our partnerships, our advocacy work and more, we encourage farmers and
suppliers to adopt regenerative agriculture practices, which will enhance conditions for biodiversity. Our
stance on regenerative agriculture, as outlined in our Environmental Policy, aims to directly address the
material impacts of our value chain, including the pollution of waterways, groundwater and soil, and harm
to ecosystems and biodiversity linked to our raw material sourcing, as well as land use changes. It also
addresses our dependence on nature, including the supply of water, through our commitment to use water
sustainably. Our suppliers are contractually obligated to be able to provide documentation of their
regenerative claims, ensuring traceability. Our policy includes our commitment to no deforestation across
the primary deforestation-linked raw materials we purchase. Neither social consequences of biodiversity
and ecosystem-related impacts nor biodiversity and ecosystem protection policies in or near biodiversity-
sensitive areas are addressed in section E1-2.
E4-4; E4-3
Targets and actions
ZERO Farming Footprint
Our ZERO Farming Footprint targets capture our aim to reduce GHG emissions and other negative
environmental impacts by promoting regenerative agriculture practices and sustainable sourcing of raw
materials. The GHG emissions reduction is expected to come from reduction of fuel usage at farm level due
to low/no tilling, reduced fertiliser usage due to healthier soils and a more stable yield over time compared
to conventional farming. Our targets aim to minimise our footprint on nature and do not rely on offsetting.
As the standards and definitions of regenerative agriculture and sustainable sourcing are still in
development, we have not applied any ecological threshold or allocation of impacts. These targets
contribute to the Environmental Policy’s objective of reducing GHG emissions and improving resilience.
As knowledge and scientific data on regenerative practices and biodiversity impacts continue to
develop, we continuously analyse and consider the latest scientific developments in these fields,
including academic studies and industry white papers. At the time of developing the target, we did
not incorporate the EU Biodiversity Strategy for 2030 specifically, but we continue to monitor
relevant developments in the field. For information on how this and all other TTZAB targets are
based on the views of our stakeholders, see page 55.
There are two ZERO Farming Footprint targets. To learn more about our methodology for these
targets, and for additional details, please see the corresponding accounting policies below.
Target 1: 30% of raw materials from regenerative agricultural practices by 2030; 100%
by 2040
We have set a target that 30% of raw materials purchased (measured as total weight of raw
materials) must be regeneratively grown by 2030, and 100% by 2040. This covers direct raw
materials globally, including all malt, barley, wheat, rice, sugar, corn and hops.
Sourcing raw materials from regenerative agricultural practices
Our foundational actions for achieving this target include formalising our principles of regenerative agriculture,
mapping our supply areas and partners to implement the practices, engaging with suppliers on this topic, and
integrating new regenerative agriculture requirements into our automated procurement processes.
We recognise that the approach to regenerative agriculture varies depending on geographic and
climatic circumstances and we therefore also recognise the potential for local adjustments to these
definitions, as well as the need to engage closely with our local teams, experts and our suppliers to
understand the local regenerative agenda.
Supporting suppliers
We seek to engage with our suppliers by understanding their current approach, sharing research,
participating in meetings of local networks and onboarding them to our targets. This work is the foundation
of establishing a robust company-wide approach to meeting our regenerative agriculture target, ensuring
To our shareholders
2024 at a glance
Creating value
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Governance
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Environment
E4 BIODIVERSITY AND ECOSYSTEMS
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Carlsberg Group Annual Report 2024
that pilot programmes evolve into systemised and strategic long-term efforts anchored in our procurement
processes. This work is ongoing and its scope is global, with an initial focus on Western Europe during 2024.
Piloting our approach
We are piloting a range of approaches to regenerative agriculture in markets across Europe, covering
all three of our levels: engaging, advancing and leading (described further in the accounting policies
to the right and Appendix 4 on page 110). In the UK, we are working with farmers to brew Carlsberg
Danish Pilsner with 100% regenerative barley by 2027. In Finland, KOFF’s Christmas Beer has
incorporated barley grown with some regenerative principles since 2021, while in France 50% of the
barley for our Kronenbourg 1664 Blonde beer is also derived from grains grown using some
regenerative practices. Denmark became the most recent market to incorporate regenerative
agriculture, signing an agreement to purchase up to 500 tonnes of regeneratively grown malting
barley for roughly 3.3 million litres of beer, available in 2025.
In addition to these four markets, we are also undertaking projects that work towards the
requirements of regenerative agriculture. In Laos we have expanded a project that reduces the use of
chemical fertiliser and promotes the practice of alternative wetting and drying of rice paddies. Since
2023, this project has expanded from 100 to 340 hectares and from 35 to 200 farmers.
The procurement changes necessary for the adoption of regenerative agricultural sourcing are to be
accelerated gradually over the next three years. With learnings from these pilots and a more robust
procurement apparatus that can properly accommodate regeneratively grown raw materials, we aim
to accelerate our actions in this space in the coming years.
Target 2: 30% of raw materials sustainably sourced by 2030; 100% by 2040
This target is for 30% of the total weight of raw materials purchased to be sustainably sourced,
relative to total weight of raw materials purchased, by 2030, and 100% by 2040. This covers direct
raw materials globally, which includes all malt, barley, wheat, rice, sugar, corn and hops.
Sourcing raw materials in accordance with the Sustainable Agriculture Initiative’s Farm Sustainability
Assessment (FSA) tool ensures that fundamental environmental and social compliance elements are in
place. Sustainably sourced raw materials have a reduced negative impact on biodiversity and ecosystem
health. By expanding our sustainable sourcing, we are reducing the negative impact of our value chain.
Sourcing raw materials sustainably
A key action towards the goal of sustainably sourcing raw materials is the ongoing collection of data
from suppliers globally on what proportion of their raw materials meets FSA minimum standards.
This gives us an understanding of the work required to achieve our target.
Performance against targets
In 2024, <1% of our raw materials were grown according to leading regenerative principles, and 0%
of our raw materials were sustainably sourced. Our baselines of 0% for each target were established
in 2021. The reported percentage of raw materials that are sustainably sourced is likely higher, but
due to a lack of available supplier data, we conservatively report 0%. Due to this lack of data, we are
unable to assess our progress. We have a project underway in 2025 to specifically address this data
gap. While our regeneratively grown raw materials results are still modest, they are as expected,
given that we are in the ramp-up phase of this target. We are still confident we will reach our 2030
target, as scale can be achieved through partnerships within the farming value chain, including
cooperatives and key suppliers. We believe the foundational actions we undertook in 2024 will yield a
more significant improvement in this area in the coming years.
Unit
Value
Share of regeneratively grown raw materials purchased (leading)
%
<1
Share of regeneratively grown raw materials purchased (advancing)
%
0
Share of regeneratively grown raw materials purchased (engaging)
%
1
Raw materials that are sustainably sourced
%
0
ACCOUNTING POLICIES
The share of regeneratively grown raw materials purchased is the weight of regeneratively grown
materials divided by the total inflow of biological raw materials. The total inflow includes malt, barley,
wheat, rice, sugar (including syrups), corn and hops. To determine what is regeneratively grown, six
main criteria as well as 11 additional criteria are applied to malt, barley and wheat farmers (see
Appendix 4 on page 110). Farmers are classified into three levels of regenerative practices: engaging,
advancing and leading. This naming convention is derived from and has been approved by the
Sustainable Agriculture Initiative Platform (SAI Platform). To be considered engaging, the field on
which the crop is grown must fulfil two out of the six main requirements. Advancing farmers must fulfill
three out of the six main requirements as well as at least one additional requirement, whereas leading
farmers must fulfill four out of the six main requirements as well as at least one additional
requirement.
When claiming regenerative practices, suppliers contractually commit to be able to provide necessary
documentation to support the regenerative claims (including third-party verification). Carlsberg
conducts continuous sample requests on documentation from supplier.
Raw materials that are sustainably sourced is calculated as the weight of sustainably sourced raw
materials divided by the total inflow of raw materials. The total inflow of raw materials is directly
measured through procurement reports and includes our main ingredients (including barley, sugar,
syrup and wheat). Sustainably sourced materials are defined as those that are certified by valid third-
party agencies, including the Farm Sustainability Assessment (FSA) for barley and Bonsucro
certifications for cane sugar. A higher degree of measurement uncertainty is present in the input data.
For more details, see Appendix 3 (BP-2) on pages 108-109.
Current and future allocated resources
In 2024, we spent DKK 4m in OpEx on pilots to support the transition to regeneratively grown raw
materials. In 2025, the procurement cost related to regenerative agriculture and sustainably sourced raw
materials is expected to amount to DKK 10-15m in COGS, and we do not expect any CapEx investments.
These costs are not specifically segmented in our accounting and are reported based on the general rules
for financial reporting.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E4 BIODIVERSITY AND ECOSYSTEMS
83
Carlsberg Group Annual Report 2024
E5 RESOURCE USE AND CIRCULAR ECONOMY
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES
SBM-3
Packaging gets our beer safely to consumers and influences what they buy. But it is also responsible for more than half of our value chain carbon emissions, and cutting its climate impact is a priority to
achieve our ZERO Carbon Footprint ambition. Meanwhile, awareness about the environmental impact of packaging continues to grow and reducing this impact is high on the agenda for legislators. Our DMA
identified three material negative impacts in our value chain that relate to resource use and the circular economy. It also identified one material financial opportunity that the circular economy presents for our
business in the medium term. This section details these IROs further, as well as the policies, targets and actions in place to mitigate the risks and capitalise on the opportunity.
How our E5 Resource use and
circular economy IROs link to our
value chain
AGRICULTURE
PACKAGING
BEVERAGE
PRODUCTION &
ADMINISTRATION
DISTRIBUTION
SELLING &
MARKETING
REUSE &
RECYCLING
IRO-1
We have several processes to screen our products’ environmental footprints. To
assess the sustainability aspects of innovation projects, we use a sustainability
scorecard. This evaluates the product and process innovation contribution to
the environmental footprint of raw materials, the brewing process, primary and
secondary packaging, transportation, recyclability and consumer appeal.
In addition, we provide a life cycle assessment tool to our markets for
more in-depth evaluation of the environmental footprint of our products.
This tool uses the industry-standardised method codeveloped by the
Carlsberg Group, known as the Product Environmental Footprint Category
Rules (PEFCR) for beer.
We assess the recyclability of our packaging by considering the material
composition (for PET) and colour (for PET and glass), and monitor the
development of recycling rates in our markets and support initiatives to
increase them through, for example, deposit return scheme developments.
As part of our DMA process, we performed interviews with internal and
external stakeholders and conducted third-party research in relation to
resource use and circular economy.
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Creating value
2024 review and 2025 expectations
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Material risk/opportunity
Where it originates
How it affects our business
Time horizon Addressed in TTZAB
Initiating and
developing deposit
return and recycling
schemes
We are involved in initiating and
developing deposit return and recycling
schemes in our markets.
Opportunity: By initiating recycling and
reuse schemes in some markets with limited
schemes, such as Asia and Central & Eastern
Europe, and supporting the continued
implementation across Western Europe, we
could avoid potential environmental fees on
our packaging and secure stable access to
reusable, recycled and recyclable materials
Medium term
ZERO
Packaging
Waste
ZERO
Carbon
Footprint
Material impact
Where it originates
How it affects people or planet
Time horizon Addressed in TTZAB
Purchasing raw
materials for beverage
production
We purchase significant volumes of raw
ingredients for beverage production.
We consume a large volume of raw
materials in beverage production,
leading to impacts on biodiversity and
nature.
Short term
ZERO
Carbon
Footprint
ZERO
Farming
Footprint
Responsible
Sourcing
Purchasing of
packaging materials
We purchase a significant volume of
packaging materials that rely on raw
materials for production.
Intensive use of both biological and
non-biological resources has a
significant impact on the environment
and nature.
Short term
ZERO
Packaging
Waste
ZERO
Carbon
Footprint
ZERO
Farming
Footprint
Responsible
Sourcing
Post-consumer waste
from packaging
material
We use packaging to prepare our
products for transportation and sale.
If not disposed of correctly, our
packaging could end up in nature,
including waterways and oceans, and
lead to air and soil pollution through
incineration or landfilling of materials.
Short term
ZERO
Packaging
Waste
ZERO
Carbon
Footprint
E5-1
Policies
Through our ZERO Packaging Waste focus area of TTZAB, we are working to source more reusable,
recycled or recyclable packaging and driving progress towards circularity. Underpinning this work is
our Environmental Policy, which details our requirements for reducing the impact of our packaging,
as well as minimising all waste and utilising by-products. It also commits us to using life cycle
assessments (LCAs) or similar environmental assessments for all new packaging types, and to
working with partners to reduce consumption of packaging materials while promoting a more circular
approach. The policy addresses sustainable sourcing and the use of renewable materials, from both
packaging and raw material perspectives. Details of the policy are summarised in E1-2 on page 66.
E5-3; E5-2
Targets and actions
ZERO Packaging Waste
We aim to use less virgin fossil-based plastic and more renewable, recycled or recyclable materials in
our packaging. We also strive to increase the amount of packaging that is collected and reused or
recycled after use. In these ways, we increase full circularity of our packaging. Our targets, outlined
below, commit us to playing an active role in minimising the environmental impact of beverage
packaging systems, as set out in our Environmental Policy.
While our targets are not based on mandatory requirements, legislation related to these areas is
evolving and we are working to ensure alignment. In our target setting, we have been inspired by
definitions from the Ellen MacArthur Foundation and the scientific resources it makes available on
the circular economy. Our first three targets relate to recycling and reuse, while our fourth target
relates to reduction of waste. For information on how TTZAB targets are based on the views of our
stakeholders, see E1-4 Climate change targets on page 55.
We have not changed the targets in 2024. However, the processes adopted to collect data have
evolved to become more detailed and robust, allowing us to establish the baseline for this target. Our
understanding of our performance and what is required to meet the targets has also improved.
Our ongoing actions related to resource use and circular economy aim to make a significant
contribution to our GHG emissions reductions globally. They include internal projects and innovations
across all markets, global collaboration with suppliers, industry engagement, and advocacy to
support the roll-out of effective deposit return schemes.
To learn more about our methodology for these targets, and for additional details, please see the
corresponding accounting policies below.
Target 1: 100% recyclable, reusable or renewable packaging by 2030
We aim for all our packaging to be 100% recyclable, reusable or renewable by 2030. The scope of
the target includes all primary packaging that is in direct contact with our products, i.e. bottles (glass
and plastic), cans and plastic kegs.
Our actions in this area are focused on increasing our use of recyclable, reusable or renewable
packaging to minimise our environmental impact. In 2024, we continued to undertake analysis of our
primary packaging. Through improving our data collection, we have increased our understanding of
our performance and developed a roadmap of specific actions to achieve our ambitions. This will
enable us to measure and report on our performance and identify challenges and opportunities to
achieve our policy commitment of reducing consumption of packaging materials and promoting their
reuse and recycling.
We have developed a clear roadmap of actions to drive progress and are now expanding our focus
from primary packaging to secondary packaging as well.
In 2024, 94% of our packaging was recyclable, renewable or reusable. This is also the baseline year
for this target, and this performance is in line with our expectations. Please see the Performance on
targets 1-3 table on page 86 for a breakdown by material type.
Target 2: 90% collection and recycling rate for bottles and cans by 2030
We are targeting a 90% collection and recycling rate for bottles (glass and plastic), cans and kegs
(plastic and steel) by 2030. We measure progress by comparing hectolitres of beer sold in each
market with the recycling rate for each packaging type in that market. To read about our actions to
address this target, see the section “Addressing our financial opportunity: initiating deposit return and
recycling schemes” on page 86.
In 2024, our markets globally achieved an average collection and recycling rate of 76%, representing
an increase of 4 percentage points from our 2019 baseline of 72%. Matching our expectations, this
performance reflects major positive developments in deposit return schemes and industry
partnerships. Please see the Performance on targets 1-3 table on page 86 for a breakdown by
material type.
Target 3: 50% recycled content in bottles and cans by 2030
We aim to reach 50% recycled content in our bottles (glass and plastic), cans and plastic kegs by
2030. Recycled content must come from post-consumer recycled material, as defined by the ISO
14021 standard.
In 2024, 43% of the material content of our primary packaging comprised recycled materials,
representing an increase of 14 percentage points from our 2019 baseline of 29%. This performance is
in line with our expectations and reflects our commitment to create circular value chains. Please see
the Performance on targets 1-3 table on page 86 for a breakdown by material type.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
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Environment
E5 RESOURCE USE AND CIRCULAR ECONOMY
85
Carlsberg Group Annual Report 2024
Addressing our financial opportunity: initiating deposit return and recycling schemes
(E5-2)
By promoting industry-driven non-profit deposit return schemes (DRSs), we can create a higher
level of resilience in our packaging value chain. High return rates can reduce the risk of
environmental fees on our packaging and maintain the high value of clean mono-materials in a
closed recycling loop for beer and beverage packaging. This creation of circular material flows
also contributes to a future-proofed business model in a world with increasing material scarcity.
As our DMA indicated, recycling and DRSs represent a material financial opportunity for our
business. As they are also a key lever for reaching our ZERO Packaging Waste goals, facilitating
their creation and development in markets around the world is one of our priorities.
We have, for many years, been active in developing recycling and DRSs in many of our markets,
with significant improvements in return rates for bottles and cans achieved in all four Nordic and
all three Baltic countries. We are exploring expanding these efforts in regions with low recycling
rates, such as Asia and Central & Eastern Europe, and supporting the continued implementation
across Western Europe.
In 2024, we finalised a position paper advocating for DRSs as the optimal separate collection
system for beverage packaging, based on research and experience across our markets. We also
hosted a workshop in Latvia for our European markets and local representatives from the DRS
scheme in Latvia to exchange best practice and tools for implementation.
Improving existing DRSs and supporting the roll-out of effective DRSs in more markets will
increase our collection rate, helping us to reach our 2030 target and meet our policy
commitment to play an active role in improving and building beverage packaging systems with
less environmental impact.
Performance on targets 1-3
Unit
PET Aluminium
Glass
Total
Rate of recyclable, reusable or renewable packaging
%
68
100
100
94
Recycling rate
%
49
81
82
76
Rate of recycled content
%
18
49
49
43
Note: The corresponding accounting policy is below on page 87.
Target 4: 50% reduction in virgin fossil-based plastic by 2030
We aim to reduce our use of virgin fossil-based plastic by 50% by 2030 compared with 2019. This
can be achieved by reducing the amount of plastic needed through lightweighting, or by replacing
virgin fossil-based plastic with recycled content or renewable materials, such as recycled PET or PEF.
We are taking action to increase the recycled content in our bottles and reduce the virgin fossil-based
plastic in our packaging. This will reduce the negative impact of the significant volume of packaging
materials we use.
We continue to partner with local suppliers to explore ways to increase recycled content in plastic
bottles on a market-by-market level, for example achieving 80% recycled content across our PET
portfolio in Norway. These actions address targets 3 and 4. Our actions and innovations are
minimising the need for virgin materials and contributing to our policy objectives of reducing
consumption of packaging materials and promoting their reuse and recycling. We also achieve this
commitment by lightweighting and by replacing virgin materials with recycled content or renewable
materials, such as recycled PET.
In 2024, we used 48 kt of virgin plastic in our primary packaging materials, representing a decrease of
20% from our 2019 baseline of 60 kt. This performance is driven, in particular, by increasing the use
of recycled materials and it is in line with our expectations.
Performance on target 4
Unit
Value
Absolute virgin plastic use
kt
48
Note: The corresponding accounting policy is below on page 87.
Packaging mix
g Cans
36 %
g Refillable glass bottles (RGBs)
30 %
g Non-refillable glass bottles (NRGBs)
10 %
g PET bottles
16 %
g Kegs
6 %
g Bulk
1 %
g Other
<1 %
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E5 RESOURCE USE AND CIRCULAR ECONOMY
86
Carlsberg Group Annual Report 2024
ACCOUNTING POLICIES
Rate of recyclable, reusable or renewable packaging is calculated as the volume of beverages sold in
recyclable, reusable or renewable primary packaging materials (excl. steel kegs) divided by the total
volumes sold. Reusable: the material must be designed to be used more than twice in the same
application. Renewable: the material must be made of biomass that can be continually replenished,
and any biomass used for packaging solutions should comply with the sustainability requirements of
the EU regulatory framework. Recyclable: see accounting policy on "share of recyclable content in
packaging" in E5-5 for definition.
The recycling rate is the average recycling and collection rate for primary packaging (excl. steel kegs),
weighted based on production volume. Where reusable glass bottles are lost in the market, we assume
the standard recycling rate for the country, as used for one-way glass bottles.
The rate of recycled content is the average share of recycled content in primary packaging (excl. steel
kegs), weighted across different packaging types using the beverage production volume they carry. See
accounting policy on "weight of recycled or reused materials" in E5-4 for definition.
Virgin plastic use is calculated as the weight of virgin plastic purchased. This covers plastic materials
used in primary, secondary and tertiary packaging. Virgin plastics are defined as those not purchased
as recycled or reused materials (see accounting policy on “weight of recycled or reused materials” in
E5-4 for definition).
Packaging mix includes the share of total production volume of beer and soft drinks packed in primary
packaging types, calculated as the volume (hl) of beverage produced in a packaging type divided by
total production volume.
A higher degree of measurement uncertainty is present in the input data for the above-mentioned
metrics. For more details, see Appendix 3 (BP-2) on pages 108-109.
Current and future allocated resources
For the purchasing of recycled packaging materials, primarily recycled PET, we invested DKK 120m in
OpEx in 2024. In 2025, the investment is expected to be within the range of DKK 130-170m in OpEx.
This includes investments in rPET.
The costs of purchasing cardboard or solid board with recycled materials as well as reusable glass
bottles are not captured here due to the practice being a mainstream and thoroughly integrated part
of our packaging procurement processes already. These costs are not specifically segmented in our
accounting and are reported based on the general rules for financial reporting.
Other mandatory data disclosures
E5-4; E5-5
Resource inflows
Unit
Value
Total weight of products and biological materials used
kt
3,616
Total weight of recycled or reused materials
kt
774
Share of recycled or reused materials
%
21
Share of biological materials that are sustainably sourced
%
0
Resource outflows
Unit
Value
Recyclable content in packaging
%
96
Note: Products in scope include the following primary packaging categories: glass bottles, aluminium cans, PET
bottles and plastic kegs (DraughtMaster).
ACCOUNTING POLICIES
Total weight of products and biological materials includes agricultural ingredients (adjuncts: e.g. barley
and rice; other ingredients: e.g. hops and sugar; process materials: e.g. brewing additives and yeast)
and packaging materials (primary: aluminium, glass and plastic; secondary and tertiary: e.g. corrugated
and hi-cone). The inflow is directly measured through procurement reports and includes all material
inflow related to the production of beverages. We apply a consistent cut-off period and a standardised
classification system across all regions.
Total weight of recycled or reused materials is defined as materials that have been reprocessed or
recovered after post-consumer usage with the consumer being either a downstream customer
(industry) or end-consumer. The inflow of recycled content includes primary, secondary and tertiary
packaging materials. The share of reused or recycled content is calculated as the weight of recycled
and reused materials divided by the total material inflow.
Biological materials that are sustainably sourced is calculated as the weight of sustainably sourced
biological materials divided by the total inflow of biological materials. The total inflow of biological
materials includes raw materials (including barley, sugar, syrup and wheat) and biological packaging
materials (including cardboard). For the definition of sustainably sourced materials, please see the
accounting policy for share of raw materials that are sustainably sourced on page 83.
Share of recyclable content in packaging is calculated as the weight of recyclable packaging materials
divided by the total weight of packaging materials (primary, secondary and tertiary). To be considered
recyclable, the specific packaging material must be technically designed to fit into a recycling stream
that has been proven to work in practice and at scale in a representative market. The methodology
follows the principles of the Ellen MacArthur Foundation's (EMF) global approach. To assess the
technical recyclability of PET materials, a component-specific assessment is conducted on the colour
and barrier of the product.
A higher degree of measurement uncertainty is present in the input data for the above-mentioned
metrics. For more details, see Appendix 3 (BP-2) on pages 108-109.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Environment
E5 RESOURCE USE AND CIRCULAR ECONOMY
87
Carlsberg Group Annual Report 2024
SOCIAL
S1 OWN WORKFORCE
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES
SBM-3
The roughly 33,000 employees who make up our own workforce form the cornerstone of all we do at Carlsberg, and we take great care to listen to and engage with them in order to create the best
workplace possible. Our DMA identified six material impacts related to our own workforce over the short term, five of which are negative and one of which is positive. All employees and contractors are
potentially subject to these impacts and are included in the scope of our disclosure. The following section discusses how we understand the interests of and engage with our employees, as well as the policies,
targets and actions that address our material impacts.
How our S1 Own workforce IROs link
to our value chain
AGRICULTURE
PACKAGING
BEVERAGE
PRODUCTION &
ADMINISTRATION
DISTRIBUTION
SELLING &
MARKETING
Material impact
Where it originates
How it affects people or planet
Time horizon Addressed in TTZAB
Health and safety
during production
processes
Health and safety incidents occur at
Carlsberg related to production and
distribution processes. Incidents could
occur anywhere in the business without a
robust programme and culture to prevent
them.
Impacts range from minor to severe
physical injury, with a potential risk of
fatalities.
Short term
ZERO
Accidents
Culture
Human Rights
Gender disparity in
senior management
We have an unequal representation of
genders in senior management. This
issue could potentially affect all markets.
Imbalanced gender representation in
senior management signifies disparities
in the hiring, training, pay and promotion
of women in the workplace.
Short term
Diversity,
Equity &
Inclusion
Healthy work-life
balance
We ensure all our employees across all
locations are entitled to sick leave,
holiday and parental leave, and offer
flexible working options so employees
can enjoy a healthy work-life balance
and good working conditions.
Promoting a healthy work-life balance
contributes to improved employee
satisfaction, the ability to attract and
retain employees, and reputational
benefits.
Short term
Human Rights
Living by our
Compass
Collective bargaining
and work-related
human rights
We operate in countries with a higher
risk of human rights issues, which could
potentially impact our employees' rights
to freedom of association and collective
bargaining.
Infringement of the right to freedom of
association and collective bargaining can
undermine employees’ abilities to
collectively advocate for their rights,
interests and wellbeing.
Short term
Human Rights
Living by our
Compass
Workforce harassment
Workforce harassment impacts
employees at Carlsberg, as seen in
SpeakUp cases. Incidents could occur
anywhere in the business without a
robust programme and culture to prevent
them.
Impacts include stress, physical
harassment and lack of a safe working
environment. These impacts could
particularly affect vulnerable groups,
such as migrant workers and women.
Short term
Diversity,
Equity &
Inclusion
Living by our
Compass
Human Rights
Wage adequacy
There is a potential risk of workers being
paid inadequate wages, especially in
markets outside the European Economic
Area.
Not paying adequate wages could have
negative impacts on workers' and their
dependants’ ability to meet their basic
needs.
Short term
Human Rights
Living by our
Compass
Additional SBM-3 disclosures required of CSRD: No significant risk of forced or child labour has been identified in our operations.
Our transition plans for achieving greener and climate-neutral operations do not have any major implications for material impacts on workers.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
88
Carlsberg Group Annual Report 2024
S1-1
Policies
Our people strategy and approach to managing the material IROs relating to our own workforce are
underpinned by our policies below. All of these are available internally on our intranet, and all but the
Human Resources Policy are publicly available online.
Human Resources Policy
Our Human Resources Policy sets out guidance for effective human resources management. Taking a
starting point in the interests and considerations of our employees themselves, it explains our
approach to providing a workplace where everyone can fulfil their potential in a safe, healthy and
inspiring environment. It details our expectations of managers and employees around recruitment,
working conditions, career development, performance management, wellbeing and employee
relations.
The policy sets out our aim to enable direct and frequent communication between all levels of the
organisation via a number of channels. Engagement occurs via our annual My Voice employee
survey and regular listening sessions led by senior leaders in our markets.
Employees are updated regularly via email, intranet, webinars and townhall meetings. We also hold
formal consultations with employee representatives globally. The policy is owned by the Chief
Human Resources Officer and applies globally to the management, employees and contract workers
of all entities in the Carlsberg Group.
Health and Safety Policy
Our Health and Safety Policy defines our approach to the management of health and safety in all
our business activities. It describes how we aim to eliminate or mitigate risks of occupational injuries
and illnesses and avoid accidents for our global workforce. It also applies to contractors while at
Carlsberg Group sites.
There was a substantial engagement process undertaken in the development and launch of the
policy, with consideration and involvement of key stakeholders, both internal and external.
Although there were no changes to the policy in 2024, the standards that underpin the policy are
continually reviewed and updated to ensure they remain best in class, with a new standard related to
chemical management introduced in 2024. When new standards are launched, we include a
communication package for those who implement the policy, with targets and actions for how to
reach all workers. The EVP, Integrated Supply Chain (ISC) is the most senior executive responsible for
implementing the policy.
Carlsberg sites must have a certified health and safety management system in place in accordance
with ISO 45001 that has the same scope as the policy and monitors its implementation. Where legal
requirements are stricter than these standards, we comply with local legislation.
The policy is aligned with the International Labour Organization’s (ILO) Declaration on Fundamental
Principles and Rights at Work. We also align with International Electrotechnical Commission (IEC)
standards and follow international guidance on areas such as electrical safety, asbestos and dust
explosion hazards.
Diversity, Equity and Inclusion Policy
Our Diversity, Equity and Inclusion (DE&I) Policy sets out our aim to become a more diverse,
equitable and inclusive company. We aspire to better reflect the diversity of our customers and
consumers, and to make all our people feel included and able to show up as their best selves to work.
We define diversity in terms of gender, age, culture, nationality, ethnicity, physical abilities and
neurodiversity, political and religious beliefs, sexual orientation and other attributes. The policy
specifically seeks to manage the material negative impacts of unequal representation of genders in
senior management.
The policy was developed taking into account employee feedback gathered via the annual My Voice
employee survey and other engagement sessions conducted across the Group. The policy is set to be
updated in 2025 and will be rolled out with a webinar to make all employees aware of changes.
Our commitment to meeting our responsibility to respect the human rights of our workforce is set out
in our Human Rights Policy. However, our DE&I Policy states that we have zero tolerance for any
form of harassment and/or discrimination based on distinguishing characteristics, and a clear set of
consequences for non-compliance. Training to understand and prevent sexual harassment is
mandatory for all employees.
The policy applies to all employees in the Carlsberg Group. It does not specifically address people
from groups at particular risk of vulnerability, but we will consider adopting specific policy
commitments in relation to inclusion and positive action for those at risk of vulnerability in due
course. The policy is owned by the Chief Human Resources Officer, and informed and guided by the
UN Women's Empowerment Principles and the Sustainable Development Goals.
Human Rights Policy
Our Human Rights Policy articulates our commitment to respect human rights. It outlines our
continuous human rights due diligence and rightsholder engagement, including the provision of
grievance channels. It also describes our human rights governance and how we provide and
cooperate to remedy where appropriate.
In 2024, with support from BSR, a sustainable business network and consultancy, we significantly
enhanced the Human Rights Policy and accompanying internal Human Rights Manual to align with
best practices, provide more detailed guidance on our expectations and address new topics, such as
respect for land rights. Input and findings from our policy monitoring processes also informed the
policy update.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
S1 OWN WORKFORCE
89
Carlsberg Group Annual Report 2024
The policy applies to our entire value chain, including all our brands, employees, agency workers,
contractors, consultants and other individuals working on the Group’s premises or working for or on
behalf of the Group, as well as our global business partners (all parties with whom we have a
commercial relationship) and consumers. The policy covers respect for all human rights as defined in
international instruments and places special emphasis on the areas of occupational health and
safety, working hours and right to rest and leisure, wages and benefits, discrimination and
harassment (based on distinguishing characteristics such as race, colour, gender, religion, political or
other opinion, national or social origin, sexual orientation, age or disability, forced labour (including
human trafficking), child labour and juvenile work, freedom of association and collective bargaining,
water use and access, and respect for land rights.
We are committed to respecting all internationally recognised human rights across our global
operations and value chain as outlined in the International Bill of Human Rights, consisting of the
Universal Declaration of Human Rights, the International Covenant on Economic, Social and Cultural
Rights (ICESCR) and the International Covenant on Civil and Political Rights (ICCPR), as well as the
ILO’s Declaration on Fundamental Principles and Rights at Work, the Children’s Rights and Business
Principles (CRBP) and the UN Women’s Empowerment Principles. As a signatory to the UN Global
Compact, we are committed to its Ten Principles, which incorporate human rights, and we follow the
framework provided by the UN Guiding Principles on Business and Human Rights (UNGPs) and the
OECD Guidelines for Multinational Enterprises on Responsible Business Conduct to inform our
approach to human rights due diligence.
We conduct ongoing human rights due diligence in line with the UNGPs and strive to continuously
improve our ability to identify potential and actual human rights impacts connected to our business
and take appropriate action to prevent and mitigate those impacts.
We are committed to providing or cooperating in the remediation of any adverse human rights
impact on individuals (including our own workforce, workers in our value chain and consumers) and
communities that we have caused or contributed to. We also expect our business partners to follow
this approach, and we will collaborate with judicial or non-judicial mechanisms to provide access to
remedy as applicable.
Discrimination is covered in our in-country human rights impact assessments. Where actual or
potential discrimination is identified, a remedial action plan is established with clear deadlines and a
procedure in place if corrective actions are not closed within the agreed timeframe.
Overall responsibility for human rights at Carlsberg lies with the Group CEO. Our global Group
Sustainability & ESG team, which includes a dedicated Senior Human Rights Manager, drives our
human rights due diligence process.
The principles of the policy are embedded in the Supplier and Licensee Code of Conduct, which
describes how these principles apply to licensees, suppliers and service providers, and in the Brand
Promoter Manual, which includes specific guidance on how the principles of this policy apply to the
people promoting our products. Furthermore, our Human Rights Manual provides extra guidance to
relevant employees on how to implement and enforce our policy commitments in real-life situations.
S1-2
Engaging with stakeholders
Proactive employee engagement
Engaging with employees is an important element of our people strategy, allowing us to monitor the
health, wellbeing and sentiment of our people, identify and resolve matters as they emerge, and
gather insights on opportunities to improve employee satisfaction and wellbeing. The Chief Human
Resources Officer is ultimately responsible for global engagement processes to ensure consistency
and alignment with our values.
Employee engagement happens through a wide-reaching employee listening strategy across the
following channels:
• Annual My Voice survey: Our annual employee survey gathers feedback on material topics
including work-life balance, workforce harassment and gender representation. Results are shared
with and reviewed by senior management. Individual departments and managers are responsible
for setting up and managing action plans to address challenges identified.
• Global townhall meetings: Quarterly sessions with the Group CEO and the CFO which provides
employees with the opportunity to raise questions and concerns.
• Market visits: Regular senior management visits to local markets, which provide employees with
the opportunity for direct engagement and dialogue.
• Employee Resource Groups (ERGs): One ERG dedicated to gender balance and one to culture,
ethnicity and nationality, creating safe spaces for underrepresented groups and others to discuss
specific topics. Feedback is shared with HR to inform our diversity, equity and inclusion strategies.
• Organisational Health Index: Survey conducted with senior employees to create a data-driven
snapshot of our organisational health and benchmark performance against key growth ambitions.
• European Works Council: Two-day conference held annually where employee representatives are
consulted and informed of upcoming business developments. A framework agreement defines our
approach to the Council, aligning it with EU Directives. The 2024 Council was held in June and 27
representatives from 15 markets attended. This was the 24th year that the Council has met.
• Onboarding and exit surveys: Undergoing piloting in 11 markets, gathering input on what works
well and where we can improve in our employee experience. We plan to expand our use of these
surveys further based on the learnings from the initial pilot. The improvements enacted in 2024 will
be ongoing.
In the global employee survey My Voice, the wellbeing questions (e.g. My company takes a genuine
interest in the employees’ wellbeing) received 76 points out of 100, which is 6 points above the
external benchmark of approximately 1,100 companies. The results of the My Voice survey are shared
with and reviewed by senior leadership annually. In addition to our engagement, we work to upskill
our employees through training sessions, which averaged 18.6 hours a year per employee in 2024.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
S1 OWN WORKFORCE
90
Carlsberg Group Annual Report 2024
Monitoring the effectiveness of our engagement
To gauge the effectiveness of our engagement efforts, we monitor several key metrics:
• Survey metrics: Trends in participation, engagement and satisfaction levels inform adjustments to
our engagement strategy. Our overall engagement index score allows us to benchmark against
nearly 1,100 companies across more than 150 countries.
• ERG participation: We track participation levels in our ERGs, ensuring these groups remain active
and effective in providing feedback.
• Talent turnover and retention: Serve as additional indicators of our engagement effectiveness.
Engagement with non-employees in our workforce
Contractors in our workforce are considered non-employees of the Carlsberg Group. As our non-
employees cover many different needs in our business, across all markets, we do not have one
formalised process for engaging with them. However, we follow a similar process to that described in
the section “Workers in the value chain”.
S1-5; S1-4
Targets and actions
ZERO Accidents Culture
Our Health and Safety Policy is founded on the belief that all accidents are preventable, and our
target of achieving ZERO accidents reflects our commitment to this area. Our targets also
demonstrate that we are focused on delivering incremental and consistent improvements as we work
towards our goal of ZERO accidents. For information on how TTZAB targets are based on the views
of our stakeholders, see page 55. Our two health and safety targets are presented below.
Targets 1 & 2: Reduction in accident rate year-on-year and ZERO lost-time accidents by 2030
The KPIs for these targets are the number of lost-time accidents and the lost-time accident rate
(LTAR). These targets apply to all our own employees. Given their related nature, the targets are
presented together in this report.
Employees are engaged on performance against targets during safety week and through regular
campaigns. As part of our approach to identifying root causes and continually improving, we convene
incident review panels after LTAs and near-misses, with communications to share learnings with the
wider workforce.
To learn more about our methodology for these targets, and for additional details, please see the
corresponding accounting policies below.
Ingraining a culture of health and safety
Our Health and Safety programme is designed to prevent physical harm to our people caused by
accidents anywhere in the business, and to mitigate the risk of severe accidents and loss of life.
The programme is active across all our global markets and includes all sites (offices, breweries,
warehouses etc.). It also covers our own employees when performing work outside our sites,
including driving, making deliveries and conducting visits at points of sale. Our health and safety
measures also apply to contractors and anybody who visits our sites.
Our focus is on preventing incidents. However, when one occurs, we prioritise two things: taking care
of the affected individual and understanding how the incident happened to identify learnings. There
are a variety of measures to help people involved in an incident, from initial responses, including first
aid and facilitation of hospital assessment, to communication with family members and long-term
physical and mental support. An incident review panel is convened to investigate the root causes of
any incident to prevent future occurrences. Learnings are shared across all our sites via a weekly
health and safety update.
We have implemented a number of programmes to promote a health and safety culture in recent
years, and continued driving these in 2024. Some of the key actions associated with these
programmes, which are ongoing and revisited on an annual basis, include:
•
Safety in day-to-day behaviours: To ingrain a culture of health and safety in the everyday
behaviours of our workforce, we host regular health and safety days with interactive workshops
and strong leadership presence. We also run quarterly townhall meetings to share local priorities,
and conduct regular safety walks to maintain a focus on daily safety.
•
In 2023, a company-wide awareness and training campaign focused on our five Life Saving Rules,
anchored in our Health and Safety programme. In 2024, “espresso shot” micro-training sessions
put these rules into action in everyday working life and issued new standards on key topics. In
addition, we rolled out a training programme for leaders that goes beyond compliance and
incorporates coaching techniques to increase engagement and foster a safety mindset.
•
We continually run awareness and engagement campaigns focused on our most common injuries.
In 2024, we targeted slips, trips and falls, chemical hazards and driving risks in our global approach.
At a regional level, we focus on mitigating and managing relevant hazards and risks identified
through local risk assessment processes.
Measuring impact and effectiveness
We measure the effectiveness of our health and safety activities through a number of methods:
• Each project has an action tracker with key milestones, allowing us to monitor how initiatives are
being realised globally and in individual markets.
• Monthly reporting processes allow markets to discuss progress and identify opportunities,
alongside regular one-to-one calls between the head of health and safety of each market and their
regional leads.
• Regular site visits, either by Group- or regional-level leadership, assess how actions and processes
are being implemented. Sites complete self-assessment questionnaires and internal audits are
performed on a regular basis.
• A heat map of previous incidents and identified risks is analysed on an annual basis and actions
are developed as needed.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
S1 OWN WORKFORCE
91
Carlsberg Group Annual Report 2024
At the end of each year, ongoing actions are reviewed and refined, and new actions are introduced,
focusing on the key areas to be addressed. Actions are also informed by local legal requirements as well as
consultations with key stakeholders. Informed by our Health and Safety Policy, consultations with internal
and external stakeholders, and implementation of best-practice examples and regulation, we continue to
mitigate negative impacts on our own workforce.
Performance against targets
In 2024, we experienced 94 lost-time accidents, a decrease of 69% from our 2015 baseline of 302. We
achieved a lost-time accident rate of 1.6, representing a decrease of 63% from our 2015 baseline of 4.4, and
a year-on-year improvement. This performance matches our expectations, and reflects our long-term
global focus on creating a culture of health and safety. We also experienced ZERO severe injuries and
fatalities as a result of work-related injuries in 2024.
Performance on targets
Unit
Value
Lost-time accidents, own employees
number
94
Lost-time accident rate, own employees
rate
1.6
Lost-time accidents, contractors
number
37
Health and safety figures for Carlsberg employees (S1-14)
Unit
Value
Employees covered by Carlsberg's health and safety management system
%
100
Fatalities as a result of work-related injuries and work-related ill health
number
0
Recordable work-related incidents
number
190
Recordable work-related incidents
rate
3.3
Note: Number of fatalities of contractors on Carlsberg sites caused by work-related injuries or work-related ill health is 0.
ACCOUNTING POLICIES
The definition for lost time accidents is the same as lost time incidents (LTI) in "recordable work-related incidents",
see below. The lost-time accident rate is calculated as the number of LTIs per one million hours worked and
covers own employees. The baseline value has been retroactively calculated following the same methodology.
All employees covered by our health and safety management system are also covered by our formal Health
and Safety Policy. See further information on page 90.
Recordable work-related incidents includes the number of fatalities (work-related incidents where the person
lost their life), number of permanent disabilities due to injuries, lost-time incidents (LTI: injuries that result in the
injured person being unable to work for one or more days), restricted work incidents (RWI: injuries where the
injured person is able to perform only restricted work for one or more days after the incident) and medical
treatment incidents (MTI: incidents where the injured person receives medical treatment provided by a licensed
health professional). The numbers of recordable work-related incidents covers own employees, whereas the
number of fatalities covers both own employees and contractors.
Recordable work-related incident rate is calculated as the number of incidents per 1 million hours worked and
covers own employees.
The number of hours worked per year used for both the lost-time accident rate and recordable work-related
incidents rate is calculated by multiplying the number of FTEs by a factor of 1,746 hours.
Diversity, Equity and Inclusion
Based on the aspirations set out in our DE&I Policy, we defined a range of commitments that will
help guide our decisions, increase awareness and ensure we concentrate our efforts where we can
have the most positive impact in mitigating inequality. One of these commitments is our target to
increase the number of women in senior leadership roles by 2030, described below.
Target 1: 40% women in senior leadership roles by 2030
The interim targets are to reach 30% women in senior leadership roles by 2024, and 35% women in senior
leadership roles by 2027. These targets apply to all senior leaders globally (Director level and above).
Our target of 40% women in senior leadership roles by 2030 was set in January 2024. All other targets
were set as part of our Together Towards ZERO and Beyond ESG programme launch in 2022, and based
on extensive stakeholder engagement. Please see page 55 for more information on this process.
To monitor our progress, we keep a close track of the gender split in various senior leadership levels
each month, using tools to analyse representation.To learn more about our methodology for this
target, and for additional details, please see the corresponding accounting policies below.
Cultivating a diverse, equitable and inclusive workplace
Our DE&I approach seeks to promote gender equity in response to material issues for our workforce.
Achieving our target in this area will broaden perspectives in leadership, improve staff retention and
strengthen our succession planning.
To do this, we have a robust DE&I agenda with actions to ensure that our business activities do not
negatively impact our workforce. We monitor the effectiveness of our policies via targeted questions in the
annual My Voice employee survey, regular employee listening sessions, SpeakUp complaints and matters
raised in Employee Resource Groups. Some key programmes that support our strategic focus are:
• Women’s Sponsorship Programme: This is an ongoing programme established in 2023 to develop
identified women leaders to take on executive roles. In 2024, 13 women from across our regions
and functions participated to better prepare them for success in senior leadership roles. The success
of the programme will be measured by monitoring promotions for participants.
• Pay Equity and Transparency: We are satisfied that, based on all available data, we continue to operate
according to the principle of equal pay for equal work, while continuing to address issues of female
representation at the most senior management levels. Our reported global gender pay gap is negligible
but we are aware this number can be heavily influenced by the geographic and functional composition
of the workforce. Therefore, we continue to monitor on a granular level in each market.
• We have developed an internal Pay Transparency dashboard to monitor pay equity across positions,
functions and levels. Initially for our Western European markets, it is now being rolled out in further
markets globally. This tool creates greater transparency of how our markets implement our Global Pay
Principles – including, but not limited to, ensuring gender equity. This tool allows us to gather insights on
any potential issues and will support us in creating mitigating action plans.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
S1 OWN WORKFORCE
92
Carlsberg Group Annual Report 2024
Performance against target
The percentage of women in senior leadership roles has increased steadily in recent years. Against the
2020 baseline of 28%, representation increased to 30% in 2024. The percentage of women in ExCom also
increased to 33% in 2024, from 0% in 2020. In 2024, we improved the accuracy, consistency and scope of
our data, including adding new markets. This strong performance meets our interim target of 30% women
in senior leadership roles by 2024, and is therefore in line with our expectations.
To ensure that DE&I decisions are aligned with the company strategy, we have formed a DE&I Council
composed of senior executives from across functions and regions. ExCom is provided with quarterly gender
balance data from our internal dashboards to track progress on women in leadership.
We keep employees informed of our DE&I progress and developments in every global townhall
meeting hosted by our Group CEO and our CFO. We actively seek input from employees to identify
opportunities for improvements to our DE&I agenda. To inspire action and solicit further feedback on
how we can improve our work on gender equity, we run campaigns related to International Women's
Day. From 2025, we will host quarterly community calls and invite all interested employees to share
best practice on DE&I matters.
Gender split in senior leadership (S1-9)
Unit
Value
Female
number
246
Female
%
30
Male
number
562
Male
%
70
Other
number
0
Not reported
number
0
Note: S1-9 data disclosure continues on page 95.
ACCOUNTING POLICIES
Senior Leadership includes Director-level and above. The number of employees in Senior Leadership is
based on year-end data.
Gender pay gap (S1-16)
Unit
Value
Gender pay gap
%
0
Note: CEO pay (S1-16) is disclosed in our Remuneration Report.
ACCOUNTING POLICIES
Gender pay gap is calculated as the difference between the average gross annual pay of all male and
female employees divided by the average gross annual pay of all male employees. Gross pay covers
all fixed and variable components of the employees' compensation. The average annual pay of each
gender is calculated by dividing total gross annual pay of all employees of each gender (only covering
male and female) by the number of FTEs of the respective gender. For more information on
measurement uncertainty, please see Appendix 3 (BP-2) on pages 108-109.
Healthy work-life balance
Our approach to tracking the effectiveness of our policies and actions related to a healthy work-life
balance is to monitor developments in the My Voice survey. We do not have an official global target,
as actions to address the topic are managed locally. We do, however, track yearly performance in the
My Voice survey in order to stay aware of developments.
