Carlsberg A/S
Interim results as at 30 June 2009
Carlsberg A/S / Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Carlsberg A/S 100 Ny Carlsberg Vej Tel +45 3327 3300 1760 Copenhagen V Fax +45 3327 4701 CVR.no. 61056416 carlsberg@carlsberg.com Company announcement 11/2009 5 August 2009 Page 1 of 28 Interim results as at 30 June 2009 Strong cash flow and organic profit growth • Carlsberg delivered a strong result for the first six months of 2009 with strong cash flow growth, margin improvement and organic profit growth. Free cash flow increased considerably to DKK 4.1bn, operating margin improved to 15.1% (13.1% in 2008) and for beverage activities organic operating profit growth was 26%. The intensified focus on efficiencies more than off-set the ongoing market challenges. • Beer volumes increased by 15% to 56.9m hl (49.6m hl in 2008). Organic beer volume declined by 5% while acquisitions contributed 20%. The Asian business delivered high single- digit organic volume growth while organic volumes declined in Eastern Europe and Northern & Western Europe. Q2 beer volumes declined organically by 6%. • Net revenue increased by 9% to DKK 29.4bn (DKK 27.0bn in 2008). Organic net revenue growth was flat (-7% in DKK). The price increases implemented in 2008 and early 2009 together with a greater focus on value management have driven a positive price effect of +6% year on year ('yoy'). There was a negative mix effect of 1%. Q2 net revenue was DKK 17.6bn with organic net revenue growth of 0% (-8% in DKK). • Carlsberg gained market shares in most markets in Asia and Eastern Europe, with particularly strong gains in Russia, and held overall market share in Northern & Western Europe. • Operating profit increased to DKK 4,443m (DKK 3,538m in 2008). The beverage activities delivered strong organic operating profit growth of 26% (14% in DKK) due to the accelerated efficiency improvements across the whole group. For Q2, Group operating profit was DKK 3,655m (DKK 3,150m in Q2 2008) with 25% organic growth in the beverage activities. In Northern & Western Europe the accelerated efficiency improvements became visible during the second quarter but the improvements will become even more evident in the second half of the year. The Eastern European and Asian businesses delivered strong improvement throughout all six months. • Operating margin increased to 15.1% (13.1% in 2008). Q2 Group operating margin was 20.7% (18.0% in Q2 2008). www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 2 of 28 • Free cash flow improved considerably to DKK 4.1bn driven principally by improved working capital, higher profits and lower capital expenditures. • Net debt at the end of Q2 was DKK 40.8bn compared to DKK 44.2bn at the end of 2008. At the end of Q1, net debt was DKK 45.8bn. In May, Carlsberg successfully issued two notes of EUR 1bn and GBP 300m under the EMTN programme following which, there is no need for refinancing for a number of years. • The integration of the S&N assets is on track and synergies are coming through as expected. As at June 30 2009, synergies of approx. DKK 430m have been extracted. • The Russian market declined by around 9% for H1 and Q2. Carlsberg is reducing 2009 market development expectations for the Russian market to around 5-6% decline (previously assuming a 2% decline). Carlsberg still anticipates Baltika gaining market share in Russia for the year. • Carlsberg confirms all full year targets on earnings, cash flow and financial leverage (net revenue is revised due to slightly weaker markets than anticipated): • Net revenue of around DKK 61bn • Operating profit of at least DKK 9bn • Net profit of at least DKK 3.5bn • Free cash flow of at least DKK 6bn • Operating capital expenditure of less than DKK 3.75bn • Net interest-bearing debt to EBITDA ratio of around 3x Commenting on the results, CEO Jorgen Buhl Rasmussen said: “We entered the year with a strong focus on sustainable efficiency improvements based on expected challenging markets. Numerous actions have been taken and we are pleased with the strong earnings and cash flow performance for the first six months. We are on-track to deliver on our targets without compromising Carlsberg's ambitions of growing our brands and delivering continuous profit growth.” Carlsberg will present the financial statements at a conference call for analysts and investors today at 9.00 am CET (8.00 am GMT). The conference call will refer to a slide deck, which will be available beforehand at www.carlsberggroup.com. Contacts: Investor Relations: Peter Kondrup, +45 3327 1221 Media Relations: Jens Peter Skaarup, +45 3327 1417 www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 3 of 28 KEY FIGURES AND FINANCIAL RATIOS DKK millionQ2Q2H1H1 2009 2008 2009 20082008 37.8 37.6 62.9 61.3126.8 6 .2 6.2 10.8 10.8 22.3 1 17,54 1 29,409 26,97759,944 7,62 3 3,655 3,15 0 4,443 3,538 7,97 9 - 84 -91 -191 -128 -1,641 - 546 -81 2 -1,450 -1,282-3,456 - 878 -65 9 -813 -627 324 2,14 1,588 1,98 9 1,501 3,20 6 7 207 173 261 215 575 1,940 1,41 5 1,728 1,286 2,63 1 14 0,06 0 152,82214 3,30 6 112,236 124,10611 9,32 6 40, 814 47,40944,156 52, 537 58,70155,521 6,20 2,77 1 5,968 2,083 7,81 2 1 - -52,269 -1,868 -54,365-57, 153 1,022 5,17 -49,49 8 4,10 0 -52,282-49, 341 9 2 0.7 18.0 15.1 13.1 13.3 Return on average invested capital (ROIC) 7.3 11.4 8.2 40.9 41.3 42.4 0.7 0.8 0.7 3.1 2.8 2.3 1 2.7 13.1 11.3 12.7 22.2 shar eshar eshar eshar eshar shar eshar shar e4 0.6 25.7 39.1 20.5 65.8 e e 33 .9 -458.2 26.9 -514.3-415.4 341 458 171 11,0- 152,55715 2,55 4 152,557152, 554 0 52, 554 excl .excl .excl .excl .excl excl .excl excl .152, 10 8,02615 2,55 4 101,65211 8,77 8 tr eastr eastr eastr eas. tr tr eas. tr tr eas554 ury ury ury ury eas ury eas ury ury ury * Adjusted for bonus factor from rights issue in June 2008 in accordance with IAS 33. www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 4 of 28 BUSINESS DEVELOPMENT The markets were challenging during the first six months of 2009. Organic beer volume growth for the Group was -5%. Including acquisitions beer volumes increased 15% to 56.9m hl (49.6m hl in 2008). Q2 beer volumes declined organically by 6%. The beer volume declined in most markets in Eastern Europe and in Northern & Western Europe