Carlsberg A / S: Financial statements as of June 30, 2021 and revaluation of results


Strong results despite the continued impact of COVID-19

Strong points

  • Organic revenue growth of 9.6% (Q2: + 14.3%); reported + 9.9% to DKK 31,687 million (T2: + 17.7%).
  • Sales / hl stable with an improvement in Q2 (+ 5%) while the home market has started to recover in many European markets.
  • Total organic growth in volumes of 10.0% (Q2: + 8.8%); declared + 11.9% (T2: + 11.3%).
    • Volume Tuborg + 28%, Carlsberg + 2%, 1664 White + 25%, Grimbergen + 3% and Somersby + 17%.
    • Craft and specialty volume + 21%, non-alcoholic beers + 26%.
  • Organic growth in operating income of 15.6%; reported + 10.7% at 5,111 million Danish crowns.
  • Improvement of the operating margin by 10 bps to 16.1%.
  • Adjusted net income growth of 10.3% at 3,168 million Danish kroner; reported net income + 6.0% at DKK 3,027 million.
  • Adjusted earnings per share (excluding treasury shares) + 12.3% at 21.9 DKK.
  • Free cash flow at 5,281 million Danish kroner (2020: 3,141 million Danish kroner).
  • Net debt / EBITDA 1.43x (end of 2020: 1.51x).
  • ROIC improvement from 100bp to 9.5%; excluding goodwill + 310bp at 25.0%.
  • The second tranche of the share buyback, amounting to 1 billion Danish kroner, was concluded on August 13. The Company will launch today the third quarterly share buyback program, amounting to 1 billion Danish kroner.

Profit forecasts 2021

The COVID-19 pandemic continues to impact business performance, and market volatility and uncertainty remain high. However, given the good results in the first half and the start of the third quarter, we are raising the profit forecast for 2021:

  • Organic growth in operating income of around 8 to 11% (previously 5 to 10%).
  • A translation impact of approximately DKK -150m is assumed for 2021 based on spot rates as of August 17 (previously -250 m DKK).

CEO Cees’ t Hart said: “We are very pleased that the group has delivered strong results despite continued market uncertainty due to the pandemic. The revenue growth, improved operating margin and significantly higher cash flow demonstrate the strength of our geographic footprint and our brand portfolio, as well as the strong execution of our initiatives to preserve health. in the short and long term of the Carlsberg Group. The resilience of our strategic priorities is further illustrated by global figures for the first half of 2021 ahead of the first half of 2019, on a like-for-like basis.

“In many markets, individuals and businesses unfortunately continue to be affected by the COVID-19 pandemic. Although we are witnessing a gradual return to a more normal environment in the markets through Europe, other markets, particularly in Asia, remain under severe restrictions due to new waves of infection.

“As uncertainty over the rest of the year persists, we are pleased with the strength of the first half results and the good start of the third quarter, which allows us to improve our profit forecast for the year and launch the third quarterly share buyback program. . ”

Carlsberg will present the results during a conference call today at 9:30 am CET (8:30 am GMT). Access information and a set of slides are available in advance at


Investor Relations: Peter Kondrup +45 2219 1221 Iben Steiness +45 2088 1232

Media Relations:
Nina Brønden Jakobsen +45 4186 1391Christian Wulff Sondergaard +45 3144 7965

For more information, subscribe at or follow @CarlsbergGroup on Twitter.


  • 33_18082021_Upgrade of financial statements and results for the first half of 2021.pdf
  • Quarterly_financial_data_Carlsberg_Group.xlsx

© Ritzau Denmark, source Ritzau Français Regulatory Releases


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