We believe our people deliver their best when they have a healthy work-life balance and feel a sense
of belonging, purpose and team spirit. To protect their wellbeing, we ensure all employees are
entitled to reasonable breaks and rest periods, including sick leave, holiday and parental leave, the
latter of which is supported by our Parental Leave Policy. This publicly accessible policy sets out a
globally consistent minimum standard of non-gendered parental leave entitlements for all
employees in all our locations. We encourage flexible working opportunities wherever possible so all
our people can better balance their work and home lives.
In 2024, we piloted a new global leadership development programme, focusing on key leadership
capabilities, such as people development, coaching, wellbeing, engagement, and building and caring
for diverse, high-performing teams. Data collection will continue on an annual basis, and action plans
will be developed if any challenges are identified.
Surveys conducted with participants before and after our leadership training enable us to monitor their
effectiveness and quality, identify areas of improvement for leaders and develop individual performance
priorities. When a leader enrols in the aforementioned leadership training, 360-degree feedback is sought
before the training course and again after six months to identify areas of improvement. As the programme
commenced in 2024, we do not yet have a representative set of data to share.
Collective bargaining
We welcome collective bargaining and do not discriminate against anyone taking part. We do not
have a global target or baseline, as our focus is on securing sound processes and strong management
support for engaging with employee representatives. We do, however, track collective bargaining in
our workforce in order to stay up to date and aware of any developments.
Our stance regarding collective bargaining is clearly set out in our global Human Rights Policy.
Collective bargaining agreements are negotiated regularly at a local level in each market, complying
with all relevant laws and regulations regarding labour rights. To ensure we stay abreast of changing
requirements, each of our markets continuously monitors regulations relevant to our operations.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
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S1 OWN WORKFORCE
93
Carlsberg Group Annual Report 2024
Collective bargaining agreements are negotiated in good faith, and we are careful to consult and
inform relevant employee representatives regarding potential changes to working conditions, as
appropriate. By doing this, we aim to ensure our employees feel consulted and well informed about
business activities and developments.
The proportion of employees covered by such agreements varies considerably from market to
market. We monitor the progress of any collective bargaining negotiations across locations and
escalate any areas of concern to ExCom as needed. We annually monitor the number of employees
covered by collective bargaining agreements in every market where we operate. In 2024, 61% of our
global workforce was covered by collective bargaining agreements.
Collective bargaining and social dialogue (S1-8)
Unit
Value
Percentage of total employees covered by collective bargaining agreements
%
61
Western Europe (excl. EEA)
%
49
CEEI (excl. EEA)
%
65
Asia
%
60
Percentage of employees covered by workers' representatives1
%
72
1 An agreement signed with the European Works Council (EWC) is included in these figures.
ACCOUNTING POLICIES
Collective bargaining agreements that cover Carlsberg employees include those signed by the
Carlsberg Group or any of its entities, or agreements signed by an employee organisation of which the
Carlsberg Group or any of its entities is a member.
Percentage of employees covered by workers' representatives is all employees covered by workers'
representatives. Applicable representatives include trade union representatives (elected in accordance
with national legislation and practice) or other duly elected representatives who are freely elected by
the workers of the organisation.
Harassment
We do not tolerate any acts of physical, verbal, sexual or psychological harassment, bullying, abuse
or threats in the workplace, nor in any work-related circumstances outside the workplace. Ensuring
this can be challenging, as harassment is not a systemic issue but individual cases that unfortunately
can occur in different parts of the organisation. Our recently developed and continuously offered
training programmes seek to enhance awareness. For example, training to increase awareness on
unconscious bias is available to all employees, inclusive leadership training is available for all people
leaders and mandatory for our 350 most senior leaders, and sexual harassment training is
mandatory for all employees. Training programmes are offered continuously, and participation is
monitored to ensure engagement remains strong. As with other employee-related actions, the My
Voice survey helps us identify areas for improvement.
We utilise the My Voice survey and SpeakUp cases to track the effectiveness of our policies and
actions related to harassment and prioritise future actions. Actions to address this topic are managed
locally or centrally, depending on their severity. We do not have an official global target or baseline,
as our focus is on securing robust processes and management oversight. Our ambition is to reduce
the number of confirmed cases of harassment each year.
Wage adequacy (S1-10)
In the past, the topic of adequate wages has not been managed centrally by global functions. We do
not have a global target or baseline related to this topic, as our performance currently indicates we
do not experience cases of employees paid below the minimum or living wage, as explained further
below. We track the data centrally and continue to work with all markets to ensure our global pay
principles are applied consistently and fairly.
To attract and retain employees, we offer competitive salaries and regularly review local payment
practices against criteria aligned with the ESRS framework. Our commitment to paying a competitive
wage is reflected in our Global Pay Principles and is one of the ways we aim to create a positive
employee experience.
In 2024, we conducted a review of all our markets to gather data regarding the lowest wage paid.
This data was benchmarked against national minimum wages where available, and an external
benchmark of living wages where national minimum wages were not available. Findings confirmed
that we are paying all employees at or above the minimum wage or living wage, depending on the
aforementioned data availability. Data collection and review exercises will continue annually. If any
areas of concern are identified from our data review, they are reported to the Chief Human Resources
Officer and action plans are developed to address any issues.
To gather employee perspectives on the adequacy of wages throughout our global workforce, in
2023 we introduced a new question to the My Voice survey, asking whether employees feel they are
fairly compensated for the work they do. The results were 7 percentage points higher than the Glint
Global Benchmark. This question will remain in the annual survey going forward.
For information regarding allocation of financial resources see page 102.
S1-6; S1-9
Mandatory data disclosures.
Employee headcount by contract type, broken down by gender
Unit
Female
Male
Other
Not disclosed
Total
Total employees
number
8,819
23,771
1
0
32,591
Permanent employees
number
8,229
22,118
0
0
30,347
Temporary employees
number
530
1,580
1
0
2,111
Non-guaranteed hours employees
number
60
73
0
0
133
Full-time employees
number
8,587
23,510
1
0
32,098
Part-time employees
number
232
261
0
0
493
Note: The corresponding financial reconciliation for FTE figures can be found on page 168.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
S1 OWN WORKFORCE
94
Carlsberg Group Annual Report 2024
Employee headcount in countries where Carlsberg has at least 50 employees representing at
least 10% of its total number of employees
Country
Value
China
6,843
Employee headcount by gender
Unit
Value
Male
number
23,771
Female
number
8,819
Other
number
1
Not reported
number
0
Total
32,591
Employee headcount by age
Unit
Value
Employees under 30 years old
number
6,204
Employees under 30 years old
%
19
Employees between 30 and 50 years old
number
19,466
Employees between 30 and 50 years old
%
60
Employees over 50 years old
number
6,921
Employees over 50 years old
%
21
Employee turnover
Unit
Value
Employees who have left Carlsberg
number
5077
Employee turnover
%
16
ACCOUNTING POLICIES
Employee characteristics are reported by employment type, gender, contract type and age. All employee
figures are reported based on headcount at the end of the reporting period.
Employment type includes permanent employees, who are defined as employees with a permanent contract
(accounting for local differences in definition). Temporary employees are defined as employees with a
temporary contract. Non-guaranteed hours employees includes all employees who do not have a guarantee
of a minimum or fixed number of working hours. Employees who are registered as 1 FTE (full-time
equivalent) are considered full-time employees, whereas employees who are registered as <1 FTE are
considered part-time employees.
Gender is based on the gender stated by the employee (while respecting local data protection regulations).
Age is based on the age of each employee at the end of the reporting period.
Employee turnover covers people leaving the organisation, including all employees who have left through
voluntary resignations, dismissals, retirement and death during the reporting year. The rate of employee
turnover is calculated as the number of employees who have left the organisation during the reporting period
divided by the total number of employees at year-end.
S1-17
Grievance mechanisms and corresponding figures
Unit
Value
Incidents of discrimination, including harassment
number
39
Complaints filed through channels for people in own workforce to raise concerns
number
17
Complaints filed to National Contact Points for OECD Multinational Enterprises
number
0
Fines, penalties and compensation for damages as a result of the incidents & complaints
DKK
0
Confirmed severe human rights incidents connected to own workforce
number
0
Confirmed severe human rights incidents connected to own workforce that are cases of non-
respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises
number
0
Fines, penalties and compensation for damages related to confirmed severe human rights incidents
DKK
0
Confirmed severe human rights incidents connected to upstream and downstream value chain1
number
0
Confirmed severe human rights incidents connected to consumers and/or end-users1
number
0
Note: No confirmed severe human rights incidents occurred within the FY2024 reporting year. Since there have
been no material fines, there is no corresponding financial reconciliation. Please refer to our ESRS index on page
50 for where more information about our grievance mechanisms can be found.
1 Figures are relevant to S2 and S4.
ACCOUNTING POLICIES
Incidents of discrimination and harassment includes any incidents recorded through the SpeakUp Line. The
reported figure includes all substantiated cases of bullying and harassment, sexual harassment,
discrimination and retaliation regarding own employees.
Total number of complaints filed includes any reported through the SpeakUp Line and to the OECD National
Contact Points regarding own employees, including work environment, health and safety cases, but excluding
"incidents of discrimination and harassment".
Confirmed severe human rights incidents includes reported figures of confirmed severe human rights incidents
(defined in line with the UN Guiding Principles on Business and Human Rights (UNGPs)) regarding own
employees, including cases recorded through the SpeakUp Line, in-country human rights impact assessments
and audits, and substantiated lawsuits and public reports. All human rights incidents are assessed annually
based on their scale, scope and remediability, and categorised as severe on a case-by-case basis. All
confirmed severe human rights incidents are considered cases of non-respect of established human rights
frameworks. Confirmed severe human rights incidents connected to our value chain and end-users are
defined as above and follow the same process as for issues and incidents related to our own employees.
Additionally, any cases found in supplier audits are considered confirmed. Incidents under investigation are
not considered confirmed.
Fines, penalties and compensation for damages includes any financial payments paid in relation to confirmed
cases within the fiscal year.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
S1 OWN WORKFORCE
95
Carlsberg Group Annual Report 2024
S2 WORKERS IN THE VALUE CHAIN
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES
SBM-3
From sourcing our raw materials, to marketing our products to customers and consumers, to ensuring our packaging gets recycled, we rely on thousands of value chain workers across many industries and
geographies to be able to run our business. As such, our DMA identified two material negative impacts related to workers in our value chain over the short term. The following section outlines how we
understand the interests of workers in our value chain and how we engage with them. It also presents the policies, targets and actions we undertake to address the impacts on them.
How our S2 Workers in the value
chain IROs link to our value chain
AGRICULTURE
PACKAGING
BEVERAGE
PRODUCTION &
ADMINISTRATION
DISTRIBUTION
SELLING &
MARKETING
REUSE & RECYCLING
Understanding interests of value chain workers
Within our supply chain, including among indirect suppliers, we interact with
marginalised or vulnerable groups, including migrant workers, women, ethnic
minorities, children and indigenous people. Value chain employees (including
employees at upstream and downstream business partners) may be subject to
working conditions that are non-compliant with local regulations and/or
Carlsberg policies and guidelines, such as the Carlsberg Human Rights Policy,
the Supplier and Licensee Code of Conduct and the Brand Promoter Manual.
The impacts on value chain workers can include (but are not limited to): poor
working conditions, excessive working hours, inadequate wages or inadequate
personal protective equipment. These are the systemic issues that appear most
frequently across countries and industries, with Malaysia, China and the
Democratic Republic of Congo being countries where we have identified
heightened risk around practices, including agriculture, labour and cobalt
mining. We have also identified material negative impacts for brand promoters.
Workers in the informal waste sector of our downstream value chain are
particularly vulnerable to potential negative impacts, including child labour,
discrimination, inadequate compensation, harsh (extreme heat) and unsafe
working conditions (safety hazards). Child labour is a particular risk within the
informal recycling value chain in geographies where a formal recycling system
is absent, such as many Asian countries.
We include all materially impacted workers in our value chain in our
disclosure under ESRS.
S2-1
Policies
Supplier and Licensee Code of Conduct
Our Supplier and Licensee Code of Conduct (SLCOC) details the minimum
requirements we expect suppliers to adhere to regarding labour conditions,
human rights, environmental protection and business ethics. It is based on
and/or aligned with international frameworks, including the ILO
Conventions, the UNGPs on Business and Human Rights, the UN Global
Compact, the Sedex audit protocol and the OECD Guidance for
Responsible Business Conduct.
To make sure the SLCOC is adhered to and implemented by our suppliers,
we use the Sedex platform and analysis and audit tool to monitor tier 1
suppliers. An essential part of the monitoring process includes direct
worker interviews. If any instances of non-compliance are identified during
the audit process, the supplier is expected to develop a corrective action
plan and close the findings within a certain timeframe. In case of structural
issues on a broader scale, we partner with NGOs and industry peers
through the member organisation AIM Progress to find solutions in a
collaborative way.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
96
Carlsberg Group Annual Report 2024
Material impact
Where it originates
How it affects people or planet
Time horizon Addressed in TTZAB
Working conditions in
the upstream value
chain
Upstream value chain employees may be
subject to working conditions that are
non-compliant with local regulations
and/or Carlsberg policies.
Negative impacts on value chain workers
could include poor working conditions,
excessive working hours, inadequate
wages or inadequate personal protective
equipment.
Short term
Human Rights
Living by our
Compass
Working conditions in
the downstream value
chain
Downstream value chain employees may
be subject to working conditions that are
non-compliant with local regulations
and/or Carlsberg policies.
Negative impacts on value chain workers
could include poor working conditions,
excessive working hours, inadequate
wages or inadequate personal protective
equipment.
Short term
Human Rights
Living by our
Compass
The SLCOC addresses issues of forced labour or human trafficking and child labour. It also mandates
that suppliers notify Carlsberg as soon as they become aware of any actual or potential breach of
any laws, or any actual or suspected slavery or human trafficking.
Principles in the SLCOC and Sedex audits are aligned with the UNGPs and the ILO Fundamental
Principles and Rights at Work. Among some suppliers in the scope of audits, some deviations to the
requirements in the audit have been observed and reported. Most violations occur in the area of
occupational health and safety, followed by working hours and wages.
Our policy is defined by a risk-based approach to human rights. While the SLCOC is part of every
supplier contract, monitoring of adherence to the SLCOC is based on a risk assessment, which aims to
cover all suppliers with a high risk profile by the end of 2026.
The EVP, Integrated Supply Chain is the most senior executive responsible for implementing the
SLCOC. The SLCOC was revised in 2024 to better reflect the requirements of the Sedex Members
Ethical Trade Audits (SMETA) across four main areas: labour conditions, human rights,
environmental management systems and business ethics. The SLCOC is available internally on our
intranet, and publicly available online. Our Human Rights Policy is also relevant for workers in our
value chain and is described in S1-2.
S2-2
Engaging with stakeholders
General approach
We have three methods to monitor compliance with our Human Rights Policy across the value chain:
1. Country- or region-specific human rights impact assessments (HRIAs). These are comprehensive
assessments that cover the entire value chain associated with activities in a particular country or
region, including workers, communities and consumers, and also consider external factors, such as
political and social conditions. 2. Third-party audits of high-risk suppliers, most notably SMETA audits
carried out through Sedex (discussed in the following section). 3. Internal human rights audits,
covering our own operations, including the working conditions of brand promoters. These three tracks
allow us to monitor policy compliance and provide the foundation of inputs to our due diligence
process. Our due diligence process consists of four core steps: 1. Annually assessing and prioritising
impacts. 2. Implementing mitigation action plans based on assessment findings. 3.Tracking progress
against the action plans. 4. Communicating our efforts. For more information, please see our Human
Rights Report.
Engaging with upstream value chain workers
Screening suppliers for risks
We screen our suppliers using four different tools, which are partially included in the procurement
process. 1. New and existing suppliers are asked to fill in an online Self Assessment Questionnaire
(SAQ) provided by Sedex, an organisation for enhancing supply chain transparency and auditing, to
get a basic understanding of workers’ conditions at the supplier site. 2. If the questionnaire shows a
potential risk to workers, we ask the supplier to undergo a SMETA audit, covering, among other
topics, labour conditions and human rights at the production site. 3. We offer suppliers internal and
external training free of charge to build capacity. 4. For categories and industries that have been
identified as high-risk, we apply additional scrutiny over working conditions and respecting human
rights, including conducting HRIAs and offering training and education directly to higher-risk suppliers
through our specially trained procurement teams.
To ensure we consider the perspectives of individual workers, our HRIAs include direct inputs from
workers in our supply chain. Likewise, as part of a Sedex audit, auditors are required to speak to
workers and ask for specific feedback. These conversations are conducted in a way that ensures
confidentiality. Our procurement team also carries out internal supplier relationship management
talks with select suppliers. At these, suppliers are rated on their responsible sourcing performance.
If an issue is identified via our processes, the regional manager is the first point of escalation. The VP,
Group Procurement is notified if further escalation is needed and also consulted if a responsible exit
of a business relationship might be required.
Monitoring the effectiveness of our engagement
To monitor the effectiveness of our engagement, we evaluate audit performance results and
improvement curves over time. Through training of our suppliers in high-risk topics, we contribute to
building long-term capacity at our suppliers to be able to adhere to the requirements in our SLCOC.
Our HRIAs and the Sedex audit process ensure we gain insight into the situations of vulnerable
people within our supply chain. We also monitor global media for developments that might impact
vulnerable individuals in our supply chain.
Engaging with downstream value chain workers
Screening for human rights impacts
As part of our country-specific HRIAs, we conduct confidential face-to-face interviews with
rightsholders about their perspectives on issues such as harassment, safety and working conditions.
Our HRIAs are managed by external third-party organisations with extensive expertise in this area.
They engage directly with workers in their own language.
Brand promoters are an at-risk group within our downstream activities. The Executive Vice President
in Asia is ultimately responsible for implementing the Brand Promoter Manual, which outlines how
our Human Rights Policy should be put into practice regarding this stakeholder group. We check that
their working conditions align with the guidance in the Brand Promoter Manual. If actual or potential
negative impacts are identified, these are included in the impact assessment remedial action plan. In
some markets, supervisors hold weekly meetings with brand promoters to gather their feedback.
Outsourced drivers in our downstream value chain are also identified as at-risk. The VP, Group
Procurement has ultimate oversight of this group. While we do not follow a specific Global
Framework Agreement within our supplier contracts, we have general terms of procurement,
including provisions in respect of human rights, applicable to all contracted parties everywhere we
operate.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
S2 WORKERS IN THE VALUE CHAIN
97
Carlsberg Group Annual Report 2024
Monitoring the effectiveness of our engagement
We monitor the progress of action plans stemming from HRIAs, checking that they are being
implemented effectively and within the established timelines. We also monitor reports to our
SpeakUp grievance line to identify any trends regarding human rights-related grievances.
S2-5; S2-4
Targets and actions
We do not currently have an official target for responsible sourcing, as we are focused on building a
strong foundation through policies and processes. Still, our responsible sourcing commitments include
a target of achieving 100% compliance with our Supplier and Licensee Code of Conduct. To track this,
compliance with our SLCOC is continuously monitored through SMETA audits.
Onboarding of suppliers to Sedex began in 2023. In the coming years, we aim for all suppliers in
scope to be onboarded to the Sedex platform and for the majority of those in scope to be audited or
certified. For suppliers that received a high risk score, we also expect to see progress and
improvement after their first audit. Our tracking of the effectiveness of our policies and actions can be
found in S2-2 on page 97.
For information regarding allocation of financial resources see page 102.
Establishing a Responsible Sourcing Framework
In 2024, we fully implemented our enhanced Responsible Sourcing Framework, sharpening our focus
on salient human rights risks in the supply chain. By communicating our standards and expectations
to suppliers, monitoring their compliance and supporting them to improve their performance where
needed, we aim to ensure ethical and socially responsible business practices throughout our supply
chain as set out in our SLCOC. Integrated into procurement processes, the Framework ensures
compliance with SLCOC as part of doing business.
Applying a risk-based screening process
Launched as a pilot in 2023, the Framework utilises the Sedex Risk Assessment tool for the inherent
country and industry risk assessment, and the outcome of the salient human rights risk assessment
to prevent material negative impacts on supply chain workers.
For raw materials with higher levels of risk, the Framework sets the requirement for transparency on
the origin on the materials to prove they are responsibly sourced. We seek assurance via the
Responsible Minerals Assurance Process of the Responsible Minerals Initiative for cobalt, while for
sugar, we use an internal tool to track farm-level certifications.
Enrolling suppliers in the programme
Within the first year, the number of Carlsberg suppliers in the Sedex platform surpassed 200. All of
these suppliers were asked to complete the detailed Sedex SAQ. Those showing a high risk profile
were required to additionally complete a SMETA audit on labour, ethical, environmental, and health
and safety risks. These audits, which include site visits, were conducted by Sedex-approved third-
party auditors.
Remediating issues
If we find that we are directly linked to adverse impacts on human rights, we will use our leverage to
help bring positive change. The Sedex escalation process ensures that best-practice procedure is
followed and follow-up actions are monitored in a timely manner. If gaps that might lead to a severe
violation of ESG criteria are not closed, we apply an escalation and remediation process. If this fails,
we will consider terminating the business relationship. In instances of specific material negative
impacts on value chain workers, we undertake supplier training in partnership with external providers,
host supplier days and collaborate with industry peers to address specific challenges.
We are a member of AIM Progress, a forum that allows us to share best practices and identify
opportunities to collaborate on mutual recognition of certifications or standards. It also provides an
essential platform for addressing broad-based issues that impact the whole industry, such as working
conditions in the sugar-cane industry.
Monitoring effectiveness
The effectiveness of our Responsible Sourcing Framework is monitored via reporting tools within the
Sedex platform, analysing data on certain criteria.
Training and communication
Proper training and communication are essential for implementing our Responsible Sourcing
Framework. Consequently, in 2024 we provided six accompanying training sessions for our
procurement teams and suppliers in three regions.
A prerequisite for entering a business relationship with us is to sign and adhere to the SLCOC.
Suppliers located in higher-risk countries, or supplying higher-risk raw materials, are asked to register
on the Sedex platform.
We conduct training on specific supply chain issues on a regional, country or raw material basis as
required, focusing primarily on prevention and risk mitigation. We also communicate our
Whistleblower Policy and the details of how workers in our value chain can raise an issue if a breach
of our SLCOC is suspected. To gauge the effectiveness of our training, we monitor how quickly
suppliers complete the Sedex questionnaire after attending one of our sessions.
Addressing working conditions in the informal waste sector
In markets where formal recycling infrastructure is lacking, the job of collecting packaging, such as
bottles and cans for recycling, falls to informal waste pickers. Their working conditions can be
hazardous and precarious, with a lack of health and safety precautions and reliable pay. There is also
a risk of child labour. To achieve our ZERO Packaging Waste targets, we work with industry players
and others to support the development of formalised processes for collection of used packaging,
including effective deposit return schemes. We are identifying potential partnerships for initiatives to
improve conditions for people working in the informal waste sector, recognising their role in global
value chains. In 2024, we initiated the process of conducting an assessment of potential solutions,
addressing the environmental and human rights challenges in the informal waste sector in one of our
markets, with support from an external expert organisation.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
S2 WORKERS IN THE VALUE CHAIN
98
Carlsberg Group Annual Report 2024
S4 CONSUMERS AND END-USERS
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES
SBM-3
We have the privilege of being able to reach consumers directly through our products and brands. We acknowledge our responsibility in terms of how we market our products. We are committed to offering
great-tasting drinks for every occasion, including catering for changing consumer attitudes towards alcohol, moderation and healthy lifestyles. Our DMA identified two material negative impacts related to our
consumers and end-users over the short term. In addition, it identified one long-term financial risk and one corresponding medium-term financial opportunity. In this section, we share how we understand the
interests of and engage with our consumers, and detail the policies, targets and actions we have in place to address our material IROs related to all consumers.
How our S4 Consumers and end-users
IROs link to our value chain
SOURCING
PACKAGING
BREWING, BOTTLING
& ADMINISTRATION
DISTRIBUTION
SELLING &
MARKETING
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
99
Carlsberg Group Annual Report 2024
Material impact
Where it originates
How it affects people or planet
Time horizon Addressed in TTZAB
Health and safety
connected to harmful
drinking
We recognise the negative impact that
alcohol consumption can have on
consumers and end-users, and
encourage responsible drinking.
Impacts connected to harmful drinking
include alcohol-associated illnesses and
diseases, addiction, physical accidents,
and other impacts on people and society.
Anybody engaging in harmful drinking,
including pregnant women and children,
is subject to these material impacts.
Short term
ZERO
Irresponsible
Drinking
Negative impacts from
marketing practices
Irresponsible marketing practices include
appealing to audiences other than those
above the legal drinking age, marketing
excessive consumption, associating
drinking alcoholic beverages with unsafe
activities, and marketing alcohol as
leading to success, enhanced abilities or
health benefits.
Irresponsible marketing practices could
expose children or other vulnerable
groups to our products, encourage
excessive consumption, or associate
alcoholic beverages with unsafe
behaviour.
Short term
ZERO
Irresponsible
Drinking
Living by our
Compass
Material risk/opportunity
Where it originates
How it affects our business
Time horizon Addressed in TTZAB
Diminishing public
perception of alcohol
Diminishing public perception of alcohol
can potentially lead to less purchasing of
our alcoholic products.
Risk: There is a financial risk to our business if
these issues diminish society’s perception of
alcohol and lead to lower demand for our
alcoholic products.
Long term
ZERO
Irresponsible
Drinking
Expanding our range of
low- and no-alcohol
beverages
As consumer interest in health and
wellbeing grows, we have an opportunity
to benefit from increased demand for
low- and no-alcohol products.
Opportunity: We have already seen
impressive sales growth of no- and low-
alcohol products and expect this trajectory to
continue.
Medium term
ZERO
Irresponsible
Drinking
S4-1
Policies
Our approach to managing the material impacts, risks and opportunities relating to consumers and
end-users is underpinned by our Marketing Communication Policy.
Marketing and Communication Policy
Our Marketing and Communication Policy sets out our approach to communicating with consumers
and the general public. It has eight key focus areas, comprising: transparency and integrity, adult
appeal, enjoyment in moderation, alcohol-free, safe and sensible behaviours, effects, health &
performance, socially inclusive and environmentally conscious.
We updated the policy in 2024 to more clearly set out our commitments to the respective focus
areas, and we have added sections that address the changing media landscape of sponsorships,
influencers, digital marketing and gaming.
The Chief Marketing Officer (CMO) and the Vice President (VP), Corporate Affairs are responsible for
governing the policy, which covers all our alcohol brands and their alcohol-free line extensions. It
applies to all employees, agency partners and retailers communicating on behalf of our company or
brands.
We are a signatory to the Responsible Marketing Pact of the World Federation of Advertisers and
undergo regular audits on our compliance with IARD’s Digital Guiding Principles for online and social
media.
In setting our policy, we considered stakeholder interests, including social responsibility and
moderation, public health and safety, and protecting minors from exposure to our products and
communication.
The Marketing and Communication Policy is available internally on our intranet, and publicly
available online. Our Human Rights Policy is also relevant for consumers and end-users and is
described in S1-2.
S4-2
Engaging with stakeholders
We have a responsibility to ensure that we engage with consumers in an ethical and honest way. We
are aware that our products can cause harm if misused and we are conscious of shaping our
response to align with consumer priorities.
Engaging ethically and honestly
We aim to be proactive in terms of how we self-regulate. Engaging with consumers is one way in
which we do this – both in the product development process and via our marketing and
communications activities, which reach consumers directly with transparent information in an effort
to help prevent harmful use of our products.
Capturing global and local insights
We use messaging on products, partnerships and campaigns to promote responsible alcohol
consumption, with our approach informed by consumer insights.
At a global level, the Marketing Insights team manages research in trends of health and wellness and
other areas of interest to consumers that feed into the brand planning. These insights, which indicate
a significant global consumer interest in alcohol-free and low-alcohol products, were among the
rationale behind the expansion of our AFB range to include 60 new AFBs in the last three years.
Measuring impact and effectiveness of engagement
Our markets must report on their local initiatives, campaigns and partnerships, and the status of
compliance for their labelling and online consumer information. We also conduct a survey among our
markets twice a year to monitor the impact of responsible drinking activities.
Our CMO and the VP, Corporate Affairs are the most senior executives responsible for activities
targeted at responsible drinking. The CMO holds responsibility for marketing and communications
targeted towards end-consumers, while the VP, Corporate Affairs leads on broader stakeholder
engagement.
Protecting vulnerable groups
We are committed to protecting minors from exposure to our products, marketing and
communication. We mandate that all primary packaging of alcohol products and their alcohol-free
line extensions carry a legal age-restriction symbol or equivalent text where legally permissible. Our
Marketing and Communication Policy clearly states that our communication and products must not
appeal to minors. Advertising on media channels is subject to a 70/30 rule, meaning that we will not
advertise on channels with less than 70% adult audiences. We follow the Digital Guiding Principles
and Influencer Guiding Principles agreed upon in the International Alliance for Responsible Drinking
(IARD) to minimise exposure of minors to alcohol products and advertising.
S4-5; S4-4
Targets and actions
ZERO Irresponsible Drinking
Our targets reflect our commitment to advocate for responsible drinking, moderation and enjoyment
of our products as part of a balanced lifestyle, as stated in our Marketing and Communication Policy,
and offer consumers alternatives to alcohol.
Direct consumer engagement in responsible drinking activities occurs at market level and is not driven
globally. However, markets must follow global policies when it comes to labelling, marketing and
communications. At a global level, we stay up to date on consumer insights and research into
consumer behaviours and attitudes to support our markets. We do not engage consumers for the
purpose of tracking performance against our targets.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
S4 CONSUMERS AND END-USERS
100
Carlsberg Group Annual Report 2024
There are four ZERO Irresponsible Drinking targets. To learn more about our methodology for these
targets, and for additional details, please see the corresponding accounting policies below.
While it can be difficult to distinguish between the prevention of a negative impact and the creation
of a positive impact, our primary focus in pursuit of our goals towards ZERO Irresponsible Drinking is
the former: investing in actions to minimise and mitigate potential negative material impacts on
consumers. To identify how best to encourage responsible drinking, we collect inputs on a global and
local basis on consumer trends and needs. We also monitor public and political interests on public
health through various engagements with industry organisations, health agencies and political
engagements. Our approach stems from the view that alcohol can be consumed safely when
consumed responsibly and in moderation.
To ensure our practices do not contribute to negative impacts on consumers and end-users, we
continuously monitor market developments to identify emerging issues and where we might need to
update our policies or develop initiatives to address and mitigate any potential negative impacts. An
example is the potential appeal of energy drinks to children. We are monitoring this issue and will be
addressing our practices in relation to energy drinks in our next policy update. We do not have a
global process for providing remedy in relation to the material impact, other than the processes
described in the SpeakUp section within the management review. Please refer to the ESRS index on
page 50 for where more information can be found.
Addressing our financial risk and opportunity in tandem
Through our four ZERO Irresponsible Drinking targets, presented below, we address the financial risk
to our business of the diminishing perception of alcohol. We do this through increasing the share and
availability of low- and no-alcohol alternatives, and by engaging with consumers through responsible
drinking messaging and partnerships. Increasing the share of our no- and low-alcohol range also
allows us to capitalise on the financial opportunity of expanding this product offering.
Target 1: 35% of our brews globally are low-alcohol or alcohol-free by 2030
We have set a target of increasing the combined share of low-alcohol brews (LABs) and alcohol-free
brews (AFBs) to 35% of the volume of brews (beer, cider, kvas and malt-based beverages) we sell
globally by 2030. We define AFBs as 0.0-0.5% alcohol by volume (ABV) and LABs as 0.6-3.5% ABV.
Our actions to address this target include the promotion of no- and low-alcohol products through
marketing campaigns and partnerships in markets around the world. To reach our target, we will
continue to develop the no- and low-alcohol portfolio and expand our commercial offerings across all
our global markets. By expanding these product ranges and promoting them as an attractive
alternative, we contribute to our policy objectives and targets. We monitor the share of low- and no-
alcohol brews in our portfolio on a quarterly basis.
Target 2: 100% availability of alcohol-free brews by 2030
By 2030, we are targeting 100% availability of AFBs to ensure that all customers and partners in all
our operating markets will have access to our AFB portfolio, wherever Carlsberg brands are sold.
Our actions to address this target include continually expanding the availability of these products
across our global markets. Ensuring the availability of these products contributes to our policy
objectives and targets.
Target 3: 100% of our markets run partnerships to support responsible consumption by
2030
Our target is for 100% of our markets to run partnerships that support responsible consumption by
2030. Actions include partnerships with music festivals, sporting events, retailers, pubs/bars/
restaurants, authorities including law enforcement agencies, NGOs and other civil society
organisations. The partnerships and activities should be measurable and long-running.
Each market is encouraged to identify strategic partnerships that will help us achieve our 2030
target. The effectiveness of these partnerships and programmes is monitored regularly, with each
market reporting on its initiatives and results at least annually.
Performance against targets
In 2024, low-alcohol or alcohol-free beers represented 30% of our total volume of brews sold
globally. This represents an increase of 3 percentage points from our 2021 baseline of 27%.
Meanwhile, AFBs were available in 90% of markets, an increase of 32 percentage points from our
2021 baseline of 58%, and 86% of companies implemented responsible drinking partnerships, an 18
percentage points increase on our 2021 baseline of 68%. The performance across all three targets is
in line with our expectations and reflects our commitment to championing responsible drinking.
Performance on targets 1-3
Unit
Value
Share of low-alcohol or alcohol-free brews sold
%
30
Share of markets with AFB products included in price lists to customers
%
90
Share of Carlsberg companies implementing responsible drinking initiatives
(responsible drinking partnerships)
%
86
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
S4 CONSUMERS AND END-USERS
101
Carlsberg Group Annual Report 2024
ACCOUNTING POLICIES
The total volume of beer, cider, kvas and malt-based beverages with an alcohol content below 3.5% is
divided by the total volume of beer, cider, kvas and malt-based beverages. This calculation excludes
water, energy drinks, wines and soft drinks.
The total number of markets where alcohol-free brews (AFBs) are included in customer price lists is
divided by the total number of markets with at least one majority-owned Carlsberg company. An AFB
is defined as a beverage with an alcohol content of 0.5% or less, unless a lower limit is specified by
local legislation. A market is considered to have AFB products in the price list if at least 50% of the
Carlsberg companies operating in that market offer AFB products to both on-trade and off-trade
customers.
Carlsberg companies implementing responsible drinking initiatives: number of companies implementing
initiatives divided by the total number of majority-owned companies within Carlsberg. Responsible
drinking initiatives encompass areas such as binge drinking, health risks, drinking during pregnancy and
drink-driving, and may be associated with brand campaigns, partnerships and consumer outreach
programmes. This figure excludes all microbrewery companies as well as Bosnia, Hungary and
Montenegro.
Target 4: 100% responsible drinking messaging through packaging and brand
activations by 2030
We have set a target that by 2030 100% of our primary packaging should include responsible
drinking messaging, namely ingredient information, nutritional information, legal age restrictions,
warnings about consuming alcohol while driving or while pregnant and a responsible drinking tagline.
As we believe that self-regulation of our marketing, communications and product labelling is the best
way to guide consumers towards responsible consumption, actions to address this target include
continuously seeking to update packaging messaging across all markets.
To further support responsible marketing practices across our industry, we collaborate with peers via
industry bodies, such as the IARD, the WFA and the WBA.
Performance against target
In 2024, the share of products with responsible drinking messaging on the packaging increased across
all messaging areas compared with our baseline years, apart from nutritional information, which
experienced a very slight decrease. Other than this outlier, the performance on this target has been in
line with expectations. See the table below for a complete overview of 2024 progress.
Responsible drinking messaging through packaging and brand
activations
Unit
Value
Share of products listing ingredient information
%
100
Share of products listing nutritional information
%
57
Share of products carrying legal age-restriction symbol or equivalent text (alcoholic)
%
70
Share of products carrying legal age-restriction symbol or equivalent text (AFB)
%
42
Share of products including consumer information about drinking while driving or
drinking while pregnant
%
88
Share of Carlsberg companies having a responsible drinking message on the primary
packaging of the #1 or #2 brand in the market
%
56
ACCOUNTING POLICIES
The volume of fermented alcoholic beverages with labels featuring responsible drinking information is
divided by the total volume of fermented alcoholic beverages produced. The label content is categorised
into the following four areas:
1. Ingredient information: Labels that provide a complete list of ingredients (e.g. water, malted
barley, malted oats, hops etc.).
2. Nutritional information: Labels that include energy content in a linear format (e.g. "Energy:
190 kJ/46 kcal per 100 ml").
3. Legal drinking age: Labels that display a clear symbol, text or both indicating the legal
drinking age, in compliance with national legislation. This metric also covers fermented
alcohol-free brews (AFBs).
4. Consumer information: Labels that feature a clear symbol, text or both advising against
drinking and driving or consuming alcohol while pregnant.
The number of Carlsberg companies featuring a responsible drinking message on the primary
packaging of their #1 or #2 brand divided by the total number of Carlsberg majority-owned companies.
A responsible drinking message refers to a fixed tagline aligned with a responsible drinking initiative,
seamlessly integrated into the design and tone of the label. This figure excludes all microbrewery
companies as well as Bosnia, Hungary and Montenegro.
Current and future allocated resources
Key actions are integrated into regular operations at Group and market level, utilising human and
financial resources. Consequently, resources allocated to own workforce, workers in the value chain
and consumers are not tracked independently, but included in overall OpEx and CapEx.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Social
S4 CONSUMERS AND END-USERS
102
Carlsberg Group Annual Report 2024
GOVERNANCE
G1 – BUSINESS CONDUCT
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES
SBM-3
Good governance and sound business conduct are the foundation for a healthy, thriving company, and a necessity for achieving our ESG ambitions. Recognising this importance, our DMA identified two
material impacts related to business conduct at Carlsberg over the short term – one positive and one negative. In the following section, we describe these impacts in more detail and discuss the assessments
we undertake to identify risks and to detect and prevent corruption and bribery, and the policies and processes that underpin the material impacts and our management of them.
How our G1 Business conduct IROs
link to our value chain
SOURCING
PACKAGING
BREWING, BOTTLING
& ADMINISTRATION
DISTRIBUTION
SELLING &
MARKETING
G1-1
Policies
All the policies below are available publicly online and internally on our
intranet.Please refer to our ESRS index on page 50 in the management
review for more information on where reporting of business conduct
incidents can be found.
Code of Ethics and Conduct
Our Code of Ethics and Conduct provides the foundation for our
compliance programme, setting expectations of and guiding the daily
decisions made by our employees and contract workers around the world,
enabling them to make the right choices and demonstrate the highest
standards of integrity and ethical behaviour.
The code details our ethical standards across a range of areas, including
anti-bribery and corruption, selection of and work with third parties,
conflicts of interest, competition law, data protection and privacy, accurate
records, anti-money laundering, workplace health and safety,
environmental protection, political activities and donations, and
discrimination and harassment. It includes a practical ethical decision-
making guide on how to act when faced with common dilemmas.
We evaluate our corporate culture via our annual My Voice employee
engagement survey, which includes specific questions around culture and
the way we conduct our business. We also analyse reports to our SpeakUp
whistleblower system, as well as the Code of Ethics and Conduct training
completion rates, repetitive control failures and turnover rates.
The Compass+ programme also includes a review of the style, structure
and wording of our policies. Internal stakeholders are consulted as part of
this programme in order to improve policy comprehension across the
organisation.
Available in 27 languages, the code applies to all our employees and
contract workers, and all senior leaders are required to certify annually
that they comply with all our codes and policies. The Group CEO is
accountable for implementing the code.
Anti-bribery and Corruption Policy
Our Anti-bribery and Corruption Policy expands on the Code of Ethics and
Conduct by providing more detailed guidance on how to identify and avoid
high-risk situations.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Governance
103
Carlsberg Group Annual Report 2024
Material impact
Where it originates
How it affects people or planet
Time horizon Addressed in TTZAB
Linking executive
remuneration to ESG
performance
Our executive remuneration is linked to
ESG objectives and performance.
The Executive Committee is incentivised
to make meaningful progress and further
integrate ESG considerations into day-to-
day operations.
Short term
Living by our
Compass
Corruption and bribery
Corruption and bribery of individuals
could result in unethical or illegal actions
that undermine our commitment to
responsible business conduct.
Corruption and bribery negatively impact
fair competition and citizens' rights to
participate in public affairs, and can have
indirect negative environmental
consequences.
Short term
Responsible
Sourcing
Living by our
Compass
The policy requires compliance with all applicable laws and regulations on bribery and corruption,
including, but not limited to, the U.S. Foreign Corrupt Practices Act (FCPA), the UK Bribery Act 2010
(UKBA), and other applicable national anti-bribery statutes and implementing rules and regulations.
It also states our commitment to adhere to the relevant standards set out in the United Nations
Convention Against Corruption. Details on how we review our policies in consultation with
stakeholders as part of our Compass+ programme can be found in the Code of Ethics and Conduct
section.
The policy applies globally to all employees and contract workers. The Group General Counsel and
Chief Compliance Officer are responsible for implementing the policy.
Remuneration Policy
Our Remuneration Policy has been prepared in accordance with sections 139 and 139a of the Danish
Companies Act, and outlines the components of remuneration for both the Supervisory Board and
the Executive Board, as well as the procedures for approval and application of these rules. In the
2024 update, the intention to include long-term ESG targets was added in incentive arrangements,
replacing the pre-existing short-term ESG target incentives. The policy is updated by the
Remuneration Committee and reviewed and internally approved by the Supervisory Board. As the
policy requires final approval at the Carlsberg A/S Annual General Meeting, shareholder interests are
considered through investor engagement during the update process.
SpeakUp Manual
The SpeakUp Manual explains to our employees and any external parties how to raise concerns in
confidence about potential breaches of our Code of Ethics and Conduct or the national law of the
relevant jurisdiction, and how their concerns are investigated. This policy has been designed to
respect and protect the interests of key stakeholders (both internal and external) at Carlsberg.
The Chief Financial Officer is the most senior executive responsible for implementing the policy, which
aligns with the EU Directive on the Protection of Whistleblowers.
In 2024, we updated the SpeakUp Manual to provide more details on protecting reporters. We also
translated the manual into local languages of the countries where we have operations to make it
more accessible to potential reporters, and published these translations on our internal and external
websites.
In order to ensure that the SpeakUp process functions as intended, we regularly perform a series of
training sessions for relevant human resources personnel, compliance representatives and local
investigators on recognising and reporting misconduct and the investigation process.
In 2025, we plan to continue our efforts to promote SpeakUp among potential reporters, specifically
focusing on external parties, including our suppliers and contractors. In addition, we plan to improve
the SpeakUp process based on employee feedback received through the SpeakUp survey.
We have not performed assessments of whether workers in the value chain or consumers are aware
of our SpeakUp system and trust it.
G1 IRO-1; G1-3; G1-4
Corruption and bribery detection
We do not tolerate bribery and corruption, and we have robust global policies and practices to
prevent, detect and address concerns. This includes market managing directors being asked to sign an
annual compliance “sign-off” included in the finance representation letter.
We stay abreast of bribery and corruption risks by conducting annual assessments of legal and
compliance risks in our markets. In 2024, we enhanced our assessment with increased oversight by
bringing in Group-level subject matter experts to analyse and challenge the assessment findings to
build an aligned view of our high-risk markets and regions. The consolidated findings from the risk
assessments were reported to ExCom and the Audit Committee and will be updated annually.
Feedback is shared with regional leaders, who oversee risk mitigation plans. Implementation of these
is continuously monitored by regional Heads of Legal, and ExCom and the Audit Committee are
updated on progress. Relevant input regarding potential impacts and risks is also considered during
the DMA process.
By the end of 2024, we kicked off an integrated governance, risk and compliance programme,
Compass+, with the aim of bringing together risk management, internal controls, internal audit and
compliance, ensuring that our activities focus on the risks that could have the greatest impact.
Compass+ includes the implementation of a centralised governance, risk and compliance (GRC) data
management, monitoring and reporting system. The platform will enable us to be more proactive,
efficient and coordinated in identifying and managing bribery and corruption risks in line with our
policy. We plan to fully implement the Compass+ programme to support our global markets from
2025 onwards.
Alongside assessments, the primary ways we identify actual and potential breaches of our Anti-
Bribery and Corruption Policy are through internal controls, internal audits and our SpeakUp
whistleblower system, which is open to internal and external stakeholders globally.
Our markets implement compliance controls locally with oversight at Group level. Each year, local
members of our Legal and Compliance team assess the effectiveness of our internal controls and
provide evidence of their implementation. Our Legal and Compliance team monitors implementation
of these controls throughout the year, and we continuously review and refine our controls based on
knowledge gained from internal SpeakUp cases, audit findings, regulatory guidance and enforcement
actions. We also evaluate ways to integrate real-time data insights into the effectiveness of our
controls. In 2024, we continued to trial an automated tool that monitors financial transactions for
fraud in high-risk jurisdictions, with plans to expand this pilot to additional jurisdictions in 2025.
We continued to embed our enhanced anti-bribery and trade sanctions online screening process, first
launched in 2022. If the automated screening process identifies any potential risks, we take
appropriate follow-up action, including a detailed review by our Legal and Compliance teams at
Group or local level.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Governance
G1 – BUSINESS CONDUCT
104
Carlsberg Group Annual Report 2024
Internal investigations and independent oversight
Suspected cases of bribery and corruption are investigated and addressed through standard internal
investigation processes. Please refer to our ESRS index on page 50 in the management review for
where more information on these processes and actions can be found.
Training and communication
All employees with a corporate email address are covered by training programmes on the core
principles of our Code of Ethics and Conduct and Anti-Bribery and Corruption Policy. They are
required to complete the training during their onboarding, and to undergo refresher training every
three years. This includes those who have exposure to government officials in jurisdictions deemed to
be at higher risk. These employees must undergo additional annual in-depth training, overseen by the
Head of Legal in each market. Heads of Legal in each region are themselves required to attend more
detailed annual training on anti-bribery and corruption, delivered by Group Legal and Compliance.
In 2024, we developed an integrated annual refresher training programme, covering all compliance
areas, including anti-bribery and corruption.
The Supervisory Board is made aware of the material risks facing the company in an ongoing
manner, with deep dives into specific risks each year. ExCom members complete training on our Anti-
Bribery and Corruption Policy and Code of Ethics and Conduct every three years.
Our Anti-Bribery and Corruption Policy is available to employees in 27 languages through our
intranet.
Prevention and detection of corruption and bribery (G1-3)
Unit
Value
Share of functions at risk covered by training programmes
%
100
ACCOUNTING POLICIES
Functions at risk refer to employees whose tasks and responsibilities expose them to potential risks of
corruption and bribery, which encompass all employees with a corporate email address. To address
these risks, Carlsberg has implemented a comprehensive, mandatory training programme that covers
its Anti-Bribery and Corruption Policy as well as its Code of Ethics and Conduct. Employees are
considered to be covered when they are invited to the aforementioned training.
Linking executive remuneration to ESG performance
This material impact does not necessarily require specific actions to drive constant progress, but a
robust process and governance to ensure effectiveness. The policy, processes and results relevant to
this impact are stated in detail throughout the Remuneration Policy and Remuneration Report.
Tracking effectiveness
Our zero-tolerance policy on bribery and corruption reflects our ambition level related to our material
impact. The effectiveness of our policies, processes and actions can also be seen in the number of
convictions, albeit with potential time lags. Please see the G1-4 table presented below for the relevant
metrics. For linking executive remuneration with ESG performance, the approval of the Remuneration
Policy and the inclusion of ESG targets in executive performance-based remuneration are indicative
of the effectiveness of the process in place. As we believe the most prudent approach to ensuring
effectiveness of anti-bribery and corruption and ESG-linked executive remuneration is having robust
and well-anchored processes, we have not set specific targets to monitor performance in these areas,
and we therefore do not have a baseline year from which our progress is measured.
