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## Who we are 

We drive organic revenue and earnings growth by 

• Improving market shares and increasing net revenue per hl through the roll-out of international premium brands and innovations, accelerated portfolio optimisation and improved commercial execution. 

• Driving a focused efficiency agenda, including back- end centralisation and standardisation of key processes across the value chain. 

• Capturing emerging markets growth. 

We target strong cash flow generation and increased return on capital employed by 

• Growing operating profit. 

• Improving operational and financial efficiency. 

• Improving working capital management. 

• Improving fixed asset utilisation. 

We are the fourth largest global brewer with leading positions in Western Europe, Eastern Europe and Asia. 

75% 75% of our beer volumes are sold in markets where we have a number 1 or 2 position. 

Carlsberg  is our flagship brand and one of the best-known beer brands in the world. 

Our winning portfolio of high- quality  beer brands includes our international premium  and local power  brands. 

We drive top-line growth  through scalable and consumer-relevant innovations. 

31% 31% of volumes and 45% of operating profit are generated in developed markets. 

500 We have 500 brands in our global port folio – a powerful combina tion of local power brands and international premium brands. 

Our longer-term financial ambition is to deliver an average growth in adjusted earnings per share of more than 10% p.a. 

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## Beer volumes 

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## Operating profit 

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