although the Asian business continued to grow. Pro rata volumes of other beverages increased to 9.7m hl (9.5m hl in 2008). Net revenue increased 9% to DKK 29,409m (DKK 26,977m in 2008) driven by: organic growth of 0% (consisting of total volume growth -5%, price 6% and mix -1%), currency impact -7% and acquisition impact 16%. For Q2 the organic net revenue growth was also 0%. The continued focus on portfolio and value management coupled with strong sales execution and impact from price increases implemented both last year and in the first half of this year resulted in the +6% price effect. The modest negative mix effect was primarily driven by a shift in channel and packaging mix. The negative currency effect was mainly driven by weaker Eastern European currencies. To ensure that we keep building a strong underlying momentum in our branded business, we maintained a focused marketing spend to support key brands and activities whilst benefitting from lower media costs than last year. Group operating profit increased by 26% yoy to DKK 4,443m (DKK 3,538m in 2008). Organic operating profit growth was 15%, currency impact was -11% and acquisitions contributed 22%. Operating profit for the beverage activities was DKK 4,496m (DKK 3,257m in 2008) with organic growth of 26% (14% in DKK). For Q2 organic operating profit growth for the Group was 14% with a 25% organic operating profit growth for the beverage activities. The main drivers behind the organic operating profit growth were the efficiency improvements consisting of both long-term projects and accelerated efficiency programmes, the synergies from the S&N acquisition, the positive price impact as well as our Value Management initiatives. The Eastern European region was the main contributor with 47% organic operating profit growth (23% in DKK). In Q2 the first signs of improvement also became visible in Northern & Western Europe. The region delivered 1% organic operating profit growth for the half year but 6% for Q2. The impact from the Northern & Western Europe region will become even more evident in the second half of the year. Cost of sales per hl increased organically by approx. 4% in local currency (-3% in DKK). While Carlsberg already this year benefits from favourable raw material prices in Eastern Europe, the Northern & Western European and Asian businesses are affected negatively. The six months result demonstrates the efforts Carlsberg has taken to strengthen cash flow. Operating cash flow grew to DKK 6.0bn (DKK 2.1bn in 2008) and free cash flow increased substantially to DKK 4.1bn (DKK 1.5bn in 2008 when adjusted for the S&N acquisition). This was driven by higher profits, lower capital expenditure and a substantial working capital www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 5 of 28 improvement. As a result net interest-bearing debt declined to DKK 40.8bn as at 30 June compared to DKK 44.2bn at the end of 2008. During the first six months of the year several structural initiatives were taken. The Norwegian Arendal brewery was sold, the closure of the Finnish Pori brewery was announced, the German brewery Braunschweig was divested and Carlsberg will enter into a distribution joint-venture with the Nordmann Group in Germany. In the first six months Carlsberg also increased its share- holding in its operation in Kazakhstan. Profit and cash flow expectations remain unchanged The market environment remains challenging and some markets, in particular Russia, are now expected to decline more than Carlsberg previously anticipated. Consequently, Carlsberg has reduced the net revenue outlook for the year. However, as Carlsberg was well-prepared entering 2009 and has continued the execution of cost reduction initiatives throughout the whole Group during the first six months, Carlsberg maintains its profit and cash flow expectations for the year. The key assumptions for this year's outlook are: • An average annual EUR/RUB rate of 47 • Contracting beer markets in Northern & Western Europe • Around 5-6% decline in the Russian beer market (previously a 2% decline) • Continued implementation of cost reduction measures throughout the Group Based on these assumptions Carlsberg confirms its earnings outlook for the full year: • Net revenue of around DKK 61bn (previously 'around DKK 63bn') • Operating profit of at least DKK 9bn • Net profit of at least DKK 3.5bn • Free cash flow of at least DKK 6bn • Operating capital expenditure of less than DKK 3.75bn • Net interest-bearing debt to EBITDA ratio of around 3x NORTHERN & WESTERN EUROPE DKK million Q2 Q2 Change H1 H1 Change 2009 2008 (%) 2009 2008 (%) 2008 Beer sales (million 15.0 14.8 1.4 24.7 23.5 5.3 51.0 hl) Net revenue 10,705 10,776 -0.7 17,905 17,409 2.8 37,128 Operating profit 1,740 1,570 10.8 1,880 1,705 10.3 3,953 Ope rat ing mar gin 16. 3 14.6 1.7 10.5 9.8 0.7 10.6 In Northern & Western Europe, the development of individual beer markets differed significantly - while the Finnish and Swedish markets were almost unchanged, the Baltic markets experienced a double-digit decline. Overall, the regional beer market declined by approximately 6% compared to 2008, slightly more than expected at the beginning of the year. www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 6 of 28 Carlsberg organic beer volumes declined by 6% (-5% for Q2) with overall stable market share for the region. Reported beer volumes increased by 5% to 24.7m hl (23.5m hl in 2008) due to acquisitions. Net revenue per hl increased organically due to the strong focus on value management and price increases which mitigated some of the negative volume impact. Organic net revenue development was -2% for the region (-1% in Q2). Net revenue for beer increased by 8% (-6% volumes, 5% price, 0% mix, -5% currency and 14% from acquisitions). For the half year gross profit margins for the region declined due to higher input costs and a negative channel mix from on-trade to off-trade. In absolute terms the higher input costs were off-set by the higher organic net revenue per hl. The Group continues to see a mixture of markets where consumers either slightly trade up or trade down. Overall mix for the region was flat. Carlsberg has continued to launch new products across its markets in