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## 2013 results 

In 2013, we delivered solid earnings growth despite challenging and uncertain market conditions and we achieved market share growth in all three regions. 

## EXPECTATIONS AND RESULTS 2013 

<img src='content_image/141922.jpg'>

1  Reported net profit adjusted for special items after tax. 

## MAIN ASSUMPTIONS UNDERLYING 2013 EARNINGS EXPECTATIONS 

## February 2013 

Beer market dynamics for all three regions to be similar to 2012. 

Beer volumes to be impacted by destocking in France and Russia in Q1 and stock building in Russia in Q4 ahead of the RUB 3 excise tax increase in January 2014. 

Reported cost of goods sold per hl expected to be flat. 

Sales and marketing investments to revenue expected to be at the level of 2012. Costs of rolling out the integrated supply chain and business standardisation project (BSP1) in Western Europe to impact Group profits by DKK 300-400m. 

Average all-in cost of debt to decline by some 50-75bp. 

Tax rate expected to be 24-25%. 

Capital expenditures expected to remain at the level of 2012. 

Outlook based on an average EUR/RUB exchange rate of 42. 

## Financial highlights 

## 119.7 

Pro rata beer volume of 119.7m hl. 

## 9.8 bn 

Organic operating profit growth of 5%. 

## Actual 

Russian beer market development was worse than anticipated, declining 8% (assumption adjusted during 2013). 

Beer volumes were impacted as anticipated. 

Reported cost of goods sold per hl declined slightly. 

Sales and marketing investments to revenue were at the level of 2012. 

BSP1-related costs were DKK 350m. 

Average all-in cost of debt declined approximately 100bp. 

Tax rate was 24.1%. 

Capital expenditures were DKK 5.8bn (DKK 5.1bn in 2012) (assumption updated in November). 

Average EUR/RUB exchange rate was 42.2. 

## 66.6 bn 

Organic net revenue growth of 1%. 

## 3.0 bn 

Free operating cash flow of DKK 3.0bn. 

## 2% 

Solid price/mix of 2%. 

## 5% 

Adjusted net profit growth of 5%. 

## Operational highlights 

• The Group delivered strong perform- ance and achieved market share growth in all three regions driven by focused commercial execution and a number of successful innovations. 

• Our Asian markets continued to grow while our Western European markets declined by an estimated 2%. The Russian market declined by an esti- mated 8% due to outlet restrictions and slower economic growth. 

• Tuborg grew 10% and was the fastest growing international premium beer brand in China and the largest pre- mium brand in India. 

• The Carlsberg brand grew 6% in the second half of 2013 in premium markets (declined 2% for the full year, cycling last year’s EURO 2012 activations). 

• Our international cider brand, Somersby, grew 78%. 

• We kept a high level of investments across markets and functions to capture the short- and longer-term earnings growth opportunities. 

• We strengthened our presence in Asia, including increased ownership of Chongqing Brewery Group and construction of breweries. 

• We established the Carlsberg Circular Community to rethink and redevelop packaging with the aim of reducing the impact on the environment. 