Incidents of corruption and bribery (G1-4)
Unit
Value
Convictions for violation of anti-corruption and anti-bribery laws
number
0
Fines for violation of anti-corruption and anti-bribery laws
DKK
0
ACCOUNTING POLICIES
The metrics encompass instances where a Carlsberg legal entity has been convicted of anti-bribery or
corruption violations by a court of law, as well as any fines imposed in connection with enforcement
actions brought against the company for such violations.
Current and future allocated resources
Key actions are integrated into regular operations at Group and market level, utilising human and
financial resources. Consequently, resources allocated to business conduct are not tracked
independently, but included in overall OpEx and CapEx.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Governance
G1 – BUSINESS CONDUCT
105
Carlsberg Group Annual Report 2024
APPENDICES
APPENDIX 1: Data points that derive from other EU legislation
ESRS 2 GOV-1 Board's gender diversity § 21 (d)
ƒ
ƒ
Material
40-41
ESRS 2 GOV-1 Percentage of board members who are independent § 21 (e)
ƒ
Material
40
ESRS 2 GOV-4 Statement on due diligence § 30
ƒ
Material
61
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities § 40 (d) i
ƒ
ƒ
ƒ
Not material
N/A
ESRS 2 SBM-1 Involvement in activities related to chemical production § 40 (d) ii
ƒ
ƒ
Not material
N/A
ESRS 2 SBM-1 Involvement in activities related to controversial weapons § 40 (d) iii
ƒ
ƒ
Not material
N/A
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco § 40 (d) iv
ƒ
Not material
N/A
ESRS E1-1 Transition plan to reach climate neutrality by 2050 § 14
ƒ
Material
64
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks § 16 (g)
ƒ
ƒ
Material
64
ESRS E1-4 GHG emission reduction targets § 34
ƒ
ƒ
ƒ
Material
66-70
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) § 38
ƒ
Material
71
ESRS E1-5 Energy consumption and mix § 37
ƒ
Material
71
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors §§ 40 to 43
ƒ
Material
71
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions § 44
ƒ
ƒ
ƒ
Material
72
ESRS E1-6 Gross GHG emissions intensity §§ 53 to 55
ƒ
ƒ
ƒ
Material
73
ESRS E1-7 GHG removals and carbon credits § 56
ƒ
Not material
N/A
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks § 66
ƒ
Not material
N/A
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk § 66 (a)
ESRS E1-9 Location of significant assets at material physical risk § 66 (c).
ƒ
Not material
N/A
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes § 67 (c)
ƒ
Not material
N/A
ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities § 69
ƒ
Not material
N/A
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water
and soil, § 28
ƒ
Not material
N/A
ESRS E3-1 Water and marine resources § 9
ƒ
Material
78
ESRS E3-1 Dedicated policy § 13
ƒ
Not material
N/A
ESRS E3-1 Sustainable oceans and seas § 14
ƒ
Not material
N/A
ESRS E3-4 Total water recycled and reused § 28 (c)
ƒ
Material
80
ESRS E3-4 Total water consumption in m3 per net revenue on own operations § 29
ƒ
Material
80
ESRS 2 - SBM 3 - E4 § 16 (a) i
ƒ
Material
81
ESRS 2 - SBM 3 - E4 § 16 (b)
ƒ
Material
82
ESRS 2 - SBM 3 - E4 § 16 (c)
ƒ
Material
82
ESRS E4-2 Sustainable land / agriculture practices or policies § 24 (b)
ƒ
Material
82
Disclosure Requirement and related data point
SFDR
Pillar 3
Benchmark
Regulation
Materiality Page reference
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Appendices
106
Carlsberg Group Annual Report 2024
ESRS E4-2 Sustainable oceans / seas practices or policies § 24 (c)
ƒ
Not material
N/A
ESRS E4-2 Policies to address deforestation § 24 (d)
ƒ
Material
82
ESRS E5-5 Non-recycled waste § 37 (d)
ƒ
Not material
N/A
ESRS E5-5 Hazardous waste and radioactive waste § 39
ƒ
Not material
N/A
ESRS 2 - SBM3 - S1 Risk of incidents of forced labour § 14 (f)
ƒ
Material
88
ESRS 2 - SBM3 - S1 Risk of incidents of child labour § 14 (g)
ƒ
Material
88
ESRS S1-1 Human rights policy commitments § 20
ƒ
Material
89-90
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labour Organization Conventions 1 to 8 § 21
ƒ
Material
90
ESRS S1-1 Processes and measures for preventing trafficking in human beings § 22
ƒ
Material
90
ESRS S1-1 Workplace accident prevention policy or management system § 23
ƒ
Material
89
ESRS S1-3 Grievance-/complaints-handling mechanisms § 32 (c)
ƒ
Material
45
ESRS S1-14 Number of fatalities and number and rate of work related accidents § 88 (b) and (c)
ƒ
ƒ
Material
92
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness § 88 (e)
ƒ
Material N/A - Phase-in
data point
ESRS S1-16 Unadjusted gender pay gap § 97 (a)
ƒ
ƒ
Material
93
ESRS S1-16 CEO pay ratio § 97 (b)
ƒ
Material
Remuneration
report
ESRS S1-17 Incidents of discrimination § 103 (a)
ƒ
Material
95
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD § 104 (a)
ƒ
ƒ
Material
95
ESRS 2 - SBM3 – S2 Significant risk of child labour or forced labour in the value chain § 11 (b)
ƒ
Material
96
ESRS S2-1 Human rights policy commitments § 17
ƒ
Material
89-90; 96-97
ESRS S2-1 Policies related to value chain workers § 18
ƒ
Material
89-90; 96-97
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines § 19
ƒ
ƒ
Material
96
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labour Organization Conventions 1 to 8 § 19
ƒ
Material
96
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain § 36
ƒ
Material
95
ESRS S3-1 Human rights policy commitments § 16
ƒ
Not material
N/A
ESRS S3-1 Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines § 17
ƒ
ƒ
Not material
N/A
ESRS S3-4 Human rights issues and incidents § 36
ƒ
Not material
N/A
ESRS S4-1 Policies related to consumers and end-users § 16
ƒ
Material
89-90; 100
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines § 17
ƒ
ƒ
Material
90
ESRS S4-4 Human rights issues and incidents § 35
ƒ
Material
95
ESRS G1-1 United Nations Convention against Corruption § 10 (b)
ƒ
Not material
N/A
ESRS G1-1 Protection of whistleblowers § 10 (d)
ƒ
Not material
N/A
ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws § 24 (a)
ƒ
ƒ
Material
105
ESRS G1-4 Standards of anti-corruption and anti-bribery § 24 (b)
ƒ
Material
45
Disclosure Requirement and related data point
SFDR
Pillar 3
Benchmark
Regulation
Materiality Page reference
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Appendices
APPENDIX 1: Data points that derive from other EU legislation
107
Carlsberg Group Annual Report 2024
APPENDIX 2: Emission factors applied to Scope 1-3 GHG emissions
Activity data
Applied emission factor source
Scope 1 GHG emissions: energy consumption and refrigerants
UK Department for Energy Security and Net
Zero (DESZN) (2023)
Scope 2 GHG emissions: electricity consumption and district heating
International Energy Agency (IEA)
Scope 2 GHG emissions: district heating (market-based only)
Supplier-specific emission factors
Scope 3 GHG emissions: quantities purchased – packaging materials
Supplier-specific emission factors, Sphera
(Thinkstep), Ecoinvent 3.10
Scope 3 GHG emissions: quantities purchased – agricultural
ingredients
Agrifootprint v6.3, Blonk, Quantis, Ecoinvent
3.10, supplier-specific emission factors
Scope 3 GHG emissions: spend-based data
Extended Environmental Input Output
(EEIO) database, corrected for inflation and
carbon intensity developments
Scope 3 GHG emissions: waste treatment – packaging materials
Sphera (Thinkstep)
Activity data
Applied emission factor source
Scope 3 GHG emissions: electricity consumption related to packaging
material processing, malting process, wastewater treatment, working
from home and cooling; Scope 2-related T&D losses
International Energy Agency (IEA)
Scope 3 GHG emissions: malting process thermal energy
consumption; Scope 1 and 2-related upstream; working from home
thermal energy; transport; outbound logistics; employee commuting;
waste generated; CO₂ released
UK Department for Energy Security and Net
Zero (DESZN) (2023)
Scope 3 GHG emissions: quantities purchased – water consumption
Quantis
Scope 3 GHG emissions: quantities purchased – fridges
ADEME
Scope 3 GHG emissions: production and sales volumes
Carlsberg value chain EF1
Biogenic GHG emissions (outside of scopes): energy consumption
UK Department for Energy Security and Net
Zero (DESZN) (2023)
Biogenic GHG emissions (outside of scopes): CO₂ release
Carlsberg Research Laboratory
1 In the absence of relevant activity data from non-core production volumes (third-party, bought-in, licensees, joint ventures), GHG emissions are estimated based on the emissions related to Carlsberg's own production. The emission factor
is based on Carlsberg's own emissions (2022) covering stages of its value chain that are relevant to the brewing process. The value chain stages included are: sourcing and cultivation of agricultural materials, the malting process, the
brewing process (energy consumption), primary packaging, secondary packaging, and transport and distribution. Since the type of primary packaging has a significant impact on the emissions, the emission factor is broken down into five
different types of primary packaging materials. The emission factor is furthermore broken down into four regions.
APPENDIX 3: BP-2 disclosures on value chain estimates and measurement uncertainties
This section covers the disclosures in relation to specific circumstances. There are several metrics for which we apply value chain estimates or which are subject to measurement uncertainty, as disclosed in the
table below. Continuous efforts are made to improve the accuracy of the input data.
Measurement uncertainty
Activity data
Estimate/assumption
Applicability
Scope 2 GHG emissions: energy consumption from warehouses and offices
In the absence of actual energy consumption data, the 2018 Commercial Buildings Energy
Consumption Survey (US Energy Information Administration) is applied to estimate energy
consumption based on surface area.
Location-based and market-based
Scope 3 GHG emissions: production volumes, sales volumes, procurement reports
(spend); Scope 3 GHG emissions, Resource inflows, Resource outflows: purchased
direct materials; Gender pay gap: total annual remuneration per gender
Input data is based on Q1-Q3 actuals and Q4 forecast. As the complexity of the calculations require
the metrics to be finalized before year-end, forecasted data for Q4 is used. The forecast is made by
individual sites and validated per region. This leads to some degree of measurement uncertainty in the
reported values.
Scope 3 GHG emissions: categories 1, 2, 4, 6, 9, 11,
12 and 15
Scope 3 GHG emissions: utility data: waste
Input data is based on previous year Q1-Q4 actuals, which leads some degree of measurement
uncertainty.
Category 5
Scope 3 GHG emissions, Resource inflows, Resource outflows: purchased direct
materials
Input data for agricultural ingredients and packaging materials is sourced from procurement reports,
where information on the unit of measurement is inconsistent. Hence, where purchased quantities are
reported in units other than weight ("packs", "pieces" etc.), Carlsberg applies weight conversion factors
where necessary. The conversion factors are based on a comprehensive reconciliation that was
performed in 2022. Further, the reports do not allocate weights to individual suppliers. Hence, the
same reconciliation is also used to map quantities of procured materials to suppliers. Local
procurement managers must validate and/or adjust allocations that deviate by more than 5%.
Scope 3: Categories 1, 4 and 12.
Resource inflows: Biological materials (including
raw materials); Recycled or reused materials;
Recycled content for bottles and cans; Virgin
plastic use.
Resource outflows: Recyclable packaging;
Recyclable, reusable and renewable packaging;
Recycling rate for bottles and cans
Gender pay gap: average remuneration
The gender pay gap is calculated based on the annual remuneration per FTE. This does not account
for differences in standard working hours across various countries.
Gender pay gap
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Appendices
108
Carlsberg Group Annual Report 2024
Value chain estimates
Activity data
Estimate/assumption
Applicability
Scope 3 GHG emissions: transport
Load factors as recommended by PEF Guidance applied to road transport;
Distance of transport as recommended by PEF Guidance applied to road transport, where supplier
data is unavailable
Categories 1 and 4
Scope 3 GHG emissions: wastewater
COD limit in wastewater as provided by UK Environment Agency is applied;
The average electricity required per kg COD removal is based on an engagement with wastewater
treatment providers
Category 5
Scope 3 GHG emissions: employee commuting
Nationmaster - transport distance between home and workplace;
Statisticbrain and Racfoundation – share of mode of transport per country
Category 7
Scope 3 GHG emissions: working from home
Anthesisgroup and CarbonTrust – energy consumption related to working from home
Category 7
Scope 3 GHG emissions: cooling
Carlsberg Research Laboratory – cooling and chilling factors for non-draught products;
PEF Guidance – cooling factor for draught products;
BIER Sector Guidance – cooling factor for home cooling
Category 9
Scope 3 GHG emissions: cooling in Carlsberg fridges
Internal analyses – assumption that 80% of capacity in Carlsberg fridges used for cooling Carlsberg
products
Category 9
Scope 3 GHG emissions: electricity consumption
Internal analyses – lifetime electricity consumption from fridges
Category 11
Scope 3 GHG emissions: purchased CO₂
Assumed that 50% of purchased CO₂ is categorised as fugitive (category 1) and the remaining 50% is
released upon opening any carbonised beverage (bottle or can; category 11)
Categories 1 and 11
Scope 3 GHG emissions: packaging materials
Eurostat – share of packaging materials sent to incineration
Category 12
Recycled or reused materials: suppliers without data on recycled content
Recycled content proxy calculated based on available data from other suppliers
Recycled or reused materials
Recyclable, reusable and renewable packaging: packaging materials
Aluminium, cardboard and glass are assumed to be 100% recyclable
Recyclable, reusable and renewable packaging
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Appendices
APPENDIX 3: BP-2 disclosures on value chain estimates and measurement uncertainties
109
Carlsberg Group Annual Report 2024
APPENDIX 4: ADDITIONAL ACCOUNTING POLICIES
ACCOUNTING POLICIES
Additional accounting policies related to Scope 3 GHG emissions
Category 1: The agricultural raw materials include all ingredients required in the brewing process and
processing materials (excluding malt). GHG emissions are calculated based on the weight of the
ingredients, supplier location and a country-specific cultivation emission factor (where data is available).
For materials where information on weight cannot be derived, a spend-based approach is applied. For
malt, the GHG emissions cover the cultivation of barley and processing into malt, including transport to
the malting plant. GHG emissions are calculated based on the implied weight of barley (based on the
quantity of malt purchased), the barley cultivation country, the location of the malting plant, and a
malting plant-specific emission factor (where data is available). Emissions related to packaging materials
are calculated based on the Circular Footprint Formula (CFF), as developed by the European
Commission, and cover all significant packaging materials (primary, secondary and tertiary). Lifecycle
GHG emission factors are calculated based on country recycling rates, supplier-specific information on
the share of recycled content, supplier-specific energy consumption, input-to-output ratio and supplier
location, as well as secondary emission factors validated by the European Commission as part of the
Product Environmental Footprint (PEF) approach. Emissions from water purchased at breweries are
calculated based on total water consumption (see definition in E3-4). Purchased fridges cover all fridges
that are bought by Carlsberg and distributed to customers for cooling Carlsberg beverages. Emissions
are calculated based on the quantity of purchased fridges and their respective volumetric size. Third-
party production covers all comanufactured and bought-in products. Emissions are calculated based on
estimates from own operations and the sales volume per packaging type and region. Other goods and
services cover all goods and services purchased by Carlsberg not captured elsewhere. GHG emissions
from these are calculated based on spend data.
Category 4: GHG emissions from inbound transport of agricultural and packaging products are
calculated based on the weight of materials procured, supplier location, loading factor and freight
method. Where supplier data is not available, assumptions from the PEF Guidance are applied. The
return transport of packaging materials covers reusable glass bottles and kegs that are returned from
the markets to the breweries. Emissions are calculated based on the weight of the packaging materials,
the reuse rate, and the assumed distance between the point of sales and brewery. Third-party
distribution covers the outbound transport of products sold by Carlsberg, performed by a third party,
where Carlsberg pays for the transport. Emissions are calculated based on the estimated diesel
consumption, which is derived from the average annual national diesel price and the associated cost
variables in the contracts with the third parties. Transportation of third-party production covers all third-
party produced and comanufactured volumes. Emissions are estimated based on GHG emissions from
Carlsberg's own operations and the sales volume per packaging type and region.
Category 7: GHG emissions related to commuting are calculated based on the estimated commuting
distance and mode of transport. The emissions related to working from home are calculated based on
the assumed energy consumption related to working from home and the estimated number of FTEs
working from home.
Category 9: As Carlsberg does not pay for the distribution, it lacks data insights and GHG emissions are
estimated based on third-party distribution where Carlsberg pays (i.e. category 4) and the assumed
share of distribution that Carlsberg does not pay for. GHG emissions from on- and off-trade cooling are
calculated based on the electricity required to cool one unit of beverage, the share of beverages cooled
on-trade within in each market (100% is assumed for kegs), the respective cooling days, and volumes
sold per market split out by on-trade and off-trade sites. Since part of the non-draught products is
cooled in fridges sold by Carlsberg (accounted for in category 11), the total sales volumes for non-
draught products is corrected to avoid double-counting.
Category 11: GHG emissions related to the cooling in fridges provided by Carlsberg are based on the
quantity of fridges sold and the estimated lifetime electricity consumption of the respective fridge. CO₂
released upon opening the product is calculated based on the quantity of purchased CO₂. Emissions
related to home cooling in fridges not sold by Carlsberg are excluded.
For our Scope 3 GHG emissions, we apply a mixed calculation approach, relying primarily on supplier-
specific data, and otherwise revert to the average-activity, hybrid or spend-based approach. Although
significant efforts have been made to obtain complete and detailed supplier-specific data, most
calculations include a third-party emission factor to measure upstream emissions from tier 2 suppliers
and beyond (for more information, see Appendix 2 on page 108). Additionally, most input data is based
on partially forecasted and/or estimated figures to obtain full-year values across all regions (for more
information, see Appendix 3 (BP-2) on pages 108-109). Thus, we are unable to claim that more than 0%
of our Scope 3 GHG emissions has been calculated exclusively using primary data.
Additional accounting policies related to regenerative agriculture
Main requirements include: (1) no/minimum soil disturbance: machinery used does not exceed a soil
depth of 10 cm; (2) soil cover: soil must be covered at least 95% of the year (347 days); (3) crop rotation:
minimum of four different crops per plot over four harvest seasons, or three different crops over five
harvest seasons; (4) cover crops: established for a minimum of three months per year; (5) minimising
synthetic inputs: use of fertilisers must not exceed field and crop demand; (6) no insecticides can be used
unless the action is verified by a third-party consultant.
Optional requirements include: (1) no till: only direct seeding, no tillage (harrowing); (2) field margins/
biodiversity borders: 7% of fields should consist of borders/margins with high grass, wildflower mixes or
plants targeted to benefit insects (the mandatory fallow demand of 4% can be included in the 7%); (3)
addition of organic material: addition of, for example, compost or biochar in significant quantities; (4)
livestock integration: livestock grazing or use of manure application that correspond to 20% of the
fertiliser consumption; (5) recirculated fertiliser: biogas or sludge (biofertiliser) covers 20% of the fertiliser
demand; (6) agroforestry: 1% of the field area at farm level is planted with trees that meet the definition
of agroforestry; (7) precision farming: graduated fertiliser and/or pesticide application; (8) foliar fertiliser
application: minimum 20% of nitrogen fertiliser applied as foliar application; (9) companion crops/
undersown crops: 10% of the cultivated area should be with a companion crop/undersown crop; (10)
legumes: minimum of 10% of field area covered with a legume; (11) cover crops with legumes: all cover
crops should include a minimum of three species, which should include one legume.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
Appendices
110
Carlsberg Group Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Income statement
112
Statement of comprehensive income
112
Statement of financial position
113
Statement of changes in equity
114
Statement of cash flows
115
Notes
116
SECTION 1
OPERATING ACTIVITIES
1.1
Segmentation of operations
116
1.2
Operating expenses and inventories
119
1.3
Cash flow from operating
activities
120
1.4
Trade and other receivables
121
SECTION 2
ASSET BASE AND RETURNS
2.1
Segmentation of assets and returns
125
2.2
Intangible assets and property, plant
and equipment
127
2.3
Impairment
131
SECTION 3
SPECIAL ITEMS, PROVISIONS AND
OTHER LIABILITIES
3.1
Special items
138
3.2
Provisions
140
3.3
Other liabilities
141
3.4
Contingent liabilities
141
SECTION 4
FINANCING COSTS, CAPITAL
STRUCTURE AND EQUITY
4.1
Capital structure and financial risk
management
142
4.2
Equity
143
4.3
Earnings per share
145
4.4
Financial income and expenses
145
4.5
Financial assets and liabilities
147
4.6
Net interest-bearing debt
148
4.7
Borrowings and cash
148
4.8
Interest rate risk
150
4.9
Foreign exchange and commodity
risk
151
4.10
Funding and liquidity risk
155
SECTION 5
ACQUISITIONS, NON-CONTROLLING
INTERESTS AND ASSOCIATES,
DISPOSALS AND DISCONTINUED
OPERATIONS
5.1
Acquisitions
157
5.2
Non-controlling interests and
associates
161
5.3
Disposals and discontinued
operations
162
5.4
Contingent considerations
164
SECTION 6
TAX
6.1
Income tax
165
6.2
Tax assets and liabilities
166
SECTION 7
STAFF COSTS AND REMUNERATION
7.1
Staff costs
168
7.2
Remuneration
169
7.3
Share-based payments
169
7.4
Retirement benefit obligations
and similar obligations
171
SECTION 8
OTHER DISCLOSURE REQUIREMENTS
8.1
Hyperinflation
174
8.2
Fees to auditors
176
8.3
Related parties
176
8.4 Events after the reporting period
177
SECTION 9
BASIS FOR PREPARATION
9.1
Significant accounting estimates and
judgements
178
9.2
General accounting policies
178
9.3
Changes in accounting policies
180
9.4
New legislation
180
9.5
Key definitions
181
SECTION 10
GROUP COMPANIES
10
Group companies
182
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
111
Carlsberg Group Annual Report 2024
INCOME STATEMENT
DKK million
Section
2024
2023
Revenue
1.1.1
75,011
73,585
Cost of sales
1.2.1
-40,631
-40,753
Gross profit
34,380
32,832
Sales and distribution expenses
1.2.2
-19,242
-18,355
Administrative expenses
-4,381
-4,077
Other operating activities, net
1.2.3
38
124
Share of profit after tax of associates
5.2
616
581
Operating profit before special items
11,411
11,105
Special items, net
3.1
-519
-431
Financial income
4.4
959
755
Financial expenses
4.4
-1,864
-1,599
Profit before tax
9,987
9,830
Income tax
6.1
-1,982
-1,859
Profit from continuing operations
8,005
7,971
Net result from discontinued operations
5.3
2,258
-47,748
Profit for the period
10,263
-39,777
Attributable to
Non-controlling interests
5.2
1,147
1,011
Shareholders in Carlsberg A/S (net profit)
9,116
-40,788
DKK
Earnings per share
4.3
Earnings per share of DKK 20 (EPS)
68.7
-299.7
Continuing operations
51.7
51.1
Discontinued operations
17.0
-350.8
Diluted earnings per share of DKK 20 (EPS-D)
68.6
-299.7
Continuing operations
51.6
51.0
Discontinued operations
17.0
-350.7
STATEMENT OF COMPREHENSIVE INCOME
DKK million
Section
2024
2023
Profit for the period
10,263
-39,777
Other comprehensive income
Retirement benefit obligations
7.4
-96
-73
Income tax
6.1
13
-28
Items that will not be reclassified to the income statement
-83
-101
Foreign exchange adjustments of foreign entities
4.2, 4.4
874
37,781
Hyperinflation restatement of equity
8.1
2,428
-
Fair value adjustments of hedging instruments
4.2, 4.4
2
920
Income tax
6.1
30
-44
Items that will be reclassified to the income statement
3,334
38,657
Other comprehensive income
3,251
38,556
Total comprehensive income
13,514
-1,221
Attributable to
Non-controlling interests
2,138
753
Shareholders in Carlsberg A/S
11,376
-1,974
Total comprehensive income for the period arises from
Continuing operations
11,256
6,297
Discontinued operations
2,258
-7,518
Total comprehensive income
13,514
-1,221
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
112
Carlsberg Group Annual Report 2024
STATEMENT OF FINANCIAL POSITION
DKK million
Section
31 Dec. 2024
31 Dec. 2023
ASSETS
Non-current assets
Intangible assets
2.2, 2.3
52,387
49,100
Property, plant and equipment
2.2, 2.3
27,050
24,405
Investments in associates
5.2
4,674
5,437
Receivables
1.4
814
881
Tax assets
6.2
2,056
1,810
Total non-current assets
86,981
81,633
Current assets
Inventories
1.2.1
5,953
5,811
Trade receivables
1.4
4,940
5,102
Tax receivables
410
356
Other receivables
1.4
2,258
2,476
Prepayments
1,185
835
Deposits and securities
4.7.2
59
2,236
Cash and cash equivalents
4.7.2
11,542
13,382
Total current assets
26,347
30,198
Total assets
113,328
111,831
DKK million
Section
31 Dec. 2024
31 Dec. 2023
EQUITY AND LIABILITIES
Equity
Share capital
4.2.1
2,685
2,747
Reserves
-496
-2,819
Retained earnings
25,582
23,306
Equity, shareholders in Carlsberg A/S
27,771
23,234
Non-controlling interests
2,841
2,515
Total equity
30,612
25,749
Non-current liabilities
Borrowings
4.6, 4.7.1
27,392
30,763
Retirement benefit obligations
7.4
1,304
1,387
Tax liabilities
6.2
4,744
4,823
Provisions
3.2
1,736
1,565
Other liabilities
3.3
1,495
314
Total non-current liabilities
36,671
38,852
Current liabilities
Borrowings
4.6, 4.7.1
10,748
8,338
Trade payables
23,317
22,159
Deposits on returnable packaging materials
1,728
1,717
Provisions
3.2
950
944
Tax payables
1,204
1,052
Other liabilities
3.3
8,098
13,020
Total current liabilities
46,045
47,230
Total liabilities
82,716
86,082
Total equity and liabilities
113,328
111,831
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Carlsberg Group Annual Report 2024
STATEMENT OF CHANGES IN EQUITY
2024
Section
Shareholders in Carlsberg A/S
DKK million
Share
capital
Currency
translation
Hedging
reserves
Total
reserves
Retained
earnings
Total
Non-
controlling
interests
Total
equity
Equity at 1 January
2,747
-2,639
-180
-2,819
23,306
23,234
2,515
25,749
Profit for the period
-
-
-
-
9,116
9,116
1,147
10,263
Other comprehensive income
4.2.2
-
2,042
281
2,323
-63
2,260
991
3,251
Total comprehensive income for the period
-
2,042
281
2,323
9,053
11,376
2,138
13,514
Cancellation of treasury shares
4.2.1
-62
-
-
-
62
-
-
-
Share-based payments
7.3
-
-
-
-
100
100
-
100
Dividends paid to shareholders
4.2.1
-
-
-
-
-3,601
-3,601
-1,376
-4,977
Share buy-back
4.2.1
-
-
-
-
-1,960
-1,960
-
-1,960
Non-controlling interests
5.2
-
-
-
-
-1,378
-1,378
-436
-1,814
Total changes in equity
-62
2,042
281
2,323
2,276
4,537
326
4,863
Equity at 31 December
2,685
-597
101
-496
25,582
27,771
2,841
30,612
2023
Section
Shareholders in Carlsberg A/S
DKK million
Share
capital
Currency
translation¹
Hedging
reserves¹
Total
reserves
Retained
earnings
Total
Non-
controlling
interests
Total
equity
Equity at 1 January
2,837
-40,889
-822
-41,711
70,776
31,902
2,820
34,722
Profit for the period
-
-
-
-
-40,788
-40,788
1,011
-39,777
Other comprehensive income
4.2.2
-
38,250
642
38,892
-78
38,814
-258
38,556
Total comprehensive income for the period
-
38,250
642
38,892
-40,866
-1,974
753
-1,221
Cancellation of treasury shares
4.2.1
-90
-
-
-
90
-
-
-
Share-based payments
7.3
-
-
-
-
129
129
1
130
Dividends paid to shareholders
4.2.1
-
-
-
-
-3,695
-3,695
-1,149
-4,844
Share buy-back
4.2.1
-
-
-
-
-3,200
-3,200
-
-3,200
Non-controlling interests
5.2
-
-
-
-
72
72
90
162
Total changes in equity
-90
38,250
642
38,892
-47,470
-8,668
-305
-8,973
Equity at 31 December
2,747
-2,639
-180
-2,819
23,306
23,234
2,515
25,749
¹ Prior to the deconsolidation of the discontinued operation in Russia, the related accumulated currency translation and hedging reserves within equity represented losses of DKK 40.9bn and DKK 0.5bn respectively. Following the
deconsolidation in July 2023, the amounts were reclassified from equity to the income statement and included in net result from discontinued operations.
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Carlsberg Group Annual Report 2024
STATEMENT OF CASH FLOWS
DKK million
Section
2024
2023
Operating profit before special items
11,411
11,105
Depreciation, amortisation and impairment losses
2.2
4,370
4,074
Operating profit before depreciation, amortisation and impairment
losses
15,781
15,179
Other non-cash items
-635
-499
Change in trade working capital
471
698
Change in other working capital
-1,108
-780
Restructuring costs and other special items paid
-220
-552
Interest etc. received
456
329
Interest etc. paid
-1,091
-602
Income tax paid
-2,342
-2,166
Cash flow from operating activities
1.3
11,312
11,607
Acquisition of property, plant and equipment
2.2
-4,668
-3,887
Acquisition of intangible assets
2.2
-362
-356
Disposal of property, plant and equipment and intangible assets
2.2
85
115
Change in on-trade loans
1.3
1
-10
Total operational investments
-4,944
-4,138
Free operating cash flow
6,368
7,469
Acquisition of subsidiaries
5.1
254
-826
Disposal of subsidiaries
-27
4
Acquisition of associates
5.2
-161
-7
Change in financial investments
4.7.2
2,179
-2,248
Change in financial receivables
389
-26
Dividends received
792
512
Total financial investments
3,426
-2,591
Cash flow from investing activities
-1,518
-6,729
Free cash flow
9,794
4,878
DKK million
Section
2024
2023
Shareholders in Carlsberg A/S
4.2.1
-3,601
-3,695
Share buy-back
4.2.1
-1,960
-3,200
Non-controlling interests
4.2.1
-6,463
-1,106
External financing
4.7.1
-1,911
9,371
Cash flow from financing activities
-13,935
1,370
Net cash flow from continuing operations
-4,141
6,248
Net cash flow from discontinued operations
5.3
2,258
-994
Net cash flow
-1,883
5,254
Cash and cash equivalents at 1 January
13,382
8,163
Cash and cash equivalents included in discontinued operations
at 1 January
-
1,194
Foreign exchange adjustment of cash and cash equivalents
11
-1,229
Cash and cash equivalents at 31 December¹
4.7.2
11,510
13,382
¹ Cash and cash equivalents less bank overdrafts.
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Carlsberg Group Annual Report 2024
SECTION 1
OPERATING ACTIVITIES
The Group’s businesses are managed from the perspective of Carlsberg’s operating segments and
selected financial data is presented on this basis. Further, detailed in the sections below are the key
amounts recognised when arriving at the Group’s operating profit before special items, cash flow
from operating activities and trade and other receivables.
Operating margin1
DKKbn
9.7
10.1
11.5
11.1
11.4
16.6%
16.9%
16.3%
15.1%
15.2%
Operating profit before special items (DKKbn)
Operating margin
2020
2021
2022
2023
2024
0.0
10.0
20.0%
1 2020 including Russia, 2021-2024 excluding Russia.
IN THIS SECTION:
1.1
Segmentation of operations
116
1.1.1 Revenue
117
1.1.2 Operating profit before special items
118
1.1.3 Operating margin
118
1.2 Operating expenses and inventories
119
1.2.1 Cost of sales and inventories
119
1.2.2 Sales and distribution expenses
119
1.2.3 Other operating activities, net
120
1.3 Cash flow from operating activities
120
1.4 Trade and other receivables
121
1.4.1 Receivables
121
1.4.2 On-trade loans
122
1.4.3 Credit risk
123
SECTION 1.1
SEGMENTATION OF OPERATIONS
Segmentation of income statement
DKK million
2024
Western
Europe
Asia
Central &
Eastern
Europe
and India
Not
allocated
Beverages,
total
Non-
beverage
Carlsberg
Group,
total
Revenue
38,081
20,466
16,454
10
75,011
-
75,011
Cost of sales
-21,154
-10,266
-9,206
-5
-40,631
-
-40,631
Sales and distribution
expenses
-10,294
-4,807
-3,570
-571
-19,242
-
-19,242
Share of profit after tax
of associates
362
54
196
-
612
4
616
Other expenses
-1,721
-815
-835
-927
-4,298
-45
-4,343
Operating profit before
special items
5,274
4,632
3,039
-1,493
11,452
-41
11,411
Special items, net
-522
3
-519
Financial items, net
-854
-51
-905
Profit before tax
10,076
-89
9,987
Income tax
-1,962
-20
-1,982
Profit from continuing
operations
8,114
-109
8,005
Net result from
discontinued operations
2,258
-
2,258
Profit for the period
10,372
-109
10,263
Operating margin
13.9%
22.6%
18.5%
15.3%
15.2%
CHANGES TO SEGMENTATION
The regional structure of the Group was changed as of 1 January 2024, with the aim of rebalancing
the regions in terms of size and number of business units. Entities in India and Nepal moved from the
Asia region to Central & Eastern Europe, now renamed Central & Eastern Europe and India. At the
same time, Carlsberg Shared Services moved from Not allocated to Western Europe. The disclosure
in the Annual Report follows the new regional segmentation as used in the internal reporting to the
Executive Committee throughout 2024. The comparative figures for 2023 have been restated
accordingly.
Not allocated comprises income and expenses incurred for ongoing support of the Group’s overall
operations and strategic development. The expenses include costs of running central functions and
marketing, such as global sponsorships.
The non-beverage segment, comprising research and real estate activities, is managed separately and
therefore shown separately instead of geographically segmented.
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Carlsberg Group Annual Report 2024
SECTION 1.1 (CONTINUED)
SEGMENTATION OF OPERATIONS
DKK million
2023
Western
Europe
Asia
Central &
Eastern
Europe
and India
Not
allocated
Beverages,
total
Non-
beverage
Carlsberg
Group,
total
Revenue
37,317
20,780
15,467
21
73,585
-
73,585
Cost of sales
-21,269
-10,503
-8,919
-62
-40,753
-
-40,753
Sales and distribution
expenses
-9,771
-4,753
-3,273
-558
-18,355
-
-18,355
Share of profit after tax
of associates
307
49
221
-
577
4
581
Other expenses
-1,609
-987
-650
-661
-3,907
-46
-3,953
Operating profit before
special items
4,975
4,586
2,846
-1,260
11,147
-42
11,105
Special items, net
-416
-15
-431
Financial items, net
-803
-41
-844
Profit before tax
9,928
-98
9,830
Income tax
-1,983
124
-1,859
Profit from continuing
operations
7,945
26
7,971
Net result from
discontinued operations
-47,748
-
-47,748
Profit for the period
-39,803
26
-39,777
Operating margin
13.3%
22.1%
18.4%
15.1%
15.1%
Not allocated revenue, DKK 10m (2023: DKK 21m), consisted of DKK 875m (2023: DKK 750m) in
revenue and DKK -865m (2023: DKK -729m) from eliminations of sales between the geographical
segments.
ACCOUNTING POLICIES
Segment information
The Group’s beverage activities are segmented according to the three geographical regions where sales
take place. These regions make up the Group’s reportable segments.
The segmentation reflects the geographical and strategic management, decision and reporting structure
applied by the Executive Committee for monitoring the Group’s strategic and financial targets. Segments
are managed based on business performance measured as operating profit before special items.
The geographical allocation of revenue and non-current assets is based on the selling entities’ domicile
and comprises countries individually accounting for more than 10% of the Group’s consolidated revenue as
well as the domicile country.
Decisions on items included in special items such as significant impairments, restructurings, disposals, and
step acquisitions of entities as well as on financing (financial income and expenses) are made based on
information for the Group as a whole and therefore not segmented. A similar approach is taken regarding
tax associated with these transactions. The segmentation of the Group’s assets and returns is disclosed in
section 2.1.
1.1.1 REVENUE
Revenue by category
DKK million
2024
2023
Beer
55,279
54,312
Other beverages
18,649
18,277
Other goods and services
1,083
996
Total
75,011
73,585
Revenue and excise duties
DKK million
2024
2023
Revenue, including excise duties
100,366
97,740
Excise duties
-25,355
-24,155
Total
75,011
73,585
Geographical allocation of revenue
DKK million
2024
2023
Denmark (Carlsberg A/S’ domicile)
5,039
4,919
China
12,883
13,354
UK
8,249
7,902
Other countries
48,840
47,410
Total
75,011
73,585
The Group’s revenue arises primarily from the sale of beverages to its customers. In 2024, total
revenue was positively impacted by volume growth and improved revenue/hl growth driven by
premium growth and price increases. Reported revenue growth was partly offset by a negative
currency impact.
Other goods and services by category is sales of products other than beverages that do not drive any
volume, such as merchandise, services and by-products. In aggregate, other revenue accounts for
around 1% of the Group’s total revenue and is therefore not considered material.
The distribution of revenue between beer and other beverages relative to volumes is largely the same
across regions.
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Carlsberg Group Annual Report 2024
SECTION 1.1 (CONTINUED)
SEGMENTATION OF OPERATIONS
1.1.2 OPERATING PROFIT BEFORE SPECIAL ITEMS
Group operating profit increased by 2.8% with positive contributions from all three regions partly
offset by the hyperinflation accounting in Laos and by currency impact. Organic growth in operating
profit was 6.0%.
1.1.3 OPERATING MARGIN
The operating margin increased to 15.2% compared to 15.1% in 2023. The increase was mainly driven
by improved gross margin, which more than offset higher marketing investments.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group considers all terms and activities in contracts with customers in order to determine the
performance obligation, the transaction price and the allocation of the transaction price.
If the consideration in a contract includes a variable amount, the Group estimates the consideration to
which it will be entitled in exchange for transferring goods to the customer. The variable consideration is
estimated at contract inception based on expected sales volumes using historical and year-to-date sales
data and other information about trading with the individual customer or with a group of customers.
The Group estimates discounts using either the expected value method or the most likely amount method,
depending on which method better predicts the amount of consideration to which it will be entitled.
The most likely amount method is used for contracts with a single contract sum, while the expected value
method is used for contracts with more than one threshold because of the complexity and the activities
agreed with the individual customer.
Certain contracts related to specific major events that are held within such a short time period that it is not
possible to sell all the goods during the event (e.g. football matches) give the customer the right to return
the goods within a specified period.
The Group uses the expected value method to estimate the goods that will not be returned, as this method
best predicts the amount of variable consideration to which the Group will be entitled. For goods that are
expected to be returned, the Group recognises a refund liability instead of revenue.
Management makes judgements when deciding whether supporting activities with customers should be
classified as a discount or a marketing expense. Generally, activities with an individual customer are
accounted for as a discount, whereas costs related to broader marketing activities are classified as
marketing expenses.
Whether the Group is acting as a principal or an agent is assessed by management on a country-by-
country basis. The Group has concluded that it acts as the principal in its revenue arrangements because it
controls the goods before transferring them to the customer.
Excise duties, taxes and fees
The classification of duties, taxes and fees paid to local authorities or brewery organisations etc. requires
management to make judgements on the classification.
Locally imposed duties, taxes and fees are typically based on product type, alcohol content, consumption
of certain raw materials, such as glue, plastic or metal in caps, and energy consumption. These are
classified as either sales- or production-related.
Excise duties are generally imposed by the tax authorities as taxes on consumption and are collected by
the Group on behalf of the authorities when the goods are transferred to the customers and thereby ready
for consumption.
Taxes and fees related to the input/use of goods in production, distribution etc. are recognised as part of
the cost of the goods or services purchased. The type of authority or organisation imposing the duty, tax
or fee and the objective of this are key factors when determining the classification.
ACCOUNTING POLICIES
Revenue
Recognition and measurement
Revenue from contracts with customers comprises sales of goods, royalty income, rental income from
non-stationary equipment, service fees and sales of by-products.
Revenue from the sale of own-produced finished goods, goods for resale (third-party products) and by-
products is recognised at the point in time when the control of goods and products is transferred to the
customer, which is generally upon delivery. For contracts providing the customer with a right of return
within a specified period, the Group considers the timing of recognition.
Revenue from sales- or usage-based royalties is recognised when (a) the customer subsequently sells or
uses the goods, or (b) the performance obligation to which some or all of the sales- or usage-based
royalty has been allocated is satisfied (or partially satisfied), whichever is later.
Revenue from contracts with customers is measured at an amount that reflects the expected consideration
for those goods. Amounts disclosed as revenue exclude discounts, VAT and excise duties collected on
behalf of authorities.
The Group considers whether contracts include separate performance obligations to which a portion of the
transaction price needs to be allocated. In determining the transaction price, the Group considers the
effects of variable consideration. No element of financing is deemed present, as payment is generally
made on the basis of cash on delivery or up to 30 days of credit.
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Carlsberg Group Annual Report 2024
SECTION 1.1 (CONTINUED)
SEGMENTATION OF OPERATIONS
Variable consideration
The Group offers various discounts depending on the nature of the customer and business.
Discounts comprise off-invoice discounts, volume- and activity-related discounts, including specific
promotion prices offered, and other discounts. Furthermore, discounts include the difference between the
present value and the nominal amount of on-trade loans to customers, cf. section 1.4.
Off-invoice discounts arise from sales transactions where the customer immediately receives a reduction in
the sales price. This also includes cash discounts and incentives for early payments.
Volume- and activity-related discounts is a broad term covering incentives for customers to sustain
business with the Group over a longer time and may be related to a current campaign or a sales target
measured in volumes or total value. Examples include discounts paid as a lump sum, discounts for
meeting certain sales targets or progressive discounts offered in step with increasing sales to a customer.
Other discounts include listing fees, i.e. fees for certain listings on shelves, in coolers or in favourable store
locations, as specific promotions of this nature are closely related to the volumes sold.
SECTION 1.2
OPERATING EXPENSES AND INVENTORIES
1.2.1 COST OF SALES AND INVENTORIES
Cost of sales
DKK million
2024
2023
Cost of materials
23,282
23,811
Direct staff costs
1,638
1,555
Amortisation and depreciation
2,571
2,411
Indirect production overheads
5,311
5,145
Purchased finished goods and other costs
7,829
7,831
Total
40,631
40,753
Cost of sales declined by 0.3% compared with 2023, due to enhanced efficiencies and slightly lower
commodity prices. Cost of sales per hl declined by 0.8% compared with 2023.
Inventories
DKK million
2024
2023
Raw materials
2,445
2,359
Work in progress
343
399
Finished goods
3,165
3,053
Total
5,953
5,811
Inventories increased by 2% compared with 2023, driven by an increase in packaging materials in
Central & Eastern Europe and India and higher finished goods in Asia.
ACCOUNTING ESTIMATES AND JUDGEMENTS
At least once a year, management assesses whether the standard cost of inventories approximates the
actual cost. During the year, the standard cost is revised if it deviates by more than 5% from the actual
cost. Indirect production overheads are calculated on the basis of relevant assumptions as to capacity
utilisation, production time and other factors.
The calculation of the net realisable value of inventories is relevant to packaging materials, point-of-sale
materials and spare parts. The net realisable value is normally not calculated for beer and soft drinks due
to their limited shelf-life, which means that slow-moving goods must be scrapped instead.
ACCOUNTING POLICIES
Cost of sales comprises cost of materials used in own-produced finished goods, including malt (barley),
hops, glass, cans, other packaging materials, direct labour, indirect production overheads and standard
cost variations. It further comprises purchased finished goods, which include cost of point-of-sale materials
and third-party products sold to customers.
Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and
software, as well as maintenance and depreciation of machinery, plant and equipment used for
production.
The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes
the purchase cost and costs directly related to bringing inventories to the relevant place of sale and
getting them ready for sale, for example insurance, freight and duties.
Inventories are measured at the lower of standard cost (own-produced finished goods) and weighted
average cost (other inventories), or net realisable value. The net realisable value is the estimated selling
price less costs of completion and costs necessary to make the sale, also taking into account
marketability, obsolescence and developments in expected selling price.
The cost of scrapped/impaired goods is expensed in the function (line item) responsible for the loss, i.e.
losses during distribution are included in distribution expenses, while scrapping of products due to sales not
meeting forecasts is included in sales expenses.
1.2.2 SALES AND DISTRIBUTION EXPENSES
Sales and distribution expenses
DKK million
2024
2023
Marketing expenses
6,539
6,169
Sales expenses
5,599
5,371
Distribution expenses
7,104
6,815
Total
19,242
18,355
Marketing expenses increased due to greater investments in brands and activities. Distribution
expenses increased by 4% as a result of higher warehousing and employee expenses. Total
marketing, sales and distribution expenses increased by 5%.
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119
Carlsberg Group Annual Report 2024
SECTION 1.2 (CONTINUED)
OPERATING EXPENSES AND INVENTORIES
ACCOUNTING POLICIES
Marketing expenses consist of expenses for brand marketing and trade marketing.
Brand marketing is an investment in the Group’s brands and consists of brand-specific investments in the
development of communication vehicles, which are used to drive the sale of branded products, sales
campaigns and sponsorships.
Trade marketing is promotional activities directed towards customers, such as the supply of point-of-sale
materials, promotional materials and trade offers.
Sales expenses comprise costs relating to general sales activities, write-downs for bad debt losses, wages
and salaries as well as depreciation and impairment of sales equipment. Distribution expenses comprise
costs incurred in distributing goods, wages and salaries, and depreciation and impairment of distribution
equipment.
1.2.3 OTHER OPERATING ACTIVITIES, NET
Other operating activities, net
DKK million
2024
2023
Gains and losses on disposal of property, plant and equipment and intangible assets
44
47
On-trade loans
18
95
Real estate
18
13
Research centres
-142
-132
Other
100
101
Total
38
124
Other operating activities are secondary to the principal activities of the Group and include income
and expenses relating to rental properties, restaurants, on-trade loans, research activities, and gains
and losses on disposal of intangible assets and property, plant and equipment.
ACCOUNTING POLICIES
Gains and losses on disposal of intangible assets and property, plant and equipment are determined as the
sales price less selling costs and the carrying amount at the disposal date.
On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less
impairment.
Expenses relating to research activities comprise research in Denmark and France less funding received
from the Carlsberg Foundation for the operation of the Carlsberg Research Laboratory and grants
received to fund research. The funding and grants are recognised in the income statement in the same
period as the activities to which they relate. Product development costs are included in cost of sales.
SECTION 1.3
CASH FLOW FROM OPERATING ACTIVITIES
Other specifications of cash flow from operating activities
DKK million
Section
2024
2023
Other non-cash items
Share of profit after tax of associates
5.2
-616
-581
Gain on disposal of property, plant and equipment and intangible
assets, net
2.2
-44
-47
Share-based payments
100
130
Hyperinflation
8.1
-87
-
Other items
12
-1
Total
-635
-499
Trade working capital
Inventories
-22
-143
Trade receivables
82
223
Trade payables, duties payable and deposits on returnable packaging
materials
411
618
Total
471
698
Other working capital
Other receivables
-484
232
Other payables
-273
-176
Retirement benefit obligations and provisions
-337
-833
Unrealised foreign exchange gains/losses
-14
-3
Total
-1,108
-780
Change in on-trade loans
Loans provided
-547
-448
Repayments
303
218
Total amortisation of on-trade loans
245
220
Total
1
-10
The change in trade working capital was DKK 471m (2023: DKK 698m), mainly impacted by an
increase in trade payables. Average trade working capital to revenue for the year was -20.7% (2023:
-20.3%). The change in other working capital was DKK -1,108m (2023: DKK -780m), mainly impacted
by other receivables.
