Cash flow Carlsberg A/S

Equities

CARL B

DK0010181759

Brewers

Real-time Estimate Cboe Europe Other stock markets 14:27:44 12/09/2024 BST			5-day change	1st Jan Change
790.10 ^DKK	+1.63%		-0.08%	-6.54%

12:56pm	Carlsberg, PepsiCo Enter New Beverage Distribution Deal in Kazakhstan, Kyrgyzstan	MT
11:14am	Carlsberg Signs Bottling Deal With PepsiCo in Kazakhstan and Kyrgyzstan	DJ

7c1e1558.JxalN6138WkZmhWHcYvvLLpwPH_iqav1ATe-7v_k_38.fyfGQNUCi1xx63fkXLKLQc4YUiCjy_SabwfzqbGOkTxGdJBk8hOIRC-oLQ

Published financial data: CARLSBERG A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	65.9B	58.54B	66.63B	70.26B	73.58B
Total Revenues	65.9B	58.54B	66.63B	70.26B	73.58B
Cost of Goods Sold, Total	33.26B	30.18B	35.31B	38.2B	40.75B
Gross Profit	32.64B	28.36B	31.33B	32.07B	32.83B
Selling General & Admin Expenses, Total	22.63B	18.87B	20.93B	21.6B	22.46B
Other Operating Expenses	23M	254M	49M	58M	-17M
Other Operating Expenses, Total	22.65B	19.13B	20.98B	21.66B	22.44B
Operating Income	9.99B	9.24B	10.34B	10.4B	10.39B
Interest Expense, Total	-513M	-495M	-509M	-540M	-776M
Interest And Investment Income	210M	131M	150M	267M	441M
Net Interest Expenses	-303M	-364M	-359M	-273M	-335M
Income (Loss) On Equity Invest.	278M	315M	336M	901M	581M
Currency Exchange Gains (Loss)	-88M	139M	-62M	-219M	-151M
Other Non Operating Income (Expenses)	-205M	-90M	128M	-148M	-268M
EBT, Excl. Unusual Items	9.67B	9.24B	10.39B	10.67B	10.21B
Restructuring Charges	-353M	-419M	-218M	-39M	-41M
Merger & Related Restructuring Charges	-	-125M	-48M	-92M	-117M
Impairment of Goodwill	-	-	-	-700M	-
Gain (Loss) On Sale Of Assets	56M	53M	93M	79M	47M
Asset Writedown	-91M	-305M	-864M	-64M	-310M
Other Unusual Items	945M	602M	877M	111M	37M
EBT, Incl. Unusual Items	10.23B	9.04B	10.23B	9.96B	9.83B
Income Tax Expense	2.75B	2.23B	2.22B	1.78B	1.86B
Earnings From Continuing Operations	7.48B	6.81B	8.01B	8.18B	7.97B
Earnings Of Discontinued Operations	-	-	-	-8.08B	-47.75B
Net Income to Company	7.48B	6.81B	8.01B	108M	-39.78B
Minority Interest	-908M	-778M	-1.16B	-1.17B	-1.01B
Net Income - (IS)	6.57B	6.03B	6.85B	-1.06B	-40.79B
Net Income to Common Incl Extra Items	6.57B	6.03B	6.85B	-1.06B	-40.79B
Net Income to Common Excl. Extra Items	6.57B	6.03B	6.85B	7.01B	6.96B
Per Share Items
Net EPS - Basic	43.67	41.27	47.59	-7.6	-299.72
Basic EPS - Continuing Operations	43.67	41.27	47.59	50.14	51.14
Basic Weighted Average Shares Outstanding	150M	146M	144M	140M	136M
Net EPS - Diluted	43.4	41.1	47.4	-7.6	-298.92
Diluted EPS - Continuing Operations	43.4	41.1	47.4	50	51
Diluted Weighted Average Shares Outstanding	151M	147M	144M	140M	136M
Normalized Basic EPS	34.15	34.18	37.05	39.3	39.48
Normalized Diluted EPS	33.96	34.03	36.93	39.19	39.37
Dividend Per Share	21	22	24	27	27
Payout Ratio	41.68	51.29	46.55	-318.81	-9.06
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	14.1B	13.18B	14.36B	13.96B	13.92B
EBITA	10.42B	9.42B	10.57B	10.63B	10.58B
EBIT	9.99B	9.24B	10.34B	10.4B	10.39B
EBITDAR	-	13.22B	14.39B	14.01B	13.97B
Total Revenues (As Reported)	-	-	-	-	-
Effective Tax Rate - (Ratio)	26.9	24.7	21.7	17.85	18.91
Total Current Taxes	2.13B	2.02B	2.42B	2.2B	2.01B
Total Deferred Taxes	600M	169M	-165M	-34M	-169M
Normalized Net Income	5.14B	4.99B	5.33B	5.5B	5.37B
Interest Capitalized	18M	1M	4M	2M	8M
Interest on Long-Term Debt	12M	13M	17M	25M	40M
Non-Cash Pension Expense	-100M	-196M	44M	27M	28M
Supplemental Operating Expense Items