Northern & Western Europe. The most important activity taking place is the re-launch in France of Kronenbourg and 1664 which is a vital part of the commercial restructuring plan in the French operations. The re- launch is still in the very early stage but we have started to see some positive indications on these two brands in recent off-trade market data. In the UK, new management has successfully improved the business in what remains a very challenging market. The improvement is driven by value management and efficiency initiatives. In the off-trade channel Carlsberg has gained both volume and value share and overall UK market share is now at around 14.4%. The Polish market is challenging due to the economic recession, market decline and down- trading. Actions to improve efficiency and protect earnings are being implemented. In Denmark, the cider Somersby has proven very successful driving significant growth in the category. Total beer market is still declining but Carlsberg's market share increased. Positive price/mix development, the closure of the Copenhagen brewery and cost reductions resulted in satisfactory operating profit growth. Operating profit increased by 10% to DKK 1,880m (DKK 1,705m in 2008) with 1% organic operating profit growth for the period. For Q2 operating profit growth was 11% with 6% organic growth. The Baltic markets are heavily impacted by the macro economic crisis with significant volume and operating profit decline. Excluding the Baltic markets, organic operating profit in Northern & Western Europe would be up by 7% (10% for Q2). During the year Carlsberg has been aggressively reducing costs in all markets and improving efficiency. During the second quarter some of these initiatives have started to impact regional profits positively. The efforts will have a more material impact in the coming quarters. www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 7 of 28 EASTERN EUROPE DKK million Q2 Q2 Change H1 H1 Change 2009 2008 (%) 2009 2008 (%) 2008 Beer sales (million 15.8 14.8 6.8 25.8 20.4 26.7 46.8 hl) Net revenue 5,841 5,888 -0.8 9,307 7,860 18.4 19,137 Operating profit 1,952 1,388 40.6 2,647 1,673 58.2 4,109 Ope rat ing mar gin 33. 4 23.6 9.8 28.4 21.3 7.2 21.5 Total beer volumes in Eastern Europe increased by 27% while organic beer volumes declined by 7%. For Q2 organic beer volume development for the region was -9%. For the first six months the Russian beer market declined by an estimated 9%. Baltika continued to strengthen its market share to 41.0% compared to 38.5% for same period of 2008 gaining an impressive 250bp market share1 (Q2 market share was 41.1% vs 38.2% in Q2 2008). Baltika showed leadership in all market segments and increased market shares in every segment except lower mainstream. There is still no significant trading-down between segments in the market. Key drivers behind the strong market performance are a superior brand portfolio and the strongest route-to-market with an integrated production, logistics and distribution set-up. Our Russian beer volumes (shipments) declined by 8%. Going into the peak season inventory levels at distributors were not increased as last year and we therefore estimate that 'in-market sales' (off-take) declined by around 5-6% (versus shipments of -8%). The Russian market development was, especially in Q2, weaker than Carlsberg expected. Despite easier comparables in the second half of the year, Carlsberg is reducing expectations for Russian market development for the year to around a 5-6% decline (previously a 2% decline). Carlsberg still expects Baltika to gain market share as a trend throughout the year and consequently perform ahead of the market. In the Ukraine, where the market declined by around 9%, Carlsberg managed to increase beer volumes by 1% reaching 28.5% market share and has for the past months held the number two position. Market volumes were positively affected by stock building at distributors prior to excise duty increase on 1 July. For the region organic net revenue growth was 1% (-16% in DKK). The price/mix improvement of 7% for beer off-set lower beer volumes. In Q2 organic net revenue was flat (-17% in DKK). In Russia, there was a positive price effect of 11% and mix effect of -3%. The higher price per hl was driven by price increases, improved portfolio management and sales execution. The negative mix effect was primarily driven by a shift in packaging mix within brands, and a changed channel mix within off-trade. 1 The source for market share, Business Analytica, has recalibrated the total universe to better reflect total market and historical data have been recalibrated accordingly. www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 8 of 28 During the year Baltika launched its own kvass product (traditional Russian non-alcoholic beverage) in the Russian market. This unique product is the first nationwide non-alcoholic beverage in the Baltika product portfolio. The consumer response has been positive. For the region organic operating profit growth was 47% (23% in DKK). Including acquisitions operating profit was DKK 2,647m (DKK 1,673m in 2008). Both gross margins and operating margins for the region improved considerably, driven by accelerated efficiency improvements, price increases, improved point-of-sales execution, synergies and favourable input costs. Based on these improvements, and combined with its strong and unique business model, Baltika delivered record operating margins for the six months period. Despite a more challenging macro environment, profits in the Ukraine are improving strongly. For the region the operating margin increased to 28.4% from 21.3% in 2008. Excluding the effect of PPA, the operating margin would have been 29.8% for the first half of 2009. ASIA DKK million Q2 Q2 Change H1 H1 Change 2009 2008 (%) 2009 2008 (%) 2008 Beer sales (million 3.5 3.2 9.4 6.4 5.7 12.0 11.5 hl) Net revenue 1,049 828 26.7 2,123 1,639 29.5 3,555 Operating profit 167 117 42.3 321 241 33.4 511 Ope rat ing mar gin 15. 