Carlsberg Full-Year Report 2023

We delivered solid results in a year impacted by a challenging trading environment across our regions. Organic revenue growth was 9.2%, driven by a strong 10% revenue/hl improvement. Operating profit grew organically by 5.2% despite our cost base being subject to continued inflation throughout the year and increased commercial investments. The reported operating profit of DKK 11.1bn was impacted by the strengthening of the DKK against a number of key currencies, resulting in a reported development of -3.2%. Free operating cash flow was DKK 7.5bn and ROIC was 14.5%

Highlights

• Revenue +9.2% Organic growth
• We continued to invest in our business in support of our SAIL’27 priorities. In Q4, we accelerated our commercial investments in support of our growth categories, including premium beer, Beyond Beer and growth in Asia. For the year, marketing investments grew organically by 10%. 
• Operating Profit +5.2% Organic growth

• Adjusted EPS, Continuing Operations DKK 54.6
• Net Interest Bearing DEBT/EBITDA 1.47x
• The net interest-bearing debt to EBITDA ratio remained conservative at 1.47x. This was well below our target of below 2.0x
• Return on invested Capital (ROIC) 38.3%
• Cash returns to shareholders DKK 3.7bn