Marketing Expenses	5.58B	4.39B	4.98B	5.79B	6.17B
Selling and Marketing Expenses	17.83B	15.37B	16.73B	17.34B	18.36B
General and Administrative Expenses	4.73B	3.45B	4.16B	4.23B	4.08B
Net Rental Expense, Total	-	44M	33M	49M	48M
Imputed Operating Lease Interest Expense	-	6.32M	4.58M	7.38M	8.89M
Imputed Operating Lease Depreciation	-	37.68M	28.42M	41.62M	39.11M
Stock-Based Comp., Other (Total)	217M	66M	82M	97M	130M
Total Stock-Based Compensation	217M	66M	82M	97M	130M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	5.22B	8.09B	8.34B	8.16B	13.38B
Short Term Investments	-	-	-	-	2.24B
Total Cash And Short Term Investments	5.22B	8.09B	8.34B	8.16B	15.62B
Accounts Receivable, Total	5.34B	3.72B	5.71B	5.07B	5.1B
Other Receivables	1.86B	1.8B	2.53B	2.72B	2.83B
Total Receivables	7.2B	5.52B	8.24B	7.79B	7.93B
Inventory	4.75B	4.61B	5.39B	5.72B	5.81B
Prepaid Expenses	776M	769M	929M	964M	835M
Other Current Assets, Total	-	-	191M	11.62B	-
Total Current Assets	17.95B	19B	23.09B	34.25B	30.2B
Gross Property Plant And Equipment	65.61B	63.32B	65.84B	58.5B	60.67B
Accumulated Depreciation	-37.73B	-37.02B	-39.19B	-34.82B	-36.26B
Net Property Plant And Equipment	27.89B	26.3B	26.65B	23.68B	24.4B
Long-term Investments	4.36B	4.19B	5.17B	5.52B	5.44B
Goodwill	52.91B	50.49B	52.48B	38.45B	38.32B
Other Intangibles, Total	16.9B	15.57B	15.99B	10.77B	10.78B
Accounts Receivable Long-Term	975M	826M	776M	644M	657M
Deferred Tax Assets Long-Term	1.94B	1.77B	1.92B	1.73B	1.81B
Other Long-Term Assets, Total	204M	679M	299M	292M	224M
Total Assets	123B	119B	126B	115B	112B
Liabilities
Accounts Payable, Total	17.15B	16.6B	20.64B	21.92B	22.16B
Short-term Borrowings	3.34B	89M	103M	1.41B	101M
Current Portion of Long-Term Debt	347M	472M	5.69B	3.98B	7.77B
Current Portion of Leases	424M	398M	375M	390M	466M
Current Income Taxes Payable	999M	925M	1.35B	1.01B	1.05B
Other Current Liabilities	11.05B	9.97B	15.12B	20.04B	15.68B
Total Current Liabilities	33.31B	28.45B	43.28B	48.75B	47.23B
Long-Term Debt	19.71B	28.21B	21.74B	21.66B	29.43B
Long-Term Leases	1.16B	1.08B	1.01B	1.2B	1.34B
Pension & Other Post Retirement Benefits	3.3B	2.93B	2.34B	1.56B	1.39B
Deferred Tax Liability Non Current	4.71B	4.78B	6.35B	4.84B	4.82B
Other Non Current Liabilities	14.89B	10B	2.9B	2.61B	1.88B
Total Liabilities	77.08B	75.45B	77.63B	80.62B	86.08B
Common Stock, Total	3.05B	2.96B	2.9B	2.84B	2.75B
Retained Earnings	74.05B	77.17B	78.85B	70.78B	23.31B
Comprehensive Income and Other	-33.65B	-40.82B	-37.82B	-41.71B	-2.82B
Total Common Equity	43.45B	39.31B	43.94B	31.9B	23.23B
Minority Interest	2.59B	4.05B	4.82B	2.82B	2.52B
Total Equity	46.04B	43.36B	48.76B	34.72B	25.75B
Total Liabilities And Equity	123B	119B	126B	115B	112B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	148M	145M	142M	137M	134M
ECS Total Common Shares Outstanding	148M	145M	142M	137M	134M
Book Value / Share	293.57	270.9	309.68	232.28	173.24
Tangible Book Value	-26.36B	-26.75B	-24.53B	-17.32B	-25.87B
Tangible Book Value Per Share	-178.09	-184.37	-172.91	-126.12	-192.87
Total Debt	24.99B	30.25B	28.92B	28.65B	39.1B
Net Debt	19.77B	22.16B	20.58B	20.48B	23.48B
Debt Equivalent of Unfunded Proj. Benefit Obligation	3.3B	2.93B	2.34B	1.56B	1.39B
Debt Equivalent Oper. Leases	-	352M	264M	392M	384M
Minority Interest, Total (Incl. Fin. Div)	2.59B	4.05B	4.82B	2.82B	2.52B
Equity Method Investments, Total	4.36B	4.19B	5.17B	5.52B	5.44B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	2.12B	2.07B	2.31B	2.33B	2.36B