9 14.1 1.8 15.1 14.7 0.4 14.4 With 7% organic beer volume growth the Asian business continued to grow in 2009. Including acquisitions, beer volumes increased by 12%. Organic beer volume growth for Q2 was 5%. Organic volume growth in China was mid-single digit driven by very strong growth of Carlsberg Chill and continued growth in Western China. Carlsberg continued to gain market share in China, both in Western China and in the international premium segment. The business in Indochina (Vietnam, Laos and Cambodia) continued its strong progress and delivered double-digit volume growth. Carlsberg gained market share across all markets. Volumes in Malaysia for the half-year were affected negatively by the earlier Chinese New Year in 2009 compared to 2008 (i.e. stock building in December 2008). Positive channel mix and price increases led to higher net sales/hl. Growth and expansion in India are on track with plans. Following launch of the Tuborg brand, the portfolio now includes Carlsberg, Tuborg and Palone. www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 9 of 28 Organic net revenue growth was 15% (30% in DKK). For Q2 the organic net revenue growth was 13%, split equally between volume growth and price/mix improvements. The positive price/mix effect prevailed in the majority of the Asian markets, particularly in China. Operating profit increased by 33% to DKK 321m with organic growth of 13%. Q2 organic operating profit growth was 17%. The Chinese business was the key driver behind the organic profit growth with Indochina also being an important contributor. CENTRAL COSTS (NOT ALLOCATED) Central costs were DKK 352m for the first six months (DKK 362m in 2008). These costs are incurred for ongoing support of the Group's overall operations and development and driving Excellence Programmes. In particular, they include the costs of running the headquarters and costs for central marketing, including sponsorships. OTHER ACTIVITIES In addition to beverage activities, Carlsberg has interests in the sale of real estate, primarily at its former brewery sites, and running the operation of the Carlsberg Research Centre. Real estate gains were, as expected, insignificant in the first half of 2009, and all in all these activities generated operating profit of DKK -53m against DKK 281m in 2008. Monetising the value of redundant assets, including the Copenhagen brewery site, which are no longer used in operations, remains an important focus to provide additional capital to the Group and enhance return on invested capital. COMMENTS ON THE FINANCIAL STATEMENTS ACCOUNTING POLICIES The present interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the EU, and additional Danish regulations governing presentation of interim reports by listed companies. The interim report has been prepared using the same accounting policies as the Annual Report for 2008 except from IAS 1 'Presentation of Financial Statements' which has been implemented from 1 January 2009 changing the presentation of the primary financial statements and expenses for the year. The implementation has not changed measurement and recognition. Besides this, other new and amended standards and interpretations effective from 1 January 2009, including IAS 23 'Borrowings' have been implemented from 1 January 2009. These changes to the accounting policies have only had minor effect on the interim accounts. www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 10 of 28 INCOME STATEMENT Net revenue totalled DKK 29,409m (DKK 26,977m in 2008), an increase of 9% compared to the same period of 2008. Organic development was 0% compared to 2008, net acquisitions accounted for DKK 4,331m (+16%), while exchange rate movements had a negative impact of DKK -1,903m (-7%). Organic revenue development reflects a positive price trend, including value management initiatives, focused brand support and attention to details in execution in Northern & Western Europe and Eastern Europe and continued strong volume and positive price/mix in Asia. Gross profit amounted to DKK 14,401m (DKK 13,143m in 2008), with net acquired activities representing DKK 2,018m of the increase. Organic gross profit growth was DKK 183m (+1%) and the reported gross profit margin increased by 25bp to 49% driven by higher sales prices compensating for increased input costs (organic). Sales and distribution expenses were DKK -8,122m, a reduction of DKK 136m compared to the same period in 2008. Net acquired activities represented DKK -1,000m, organic development was DKK 669m and currencies impacted with DKK 467m. Administrative expenses amounted to DKK -1,928m (DKK -1,753 in 2008) with acquired activities accounting for DKK -246m. Other operating income, net, was DKK 47m (DKK 370m in 2008). The decrease was expected and due to significant real estate gains in the first half of 2008. The Group's share of the net profit of associates was DKK 45m against DKK 36m in 2008. Operating profit before special items was DKK 4,443m against DKK 3,538m in 2008. Beverage activities generated a profit of DKK 4,496m, an increase of DKK 1,239m. Net acquired activities represented DKK 784m of the increase while organic growth was DKK 862m. The beverage activities achieved an operating margin of 15.3%, +320bp compared to same period in 2008. Net special items amounted to DKK -191m against DKK -128m in 2008, and relate to costs in connection with the restructuring measures implemented across the Group. Net financial items amounted to DKK -1,450m against DKK -1,282m in 2008. Interest costs accounted for DKK -1,115m, compared with DKK -988m in 2008. Other net financial items were DKK -335m (DKK -294m in 2008) and mostly related to FX losses on debt denominated in foreign currency in Eastern Europe. Tax totalled DKK -813m against DKK -627m last year. Consolidated profit was DKK 1,989m, against DKK 1,501m in 2008. Carlsberg's share of net profit was DKK 1,728m, against DKK 1,286m last year. www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 11 of 28 BALANCE SHEET At 30 June 2009, Carlsberg had total assets of DKK 140,060m (DKK 143,306m at 31 December 2008). The decrease primarily relates to a reduction of property, plant and equipment and foreign exchange movements, in particular from Russia with impact on intangible assets. Assets Intangible assets totalled DKK 81,042m against DKK 84,678m at 31 December 2008. The decrease is related to foreign exchange impact mainly from the Russian RUB. Property, plant