25 July 2008
31/2008
Page 1 of 3
New segment reporting format and pro forma 2007 financial results
As previously communicated Carlsberg will introduce a new segment reporting
format in connection with the announcement of interim results for the first half
of 2008. The new segment reporting format reflects the structure that is used
for internal reporting and follow-up on the strategic and financial targets of
the Carlsberg Group.
The new segment reporting reflects the inclusion of the acquired businesses from
Scottish & Newcastle plc ("S&N") as well as a broader geographic definition of
North and Western Europe.
The new segment reporting format is based on the following segments:
North and Western Europe includes activities in Denmark, Norway, Sweden,
Finland, the UK, Germany, Switzerland, Italy, Portugal, Poland, Turkey, the
Baltics (Estonia, Latvia and Lithuania), South East Europe (Bulgaria, Croatia
and Serbia), the Export and License business as well as the acquired activities
in France and Greece. Eastern Europe includes the activities in Russia, Ukraine,
Uzbekistan, Kazakhstan and Belarus. Asia includes activities in Malaysia,
Singapore, Hong Kong, China, Vietnam, Cambodia, Laos, Nepal, Sri Lanka, India
and Malawi.
Appendix 1 details quarterly historic segment financial figures for the
beverages activities for the period 1st quarter 2006 - 1st quarter 2008. The
historic financial figures are shown in accordance with the accounting policies
applied by the Carlsberg Group in preparing the annual report for 2007 and the
interim report for 1st quarter 2008. These historic financial figures do not
include the acquired businesses from S&N.
Appendix 2 bridges the 2007 financial figures for the beverages activities based
on the old segment reporting format with the new segment reporting format as
well as details the illustrative pro forma 2007 financial figures for the new
segments North and Western Europe and Eastern Europe. In addition to the changes
in the segments following the reallocation of individual markets, the segments
are affected by the acquisition of the businesses from S&N as well as the
accounting consequences of the distribution of the illustrative preliminary
purchase price allocation. The 2007 financial results from the acquired
businesses as well as the applied illustrative preliminary purchase price
allocation is based on the Carlsberg Rights Issue Prospectus dated 15 May 2008,
and thus not updated since, and thus with the limitations, uncertainties etc.
stated in the prospectus.
The segment "Other activities", that is non-beverages, remains unchanged.
The information in this announcement has not been audited.
Contacts:
Investor Relations: Mikael Bo Larsen, +45 3327 1223
Media Relations: Jens Peter Skaarup, +45 3327 1417
Carlsberg A/S 100 Ny Carlsberg Vej Tel +45 3327 3300
www.carlsberggroup.com
1760 Copenhagen V Fax +45 3327 4701
Denmark carlsberg@carlsberg.com
CVR.nr. 61056416
Company announcement - 31/2008
25 Jul y 2008
Page 2 of 3
APPENDIX 1
Segment reporting by region (beverages)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2006 2006 2006 2006 2007 2007 2007 2007 2008
7,9 12,2 12,1 10,4 8,7 12,8 12,2 10,7 8,7
3,6 6,3 7,1 5,0 5,1 8,2 8,5 5,9 5,6
1,7 2,2 2,3 1,8 2,2 2,8 2,7 2,2 2,5
0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0
Beverages, total13,220,721,517,216,023,823,418,816,8
6.031 8.592 8.507 7.977 6.434 9.041 8.624 7.9886.633
1.173 2.134 2.344 1.662 1.693 2.830 3.069 2.0661.972
587 701 673 652 704 727 746 709 811
Not allocated161822-63241-95520
7.807 11.445 11.546 10.285 8.863 12.639 12.430 10.8189.436
amortisation and special items (DKK million)
446 1.558 1.688 1.153 721 1.710 1.672 1.262 613
261 668 841 418 421 837 953 516 449
158 137 138 68 126 132 148 124 163
Not allocated-92-108-99-262-179-177-103-306-162
773 2.255 2.568 1.377 1.089 2.502 2.670 1.5961.063
items (DKK
million)
-47 1.060 1.194 517 242 1.231 1.179 731 135
139 541 657 281 287 696 806 345 285
128 97 102 27 89 94 107 76 124
-116 -135 -152 -296 -215 -211 -138 -318 -163
104 1.563 1.801 529 403 1.810 1.954 834 381
-0,8 12,3 14,0 6,5 3,8 13,6 13,7 9,2 2,0
Eastern Europe Group11,825,428,116,917,024,626,316,714,4
21,8 13,8 15,2 4,1 12,6 12,9 14,3 10,7 15,3
Not allocated………………………
1,3 13,7 15,6 5,1 4,5 14,3 15,7 7,7 4,0
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Company announcement - 31/2008
25 Jul y 2008
Page 3 of 3
APPENDIX 2
Financial Comparison 2007
All figures in DKKm unless otherwise stated
New Geographic Segmentation of Actual Figures for 2007 for the Brewing
activities
Beer vol Net Depreciatio-
/
Reported 2007 (pro rata, revenue EBITDA Margin amortisation EBIT
Margin
hlm)
Western Europe 28,5 27.499 4.297 15,6% 1.559 2.738
10,0%
BBH 29,1 10.435 2.980 28,6% 642 2.338
22,4%
Eastern Europe (excl. 14,8 4.267 883 20,7% 406 477
11,2%
BBH)
Asia 9,6 2.535 462 18,2% 132 330
13,0%
Other and not 0,0 14 (765) n.a. 117 (882)
n.a.
