Financial statements as of December 31, 2021


2021 performance well above pre-COVID 2019: strong growth in revenue and operating cash flow; increased returns for shareholders


  • Organic revenue growth of 10.0%; posted growth of 13.8% at DKK 66,634 million.
  • Turnover/hl +3%.
  • Total organic volume growth of 7.4%; recorded a growth of 9.3% to 142.2m hl.
    • Volume Tuborg +17%, Carlsberg +5%, 1664 White +24%,
      Grimbergen -3% and Somersby +10%.
    • Craft & specialty +15%; non-alcoholic beers +17%.
  • Organic growth in operating income of 12.5%; posted growth of 12.0% at DKK 10,862 million.
  • Reported operating margin -30bp at 16.3%; excluding acquisitions +30bp to 16.9%.
  • Growth in adjusted net income of 9% at DKK 6,943 million, supported by lower financial costs and a lower tax rate; announced net profit growth of 14% at DKK 6,846 million.
  • Adjusted earnings per share +11% at DKK 48.3.
  • Free cash flow of DKK 8,876 million.
  • ROIC increased by 140 bps to 10.3%; excluding goodwill +430bp at 27.5%.
  • Interest-bearing net debt/EBITDA of 1.24x (2020: 1.51x).
  • The Supervisory Board will propose to the General Meeting a 9% increase in the dividend to 24 DKK per share, equal to an adjusted payout ratio of 49%.
  • During 2021 and until January 28, 2022the Company bought back shares for an amount DKK 4.0 billion. Again in 2022, the Company intends to implement quarterly share buyback programs, launching the first 1 billion Danish kroner program today, which will continue until April 22. We will provide information on the next quarterly share buyback program as part of the April 28 Q1 listing.
  • Yesterday the group announced its updated strategy, SAIL’27, including a long-term organic revenue ambition of 3-5% CAGR and organic operating profit growth above revenue growth. business. See separate announcement for details.


2022 will be another difficult year. COVID-19 is expected to continue to impact our markets to varying degrees. At the same time, our business will be impacted by substantial increases in input costs, which we aim to offset in absolute terms through increased revenue/hl and a continued focus on costs. The higher income/hl can have a negative impact on beer consumption. As a result, the 2022 forecasts are:

  • Organic operating profit growth of 0 to 7%.

Based on February 3 spot exchange rates, we assume a translation impact of approximately DKK +250m for 2022.

CEO Cees ‘t Hart said: “We are very pleased with the Group’s performance in 2021. Although our business has been significantly impacted by COVID-19, we have seen strong growth in revenue and net profit as well than free cash flow. Our results in 2021 are well above the pre-pandemic levels of 2019.

“The Group’s financial situation is very solid and we are pleased to announce that the Supervisory Board recommends a further solid increase in dividends for 2021 and a new share buyback program. Significantly higher input costs and the continued impact of COVID-19 will pose challenges in 2022, but we are well prepared.

“We also launched our new strategy, SAIL’27, with clear priorities for our portfolio, geographies, execution and culture and with ambitious long-term growth aspirations for the Group. Building on the solid foundations of SAIL’22 and our ambitions for the next strategic period, we are confident that we can continue our long-term sustainable value creation.

Carlsberg will present the results on a conference call today at 9:30 a.m. CET (8:30 GMT). Call information and a slide deck are available in advance at


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

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

For more news, subscribe follow@CarlsbergGroup on Twitter.


  • 06_04022022_Financial statement as of December 31, 2021.pdf
  • Quarterly_financial_data_Carlsberg_Group.xlsx

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