Newsroom » Financial statements for the first half of 2022 « Carlsberg Group


Strong commercial performance.

Volume growth driven by Western Europe and Asia

Organic volume growth +8.9% (Q2: +8.7%)

  • Organic volume growth in Western Europe +10.2%, Asia +13.2% and Central and Eastern Europe +0.3% (excluding Ukraine: +7%).
  • Solid volume growth for premium brands: Tuborg +14%, Carlsberg +20%, 1664 Blanc -1% (excluding Ukraine: +5%), Grimbergen +11%, Somersby +2% and Brooklyn +44%.
  • Non-alcoholic beer -3% (excluding Ukraine: +4%).

Revenue impacted by a positive channel mix

Organic revenue growth +20.7% (Q2: +18.7%)

  • Revenue/hl +11%, mainly driven by channel mix, country mix and price increases.
  • Revenue growth of 23.6% to DKK 35,447 million due to a positive currency effect.

Strong earnings and cash performance

Organic growth in operating income +31.8%

  • Strong growth in operating profit reflecting recovery in the hospitality industry and strong performance in Asia, partially offset by higher raw material prices and energy costs.
  • Operating profit grew by +35.9% to DKK 6,442m and operating margin improved by 170bps to 18.2%.
  • Reported net profit of -5,276 million DKK, impacted by impairment charges in Russia, Ukraine and Central and Eastern Europe booked in March, for a total of 10,401 million DKK.
  • Adjusted net profit of DKK 5,059 million.
  • Adjusted earnings per share (excluding treasury shares) +63.9% to DKK 35.9.
  • Strong free cash flow of DKK 7,294 million.

Improved shareholder value

  • PNAI/EBITDA 1.11x.
  • ROIC improved by 340bp to 14.9%; excluding goodwill +1030bp at 40.7%.
  • The third quarterly share buyback program worth DKK 1 billion was launched today.

Ambitious new ESG objectives

  • The progressive ESG program Together Towards ZERO and Beyond was launched today.
  • Ambitious and broader goals, including a net-zero carbon goal and targets for sustainable agriculture and packaging.

2022 results expectations

  • High single-digit organic operating profit growth (unchanged from August 8 announcement).
  • A translation impact of approximately +350 million DKK, based on August 16 spot rates (unchanged).
  • Financial charges, excluding foreign exchange losses or gains, of approximately DKK 550 million (previously DKK 550-600 million).
  • Effective tax rate reported at approximately 22% (previously 22-23%).

CEO Cees ‘t Hart says:

“We are very pleased with the strong first half results in light of the severe challenges resulting from the war in Ukraine, rising raw material prices and energy costs, and the pandemic. Despite these challenges, the Carlsberg Group’s half-year results are now well above pre-pandemic levels.

“I am impressed by our Ukrainian colleagues, who have shown incredible strength and resilience, facing both the humanitarian crisis and the enormous commercial challenges since the outbreak of the war.

“Global uncertainty remains elevated, with increasing pressure on input costs being a particular challenge for us over the coming quarters. In this environment, we will continue to seek the right balance between mitigating near-term challenges and investing in long-term opportunities behind our SAIL’27 priorities to achieve our revenue and bottom line growth ambitions Despite difficult market conditions, we are staying the course.

“Today we are launching our ambitious new sustainability program, Together to ZERO and Beyond, taking the next steps in our ESG journey to fight climate change, improve diversity and encourage responsible consumption of our products. “


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