allocated
Brewing activities 82,0 44.750 7.857 17,6% 2.856 5.001
11,2%
Beer vol Net Depreciatio-
/
New Reporting 2007 (pro rata, revenue EBITDA Margin amortisation EBIT
Margin
hlm)
North & Western 44,4 32.087 5.365 16,7% 1.982 3.383
10,5%
Europe
Eastern Europe 27,7 9.658 2.727 28,2% 593 2.134
22,1%
Asia 9,9 2.886 530 18,4% 164 366
12,7%
Other and not 0,0 119 (765) n.a. 117 (882)
n.a.
allocated
Brewing activities 82,0 44.750 7.857 17,6% 2.856 5.001
11,2%
Illustrative Proforma Financial Results and Margins for 2007
Beer vol Net Depreciati-
n/
(pro rata, revenue EBITDA Margin amortisati-
EBIT Margin
hlm) n
Western Europe (2007 28,5 27.499 4.297 15,6% 1.559 2.738
10,0%
Reported)
Change in Reporting
(Addition of 50%
Baltics, Poland, South
Eastern Europe and
Licenses) 15,9 4.588 1.068 23,3% 423 645
14,1%
North & Western Europe 44,4 32.087 5.365 16,7% 1.982 3.383
10,5%
(2007 New Reporting)
Acquired S&N Assets (1) 7,7 5.516 1.100 19,9% 237 863
15,6%
PPA Adjustments (2) (10) n.a. 90 (100)
n.a.
North & Western Europe 52,1 37.603 6.455 17,2% 2.309 4.146
11,0%
(2007 Proforma)
Beer vol Net Depreciati-
n/
(pro rata, revenue EBITDA Margin amortisati-
EBIT Margin
hlm) n
BBH (2007 Reported) 29,1 10.435 2.980 28,6% 642 2.338
22,4%
Change in Reporting
(Removing of 50% of
Baltics) (1,4) (777) (253) 32,6% (49) (204)
26,3%
Eastern Europe (2007 New 27,7 9.658 2.727 28,2% 593 2.134
22,1%
Reporting)
Acquired S&N Assets (3, 4) 23,7 9.658 2.727 28,2% 593 2.134
22,1%
PPA Adjustments (2) 0 (40) n.a. 360 (400)
n.a.
Eastern Europe (2007 51,4 19.316 5.414 28,0% 1.546 3.868
20,0%
Proforma)
(1) Consists of France (after sale of Elidis) and Greece (both proforma as per
Rights Issue Prospectus dated 15th May 2008) as well as 50% of the Baltic
operations for 2007. (2) Preliminary estimate of Purchase Price Allocation
adjustments (as per Rights Issue Prospectus dated 15 May 2008) allocated between
North & Western Europe and Eastern Europe. (3) Consists of 50% stake in BBH
excluding the Baltic operations for 2007. (4) Acquired volumes does not equal
50% of total volume in BBH as volumes from sales of Carlsberg and Tuborg beer
was included 100% in the pro rata beer volume reported for 2007.
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