Restructuring costs and other special items paid amounted to DKK -220m (2023: DKK -552m),
mainly due to various restructuring and optimisation projects across Western Europe and acquisition
costs.
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Carlsberg Group Annual Report 2024
SECTION 1.3 (CONTINUED)
CASH FLOW FROM OPERATING ACTIVITIES
Net interest etc. paid amounted to DKK -635m (2023: DKK -273m). The increase was mainly due to
an increase in net interest expenses, partially offset by settlement of financial instruments.
Income tax paid amounted to DKK -2,342m (2023: DKK -2,166m).
SUPPLIER FINANCE ARRANGEMENTS
A number of the Group’s suppliers participate in supplier finance arrangements, with a supply chain
finance provider and related financial institutions acting as a funding partner. When suppliers
participate in these programmes, they have the option of receiving early payment but, regardless of
whether or not the suppliers choose early payment, the liability is recognised in trade payables until
the due date of the invoice. Payment terms for suppliers included in a supplier finance arrangement
typically range from 60 to 180 days and payment terms for similar suppliers not included range from
15 to 140 days. Termination of the supplier finance arrangement would not constitute a significant risk
in terms of liquidity because of the amounts involved and the number of supply chain finance
providers.
Carrying amount of liabilities involved in supplier finance arrangements
DKK million
2024
Suppliers have received payment
2,364
Suppliers have not received payment
278
Total
2,642
SALE OF RECEIVABLES
Carlsberg has chosen to sell some of its trade receivables in selected Western European markets in
non-recourse factoring agreements to expedite cash collection from groups of customers. Carlsberg
does not carry any credit risk on these customers and has no continuing involvement in these trade
receivables, which have therefore been derecognised.
The impact on average trade working capital from the use of supplier finance arrangements and
factoring is limited, as the utilisation is similar to previous years.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The deposit on returnable packaging materials is estimated based on movements during the year in
recognised liabilities, loss of returnable packaging materials in the market, planned changes in packaging
types and historical information about return rates.
ACCOUNTING POLICIES
Trade payables are recognised initially at fair value and subsequently measured at cost. Trade payables
comprise purchase of goods and services, including payables to supplier finance providers, and
retrospective rebates to customers, and are part of the normal working capital cycle. The cash flow arising
from all trade payables is part of cash flow from operating activities.
The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit
price, an estimate of the number of bottles, kegs, cans and crates in circulation, and expected return rates.
SECTION 1.4
TRADE AND OTHER RECEIVABLES
1.4.1 RECEIVABLES
The Group’s trade receivables consist of receivables from sales of goods and services and on-trade
loans. Non-current receivables consist mainly of on-trade loans that fall due more than one year
from the reporting date.
Receivables included in the statement of financial position
DKK million
Non-
current
Current
Total
2024
Receivables
Trade
receivables
Other
receivables
Receivables from sales of goods and services
-
4,692
-
4,692
On-trade loans
617
248
-
865
Other receivables
197
-
2,258
2,455
Total receivables
814
4,940
2,258
8,012
2023
Receivables from sales of goods and services
-
4,866
-
4,866
On-trade loans
657
236
-
893
Other receivables
224
-
2,476
2,700
Total receivables
881
5,102
2,476
8,459
The carrying amount of receivables approximates their fair value. For on-trade loans, the fair value is
calculated as discounted cash flows using the interest rate at the reporting date.
Other receivables primarily comprise VAT and similar government receivables, interest receivables
and other financial receivables. These are associated with low risk.
Of the total non-current receivables, DKK 123m (2023: DKK 124m) falls due more than five years from
the reporting date.
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Carlsberg Group Annual Report 2024
SECTION 1.4 (CONTINUED)
TRADE AND OTHER RECEIVABLES
RECEIVABLES FROM SALES OF GOODS AND SERVICES
(BROKEN DOWN BY COUNTRY)
The distribution of receivables broken down by country is affected by market-specific changes in
payment patterns. For receivables from sales of goods and services, the distribution is furthermore
impacted by the value of receivables sold. The overall level of receivables sold in non-recourse
factoring schemes was similar to the level in 2023.
1.4.2 ON-TRADE LOANS
On-trade loans recognised in other operating activities, net
DKK million
2024
2023
Interest and amortisation of on-trade loans recognised in other operating activities
60
60
Losses and write-downs on on-trade loans
-42
35
On-trade loans, net
18
95
Under certain circumstances, the Group grants loans to on-trade customers in France, the UK,
Switzerland, Germany and Sweden. On-trade loans are spread across a large number of customers/
debtors and consist of several types of loan, including loans repaid in cash or through reduced
discounts and guarantees for loans provided by third parties, cf. section 3.4.
The operating entities monitor and control these loans in accordance with Group guidelines. The
specification of the cash flow related to on-trade loans is specified in section 1.3.
The average effective interest rate on loans to the on-trade was 4.6% (2023: 4.7%). The interest
income is recognised in other operating activities.
ON-TRADE LOANS
(BROKEN DOWN BY COUNTRY)
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2024
2023
g UK
17%
18%
g Sweden
10%
9%
g Poland
7%
9%
g Denmark
6%
7%
g India
6%
4%
g Ukraine
3%
3%
g France
3%
6%
g Other
48%
44%
2024
2023
g Germany
34%
32%
g France
30%
28%
g Switzerland
23%
26%
g Sweden
10%
10%
g UK
3%
4%
SECTION 1.4 (CONTINUED)
TRADE AND OTHER RECEIVABLES
1.4.3 CREDIT RISK
Credit risk on receivables
DKK million
2024
Gross
receivables
Loss
allowance
Receivables,
net
Weighted
average
loss rate
Receivables from sales of goods and services
Not past due
4,577
-212
4,365
5%
Overdue 1-30 days
249
-46
203
18%
Overdue 31-90 days
167
-53
114
32%
Overdue > 90 days
343
-333
10
97%
Receivables from sales of goods and services
5,336
-644
4,692
On-trade loans
Not past due
791
-94
697
12%
Overdue 1-30 days
11
-1
10
9%
Overdue 31-90 days
28
-3
25
11%
Overdue > 90 days
471
-338
133
72%
On-trade loans
1,301
-436
865
Other receivables
Not past due
2,299
-9
2,290
-
Overdue 1-30 days
24
-
24
-
Overdue 31-90 days
66
-
66
-
Overdue > 90 days
88
-13
75
15%
Other receivables
2,477
-22
2,455
Total
9,114
-1,102
8,012
Credit risk on receivables
DKK million
2023
Gross
receivables
Loss
allowance
Receivables,
net
Weighted
average
loss rate
Receivables from sales of goods and services
Not past due
4,740
-186
4,554
4%
Overdue 1-30 days
362
-97
265
27%
Overdue 31-90 days
87
-46
41
53%
Overdue > 90 days
343
-337
6
98%
Receivables from sales of goods and services
5,532
-666
4,866
On-trade loans
Not past due
864
-102
762
12%
Overdue 1-30 days
15
-2
13
13%
Overdue 31-90 days
25
-4
21
16%
Overdue > 90 days
415
-318
97
77%
On-trade loans
1,319
-426
893
Other receivables
Not past due
2,479
-1
2,478
-
Overdue 1-30 days
24
-
24
-
Overdue 31-90 days
66
-
66
-
Overdue > 90 days
145
-13
132
9%
Other receivables
2,714
-14
2,700
Total
9,565
-1,106
8,459
In 2024, receivables not past due amounted to 84% (2023: 85%) of total gross receivables.
The past-due share of gross loans to on-trade customers was 39% (2023: 34%). Total accumulated
allowances for impairment losses on on-trade loans were DKK 436m (2023: DKK 426m) and the
share of receivables from sales of goods and services past due was unchanged compared with 2023
at 14%.
The credit risk on trade receivables is assessed locally and monitored at Group level. The on-trade
channel, especially in Western Europe, continues to experience challenges as a result of a weak
consumer sentiment. As a result, the credit risk for on-trade loans has increased on a collective basis
since initial recognition, which is why loss allowances are measured at an amount equal to the
lifetime expected credit losses. This is the same as for receivables from sales of goods and services.
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Carlsberg Group Annual Report 2024
SECTION 1.4 (CONTINUED)
TRADE AND OTHER RECEIVABLES
Development in impairment losses on receivables
DKK million
2023
2024
Receivables
from sales
of goods
and services
On-trade
loans
Other
receivables
Total
Total
Impairment at 1 January
-666
-426
-14
-1,106
-1,067
Additional impairment losses recognised
-23
-32
-8
-63
-151
Realised during the year
5
3
-
8
27
Reversal of impairment losses
78
17
-
95
116
Acquisition of entities
-33
-
-
-33
-24
Disposal of entities
-
4
-
4
-
Foreign exchange adjustments
-5
-2
-
-7
-7
Impairment at 31 December
-644
-436
-22
-1,102
-1,106
ACCOUNTING ESTIMATES AND JUDGEMENTS
On-trade loan agreements are complex, cover several aspects of the customer relationship and may vary
from agreement to agreement. Management assesses the recognition and classification of income and
expenses for each agreement, including the allocation of payments from the customer between revenue,
discounts, interest (other operating activities) and repayment of the loan.
Management also assesses both individually and on a portfolio basis whether developments in local
conditions for on-trade customers could impact the expected credit losses. Exposure to credit risk on
receivables and loans is managed locally, and credit limits are set as considered appropriate for the
customer, taking into account the current local market conditions. When assessing the risk locally, entities
assess the credit risk and adhere to Group guidelines, which include setting credit limits, encouraging cash
payment, purchasing credit insurance and holding collateral.
In assessing credit risk, management analyses the need for impairment of trade receivables and on-trade
loans due to customers’ inability to pay.
At year-end 2024, management continued to assess the lifetime expected credit losses for both
receivables from goods and services and on-trade loans in line with 2023.
Expected credit losses are assessed for portfolios of receivables based on customer segments, historical
information on payment patterns, terms of payment and concentration maturity. The expected impact
includes the risk of insolvencies due to lack of liquidity.
The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-
trade loans carry a higher risk than receivables from sales of goods and services and are concentrated in a
few markets.
The credit risk on on-trade loans can be reduced by means of collateral and pledges of on-trade movables
(equipment in bars, cafés etc.). The fair value of the pledged on-trade movables cannot be estimated
reliably but is assessed to be insignificant, as they cannot readily be reused.
ACCOUNTING POLICIES
Receivables are recognised initially at the transaction price and subsequently measured at amortised cost
less loss allowance or impairment losses. Trade receivables comprise sales of goods and services as well
as short-term on-trade loans to customers. Other receivables comprise VAT receivables, loans to partners
and associates, interest receivables and other financial receivables.
For on-trade loans, any difference between the present value and the nominal amount at inception is
treated as a prepaid discount to the customer, and the discount is recognised in the income statement in
accordance with the terms of the agreement.
The market interest rate is used as the discount rate, corresponding to the money market rate based on
the maturity of the loan with the addition of a risk premium. The effective interest on these loans is
recognised in other operating activities, net. The amortisation of the difference between the discount rate
and the effective interest rate is included as a discount in revenue.
The Group applies the simplified approach to measure expected credit losses. This entails recognising a
lifetime expected loss allowance for all receivables from sales of goods and services. Loss rates are
determined based on grouping of receivables sharing the same credit risk characteristics and past-due
days.
Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or
lifetime expected credit losses, depending on whether a significant increase in credit risk has arisen since
initial recognition.
In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves
selling receivables from sales of goods and services to a factor. Receivables subject to factoring
agreements are derecognised once the criteria for derecognition have been met and all substantial risks
and rewards transferred. The Group does not have any continuing involvement once the receivables have
been derecognised.
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Carlsberg Group Annual Report 2024
SECTION 2
ASSET BASE
AND RETURNS
Return on invested capital (ROIC) is a performance ratio that shows how efficiently our businesses
are performing. There is a continued focus on ROIC as part of the Group’s Accelerate SAIL strategy to
continue to create value for stakeholders.
Additionally, this section provides details on the Group’s intangible assets and property, plant and
equipment and the results of the impairment testing.
Return on invested capital1
DKKbn
81.5
63.6
60.2
61.1
65.7
8.9%
12.5%
15.2%
14.5%
13.8%
Invested capital
ROIC (12-month average)
2020
2021
2022
2023
2024
0.0
50.0
100.0
0.0%
10.0%
20.0%
1 2020 including Russia, 2021-2024 excluding Russia.
IN THIS SECTION:
2.1 Segmentation of assets and returns
125
2.2 Intangible assets and property, plant and equipment
127
2.3 Impairment
131
2.3.1 Recognised impairments
131
2.3.2 Significant amounts of goodwill and brands
132
2.3.3 Impairment test of goodwill
132
2.3.4 Impairment test of brands
134
2.3.5 Impairment of other assets
135
2.3.6 Sensitivity tests
137
SECTION 2.1
SEGMENTATION OF ASSETS AND RETURNS
DKK million
2024
Western
Europe
Asia
Central &
Eastern
Europe
and India
Not
allocated¹
Beverages,
total
Non-
beverage
Carlsberg
Group,
total
Invested capital
34,480
20,883
10,254
-612
65,005
718
65,723
Invested capital excl. goodwill
14,126
4,556
5,317
-612
23,387
718
24,105
Investments in associates
2,813
893
225
7
3,938
736
4,674
Acquisition of property, plant
and equipment and
intangible assets
1,838
2,328
828
21
5,015
15
5,030
Amortisation and
depreciation
1,905
1,553
808
61
4,327
-
4,327
Impairment losses, net
224
67
-1
37
327
-
327
Return on invested capital
(ROIC)
12.0%
18.3%
23.7%
-
14.0%
-
13.8%
ROIC excl. goodwill
28.4%
105.7%
37.0%
-
36.6%
-
35.5%
2023
Invested capital
34,670
15,976
9,992
-286
60,352
737
61,089
Invested capital excl. goodwill
14,190
1,776
6,357
-286
22,037
737
22,774
Investments in associates
2,439
896
1,365
6
4,706
731
5,437
Acquisition of property, plant
and equipment and
intangible assets
1,534
1,803
720
176
4,233
10
4,243
Amortisation and
depreciation
1,860
1,288
744
87
3,979
2
3,981
Impairment losses, net
338
-100
127
40
405
-
405
Return on invested capital
(ROIC)
11.4%
21.9%
22.9%
-
14.8%
-
14.5%
ROIC excl. goodwill
27.0%
228.1%
35.4%
-
40.0%
-
38.3%
¹ Not allocated comprises supporting companies without brewing activities, and eliminations of investments in
subsidiaries, receivables and loans.
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Carlsberg Group Annual Report 2024
SECTION 2.1 (CONTINUED)
SEGMENTATION OF ASSETS AND RETURNS
Geographical allocation of non-current assets
DKK million
2024
2023
Denmark (Carlsberg A/S’ domicile)
4,937
4,792
China
16,395
15,612
France
10,850
11,125
Other countries
51,929
47,413
Total
84,111
78,942
Non-current assets comprise intangible assets and property, plant and equipment owned by the
segment/country, even if the income is earned outside the segment/country that owns the asset.
Invested capital
DKK million
2024
2023
Total assets
113,328
111,831
Less
Tax assets
-2,056
-1,810
Financial receivables, hedging instruments and receivables sold
822
217
Deposits and securities
-59
-2,236
Cash and cash equivalents
-11,542
-13,382
Assets included
100,493
94,620
Trade payables
-23,317
-22,159
Deposits on returnable packaging materials
-1,728
-1,717
Provisions, excl. restructurings
-2,424
-2,424
Other liabilities, excl. hedging instruments and contingent and deferred considerations
-7,301
-7,231
Liabilities offset
-34,770
-33,531
Invested capital
65,723
61,089
Goodwill
-41,618
-38,315
Invested capital excl. goodwill
24,105
22,774
Invested capital, average¹
65,882
62,037
¹ Gorkha Brewery was acquired in November 2024 and Waterloo Brewing was acquired in March 2023, so neither
had a full-year impact on average invested capital in their respective year of acquisition.
Non-current assets included in invested capital further comprise financial assets other than financial
instruments and tax assets.
At year-end, invested capital was up by DKK 4.6bn, primarily due to the acquisition of Gorkha
Brewery, hyperinflation in Laos and the construction of Foshan Brewery in China.
Gorkha Brewery was acquired in November 2024 so it did not have a full-year impact on average
invested capital. This is reflected in the development in ROIC as seen below, which declined 70bp,
predominantly impacted by hyperinflation.
ROIC (%)
14.5
0.5
-0.2
-0.5
0.1
0.1
-0.7
13.8
2023
EBIT after
tax
Tax rate
Assets
Liabilities
FX
Hyperinflation
2024
ACCOUNTING ESTIMATES AND JUDGEMENTS
The calculation of return on invested capital (ROIC) uses operating profit before special items adjusted for tax
based on the effective tax rate, and invested capital, including assets held for sale and trade receivables sold, and
excludes contingent considerations and income tax.
ACCOUNTING POLICIES
The Group’s assets and returns are segmented on the basis of geographical regions in accordance with the
management reporting for the current year, cf. section 1.1.
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Carlsberg Group Annual Report 2024
SECTION 2.2
INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT
DKK million
Intangible assets
Property, plant and equipment
Asset base
2024
Goodwill
Brands
Other
intangible
assets
Total
Land and
buildings
Plant and
machinery
Other
equipment,
fixtures and
fittings
Total
Total
Cost
Cost at 1 January
40,621
11,982
4,852
57,455
18,453
27,571
14,644
60,668
118,123
Acquisition of entities
1,313
-
-
1,313
61
44
6
111
1,424
Additions, including right-of-use assets
-
30
334
364
612
2,907
2,324
5,843
6,207
Disposal and deconsolidation of entities
-205
-219
-2
-426
-49
-180
-10
-239
-665
Disposals
-
-45
-61
-106
-137
-184
-1,376
-1,697
-1,803
Transfers
-
-
-
-
667
-788
121
-
-
Hyperinflation restatement
1,680
112
-
1,792
405
907
596
1,908
3,700
Foreign exchange adjustments etc.
565
125
45
735
119
201
46
366
1,101
Cost at 31 December
43,974
11,985
5,168
61,127
20,131
30,478
16,351
66,960
128,087
Amortisation, depreciation and impairment losses
Amortisation, depreciation and impairment losses at 1 January
2,306
2,280
3,769
8,355
8,482
17,595
10,186
36,263
44,618
Disposal and deconsolidation of entities
-
-
-1
-1
-17
-80
-8
-105
-106
Disposals
-
-45
-61
-106
-123
-169
-1,267
-1,559
-1,665
Amortisation and depreciation
-
14
176
190
800
1,339
1,998
4,137
4,327
Impairment losses
-
125
40
165
30
43
23
96
261
Transfers
-
-
-
-
1
26
-27
-
-
Hyperinflation restatement
-
-
-
-
109
459
352
920
920
Foreign exchange adjustments etc.
50
65
22
137
6
112
40
158
295
Amortisation, depreciation and impairment losses at 31 December
2,356
2,439
3,945
8,740
9,288
19,325
11,297
39,910
48,650
Carrying amount at 31 December
41,618
9,546
1,223
52,387
10,843
11,153
5,054
27,050
79,437
Right-of-use assets included at 31 December
Amortisation and depreciation
-
-
-
-
273
26
294
593
593
Carrying amount at 31 December
-
-
-
-
1,275
112
661
2,048
2,048
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Carlsberg Group Annual Report 2024
SECTION 2.2 (CONTINUED)
INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT
DKK million
Intangible assets
Property, plant and equipment
Asset base
2023
Goodwill
Brands
Other
intangible
assets
Total
Land and
buildings
Plant and
machinery
Other
equipment,
fixtures and
fittings
Total
Total
Cost
Cost at 1 January
40,845
11,977
4,713
57,535
17,803
26,232
14,460
58,495
116,030
Acquisition of entities
645
147
15
807
151
269
11
431
1,238
Additions, including right-of-use assets
-
74
276
350
506
2,271
2,210
4,987
5,337
Disposals
-
-2
-86
-88
-252
-322
-1,821
-2,395
-2,483
Transfers
-
-
4
4
386
-539
123
-30
-26
Foreign exchange adjustments etc.
-869
-214
-70
-1,153
-141
-340
-339
-820
-1,973
Cost at 31 December
40,621
11,982
4,852
57,455
18,453
27,571
14,644
60,668
118,123
Amortisation, depreciation and impairment losses
Amortisation, depreciation and impairment losses at 1 January
2,392
2,254
3,666
8,312
7,954
16,597
10,265
34,816
43,128
Disposals
-
-
-85
-85
-170
-299
-1,733
-2,202
-2,287
Amortisation and depreciation
-
16
172
188
663
1,327
1,803
3,793
3,981
Impairment losses
-
525
46
571
40
85
46
171
742
Reversal of impairment losses
-
-400
-
-400
-
-
-
-
-400
Transfers
-
-
-
-
-2
6
-1
3
3
Foreign exchange adjustments etc.
-86
-115
-30
-231
-3
-121
-194
-318
-549
Amortisation, depreciation and impairment losses at 31 December
2,306
2,280
3,769
8,355
8,482
17,595
10,186
36,263
44,618
Carrying amount at 31 December
38,315
9,702
1,083
49,100
9,971
9,976
4,458
24,405
73,505
Right-of-use assets included at 31 December
Amortisation and depreciation
-
-
-
-
184
14
251
449
449
Carrying amount at 31 December
-
-
-
-
1,156
79
513
1,748
1,748
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Carlsberg Group Annual Report 2024
SECTION 2.2 (CONTINUED)
INTANGIBLE ASSETS AND PROPERTY, PLANT AND
EQUIPMENT
Property, plant and equipment under construction amounted to DKK 1,826m (2023: DKK 1,896m).
Property, plant and equipment under construction are recognised in plant and machinery until
completion. Other equipment, fixtures and fittings include transport, office and draught beer
equipment, fridges and returnable packaging materials.
Other intangible assets include software, land use rights and beer delivery rights.
Capital expenditure
DKK million
2024
2023
Additions, including right-of-use assets
6,207
5,337
Less right-of-use assets
-968
-721
Additions
5,239
4,616
Additions payable at the end of the reporting period
-196
-363
Capitalised depreciation
-1
-2
Capitalised interest expenses
-12
-8
Acquisition of property, plant and equipment and intangible assets
5,030
4,243
Amortisation, depreciation and impairment losses
Intangible assets
Property, plant and
equipment
DKK million
2024
2023
2024
2023
Cost of sales
50
49
2,521
2,362
Sales and distribution expenses
107
117
1,298
1,190
Administrative expenses
73
68
321
290
Special items
125
125
93
122
Total
355
359
4,233
3,964
Gain/loss on disposal of assets
DKK million
2024
2023
Gain on disposal of property, plant and equipment and intangible assets
100
74
Loss on disposal of property, plant and equipment and intangible assets
-56
-27
Continuing operations
44
47
Net result from discontinued operations
-
12
Total
44
59
Cash flow from disposal of property, plant and equipment and intangible assets was DKK 85m
(2023: DKK 115m).
RIGHT-OF-USE ASSETS
The Group leases various properties and warehouses, production equipment, cars and trucks. Leases
are negotiated on an individual basis and contain a wide range of different terms and conditions.
At 31 December 2024, the carrying amount of right-of-use assets was DKK 2,048m (2023: DKK
1,748m). During the year, additions amounted to DKK 968m (2023: DKK 721m) and depreciation to
DKK 593m (2023: DKK 449m).
Lease expenses recognised in the income statement, relating to short-term leases and leases of low-
value assets, amounted to DKK 54m (2023: DKK 48m). Such contracts usually comprise the lease of
copy and printing machines, coffee machines, small IT devices and similar equipment.
For disclosures of interest expenses, cash flow and lease liabilities, please refer to sections 4.4 and
4.7.1.
CAPITAL COMMITMENTS
The Group has entered into various capital commitments that will not take effect until after the
reporting date and have therefore not been recognised in the consolidated financial statements.
Capital commitments in 2024 amounted to DKK 173m (2023: DKK 144m).
CONTINGENT ASSETS
The Group has a contractual right to receive compensation following the termination of the exclusive
licensed production and distribution agreement with Mahou San Miguel in the UK on 31 December
2024. Estimating the compensation that will be received is associated with a high degree of
uncertainty.
ACCOUNTING ESTIMATES AND JUDGEMENTS
Useful life and residual value of intangible assets with finite useful life and
property, plant and equipment
Useful life and residual value are initially assessed both in acquisitions and in business combinations.
Management assesses brands and property, plant and equipment for changes in useful life. If an indication
of a reduction in the value or useful life exists, such as changes in production structure, restructuring or
brewery closures, the asset is tested for impairment. If necessary, the asset is written down or the
amortisation/depreciation period is reassessed and, if necessary, adjusted in line with the asset’s changed
useful life. When changing the amortisation or depreciation period due to a change in the useful life, the
effect on amortisation/depreciation is recognised prospectively as a change in accounting estimates.
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Carlsberg Group Annual Report 2024
SECTION 2.2 (CONTINUED)
INTANGIBLE ASSETS AND PROPERTY, PLANT AND
EQUIPMENT
Management assesses the local business model to determine whether the Group has a legal or
constructive obligation to accept returns of packaging materials from the market and the level of control.
This entails the Group considering, among other things, the return rate and the annual circulation in the
individual markets. These factors are assessed annually. Returnable packaging materials controlled by the
Group are capitalised as property, plant and equipment and depreciated over the expected useful life.
Lease and service contracts
At inception of a contract, management assesses whether the contract is or contains a lease.
Management considers the substance of any service being rendered to classify the arrangement as either
a lease or a service contract. Particular importance is attached to whether fulfilment of the contract
depends on the use of specific assets. The assessment involves judgement of whether the Group obtains
substantially all the economic benefits from the use of the specified asset and whether it has the right to
direct how and for what purpose the asset is used. If these criteria are satisfied at the commencement
date, a right-of-use asset and a lease liability are recognised in the statement of financial position.
In determining the lease term, management considers all the facts and circumstances that create an
economic incentive to exercise an extension option or not to exercise a termination option. Extension or
termination options are only included in the lease term if the lease is reasonably certain to be extended or
not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of
purchase options follows the same principles as those applied for extension options.
The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not
objectively assessable, the Group estimates the costs when separating the service component from the
lease.
ACCOUNTING POLICIES
Cost
Intangible assets and property, plant and equipment are initially recognised at cost and subsequently
measured at cost less accumulated amortisation or depreciation and impairment losses.
Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the
asset is available for use. The cost of acquired brand rights is accounted for using the accumulated cost
approach if the total consideration includes an earn-out dependent on the brands’ future performance.
The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-
suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings
attributable to the construction of the asset, and is included in plant and machinery.
Research and development costs are recognised in the income statement as incurred. Development costs
of intangible assets, for example software, are recognised as other intangible assets if the costs are
expected to generate future economic benefits.
For assets acquired in business combinations, including brands and property, plant and equipment, cost at
initial recognition is determined by estimating the fair value of the individual assets in the purchase price
allocation.
Goodwill is only acquired in business combinations and is measured in the purchase price allocation.
Goodwill is not amortised but is subject to an annual impairment test, cf. section 2.3.
Where individual components of an item of property, plant and equipment have different useful lives, they
are accounted for as separate items.
Returnable packaging materials that the Group controls through a legal or constructive obligation are
capitalised as property, plant and equipment.
Subsequent costs, for example in connection with replacement of components of property, plant and
equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in
future economic benefits for the Group. The replaced components are derecognised from the statement of
financial position and recognised as an expense in the income statement. Costs incurred for ordinary
repairs and maintenance are recognised in the income statement as incurred.
Useful life, amortisation, depreciation and impairment losses
Useful life and residual value are determined at the acquisition date and reassessed annually. If the
residual value exceeds the carrying amount, depreciation is discontinued.
Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the
assets, taking into account any residual value. The expected useful life and residual value are determined
based on past experience and expectations of the future use of assets.
Depreciation is calculated on the basis of the cost less the residual value and impairment losses.
Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and
administrative expenses depending on the use of the asset.
The expected useful life is as follows:
Software
Normally 3-5 years. Group-wide systems developed as an integrated
part of a major business development programme: 5-7 years
Delivery rights
Depending on contract; if no contract term has been agreed,
normally not exceeding 5 years
Customer agreements/relationships
Depending on contract with the customer; if no contract exists,
normally not exceeding 20 years
Land
Not depreciated
Buildings
20-40 years
Technical installations
15 years
Brewery equipment
15 years
Filling and bottling equipment
8-15 years
Technical installations in
warehouses
8 years
On-trade and distribution
equipment
5 years
Fixtures and fittings, other plant
and equipment
5-8 years
Hardware
3-5 years
Returnable packaging materials
3-10 years
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Carlsberg Group Annual Report 2024
SECTION 2.2 (CONTINUED)
INTANGIBLE ASSETS AND PROPERTY, PLANT AND
EQUIPMENT
Impairment
Impairment losses of a non-recurring nature are recognised under special items.
Leases
At the commencement date, the Group recognises a lease liability and a corresponding right-of-use asset
at the same amount, except for short-term leases of 12 months or less and leases of low-value assets,
which are not recognised.
A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct
costs less any lease incentives received. The Group has applied the practical expedient option allowed
under IFRS Accounting Standards by using a portfolio approach for the recognition of lease contracts
related to assets of the same nature and with similar lease terms, i.e. cars and trucks.
Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and
adjusted for remeasurement of the lease liability. The right-of-use asset is depreciated over the shorter of
the lease term and the useful life of the asset. The impairment testing of right-of-use assets follows the
same principles as those applied for property, plant and equipment, cf. section 2.3.
Right-of-use assets are recognised as property, plant and equipment.
Government grants and other funding
Grants and funding received for the acquisition of assets and development projects are recognised in the
statement of financial position by deducting the grant from the carrying amount of the asset. The grant is
recognised in the income statement over the life of the asset as a reduced depreciation charge.
SECTION 2.3
IMPAIRMENT
2.3.1 RECOGNISED IMPAIRMENTS
The impairment tests of goodwill and brands with indefinite useful life were prepared at the reporting
date.
IMPAIRMENT TEST 2024
The impairment tests prepared at 31 December 2024 did not identify any indication of impairment of
goodwill.
The Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western
Europe. In addition, impairment losses of DKK 136m primarily related to Western Europe were
recognised on other intangible assets and property, plant and equipment, of which DKK 93m was
recognised in special items.
In Asia, impairment losses of DKK 66m were recognised on financial assets.
Impairment of non-current assets
DKK million
Section
2024
2023
Intangible assets
Brands
2.3.4
125
525
Reversal of impairment losses
2.3.4
-
-400
Other intangible assets
2.3.5
40
46
Total
165
171
Property, plant and equipment
Plant, machinery and equipment
2.3.5
96
171
Total
96
171
Other non-current assets
Assets held for sale
2.3.5
-
14
Investments in associates
2.3.5
-
49
Financial assets
2.3.5
66
-
Total impairment losses, net
327
405
Of which recognised in special items
3.1
284
310
Impairment, discontinued operation in Russia, net
5.3
-2,258
7,002
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Carlsberg Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
IMPAIRMENT TEST 2023
In 2023, the Group recognised impairment losses of DKK 305m on brands with indefinite useful life in
Western Europe, DKK 70m in Central & Eastern Europe and India, and DKK 97m in Asia. In addition,
impairment losses of DKK 53m were recognised on brand rights in Central & Eastern Europe and
India for the use of brands from the discontinued operation in Russia. In total, impairment losses on
brands amounted to DKK 525m.
Impairment losses of DKK 400m previously recognised on brands in Asia were reversed. Impairment
losses and reversal of impairment losses on brands were recognised in special items, cf. section 3.1.
Impairment losses of DKK 171m primarily related to Asia were recognised on property, plant and
equipment, of which DKK 122m was recognised in special items. Impairment losses on other non-
current assets totalled DKK 63m and were recognised in special items.
IMPAIRMENT OF DISCONTINUED OPERATION IN RUSSIA
Following the issuance of the presidential decree in July 2023, temporarily transferring the
management of our Russian business to the Russian government, the business was fully impaired –
resulting in an impairment loss of DKK 7,002m – and deconsolidated. The disposal of the Russian
business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods
in net result from discontinued operations, cf. section 5.3.
2.3.2 SIGNIFICANT AMOUNTS OF GOODWILL AND BRANDS
Goodwill and brands with indefinite useful life relating to the acquisitions of Kronenbourg, Chongqing
Brewery Group and the 40% non-controlling interest in Carlsberg Breweries A/S acquired in 2004
prior to the adoption of IFRS. Each accounted for 10% or more of the total carrying amount of
goodwill and brands with indefinite useful life at the reporting date. Goodwill from these acquisitions
has been allocated to cash-generating units (CGUs) based on the geographical segmentation.
The international brands acquired with Kronenbourg 1664, Chongqing and the 40% non-controlling
interest in Carlsberg Breweries A/S are individually material and specified in section 2.3.4.
2.3.3 IMPAIRMENT TEST OF GOODWILL
The carrying amount of goodwill is related to the CGUs and allocated to the Group’s geographical
segments, which is the level at which it is monitored for internal management purposes.
The carrying amount of goodwill allocated to groups of CGUs
DKK million
2024
2023
Western Europe
20,354
20,480
Asia¹
16,327
14,201
Central & Eastern Europe and India¹
4,937
3,634
Total
41,618
38,315
¹ The goodwill recognised on the acquisition of Gorkha Brewery in 2024 and on the acquisition of Waterloo
Brewing Ltd in 2023 was allocated to the Central & Eastern Europe and India CGU. The goodwill recognised on the
acquisition of Jing-A Group in 2023 was allocated to the Asia CGU.
The impairment tests prepared at year-end 2024 did not identify any indication of impairment of
goodwill. Management’s view is that excess value in the Group’s CGUs is fairly resilient to any likely
and reasonable deteriorations in the key assumptions applied.
In 2024, the approach to measuring recoverable amount was changed. In previous years, the
expected cash flow approach was applied. This involved developing multiple probability-weighted
scenarios to reflect different outcomes in terms of timing and amount of future cash flows. The risk-
adjusted cash flows were discounted using a rate that reflected the risk-free interest rate for each
CGU. For 2024, the traditional approach has been applied to measure recoverable amount. This
entails a single set of estimated cash flows and a discount rate that incorporates all the expectations
about future cash flows. Consequently, the key assumptions for 2023 and 2024 are not comparable.
Key assumptions
2024
Forecast
cash flow
growth
Terminal
period
growth
Pre-tax
discount
rate
Western Europe
-7.8%
1.0%
6.9%
Asia
19.3%
2.5%
12.7%
Central & Eastern Europe and India
-4.2%
3.0%
14.5%
2023
Western Europe
-17.0%
0.5%
3.4%
Asia
-16.2%
1.0%
4.3%
Central & Eastern Europe
-0.9%
2.0%
8.2%
Cash flow projections for the individual CGUs are based on financial forecasts for the following three
years as approved by management. Potential upsides are not identified and adjusted in the cash
flows used for impairment testing. Growth is projected in nominal terms and therefore does not
translate into cash flow at the same growth rate in the Group’s presentation currency, DKK.
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Carlsberg Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
ACCOUNTING ESTIMATES AND JUDGEMENTS
Goodwill
The value in use is the discounted value of the projected future cash flows. The discount rates applied are
after tax and reflect current specific risks in the individual markets.
Key assumptions
The cash flow is based on the budget and target plans for the next three years. Cash flows beyond the
three-year period are extrapolated using the terminal period growth rate. The budget and plans for
2025-2027 represent management’s best estimate.
The cash flows are discounted using a rate that incorporates all the expectations about the future cash
flows and the appropriate risk premium for each CGU. The interest rates used in the impairment tests are
based on observable market data. Please refer to the description of discount rates in the section below.
The key assumptions on which management bases its cash flow projections are:
• Volumes
• Sales prices
• Input costs
• Operating investments
• Terminal period growth
The assumptions are determined at CGU level and are based on past experience, external sources of
information and industry-relevant observations for each CGU. Local conditions, such as expected
developments in macroeconomic and market conditions specific to the individual CGUs, are taken into
consideration. The assumptions are challenged and verified by management at CGU and Group level.
The budget and target plan processes consider events or circumstances that are relevant to reliably
projecting the short-term performance of each CGU. Examples include significant campaign activities,
changes in excise duties etc., which may have a short-term impact but are non-recurring. Given their short-
term nature, they are not taken into consideration when estimating the terminal period growth rate.
Volumes
Projections are based on past experience, external market data, planned commercial initiatives, such as
marketing campaigns and sponsorships, and the expected impact on consumer demand and the level of
premiumisation. If relevant, the projections are adjusted for the expected changes in the level of
premiumisation. No changes in market share are assumed in the medium or long term.
Demographic expectations general to the industry, such as the development in population, consumption
levels, generation-shift patterns, rate of urbanisation and macroeconomic trends, are also considered in
medium- and long-term projections.
Events and circumstances can impact the timing of volumes entering the market. These include excessive
stocking related to an increase in excise duties, campaign activities, and the timing of national holidays
and festivals. Such short-term effects are not material to volume projections and do not impact the long-
term projections.
Sales prices
The level of market premiumisation and the locally available portfolio are key drivers in identifying price
points. When planning pricing structures, factors including price elasticity, local competition and inflation
expectations can also impact the projection. Increases in excise duties are typically passed on to the
customers immediately or with a delay of no more than a few months. Since the increase is a pass-
through cost and thereby compensated for by price increases at the time of implementation, it does not
impact the long-term sales price growth and is therefore not taken into consideration in the projections
unless circumstances specifically indicate otherwise. No changes to duties in the short or medium term are
taken into consideration unless there is a firm plan to introduce changes.
Significant inflationary pressure in recent years has meant revenue growth compensating for rising input
costs. The short- and medium-term forecasts include the risk of delays in increasing sales prices to
compensate for future rises in input costs.
Input costs
Input costs in the budget and target plans are based on past experience and on:
• Contracted raw and packaging materials
• Contracted services within sales, marketing,
production and logistics
• Planned commercial investments
• Cost optimisations not related to restructurings
• Expected inflation
The elevated level of inflation in recent years has increased the overall input cost level. The short- and
medium-term forecast incorporates lower pressure on input costs compared with previous years.
In the long term, projections follow the level of inflation.
Operating investments
Projections are based on past experience of the level of necessary maintenance of existing production
capacity, including replacement of parts. This also includes scheduled production line overhauls and
improvements to existing equipment. Uncommitted capacity increases and new equipment are not
included.
Terminal period growth
Growth rates are projected to be equal to or below the expected rate of general inflation and assume no
nominal economic growth. The projected growth rates and the discount rates applied are compared to
ensure a sensible correlation between the two.
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Carlsberg Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
Discount rates
The discount rate is a weighted average cost of capital (WACC) that reflects the risk-free interest rate with
the addition of a risk premium relevant to each market.
The risk-free interest rates used in the impairment tests are based on observed market data. For countries
where long-term risk-free interest rates are not observable or valid due to specific national or
macroeconomic conditions, the interest rate is estimated based on observations from other markets and/
or long-term expectations expressed by international financial institutions considered reliable by the
Group.
The added credit risk premium (spread) for the risk-free interest rate is fixed at market price or slightly
higher, reflecting the expected long-term market price. The aggregate interest rate, including spread,
thereby reflects the long-term interest rate applicable to the Group’s investments in the individual markets.
2.3.4 IMPAIRMENT TEST OF BRANDS
In 2024, significant brands represented 67% (2023: 66%) of the total carrying amount of brands with
indefinite useful life.
Brands with indefinite useful life
DKK million
2024
2023
International brands
3,000
3,000
Kronenbourg 1664
1,952
1,950
Chongqing
1,333
1,293
Significant brands
6,285
6,243
Western Europe
694
1,028
Asia
477
363
Central & Eastern Europe and India
960
920
Not allocated
945
945
Other brands
3,076
3,256
Total brands
9,361
9,499
Other brands comprise a total of 20 brands (2023: 20 brands) that are not individually material
compared with the total carrying amount.
Key assumptions
2024
Average
revenue
growth
Terminal
period
growth
Pre-tax
discount
rate
Post-tax
discount
rate
International brands
1.9%
1.9%
5.4%
5.2%
Kronenbourg 1664
2.0%
1.8%
6.7%
6.3%
Chongqing
2.7%
1.5%
7.5%
7.2%
2023
International brands
2.6%
1.9%
6.9%
6.6%
Kronenbourg 1664
2.8%
1.6%
7.2%
6.7%
Chongqing
2.0%
1.5%
7.8%
7.4%
IMPAIRMENT OF BRANDS IN WESTERN EUROPE
In 2024, brand impairment losses totalling DKK 125m were recognised on various local and regional
brands. The ale category continued its long-standing decline in the UK as the category overall suffers
from consumers switching over to more modern-styled craft beers. In Germany the market shows a
decline in volumes due to the industry as a whole having been hit hard by inflation, with high raw
material and logistics costs.
In 2023, impairment losses of DKK 305m were recognised, reflecting a long-term decline within the
ale category in the UK due to changing consumer preferences.
IMPAIRMENT OF BRANDS IN CENTRAL & EASTERN EUROPE AND INDIA
No brand impairments were recognised in 2024.
In 2023, a local Lithuanian mainstream brand was impaired by DKK 70m, reflecting a decline in
exports. Additionally, brand rights in Central & Eastern Europe and India for the use of brands from
the discontinued operation in Russia were unilaterally terminated by Carlsberg, resulting in
impairment losses of DKK 53m.
IMPAIRMENT OF BRANDS IN ASIA
No brand impairments were recognised in 2024.
In 2023, an impairment loss of DKK 97m was recognised on the local Angkor brand in Cambodia. The
local business operates in a very challenging environment in terms of competitive conditions, and a
change in consumer preference resulted in a decline in volumes and margins, in particular for the beer
category.
In China, impairments of DKK 400m were reversed on the mainstream brand Chongqing. The brand
was impaired in 2016 following sales declines due to premiumisation in the Chinese market. Since
then, brand volumes have recovered significantly, and expectations for the mainstream category in
China have improved, resulting in the reversal of the impairment.
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Carlsberg Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
2.3.5 IMPAIRMENT OF OTHER ASSETS
In 2024, impairment losses were recognised on other intangible assets, DKK 40m (primarily related to
centrally owned IT assets), and on property, plant and equipment, DKK 96m, primarily in Western
Europe, totalling DKK 136m.
The residual investment in the former associate Tibet Lhasa Brewery Ltd., now reported as a financial
asset, was impaired resulting in a write-down of DKK 66m.
In 2023, impairment losses were recognised on other intangible assets, DKK 46m, on property, plant
and equipment, DKK 171m, and on other non-current assets, DKK 63m, totalling DKK 280m.
ACCOUNTING ESTIMATES AND JUDGEMENTS
Brands
The test for impairment of brands is performed using the relief from royalty method and is based on the
expected future cash flows generated from the royalty payments avoided for the individual brand for the
next 10 years and projections for subsequent years.
The cash flows are discounted using a weighted average cost of capital (WACC) that reflects the risk-free
interest rate with the addition of a risk premium relevant to the individual market where cash flows are
generated, cf. section 2.3.3. For brands where cash flows are generated in more than one market, the cash
flows generated in secondary markets are adjusted for the inflationary difference compared to the
inflation in the main market before being discounted.
Key assumptions
The key assumptions on which management bases its cash flow projection include the expected useful life,
revenue growth, a theoretical tax amortisation benefit, the royalty, terminal growth rate and the discount
rate.
Expected useful life
Management has assessed that the value of brands with indefinite useful life can be maintained for an
indefinite period, as these are well-established brands in their markets, having existed for decades or even
centuries. The beer industry is characterised as being very stable with consistent consumer demand and a
predictable competitive environment, and is expected to be profitable for the foreseeable future. Control of
the brands is legally established and enforceable indefinitely.
In management’s opinion, the risk of the useful life of these brands becoming finite is minimal because of
their individual market positions and because current and planned marketing initiatives are expected to
sustain their useful life.
Revenue growth
At the time of acquisition of any individual brand, a revenue growth curve is forecast based on a long-term
strategic view of the risk and opportunities relevant to the brand. The curve is projected for a 10-year
horizon. This horizon reliably reflects the lengthy process of implementing brand strategies to support a
brand occupying its intended place in the Group’s portfolio. The forecast period applied is comparable to
the common term of the majority of licence agreements to which the Group is party.
In the local markets, the product portfolio usually consists of local power brands and international
premium brands. When projecting revenue growth for local brands, in addition to their commercial
strength – such as market share and segment position – the forecast takes into consideration the
demographics of the primary markets, including expected developments in population, consumption levels,
generation-shift patterns, rate of urbanisation, beer market maturity, level of premiumisation,
circumstances generally limiting the growth opportunities for alcoholic beverages etc.
For brands with global or regional presence, enhanced investments in product development and marketing
are expected. The expected growth rate for these brands is generally higher than for more localised
brands and is usually highest early in the 10-year period.
Depending on the nominal growth expectations for the individual brand, the revenue growth in individual
years may be above, equal to or below the forecast inflation level in the markets where the brand is
present.
When preparing budgets, consideration is given to events or circumstances that are relevant to reliably
projecting the short-term performance of each brand. Examples include significant campaign activities,
changes in excise duties etc., which may have a short-term impact but are non-recurring and quickly
absorbed by the business. Since the impact is not material to the long-term projections, it is not taken into
consideration when estimating the long-term and terminal period growth rates. Please refer to the
description of the impact of increases in excise duties in the description of sales prices in section 2.3.3.
Tax benefit
The theoretical tax benefit applied in the test uses tax rates and amortisation periods based on current
legislation. The impairment test applies tax rates in the range of 15-31% and amortisation periods of 5-20
years.
Royalty rate
Royalties generated by a brand are based on the Group’s total income from the brand and are earned
globally, i.e. the income is also earned outside the CGU that owns the brand. If external licence
agreements for the brand already exist, the market terms of such agreements are taken into consideration
when assessing the royalty rate that the brand is expected to generate in a transaction with independent
parties. The royalty rate is based on the actual market position of the individual brand in the global,
regional and local markets, and assumes a 10-year horizon. This term is common to the beverage industry
when licensing brands.
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Carlsberg Group Annual Report 2024
SECTION 2.3 (CONTINUED)
IMPAIRMENT
Royalty rates
International, premium and
speciality beers
3.5-7.5%
Strong regional and national brands
3.0-5.0%
Local and mainstream brands
2.0-3.5%
Identification of cash-generating units
The Group’s management structure reflects the geographical segments, cf. section 1.1, and decisions are
made by the regional managements responsible for performance, operating investments and growth
initiatives in their respective regions.
There is significant vertical integration of the production, logistics and sales functions, supporting and
promoting optimisations across the Group or within regions.
Assets, other than goodwill and brands with regional and global presence, are allocated to individual
cash-generating units (CGUs), being the level at which the assets generate largely independent cash
inflows. As the Group operates with local sales and production organisations, the cash inflows are mostly
generated locally, and the CGUs are therefore usually identified at country level.
The determination of CGU allocation is made, and cash inflows are assessed in connection with the
purchase price allocation, within 12 months from the date of acquisition.
Goodwill
Goodwill does not generate largely independent cash inflows on its own and is therefore allocated to the
Group’s geographical segments, which is the level at which it is monitored for internal management
purposes.
At the time of acquisition of entities, goodwill is allocated to a CGU. The structure and groups of CGUs are
reassessed every year.
Brands
Cash flows for brands are separately identifiable and brands are therefore tested individually for
impairment. This test is performed in addition to the test for impairment of goodwill.
The following brands are considered significant when comparing their carrying amount to the total
carrying amount of brands with indefinite useful life:
• International brands
• Kronenbourg 1664
• Chongqing
International brands is a group of brands recognised in connection with the acquisition of the 40% non-
controlling interest in Carlsberg Breweries A/S and allocated to Western Europe. The carrying amount is
not allocated to individual brands.