and equipment totalled DKK 33,144m, down DKK 899m from 31 December 2008 driven by reduced capital expenditures. Financial assets amounted to DKK 5,344m (DKK 5,305m at 31 December 2008). Current assets amounted to DKK 20,415m (DKK 19,118m at 31 December 2008), The increase is due to normal seasonality. Equity and liabilities Total equity was DKK 57,338m, of which DKK 4,801m can be attributed to minority interests and DKK 52,537m to shareholders in Carlsberg A/S. The decrease in equity compared to 31 December 2008 of DKK 3,4bn is mainly due to foreign exchange adjustments of approximately DKK -4bn primarily due to the devaluation of the net assets in primarily RUB, profit for the period of DKK 2.0bn and payment of dividends to shareholders of DKK 0.8bn. Net interest bearing debt has been reduced from DKK 44,2bn as at 31 December 2008 to DKK 40,8bn as at 30 June 2009. Total liabilities were DKK 82,722m (DKK 82,555m at 31 December 2008). Current liabilities were DKK 24,898m (DKK 25,600m at 31 December 2008). Excluding current portion of borrowings, current liabilities totalled DKK 23,416m (DKK 20,309m at 31 December 2008) reflecting the focus on working capital improvement. CASH FLOW Cash flow from operating activities in the first six months of 2009 was DKK 5,968m against DKK 2,083m for the same period of 2008. Operating profit before depreciation and amortisation was DKK 6,303m against DKK 5,133m in 2008. The previously announced intense focus on reduction of working capital had a significantly positive impact on free cash flow in the first six months of 2009. The positive impact of DKK www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 12 of 28 1,868m (DKK -669m in 2008) was mainly driven by increased payables. The focus on payables will continue but significant focus is now also on receivables and inventories. Paid net interest etc. amounted to DKK -1,366m against DKK -1,289m for the same period of 2008. Cash flow from investing activities was DKK -1,868m against DKK -54,365m in the first half year of 2008. Excluding the acquisition of certain assets in S&N, the decrease is essentially attributed to the planned reduction of operating capital expenditures of DKK -1,775m (-50%) compared to 2008 and a change in financial investments of DKK +1,044m which is explained by prepayments and hedging instruments relating to the acquired activities of S&N in 2008. Consequently, free cash flow was DKK 4,100m against DKK -52,282m for 2008. FINANCING At 30 June 2009, the gross interest-bearing debt amounted to DKK 46.0bn and net interest- bearing debt amounted to DKK 40.8m. The difference of DKK 5.2bn is other interest-bearing assets, including DKK 4.0bn in cash and cash equivalents. Of the gross interest-bearing debt, 97% (DKK 44.5bn) is long term, i.e. with maturity more than one year from 30 June 2009, and consists primarily of facilities in EUR. In May Carlsberg established a EUR 3bn EMTN programme under which a EUR 1bn and GBP 300m notes were issued. The proceeds were used to refinance part of the debt related to the acquisition of parts of S&N. Consequently, Carlsberg has no refinancing needs for a number of years. Approximately 79% of net financial debt is fixed interest (fixed-interest period exceeding one year). FINANCIAL CALENDAR FOR THE FINANCIAL YEAR 2009 The financial year follows the calendar year, and the following schedule has been set: 4 November 2009 Interim results for Q3 2009 Carlsberg's communication with investors, analysts and the press is subject to special restrictions during a four-week period prior to the publication of quarterly and annual financial statements. www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 13 of 28 DISCLAIMER The forward-looking statements, including forecasts on sales and earnings performance, reflect management's current expectations based on information available at the date of this document, and are subject to risks and uncertainty. Such statements are made on the basis of assumptions and expectations which the Company believes to be reasonable at this time, but which may prove to be erroneous. Many factors, some of which will be beyond management's control, may cause actual developments to differ materially from the expectations expressed. Such factors include, but are not limited to, economic and political uncertainty (including developments in interest rates and exchange rates), financial and regulatory developments, changes in demand for the Group's products, competition from other breweries, the availability and pricing of raw materials and packaging materials, price reductions resulting from market-driven price reductions, market acceptance of new products, launches of rival products, stipulation of market values in the opening balance of the acquired companies, litigations, and other unforeseen factors. Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Carlsberg assumes no obligation to update or revise such forward-looking statements or to update the reasons for which actual results could differ materially from those anticipated in such forward-looking statements except when required by law. MANAGEMENT STATEMENT The Board of Directors and the Executive Board have discussed and approved the interim report of the Carlsberg Group for the period 1 January - 30 June 2009. The interim report which has not been audited or reviewed by the Company's auditor has been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the EU, and additional Danish interim reporting requirements for listed companies. In our opinion, the interim report gives a true and fair view of the Carlsberg Group's assets, liabilities and financial position at 30 June 2009, and of the results of the Carlsberg Group's operations and cash flow for the period 1 January - 30 June 2009. Further, in our opinion the management's review (p. 1-12) gives a true and fair review of the development in the Group's operations and financial matters, the result of the Carlsberg Group for the period and the financial position as a whole, and describes the significant risks and uncertainties pertaining to the Group. www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 14 of 28 Copenhagen, 5 August 2009 Executive Board of Carlsberg A/S Jørgen Buhl