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## Current and historical quarterly financial data are available in Excel. 

www.carlsberggroup.com/investor/financials 

Tax totalled DKK -1,894m against DKK -1,861m in 2012. The tax rate was 24.1%. 

Non-controlling interests were DKK 480m, a decrease of DKK 158m versus 2012 (DKK 638m) due to the exclusion of non-control- ling interests in Baltika Breweries following the buyout of minority shareholders in 2012. 

Carlsberg’s share of net profit was DKK 5,471m. Adjusted net profit (adjusted for special items after tax) was DKK 5,795m compared to DKK 5,504m in 2012. 

## STATEMENT OF FINANCIAL POSITION 

At 31 December 2013, Carlsberg had total assets of DKK 151.1bn against DKK 154.0bn at 31 December 2012. 

## Assets 

Intangible assets were DKK 91.9bn (DKK 91.2bn at 31 December 2012). The increase of DKK 0.7bn was mainly due to acquisition of entities offset by foreign exchange adjust- ments, primarily related to Russia. 

Property, plant and equipment increased to DKK 33.5bn against DKK 32.0bn at 31 De- 

cember 2012, primarily impacted by higher CapEx and net foreign exchange adjust- ments, primarily related to Russia. 

Financial assets declined by DKK 4.0bn to DKK 5.6bn due to the change in the accounting for Chongqing Brewery Group (now fully consolidated). 

Inventories and receivables amounted to DKK 12.7bn (DKK 12.4bn in 2012). The change was driven by the acquisition of Chongqing Brewery Group. 

Other receivables etc. totalled DKK 3.8bn against DKK 3.0bn at 31 December 2012. The change was mainly due to prepayments in relation to the acquisition of Chongqing Beer Group Assets Management (approval of transaction pending) and prepayments in connection with sponsorships. 

Cash decreased from DKK 5.8bn at 31 De- cember 2012 to DKK 3.7bn at 31 December 2013, mainly due to acquisitions, CapEx and paid dividends. 

## Liabilities 

Equity decreased to DKK 71.5bn compared to DKK 73.7bn at 31 December 2012. DKK 67.8bn was attributed to shareholders in Carlsberg A/S and DKK 3.7bn to non- controlling interests. 

The change in equity of DKK -2.2bn was mainly due to profit for the period of DKK +6.0bn; foreign exchange losses of DKK -7.5bn; payment of dividends to shareholders of DKK -1.3bn; acquisition of non-controlling interests (mainly in Laos) of DKK -0.6bn; retirement benefit obligations of DKK +0.8bn; and acquisition of entities of DKK +0.5bn 

related to the acquisition of Chongqing Brewery Group. 

Liabilities decreased to DKK 79.6bn com- pared to DKK 80.3bn at 31 December 2012. The decrease was due to lower deferred tax liabilities and retirement benefit obligations partly offset by higher trade payables. 

The increase in current borrowings to DKK 9.5bn from DKK 3.4bn was due to a EUR bond of 1bn maturing in May 2014 and has consequently been moved from non-current to current borrowings. 

## CASH FLOW 

Operating profit before depreciation and amortisation was DKK 13,833m (DKK 13,812m in 2012). 

The change in trade working capital was DKK 627m (DKK 852m in 2012). Other work- ing capital was DKK -884m (DKK -523m in 2012), impacted negatively primarily by an extraordinary increase in prepayments and a decrease in debt to public authorities. The main part of the development was of a one- off nature. Average trade working capital to net revenue continued to decline and was 0.2% at the end of the year versus 1.0% at the end of 2012. 

Paid net interest etc. amounted to DKK -2,122m (DKK -1,996m in 2012). The slight increase versus 2012 was due to phasing into 2013 of coupon payments related to the bond issues in 2012. 

In all, cash flow from operating activities was DKK 9,083m (DKK 9,871m in 2012), impacted by net working capital and higher paid restructuring costs versus 2012. 

Cash flow from investing activities amounted to DKK -8,883m against DKK -3,974m in 2012. 

Total operational investments were DKK 6.1bn (DKK 5.1bn in 2012) and primarily included capacity expansion in Poland and Asia, greenfield breweries in Asia, invest- ments related to network optimisation in Western Europe and sales investments. 

Financial investments were impacted by the acquisition of 30.29% of the shares in Chongqing Brewery Company at the end of 2013 and prepayments related to the acquisi- tion of Chongqing Beer Group Assets Man- agement at the end of 2013. In 2012, cash flow from investing activities was positively impacted by the proceeds from the sale of the Copenhagen brewery site of DKK 1.9bn. 

Free cash flow was DKK 200m against DKK 5,897m in 2012. 

## FINANCING 

At 31 December 2013, gross interest-bearing debt amounted to DKK 40.4bn and net interest-bearing debt amounted to DKK 35.0bn. The difference of DKK 5.4bn was other interest-bearing assets, including DKK 3.7bn in cash and cash equivalents. 

Of the gross interest-bearing debt, 76% (DKK 30.7bn) was long-term, i.e. with maturity more than one year from 31 December 2013. The net interest-bearing debt consisted pri- marily of facilities in EUR and approximately 60% was at fixed interest (fixed-interest period exceeding one year). 