Corporate assets
The Group has identified capitalised software relating to the Group’s ERP systems as corporate assets,
and as such these are peripheral to the generation of cash inflows. The Group’s ERP landscape is closely
linked to the internal management structure, and the identified assets are therefore tested for impairment
at the CGU level to which goodwill is allocated.
Other non-current assets
Other non-current assets are tested for impairment when indications of impairment exist.
For property, plant and equipment, management performs an annual assessment of the assets’ future
application, for example in relation to changes in production structure, restructurings or brewery closures.
Key considerations in impairment tests
Goodwill
Brands
CGU level of test
Geographical
segment
Individual brand
Method to estimate recoverable amount
Value in use
Fair value less cost of
disposal
Method to estimate present value of future cash flows
Traditional approach:
single most likely
future cash flow
Traditional approach:
single most likely
future cash flow
Discount rate
Risk-adjusted rate
Risk-adjusted rate
For investments in associates, examples of indications of impairment are loss-making activities or
significant changes in the business environment.
ACCOUNTING POLICIES
Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially
before the end of the year of acquisition. The test is performed at the level where cash flows are
considered to be generated: either at CGU level or at the level of a group of CGUs. All assets are tested if
an event or circumstance indicates that the carrying amount may not be recoverable. If an asset’s carrying
amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable amount is the
higher of the asset’s fair value less costs of disposal and its value in use.
For all assets, the recoverable amount is assessed based on budget and target plan with reference to the
expected future net cash flows. The assessment is based on the lowest CGU affected by the changes that
indicate impairment. The cash flow is discounted by a rate adjusted for any risk specific to the asset, if
relevant to the calculation method applied.
Impairment losses on goodwill and brands, significant losses on property, plant and equipment,
investments in associates, and losses arising on significant restructurings of processes and structural
adjustments are recognised in special items. Minor losses are recognised in the income statement in the
relevant line item.
Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of
changes in the assumptions and estimates underlying the impairment calculation. Impairment is only
reversed to the extent that the asset’s new carrying amount does not exceed the carrying amount of the
asset after amortisation/depreciation had the asset not been impaired.
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SECTION 2.3 (CONTINUED)
IMPAIRMENT
2.3.6 SENSITIVITY TESTS
Sensitivity tests have been performed to determine the lowest forecast and terminal period growth
rates and/or highest discount rates that can occur in the groups of CGUs and brands with indefinite
useful life without leading to any impairment loss.
GOODWILL
The test for impairment of goodwill did not identify any CGUs or groups of CGUs to which goodwill is
allocated where a reasonably possible negative change in a key assumption would cause the carrying
amount to exceed the recoverable amount.
BRANDS
For brands that were previously written down, a reasonably possible negative change in a key
assumption would cause the carrying amount of these brands to exceed the recoverable amount.
However, management considers the risk of a significant write-down on these brands to be low.
KEY ASSUMPTIONS
The key assumptions relevant to the assessment of the recoverable amount are:
•
Useful life
•
Revenue growth
•
Royalty rate
•
Discount rate
•
Terminal growth rate
The assumptions for volume and price are closely linked, which, together with the presence of
multiple sub-brands in various geographies within each brand, makes individual sensitivity testing on
the basis of these two assumptions highly impractical. Instead, sensitivity testing is performed for the
overall revenue growth rate, in both the forecast period and the terminal period.
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Carlsberg Group Annual Report 2024
SECTION 3
SPECIAL ITEMS,
PROVISIONS AND
OTHER LIABILITIES
IN THIS SECTION:
3.1 Special items
138
3.2 Provisions
140
3.3 Other liabilities
141
3.4 Contingent liabilities
141
SECTION 3.1
SPECIAL ITEMS
Special items
DKK million
Section
2024
2023
Special items, income
Revaluation gain on step acquisitions of former associates
5.1
440
20
Derecognition of loan and payables to the discontinued operation in
Russia
-
350
Income
440
370
Special items, expenses
Impairment of brands
2.3.4
-125
-525
Reversal of impairment losses
2.3.4
-
400
Costs related to acquisition and disposal of entities etc.
-413
-117
Restructuring projects and provisions
-261
-141
Impairment of property, plant and equipment
2.3.5
-93
-33
Reversal of provisions made in prior years
3.2
69
100
Impairment of non-current assets in Cambodia and Tibet Lhasa
2.3.5
-66
-152
Cost of termination of a licensee agreement
-
-196
Impairment of receivables from the discontinued operation in Russia
-
-76
Impairment of assets and other war-related costs in Ukraine
-40
-28
Other expenses
-30
-33
Expenses
-959
-801
Special items, net
-519
-431
Impact of special items on operating profit
DKK million
2024
2023
If special items had been recognised in operating profit before special items,
they would have been recognised as follows:
Cost of sales
-269
-501
Sales and distribution expenses
-192
-6
Administrative expenses
-501
58
Other operating activities, net
482
2
Financial items
-39
16
Special items, net
-519
-431
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Carlsberg Group Annual Report 2024
SECTION 3.1 (CONTINUED)
SPECIAL ITEMS
SPECIAL ITEMS, INCOME
In 2024, the Group gained control of Gorkha Brewery, Nepal, which had been consolidated as an
investment in an associate prior to the acquisition. The investment was remeasured at a fair value of
DKK 1,794m and a revaluation adjustment of DKK 484m, net of reclassification of accumulated
currency exchange adjustments of DKK -44m, DKK 440m was recognised as part of special items, cf.
section 5.1.2.
In 2023, a loan of DKK 297m and payables for brand rights of DKK 53m, totalling DKK 350m, were
derecognised. Both the loan and the payables were owed to the discontinued operation in Russia
prior to the issuance of the presidential decree on 16 July 2023.
SPECIAL ITEMS, EXPENSES
In 2024 and 2023, the Group carried out various restructuring projects across Western Europe and
Asia. The restructuring projects were the result of the continued focus on cost and efficiency
initiatives, and included changes in the production and distribution operations and related
organisational changes, including termination of employees and impairment of assets mainly in
Western Europe.
In 2024, the restructuring projects mainly related to Norway, the UK and Germany. In Norway the
distribution model will change in 2026, with the cessation of direct distribution to larger off-trade
customers, resulting in redundancies. Our businesses in Germany and the UK have been impacted by
lower volumes, resulting in redundancies, decommissioning of production capacity and asset write-
offs.
In 2024 and 2023, costs related to acquisition and disposal of entities can mainly be attributed to the
acquisition of the Britvic Group, the step acquisition of Gorkha Brewery, and the disposal of the
Russian business.
In 2024, the Group recognised impairment losses totalling DKK 125m on brands in Western Europe
(2023: DKK 525m for the three regions), cf. section 2.3.4. In 2023, impairment losses of DKK 400m
previously recognised on brands in Asia were reversed, cf. section 2.3.4.
In 2024, the residual investment in the former associate Tibet Lhasa Brewery Ltd., now reported as a
financial asset, was impaired, resulting in a write-down of DKK 66m, c.f. section 2.3.5. In 2023, our
business in Cambodia was negatively impacted by the challenging environment, resulting in the
recognition of impairment losses of DKK 152m on non-current assets. Impairment losses of DKK 76m
were recognised on receivables from the discontinued operation in Russia that are no longer expected
to be received.
Provisions of DKK 69m recognised in prior years for legal claims that did not materialise were
reversed in 2024 (2023: DKK 100m). In 2023, the Group terminated the licensee agreement for
Kronenbourg 1664 in the UK, resulting in a cost of DKK 196m.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The use of special items entails management judgement in the separation from ordinary items.
Management carefully considers individual items and projects (including restructurings) in order to ensure
the correct distinction and split between operating activities and significant income and expenses of a
special nature.
Management initially assesses the entire restructuring project and recognises all present costs of the
project. The projects are assessed on an ongoing basis, with additional costs possibly being incurred during
the lifetime of the project.
The estimate includes expenses related to termination of employees, onerous contracts, break fees and
other obligations arising in connection with restructurings. Management reassesses the useful life and
residual value of non-current assets used in an entity undergoing restructuring.
ACCOUNTING POLICIES
Special items include significant income and expenses of a special nature in relation to the Group’s
revenue-generating activities that cannot be attributed directly to the Group’s ordinary operating activities.
Special items also include significant non-recurring items, including termination benefits related to
retirement of members of the Executive Committee, impairment of goodwill and brands, significant
provisions in relation to certain disputes and lawsuits, gains and losses on the disposal of activities and
associates, revaluation of the shareholding in an entity held immediately before a step acquisition or
deconsolidation of that entity, and transaction costs in a business combination.
Significant restructuring of processes and structural adjustments are included in special items. Special
items are shown separately from the Group’s ordinary operations to facilitate a better understanding of
the Group’s financial performance.
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Carlsberg Group Annual Report 2024
SECTION 3.2
PROVISIONS
DKK million
2024
Restructurings
Onerous
contracts
Other
Total
Provisions at 1 January 2024
85
366
2,058
2,509
Additional provisions recognised
235
-
435
670
Used during the year
-56
-16
-203
-275
Reversal of unused provisions
-1
-125
-285
-411
Transfers
-
-
186
186
Discounting
2
3
21
26
Foreign exchange adjustments etc.
-3
9
-25
-19
Provisions at 31 December 2024
262
237
2,187
2,686
Classified as
Non-current provisions
128
200
1,408
1,736
Current provisions
134
37
779
950
Total
262
237
2,187
2,686
Restructuring provisions relate to termination benefits to employees made redundant, primarily as a
result of a restructuring project accounted for as special items. The restructuring provision of DKK
262m in 2024 primarily relates to various projects across the regions.
Provisions for onerous contracts primarily relate to contract brewing in Asia and are expected to be
utilised by 2028.
Other provisions of DKK 2,187m include ongoing disputes and lawsuits of varying content and
employee obligations other than retirement benefits. Transfers of DKK 186m have been reclassified
from other payables.
Timing of settlement of ongoing disputes and lawsuits cannot be determined, whereas the remaining
liabilities are expected to be settled in one to two years.
ACCOUNTING ESTIMATES AND JUDGEMENTS
In connection with restructurings, management assesses the timing of the costs to be incurred, which
influences the classification as current or non-current liabilities. Provision for onerous contracts is based on
agreed terms with the other party and expected fulfilment of the contract, based on the current estimate
of volumes, use of raw materials etc.
Management assesses provisions, contingent assets and liabilities, and the likely outcome of pending or
probable lawsuits etc. on an ongoing basis. The outcome depends on future events, which are by nature
uncertain. In assessing the likely outcome of lawsuits and tax disputes etc., management relies on external
legal advice and established precedents.
Provision for onerous contracts is based on agreed terms with the other party and expected fulfilment of
the contract, based on the current estimate of volumes, use of raw materials etc.
ACCOUNTING POLICIES
Provisions, including profit-sharing provisions, are recognised when, as a result of events arising before or
at the reporting date, the Group has a legal or a constructive obligation and it is probable that there may
be an outflow of economic benefits to settle the obligation.
Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest
rate is used as the discount rate.
Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to those
affected no later than at the reporting date. On acquisition of entities, restructuring provisions in the
acquiree are only included in the opening balance when the acquiree has a restructuring liability at the
acquisition date.
A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from
a contract are lower than the unavoidable costs of meeting its obligations under the contract.
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SECTION 3.3
OTHER LIABILITIES
DKK million
2024
2023
Other liabilities by origin
Staff costs payable
2,281
2,296
Excise duties and VAT payable
2,533
2,401
Other payables
2,447
2,693
Deferred income
416
499
Contingent and deferred considerations
1,916
5,445
Total
9,593
13,334
Classified as
Non-current liabilities
1,495
314
Current liabilities
8,098
13,020
Total
9,593
13,334
ACCOUNTING POLICIES
Other liabilities include excise duties (specific taxes imposed on sales of beer and soft drinks), VAT,
withholding tax, accrued interest and payroll, e.g. salaries, overtime, vacation and bonus.
Other liabilities (current) are initially recognised at fair value and subsequently at amortised cost.
SECTION 3.4
CONTINGENT LIABILITIES
The Group operates in very competitive markets where consolidation is taking place within the industry and
among our customers and suppliers, all of which influences our business in different ways.
In the ordinary course of business, the Group is party to certain lawsuits, disputes etc. of varying
content and scope, some of which are referred to below. The resolution of these lawsuits, disputes
etc. is associated with uncertainty, as they depend on relevant applicable proceedings, such as
negotiations between the parties affected, government actions and court rulings.
In October and November 2021, the Group’s associate in Portugal, Super Bock Group, received decisions on
the alleged anticompetitive practices in two ongoing cases. In the first case, the Portuguese Court of Appeal
confirmed the fine of EUR 24m issued by the competition authority, and in the second case the Portuguese
competition authority imposed a fine of EUR 33m on Super Bock. Both decisions have been appealed to
the Supreme Court by Super Bock. Subsequently, on account of Super Bock’s alleged anticompetitive
practices, a separate private enforcement claim of EUR 400m was filed by a consumer protection
association against Super Bock for compensation of Portuguese consumers for alleged harm. There have
been no further significant developments in this case. In November 2024, another separate private
enforcement claim was filed by a consumer protection association. The complaint does not indicate a
specific amount of damages being sought, but instead provides a range of EUR 83-467m. Super Bock is in
the process of assessing the claim and potential exposure.
In December 2023, Chongqing Jiawei Beer Co. Ltd., in which the Group holds a 33% shareholding,
raised a claim for damages of RMB 631m against Chongqing Brewery Co. Ltd. for alleged breach of
contract in relation to a contract brewing agreement between the parties. In June 2022, Chongqing
Jiawei Beer Co. Ltd. had withdrawn previous claims based on substantially similar allegations. Based
on the facts and evidence currently put forward, the claims are not considered to have any merit. It is
possible that a ruling can go against Chongqing Brewery Co. Ltd. However, assessing a potential fine
or damages is associated with a high degree of uncertainty. A ruling would be appealable.
Management and the Group General Counsel continuously assess these risks and their likely
outcome. It is the opinion of management and the Group General Counsel that, apart from items
recognised in the statement of financial position, the outcome of these lawsuits, disputes etc. cannot
be reliably estimated in terms of amount or timing, or the risk of a negative outcome is considered to
be remote. The Group does not expect the ongoing lawsuits and disputes to have a material impact
on the Group’s financial position, net profit or cash flow, in excess of items recognised in the
statement of financial position.
GUARANTEES AND COMMITMENTS
The Group has issued guarantees for third-party obligations (non-consolidated entities) of DKK 220m
(2023: DKK 201m). No guarantees have been issued for loans raised by associates. Certain
guarantees etc. are issued in connection with disposal of entities and activities, and in connection with
on-trade loans. Apart from items recognised in the statement of financial position or disclosed in the
consolidated financial statements, these guarantees etc. will not have a material effect on the
Group’s financial position. Capital commitments, lease liabilities and service agreements are described
in section 2.2.
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Carlsberg Group Annual Report 2024
SECTION 4
FINANCING COSTS,
CAPITAL STRUCTURE
AND EQUITY
Leverage ratio1
DKKbn
21.3
19.2
19.3
22.4
27.4
1.51x
1.37x
1.23x
1.47x
1.73x
NIBD
NIBD/EBITDA
2020
2021
2022
2023
2024
0.0
25.0
0.00x
2.50x
1 2020 including Russia, 2021-2024 excluding Russia.
IN THIS SECTION:
4.1 Financial risk management and capital structure
142
4.2 Equity
143
4.3 Earnings per share
145
4.4 Financial income and expenses
145
4.5 Financial assets and liabilities
147
4.6 Net-interest bearing debt
148
4.7 Borrowings and cash
148
4.8 Interest rate risk
150
4.9 Foreign exchange and commodity risk
151
4.9.1 Net revenue
151
4.9.2 Operating profit
152
4.9.3 Net finance
152
4.9.4 Consolidated profit and other comprehensive income
152
4.9.5 Impact on financial statements and sensitivity analysis
153
4.9.6 Commodity risk
154
4.10 Funding and liquidity risk
155
SECTION 4.1
FINANCIAL RISK MANAGEMENT AND CAPITAL
STRUCTURE
The Group’s activities mean it is exposed to a variety of financial risks, including market risk (foreign
exchange risk, interest rate risk and commodity risk), credit risk and liquidity risk, cf. sections 4.8-4.10.
To reduce exposure to these risks, the Group enters into a variety of financial instruments and
generally seeks to apply hedge accounting to reduce volatility in the income statement.
The Group’s financial risks are managed by Group Treasury in accordance with the Financial Risk
Management Policy approved by the Supervisory Board as an integrated part of the overall risk
management process. The risk management governance structure is described in the management
review (pages 37-38).
Management regularly assesses whether the Group’s capital structure is in the interests of the Group
and its shareholders.
The overall objective is to ensure a continued development and strengthening of the Group’s capital
structure that supports long-term profitable growth and a solid increase in key earnings and ratios.
This includes assessment of and decisions on the split of financing between share capital and
borrowings, which is a long-term strategic decision to be made in connection with significant
investments and other transactions.
The Group targets a leverage ratio below 2.5x. Leverage is measured as net interest-bearing debt/
EBITDA; see section 4.6 for more about net interest-bearing debt. The leverage ratio at the end of
2024 was 1.73x (2023: 1.47x). The Group uses share buy-back programmes to return excess cash to
shareholders and manage financial flexibility. The size and duration of each programme depend on
the expected organic and inorganic investments needed to grow the business and the Group’s
intention to maintain a leverage ratio below 2.5x; see the management review for details of the
capital allocation principles.
The Group is rated by Moody’s Investors Service and Fitch Ratings. Management assesses the risk of
changes in the Group’s investment-grade rating as an element in strategic decisions on capital
structure. Identification and monitoring of risks that could change the rating were carried out on an
ongoing basis throughout the year. Following the closing of the Britvic Group acquisition in January
2025, Fitch issued a Rating Action Commentary in which it left the long-term rating unchanged but
with a negative outlook. See the Carlsberg Group’s website for further details. Moody’s has not issued
any update following the closing of the Britvic transaction.
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Carlsberg Group Annual Report 2024
SECTION 4.2
EQUITY
EQUITY (DKKbn)
25.7
8.0
2.3
0.9
2.4
0.1
-2.0
-1.8
-5.0
30.6
Equity
at 1
January
Continuing
operations
Discontinued
operations
Foreign
exchange
adjustments
Hyper-
inflation
Other
Share
buy-back
Non-
controlling
interests
Dividends
paid
Equity at
31
December
4.2.1 TRANSACTIONS WITH SHAREHOLDERS
SHARE CAPITAL
Class A shares
Class B shares
Total share capital
Shares of
DKK 20
Nominal
value,
DKK ’000
Shares of
DKK 20
Nominal
value,
DKK ’000
Shares of
DKK 20
Nominal
value,
DKK ’000
1 January 2023
33,699,252
673,985
108,157,554
2,163,151
141,856,806
2,837,136
Cancellation of treasury
shares
-
-
-4,500,000
-90,000
-4,500,000
-90,000
31 December 2023
33,699,252
673,985
103,657,554
2,073,151
137,356,806
2,747,136
Cancellation of treasury
shares
-
-
-3,100,000
-62,000
-3,100,000
-62,000
31 December 2024
33,699,252
673,985
100,557,554
2,011,151
134,256,806
2,685,136
A shares carry 20 votes per DKK 20 share. B shares carry two votes per DKK 20 share. A preferential right to an
8% non-cumulative dividend is attached to B shares. Apart from votes and dividends, all shares rank equally.
Carlsberg A/S’ share capital is divided into two classes (A shares and B shares). Combined with the
Carlsberg Foundation’s position as majority shareholder (in terms of control), management considers
that this structure will remain advantageous for all of the shareholders, enabling and supporting the
Group’s long-term development.
At the Annual General Meeting on 11 March 2024, it was decided to reduce the share capital of
Carlsberg A/S by a nominal amount of DKK 62,000,000 to a nominal amount of DKK 2,685,136,120
by cancelling 3,100,000 of the B shares held by the Company, each with a nominal value of DKK 20.
The cancellation was completed on 9 April 2024. These shares had been repurchased as part of the
Company’s share buy-back programmes.
At the Annual General Meeting on 17 March 2025, the Supervisory Board will recommend that
1,600,000 treasury shares not used for the hedging of the incentive programme be cancelled.
SHARE BUY-BACK AND TREASURY SHARES
On 7 February 2024, the Company announced its intention to continue the share buy-back, executed
as quarterly programmes. On 8 July, the Group terminated its share buy-back programme following
the announcement of the Group’s recommended offer to acquire Britvic Plc. In 2024, a total of
2,123,980 B shares worth DKK 2.0bn were repurchased. The Group generally intends to cancel
treasury shares that are not used for hedging of incentive programmes.
According to the authorisation of the Annual General Meeting, the Supervisory Board may, in the
period until 13 March 2027, allow the Company to acquire treasury shares up to a total holding of
10% of the nominal share capital at a price quoted on Nasdaq Copenhagen at the time of acquisition
with a deviation of up to 10%. The permitted holding of treasury shares covers those acquired in
share buy-back programmes. The Company holds no class A shares.
Treasury shares
Fair value,
DKKm
Shares of
DKK 20
Nominal
value,
DKKm
Percentage
of share
capital
1 January 2023
4,169
4,515,385
90.3
3.2 %
Acquisition of treasury shares
3,338,514
66.8
2.5 %
Cancellation of treasury shares
-4,500,000
-90.0
-3.2 %
Used to settle share-based payments
-111,409
-2.3
-0.1 %
31 December 2023
2,746
3,242,490
64.8
2.4 %
Acquisition of treasury shares
2,123,980
42.5
1.6 %
Cancellation of treasury shares
-3,100,000
-62.0
-2.3 %
Used to settle share-based payments
-88,251
-1.7
-0.1 %
31 December 2024
1,503
2,178,219
43.6
1.6 %
Transactions with shareholders in Carlsberg A/S
DKK million
2024
2023
Dividends paid to shareholders
-3,601
-3,695
Share buy-back
-1,960
-3,200
Total
-5,561
-6,895
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
143
Carlsberg Group Annual Report 2024
SECTION 4.2 (CONTINUED)
EQUITY
DIVIDENDS
The Group proposes a dividend of DKK 27.00 per share (2023: DKK 27.00 per share), amounting to
DKK 3,625m (2023: DKK 3,709m). The proposed dividend has been included in retained earnings at 31
December 2024.
Dividends to be paid out in 2025 for 2024, net of dividends on treasury shares held at 31 December
2024, will amount to DKK 3,566m (paid out in 2024 for 2023: DKK 3,621m).
Dividends to non-controlling interests of DKK 43m were declared and reported as payable at 31
December 2023 and paid out in 2024. At 31 December 2024, dividends to non-controlling interests of
DKK 55m were payable.
NON-CONTROLLING INTERESTS
Transactions with non-controlling interests
DKK million
2024
2023
Dividends paid to non-controlling interests
-1,364
-1,106
Consideration paid for acquisition of non-controlling interests
-5,099
-
Total
-6,463
-1,106
The acquisition of non-controlling interests in 2024 mainly related to shares in Carlsberg South Asia
and Carlsberg Marston’s Brewing Company, cf. section 5.2.
ACCOUNTING POLICIES
Treasury shares
Cost of acquisition, consideration received and treasury share dividends received are recognised directly in
equity as retained earnings. Capital reductions from the cancellation of treasury shares are deducted from
the share capital at an amount corresponding to the nominal value of the shares and added to retained
earnings.
Proceeds from the sale of treasury shares in connection with the settlement of share-based payments are
recognised directly in equity.
Proposed dividends
The proposed dividend is recognised as a liability at the date when it is adopted at the Annual General
Meeting (declaration date).
4.2.2 OTHER COMPREHENSIVE INCOME
Other comprehensive income has mainly been impacted by the restatement adjustment for
hyperinflation in Laos of DKK 2.4bn and positive foreign exchange adjustments of DKK 0.9bn from
translation of Group entities with a functional currency other than DKK.
Other comprehensive income as recognised in the statement of changes in equity
DKK million
2024
Currency
translation
Hedging
reserves
Retained
earnings
Total
Non-
controlling
interests
Other
comprehen-
sive income
Foreign exchange
adjustments of foreign
entities
816
-
-
816
58
874
Hyperinflation
restatement of equity at 1
January
1,481
-
-
1,481
947
2,428
Value adjustments of
hedging instruments
-312
310
-
-2
4
2
Retirement benefit
obligations
-
-
-79
-79
-17
-96
Income tax
57
-29
16
44
-1
43
Total
2,042
281
-63
2,260
991
3,251
2023
Foreign exchange
adjustments of foreign
entities
38,025
-
14
38,039
-258
37,781
Value adjustments of
hedging instruments
212
698
-
910
10
920
Retirement benefit
obligations
-
-
-64
-64
-9
-73
Income tax
13
-56
-28
-71
-1
-72
Total
38,250
642
-78
38,814
-258
38,556
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
144
Carlsberg Group Annual Report 2024
SECTION 4.3
EARNINGS PER SHARE
During 2024, the Group repurchased a total of 2.1 million B shares under the share buy-back
programmes. The share buy-back programmes decreased the average number of shares by 3.5
million, which in turn increased adjusted earnings per share for continuing operations by DKK 1.4. The
adjustment for special items after tax increased adjusted earnings per share by DKK 3.2.
For all share-based incentive instruments, the average market price of Carlsberg B shares, including
the fair value of services to be received in the future, exceeded the exercise price and the fair value at
the grant date. As a result, diluted earnings per share included all share-based incentive instruments
that could potentially dilute earnings in the future.
Earnings per share
DKK
2024
2023
Earnings per share of DKK 20 (EPS)
68.7
-299.7
Continuing operations
51.7
51.1
Discontinued operations
17.0
-350.8
Diluted earnings per share of DKK 20 (EPS-D)
68.6
-299.7
Continuing operations
51.6
51.0
Discontinued operations
17.0
-350.7
Earnings per share, adjusted (EPS-A)
54.9
60.0
Continuing operations
54.9
54.6
Discontinued operations
-
5.5
Average number of shares
1,000 shares
Average number of issued shares
135,104
138,590
Average number of treasury shares
-2,478
-2,501
Average number of shares
132,626
136,089
Average dilutive effect of share-based incentives
296
366
Diluted average number of shares
132,922
136,455
Profit attributable to shareholders
DKK million
Profit for the period
10,263
-39,777
Non-controlling interests
-1,147
-1,011
Profit attributable to shareholders in Carlsberg A/S (net profit)
9,116
-40,788
Special items after tax in continuing and discontinued operations
-1,836
48,951
Profit attributable to shareholders in Carlsberg A/S, adjusted
7,280
8,163
Net result from discontinued operations adjusted for special items after tax
-
-738
Profit attributable to shareholders in Carlsberg A/S, adjusted, continuing operations
7,280
7,425
SECTION 4.4
FINANCIAL INCOME AND EXPENSES
Financial items recognised in the income statement
DKK million
2024
2023
Financial income
Interest income
408
381
Foreign exchange gains
189
-
Fair value adjustment gains
-
60
Interest on plan assets, defined benefit plans
298
309
Reversal of impairments of financial assets
5
-
Monetary gain on hyperinflation restatement
50
-
Other
9
5
Total
959
755
Financial expenses
Interest expenses
-1,060
-752
Capitalised financial expenses
12
8
Foreign exchange losses
-
-211
Fair value adjustment losses
-80
-
Interest expenses on obligations, defined benefit plans
-335
-339
Interest expenses, lease liabilities
-57
-32
Bank fees
-178
-142
Other
-166
-131
Total
-1,864
-1,599
Financial items, net, recognised in the income statement
-905
-844
Financial items excluding foreign exchange, net
-1,064
-693
Interest income primarily relates to interest on cash and cash equivalents and interest expenses
primarily relate to issued bonds measured at amortised cost.
The fair value adjustment of derivative financial instruments that are not designated as hedging
instruments amounted to DKK -80m (2023: DKK 60m of gains), and includes DKK -2m regarding
ineffective portions of aluminium hedges designated as cash flow hedges.
Foreign exchange gains amounted to DKK 189m (2023: DKK 211m of losses) and the monetary gain
from hyperinflation to DKK 50m (2023: DKK 0m), cf. section 8.1. In total foreign exchange and fair
value adjustment gains and losses and the monetary gain from hyperinflation amounted to DKK
159m (2023: DKK -151m).
The Group enters into derivative financial instruments to hedge foreign exchange and commodity
risks, cf. section 4.9, and seeks to apply hedge accounting when this is possible. Hedging of future,
highly probable forecast transactions is designated as cash flow hedges.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
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145
Carlsberg Group Annual Report 2024
SECTION 4.4 (CONTINUED)
FINANCIAL INCOME AND EXPENSES
Positive fair values of derivatives are recognised as other receivables and negative values as other
liabilities and are presented in section 4.5.
The impact on other comprehensive income and the fair value of derivatives designated as cash flow
hedges, and the impact on the income statement and the fair value of derivates not designated as
hedging instruments are presented in the tables below. The impact on other comprehensive income
and the fair value of derivatives designated as net investment hedges is presented in section 4.9.4.
Total net gain on cash flow hedges recognised in other comprehensive income was DKK 314m with
gains on aluminium and exchange rate instruments and losses on interest rate instruments and
energy. The energy hedge is a power purchase agreement that secures fixed-price electricity for 10
years and commenced in October 2024.
Financial derivatives not designated as hedging instruments (economic hedges)
DKK million
2024
Income
statement
Fair value,
receivables
Fair value,
payables
Fair value,
net
Exchange rate instruments
-78
41
-73
-32
Ineffectiveness
-2
-
-
-
Total
-80
41
-73
-32
2023
Exchange rate instruments
69
101
-53
48
Ineffectiveness
-9
-
-
-
Total
60
101
-53
48
Financial items recognised in other comprehensive income
DKK million
2024
2023
Foreign exchange adjustments of foreign entities
Foreign currency translation of foreign entities
918
-3,143
Reclassification of cumulative translation differences of step-acquired and
deconsolidated entities
-44
40,924
Total
874
37,781
Fair value adjustments of hedging instruments
Change in fair value of effective portion of cash flow hedges
246
-174
Change in fair value of cash flow hedges transferred or reclassified to the income
statement, intangible assets and property, plant and equipment
68
882
Change in fair value of net investment hedges
-312
212
Total
2
920
Financial items, net, recognised in other comprehensive income
876
38,701
Of the net change in fair value of cash flow hedges transferred or reclassified to the income
statement, DKK 64m (2023: DKK -280m) has been included in revenue and cost of sales, DKK 0m
(2023: DKK -22m) in special items, DKK 2m (2023: DKK 0m) in financial items, DKK 0m (2023:
DKK-545m) in net result from discontinued operations, and DKK 2m (2023: DKK -18m) in intangible
assets and property, plant and equipment.
Cash flow hedges
DKK million
Expected recognition
2024
Other
comprehen-
sive income
Fair value,
receivables
Fair value,
payables
Fair value,
net
2025
2026
and later
Exchange rate instruments
261
158
-151
7
7
-
Interest rate instruments
-15
-
-15
-15
-2
-13
Aluminium
116
116
-2
114
114
-
Energy
-48
-
-
-
-
-
Total
314
274
-168
106
119
-13
2023
Other
comprehen-
sive income
Fair value,
receivables
Fair value,
payables
Fair value,
net
2024
2025
and later
Exchange rate instruments
-73
7
-116
-109
-109
-
Aluminium
231
62
-57
5
-10
15
Energy
-35
48
-
48
2
46
Reclassification from OCI
585
-
-
-
-
-
Total
708
117
-173
-56
-117
61
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
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146
Carlsberg Group Annual Report 2024
SECTION 4.4 (CONTINUED)
FINANCIAL INCOME AND EXPENSES
ACCOUNTING ESTIMATES AND JUDGEMENTS
When entering into financial instruments, management assesses whether the instrument is an effective
hedge of expected future cash flows or financial investments. The effectiveness of recognised hedging
instruments is assessed at least twice a year.
Fair values of derivative financial instruments are calculated on the basis of level 2 input consisting of
current market data and generally accepted valuation methods. Internally calculated values are used, and
these are compared with external market quotes on a quarterly basis. For currency, aluminium and
electricity derivatives, the calculation is as follows:
a) The forward market rate is compared to the agreed rate on the derivatives, and the difference in cash
flow at the future point in time is calculated.
b) The amount is discounted to present value. Where relevant, the discounting rate includes a credit risk
adjustment.
When entering into a contract, management assesses whether the contract contains embedded derivatives
and whether they meet the criteria for separate classification and recognition. The Group currently does
not have any embedded derivatives that meet the criteria for separate classification and recognition.
ACCOUNTING POLICIES
Derivative financial instruments are initially recognised at fair value on the trade date and subsequently
remeasured at fair value at the reporting date.
The accounting for subsequent changes in fair value depends on whether the derivative is designated as
one of:
• Cash flow hedges of particular risks associated with the cash flow from forecast transactions
• Net investment hedges of currency fluctuations in subsidiaries or associates
• Derivatives not designated as hedging instruments
The fair values of derivative financial instruments are presented in other receivables or payables, and
positive and negative values are offset only when the Group has the right and the intention to settle
several financial instruments net.
Changes in the fair value of derivative financial instruments not designated in a hedge relationship are
recognised in financial income or expenses in the income statement.
Changes in the effective portion of the fair value of derivative financial instruments that are designated
and qualify as a cash flow hedge of items that will impact the income statement are recognised in the
hedging reserve within equity. When the hedged transaction materialises, amounts previously recognised
in other comprehensive income are transferred to the same item as the hedged item. For hedges of raw
and packaging materials, the realised gains and losses will go via a basis adjustment of inventory. The
effectiveness is assessed at least twice a year.
Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are
initially recognised in other comprehensive income. On completion the realised gain/loss is recognised as a
base adjustment to the carrying amount of the investment.
Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and
associates are recognised in other comprehensive income and only transferred to the income statement on
disposal or in the case of impairments. Notional amounts, average hedge rates and fair values are
disclosed in section 4.9.4.
SECTION 4.5
FINANCIAL ASSETS AND LIABILITIES
The table below sets out the value of derivative and non-derivative financial instruments and whether
they are measured at fair value or amortised cost.
DKK million
Section
2024
2023
Financial assets at fair value
Derivatives not designated as hedging instruments
4.4
41
101
Derivatives designated as hedging instruments
4.4, 4.9
293
200
Financial assets at amortised cost
Trade receivables
1.4
4,692
4,866
On-trade loans
1.4
865
893
Other receivables
1.4
2,455
2,700
Deposits and securities
59
2,236
Cash and cash equivalents
4.7.2
11,542
13,382
Total financial assets
19,947
24,378
Financial liabilities at fair value
Derivatives not designated as hedging instruments
4.4
73
53
Derivatives designated as hedging instruments
4.4, 4.9
246
269
Contingent considerations
101
5,445
Borrowings and other financial liabilities at amortised cost
Non-current and current borrowings
4.7
38,140
39,101
Trade payables
23,317
22,159
Deposit liabilities
1,728
1,717
Other liabilities
8,745
7,055
Total financial liabilities
72,350
75,799
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
147
Carlsberg Group Annual Report 2024
SECTION 4.6
NET INTEREST-BEARING DEBT
Net interest-bearing debt (NIBD) is the measure of financial debt used in the calculation of leverage.
NIBD is composed of interest-bearing liabilities less interest-bearing assets.
The difference of DKK 10.8bn between gross financial debt and net interest-bearing debt mainly
comprised cash and cash equivalents, deposits and securities, and the interest-bearing portion of on-
trade loans on the asset side, and deferred considerations on the liability side.
Net interest-bearing debt
DKK million
2024
2023
Non-current borrowings
27,392
30,763
Current borrowings
10,748
8,338
Gross financial debt
38,140
39,101
Deposits and securities
-59
-2,236
Cash and cash equivalents
-11,542
-13,382
Net financial debt
26,539
23,483
Loans to associates
-277
-276
On-trade loans
-457
-460
Deferred considerations
1,626
–
Other receivables
-74
-396
Net interest-bearing debt
27,357
22,351
SECTION 4.7
BORROWINGS AND CASH
4.7.1 BORROWINGS
Gross financial debt amounted to DKK 38,140m (2023: DKK 39,101m). Non-current borrowings
totalled DKK 27,392m (2023: DKK 30,763m) and current borrowings totalled DKK 10,748m (2023:
DKK 8,338m). The Group continuously assesses the maturity and repayment profile of its debt. No
major refinancing has been carried out in 2024, but the Group has secured a GBP 4.3bn bridge facility
to finance the acquisition of the Britvic Group and refinanced the revolving credit facility, cf. section
4.10. Total borrowings decreased by DKK 1.0bn. Non-current borrowings decreased by DKK 3.4bn, as
a EUR 0.5bn EMTN bond that matures in September 2025 was reclassified to current. Current
borrowings increased by DKK 2.4bn as the net effect of the repayment of a EUR 1bn EMTN bond in
May 2024, the reclassification mentioned above and issuance of commercial paper. Of the gross
financial debt at year-end, 72% (2023: 79%) was non-current, i.e. with maturity of more than one
year.
Gross financial debt
DKK million
2024
2023
Non-current
Issued bonds
25,603
29,270
Bank borrowings
100
136
Lease liabilities
1,668
1,335
Other borrowings
21
22
Total
27,392
30,763
Current
Issued bonds
3,726
7,448
Bank borrowings
186
323
Lease liabilities
455
466
Commercial paper and other borrowings
6,381
101
Total
10,748
8,338
Total borrowings
38,140
39,101
Fair value
37,855
38,449
An overview of issued bonds is provided in section 4.8.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
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Consolidated financial statements
Parent company financial statements
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148
Carlsberg Group Annual Report 2024
SECTION 4.7 (CONTINUED)
BORROWINGS AND CASH
Time to maturity for non-current borrowings
DKK million
2024
1-2 years
2-3 years
3-4 years
4-5 years
> 5 years
Total
Issued bonds
5,587
3,719
5,191
2,965
8,141
25,603
Bank borrowings
35
16
2
47
–
100
Lease liabilities
343
248
180
123
774
1,668
Other borrowings
2
1
1
1
16
21
Total
5,967
3,984
5,374
3,136
8,931
27,392
Total 2023
4,210
5,752
3,838
5,261
11,702
30,763
Changes in gross financial debt
DKK million
2024
2023
Gross financial debt at 1 January
39,101
28,646
Proceeds from issue of bonds
-
15,272
Instalments on and proceeds from borrowings, non-current
-
-3,725
Instalments on and proceeds from borrowings, current
-7,460
-
Instalments on lease liabilities
-547
-466
Commercial paper and other borrowings
6,096
-1,710
External financing
-1,911
9,371
Change in bank overdrafts¹
31
-
Increase in lease liabilities¹
896
674
Change in net interest-bearing debt from acquisition and disposals of entities¹
-66
417
Other, including foreign exchange adjustments and amortisation¹
89
-7
Gross financial debt at 31 December
38,140
39,101
1 Non-cash item.
ACCOUNTING POLICIES
Borrowings
Borrowings are initially recognised at fair value less transaction costs and subsequently measured at
amortised cost using the effective interest method. Accordingly, the difference between the fair value less
transaction costs and the nominal value is recognised under financial expenses over the term of the loan.
Lease liability
The lease liability is measured at the present value of the remaining lease payments at the reporting date,
discounted using the incremental borrowing rate for similar assets, taking into account the terms of the
leases. A remeasurement of the lease liability, for example a change in the assessment of an option to
extend, results in a corresponding adjustment of the related right-of-use assets, cf. section 2.2.
Extension or termination options are included in the lease term if the lease is reasonably certain to be
extended or not terminated. Consequently, all cash outflows that are reasonably certain to impact the
future cash balances are recognised as lease liabilities at initial recognition of lease contracts. The Group
reassesses the circumstances leading to extension or termination options not being recognised.
4.7.2 CASH AND DEPOSITS
Cash and cash equivalents include short-term marketable securities with an original term of less than
three months or deposits with a maturity of more than three months with contractual rights to
terminate without significant costs, which are subject to an insignificant risk of changes in fair value
and form part of the short-term cash planning. Short-term bank deposits amounted to DKK 5,799m
at 31 December 2024 (2023: DKK 6,896m). The average interest rate on deposits was 4.8% (2023:
4.5%). Total cash including deposits amounted to DKK 11,601m in 2024 (2023: DKK 15,618m).
To our shareholders
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Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
149
Carlsberg Group Annual Report 2024
SECTION 4.7 (CONTINUED)
BORROWINGS AND CASH
Cash and deposits
DKK million
2024
2023
Cash and
deposits
Derivative
financial
instruments
Cash and
deposits
Derivative
financial
instruments
AA range
4,022
42
5,743
3
A range
6,126
264
8,476
245
BBB range
650
6
756
4
Not rated or below BBB range
803
-
643
48
Total
11,601
312
15,618
300
ASSESSMENT OF CREDIT RISK
The Group is exposed to credit risk on cash and cash equivalents (including deposits) and derivative
financial instruments with a positive fair value, depending on the creditworthiness of the
counterparty.
The Group has established a credit policy under which financial transactions may be entered into
only with financial institutions with a solid credit rating, defined as BBB. Carlsberg only enters into
interest, foreign exchange and aluminium derivatives with relationship banks, and the associated
credit risk is mitigated to some extent by entering into ISDA agreements, partly because it is the
same group of banks extending credit to the Group. The fair values of the derivatives reported above
are the gross fair value receivables without taking account of the potential offset against fair value
payables with the same bank.
Carlsberg operates with individual limits on banks, based on rating and other factors. For some of the
markets in which the Group operates and holds cash, the financial institutions do not have a BBB
rating, in which case an exemption is approved by Group Treasury.
EXPOSURE TO CREDIT RISK
The carrying amount of DKK 11,601m (2023: DKK 15,618m) represents the maximum credit exposure
related to cash and cash equivalents and deposits. The credit risk on receivables is described in
section 1.4.3.
SECTION 4.8
INTEREST RATE RISK
Interest rate risk is monitored on net financial debt, i.e. borrowings, cash and cash equivalents,
deposits and securities, and derivative financial instruments. The target is to have a duration between
three and eight years. At 31 December 2024, the duration excluding interest rate swaps was 4.0 years
(2023: 5.7 years). Interest rate risk is mainly managed using fixed-rate bonds, which are all
denominated in EUR. At the reporting date, 97% of the net financial debt consisted of fixed-rate
borrowings with interest rates fixed for more than one year (2023: 126%). During 2024 Carlsberg has
entered into forward-starting interest rate swaps to hedge the interest rate risk on the bonds to be
issued following the acquisition of the Britvic Group. These swaps are not included in the table below.
Including the forward-starting interest rate swaps, the duration at 31 December 2024 would have
been 8.9 years.
Net financial debt by currency
DKK million
2024
Gross
financial
debt
Net
financial
debt
Fixed
Gross
financial
debt, fixed
%
Net
financial
debt, fixed
%¹
EUR
36,211
31,254
25,623
71%
82%
CNY
133
-991
-
-
-
USD
96
-217
-
-
-
Other
1,700
-3,507
207
12%
-6%
Total
38,140
26,539
25,830
68%
97%
2023
EUR
37,282
29,166
29,291
79%
100%
CNY
146
-2,801
-
-
-
USD
214
-273
-
-
-
Other
1,459
-2,609
261
18%
-10 %
Total
39,101
23,483
29,552
76%
126%
¹ In some currencies the percentage of net debt at fixed interest rates is negative, as the total cash exceeds the
total debt.
On a gross debt basis, 68% was at fixed interest rates (2023: 76%). Significant parts of the Group’s
cash and cash equivalents are held in currencies other than EUR, whereas EUR accounts for the
predominant part of the fixed-rate borrowings. As a result, 118% of the Group’s net debt is in EUR,
which is why the interest rate exposure primarily relates to interest rate developments for EUR.
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SECTION 4.8 (CONTINUED)
INTEREST RATE RISK
SENSITIVITY ANALYSIS
Total cash and cash equivalents, including deposits, exceed borrowings with a floating interest rate,
hence an increase in interest rates would result in a decrease in net interest expenses. It is estimated
that a 1 percentage point interest rate increase across currencies would lead to a decrease in net
interest expenses of DKK 7m (2023: DKK 61m).
All debts are carried at amortised cost, and changes in the interest rate will not impact the carrying
amount of debt but will impact the fair value of debt, cf. section 4.7.1. The fair value of total gross
borrowings was DKK 285m lower than the carrying amount (2023: DKK 652m lower).
The fair value adjustment of the forward-starting interest rate swaps is recognised in other
comprehensive income, and realised gains/losses will be amortised over the tenor of the forecast
debt issuance. If all interest rates across tenor and currencies had been 1 percentage point higher at
the reporting date, it would have led to a gain of DKK 2,367m (2023: DKK 1,326m), and a similar loss
had the interest rate been 1 percentage point lower. Of this amount, DKK 1,300m relates to interest
rate swaps.
Interest rate risk
DKK million
2024
Interest
rate
Average
effective
interest rate
Fixed for
Carrying
amount
Interest
rate risk
Issued bonds
EUR 500m maturing 13 October 2025
Fixed
3.4%
< 1 year
3,726
Fair value
EUR 750m maturing 26 November 2026
Fixed
3.6%
1-2 years
5,587
Fair value
EUR 500m maturing 30 June 2027
Fixed
0.5%
2-3 years
3,719
Fair value
EUR 700m maturing 5 October 2028
Fixed
4.2%
3-4 years
5,191
Fair value
EUR 400m maturing 1 July 2029
Fixed
1.0%
4-5 years
2,965
Fair value
EUR 500m maturing 11 March 2030
Fixed
0.7%
> 5 years
3,715
Fair value
EUR 600m maturing 5 October 2033
Fixed
4.4%
> 5 years
4,426
Fair value
Total
2.8%
29,329
Total 2023
2.7%
36,718
Bank borrowings and other borrowings
Floating-rate
Floating
3.2%
< 1 year
8,584
Cash flow
Fixed-rate
Fixed
6.7%
> 1 year
227
Fair value
Total
8,811
Total 2023
2,383
The sensitivity analysis is based on the financial instruments (borrowing, cash and cash equivalents,
deposits and securities, and derivative financial instruments) recognised at the reporting date.
The analysis was performed on the same basis as for 2023.
SECTION 4.9
FOREIGN EXCHANGE AND COMMODITY RISK
4.9.1 NET REVENUE
Developments in exchange rates between DKK and the functional currencies had a negative impact
of -0.7% on revenue and -3.1% on operating profit measured in DKK.
REVENUE BY CURRENCY (%)
2024
2023
g EUR
19%
19%
g CNY
17%
18%
g GBP
11%
11%
g DKK
9%
9%
g CHF
6%
6%
g NOK
6%
6%
g PLN
4%
4%
g SEK
4%
4%
g LAK
4%
3%
g Other
20%
20%
EUR and DKK are in a fixed exchange rate relationship and consequently EUR is not hedged.
Entities in
Functional
currency
Change in
average FX
rate 2023 to
2024
The eurozone
EUR
0.1 %
China
CNY
-2.1 %
Norway
NOK
-1.5 %
UK
GBP
2.7 %
Switzerland
CHF
1.9 %
Sweden
SEK
0.5 %
Laos
LAK
-13.9 %
Ukraine
UAH
-9.1 %
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SECTION 4.9 (CONTINUED)
FOREIGN EXCHANGE AND COMMODITY RISK
4.9.2 OPERATING PROFIT
TRANSACTION RISK
The Group is exposed to transaction risks on purchases and sales in currencies other than the local
functional currencies. The Group aims to hedge 70-90% of future cash flows in currencies other than
the local functional currency on a four-quarter rolling basis.
WESTERN EUROPE
For the entities in Western Europe, a major part of the purchases in foreign currencies is in EUR. This
also applies to markets with a functional currency other than EUR.
Hedging of EUR against the non-EUR local currencies will effectively eliminate a significant part of
the currency risk in the entities’ operating profit in local currency. At Group level, these hedges are
effectively a hedge of (parts of) the revenue in the relevant currency and are accounted for as cash
flow hedges, cf. section 4.4. The hedged amounts and the sensitivity analysis regarding these hedges
are shown in section 4.9.5.
