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## Asset base and returns 

Maximising return on investments is key in delivering sustainable value  to shareholders. Return on invested capital (ROIC) analyses all investments throughout the value chain and is a key measure in ensuring the proper basis for decision-making. 

ROIC  is calculated as operating profit before special items as a percentage of average invested capital, including goodwill. 

## Key developments 2013 

8.2% 

The Group’s return on invested capital (ROIC) increased by 20bp to 8.2%. The increase was primarily attributable to the decrease in invested capital. 

733 m 

Capital expenditure (CapEx) increased by DKK 733m compared to 2012, primarily due to invest- ments in BSP1 and capacity expansions in Asia. 

<img src='content_image/265849.jpg'>

8,529 m 

Intangible assets and property, plant and equipment increased by DKK 8,529m from the ac- quisition of entities, primarily Chongqing Brewery Group. 

375 m 

Impairment, DKK 375m, of trademarks impacted by changed brand strategy and of breweries impacted by restructuring projects. 