Rasmussen Jørn P. Jensen Board of Directors of Carlsberg A/S Povl Krogsgaard-Larsen Jess Søderberg Hans Andersen Chairman Deputy Chairman Flemming Besenbacher Hanne Buch-Larsen Richard Burrows Kees van der Graaf Niels Kærgård Axel Michelsen Erik Dedenroth Olsen Bent Ole Petersen Per Øhrgaard www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 15 of 28 FINANCIAL STATEMENT Income statement Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Note 1 Segment reporting by region (beverages) Note 2 Segment reporting by activity Note 3 Segment reporting by quarter Note 4 Special items Note 5 Borrowings and facilities Note 6 Net interest-bearing debt Note 7 Acquisition of entities This statement is available in Danish and English. In the event of any discrepancy between the two versions, the Danish version shall prevail. The Carlsberg Group is one of the leading brewery groups in the world, with a large portfolio of beer and soft drinks brands. Its flagship brand - Carlsberg - is one of the fastest growing and best-known beer brands in the world. More than 45,000 people work for the Carlsberg Group, and its products are sold in more than 150 markets. In 2008 the Carlsberg Group sold more than 125 million hectolitres of beer, which is about 103 million bottles of beer a day. Find out more at www.carlsberggroup.com. www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 16 of 28 INCOME STATEMENT DKK millionQ2Q2H1H1 200 9 20 08 200 9 20 08 200 8 Net 17,623 17,54129,4 09 26,97759,944 rev- nue Cost of sales -8,630 -8,815-15,008 -13, 834-31,248 Gro- 8,993 8,72 614,4 01 13,14328,696 s pro- it Sales and distribution expenses -4,445 -4,954 -8,122 -8,258-17,592 Administrative expenses -959 -969 -1,9 28 -1,753-3,934 op erat in g inc ome, 32 323 47 370728 Share of profit after tax, associates 34 24 45 36 81 Operating profit before special items 3,655 3,15 0 4,443 3,53 8 7,979 Sp ecia l item s, -84 -91 -191 -128 -1,641 Financial income 244 945 654 1,103 1,310 expe ns es expe ns es expe ns es -79 0 -1,757 -2,104 -2,385-4,766 Pro- tax tax tax 3,02 5 2,24 7 2,802 2,12 8 2,882 i t bef- re Corporation tax -878 -659 -813 -627324 Consolidated profit 2,147 1,58 8 1,989 1,50 1 3,206 Profit attributable to: Minor ity inte rests 207 173 261 215 575 Shareholders in Carlsberg A/S 1,940 1,41 5 1,728 1,28 6 2,631 per sh ar e* sh ar e* sh ar e* 12. 7 13.1 11.3 12.722.2 Earnings per share, diluted* 12.7 13.1 11.3 12.622.2 * Adjusted for bonus factor from right issue in June 2008 in accordance with IAS 33, excl. number of shares period-end www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 17 of 28 STATEMENT OF COMPREHENSIVE INCOME Q2 Q2 H1 H1 DKK million 2009 2008 2009 2008 2008 Profit for the period 2,147 1,588 1,98 9 1,50 1 3,206 Other comprehensive income Foreign exchange adjustments of foreign entities: -571 8 6 - 4,332 -27 5 - 7,515 Value adjustments of hedging instruments -87 152 -149 -47 9 - 1,552 Value adjustments of securities - -1 - -24 -54 Retirement benefit obligations 9 -65 1 5 -75 -46 Shar e-b ased pa yme nt 1 2 5 2 3 10 3 1 Value adjustment of step acquisition of -65 11,21 4 -65 1 1,21 4 14,810 subsidaries Other -2 3 4 -2 32 -9 Tax - -2 -24 2 3 1 67 3 35 - - e r - o - - r - - - n - i - e - n - - m e Other comprehensive income -706 11,40 1 - 4,487 1 0,57 0 6,00 0 Total comprehensive income 1,441 12,98 9 - 2,498 1 2,07 1 9, 206 Total comprehensive income attributable to: Minority interests 306 1, 394 -48 1,37 4 1 ,788 Shareholders in Carlsberg A/S 1,135 11,59 5 - 2,450 1 0,69 7 7, 418 www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 18 of 28 STATEMENT OF FINANCIAL POSITION DKK mill ion 30 30 31 Ju- Jun Dec e e 20 200 200 08 9 8 Assets Intan gible asse ts 81- 89,3- 84- 042 2 67 8 Property, plant and equipment 33,- 30,9- 34- 44 3 04 3 Financial assets 5 5 5,- ,344,435 05 Total non-current assets 119- 125,- 12- 530 00 ,0- 6 Inv ent orie s and 12, 17,2- 11- 924 4 68 6 Other receivables etc. 3 4 4,- ,5- ,225 75 0 Cash and cash equivalents 3 4 2,- ,9- ,706 57 1 Total current assets 20,- 26,- 19- 15 45 11 8 Assets - 1 8 77162 - 15 - d - - r - - - e Total assets 14- 152,- 14- ,0- 22 ,3- 0 6 Equi ty - - d l - - - i - i - - - s Equi ty, - 52, 58,7- 55- h537 1 52 - 1 - - h - - - e - s Minor ity - 4 4 5,- - ,8- ,395 30 - 1 e - - - - s Total - 57- 63,0- 60- - 338 6 75 - 1 i - y Borrowings 44- 45,6- 43- 528 5 23 0 Deferred tax, retirement benefit obligations etc. 12,- 14,0- 13- 42 4 35 7 Total non-current liabilities 57,- 59,6- 56- 70 9 58 7 Bor rowi ngs 1, 7 5,- 482 ,786 91 Tra de pa yabl es 9, 9 7,- 395 ,665 93 Deposits on returnable bottles and crate 1 1 1,- ,563,644 55 Other current liabilities 12,- 10,1- 10- 58 3 86 1 Total current liabilities 24,- 29,2- 25- 98 8 60 0 Liabilities associated with assets held for sale 3 8 29368 54 Total equity and liabilities 140- 152,- 14- 060 22 ,3- 6 www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 19 of 28 STATEMENT OF CHANGES IN EQUITY H1 20 09 Shareholders in Carlsberg A/S DKK mill Share Cur renc y Fa ir Reta ined To tal Total Min Total ion valu orit y e capit al tra nsla- adjus earni ngs rese rves ca pital and inter Equit y t- est s tion ment res erve s s Equity at 3,051 -6,700 -1,5- 60,709 52,470 55,521 5,230 60,751 1 January 9 2009 Total - - 3,943 - 212 1,705 -2,450 -2,450 -48 - 2,498 comprehen- ive income for the period Dividends - - - -534 - 534 -534 -296 -830 paid to sharehold- rs Acquisiti- - - - - - - - -85 -85 n of minority interests and entities Total 0 -3,943 -212 1,171 -2,984 -2,984 -429 -3,413 changes in equity Equity at 3,051 -10,643 -1,7- 61,880 49,486 52,537 4,801 57,338 30 June 1 2009 H1 20 08 Shareholders in Carlsberg A/S DKK mill Share Cur renc y Fa ir Reta ined To tal Total Min Total ion valu orit y e capit al tra nsla- adjus earni ngs rese rves ca pital and inter Equit y t- est s tion ment res erve s s Equity at 1,526 -170 67 17,198 17,095 1 8,621 1, 323 19,944 1 January 2008 Total - -312 - 281 11,290 10,697 1 0,697 1, 374 12,071 comprehen- ive income for the period Capital 1, 525 - - 28,312 28,312 2 9,837 13 29,850 increase Acquisiti- - - - 8 8 8 8 - 8 n/disposal of treasury shares Dividends - - - -458 - 458 -458 -256 -714 paid to sharehold- rs Acquisiti- - - - - - - - 1,941 1,937 n of minority