ASIA
The transaction risk is considered to be less significant due to lower purchases of raw and packaging
materials in currencies other than the local functional currencies as well as the high correlation
between USD and most of the Asian currencies. An exception is Laos, which has a significant spend in
USD that is not possible to hedge.
CENTRAL & EASTERN EUROPE AND INDIA
The largest foreign exchange risk relates to Ukraine and Kazakhstan and their raw and packaging
materials in foreign currency. For 2024 and 2025, the Group has chosen to hedge a portion of
Ukraine’s expenses in EUR and USD by designating bank deposits in these currencies as hedging
instruments. Carlsberg Kazakhstan holds intercompany deposits in EUR and USD, and the
revaluation of these is recognised in financial items. They are not designated as cash flow hedges,
but, in economic terms, will give the Group some protection against depreciation of the local
currency.
4.9.3 NET FINANCE
The Group is exposed to foreign exchange risk on borrowings and trade payables denominated in a
currency other than the functional currency of the local entities reporting these, as well as the risk
that arises when net cash inflow is generated in one currency and borrowings are denominated and
have to be repaid in another currency. The main currencies impacting net finance during 2024 were
LAK and USD. The combined net foreign exchange and fair value adjustment loss, including the
effect from hyperinflation in 2024, was DKK 159m (2023: DKK -151m).
Currency profile of borrowings
Before and after derivative financial instruments
DKK million
2024
Original
principal
Effect
of swap
After
swap
CHF
475
912
1,387
GBP
318
-22,774
-22,456
EUR
36,211
17,639
53,850
USD
96
1,555
1,651
CNY
133
4,148
4,281
Other
907
-1,480
-573
Total
38,140
-
38,140
Total 2023
39,101
-
39,101
4.9.4 CONSOLIDATED PROFIT AND OTHER COMPREHENSIVE INCOME
Consolidated profit and net investment are exposed to foreign exchange translation risks where only
the latter can be hedged for accounting purposes. The revaluation of the net investment is recognised
in other comprehensive income, and the Group hedges part of this foreign exchange exposure by
selling foreign currencies via foreign exchange forwards and non-deliverable forwards (NDF),
designating these as net investment hedges. The basis for hedging is reviewed at least once a year,
and the cost of hedging is balanced against the risk reduction.
Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY
and CHF, both of which are partly hedged.
All the forward exchange contracts mature during 2025. At 31 December 2024, all adjustments of financial
instruments have been recognised in other comprehensive income. Fair value adjustments of loans
designated as strategic intra-group loans have also been recognised in other comprehensive income.
The fair value of derivatives used as net investment hedges recognised at 31 December 2024
amounted to DKK-59m (2023: DKK -13m).
The closing balance in the equity reserve for currency translation of hedges of net investments for
which hedge accounting no longer applies amounted to DKK -1,975m (2023: DKK -1,962m) on a pre-
tax basis.
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SECTION 4.9 (CONTINUED)
FOREIGN EXCHANGE AND COMMODITY RISK
Net investment hedges
2024
Fair value of derivatives
DKK million
Hedging of
investment,
amount in
local
currency
Intra-group
loans,
amount in
local
currency
Other
comprehensive
income (DKK)
Average
hedged rate
Asset
Liability
CNY
-4,707
-
-99
0.9650
-
-57
MYR
-164
-
-17
1.4863
-
-18
HKD
-
-4,896
-226
-
-
-
CHF
-280
-
92
8.0578
16
-3
NOK
-450
3,000
-87
0.6263
3
-
SEK
-
-4,895
-3
-
-
-
GBP
-
237
47
-
-
-
SGD
-
28
-5
-
-
-
CAD
-
106
-14
-
-
-
Total
-312
19
-78
2023
Fair value of derivatives
DKK million
Hedging of
investment,
amount in
local currency
Intra-group
loans,
amount in
local currency
Other
comprehensive
income (DKK)
Average
hedged rate
Asset
Liability
CNY
-4,707
-
253
0.9713
71
-5
MYR
-128
-
16
1.5616
12
-
HKD
-
-3,609
84
-
-
-
CHF
-294
-
-100
7.8708
-
-79
NOK
-450
3,000
-53
0.6300
-
-12
SEK
-
2,245
7
-
-
-
GBP
-
44
-11
-
-
-
SGD
-
72
-2
-
-
-
CAD
-
104
-6
-
-
-
Reclassified to the
income statement
-
-
24
-
-
-
Total
212
83
-96
4.9.5 IMPACT ON FINANCIAL STATEMENTS AND SENSITIVITY ANALYSIS
Fluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash
held in a number of currencies. In 2024, net interest-bearing debt increased by DKK 65m (2023: DKK
614m) because of changes in foreign exchange rates and amortisation.
EXCHANGE RATE SENSITIVITY ANALYSIS
An increase in the exchange rates would, all other things being equal, have had the hypothetical
impact on other comprehensive income (OCI) for 2024 illustrated in the below table and vice versa
for a decrease in exchange rates. The calculation is based on cash flow hedges existing as at 31
December 2024. The sensitivity to GBP is due to the hedging of the Britvic Group acquisition and
consequently higher than under normal circumstances.
Exchange rate sensitivity – other comprehensive income
2024
2023
DKK million
Average
hedged rate
Notional
amount
Change
Effect
on OCI
Average
hedged rate
Effect
on OCI
NOK/DKK
0.6310
-663
5%
-33
0.6412
-36
SEK/DKK
0.6523
-648
5%
-32
0.6453
-40
PLN/DKK
1.6912
-693
5%
-35
1.5994
-36
CHF/DKK
7.9583
-438
5%
-22
7.8496
-31
USD/DKK
6.5736
-46
5%
-2
6.7677
-16
GBP/DKK
9.0272
22,496
5%
1,125
-
-
UAH/DKK
0.1718
-387
20%
-77
0.1875
-55
Other
N/A
-28
Total
924
-242
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SECTION 4.9 (CONTINUED)
FOREIGN EXCHANGE AND COMMODITY RISK
APPLIED EXCHANGE RATES
The average exchange rate was calculated using the monthly exchange rates weighted according to
the phasing of the revenue per currency through the year.
Applied exchange rates
Closing rate
Average rate
DKK
2024
2023
2024
2023
Swiss franc (CHF)
7.9067
8.0485
7.8216
7.6744
Chinese yuan (CNY)
0.9786
0.9493
0.9549
0.9752
Euro (EUR)
7.4600
7.4529
7.4591
7.4510
Pound sterling (GBP)
8.9934
8.5759
8.8184
8.5829
Indian rupee (INR)
0.0838
0.0812
0.0824
0.0834
Laotian kip (LAK)
0.0003
0.0003
0.0003
0.0004
Norwegian krone (NOK)
0.6298
0.6630
0.6412
0.6510
Polish zloty (PLN)
1.7489
1.7175
1.7338
1.6467
Ukrainian hryvnia (UAH)
0.1705
0.1766
0.1711
0.1882
Swedish krona (SEK)
0.6495
0.6717
0.6523
0.6491
4.9.6 COMMODITY RISK
Commodity price risk is associated with externally sourced input materials, such as malt (barley),
cans (aluminium), paper, sugar and glass & plastic (PET) bottles. Commodity risk management is
coordinated centrally and aimed at achieving predictable prices in the medium term.
As the underlying markets for the commodity categories are different, so is the way in which they are
hedged.
The most common form of hedging is fixed-price purchase agreements with suppliers in local
currencies.
For barley and aluminium, the two most significant commodity exposures, Group policy is to have a
minimum of 70% hedged for a given year by the end of the third quarter of the previous year, with a
target hedge ratio of 90% at the beginning of the year.
A significant part of the Group’s barley exposure for 2024 had therefore been hedged through fixed-
price purchase agreements entered into in 2023. Likewise, the majority of the exposure for 2025 was
hedged in 2024.
In the Group’s long-term purchase agreements for cans, the aluminium price is variable and based on
the global market price of aluminium (London Metal Exchange, LME), and in some contracts the can
price also varies with respect to the aluminium spot premium.
The aluminium price risk has been hedged for both 2024 and 2025, and for 2024 the aluminium spot
premium was hedged using derivative financial instruments, applying hedge percentages in line with
the policy. The fair values of the derivative financial instruments are specified in section 4.5.
For sugar we enter into rolling forward hedges with suppliers fixing prices linked to official indices, for
example NY11. As with barley and aluminium, the majority of the 2024 sugar exposure had been
hedged in 2023. Likewise, the majority of the exposure for 2025 was hedged in 2024.
Other commodities, such as PET resins, paper, rice and corn, are also hedged directly via suppliers
fixing prices to the extent possible.
For electricity and natural gas used in production of the Group’s own products, most markets in
Central & Eastern Europe and India and Asia are regulated with no possibility to hedge prices. In
Western Europe, where most markets allow forward hedging, the majority of the Group’s exposure is
hedged up to a 15-month rolling basis. For the electricity used at the Fredericia site in Denmark,
Carlsberg has entered a 10-year virtual PPA, which went live October 2024.
ALUMINIUM PRICE SENSITIVITY ANALYSIS
An increase in the LME price of aluminium would, all other things being equal, have had the
hypothetical impact on other comprehensive income (OCI) for 2024 as illustrated in the table and vice
versa for a decrease in aluminium prices. The calculation is based on hedges existing as at 31
December 2024.
Hedging of raw material price risk
DKK million
Sensitivity assuming
100% efficiency
Time of maturity
Aluminium
Change
Effect
on OCI
Tonnes
purchased
Average
price (DKK)
2024
2025
2026
2024
20%
333
93,341
17,189
-
82,826
10,515
2023
20%
371
116,529
16,238
93,582
22,947
-
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SECTION 4.10
FUNDING AND LIQUIDITY RISK
Liquidity risk results from the Group’s potential inability to meet the obligations associated with its
financial liabilities, for example settlement of financial debt and payment of suppliers.
The Group’s overall objective is to ensure continuous access, at the right price, to the financial
resources needed for operations and growth.
The aim is to ensure effective liquidity management, which involves obtaining sufficient committed
credit facilities to ensure adequate financial resources and, to some extent, tapping a range of
funding sources.
DIVERSIFIED FUNDING SOURCES
The Group diversifies its access to funding to avoid relying on a single source of funding.
The Group has access to a committed EUR 2bn revolving credit facility (RCF) maturing in 2029 with
options to extend by 1+1 years, which is currently not being utilised. In addition, the Group has
committed cash pool bank overdraft facilities to cover the day-to-day liquidity needs and
uncommitted access to the Euro Commercial Paper (ECP) market, which provides short-term funding.
In 2024, the Group arranged a GBP 4.3bn bridge facility to ensure certainty of funds in relation to the
Britvic Group acquisition. The use of funds from this facility is limited to specific purposes and has not
been included in the table below or in the calculation of credit resources available.
At 31 December 2024, bonds accounted for 77% of the gross funding.
Committed credit facilities and credit resources available
DKK million
2024
Total
committed
loans and
credit
facilities
Utilised
portion of
credit
facilities
Unutilised
credit
facilities
2023
Unutilised
credit
facilities
Current
< 1 year
11,996
10,748
1,248
1,149
Total current committed loans and credit facilities
11,996
10,748
1,248
1,149
Non-current
1-2 years
5,977
5,967
10
-
2-3 years
3,984
3,984
-
14,912
3-4 years
5,553
5,374
179
4-5 years
18,115
3,136
14,979
-
> 5 years
8,931
8,931
-
-
Total non-current committed loans and credit facilities
42,560
27,392
15,168
14,912
Cash and cash equivalents and deposits
11,601
15,618
Current portion of utilised credit facilities
-
-
-10,748
-8,338
Credit resources available (total non-current
committed loans and credit facilities less net debt)
16,021
22,192
CREDIT RESOURCES AVAILABLE
The Group uses the term “credit resources available” to determine the adequacy of access to credit
facilities.
Credit resources available include cash, deposits and unutilised credit facilities with more than 12
months to maturity less utilised credit facilities with less than 12 months to maturity and
uncommitted working capital facilities.
At 31 December 2024, the Group had total credit resources available of DKK 16,021m, consisting of
cash and cash equivalents and deposits of DKK 11,601m plus committed unutilised non-current credit
facilities of DKK 15,168m less utilisation of current facilities of DKK 10,748m. Including current credit
facilities of DKK 1,248m, total committed unutilised credit facilities amounted to DKK 16,416m.
Credit resources available at year-end 2024 were DKK 6.2bn lower than at year-end 2023, primarily
as a result of the decrease in cash and deposits and the increase in utilisation of short-term credit
facilities.
The credit resources available and access to unused committed credit facilities are considered
reasonable in light of the Group’s current needs in terms of financial flexibility.
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Carlsberg Group Annual Report 2024
SECTION 4.10 (CONTINUED)
FUNDING AND LIQUIDITY RISK
The Group uses cash pools for day-to-day liquidity management in most of its entities in Western
Europe, as well as intra-group loans to and from subsidiaries. Central & Eastern Europe and India
and Asia are less integrated in terms of cash pools, and liquidity is managed via intra-group loans.
For some markets in Asia, intra-group loans are not possible, and surplus liquidity will be paid out in
the form of dividends, which results in a time lag between when the cash flow is generated and when
it becomes available for repayment of Group debts. The most significant cash balances related to this
delay are in India and Ukraine. Cash balances held in Ukraine of DKK 1.4bn are temporarily
unavailable for Group purposes due to the ongoing war.
Maturity of financial liabilities
DKK million
2024
Contractual
cash flows
Maturity
< 1 year
Maturity
> 1 year
< 5 years
Maturity
> 5 years
Carrying
amount
Derivative financial instruments
Derivative financial instruments, payables
296
296
-
-
319
Non-derivative financial instruments
Gross financial debt
38,338
10,776
18,566
8,996
38,140
Interest expenses
3,852
1,084
2,038
730
N/A
Trade payables and deposits on
returnable packing materials
25,045
25,045
-
-
25,045
Contingent liabilities
220
220
-
-
N/A
Contingent and deferred considerations
1,916
433
1,483
-
1,916
Non-derivative financial instruments
69,371
37,558
22,087
9,726
-
Financial liabilities
69,667
37,854
22,087
9,726
-
Total 2023
73,288
38,813
21,719
12,756
-
MATURITY OF FINANCIAL LIABILITIES
The table lists the contractual maturities of financial liabilities, including estimated interest payments
and excluding the impact of netting agreements, and thus summarises the gross liquidity risk.
The risk implied by the values reflects the one-sided scenario of cash outflows only. Trade payables
and other financial liabilities originate from the financing of assets in ongoing operations, such as
property, plant and equipment, and investments in working capital, for example inventories and trade
receivables.
The nominal amount/contractual cash flow of gross financial debt totalled DKK 38,338m in 2024
(2023: DKK 39,278m), whereas the total carrying amount was DKK 38,140m (2023: DKK 39,101m).
The difference between these amounts relates to establishment costs, which are capitalised on initial
recognition and amortised over the duration of the borrowings.
The interest expense is the contractual cash flows expected on the gross financial debt existing at 31
December 2024.
The cash flow is estimated based on the notional amount of the above-mentioned borrowings and
expected interest rates at year-end 2024 and 2023. Interest on debt recognised at year-end 2024 and
2023 for which no contractual obligation exists (current borrowing and other debts) has been
included for a two-year period. The synthetic interest on lease liabilities has also been included for a
two-year period. The interest applied to the part of the debt where no contractual obligation exists is
3.25% for 2025 and 3.0% for 2026 (2023: 4.0% for 2024 and 2.5% for 2025).
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Carlsberg Group Annual Report 2024
SECTION 5
ACQUISITIONS, NON-
CONTROLLING
INTERESTS AND
ASSOCIATES,
DISPOSALS AND
DISCONTINUED
OPERATIONS
This section describes the acquisition of the Britvic Group, which took place after the reporting date
31 December 2024, the purchase of Marston’s plc’s 40% stake in Carlsberg Marston’s Brewing
Company and the buyout of the partners in our business in India and Nepal as well as the related
contingent and deferred considerations. In addition, the section describes the disposal of the Russian
business.
IN THIS SECTION:
5.1 Acquisitions
157
5.1.1 Acquisitions completed after the end of the reporting period
157
5.1.2 Acquisitions completed in the reporting period
158
5.2 Non-controlling interests and associates
161
5.3 Disposals and discontinued operations
162
5.4 Contingent considerations
164
SECTION 5.1
ACQUISITIONS
5.1.1 ACQUISITIONS COMPLETED AFTER THE END OF THE REPORTING
PERIOD
Britvic Group
On 17 December 2024, Carlsberg and Britvic plc announced that clearance for the acquisition of
Britvic plc by Carlsberg had been received from both the European Commission and the UK
Competition and Markets Authority, and that as a result all regulatory conditions had been satisfied.
The Scheme was sanctioned by the Court on 15 January 2025 and became effective on 16 January
2025 when the Court Order was delivered to the UK Registrar of Companies, and Carlsberg obtained
control from this date.
About Britvic Group
The Britvic Group is an integrated soft drinks business in Europe.
The company has been the bottling partner for Pepsi in the UK since 1987 and in Ireland since 2007,
with the Pepsi franchises accounting for around half of total revenue. The other half is generated
from a range of own brands in multiple soft drinks segments.
Beyond the UK and Ireland, the Britvic Group is established in France and Brazil, where it markets
and sells owned brands in a smaller number of categories.
Strategic rationale and synergies
The acquisition of Britvic is attractive for Carlsberg from a strategic, operational and financial angle. It
supports the Group’s Accelerate SAIL growth ambitions; it enhances the top- and bottom-line growth
profile and cash generation in Western Europe; and it transforms our business in the UK.
Incorporating Britvic into the Group will double the Group’s soft drinks exposure to around 30% of
total volumes. While beer remains our core business, the increased exposure to the growing soft
drinks category will improve the Group’s resilience, both from a market and a brand portfolio
perspective.
For many years, the production, distribution and selling of soft drinks have been an integral and value-
accretive part of the Group’s business in several markets, providing multiple operational and financial
synergistic benefits. Similarly to these markets, the Group intends to create an integrated beverage
company in the UK, creating a multi-beverage supplier of scale, benefiting from an efficient supply chain
and distribution network, and providing customers with a comprehensive portfolio of market-leading brands
and leading customer service.
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Carlsberg Group Annual Report 2024
SECTION 5.1 (CONTINUED)
ACQUISITIONS
The Group expects to realise synergies across a number of areas including direct and indirect
procurement, supply chain, administration and overheads, and these will be achieved across
Carlsberg and Britvic's combined business. The majority of these synergies are expected to be
realised by 2027.
Consideration
The acquisition values the ordinary share capital of Britvic at approximately GBP 3.3bn on a fully
diluted basis.
Britvic shareholders have received:
• GBP 13.15 for each Britvic share (the “acquisition value”)
The acquisition value for each Britvic share comprises:
• GBP 12.90 in cash for each Britvic share (the “acquisition price”), and
• A special dividend payment of GBP 0.25 per Britvic share. The dividend was paid by Britvic on 27
January 2025.
The total consideration amounted to DKK 29,481m.
The acquisition will be fully debt-financed.
Transaction costs
Total transaction costs recognised as at 31 December 2024 amounted to DKK 263m and are
recognised as part of special items, cf. section 3.1.
Fair value of acquired net assets and goodwill
The detailed work on preparing the purchase price allocation of the fair value of identified assets,
liabilities and contingent liabilities, including review of the opening balances of the Britvic Group’s
entities, has not commenced. Management has had limited access to Britvic’s financial information
prior to closing, which means no provisional purchase price allocation has been prepared and no
further disclosures are available. Acquired goodwill is not deductible for tax purposes.
Adjustments are likely to be made to all items in the opening statement of financial position.
Accounting for the acquisition will be completed within the 12-month period required by IFRS 3.
5.1.2 ACQUISITIONS COMPLETED IN THE REPORTING PERIOD
2024.
Gorkha Brewery
On 29 November 2024, the Group gained control of Gorkha Brewery (Nepal) through the acquisition
of an additional 9.94% of the shares in Gorkha Brewery, giving Carlsberg a 99.94% ownership
interest, cf. section 5.2.
The step acquisition of Gorkha Brewery was carried out to obtain control of the business so as to
further strengthen the Group’s presence in central Asia and realise synergies by collaborating with our
business in India. The shareholdings held before obtaining control were remeasured at a fair value of
DKK 1,794m. Net of reclassification of accumulated currency exchange adjustment of DKK -44m, a
gain of DKK 440m was recognised as part of special items, cf. section 3.1.
The fair value of the shareholding held before obtaining control of Gorkha Brewery has been
measured by an independent external valuer at the net present value of expected future cash flows.
The expected cash flows were based on business plans for the next three years and projections for
subsequent years prepared by local management. Key parameters were revenue growth, operating
margin, future capital expenditure and growth expectations beyond the forecast period. The forecast
future cash flows were discounted using a weighted average cost of capital (WACC) of 17.5%, an
average annual growth rate in the forecast period of around 2% and a residual period growth rate of
5.4%.
The purchase price allocation of the fair value of identified assets, liabilities and contingent liabilities
is ongoing. Adjustments are therefore expected to be made to several items in the opening statement
of financial position, including to brands and property, plant and equipment. Acquired goodwill is not
deductible for tax purposes. The accounting treatment of the acquisition will be completed within the
12-month period required by IFRS.
In 2024, revenue and profit for the period include DKK 36m and DKK 291m respectively from Gorkha
Brewery. Had the acquisition been included in profit or loss from 1 January 2024, revenue would have
been DKK 682m and profit for the period would have been DKK 311m.
No other material enterprises or activities were acquired in 2024.
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Carlsberg Group Annual Report 2024
SECTION 5.1 (CONTINUED)
ACQUISITIONS
Acquisitions
DKK million
2024
2023
Net assets and goodwill recognised
Intangible assets
1,313
807
Property, plant and equipment
111
270
Right-of-use assets
-
161
Financial assets
175
-
Inventories
71
91
Trade and other receivables
311
109
Cash and cash equivalents
527
5
Total assets
2,508
1,443
Borrowings and lease liabilities
-
417
Deferred tax liabilities
-
43
Trade payables
229
104
Other payables
485
48
Total liabilities
714
612
Acquired net assets
1,794
831
Consideration paid
249
760
Fair value of contingent considerations
-
24
Fair value of previously held investment
1,543
47
Foreign exchange translation difference
2
-
Fair value of total consideration transferred
1,794
831
Elements of cash consideration paid
DKK million
2024
2023
Cash
-249
-760
Cash and cash equivalents, acquired
527
-66
Total cash consideration paid
278
-826
Deferred consideration paid for acquisition in prior period
-24
-
Total consideration transferred
254
-826
2023
In 2023, the Group gained control of two businesses, Waterloo Brewing and Jing-A Group. The
purchase price allocation of the fair value of the identified assets, liabilities and contingent liabilities
for both businesses was completed in 2023.
Waterloo Brewing
On 7 March 2023, the Group acquired 100% of the Canadian Waterloo Brewing company for a cash
consideration of CAD 144m (DKK 734m). The company was fully consolidated at the acquisition date.
The purpose of the acquisition was to strengthen the Group’s market position and to deliver supply
chain and other synergies. The calculated goodwill represents staff competences and synergies from
expected optimisations of sales and distribution, supply chain and procurement, possible product
innovations, increase in market share and access to new customers.
Jing-A Group
In September 2023, Carlsberg gained control of Jing-A Group through the acquisition of an additional
26.5% of the shares, giving Carlsberg a 75.5% ownership interest, cf. section 5.2. The non-controlling
interest holds an option to sell its remaining shareholding to Carlsberg and, in accordance with the
Group’s accounting policies, the non-controlling interest was not recognised. Instead the contingent
consideration payable was recognised at fair value, cf. section 5.4. The contingent consideration of
DKK 24m was paid in July 2024, finalising the 100% acquisition of the Jing-A Group.
The step acquisition of Jing-A Group was completed to further strengthen the Group’s presence in the
growing craft beer segment in China. The shareholdings held before obtaining control were
remeasured at a fair value of DKK 47m, with the revaluation adjustment, DKK 20m, recognised in
special items.
Completed purchase price allocations
Management believes that the purchase prices for Waterloo Brewing and Jing-A Group’s activities,
which are accounted for in the consolidated financial statements, reflect the best estimate of the
total fair value of these businesses.
The purchase price allocation of the fair value of the identified assets, liabilities and contingent
liabilities for both businesses was completed in 2023.
Intangible assets
Goodwill related to Waterloo Brewing, DKK 533m, was allocated to the Central & Eastern Europe
and India CGU in line with the allocation of the Group’s existing Canadian business. Goodwill related
to Jing-A Group, DKK 110m, was allocated to the Asia CGU. The goodwill is not deductible for tax
purposes.
The value of brands was estimated using the Group’s principles described above. Brands with a fair
value of DKK 164m were recognised and classified as an intangible asset with an indefinite useful life.
Property, plant and equipment
The fair value and expected useful life of the brewery equipment and related buildings of the
acquired brewery were determined with assistance from external engineering experts in the brewery
industry.
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Carlsberg Group Annual Report 2024
SECTION 5.1 (CONTINUED)
ACQUISITIONS
Financial impact of acquisitions
Revenue in 2023 included DKK 431m from Waterloo Brewing and Jing-A Group. Had the acquisitions
been completed at the beginning of the reporting period, revenue would have included DKK 577m
from these companies. Profit for the period includes DKK -29m from Waterloo Brewing and Jing-A
Group. Had the acquisitions been completed at the beginning of the reporting period, profit for the
period would have included DKK -31m from these companies.
ACCOUNTING ESTIMATES AND JUDGEMENTS
Assessment of control
The classification of entities where Carlsberg controls less than 100% of the voting rights is based on an
assessment of the contractual and operational relationship between the parties. This includes assessing
the conditions in shareholder agreements, contracts etc.
Consideration is also given to the extent to which each party can govern the financial and operating
policies of the entity, how the operation of the entity is designed, and which party possesses the relevant
knowledge and competences to operate the entity.
Another factor relevant to this assessment is the extent to which each of the parties can direct the
activities and affect the returns, for example by means of rights, reserved matters or casting votes.
Purchase price allocation procedures
For acquisitions of entities, the assets, liabilities and contingent liabilities of the acquiree are recognised
using the acquisition method in accordance with IFRS 3. The most significant assets acquired generally
comprise goodwill, brands, property, plant and equipment, receivables and inventories.
No active market exists for the majority of the acquired assets and liabilities, in particular in respect of
acquired intangible assets. Accordingly, management makes estimates of the fair value of acquired assets,
liabilities and contingent liabilities. Depending on the nature of the item, the determined fair value of an
item may be associated with uncertainty and possibly adjusted subsequently.
The unallocated purchase price (positive amount) is recognised in the statement of financial position as
goodwill and allocated to the Group’s cash-generating units.
Brands
The model and assumptions applied are consistent with those used in impairment testing, and are
described in further detail in section 2.3.4.
Property, plant and equipment
The fair value of land and buildings, and standard production and office equipment is based, as far as
possible, on the fair value of assets of similar type and condition that may be bought and sold in the open
market.
Property, plant and equipment for which there is no reliable evidence of the fair value in the market (in
particular breweries, including production equipment) are valued using the depreciated replacement
method.
This method is based on the replacement cost of a similar asset with similar functionality and capacity.
The calculated replacement cost is then reduced to reflect functional and physical obsolescence. The
expected synergies and the user-specific intentions for the expected use of assets are not included in the
determination of the fair value.
ACCOUNTING POLICIES
Acquisitions
The acquisition date is the date when the Group effectively obtains control of an acquired subsidiary or
significant influence over an associate.
The cost of a business combination comprises the fair value of the consideration agreed upon, including
the fair value of any consideration contingent on future events.
In a step acquisition, the Group gains control of an entity in which it already held a shareholding before
gaining control. The shareholding held before the step acquisition is remeasured at fair value at the
acquisition date and added to the fair value of the consideration paid for the shareholding acquired in the
step acquisition, and accounted for as the total cost of the shareholding in the acquired entity. The gain or
loss on the remeasurement is recognised in the income statement under special items.
Goodwill and fair value adjustments in connection with the acquisition of an entity are treated as assets
and liabilities belonging to the foreign entity and translated into the foreign entity’s functional currency at
the exchange rate at the transaction date.
The acquired entities’ identifiable assets, liabilities and contingent liabilities are measured at fair value at
the acquisition date.
Identifiable intangible assets are recognised if they are separable or arise from a contractual right.
Deferred tax on revaluations is recognised.
The identifiable assets, liabilities and contingent liabilities on initial recognition at the acquisition date are
subsequently adjusted up until 12 months after the acquisition. The effect of the adjustments is recognised
in the opening balance of equity, and the comparative figures are restated accordingly if the amount is
material.
Changes in estimates of contingent purchase considerations are recognised in the income statement under
special items, unless they qualify for recognition directly in equity.
Cash flow to acquire subsidiaries is presented in financial investments and includes cash and cash
equivalents in the acquiree.
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Carlsberg Group Annual Report 2024
SECTION 5.2
NON-CONTROLLING INTERESTS AND ASSOCIATES
NON-CONTROLLING INTERESTS
Transactions with non-controlling interests
DKK million
Changes in equity
2024
Shareholders in
Carlsberg A/S
Non-controlling
interests
Total equity
Changes in ownership
1,160
436
1,596
Transaction cost related to changes in ownership
24
-
24
Fair value adjustments of contingent consideration and other
transactions with non-controlling interests
194
-
194
Recognised in equity
1,378
436
1,814
The Group’s non-controlling interests consist of Lao Brewery, Carlsberg Chongqing Breweries Group,
Carlsberg Malaysia Group and other non-controlling interests, primarily in the Asia region. Non-
controlling interests are not individually material to the Group’s total profit.
2024
On 31 July, the Group acquired 40% of Carlsberg Marston’s Brewing Company for a purchase price of
DKK 1,832m (GBP 206m) and now owns 100% of the company. The acquisition resulted in an
adjustment to equity of DKK -1,477m and derecognition of non-controlling interests of DKK 345m.
On 29 November, the Group completed its acquisition of the remaining 33% of Carlsberg South Asia
Pte Ltd (CSAPL) for a purchase price of DKK 4,991m (USD 706m) and now owns 100% of the
company. The derecognition of the previous put liability to purchase the shareholding was recognised
directly in equity and amounted to DKK 5,263m, resulting in a net impact from the transaction on
equity of DKK 272m.
On 4 December, the Group received the remaining 10% shareholding in Carlsberg Kazakhstan from
Baltika Breweries as part of the agreement to dispose of the Russian business, cf. section 5.3. The
transfer resulted in an adjustment to equity of DKK 45m and derecognition of non-controlling
interests of DKK 91m.
2023
The Group did not complete any acquisitions or disposals of non-controlling interests in 2023.
ASSOCIATES
Key figures for associates
DKK million
Carlsberg Group share
2024
Profit
after tax
Other
comprehensive
income
Total
comprehensive
income
Investments in
associates
Total
616
-
616
4,674
2023
Total
581
-
581
5,437
Investments in associates mainly include the businesses in Portugal (60%), Myanmar (61%),
Carlsberg Byen in Denmark (25%) and four associates in China (50%). The total investment in these
associates amounted to DKK 2,925m at 31 December 2024 (2023: DKK 3,026m).
The Group’s effective ownership of Super Bock Group, Portugal, is 60%. Nevertheless, Super Bock
remains an associate of the Group due to the ownership structure. Please refer to section 10 for
further details.
Despite the 61% legal ownership share in Myanmar Carlsberg, the entity is classified as an associate
due to the structure of the agreement with the partner and the business environment in the country.
For associates in which the Group holds an ownership interest of less than 20% and participates in
the management of the entity, the Group is considered to be exercising significant influence. None of
the associates are material to the Group.
2024
On 16 January 2024, the Group acquired a 20% stake in the Danish craft brewer Mikkeller and
entered into a sales and distribution agreement for the Danish market. The purchase price was DKK
130m, of which DKK 15m was deferred to 2025.
On 25 July 2024, the Group acquired a minority stake in Brasserie du Pays Flamand for DKK 46m
with the aim of accelerating the roll-out of the Anosteké brand in France.
On 29 November 2024, the Group gained control of the associate Gorkha Brewery through a step
acquisition, cf. section 5.1.
2023
In Q4, the Group gained control of the associate Jing-A Group through a step acquisition, cf. section
5.1, and recognised a write-down of a minor associate in Cambodia of DKK 49m, cf. section 2.3.
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Carlsberg Group Annual Report 2024
SECTION 5.2 (CONTINUED)
NON-CONTROLLING INTERESTS AND ASSOCIATES
Fair value of investment in listed associates
DKK million
2024
2023
The Lion Brewery Ceylon, Sri Lanka
581
384
ACCOUNTING POLICIES
On acquisition of non-controlling interests, i.e. subsequent to the Group obtaining control, acquired net
assets are not measured at fair value. The difference between the cost and the non-controlling interests’
share of the total carrying amount is transferred from the non-controlling interests’ share of equity to
equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot exceed the non-
controlling interests’ share of equity immediately before the transaction.
On disposal of shareholdings to non-controlling interests, the difference between the sales price and the
share of the total carrying amount, including goodwill acquired by the non-controlling interests, is
transferred from equity attributable to shareholders in Carlsberg A/S to the non-controlling interests.
Cash flow to acquire or dispose of non-controlling interests is presented in financing activities.
Investments in associates are recognised according to the equity method, which entails measurement at
cost and adjustment for the Group’s share of the profit or loss and other comprehensive income of the
associate after the date of acquisition. The share of the result must be calculated in accordance with the
Group’s accounting policies. The proportionate share of unrealised intra-group profits and losses is
eliminated. Investments in associates with negative net asset values are measured at DKK 0.
If the Group has a legal or constructive obligation to cover a deficit in the associate, the deficit is
recognised under provisions. Any amounts owed by associates are written down to the extent that the
amount owed is deemed irrecoverable.
Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.
SECTION 5.3
DISPOSALS AND DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS
2024
On 4 December 2024, the Group completed the disposal of Baltika Breweries for a cash consideration
of RUB 34bn and also received Baltika Breweries’ shareholdings in Carlsberg Azerbaijan and
Carlsberg Kazakhstan, cf. section 5.2. The resulting reversal of impairment recognised in prior periods
of DKK 2,258m was recognised in net result from discontinued operations.
Receipt of the shareholding in Carlsberg Azerbaijan did not have any impact on the consolidated
financial statements, as the Group had continued to consolidate the business.
2023
The disposal was the conclusion of a period when the Group did not exercise control over the Russian
business because of a presidential decree issued on 16 July 2023 that temporarily transferred the
management of Baltika Breweries to the Russian government. According to the presidential decree,
Carlsberg retained title to the shares in Baltika Breweries, but otherwise no longer had any control or
influence over the management of the business.
Following the loss of control over Baltika Breweries, the Russian business was fully impaired,
resulting in an impairment loss of DKK 7,002m, and deconsolidated from July 2023. Upon
deconsolidation, the currency translation and hedging reserves within equity related to the Russian
business were reclassified from equity to the income statement and included in net result from
discontinued operations.
The accumulated currency translation reserve reclassified to the income statement represented a loss
of DKK 40,949m and included the accumulated fair value of net investment hedges of DKK 24m, cf.
section 4.9. The accumulated hedging reserve reclassified to the income statement represented a loss
of around DKK 545m and included both active hedges and hedges for which hedge accounting was
no longer applied, cf. section 4.2.
FINANCIAL PERFORMANCE
The net result from discontinued operations for 2023 included only the six months of operation until
the date of loss of control. The reported revenue amounted to DKK 4,305m and profit to DKK 758m.
The net result was DKK -47,748m, impacted by the reclassification from equity of accumulated losses
on currency translation and hedges of DKK 41,504m and the write-down of the investment by DKK
7,002m. The net cash flow from discontinued operations amounted to DKK -994m, negatively
impacted by the deconsolidation of DKK 2,495m of cash and cash equivalents in the Russian
operation.
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Carlsberg Group Annual Report 2024
SECTION 5.3 (CONTINUED)
DISPOSALS AND DISCONTINUED OPERATIONS
Analysis of net result from discontinued operations
DKK million
2024
2023
Revenue
-
4,305
Costs
-
-3,337
Profit before tax from discontinued operations
-
968
Income tax
-
-210
Profit after tax from discontinued operations
-
758
Impairment
2,258
-7,002
Accumulated currency translation and hedging reserves reclassified from equity to
the income statement
-
-41,504
Net result from discontinued operations
2,258
-47,748
Net cash flow from discontinued operations
DKK million
2024
2023
Cash flow from operating activities
-
1,531
Cash flow from investing activities
2,258
-2,588
Cash flow from financing activities
-
63
Net cash flow from discontinued operations
2,258
-994
DISPOSALS OF ENTITIES
The Group disposed of two minor entities in 2024 (2023: 0).
ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group classifies non-current assets and disposal groups as held for sale when management assesses
that their carrying amounts will be recovered through a sale rather than continued use. Management’s
assessment is based on an evaluation of whether the sale is highly probable and the asset or disposal
group is available for immediate sale in its current condition. Actions required to complete the sale should
indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will
be withdrawn. Management must be committed to the plan to sell the asset and the sale must be
expected to be completed within one year from the date of the classification.
On classification, management estimates the fair value. Non-current assets and disposal groups classified
as held for sale are measured at the lower of their carrying amount and fair value less costs of disposal.
Costs of disposal are the incremental costs directly attributable to the disposal of an asset (disposal
group), excluding finance costs and income tax expenses.
Depending on the nature of the non-current assets and the disposal group’s activity, assets and liabilities,
the estimated fair value may be associated with uncertainty and possibly adjusted subsequently.
Measurement of the fair value of disposal groups is categorised as level 3 in the fair value hierarchy, as
measurement is not based on observable market data.
ACCOUNTING POLICIES
Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale
are those directly associated with the assets that will be transferred in the transaction. The classification is
changed to assets and liabilities in discontinued operations respectively. Immediately before classification
as held for sale, the assets or disposal groups are remeasured in accordance with the Group’s accounting
policies. Thereafter, they are measured at the lower of their carrying amount and fair value less costs to
sell. Any impairment loss is allocated first to goodwill, and then to remaining assets on a pro rata basis,
except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit
assets, which continue to be measured in accordance with the Group’s accounting policies. Property, plant
and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
Impairment losses on initial classification as held for sale, and subsequent gains and losses on
remeasurement are recognised in the income statement.
Non-current assets and disposal groups held for sale are presented separately as current lines in the
statement of financial position, and the main elements are specified in this section. Comparative figures
are not restated.
A disposal group is presented as discontinued operations if it is a group of companies, i.e. part of a
geographical area of operations that has either been disposed of or is classified as held for sale.
Discontinued operations are excluded from the results of continuing operations and presented separately
as profit/loss from discontinued operations in the income statement. Comparative figures are restated.
Cash flow from discontinued operations is presented separately as net cash flow from discontinued
operations in the statement of cash flows and specified in this section. Comparative figures are restated.
Disposals and loss of control
Gains or losses on the disposal or liquidation of subsidiaries and associates are recognised as the
difference between the sales price and the carrying amount of net assets (including goodwill) at the date
of disposal or liquidation, and net of foreign exchange adjustments recognised in other comprehensive
income, and costs to sell or liquidation expenses.
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Carlsberg Group Annual Report 2024
SECTION 5.4
CONTINGENT CONSIDERATIONS
Contingent considerations relate to options held by non-controlling interests in subsidiaries to sell
their shares to the Group and to deferred payments in the acquisition of entities contingent on
market conditions.
In 2024, the Group acquired 33.33% of Carlsberg South Asia Pte Ltd (CSAPL), cf. section 5.2, resulting
in the derecognition of the put option liability related to the shareholding amounting to DKK 5,263m.
Of the consideration for the shares, DKK 1.8m was retained by the Group, while DKK 0.3bn will be
settled in early 2025 and the rest will be released dependent on potential claims under the share
purchase agreement (likely after 3-5 years). The Group previously called in a loan made to CSAPLH,
the loan having become due and payable in full. In January 2022, the Singapore court of appeal
finally confirmed that the loan with interest was repayable to Carlsberg in full, totalling DKK 0.4bn.
The loan was repaid in full on 29 November 2024.
The contingent considerations at the end of the reporting period related to put options on the shares
in Brewery Alivaria, Belarus.
The ownership percentage at which shares subject to put options are consolidated differs from the
legal ownership interest held by the Group. Both the legal and the consolidated ownership are stated
in section 10.
The carrying amount of contingent considerations is determined in accordance with the terms and
conditions agreed with the holders of the options.
Contingent considerations
DKK million
2024
2023
Contingent considerations at 1 January
5,445
5,577
Additions
-
23
Payments
-23
-
Disposals
-5,536
-
Fair value adjustments
215
-155
Contingent considerations at 31 December
101
5,445
Of the contingent considerations, DKK 0m (2023: DKK 304m) is expected to fall due after more than
12 months.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The fair value of contingent considerations linked to put options is measured on the basis of level 3 input
consisting of non-observable data, such as entity-specific discount rates and industry-specific expectations
of price developments, and generally accepted valuation methods, including discounted cash flows and
multiples.
ACCOUNTING POLICIES
Fair value adjustments of put options granted to non-controlling interests are recognised directly in the
statement of changes in equity.
Other contingent considerations (earn-outs) that are not linked to a future transfer of additional
shareholdings are measured in accordance with the terms of the contract with the seller. The revaluation
of such contingent considerations is recognised in special items.
Shares subject to put options are consolidated as if the shares had already been acquired.
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Carlsberg Group Annual Report 2024
SECTION 6
TAX
In 2024, we contributed with direct and indirect taxes such as corporate taxes, excise duties,
employee taxes etc. Our corporate income tax payments amounted to DKK 2,342m (2023: DKK
2,166m).
Further details on our tax contribution and approach to tax can be found in the Group’s Tax Report.
IN THIS SECTION:
6.1 Income tax
165
6.2 Tax assets and liabilities
166
SECTION 6.1
INCOME TAX
The nominal weighted tax rate for the Group is calculated as the domestic tax rates applicable to
profits in the entities as a proportion of each entity’s share of the Group’s profit before tax.
The Group’s total tax cost was impacted by tax incentives related to e.g. R&D incentives, non-
deductible expenses and increased withholding tax expenses, resulting in an effective tax rate of
19.8% (2023: 18.9%).
The impact from non-recurring items primarily comprised movement in uncertain tax positions and
prior-year adjustments. Excluding non-recurring items and tax thereon, the effective tax rate would
have been 21.7% (2023: 20.8%).
The Group is not expected to be materially impacted by the OECD/EU Pillar Two Model Rules and
their local implementation. Most countries where the Group has operations impose taxation in excess
of 15%, and the remainder are expected to increase the tax rate such that all markets not covered by
the transitional safe harbour rules are still expected to show an effective tax rate in excess of 15%.
As such, these rules are not expected to result in either materially increased tax payments or a
change to the Group’s effective tax rate.
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Carlsberg Group Annual Report 2024
Reconciliation of the effective tax rate for the year
2024
2023
%
DKK million
%
DKK million
Nominal weighted tax rate
19.8
1,966
20.0
1,969
Change in tax rate
-
-
-
-5
Adjustments to tax for prior years
1.6
164
0.2
16
Non-capitalised tax assets and liabilities
-3.7
-367
-4.4
-428
Non-taxable income
-0.6
-55
-0.3
-29
Non-deductible expenses
3.0
297
2.5
248
Tax incentives etc.
-1.5
-146
-1.7
-168
Special items
0.2
21
2.3
219
Withholding taxes
2.6
259
1.4
141
Other, including tax in associates
-1.6
-157
-1.1
-104
Effective tax rate for the year
19.8
1,982
18.9
1,859
Effective tax rate for the year, excluding the tax effect
of transactions in special items and other non-recurring
tax impacts
21.7
-
20.8
-
SECTION 6.1 (CONTINUED)
INCOME TAX
Income tax
2024
2023
DKK million
Income
statement
Other
comprehen-
sive income
Total
comprehen-
sive income
Income
statement
Other
comprehen-
sive income
Total
comprehen-
sive income
Tax for the year can be
specified as follows
Current tax
2,332
-57
2,275
2,012
-8
2,004
Change in deferred tax
and non-current tax
payables during the year
-514
14
-500
-164
80
-84
Change in deferred tax as
a result of change in tax
rate
-
-
-
-5
-
-5
Adjustments to tax for
prior years
164
-
164
16
-
16
Total
1,982
-43
1,939
1,859
72
1,931
Tax recognised in other comprehensive income
2024
2023
DKK million
Recognised
item before
tax
Tax income/
expense
After tax
Recognised
item before
tax
Tax income/
expense
After tax
Foreign exchange
adjustments
-874
-
-874
-37,781
-
-37,781
Hedging instruments
-2
-30
-32
-920
44
-876
Retirement benefit
obligations
96
-13
83
73
28
101
Total
-780
-43
-823
-38,628
72
-38,556
ACCOUNTING POLICIES
Income tax comprises current tax and changes in deferred tax for the year, including changes as a result of
a change in the tax rate. The tax expense relating to the profit/loss for the year is recognised in the
income statement, while the tax expense relating to items recognised in other comprehensive income is
recognised in the statement of comprehensive income.
If the Group obtains a tax deduction on computation of the taxable income in Denmark or in foreign
jurisdictions as a result of share-based payment programmes, this tax effect of the programmes is
recognised in tax on profit/loss for the year.
SECTION 6.2
TAX ASSETS AND LIABILITIES
Of the total deferred tax assets recognised, DKK 367m (2023: DKK 249m) relates to tax losses carried
forward, the utilisation of which depends on future positive taxable income exceeding the realised
deferred tax liabilities. It is management’s opinion that these tax losses carried forward can be utilised
within the foreseeable future.
Tax assets not recognised of DKK 1,075m (2023: DKK 1,194m) primarily relate to tax losses that are
not expected to be utilised in the foreseeable future. Tax losses that will not expire amounted to DKK
1,123m (2023: DKK 922m).
Distribution of reserves for other subsidiaries will not trigger a significant tax liability based on current
tax legislation.
Specification of deferred tax
Deferred tax assets
Deferred tax liabilities
DKK million
2024
2023
2024
2023
Intangible assets
143
114
1,943
2,031
Property, plant and equipment
362
458
1,266
947
Current assets and liabilities
1,147
919
35
126
Provisions and retirement benefit obligations
647
484
2,128
2,350
Fair value adjustments
37
133
159
97
Tax losses
367
249
-
-
Other
198
213
58
32
Total before offset
2,901
2,570
5,589
5,583
Offset
-845
-760
-845
-760
Deferred tax assets and liabilities at 31 December
2,056
1,810
4,744
4,823
Expected to be used as follows
Within one year
1,221
899
258
387
After more than one year
835
911
4,486
4,436
Total
2,056
1,810
4,744
4,823
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Carlsberg Group Annual Report 2024
SECTION 6.2 (CONTINUED)
TAX ASSETS AND LIABILITIES
Changes to non-current tax assets and liabilities
DKK million
2024
2023
Tax assets and liabilities at 1 January, net
3,013
3,110
Adjustments to prior years
3
33
Acquisition of entities
-3
43
Disposal of entities
-55
-
Recognised in other comprehensive income
14
80
Recognised in the income statement, net, continuing operations
-514
-164
Change in tax rate
-
-5
Foreign exchange adjustments
230
-84
Tax assets and liabilities at 31 December, net
2,688
3,013
Recognised as follows
Tax liabilities
4,744
4,823
Tax assets
-2,056
-1,810
Tax assets and liabilities at 31 December, net
2,688
3,013
ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group recognises deferred tax assets, including the expected tax value of tax losses carried forward, if
management assesses it can be offset against positive taxable income in the foreseeable future. This
assessment is made annually and based on budgets and business plans for the coming years, including
planned commercial initiatives under our control.