interests and entities Other - - - -4 -4 -4 -4 - - Total 1, 525 -312 - 281 39,148 38,555 4 0,080 3, 072 43,152 changes in equity Equity at 3,051 -482 - 214 56,346 55,650 5 8,701 4, 395 63,096 30 June 2008 www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 20 of 28 STATEMENT OF CASH FLOWS DKK millionQ2Q2H1H1 2009 2008 2009 20082008 Operating profit before special items 3,655 3,150 4,443 3 ,5387,97 9 Adju stm ent depr eci amor tis 9 33 897 1,860 1 ,5953,63 1 ati on, ati on and impairment losses Operating profit before depreciation, 4,588 4,047 6,303 5 ,13311,610 amortisation and impairment losses1 Adju stm ent for othe r non -ca sh 9 5 -176 228 - 185- 604 ite ms Change in working capital2 3,121 403 1,868 - 669 1,556 Restructuring costs paid -75 -125 -295 - 196- 482 Interest etc. received 5 9 147 109 2 01 256 Interest etc. paid -919 -969 -1,475 -1,4 90 - 3,010 Corporation tax paid -668 -556 - 770 - 711-1,514 Cash flow from operating activities 6,201 2,771 5,968 2 ,0837,81 2 Acquisition of property, plant and equipment -903 -1,742-1,537 -2,9 74 - 5,292 and intangible assets Disposal of property, plant and equipment and 8 6 5 1 109 7 9 374 intangible assets Change in trade loans -71 1 2 - 218 -92- 290 Total operational investments -888 -1,679-1,646 -2,9 87 - 5,208 Aqui sit ion disp osa lnet -4 -50,82 8 - 12 -50,828- 51, 444 Acquisition of financial assets3 3 -215 - 13 -948-1,248 Disposal of financial assets 2 1 45 3 6 3 9 Change in financial receivables -47 -105 - 19 -119 427 Dividends received 16 2 1 21 2 3 7 5 Total financial investments -30 -51,12 6 22 -51,836- 52, 151 Other investments in property, plant and -118 -454 - 264 - 602-1,117 equipment Disposal of other property, plant and 1 4 990 20 1,0601,32 3 equipment Total other activiti -104 536 -2 44 458 206 es4 Cash flow from investing activities - 1,022 -52,26 9-1,868 -54,365- 57, 153 Free cash flow 5,179 -49,49 8 4,100 -52,282- 49, 341 Shar eho lde rs in Car lsb - 29,838 - 534 29,38729,482 erg A /S Minor ity inte rests -24 0 -379 - 296 - 445- 549 External financing5 - 3,858 21,915-1,872 25,1 9721,151 Cash flo w fr om fi - 4,0 51,374-2,702 54,1 3950,084 nanc in g 98 act ivi tie s 1,876 Net cash flow 1,081 1,398 1 ,857 743 Cash and cash equivalents at beginning of 2,474 1,300 2,065 1 ,3511,35 1 period Currency translation adjustments -96 2 3 - 4 -9 -29 Cash and cash equivalents at period-end6 3,459 3,199 3,459 3 ,1992,06 5 1 Im pai rmen t loss es repor ted 2 2008 FY includes DKK 1,065 million received from the license agreement with The Coca-Cola Company in June 2008 . 3 2008 FY includes costs of hedging instruments acquired prior to the acquisition of S&N . 4 Other activities cover real estate and assets under construction, separate from beverage activities, including costs of construction contracts. 5 2008 FY includes loan raised for the financing of the the acquisition from S&N and repayment of parts of the loan following the capital increase. 6 Cash and cash equivalent less bank overdrafts www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 21 of 28 NOTE 1 Segment reporting by region (beverages) DKK millionQ2Q2H1H1 200 9 2008 200 9 2008200 8 Beer Northern & Western Europe 15.0 14.8 24.7 23.551.0 Eastern Europe 15.8 14.8 25.8 20.446.8 Asia 3.5 3.2 6.4 5.7 11.5 Total 34.3 32.8 56.9 49.6109.3 Net Northern & Western Europe 10,705 10,7 76 17,90 5 17,40937,128 Eastern Europe 5,841 5,888 9,307 - 7,860 19,137 - - - 0 Asi a 1,04 9 828 2,123 - 1,639 3,555 - - - 9 Not a lloca ted 28 49 74 69124 Beverages, total 17,623 17,5 41 29,409 26,97759,944 Opera ting specia l - (EBIT DA -DKK mill ion) - - - s Northern & Western Europe 2,260 2,114 2,922 - 2,727 6,08 1 - - - 7 Eastern Europe 2,288 1,679 3,313 - 2,128 5,34 8 - - - 8 Asia 221 160 428 323694 Not a lloca ted -164 -175 -313 -337-90 0 Beverages, total 4,605 3,778 6,350 - 4,841 11,223 - - - 1 Operating profit before special items (EBIT - DKK million) Northern & Western Europe 1,740 1,570 1,88 0 - 1,7 053,95 3 - 7 - 5 Eastern Europe 1,952 1,388 2,64 7 - 1,6 734,10 9 - 6 - 3 Asia 167 117 321 241511 Not a lloca ted -184 -199 -352 -362-96 8 Beverages, total 3,675 2,876 4,49 6 - 3,2 577,60 5 - 2 - 7 Operating profit margin (%) Northern & Western Europe 16.3 14.6 10.5 9.8 10.6 Eastern Europe 33.4 23.6 28.4 21.3 21.5 Asia 15.9 14.1 15.1 14.714.4 Not a lloca ted … … … … … Beverages, total 20.9 16.4 15.3 12.112.7 www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 22 of 28 NOTE 2 Segment reporting by activity DKK million Q2 Q2 2009 2008 Beverages Other Total Beverages Other Total ac tiv ac tiv iti es itie s Net 17, 623 - 17,62 3 17,541 - 17,54 1 Operating profit before special items 3,675 -20 3,655 2,87 6 274 3,150 Spec ia l item s, -84 - -84 -91 - -91 Financial items, net -539 -7 -546 -816 4 -81 2 Profit before tax 3,052 -27 3,025 1,96 9 278 2,247 Corporation tax -882 4 -878 -607 -52 -65 9 Con soli dat ed prof it 2,17 0 -23 2,147 1,36 2 226 1,588 Attributable to: Minor ity inte rests 207 - 207 174 -1 173 Shareholders in Carlsberg A/S 1,963 -23 1,940 1, 188 227 1,41 5 DKK million H1 H1 2009 2008 Beverages Other Total Beverages Other Total ac tiv ac tiv iti es itie s Net 29, 409 - 29,40 9 26,977 - 26,97 7 Operating profit before special items 4,496 -53 4,443 3,25 7 281 3,538 Spec ia l item s, -191 - -191 -128 - -12 8 Fin anci al - - 1,45 4 4 -1,450 -1,224 -58 -1,282 - e - - , Profit before tax 2,851 -49 2,802 1,90 5 223 2,12 8 Corporation tax -823 10 -813 -592 -35 -62 7 Con soli dat ed prof it 2,02 8 -39 1,989 1,31 3 188 1,501 Attributable to: Minor ity inte rests 261 - 261 215 - 215 Shareholders in Carlsberg A/S 1,767 -39 1,728 1,09 8 188 1,286 www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 23 of 28 NOTE 3 Segment reporting by quarter DKK millionQ3Q4Q1Q2Q3Q4Q1Q2 2007 2007 2008 2008 2008 2008 2009 2009 Net reve- ue Northern & Western Europe 8, 624 7, 9886, 633 10,77 610,804 8,91 57,20 010,7 05 Eastern Europe 3, 069 2, 0661, 972 5, 8886,66 1 4,6163,46 65,841 Asia 7 46 7 09 8 11 8 28 932 984 1,07 41,049 Not a lloca ted -9 5 5 2 0 4 9 4 6 9 4 6 28 Beverages, total 12, 10,8 189, 436 17,54 118,443 14,52411,78617,6 23 430 Other activities - - - - - - - - Total 12, 430 12, 10,8 189, 436 17,54 118,443 14,52411,78617,6 23 430 Operating profit before special