Carlsberg operates in a large number of tax jurisdictions where tax legislation is highly complex and
subject to interpretation. Management assesses uncertain tax positions to ensure recognition and
measurement of tax assets and liabilities.
ACCOUNTING POLICIES
Current tax payable and receivable are recognised in the statement of financial position as tax for the
year, adjusted for tax related to prior years and tax paid.
Deferred tax on all temporary differences between the carrying amount and the tax base of assets and
liabilities is measured using the balance sheet liability method. However, deferred tax is not recognised on
temporary differences relating to goodwill that is not deductible for tax purposes or on office premises and
other items where temporary differences, apart from business combinations, arise at the acquisition date
without affecting either profit/loss for the year or taxable income.
Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on
the planned use of the asset or settlement of the liability.
Deferred tax assets, related to tax losses carried forward, are recognised at the expected value of their
utilisation, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.
Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset
current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to
realise the assets and settle the liabilities simultaneously. Deferred tax assets are recognised only to the
extent that it is probable that the assets will be utilised.
Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable
when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of
changes in tax rates is recognised in the income statement. Changes to deferred tax on items recognised in
other comprehensive income are, however, recognised in other comprehensive income.
Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/
EU Pillar Two Model Rules and their local implementation.
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Carlsberg Group Annual Report 2024
SECTION 7
STAFF COSTS AND
REMUNERATION
This section provides details on staff costs, further details on the remuneration of the executive
directors and key management personnel, and details of the share-based incentive programmes.
Disclosures related to retirement benefit obligations, covering both defined contribution and defined
benefit plans, are also included.
Further details on the remuneration policy can be found in the Remuneration Report.
Employees by segment1
IN THIS SECTION:
7.1 Staff costs
168
7.2 Remuneration
169
7.3 Share-based payments
169
7.4 Retirement benefit obligations and similar obligations
171
SECTION 7.1
STAFF COSTS
Staff costs
DKK million
2024
2023
Salaries and other remuneration
9,236
9,195
Severance payments
64
43
Social security costs
1,336
1,340
Retirement benefit costs – defined contribution plans
457
417
Retirement benefit costs – defined benefit plans
180
167
Share-based payments
100
130
Other employee benefits
163
149
Total¹
11,536
11,441
¹ In 2023, DKK 606m related to the discontinued operation.
Staff costs are included in the following line items in the income statement
Cost of sales
3,314
3,075
Sales and distribution expenses
5,888
5,428
Administrative expenses
2,146
2,147
Other operating activities, net
120
107
Financial expenses (pensions)
37
30
Special items (restructurings)
31
48
Net result from discontinued operations
-
606
Total
11,536
11,441
Average number of employees¹
31,876
34,982
¹ In 2023, an average of 3,938 employees related to the discontinued operation.
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Carlsberg Group Annual Report 2024
2024
2023
g Western Europe
34%
34%
g Asia
40%
40%
g Central & Eastern Europe and India
24%
24%
g Other
2%
2%
1 Continuing operations only.
SECTION 7.2
REMUNERATION
Remuneration
Executive directors¹
Key management
personnel
DKK million
2024
2023
2024
2023
Current
Current
Former²
Fixed salary
20.8
11.4
11.2
29.7
27.5
Cash bonus
13.9
10.6
11.2
16.2
21.7
Other benefits
0.6
0.2
0.5
9.4
4.2
Cash compensation for forfeited LTI³
-
12.9
-
-
-
Severance payments
-
-
-
-
4.8
Remuneration settled in cash
35.3
35.1
22.9
55.3
58.2
Non-monetary benefits
-
1.3
0.1
0.3
2.5
Share-based payments
23.8
16.0
35.3
20.1
13.9
Remuneration, non-monetary and share-
based
23.8
17.3
35.4
20.4
16.4
Total cash and non-cash
59.1
52.4
58.3
75.7
74.6
¹ The executive directors are Jacob Aarup-Andersen and Ulrica Fearn.
² Cees 't Hart resigned as CEO on 31 August 2023, but was remunerated for an additional two months during which
he supported the company in an advisory capacity.
³ As compensation for forfeited long-term incentive awards from their previous employers, Jacob Aarup-Andersen
and Ulrica Fearn were paid DKK 12m and DKK 0.9m respectively, amounts that were used for the purchase of
Carlsberg shares. Jacob Aarup-Andersen was also added to the running 2022-2024 and 2023-2025 long-term
incentive schemes. Further information can be found in the Remuneration Report.
The remuneration of the Supervisory Board, executive directors and key management personnel is
described in detail in the Remuneration Report.
The remuneration of the executive directors increased, driven by a full year of salary paid to Jacob
Aarup-Andersen, compared to only a partial year in 2023. The remuneration of key management
personnel increased in 2024, partly due to an increase in the number of members.
In 2024, the Supervisory Board received total remuneration of DKK 11.00m (2023: DKK 10.31m),
comprising fixed salary only.
All elements except for share-based payments are classified as short-term employee benefits. Share-
based payments are classified as long-term employee benefits.
ACCOUNTING POLICIES
Staff costs are recognised in the financial year in which the employee renders the related service.
The cost of share-based payments, which is expensed over the vesting period of the programme according
to the service conditions, is recognised in staff costs and provisions or equity, depending on how the
programme is settled with the employees.
Key management personnel comprise the Executive Committee, excluding the executive directors. Other
management personnel included in the share-based payment schemes comprise vice presidents and other
key employees in central functions as well as the management of significant subsidiaries.
SECTION 7.3
SHARE-BASED PAYMENTS
The Group has set up share-based incentive programmes to attract, retain and motivate the Group’s
executive directors and other levels of management personnel, and to align their interests with those
of the shareholders. There is no share-based remuneration of the Supervisory Board.
The Group has one type of share-based payment known as performance shares.
Entitlement to performance shares requires fulfilment of service in the vesting period (3 years) but
does not have any exercise price. Instead, the shares are transferred to the recipients based on
achievement of the KPIs attached to the shares.
PERFORMANCE SHARES
The number of performance shares granted is the maximum number of performance shares that can
vest. The number of shares outstanding at the end of the period is the number expected to vest,
based on the extent to which the vesting conditions are expected to be met. The number of shares
expected to vest is revised on a regular basis.
In 2024, 164 employees (2023: 157 employees) across the Group were awarded performance shares.
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Carlsberg Group Annual Report 2024
SECTION 7.3 (CONTINUED)
SHARE-BASED PAYMENTS
For the 2024 and 2023 grants, vesting is subject to achievement of five KPIs: total shareholder return,
adjusted EPS growth, organic revenue growth, growth in ROIC and achievement of ESG targets. For
prior grants yet to vest, vesting is subject to four KPIs: total shareholder return, adjusted EPS growth,
organic revenue growth and growth in ROIC. The average share price at vesting was DKK 939 (2023:
DKK 964). The average contractual life at the end of 2024 was 1.4 years (2023: 1.3 years).
Performance shares
Executive
directors
Key
management
personnel
Other
management
personnel¹
Total
31 December 2022
116,669
47,427
244,956
409,052
Granted
85,487
21,826
99,995
207,308
Forfeited/adjusted/transferred
-127,722
-17,388
21,483
-123,627
Exercised/settled
-24,536
-10,758
-76,335
-111,629
31 December 2023
49,898
41,107
290,099
381,104
Granted
40,500
43,311
109,773
193,584
Forfeited/adjusted/transferred
-2,942
-18,776
-69,172
-90,890
Exercised/settled
–
-12,978
-85,464
-98,442
31 December 2024
87,456
52,664
245,236
385,356
¹ Including retired employees.
Performance share disclosures
DKK million
2024
2023
Fair value at grant date
105
121
Cost of shares granted in the year
38
44
Total cost of performance shares
100
130
Cost not yet recognised
173
148
Fair value at 31 December
181
254
Key information
Performance shares
DKK million
2024
2023
Assumptions
Expected volatility
21%
23%
Risk-free interest rate
2.4%
2.8%
Expected dividend yield
0.0/2.9%
0.0/2.7%
Expected life, years
3.0
3.0
Fair value at measurement date
DKK 529-930 DKK 570-989
ACCOUNTING ESTIMATES AND JUDGEMENTS
The volatility of performance shares is based on the historical volatility of the price of Carlsberg A/S’ class
B shares over the previous three years. For share options, the volatility is based on similar data over the
previous eight years.
The share price and the exercise price of share options are calculated as the average price of Carlsberg
A/S’ class B shares on Nasdaq Copenhagen during the first five trading days after publication of Carlsberg
A/S’ financial statements.
The risk-free interest rate is based on Danish government bonds of the relevant maturity. The expected life
is based on exercise at the end of the exercise period.
ACCOUNTING POLICIES
The fair value of granted performance shares is estimated using a stochastic (quasi-Monte Carlo)
valuation model of market conditions and a Black-Scholes call option-pricing model of non-market and
service conditions, taking into account the terms and conditions upon which the performance shares were
granted. The market condition is based on a ranking of the total shareholder return of Carlsberg A/S’ class
B shares versus a peer group of publicly traded companies in the alcoholic beverage sector.
On initial recognition of performance shares, the number of awards expected to vest is estimated and
subsequently revised for any changes. Accordingly, recognition is based on the number of awards that
ultimately vest.
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Carlsberg Group Annual Report 2024
SECTION 7.4
RETIREMENT BENEFIT OBLIGATIONS
AND SIMILAR OBLIGATIONS
Obligation, net
2024
2023
DKK million
Present
value of
obligation
Fair value
of plan
assets
Obligation,
net
Present
value of
obligation
Fair value
of plan
assets
Obligation,
net
Obligation at 1 January
10,061
8,674
1,387
9,527
7,970
1,557
Recognised in the income
statement¹
Current service cost
190
-
190
169
-
169
Past service cost
-10
-
-10
-2
-
-2
Net interest on the net defined
benefit obligation (asset)
335
298
37
339
309
30
Total
515
298
217
506
309
197
Remeasurements
Gain/loss from changes in
demographic assumptions
-18
-
-18
-57
-
-57
Gain/loss from changes in
financial assumptions
245
132
113
392
58
334
Asset ceiling
-
-1
1
-
204
-204
Total
227
131
96
335
262
73
Other changes
Contributions to plans
-
315
-315
-
295
-295
Benefits paid
-606
-519
-87
-567
-490
-77
Foreign exchange adjustments
etc.
154
148
6
260
328
-68
Total
-452
-56
-396
-307
133
-440
Obligation at 31 December
10,351
9,047
1,304
10,061
8,674
1,387
¹ The total return on plan assets for the year amounted to DKK 430m (2023: DKK 367m).
A number of employees are covered by retirement benefit plans. The nature of the plans varies
depending on labour market conditions in the individual countries. Benefits are generally based on
wages/salaries and length of employment.
Retirement benefit obligations cover both present and future retirees’ entitlement to retirement
benefits.
DEFINED CONTRIBUTION PLANS
A defined contribution plan is a post-employment benefit plan under which the Group pays
contributions to a separate independent company. The Group’s legal or constructive obligation is
limited to the contributions.
In 2024, 72% (2023: 71%) of the Group’s retirement benefit costs related to defined contribution
plans. The expense recognised in relation to these contributions was DKK 457m (2023: DKK 417m).
DEFINED BENEFIT PLANS
A defined benefit plan guarantees employees a certain level of pension benefits for life. The pension
is based on seniority and salary at the time of retirement. The Group assumes the risk associated
with future developments in interest rates, inflation, mortality and disability etc.
The most significant plans are in the UK and Switzerland, representing 38% and 49% respectively
(2023: 42% and 46%), while the eurozone countries represented 5% (2023: 5%) of the gross
obligation at 31 December 2024.
The majority of the obligations are funded, with assets placed in independent pension funds, mainly
in Switzerland and the UK. Most of the plan assets are quoted investments. In some countries,
primarily Germany, Sweden and China, the obligation is unfunded. The retirement benefit obligations
for these unfunded plans amounted to DKK 1,207m (2023: DKK 1,134m) or 12% (2023: 11%) of the
gross obligation.
In 2024, the Group’s obligation, net, regarding defined benefit plans decreased by DKK 83m
compared with 2023, primarily impacted by changes in financial assumptions in the UK, Switzerland
and Sweden.
The Group has a three-yearly valuation process to agree on any future funding arrangements in the
UK. The most recent was completed in 2022. The Group expects to contribute DKK 108m (2023: DKK
104m) to the plan assets in 2025, which is in line with the agreed funding arrangement, under which
the Group will contribute DKK 216m up to 2026. Plan assets do not include shares in the Group or
properties used by Group companies.
A recent UK Court of Appeal decision in the case of Virgin Media Ltd vs. NTL Pension Trustees II Ltd
considered the implications of section 37 of the Pension Schemes Act 1993. Section 37 of the Pension
Schemes Act 1993 only allows the rules of contracted-out schemes in respect of benefits to be altered
where certain requirements are met. The Group’s view is that it is appropriate that no adjustment is
made to the Group’s financial statements, as there is no reason to believe the relevant requirements
have not been complied with in the UK.
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171
Carlsberg Group Annual Report 2024
SECTION 7.4 (CONTINUED)
RETIREMENT BENEFIT OBLIGATIONS
AND SIMILAR OBLIGATIONS
Breakdown of plan assets
2024
2023
DKK
million
%
DKK
million
%
Shares¹
1,350
13
1,098
12
Bonds and other securities
6,284
66
6,197
67
Real estate
1,680
18
1,643
18
Cash and cash equivalents
265
3
284
3
Total
9,579
100
9,222
100
¹ The breakdown of plan assets excludes the asset ceiling of DKK -532m in 2024 (2023: DKK -548m).
Assumptions applied
2024
CHF
GBP
EUR
Other
Weighted
average
Discount rate
1.1%
5.6%
1.4-3.3%
3.0%
3.1%
Growth in wages and salaries
1.0%
3.7%
0.3-2.9%
4.6%
2.3%
2023
Discount rate
1.9%
4.8%
2.1-4%
3.5%
3.3%
Growth in wages and salaries
1.2%
3.6%
2.5-4.5%
4.9%
2.4%
Sensitivity analysis
2024
2023
DKK million
+0.5%
-0.5 %
+0.5%
-0.5 %
Discount rate
-607
677
-573
639
Growth in wages and salaries
43
-41
25
-22
+1 year
-1 year
+1 year
-1 year
Mortality
320
-295
302
-306
Maturity of retirement benefit obligations
DKK million
< 1 year
1-5 years
> 5 years
Total
2024
610
2,868
6,873
10,351
2023
606
2,764
6,691
10,061
The actuarial gain and foreign exchange adjustment recognised in other comprehensive income
amounted to DKK 150m (2023: DKK 27m), comprising a foreign exchange adjustment of DKK -54m
and a net actuarial loss of DKK 96m.
The accumulated actuarial loss and foreign exchange adjustment recognised at 31 December 2024
was DKK 2,495m (2023: DKK 2,345m), with actuarial net losses of DKK 2,735m (2023: DKK 2,639m).
ASSUMPTIONS APPLIED
In 2024, the discount rate used for the defined benefit plans in Western Europe was determined by
reference to market yields on high-quality corporate bonds. In the Asian countries, where no deep
market in high-quality corporate bonds exists, the discount rate was determined by reference to
market yields on government bonds.
The mortality tables used in Carlsberg UK are S3PMA/S3PFA_M tables for post-retirement, while the
Swiss entities use BVG 2020 for valuation of their retirement benefit obligations.
SENSITIVITY ANALYSIS
The sensitivity analysis is based on a change in one of the assumptions, while all other assumptions
remain constant. This is highly unlikely, however, as a change in one assumption would probably
affect other assumptions as well. When calculating the obligation on the basis of a changed
assumption, the same method has been applied as when calculating the defined benefit obligation.
EXPECTED MATURITY AND DURATION
Defined benefit obligations are primarily expected to mature after five years. The expected duration
of the obligations at year-end 2024 was 14 years. The duration is calculated using a weighted
average of the duration divided by the obligation.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The value of the Group’s defined benefit plans is based on valuations from external actuaries. The
valuation is based on a number of actuarial assumptions, including discount rates, expected growth in
wages and salaries, mortality and retirement benefits.
The present value of the net obligation is calculated by using the projected unit credit method and
discounting the defined benefit plan by a discount rate for each country. The discount rate is determined
by reference to market yields on high-quality corporate bonds. Where high-quality corporate bonds are
not available, the market yields on government bonds are used instead.
Mortality assumptions are based on the Group entity’s best estimate of the mortality of plan members
during and after employment and include expected changes in mortality. Due to the broad range of
entities comprising the retirement benefit obligation, several different mortality tables are used to
calculate the future retirement benefit obligation.
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Carlsberg Group Annual Report 2024
SECTION 7.4 (CONTINUED)
RETIREMENT BENEFIT OBLIGATIONS
AND SIMILAR OBLIGATIONS
ACCOUNTING POLICIES
Contributions paid to a defined contribution plan are recognised in the income statement in the period
during which services are rendered by employees. Any contributions outstanding are recognised in the
statement of financial position as other liabilities.
The Group’s net obligation recognised in the statement of financial position in respect of defined benefit
plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan
assets calculated by a qualified actuary.
The present value is determined separately for each plan by discounting the estimated future benefits that
employees have earned in return for their service in the current and prior years.
The costs of a defined benefit plan are recognised in the income statement and include service costs, net
interest based on actuarial estimates and financial expectations.
Service costs comprise current service cost and past service cost. Current service cost is the increase in the
present value of the defined benefit obligation resulting from employee services in the current period. Past
service cost is the change in the present value of the obligation regarding employee services in prior years
that arises from a plan amendment or a curtailment. Past service costs are recognised immediately,
provided employees have already earned the changed benefits.
Realised gains and losses on curtailment or settlement are recognised under staff costs.
Interest on retirement benefit obligations and the interest on return on plan assets are recognised as
financial income or financial expenses.
Differences between the development in retirement benefit assets and liabilities and realised amounts at
year-end are designated as actuarial gains or losses and recognised in other comprehensive income. As
they will never be reclassified to the income statement, they are included in retained earnings.
If a retirement benefit plan constitutes a net asset, the asset is recognised only if it offsets future refunds
from the plan or will lead to reduced future payments to the plan.
Realised gains and losses on the adjustment of retirement benefit obligations as a result of termination of
a significant number of positions in connection with restructurings are recognised under special items.
To our shareholders
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Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
173
Carlsberg Group Annual Report 2024
SECTION 8
OTHER DISCLOSURE
REQUIREMENTS
IN THIS SECTION:
8.1 Hyperinflation
174
8.2 Fees to auditors
176
8.3 Related parties
176
8.4 Events after the reporting period
177
SECTION 8.1
HYPERINFLATION
At the end of 2024, the economy of Laos was deemed to be hyperinflationary. The financial
reporting for the Group’s entity Lao Brewery was adjusted effective 1 January 2024 to ensure that the
consolidated financial statements reflect the current purchasing power by restating reported figures
based on changes in the general price index and applying closing exchange rates for translation into
the Group’s presentation currency, DKK.
Inflation restatement
DKK million
2024 (before
restatement)
Non-
monetary
items
Items in the
income
statement
Period-end
retranslation
Total
adjustments
2024
(reported)
P&L
Revenue
74,796
-
144
71
215
75,011
Operating profit
before special items
11,486
-153
61
17
-75
11,411
Profit for the period
10,266
-71
57
11
-3
10,263
Attributable to
Non-controlling
interests
1,148
-28
21
5
-1
1,147
Shareholders in
Carlsberg A/S (net
profit)
9,118
-43
36
6
-2
9,116
DKK million
2024 (before
restatement)
Restatement
of non-
monetary
items
Depreciation
/unwinding
of deferred
tax
Period-end
retranslation
Total
adjustments
2024
(reported)
Financial position
Goodwill
39,950
1,668
-
-
1,668
41,618
Brands
9,434
112
-
-
112
9,546
Property, plant and
equipment
26,229
983
-153
-9
821
27,050
Total assets
110,727
2,763
-153
-9
2,601
113,328
Equity, shareholders
in Carlsberg A/S
26,298
1,550
-74
-3
1,473
27,771
Non-controlling
interests
1,899
991
-47
-2
942
2,841
Total equity
28,197
2,541
-121
-5
2,415
30,612
Deferred tax liabilities
4,558
222
-32
-4
186
4,744
Total equity and
liabilities
110,727
2,763
-153
-9
2,601
113,328
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
174
Carlsberg Group Annual Report 2024
SECTION 8.1 (CONTINUED)
HYPERINFLATION
Inflation restatement
DKK million
2024 (before
restatement)
Non-
monetary
items
Items in the
income
statement
Period-end
retranslation
Total
adjustments
2024
(reported)
Cash flows
Operating profit
before special items
11,486
-153
61
17
-75
11,411
Depreciation,
amortisation and
impairment losses
4,208
153
-
9
162
4,370
Other non-cash items
-548
-
-61
-26
-87
-635
Cash flow from
operating activities
11,312
-
-
-
-
11,312
IMPACT ON THE CONSOLIDATED FINANCIAL STATEMENTS
The application of hyperinflation accounting did not have a material impact on the Group’s income
statement or statement of cash flows. However, the restatement of the Group’s statement of
financial position had a significant impact, increasing the carrying amount of goodwill by DKK
1,668m, brands by DKK 112m and property, plant and equipment by DKK 821m, mainly due to
restatement of carrying amounts recognised in connection with the step acquisition of Lao Brewery
in 2011. Similarly, equity increased by DKK 2,415m, mainly due to the restatement of non-monetary
items of DKK 2,428m as of 1 January 2024, recognised in other comprehensive income, and the
restatement effect of DKK 113m from changes in the price index during the year, recognised in the
income statement.
The impact on revenue was DKK 215m and on profit for the period DKK -3m, negatively impacted by
the higher depreciation and amortisation as a result of the restatement of property, plant and
equipment, partly offset by the monetary gain of DKK 50m in financial income. The impact of
retranslation to exchange rates at 31 December 2024 was insignificant, as the LAK/DKK exchange
rate closed at around the same level as at the beginning of the year.
ACCOUNTING POLICIES
Income statement
Transactions in the period have been restated to reflect changes in the price index from the time of initial
recognition to the end of the reporting period, with the exception of depreciation, which has been
recalculated based on the inflation-adjusted carrying amount of the restated non-monetary assets.
Non-monetary items
The non-monetary items – goodwill, brands, property, plant and equipment and deferred tax – have been
restated to take account of inflation since initial recognition, which was no earlier than September 2011,
when the Group gained control of the business, and up to 31 December 2024. The restatement was offset
in other comprehensive income. The restatement of non-monetary items exceeded the recoverable
amount of the assets and was therefore reduced by DKK 630m, net of tax.
Monetary items
Monetary items, mainly consisting of receivables and payables, are not subject to restatement, as the
carrying amount already reflects the purchasing power at the reporting date.
Equity
Equity includes the restatement adjustment of non-monetary items at the beginning of the period. The
restatement adjustment for inflation in the reporting period has been recognised in other comprehensive
income.
Statement of cash flows
In the statement of cash flows, operating profit before special items includes a non-cash effect from the
inflation restatement, which has been reversed in the line other non-cash items.
Price index
The restatement for hyperinflation of the financial statements of Lao Brewery has been performed by
applying the development in the consumer price index provided by the Bank of Laos, calculated as an
average year-to-date conversion factor. In 2024, the inflation rate in Laos was 21.3% (2023: 31.2%).
Retranslation from LAK to DKK
The financial statements of Lao Brewery, including restatement adjustments, have been translated into
DKK by applying the LAK/DKK exchange rate at the reporting date, instead of the Group’s normal practice
of translating the income statement using the exchange rate at the transaction date or a monthly average
exchange rate. The LAK/DKK exchange rate decreased from 0.0003302 at the beginning of the year to
0.0003299 at 31 December 2024. The average rate was 0.000321.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
175
Carlsberg Group Annual Report 2024
SECTION 8.2
FEES TO AUDITORS
Fees to auditors appointed by the Annual General Meeting
DKK million
2024
2023
PwC, including network firms
Statutory audit
31
29
Assurance engagements
6
2
Tax advisory
4
3
Other services
3
1
Total
44
35
Fees for services other than the statutory audit of the financial statements provided by
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, amounted to, DKK 7m
(2023: DKK 2m). This includes other assurance opinions including limited assurance on the
sustainability statement, agreed-upon procedures as well as tax-, accounting- and compliance-
related services.
SECTION 8.3
RELATED PARTIES
RELATED PARTIES EXERCISING CONTROL
The Carlsberg Foundation, H.C. Andersens Boulevard 35, 1553 Copenhagen V, Denmark, exercises
control over Carlsberg A/S. The Foundation holds 29.6% (2023: 29.4%) of the shares and 77.3% of
the voting power in Carlsberg A/S, excluding treasury shares (2023: 76.7%).
The following transactions took place between the Carlsberg Foundation and the Group in 2024:
The Carlsberg Foundation received a dividend of DKK 27.00 per share from Carlsberg A/S, the same
as every other shareholder. The dividend received amounted to DKK 1,085m (2023: DKK 1,115m).
The Carlsberg Foundation participates in the share buy-back programme on a 30.33% pro rata basis.
In 2024, the Carlsberg Foundation sold B shares to Carlsberg A/S at a fair value of DKK 595m (2023:
DKK 971m). The number of A shares held by the Foundation increased in 2024, which is why the
ownership share increased to 29.6% at 31 December 2024 (2023: 29.4%). The shares were sold at the
average weekly share buy-back market prices.
FUNDING AND GRANTS
Carlsberg A/S received grants and further funding from the Carlsberg Foundation, in total DKK 71m,
for the basic research and development activities at the Carlsberg Research Laboratory (2023: DKK
86m). Of the total grants, DKK 2m (2023: DKK 18m) was deferred to be used for research projects in
the future.
OTHER ACTIVITIES
Home of Carlsberg A/S, a 100%-owned subsidiary of the Carlsberg Group, hosted and administered
events at the Carlsberg Academy, which is owned by the Carlsberg Foundation, at a value of DKK
0.5m (2023: DKK 1m).
The Group’s delivery of beer and soft drinks to the Carlsberg Foundation is charged at ordinary listing
price minus a discount. In 2024, the deliveries amounted to DKK 0.1m (total sales of goods) (2023:
DKK 0.1m).
Carlsberg A/S leases parking spaces to provide parking for employees at the Carlsberg Research
Laboratory and Home of Carlsberg. Furthermore, Carlsberg Breweries A/S leases storage facilities in
the researcher apartments in Carlsberg Byen. These lease agreements are with subsidiaries of the
Foundation. The two annual lease payments amount to DKK 0.3m (2023: DKK 0.2m) and the leases
are on market terms.
It is estimated that the benefit to the Carlsberg Group corresponds to the value of the other activities
provided to the Carlsberg Foundation, which in turn corresponds to what each party would have had
to pay to have the same deliverables provided by external parties.
OTHER RELATED PARTIES
Related parties also comprise Carlsberg A/S’ Supervisory Board and Executive Board, their close
family members and companies in which these persons have significant influence. During the year,
there were no transactions between these parties and the Group, except for remuneration as
disclosed in section 7.2.
Related party transactions with associates recognised in the income statement and the
statement of financial position
DKK million
2024
2023
Associates
Revenue
51
61
Cost of sales
-676
-733
Sales and distribution expenses
-8
-9
Interest income
19
22
Loans
274
273
Receivables
215
448
Trade payables and other liabilities
-75
-70
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
176
Carlsberg Group Annual Report 2024
SECTION 8.4
EVENTS AFTER THE REPORTING PERIOD
On 8 July 2024, Carlsberg announced a recommended offer to acquire the Britvic Group. The Britvic
Group shareholders approved the recommended offer on 27 August. On 17 December 2024, Carlsberg
and Britvic plc announced that clearance for the acquisition of Britvic plc by Carlsberg had been
received from both the European Commission and the UK Competition and Markets Authority, and
that as a result all regulatory conditions had been satisfied. The Scheme was sanctioned by the Court
on 15 January 2025 and became effective on 16 January 2025 when the Court Order was delivered to
the UK Registrar of Companies, and Carlsberg obtained control from this date, cf. section 5.1.
Apart from the above and events recognised or disclosed in the consolidated financial statements, no
events have occurred after the reporting period of importance to the consolidated financial
statements.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
177
Carlsberg Group Annual Report 2024
SECTION 9
BASIS FOR
PREPARATION
IN THIS SECTION:
9.1 Significant accounting estimates and judgements
178
9.2 General accounting policies
178
9.3 Changes in accounting policies
180
9.4 New legislation
180
9.5 Key definitions
181
SECTION 9.1
SIGNIFICANT ACCOUNTING ESTIMATES AND
JUDGEMENTS
The consolidated financial statements cover the period 1 January to 31 December. In preparing the
consolidated financial statements, management makes various accounting estimates and judgements
that form the basis of presentation, recognition and measurement of the Group’s assets, liabilities,
income and expenses.
Other estimates and judgements made are based on historical experience and other factors that
management assesses to be reliable, but that, by their nature, are associated with uncertainty and
unpredictability and may therefore prove incomplete or incorrect.
Areas involving significant estimates and judgements:
Receivables
Section 1
Impairment testing, useful life and residual value
Section 2
Restructurings, provisions and contingencies
Section 3
Acquisitions and disposals, including contingent considerations
Section 5
Tax assets and liabilities
Section 6
Defined benefit obligations
Section 7
SECTION 9.2
GENERAL ACCOUNTING POLICIES
The Group’s consolidated financial statements for 2024 have been prepared in accordance with IFRS
Accounting Standards as adopted by the EU and further requirements in the Danish Financial
Statements Act.
The consolidated financial statements are presented in Danish kroner (DKK), which is the Parent
Company’s functional currency, and all values are rounded to the nearest DKK million, unless
otherwise stated.
The accounting policies set out below have been used consistently in respect of the financial year and
the comparative figures.
DEFINING MATERIALITY
Significant items are presented individually in the financial statements as required by IAS 1. Other
items that are considered relevant to stakeholders and necessary for an understanding of the Group’s
business model, including research, real estate and geographical diversity, are also presented
individually in the financial statements.
The consolidated financial statements are prepared as a consolidation of the financial statements of
the Parent Company, Carlsberg A/S, and its subsidiaries according to the Group’s accounting policies.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
178
Carlsberg Group Annual Report 2024
SECTION 9.2 (CONTINUED)
GENERAL ACCOUNTING POLICIES
Subsidiaries are all the entities over which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has
the ability to affect those returns through its power to direct the activities of the entity.
Entities over which the Group exercises significant influence, but which it does not control, are
considered associates. Significant influence is generally obtained by direct or indirect ownership or
control of less than 50% of the voting rights or participation in the management of the company. The
assessment of whether Carlsberg A/S exercises control or significant influence includes potential
voting rights exercisable at the reporting date. Entities that by agreement are managed jointly with
one or more other parties are considered joint ventures.
On consolidation, intra-group income and expenses, shareholdings, balances and dividends, and
realised and unrealised gains are eliminated. Unrealised gains on transactions with associates are
eliminated in proportion to the Group’s ownership share of the entity.
Unrealised losses are eliminated in the same way as unrealised gains to the extent that impairment
has not taken place.
The accounting items of subsidiaries are included in full in the consolidated financial statements.
Non-controlling interests’ share of subsidiaries’ profit/loss for the year and of equity is included in the
Group’s profit/loss and equity but is disclosed separately. Entities acquired or established during the
year are recognised in the consolidated financial statements from the date of acquisition or
formation. Entities disposed of or discontinued are recognised in the consolidated income statement
until the date of disposal or discontinuation. The comparative figures are not restated.
FOREIGN CURRENCY TRANSLATION
A functional currency is determined for each of the reporting entities in the Group. The functional
currency is the primary currency used for the reporting entity’s operations. Transactions denominated
in currencies other than the functional currency are considered transactions denominated in foreign
currencies.
On initial recognition, transactions denominated in foreign currencies are translated to the functional
currency at the exchange rates at the transaction date. Foreign exchange differences arising between
the exchange rates at the transaction date and at the date of payment are recognised as financial
income or expenses.
Receivables, payables and other monetary items denominated in foreign currencies are translated at
the exchange rates at the reporting date. The difference between the exchange rates at the reporting
date and at the date at which the receivable or payable arose or the exchange rate in the latest
consolidated financial statements is recognised as financial income or expenses.
On recognition of entities with a functional currency other than the presentation currency, the income
statement and statement of cash flows are translated at the exchange rates at the transaction date,
and the statement of financial position items are translated at the exchange rates at the reporting
date. Foreign exchange differences arising on translation of the opening balance of equity, and of the
income statement on the reporting date, are recognised in other comprehensive income and
attributed to a separate translation reserve in equity. Foreign exchange differences arising on the
translation of the proportionate share of associates are likewise recognised in other comprehensive
income.
Foreign exchange adjustment of balances with entities that are considered part of the investment in
the entity is recognised in other comprehensive income. Correspondingly, foreign exchange gains and
losses on the part of loans and derivative financial instruments that are designated as hedges of
investments in foreign entities, and that effectively hedge against corresponding foreign exchange
gains and losses on the investment in the entity, are also recognised in other comprehensive income
and attributed to a separate translation reserve in equity.
When the gain or loss from a complete or partial disposal of an entity is recognised, the share of the
cumulative exchange differences recognised in other comprehensive income is recognised in the
income statement. The same approach is adopted on repayment of balances that constitute part of
the net investment in the entity.
INCOME STATEMENT
The presentation of the Group’s income statement is based on the internal reporting structure, as
IFRS Accounting Standards do not provide a specific disclosure requirement.
Special items are not directly attributable to ordinary operating activities and are shown separately in
order to facilitate a better understanding of the Group’s financial performance.
CASH FLOW
Cash flow is calculated using the indirect method and is based on operating profit before special
items adjusted for depreciation, amortisation and impairment losses. Cash flow cannot be derived
directly from the statement of financial position and income statement.
FINANCIAL RATIOS AND NON-IFRS FINANCIAL MEASURES
The Group uses certain additional financial measures to provide management, investors and
investment analysts with additional measures to evaluate and analyse the Company’s results. These
non-IFRS financial measures are defined and calculated by the Group and therefore may not be
comparable with other companies’ measures.
The non-IFRS financial measures disclosed in the Annual Report are:
• Earnings per share, adjusted, and payout ratio, adjusted
• Organic development
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
179
Carlsberg Group Annual Report 2024
SECTION 9.2 (CONTINUED)
GENERAL ACCOUNTING POLICIES
The Danish Finance Society does not acknowledge use of special items and states that adjustments
for tax should be based on the marginal tax rate. When calculating financial measures, the Group
uses operating profit before special items as well as the effective tax rate for measures adjusted for
tax.
Other financial ratios are calculated in accordance with the Danish Finance Society’s online guidelines
for the calculation of financial ratios, “Recommendations and Financial Ratios”, unless stated.
9.2.1 REPORTING UNDER THE ESEF REGULATION
The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format
(ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports
of issuers with securities listed on EU-regulated markets.
The combination of XHTML format and iXBRL tags enables the annual financial reports to be read
by both humans and machines, thus enhancing accessibility, analysis and comparability of the
information included in the annual financial reports.
The Group’s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is
included in the ESEF Regulation and has been developed based on the IFRS taxonomy published by
the IFRS Foundation.
The line items in the consolidated financial statements are tagged to elements in the ESEF
taxonomy. For financial line items that are not directly defined in the ESEF taxonomy, an extension
to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy,
except for extensions that are subtotals.
The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed
Mechanism) consists of the XHTML document together with the technical files, all of which are
included in the ZIP file Carlsberg-2024-12-31-en.zip.
KEY DEFINITIONS
XHTML (eXtensible HyperText Markup Language) is a text-based language used to structure and
mark up content such as text, images and hyperlinks in documents that are displayed in a web
browser.
iXBRL tags (or Inline XBRL tags) are hidden metainformation embedded in the source code of an
XHTML document that enables the conversion of XHTML-formatted information into a machine-
readable XBRL data record using appropriate software. A financial reporting taxonomy is an
electronic dictionary of business reporting elements used to report business data. A taxonomy
element is an element defined in a taxonomy that is used for the machine-readable labelling of
information in an XBRL data record.
SECTION 9.3
CHANGES IN ACCOUNTING POLICIES
CHANGED ACCOUNTING POLICIES
AND CLASSIFICATION IN THE ANNUAL REPORT 2024
The Annual Report 2024 has been prepared using the same accounting policies for recognition and
measurement as those applied to the consolidated financial statements for 2023, except for the
following Amendments that were adopted as of 1 January 2024:
• Amendments to IAS 1 “Presentation of Financial Statements: Classification of Liabilities as Current
or Non-current” and “Classification of Liabilities as Current or Non-current - Deferral of Effective
Date” and “Non-current Liabilities with Covenants”
• Amendment to IFRS 16 “Leases: Lease Liability in a Sale and Leaseback”
• Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures:
Supplier Finance Arrangements”
These Amendments cover areas that are not material and/or relevant for the Group.
SECTION 9.4
NEW LEGISLATION
NEW AND AMENDED IFRS ACCOUNTING STANDARDS
The following Amendments to IFRS Accounting Standards became effective as of 1 January 2025:
• Amendment to IAS 21 “The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability”
The Amendment is not expected to have any significant impact on the financials or the Group’s
accounting policies, as it covers areas that are not material and/or relevant for the Group.
NEW AND AMENDED IFRS ACCOUNTING STANDARDS AND
INTERPRETATIONS NOT YET ADOPTED BY THE EU
The following new or amended IFRS Standards and Amendments, which will become effective in
future years, have been issued but not yet adopted by the EU:
• IFRS 18 “Presentation and Disclosure in Financial Statements”
• IFRS 19 “Subsidiaries without Public Accountability: Disclosures”
• Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity” and
“Classification and Measurement of Financial Instruments”
The Amendments are not mandatory for the financial reporting for 2024. The Group expects to adopt
the new Standards and Amendments when they become mandatory.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
180
Carlsberg Group Annual Report 2024
SECTION 9.5
KEY DEFINITIONS
Glossary and calculation of key figures and financial ratios disclosed in the Annual Report
FINANCIAL RATIOS
Gross margin
Gross profit as a percentage of revenue.
EBITDA margin1
Operating profit before depreciation, amortisation and impairment losses as a
percentage of revenue.
Operating margin
Operating profit before special items1 as a percentage of revenue.
Return on invested capital (ROIC) Operating profit before special items1 adjusted for tax as a percentage of
average invested capital2 calculated as a 12-month rolling average (MAT).
Return on invested capital
excluding goodwill (ROIC excl.
goodwill)
Operating profit before special items1 adjusted for tax as a percentage of
average invested capital2 excluding goodwill calculated as a 12-month rolling
average (MAT).
Effective tax rate1
Income tax as a percentage of profit before tax.
NIBD/EBITDA1
Net interest-bearing debt3 divided by operating profit before depreciation,
amortisation and impairment losses.
STOCK MARKET RATIOS
Earnings per share (EPS)
Profit for the period, excluding non-controlling interests, divided by the average
number of shares.
Earnings per share, diluted (EPS-
D)
Profit for the period, excluding non-controlling interests, divided by the average
number of shares, fully diluted for share options and performance shares in the
money.
Earnings per share, adjusted
(EPS-A)
Profit for the period adjusted for special items after tax1, excluding non-
controlling interests and special items after tax in the discontinued operations,
divided by the average number of shares.
EPS-A, continuing operations
Profit for the period adjusted for special items after tax1, excluding non-
controlling interests and net result from the discontinued operations, divided by
the average number of shares.
Free cash flow per share (FCFPS)1 Free cash flow⁴ divided by the average number of shares, fully diluted for share
options and performance shares in the money.
STOCK MARKET RATIOS (CONTINUED)
Payout ratio
Proposed dividend for the year as a percentage of consolidated profit,
excluding non-controlling interests.
Payout ratio, adjusted
Proposed dividend for the year on number of shares at year-end as a
percentage of consolidated profit, adjusted for special items after tax1,
excluding non-controlling interests.
Market capitalisation
Number of shares at year-end multiplied by the share price.
Average number of issued shares
Number of issued shares as an average for the year.
Average number of shares
Number of issued shares, excluding treasury shares, as an average for the year.
Number of shares at year-end
Total number of issued shares, excluding treasury shares, at year-end.
GLOSSARY
EBITDA1
Operating profit before depreciation, amortisation and impairment losses.
Free cash flow4
Cash flow from operating activities less cash flow from investing activities.
Free operating cash flow
Cash flow from operating activities less operational investments.
Leverage ratio1
NIBD/EBITDA.
NCI
Non-controlling interests.
OCI
Other comprehensive income.
Off-trade
Sale of beverages for consumption off the premises (e.g. retailers).
On-trade
Sale of beverages for consumption on the premises (e.g. restaurants, hotels
and bars).
Operating profit
Operating profit before special items1.
Reported figures
Reported figures include organic growth, net acquisitions and foreign exchange
effects.
Organic development1
Measure of growth excluding the impact of acquisitions, disposals and foreign
exchange from year-on-year comparisons.
Volumes1
The Group’s sale of beverages in consolidated entities and sale of the Group’s
products under licence agreements.
1 This key figure, ratio or elements thereof are not defined in or deviate from the definitions of the Danish Finance
Society.
² The calculation of invested capital is specified in section 2.1.
³ The calculation of net interest-bearing debt is specified in section 4.6.
4 The calculation of free cash flow is specified in the statement of cash flows.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
181
Carlsberg Group Annual Report 2024
SECTION 10
GROUP COMPANIES
This section lists the subsidiaries and associates in the Group. Parent direct ownership shows the legal
ownership held by the immediate holding company in the Group. Cross-holdings held by fully owned
companies in the Group are aggregated. Consolidated ownership shows the share of the result of the
entity that is attributed to the shareholders of Carlsberg A/S in the consolidated financial statements.
Place of
incorporation
Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Carlsberg Breweries A/S
Denmark
2
100%
100%
Western Europe
Carlsberg Danmark A/S
Denmark
100%
100%
Carlsberg Supply Company Danmark A/S
Denmark
100%
100%
Carlsberg Sweden Holding 2 AB
Sweden
100%
100%
Carlsberg Sverige AB
Sweden
100%
100%
Carlsberg Supply Company Sverige AB
Sweden
100%
100%
Ringnes Norge AS
Norway
1
100%
100%
Ringnes AS
Norway
100%
100%
Ringnes Brygghus AS
Norway
100%
100%
Solo AS
Norway
91%
91%
Ringnes Supply Company AS
Norway
100%
100%
Ringnes Farris Eiendom AS
Norway
100%
100%
Ringnes Imsdal Eiendom AS
Norway
100%
100%
Ringnes Administrasjon Eiendom AS
Norway
100%
100%
Ringnes Gjelleråsen Eiendom AS
Norway
100%
100%
Oy Sinebrychoff Ab
Finland
100%
100%
Sinebrychoff Supply Company Oy
Finland
100%
100%
Carlsberg Deutschland Holding GmbH
Germany
100%
100%
Carlsberg Deutschland Logistik GmbH
Germany
100%
100%
Tuborg Deutschland GmbH
Germany
100%
100%
Carlsberg Deutschland GmbH
Germany
4
100%
100%
Duckstein GmbH
Germany
100%
100%
Holzmarkt Beteiligungsgesellschaft mbH
Germany
100%
100%
Holsten-Brauerei AG
Germany
100%
100%
Carlsberg Supply Company Deutschland
GmbH
Germany
100%
100%
Carlsberg Supply Company Polska SA
Poland
100%
100%
Carlsberg Polska Sp. z o.o.
Poland
100%
100%
Carlsberg UK Holdings Limited
UK
1
100%
100%
Carlsberg Marston's Limited
UK
100%
100%
Carlsberg Marston's Brewing Company Ltd.
UK
100%
100%
Marston's Beer Company Limited
UK
100%
100%
CMBC Supply Limited
UK
100%
100%
CM Brewery Holdings Limited
UK
1
100%
100%
Emeraude S.A.S.
France
7
100%
100%
Kronenbourg S.A.S.
France
2
100%
100%
Kronenbourg Supply Company S.A.S.
France
100%
100%
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182
Carlsberg Group Annual Report 2024
SECTION 10 (CONTINUED)
GROUP COMPANIES
Western Europe
Place of
incorporation
Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Feldschlösschen Getränke Holding AG
Switzerland
3
100%
100%
Feldschlösschen Getränke AG
Switzerland
100%
100%
Schlossgarten Gastronomie AG
Switzerland
100%
100%
SB Swiss Beverage AG
Switzerland
100%
100%
Feldschlösschen Supply Company AG
Switzerland
100%
100%
Carlsberg Supply Company AG
Switzerland
100%
100%
Nya Carnegiebryggeriet AB
Sweden
100%
100%
E.C. Dahls Bryggeri AS
Norway
100%
100%
Monster the Cat GmbH
Switzerland
100%
100%
Grimbergen Abbey Brewery
Belgium
100%
100%
Zatecky Pivovar spol. S.r.o.
Czechia
100%
100%
Asia
Place of
incorporation
Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Carlsberg Asia Pte Ltd
Singapore
100%
100%
Carlsberg Brewery Hong Kong Ltd
Hong Kong SAR
4
100%
100%
Guangzhou Carlsberg Investment Company
Limited
China
100%
100%
Chongqing Brewery Co., Ltd
China
A
60%
60%
Carlsberg Chongqing Breweries Company
Limited
China
B
8
51%
79%
Kunming Huashi Brewery Company Limited
China
100%
79%
Carlsberg (China) Breweries and Trading
Company Limited
China
100%
79%
Carlsberg Brewery (Guangdong) Ltd
China
99%
79%
Xinjiang Wusu Breweries Co., Ltd
China
5
100%
79%
Ningxia Xixia Jianiang Brewery Limited
China
70%
56%
Beijing Capital Brewing Jinmai Trading
Company Limited
China
100%
79%
G-Shell Asia Pacific (Beijing) Food Company
Limited
China
100%
79%
Carlsberg Beer Enterprise Management
(Chongqing) Company Limited
China
100%
79%
Carlsberg Brewery (Anhui)
Company Ltd
China
75%
60%
Asia
Place of
incorporation
Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Carlsberg Tianmuhu Brewery (Jiangsu)
Company Ltd
China
100%
79%
Lao Brewery Co. Ltd
Laos
61%
61%
Carlsberg Korea Ltd.
South Korea
100%
100%
Carlsberg Brewery Malaysia Berhad
Malaysia
A
51%
51%
Carlsberg Marketing Sdn BHD
Malaysia
100%
51%
Euro Distributors Sdn BHD
Malaysia
100%
51%
Carlsberg Singapore Pte Ltd
Singapore
100%
51%
Maybev Pte Ltd
Singapore
C
51%
26%
Carlsberg Vietnam Trading Co. Ltd
Vietnam
100%
100%
Carlsberg Vietnam Breweries Ltd
Vietnam
100%
100%
Paduak Holding Pte. Ltd
Singapore
100%
100%
Carlsberg Supply Company Asia Ltd
Hong Kong SAR
100%
100%
Caretech Limited
Hong Kong SAR
100%
100%
Cambrew Limited
Cambodia
2
100%
100%
Cambrew Properties Ltd
Cambodia
100%
100%
Angkor Beverage Co Ltd
Cambodia
100%
100%
CB Distribution Co., Ltd
Thailand
100%
100%
Central & Eastern Europe and India
Place of
incorporation
Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Carlsberg Azerbaijan LLC
Azerbaijan
100%
100%
Baku Piva JSC
Azerbaijan
91%
91%
Carlsberg Kazakhstan Ltd
Kazakhstan
90%
100%
Carlsberg Beverages Central Asia LLP
Kazakhstan
100%
100%
Carlsberg Kyrgyzstan LLC
Kyrgyzstan
100%
100%
PJSC Carlsberg Ukraine
Ukraine
1
100%
100%
Carlsberg South Asia Pte Ltd
Singapore
100%
100%
South Asian Breweries Pte Ltd
Singapore
100%
100%
Carlsberg India Pvt. Ltd
India
100%
100%
A Listed company.
B Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou
Carlsberg Consultancy and Management Services Co Ltd (49%), resulting in a consolidated ownership of 79%.
C Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia
Berhad (51%), resulting in a consolidated ownership of 26%.
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Creating value
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183
Carlsberg Group Annual Report 2024
SECTION 10 (CONTINUED)
GROUP COMPANIES
Central & Eastern Europe and India
Place of
incorporation
Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Gorkha Brewery Pvt. Ltd
Nepal
D, E
100%
100%
G.B. Marketing Pvt Ltd
Nepal
E
100 %
100 %
Baltic Beverages Holding AB
Sweden
100%
100%
Carlsberg Serbia Ltd
Serbia
100%
100%
Carlsberg BH d.o.o.
Bosnia and
Herzegovina
100%
100%
Carlsberg Montenegro d.o.o.
Montenegro
100%
100%
Carlsberg Croatia d.o.o.
Croatia
100%
100%
Carlsberg Bulgaria AD
Bulgaria
100%
100%
OJSC Brewery Alivaria
Belarus
E, F
78%
89%
Vista BY Co LLC
Belarus
100%
100%
Carlsberg Italia S.p.A.
Italy
100%
100%
Carlsberg Horeca Srl
Italy
100%
100%
T&C Italia Srl
Italy
100%
100%
Olympic Brewery SA
Greece
100%
100%
Hellenic Beverage Company SA
Greece
100%
100%
Carlsberg Hungary Kft.
Hungary
100%
100%
Saku Ölletehase AS
Estonia
100%
100%
Aldaris JSC
Latvia
100%
100%
Svyturys-Utenos Alus UAB
Lithuania
99%
99%
CTDD Beer Imports Ltd
Canada
100%
100%
Carlsberg Canada Inc.
Canada
100%
100%
Kronenbourg Breweries Canada Inc.
Canada
100%
100%
Carlsberg USA Inc.
USA
100%
100%
D In November 2024, the Group gained control of Gorkha Brewery through the acquisition of an additional 33.33%
of the shares in the holding company Carlsberg South Asia Pte Ltd and an additional 9.94% of the shares in Gorkha
Brewery.
E Company not audited by PwC.
F Consolidated ownership is higher than the legal ownership due to written put options.
Not allocated
Place of
incorporation
Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Carlsberg Finans A/S
Denmark
100%
100%
Carlsberg International A/S
Denmark
100%
100%
Home of Carlsberg A/S
Denmark
100%
100%
Carlsberg Invest A/S
Denmark
100%
100%
Carlsberg Integrated Information Technology
A/S
Denmark
100%
100%
Carlsberg Captive Insurance Company A/S
Denmark
100%
100%
Carlsberg Central Office A/S
Denmark
100%
100%
Traitomic A/S
Denmark
100%
100%
Carlsberg Shared Services Sp. z o.o.
Poland
100%
100%
Non-beverage
Place of
incorporation
Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Barley 1 A/S
Denmark
100%
100%
Carlsberg Ejendomme Holding A/S
Denmark
100%
100%
To our shareholders
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Creating value
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Sustainability statement
Consolidated financial statements
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184
Carlsberg Group Annual Report 2024
SECTION 10 (CONTINUED)
GROUP COMPANIES
Associates
Place of
incorporation
Note
Number of
subsidiaries
Parent
direct
ownership
Consolidated
ownership
Udviklingsselskabet Carlsberg Byen P/S
Denmark
E
50
25%
25%
Bjergsø Holding ApS
Denmark
E
25
20%
20%
Sinergie Proattive Srl
Italy
36%
36%
Brasserie du Pays Flamand
France
28%
28%
Knopp Oy
Finland
50%
50%
Viacer S.G.P.S., Lda
Portugal
G
29%
29%
Super Bock Group, S.G.P.S., S.A.
Portugal
G
11
56%
60%
Serviced Dispense Equipment (Holdings) Limited UK
2
33%
20%
Nuuk Imeq A/S
Greenland
E
32%
32%
Chongqing Jiawei Beer Co. Ltd
China
33%
26%
Lanzhou Huanghe Jianiang Brewery Company
Limited
China
50%
50%
Qinghai Huanghe Jianiang Brewery Company
Ltd
China
50%
50%
Jiuquan West Brewery Company Limited
China
50%
50%
Tianshui Huanghe Jianiang Brewery Company
Ltd
China
50%
50%
Lion Brewery (Ceylon) PLC
Sri Lanka
A, E, H
25%
13%
Hanoi Beer Alcohol and Beverage Joint Stock
Corporation
Vietnam
E
17%
17%
Carlsberg Distributors Taiwan Limited
Taiwan
1
50%
50%
NCC Crowns Private Limited
India
33%
33%
Bottlers Nepal Limited
Nepal
1
22%
20%
Myanmar Carlsberg Co. Ltd
Myanmar
E
1
61%
61%
G Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock), with a 56%
shareholding, with Carlsberg Breweries A/S owning the remaining 44%. In addition, Carlsberg Breweries A/S has a
direct ownership share of 29% in Viacer without exercising control. Therefore, both Viacer and Super Bock are
considered associates of the Group. The Group's direct and indirect ownership of Super Bock totals 60%.
H Lion Brewery (Ceylon) PLC is owned by Carlsberg Brewery Malaysia Berhad (25%). Carlsberg owns 51% of
Carlsberg Brewery Malaysia Berhad, resulting in 13% of the result being attributed to the shareholders in Carlsberg
A/S.
To our shareholders
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Creating value
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Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
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185
Carlsberg Group Annual Report 2024
PARENT COMPANY FINANCIAL STATEMENTS
PARENT COMPANY FINANCIAL
STATEMENTS
Income statement
187
Statement of comprehensive income
187
Statement of financial position
188
Statement of changes in equity
189
Statement of cash flows
189
Notes
190
SECTION 1
SUBSIDIARIES AND RELATED
PARTIES
1.1
Investments in subsidiaries
190
1.2
Related parties
191
SECTION 2
CAPITAL STRUCTURE
2.1
Financial items
192
2.2
Net interest-bearing debt
192
2.3
Share capital
193
SECTION 3
STAFF COSTS AND
REMUNERATION
3.1
Staff costs and remuneration
194
3.2
Retirement benefit obligations
194
SECTION 4
OTHER DISCLOSURE
REQUIREMENTS
4.1
Other operating activities, net
195
4.2
Cash flow
195
4.3
Provisions
195
4.4
Asset base and leases
195
4.5
Fees to auditors
195
4.6
Tax
196
4.7
Contingent liabilities and other
commitments
196
4.8 Events after the reporting period
196
SECTION 5
GENERAL ACCOUNTING POLICIES
5
General accounting policies
197
To our shareholders
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Creating value
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Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
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186
Carlsberg Group Annual Report 2024
INCOME STATEMENT
DKK million
Section
2024
2023
Administrative expenses
-35
-32
Other operating activities, net
4.1
-25
-29
Operating profit before special items
-60
-61
Special items, net
4
-15
Financial income
2.1
3,619
3,713
Financial expenses
2.1
-53
-42
Profit before tax
3,510
3,595
Income tax
4.6
-21
123
Profit for the period
3,489
3,718
Attributable to
Dividend to shareholders
3,625
3,709
Reserves
-136
9
Profit for the period
3,489
3,718
STATEMENT OF COMPREHENSIVE INCOME
DKK million
Section
2024
2023
Profit for the period
3,489
3,718
Other comprehensive income
Retirement benefit obligations
3.2
-3
-2
Income tax
4.6
1
1
Items that will not be reclassified to the income statement
-2
-1
Other comprehensive income
-2
-1
Total comprehensive income
3,487
3,717
To our shareholders
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Sustainability statement
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Parent company financial statements
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187
Carlsberg Group Annual Report 2024
STATEMENT OF FINANCIAL POSITION
DKK million
Section
31 Dec. 2024
31 Dec. 2023
ASSETS
Non-current assets
Property, plant and equipment
4.4
231
222
Investments in subsidiaries
1.1
25,697
27,271
Receivables
357
341
Tax assets
4.6
59
37
Total non-current assets
26,344
27,871
Current assets
Receivables
1.2
27
208
Tax receivables
25
137
Other receivables
199
254
Total current assets
251
599
Total assets
26,595
28,470
DKK million
Section
31 Dec. 2024
31 Dec. 2023
EQUITY AND LIABILITIES
Equity
Share capital
2.3
2,685
2,747
Retained earnings
23,521
25,419
Total equity
26,206
28,166
Non-current liabilities
Retirement benefit obligations
3.2
29
30
Provisions
4.3
15
10
Total non-current liabilities
44
40
Current liabilities
Borrowings
1.2
162
-
Trade payables
38
100
Provisions
4.3
8
23
Other liabilities
137
141
Total current liabilities
345
264
Total liabilities
389
304
Total equity and liabilities
26,595
28,470
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
188
Carlsberg Group Annual Report 2024
STATEMENT OF CHANGES IN EQUITY
DKK million
Shareholders in Carlsberg A/S
2024
Section
Share
capital
Retained
earnings
Total equity
Equity at 1 January
2,747
25,419
28,166
Profit for the period
3,489
3,489
Other comprehensive income
-
-2
-2
Total comprehensive income for the period
-
3,487
3,487
Cancellation of treasury shares
-62
62
-
Share-based payments
3.1
-
1
1
Share-based payments to employees in subsidiaries
-
113
113
Share buy-back
2.3
-
-1,960
-1,960
Dividends paid to shareholders
2.3
-
-3,601
-3,601
Total changes in equity
-62
-1,898
-1,960
Equity at 31 December
2,685
23,521
26,206
2023
Equity at 1 January
2,837
28,351
31,188
Profit for the period
3,718
3,718
Other comprehensive income
-
-1
-1
Total comprehensive income for the period
-
3,717
3,717
Cancellation of treasury shares
-90
90
-
Share-based payments
3.1
-
1
1
Share-based payments to employees in subsidiaries
-
155
155
Share buy-back
2.3
-
-3,200
-3,200
Dividends paid to shareholders
2.3
-
-3,695
-3,695
Total changes in equity
-90
-2,932
-3,022
Equity at 31 December
2,747
25,419
28,166
STATEMENT OF CASH FLOWS
DKK million
Section
2024
2023
Operating profit before special items
-60
-61
Depreciation and amortisation
4.4
14
16
Operating profit before depreciation and amortisation
-46
-45
Other non-cash items
3
-20
Change in working capital
69
181
Interest etc. received
19
18
Interest etc. paid
-108
-40
Income tax paid
71
-34
Cash flow from operating activities
8
60
Acquisition of property, plant and equipment
-15
-72
Total operational investments
-15
-72
Dividends from subsidiaries
1.2
3,598
3,695
Capital reductions in subsidiaries
1.2
1,660
3,000
Total financial investments
5,258
6,695
Cash flow from investing activities
5,243
6,623
Free cash flow
5,251
6,683
Shareholders in Carlsberg A/S
2.3
-5,561
-6,895
External financing
2.2
310
212
Cash flow from financing activities
-5,251
-6,683
Net cash flow
-
-
Cash and cash equivalents at 1 January
-
-
Cash and cash equivalents at 31 December
-
-
To our shareholders
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189
Carlsberg Group Annual Report 2024
SECTION 1
SUBSIDIARIES AND RELATED PARTIES
SECTION 1.1
INVESTMENTS IN SUBSIDIARIES
Investments in subsidiaries
DKK million
2024
2023
Cost
Cost at 1 January
27,271
30,080
Capital reductions
-1,660
-3,000
Share-based payments to employees, net
86
191
Cost at 31 December
25,697
27,271
Carrying amount at 31 December
25,697
27,271
Share-based payments to employees in subsidiaries comprise exercised as well as outstanding share-
based incentive instruments.
Please see section 10 in the consolidated financial statements for a list of companies in the Carlsberg
Group.
ACCOUNTING ESTIMATES AND JUDGEMENTS
Indications of impairment of investments in subsidiaries are assessed annually by management.
Impairment tests are performed by applying the same principles as the tests for impairment of goodwill in
the Group, cf. section 2.3 in the consolidated financial statements.
It is management’s assessment that no indications of impairment existed at year-end 2024. Impairment
tests have therefore not been carried out for subsidiaries.
ACCOUNTING POLICIES
Dividends on investments in subsidiaries are recognised in the Parent Company income statement in the
financial year in which the dividend is declared.
Investments in subsidiaries are measured at the lower of cost and recoverable amount.
Share-based payments granted to employees of the Company’s subsidiaries and the recharge of expenses
to the subsidiaries in connection with the employees’ exercise of share-based awards are recognised as
contributions to and reductions of the investment in the subsidiaries respectively.
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190
Carlsberg Group Annual Report 2024
SECTION 1.2
RELATED PARTIES
The Carlsberg Foundation, H.C. Andersens Boulevard 35, 1553 Copenhagen V, Denmark, exercises
control over Carlsberg A/S. The Foundation holds 29.6% (2023: 29.4%) of the shares and 77.3% of
the voting power in Carlsberg A/S, excluding treasury shares (2023: 76.7%).
The following transactions took place between the Carlsberg Foundation and the Carlsberg Group in
2024:
• The Carlsberg Foundation received a dividend from Carlsberg A/S and participated pro rata in the
Carlsberg A/S share buy-back.
• Carlsberg A/S received statutory funding and grants for research and development.
• Home of Carlsberg A/S, a 100%-owned subsidiary of the Carlsberg Group, hosted and
administered events at the Carlsberg Academy, which is owned by the Carlsberg Foundation.
• Carlsberg A/S leased parking spaces from the Carlsberg Foundation.
• Carlsberg Breweries A/S leased storage facilities in the researcher apartments in Carlsberg Byen.
• The Group delivered beer and soft drinks to the Carlsberg Foundation.
These transactions are described in further detail in sections 4.2 and 8.3 of the consolidated financial
statements.
It is estimated that the benefit for the Carlsberg Group corresponds to the value of the services
provided to the Carlsberg Foundation, which in turn corresponds to what each party would have had
to pay to have the same deliverables provided by external parties.
OTHER RELATED PARTIES
Related parties also comprise Carlsberg A/S’ Supervisory Board and Executive Board, their close
family members and companies in which these persons have significant influence. During the year,
there were no transactions between these parties and the Group, except for remuneration as
disclosed in section 3.
No losses on loans to or receivables from subsidiaries and associates were recognised or provided for
in either 2024 or 2023.
Transactions with subsidiaries
DKK million
2024
2023
Other operating activities, net
33
40
Interest income
21
18
Interest expenses
-48
-36
Dividends received
3,598
3,695
Capital reductions
1,660
3,000
Recharge of share-based payments
83
126
Loans
355
503
Receivables
26
43
Borrowings
-162
-
Trade payables
-9
-74
Other payables
-
-1
The fair value of receivables from subsidiaries corresponds to the carrying amount in all material
respects.
To our shareholders
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Creating value
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Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
191
Carlsberg Group Annual Report 2024
SECTION 2
CAPITAL STRUCTURE
SECTION 2.1
FINANCIAL ITEMS
Financial items recognised in the income statement
DKK million
2024
2023
Financial income
Interest income
21
18
Dividends from subsidiaries
3,598
3,695
Total
3,619
3,713
Financial expenses
Interest expenses
-48
-36
Other
-5
-6
Total
-53
-42
Financial items, net
3,566
3,671
Interest income relates to interest on loans to subsidiaries, whereas interest expenses relate to
borrowings incurred and repaid during the year.
No financial items were recognised in other comprehensive income. The average effective interest
rate on loans to subsidiaries was 4.04% (2023: 3.99%) and on borrowings from subsidiaries 4.73%
(2023: 4.25%).
SECTION 2.2
NET INTEREST-BEARING DEBT
DKK million
2024
2023
Borrowings
162
-
Gross interest-bearing debt
162
-
Loans to subsidiaries
-355
-503
Net interest-bearing debt
-193
-503
Changes in net interest-bearing debt
Net interest-bearing debt at 1 January
-503
-716
Cash flow from operating activities, excluding interest-bearing part
-8
-60
Cash flow from investing activities
-5,243
-6,623
Share buy-back
1,960
3,200
Dividends to shareholders
3,601
3,695
Other
-
1
Total change
310
213
Net interest-bearing debt at 31 December
-193
-503
To our shareholders
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Sustainability statement
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Parent company financial statements
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192
Carlsberg Group Annual Report 2024
SECTION 2.3
SHARE CAPITAL
Class A shares
Class B shares
Total share capital
Shares of
DKK 20
Nominal
value,
DKK ’000
Shares of
DKK 20
Nominal
value,
DKK ’000
Shares of
DKK 20
Nominal
value,
DKK ’000
1 January 2023
33,699,252
673,985
108,157,554
2,163,151
141,856,806
2,837,136
Cancellation of treasury
shares
-
-
-4,500,000
-90,000
-4,500,000
-90,000
31 December 2023
33,699,252
673,985
103,657,554
2,073,151
137,356,806
2,747,136
Cancellation of treasury
shares
-
-
-3,100,000
-62,000
-3,100,000
-62,000
31 December 2024
33,699,252
673,985
100,557,554
2,011,151
134,256,806
2,685,136
A shares carry 20 votes per DKK 20 share. B shares carry two votes per DKK 20 share. A preferential right to an
8% non-cumulative dividend is attached to B shares. Apart from votes and dividends, all shares rank equally.
At the Annual General Meeting on 11 March 2024, it was decided to reduce the share capital of
Carlsberg A/S by a nominal amount of DKK 62,000,000 to a nominal amount of DKK 2,685,136,120
by cancelling 3,100,000 of the B shares held by the Company, each with a nominal value of DKK 20.
The cancellation was completed on 9 April 2024. These shares had been repurchased as part of the
Company’s share buy-back programme.
At the Annual General Meeting on 17 March 2025, the Supervisory Board will recommend that
1,600,000 treasury shares not used for the hedging of the incentive programme be cancelled.
DIVIDENDS
The proposed dividend of DKK 27.00 per share (2023: DKK 27.00 per share), amounting to DKK
3,625m (2023: DKK 3,709m), has been included in retained earnings at 31 December 2024.
Dividends to be paid out in 2025 for 2024, net of dividends on treasury shares held at 31 December
2024, will amount to DKK 3,566m (paid out in 2024 for 2023: DKK 3,621m). Dividends paid out in
2024 for 2023, net of dividends on treasury shares, amounted to DKK -3,601m (paid out in 2023 for
2022: DKK 3,695m). Dividends paid out to shareholders in Carlsberg A/S do not impact taxable
income in Carlsberg A/S.
SHARE BUY-BACK AND TREASURY SHARES
On 7 February 2024, Carlsberg A/S announced its intention to continue the share buy-back, executed
as quarterly programmes. On 8 July, Carlsberg A/S terminated its share buy-back programme
following the announcement of the Group’s recommended offer to acquire the Britvic Group. In 2024,
a total of 2,123,980 B shares worth DKK 2.0bn were repurchased. Carlsberg A/S generally intends to
cancel treasury shares that are not used for hedging of incentive programmes.
According to the authorisation of the Annual General Meeting, the Supervisory Board may, in the
period until 13 March 2027, allow the Company to acquire treasury shares up to a total holding of
10% of the nominal share capital at a price quoted on Nasdaq Copenhagen at the time of acquisition
with a deviation of up to 10%. The permitted holding of treasury shares covers those acquired in
share buy-back programmes. The Company holds no class A shares.
Transactions with shareholders in Carlsberg A/S
2024
2023
Dividends to shareholders
-3,601
-3,695
Acquisition of treasury shares
-1,960
-3,200
Total
-5,561
-6,895
In the 2024 financial year, the Company acquired class B treasury shares at a nominal amount of
DKK 43m (2023: DKK 67m) at an average price per share of DKK 923 (2023: DKK 959). Class B
treasury shares are acquired and disposed of as part of the share buy-back programme and to
facilitate settlement of the share-based incentive programmes.
At 31 December 2024, the fair value of treasury shares amounted to DKK 1,503m (2023: DKK
2,746m). The holdings of treasury shares are specified in section 4.2 in the consolidated financial
statements.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
193
Carlsberg Group Annual Report 2024
SECTION 3
STAFF COSTS AND REMUNERATION
SECTION 3.1
STAFF COSTS AND REMUNERATION
Staff costs and remuneration
DKK million
2024
2023
Salaries and other remuneration
99
116
Retirement benefit costs - defined contribution plans
6
6
Share-based payments
25
52
Total
130
174
Staff costs are included in the following items in the income statement
Administrative expenses
2
2
Other operating activities, net
69
62
Total staff costs recognised by the Parent Company
71
64
Staff costs recognised by other Group companies
59
110
Total
130
174
The Company had an average of 92 (2023: 88) full-time employees during the year.
The remuneration of the Supervisory Board, executive directors and key management personnel is
described in detail in the Remuneration Report.
In 2024, the Supervisory Board received total remuneration of DKK 11.00m (2023: DKK 10.31m),
comprising fixed salary only.
SHARE-BASED INCENTIVE PROGRAMMES
The executive directors in the Parent Company are the same as for the Carlsberg Group. Please refer
to section 7.3 in the consolidated financial statements for information on share-based incentive
programmes for the executive directors.
PERFORMANCE SHARES
Besides the executive directors, one employee in the Parent Company participates in the Group’s
performance share programmes as described in section 7.3 in the consolidated financial statements.
Refunds etc. between Carlsberg A/S and its subsidiaries are recognised directly in equity.
ACCOUNTING POLICIES
Staff costs are recognised in the financial year in which the employee renders the related service. The fair
value of share-based incentives, which is expensed over the vesting period of the programme according to
the service conditions, is recognised in staff costs and offset directly against equity.
The fair value of share-based incentives granted to employees in subsidiaries is recognised as investments
in subsidiaries and offset directly against equity.
The difference between the purchase price and the selling price for the exercise of share-based incentives
is settled between Carlsberg A/S and the individual subsidiary, and offset directly against investments in
subsidiaries.
The difference between the fair value of the Parent Company’s equity instruments and the exercise price
of outstanding share-based incentives is recognised as a receivable and offset directly against investments
in subsidiaries.
Share-based incentives granted to the Parent Company’s own employees are recognised and measured in
accordance with the accounting policies used by the Group.
SECTION 3.2
RETIREMENT BENEFIT OBLIGATIONS
Retirement benefit obligations and similar obligations comprise payments to retired directors that are
not covered by an insurance company. The plan is unfunded.
Total obligations amounted to DKK 29m (2023: DKK 30m) and include actuarial losses of DKK 3m
(2023: DKK 2m) and benefits paid in the year of DKK 4m (2023: DKK 4m).
Of the expected payment obligation, DKK 4m (2023: DKK 4m) is due within one year, DKK 16m
(2023: DKK 16m) between one and five years and DKK 9m (2023: DKK 10m) after more than five
years from the reporting date.
The underlying actuarial assumptions are based on local economic and labour market conditions. In
2023 and in 2024 the discount rate was 0.5% and the rate of increase in future retirement benefit
obligations was 0%.
Retirement benefit obligations had no impact on the income statement in either 2023 or 2024.
DKK -3m (2023: DKK -2m) was recognised in other comprehensive income.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
194
Carlsberg Group Annual Report 2024
SECTION 4
OTHER DISCLOSURE REQUIREMENTS
SECTION 4.1
OTHER OPERATING ACTIVITIES, NET
Other operating activities, net
DKK million
2024
2023
Real estate, net
-1
-1
Research activities, including the Carlsberg Research Laboratory
-24
-26
Other, net
-
-2
Total
-25
-29
Other operating activities are secondary to the principal activities of the Group and include income
and expenses relating to rental properties and research activities.
Research expenses are partially financed through funding received from the Carlsberg Foundation for
the operation of the Carlsberg Research Laboratory and other grants.
ACCOUNTING POLICIES
The funding and grants are recognised in the income statement in the same period as the activities to
which they relate.
SECTION 4.2
CASH FLOW
Change in working capital of DKK 69m (2023: DKK 181m) consists of trade receivables of DKK 73m
(2023: 6m), trade payables and other liabilities of DKK -73m (2023: DKK 65m) and retirement benefit
obligations and provisions of DKK 69m (2023: DKK 110m).
Cash flow from operational investments of DKK -15m (2023: DKK -72m) comprises acquisition of
property, plant and equipment.
SECTION 4.3
PROVISIONS
Provisions primarily comprise warranty provisions regarding real estate disposed of
and provisions for ongoing disputes.
At 31 December 2024, total provisions amounted to DKK 23m (2023: DKK 33m). Provisions
amounting to DKK 6m (2023: DKK 33m) were utilised in 2024.
Of the total provisions, DKK 8m (2023: DKK 23m) falls due within one year and DKK 15m (2023: DKK
10m) between one and five years from the end of the reporting period.
SECTION 4.4
ASSET BASE AND LEASES
Property, plant and equipment totalled DKK 231m (2023: DKK 222m) and comprised land and
buildings of DKK 195m (2023: DKK 190m) and plant and machinery of DKK 36m (2023: DKK 32m).
Depreciation and amortisation of DKK 14m (2023: DKK 16m) was included in administrative expenses.
All lease contracts in Carlsberg A/S at 31 December 2024 related to short-term leases and leases of
low-value assets. The lease expenses recognised in the income statement amounted to DKK 0m
(2023: DKK 1m). Such contracts comprise the lease of copy and printing machines, coffee machines,
parking spaces, small IT devices and similar equipment.
SECTION 4.5
FEES TO AUDITORS
Fees to auditors appointed by the Annual General Meeting
DKK million
2024
2023
Statutory audit
0.5
0.5
Assurance engagements
0.2
0.1
Other services
0.1
0.1
Total
0.8
0.7
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
195
Carlsberg Group Annual Report 2024
SECTION 4.6
TAX
Reconciliation of tax for the year
DKK million
2024
2023
Calculated tax on profit at 22%
772
791
Adjustments to tax for prior years
41
-100
Non-deductible expenses
-1
-
Dividends and other tax-exempt items
-791
-814
Tax for the year
21
-123
Total tax for the year recognised in the income statement of DKK 21m (2023: income of DKK 123m),
was primarily affected by non-taxable dividends.
Specification of deferred tax
Deferred tax assets
Deferred tax liabilities
DKK million
2024
2023
2024
2023
Property, plant and equipment
5
-
5
6
Provisions and retirement benefit obligations
40
43
-
-
Tax losses
19
-
-
-
Total before offset
64
43
5
6
Offset
-5
-6
-5
-6
Deferred tax assets and liabilities at 31 December
59
37
-
-
Expected to be used as follows
Within one year
3
-
-
-
After more than one year
56
37
-
-
Total
59
37
-
-
The unrecognised tax asset from tax losses amounts to DKK 55m (2023: DKK 30m).
As administration company in the mandatory Danish joint taxation regime, Carlsberg A/S has
unlimited and joint legal responsibility with the other Danish companies for Danish withholding taxes.
ACCOUNTING ESTIMATES AND JUDGEMENTS
Carlsberg A/S recognises deferred tax assets, including the tax base of tax losses carried forward, if
management assesses that these tax assets can be offset against positive taxable income in the
foreseeable future. This judgement is made annually and based on budgets and business plans for the
coming years.
ACCOUNTING POLICIES
Carlsberg A/S is the administration company for the mandatory Danish joint tax regime. Taxes calculated
under this regime are fully distributed between relevant entities.
The Parent Company has applied the exception to recognise and disclose information about deferred tax
in the OECD/EU Pillar Two Model Rules and their local implementation.
SECTION 4.7
CONTINGENT LIABILITIES AND OTHER
COMMITMENTS
Carlsberg A/S has issued guarantees to subsidiaries in Sweden for pension obligations of DKK 394m
(2023: DKK 389m) and guarantees for pension obligations in the UK, cf. section 7.4 in the
consolidated financial statements.
Carlsberg A/S is jointly registered for Danish VAT and excise duties with Carlsberg Breweries,
Carlsberg Danmark, Carlsberg Supply Company Danmark and various other Danish subsidiaries, and
is jointly and severally liable for payment of VAT and excise duties.
Carlsberg A/S is party to certain lawsuits, disputes etc. of various scopes. In management’s opinion,
apart from items recognised in the statement of financial position or disclosed in the financial
statements, the outcome of these lawsuits, disputes etc. will not have a material negative effect on
the Company’s financial position.
SECTION 4.8
EVENTS AFTER THE REPORTING PERIOD
Apart from the events recognised or disclosed in the financial statements, no events have occurred
after the reporting date of importance to the financial statements.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
196
Carlsberg Group Annual Report 2024
SECTION 5
GENERAL ACCOUNTING POLICIES
The financial statements of Carlsberg A/S for 2024 have been prepared in accordance with IFRS
Accounting Standards as adopted by the EU and further requirements in the Danish Financial
Statements Act.
The financial statements are presented in Danish kroner (DKK), which is the presentation currency.
The accounting policies for the Parent Company are the same as for the Group, cf. section 9 in the
consolidated financial statements and the individual sections.
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
In preparing Carlsberg A/S’ financial statements, management makes various accounting estimates
and judgements that form the basis of presentation, recognition and measurement of the Company’s
assets and liabilities.
The estimates and judgements made are based on historical experience and other factors that
management assesses to be reliable, but that by their very nature are associated with uncertainty
and unpredictability. These estimates and judgements may therefore prove incomplete or incorrect,
and unexpected events or circumstances may arise.
The significant accounting estimates and judgements made and accounting policies specific to the
Parent Company are presented in the explanatory notes.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
197
Carlsberg Group Annual Report 2024
REPORTS
MANAGEMENT
STATEMENT
The Supervisory Board and the Executive Board have today considered and adopted the Annual
Report of Carlsberg A/S for the financial year 1 January – 31 December 2024.
The Consolidated Financial Statements and the Parent Company Financial Statements have been
prepared in accordance with IFRS Accounting Standards as adopted by the EU and further
requirements in the Danish Financial Statements Act. Management’s Review has been prepared in
accordance with the Danish Financial Statements Act.
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements
give a true and fair view of the financial position at 31 December 2024 of the Group and the Parent
Company and of the results of the Group and Parent Company operations and cash flows for 2024.
In our opinion, Management’s Review includes a fair review of the development in the operations and
financial circumstances of the Group and the Parent Company, of the results for the year and of the
financial position of the Group and the Parent Company as well as a description of the most
significant risks and elements of uncertainty, which the Group and the Parent Company are facing.
Additionally, the sustainability statement, which is part of Management’s Review, has been prepared,
in all material respects, in accordance with paragraph 99 a of the Danish Financial Statements Act.
This includes compliance with the European Sustainability Reporting Standards (ESRS) including that
the process undertaken by Management to identify the reported information (the “Process”) is in
accordance with the description set out in the section titled “Identifying our impacts, risks and
opportunities”. Furthermore, disclosures within the subsection titled “EU Taxonomy” in the
environmental section of the sustainability statement are, in all material respects, in accordance with
Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”).
The year 2024 marks the initial implementation of paragraph 99 a of the Danish Financial
Statements Act concerning compliance with ESRS. As such, more clear guidance and practice are
anticipated in various areas, which are expected to be issued in the coming years. Furthermore, the
sustainability statement includes forward-looking statements based on disclosed assumptions about
events that may occur in the future and possible future actions by the Group. Actual outcomes are
likely to be different since anticipated events frequently do not occur as expected.
In our opinion, the annual report of Carlsberg A/S for the financial year 1 January to 31 December
2024 with the file name Carlsberg-2024-12-31-en.zip is prepared, in all material respects, in
compliance with the ESEF Regulation.
We recommend that the Annual Report be adopted at the Annual General Meeting.
Copenhagen, 6 February 2025
Executive Board of Carlsberg A/S
Jacob Aarup-Andersen
Group CEO
Ulrica Fearn
CFO
Supervisory Board of Carlsberg A/S
Henrik Poulsen
Chair
Majken Schultz
Deputy Chair
Mikael Aro
Magdi Batato
Lilian Fossum Biner
Richard Burrows
Eva Vilstrup Decker
Bob Kunze-Concewitz
Punita Lal
Erik Lund
Ivan Nielsen
Olayide Oladokun
Søren-Peter Fuchs Olesen
Peter Petersen
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
198
Carlsberg Group Annual Report 2024
REPORTS
INDEPENDENT
AUDITOR’S REPORTS
TO THE SHAREHOLDERS OF CARLSBERG A/S
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
OUR OPINION
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements
(pp. 112-197) give a true and fair view of the Group’s and the Parent Company’s financial position at 31
December 2024 and of the results of the Group’s and the Parent Company’s operations and cash
flows for the financial year 1 January to 31 December 2024 in accordance with IFRS Accounting
Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.
Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board
of Directors.
What we have audited
The Consolidated Financial Statements and Parent Company Financial Statements of Carlsberg A/S
for the financial year 1 January to 31 December 2024 comprise income statement and statement of
comprehensive income, statement of financial position, statement of changes in equity, statement of
cash flows and notes, including material accounting policy information for the Group as well as for
the Parent Company. Collectively referred to as the “Financial Statements”.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the
additional requirements applicable in Denmark. Our responsibilities under those standards and
requirements are further described in the Auditor’s responsibilities for the audit of the Financial
Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the
additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical
responsibilities in accordance with these requirements and the IESBA Code.
To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of
Regulation (EU) No 537/2014 were not provided.
Appointment
We were first appointed auditors of Carlsberg A/S on 30 March 2017 for the financial year 2017. We
have been reappointed annually by shareholder resolution for a total period of uninterrupted
engagement of eight years including the financial year 2024.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the Financial Statements for 2024. These matters were addressed in the context of our
audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
199
Carlsberg Group Annual Report 2024
Key audit matter
How our audit addressed the key audit matter
Revenue recognition
Recognition of revenue is complex
due to the variety of different
revenue streams, ranging from sales
of goods, royalty income and sales
of by-products, recognised when all
significant risks and rewards have
been transferred to the customer or
in line with the terms of the licence
agreement.
Furthermore, the various discounts
and locally imposed duties and fees
in respect of revenue recognition are
complex and hold an inherent risk to
the revenue recognition process.
We focused on this area, as there is
a risk of non-compliance with
accounting standards due to
complexity originating from different
customer behaviours, structures,
market conditions and terms in the
various countries.
Revenue recognition and accounting
treatment are described in section 1.1
“Segmentation of operations” in the
Consolidated Financial Statements.
Our audit procedures included considering the appropriateness of the
revenue recognition accounting policies and assessing compliance with the
accounting standards.
We performed risk assessment procedures to obtain an understanding of IT
systems, business processes and relevant controls related to revenue
recognition. For the controls we assessed if these had been designed and
implemented in a way that effectively addresses the risk of material
misstatement.
We tested that selected controls considered relevant to our audit, including
that Management’s monitoring of controls, used to ensure the completeness,
accuracy and timing of revenue recognised, were performed consistently
throughout the year.
We discussed the judgements related to the recognition, and classification of
revenue with Management. Further, we performed substantive procedures
regarding invoicing, significant contracts, significant transaction streams
(including various discounts), locally imposed duties and fees, and cut-off at
year-end in order to assess the accounting treatment and principles applied.
We applied data analysis in our testing of revenue transactions in order to
identify and test transactions outside the ordinary transaction flow, including
journal entry testing.
Key audit matter
How our audit addressed the key audit matter
Recoverability of the carrying amount of goodwill and brands
The carrying amount of goodwill and
brands at 31 December 2024
amounts to DKK 51.2 billion,
corresponding to 45% of total
assets.
The principal risks are in relation to
Management’s assessment of the
future timing and amount of cash
flows that are used to project the
recoverability of the carrying amount
of goodwill and brands.
Bearing in mind the generally long-
lived nature of the assets, the
significant assumptions used to
estimate future cash flows are;
Management’s view of prices,
volumes, discount rates, growth
rates, royalty rates, expected useful
life, costs and operating investments
as well as the judgement in defining
cash-generating units (CGUs).
We focused on this, as there is a high
level of subjectivity exercised by
Management in estimating future
cash flows and the models used are
complex.
The key assumptions and accounting
treatment are described in section
2.3 “Impairment” in the Consolidated
Financial Statements.
Our audit procedures included performing risk assessment procedures to
obtain an understanding of IT systems, business processes and relevant
controls related to the assessment of the carrying amount of goodwill and
brands with indefinite and finite useful lives.
In addressing the risks, we walked through and tested that controls relevant
to our audit were performed consistently throughout the year.
We considered the appropriateness of Management’s defined groups of
CGUs within the business. We evaluated whether there were factors
requiring Management to change their definition. We examined the
methodology used by Management to assess the carrying amount of
goodwill and brands assigned to groups of CGUs, and the process for
identifying groups of CGUs that require impairment testing to determine
compliance with IFRS Accounting Standards.
We performed detailed testing for the assets where an impairment test was
required or indications of impairment were identified. For those assets, we
obtained the impairment tests prepared by Management and assessed the
reasonableness of the significant assumptions, including assessment of price
and volume forecasts, royalty rates, expected useful life, cost, operating
investments, discount rates and long term growth rates, and tested the
relevant data applied by Management.
We evaluated estimates of future cash flows and challenged whether they
are reasonable and supported by the most recently approved Management
budgets, including expected future performance of the groups of CGUs, and
challenged whether these are appropriate in light of future macroeconomic
expectations in the markets.
We made use of our internal valuation specialists to independently challenge
the key inputs used in calculating the discount rates and to assess the
methodologies applied.
Further, we tested the mathematical accuracy of the relevant models
prepared by Management.
Finally, we assessed the appropriateness of disclosures in the Consolidated
Financial Statements, including sensitivity analyses prepared for the
significant assumptions.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
200
Carlsberg Group Annual Report 2024
STATEMENT ON MANAGEMENT’S REVIEW
Management is responsible for Management’s Review (pp. 1-110).
Our opinion on the Financial Statements does not cover Management’s Review, and we do not as
part of the audit express any form of assurance conclusion thereon.
In connection with our audit of the Financial Statements, our responsibility is to read Management’s
Review and, in doing so, consider whether Management’s Review is materially inconsistent with the
Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.
Moreover, we considered whether Management’s Review includes the disclosures required by the
Danish Financial Statements Act. This does not include the requirements in paragraph 99 a related to
the sustainability statement covered by the separate auditor’s limited assurance report hereon.
Based on the work we have performed, in our view, Management’s Review is in accordance with the
Consolidated Financial Statements and the Parent Company Financial Statements and has been
prepared in accordance with the requirements of the Danish Financial Statements Act, except for the
requirements in paragraph 99 a related to the sustainability statement, cf. above. We did not identify
any material misstatement in Management’s Review.
MANAGEMENT’S RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
Management is responsible for the preparation of consolidated financial statements and parent
company financial statements that give a true and fair view in accordance with IFRS Accounting
Standards as adopted by the EU and further requirements in the Danish Financial Statements Act,
and for such internal control as Management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the Financial Statements, Management is responsible for assessing the Group’s and the
Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless Management either intends to
liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but
to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs and the additional requirements
applicable in Denmark will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these
Financial Statements.
As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We
also:
• Identify and assess the risks of material misstatement of the Financial Statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s and the Parent Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by Management.
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting
and based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Group or the Parent Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Financial Statements, including the
disclosures, and whether the Financial Statements represent the underlying transactions and
events in a manner that gives a true and fair view.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business units within the group as a basis for forming an
opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision
and review of the audit work performed for purposes of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence and,
where applicable, actions taken to eliminate threats or safeguards applied.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
201
Carlsberg Group Annual Report 2024
From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the Financial Statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter.
REPORT ON COMPLIANCE WITH THE ESEF REGULATION
As part of our audit of the Financial Statements we performed procedures to express an opinion on
whether the annual report of Carlsberg A/S for the financial year 1 January to 31 December 2024 with
the filename Carlsberg-2024-12-31-en.zip is prepared, in all material respects, in compliance with the
Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF
Regulation) which includes requirements related to the preparation of the annual report in XHTML
format and iXBRL tagging of the Consolidated Financial Statements including notes.
Management is responsible for preparing an annual report that complies with the ESEF Regulation.
This responsibility includes:
• The preparing of the annual report in XHTML format;
• The selection and application of appropriate iXBRL tags, including extensions to the ESEF
taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information
required to be tagged using judgement where necessary;
• Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements
presented in human-readable format; and
• For such internal control as Management determines necessary to enable the preparation of an
annual report that is compliant with the ESEF Regulation.
Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all
material respects, in compliance with the ESEF Regulation based on the evidence we have obtained,
and to issue a report that includes our opinion. The nature, timing and extent of procedures selected
depend on the auditor’s judgement, including the assessment of the risks of material departures from
the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures
include:
• Testing whether the annual report is prepared in XHTML format;
• Obtaining an understanding of the company’s iXBRL tagging process and of internal control over
the tagging process;
• Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements
including notes;
• Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF
taxonomy and the creation of extension elements where no suitable element in the ESEF
taxonomy has been identified;
• Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and
• Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.
In our opinion, the annual report of Carlsberg A/S for the financial year 1 January to 31 December
2024 with the file name Carlsberg-2024-12-31-en.zip is prepared, in all material respects, in
compliance with the ESEF Regulation.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
202
Carlsberg Group Annual Report 2024
Hellerup, 6 February 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no 33 77 12 31
Lars Baungaard
State Authorised Public Accountant
mne23331
Michael Groth Hansen
State Authorised Public Accountant
mne33228
REPORTS
INDEPENDENT
AUDITOR’S LIMITED
ASSURANCE REPORT
ON THE
SUSTAINABILITY
STATEMENT
TO THE STAKEHOLDERS OF CARLSBERG A/S
LIMITED ASSURANCE CONCLUSION
We have conducted a limited assurance engagement on the sustainability statement of Carlsberg A/S
(the “Group”) included in the Management’s Review (the “Sustainability Statement”) (pp. 52-110), for
the financial year 1 January – 31 December 2024.
Based on the procedures we have performed and the evidence we have obtained, nothing has come
to our attention that causes us to believe that the Sustainability Statement is not prepared, in all
material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including:
• compliance with the European Sustainability Reporting Standards (ESRS), including that the
process carried out by the management to identify the information reported in the Sustainability
Statement (the “Process”) is in accordance with the description set out in the subsection
“Conducting our double materiality assessment" within the general disclosures section of the
Sustainability Statement; and
• compliance of the disclosures in the subsection “EU Taxonomy” within the environmental section
of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy
Regulation”).
BASIS FOR CONCLUSION
We conducted our limited assurance engagement in accordance with the International Standard on
Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews
of historical financial information (“ISAE 3000 (Revised)”) and the additional requirements applicable
in Denmark.
The procedures in a limited assurance engagement vary in nature and timing from, and are less in
extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained
in a limited assurance engagement is substantially lower than the assurance that would have been
obtained had a reasonable assurance engagement been performed.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion. Our responsibilities under this standard are further described in the Auditor’s
responsibilities for the assurance engagement section of our report.
Our independence and quality management
We are independent of the Group in accordance with the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the
additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical
responsibilities in accordance with these requirements and the IESBA Code.
Our firm applies International Standard on Quality Management 1, which requires the firm to design,
implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
203
Carlsberg Group Annual Report 2024
MANAGEMENT’S RESPONSIBILITIES FOR THE SUSTAINABILITY
STATEMENT
Management is responsible for designing and implementing a process to identify the information
reported in the Sustainability Statement in accordance with the ESRS and for disclosing this Process
as included in the subsection “Conducting our double materiality assessment” within the general
disclosures section of the Sustainability Statement. This responsibility includes:
• understanding the context in which the Group’s activities and business relationships take place and
developing an understanding of its affected stakeholders;
• the identification of the actual and potential impacts (both negative and positive) related to
sustainability matters, as well as risks and opportunities that affect, or could reasonably be
expected to affect, the Group’s financial position, financial performance, cash flows, access to
finance or cost of capital over the short-, medium-, or long-term;
• the assessment of the materiality of the identified impacts, risks and opportunities related to
sustainability matters by selecting and applying appropriate thresholds; and
• making assumptions that are reasonable in the circumstances.
Management is further responsible for the preparation of the Sustainability Statement, which
includes the information identified by the Process, in accordance with the Danish Financial
Statements Act paragraph 99 a, including:
• compliance with the ESRS;
• preparing the disclosures as included in the subsection “EU Taxonomy” within the environmental
section of the Sustainability Statement, in compliance with Article 8 of the Taxonomy Regulation;
• designing, implementing and maintaining such internal control that management determines is
necessary to enable the preparation of the Sustainability Statement that is free from material
misstatement, whether due to fraud or error; and
• the selection and application of appropriate sustainability reporting methods and making
assumptions and estimates that are reasonable in the circumstances.
Inherent limitations in preparing the Sustainability Statement
In reporting forward-looking information in accordance with ESRS, management is required to
prepare the forward-looking information on the basis of disclosed assumptions about events that
may occur in the future and possible future actions by the Group. Actual outcomes are likely to be
different since anticipated events frequently do not occur as expected.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE ASSURANCE
ENGAGEMENT
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance
about whether the Sustainability Statement is free from material misstatement, whether due to fraud
or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence decisions of users taken on the basis of the Sustainability
Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise
professional judgement and maintain professional scepticism throughout the engagement.
Our responsibilities in respect of the Process include:
• Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on
the effectiveness of the Process, including the outcome of the Process;
• Considering whether the information identified addresses the applicable disclosure requirements of
the ESRS; and
• Designing and performing procedures to evaluate whether the Process is consistent with the
Group’s description of its Process, as disclosed in the subsection “Conducting our double materiality
assessment” within the general disclosures section of the Sustainability Statement.
Our other responsibilities in respect of the Sustainability Statement include:
• Identifying where material misstatements are likely to arise, whether due to fraud or error; and
• Designing and performing procedures responsive to disclosures in the Sustainability Statement
where material misstatements are likely to arise. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
204
Carlsberg Group Annual Report 2024
SUMMARY OF THE WORK PERFORMED
A limited assurance engagement involves performing procedures to obtain evidence about the
Sustainability Statement. The nature, timing and extent of procedures selected depend on
professional judgement, including the identification of disclosures where material misstatements are
likely to arise, whether due to fraud or error, in the Sustainability Statement.
In conducting our limited assurance engagement, with respect to the Process, we:
• Obtained an understanding of the Process by performing inquiries to understand the sources of the
information used by management; and reviewing the Group’s internal documentation of its
Process; and
• Evaluated whether the evidence obtained from our procedures about the Process implemented by
the Group was consistent with the description of the Process set out in the subsection “Conducting
our double materiality assessment” within the general disclosures section of the Sustainability
Statement.
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:
• Obtained an understanding of the Group’s reporting processes relevant to the preparation of its
Sustainability Statement including the consolidation processes by obtaining an understanding of
the Group’s control environment, processes and information systems relevant to the preparation of
the Sustainability Statement but not for evaluating the design of particular control activities,
obtaining evidence about their implementation or testing their operating effectiveness;
• Evaluated whether the information identified by the Process is included in the Sustainability
Statement;
• Evaluated whether the structure and the presentation of the Sustainability Statement are in
accordance with the ESRS;
• Performed inquiries of relevant personnel and analytical procedures on selected information in the
Sustainability Statement;
• Performed substantive assurance procedures on selected information in the Sustainability
Statement;
• Where applicable, compared disclosures in the Sustainability Statement with the corresponding
disclosures in the Financial Statements and Management’s Review;
• Evaluated the methods, assumptions and data for developing estimates and forward-looking
information; and
• Obtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-
aligned economic activities and the corresponding disclosures in the Sustainability Statement.
Hellerup, 6 February 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no 33 77 12 31
Lars Baungaard
State Authorised Public Accountant
mne23331
Michael Groth Hansen
State Authorised Public Accountant
mne33228
To our shareholders
2024 at a glance
Creating value
2024 review and 2025 expectations
Governance
Sustainability statement
Consolidated financial statements
Parent company financial statements
Reports
205
Carlsberg Group Annual Report 2024
Carlsberg A/S
J.C. Jacobsens Gade 1
1799 Copenhagen V
Denmark
Phone +45 3327 3300
www.carlsberggroup.com
CVR No. 61056416