items Northern & Western Europe 1, 179 7 31 1 35 1, 5701,40 1 847 1401,740 Eastern Europe 80 6 3 45 2 85 1, 3881,63 7 799 6951,952 Asia 1 07 7 6 1 24 1 17 145 125 155 167 Not a lloca ted -138 - 318 -163 - 199 - 243 -363 - 169 -184 Beverages, total 1 ,954 8 34 3 81 2, 8762,94 0 1,408 8213,675 Other activities 124 94 7 274 114 -21 -33 -20 Total 2 ,078 9 28 3 88 3, 1503,05 4 1,387 7883,655 Sp net -42 - 243 -37 -91 - 169 -1,344 - 107 -84 ecia l item s, Financial items, net -277 - 428 -470 - 812 - 893 -1,281 - 904 -546 Profitax 1 ,759 2 57 -119 2, 2471,99 2 -1,238 - 2233,025 t befo- e Corporation tax -461 - 173 3 2 - 659 - 583 1,534 6 5 -878 Consolidated profit 1, 298 8 4 -87 1, 5881,40 9 296 - 1582,147 Attributable to: Minori ty inte rests 1 20 4 7 4 2 1 73 188 172 5 4 207 Sh in Car lsbe 1 ,178 3 7 -129 1, 4151,22 1 124 - 2121,940 areho rg A/S lde rs www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 24 of 28 NOTE 4 Special items DKK million H1 H1 2008 2009 2008 Impairment of Leeds Brewery, Carlsberg - - -19 7 UK Impairment of Braunschweig Brewery, - - -13 5 Carlsberg Deutschland Loss on disposal of Türk Tuborg - - -23 2 Provision for onerous malt contracts - - -24 5 Rel oc atio n co sts, in connection with new production -20 -15 -19 structure in Denmark Ter mi nati on bene fit s in connection with new production -17 -30 -30 structure at Sinebrychoff, Finland Termination benefits etc. in connection with Operational Excellence programmes - -19 -15 0 Termination benefits and expenses, transfer of activities to Acc oun ting Sh ared Ser vic e Cent er in Polan d - -11 -16 Restructuring, Carlsberg UK -31 - - Restructuring, Carlsberg Italia -17 -22 -93 Rest ruc tur ing, -4 9 - -29 1 Rest ruc tur ing, - -9 -26 Other restructuring -40 -12 -13 8 Inte grat ion - -17 -10 -69 o - - s Special items, net -191 -128 -1, 641 www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 25 of 28 NOTE 5 (PAGE 1 OF 2) Debt and credit facilities DKK million 30 Ju ne 20 09 Non-current borrowings: Issued bonds 13,828 Bank borrowings 27,980 Mor tga ges 1,98 7 Lease liabilities 28 Other non-current borrowings 705 Tot al 44, 528 Current borrowings: Mortgages 373 Bank borrowings 1,000 Lease liabilities 15 Other current borrowings 94 Total 1,482 Total non-current and current borrowings 46,010 Cash and cash equivalents -3,971 Net financial debt 42,039 Other interest bearing assets -1,225 Net interest bearing debt 40,814 All borrowings are measured at amortised cost. However, fixed-rate borr ow ing s swap ped to fl oati ng rat es are meas ured at fai r va lue . The carrying amount of these borrowings is DKK 2,884m www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 26 of 28 NOTE 5 (PAGE 2 OF 2) Debt and credit facilities DKK million Time to maturity for non-current borrowings: 30 June 2009 1-2 years 2-3 years 3-4 years 4-5 years > 5 years Total - 2,168 1,749 7,39 2 2,519 13,828 7,156 369 19,7 10 - 745 27,980 - - - - 1,987 1,98 7 Other 728 - - 5 - 733 non-current borrowings 7,884 2,537 21,459 7,397 5,251 44,528 Intere st* Net financial debt * Floating Fixed Floating % Fixed % 35,348 2,372 32,97 6 7% 93% 3,933 3,562 371 91% 9% 1,192 1,192 - 100% - 1,172 1,172 - 100% - 1,875 1 ,875 - 100% - -1,940 -1,9 40 - N/A N/A 4 59 4 59 - 100% - 4 2,039 8 ,692 33,347 21% 79% pai d by Bal tikin Jul y of moretha n DKK 2.3b n a Commited credit facilities* 30 June 2009 DKK million Less than 1 year 1,481 1 to 2 years 9,486 2 to 3 years 3,168 3 to 4 years 26,432 4 to 5 years 7,397 Mor e than 5 ye ars5,2 51 Total 53,215 Short term 1,481 Long term 51,734 * Defined as short term borrowings and long term committed credit facilities www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 27 of 28 NOTE 6 Net interest bearing debt DKK millionQ2Q2H1H1 2009 2008 2008 Net interest-bearing debt is calculated as follows: No n-cu rre nt borr ow ing s Current 44, 528 45,605 43,23 0 borrowings borrowings borrowings 1,482 7,786 5,291 Gr oss int eres t-b eari ng 46, 010 53,391 48,52 1 Ca sh and -3, 971 -4,706 -2,857 Lo ans to -3 - 3 -6 On-trade loans -2,307 -2,439 -2,278 less non- inte res t-b ear ing- 1,47 7 1,414 1,403 - r - i - n Oth er rec eivab les -1, 861 -2,124 -2,032 less non- inte res t-b ear ing- 1,46 9 1,876 1,405 - r - i - n Net interest-bearing debt 40,814 47,409 44,15 6 Changes in net interest-bearing debt: Net interest-bearing debt at beginning 45,839 22,652 44,15 6 19,726 19,72 6 of peri od Ca sh -6, 201 -2,7 71 -5,968 -2,083 -7,812 Ca sh fl ow fr om 1,02 2 52,269 1,86 8 54,365 57,15 3 Dividend to shareholders and minority 294 261 830 714 723 inte res ts Acquisition of minority interests - 132 54 202 299 Acquisition/disposal of treasury shares - - 1 - - 8 -2 Acquisition of entities, net 4 4,418 4 4,419 4,015 Capital increase - -29,837 - -29,837 -29, 938 Change in interest-bearing lending 7 713 62 392 140 Effects of currency translation -240 56 -262 -330 -226 Other 89 -483 70 -151 78 Total change -5,025 24,757 -3,342 27,683 24,43 0 Net interest-bearing end of period 40,814 47,409 40,81 4 47,409 44,15 6 www.carlsberggroup.com Company announcement 11/2009 5 August 2009 Page 28 of 28 NOTE 7 Acquisition of entities The purchase price allocation of fair value on identified assets, liabilities and contingent liabilities in the acquisition of part of the activities in S&N has been completed in April 2009. The final allocation of fair value has resulted in total net assets of DKK 21.1 bn, a decline of DKK 0.2 bn compared to the preliminary allocation 31 December 2008, and total goodwill amounts to DKK 33.7bn, a increase of DKK 0.2 bn. Furthermore, there have been some reclassifications between the individual balance sheet items. Adjustments will be made to the purchase price dependent on the final allocation of debt according to agreement. Further adjustments are expected to the purchase price allocation of Baku-Castel Brewery which will be recognised within the 12 month period relating to the acquisition in August 2008. . www.carlsberggroup.com News Source: NASDAQ OMX 05.08.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Carlsberg A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0003451995 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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