Inventories - Work In Process, Total	333M	295M	333M	344M	399M
Inventories - Finished Goods, Total	2.3B	2.25B	2.75B	3.04B	3.05B
Land - (BS)	18.08B	19.23B	19.84B	17.8B	18.45B
Machinery, Total	44.11B	42.97B	44.81B	40.69B	42.22B
Full Time Employees	40K	40K	39K	31K	31K
Accumulated Allowance for Doubtful Accounts (Supple)	477M	699M	617M	613M	666M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	6.57B	6.03B	6.85B	-1.06B	-40.79B
Depreciation & Amortization - CF	4.09B	4.15B	4.17B	3.71B	3.79B
Amortization of Goodwill and Intangible Assets - (CF)	426M	187M	225M	229M	188M
Depreciation & Amortization, Total	4.51B	4.34B	4.4B	3.94B	3.98B
(Gain) Loss From Sale Of Asset	-56M	-53M	-93M	-79M	-47M
Asset Writedown & Restructuring Costs	-415M	-481M	-156M	74M	-459M
(Income) Loss On Equity Investments - (CF)	-278M	-315M	-336M	-901M	-581M
Stock-Based Compensation (CF)	217M	42M	82M	97M	130M
Net Cash From Discontinued Operations	-	-	-	-	1.53B
Other Operating Activities, Total	565M	1.08B	1.1B	9.44B	49.45B
Change In Accounts Receivable	82M	1.48B	-1.87B	-232M	223M
Change In Inventories	-188M	-1M	-648M	-1.27B	-143M
Change In Accounts Payable	597M	-162M	3.32B	3.41B	618M
Change in Other Net Operating Assets	634M	-1.03B	617M	-465M	-780M
Cash from Operations	12.24B	10.93B	13.26B	12.95B	13.14B
Capital Expenditure	-4.59B	-4.4B	-4.22B	-4.02B	-4.24B
Sale of Property, Plant, and Equipment	1.71B	222M	274M	412M	115M
Cash Acquisitions	-	-2.41B	-635M	-	-826M
Divestitures	-	-	-	-	4M
Sale (Purchase) of Real Estate properties	-4M	-	-2M	2M	-
Investment in Marketable and Equity Securities, Total	-16M	14M	-51M	-68M	-2.26B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-9M	381M	-39M	325M	-36M
Other Investing Activities, Total	626M	317M	291M	282M	-2.08B
Cash from Investing	-2.28B	-5.87B	-4.38B	-3.06B	-9.32B
Long-Term Debt Issued, Total	-	8.74B	11M	4.88B	15.27B
Total Debt Issued	-	8.74B	11M	4.88B	15.27B
Short Term Debt Repaid, Total	-	-3.26B	-216M	-	-
Long-Term Debt Repaid, Total	-935M	-414M	-1.41B	-6.01B	-5.9B
Total Debt Repaid	-935M	-3.68B	-1.62B	-6.01B	-5.9B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-4.1B	-2.9B	-3.6B	-4.4B	-3.2B
Common Dividends Paid	-2.74B	-3.09B	-3.19B	-3.39B	-3.7B
Common & Preferred Stock Dividends Paid	-2.74B	-3.09B	-3.19B	-3.39B	-3.7B
Other Financing Activities, Total	-2.52B	-877M	-550M	-1.04B	-1.04B
Cash from Financing	-10.29B	-1.81B	-8.95B	-9.96B	1.43B
Foreign Exchange Rate Adjustments	46M	-438M	458M	-683M	-1.23B
Miscellaneous Cash Flow Adjustments	-	-	-	577M	1.19B
Net Change in Cash	-285M	2.81B	386M	-181M	5.22B
Supplemental Items
Cash Interest Paid	1.03B	521M	1.04B	1.22B	602M
Cash Income Tax Paid (Refund)	2.23B	1.96B	1.98B	2.1B	2.17B
Levered Free Cash Flow	7.79B	5.58B	12.19B	699M	13.31B
Unlevered Free Cash Flow	8.11B	5.89B	12.5B	1.04B	13.79B
Change In Net Working Capital	-1.72B	-114M	-5.78B	5.49B	-7.43B
Net Debt Issued / Repaid	-935M	5.06B	-1.61B	-1.13B	9.37B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.18	4.77	5.27	5.38	5.72
Return on Total Capital	8.74	7.98	8.55	9.22	10.13
Return On Equity %	15.92	15.23	17.39	19.61	26.36
Return on Common Equity	14.8	14.57	16.45	18.12	25.25
Margin Analysis
Gross Profit Margin %	49.52	48.45	47.01	45.64	44.62
SG&A Margin	34.33	32.24	31.41	30.75	30.53
EBITDA Margin %	21.39	22.51	21.54	19.87	18.92
EBITA Margin %	15.8	16.09	15.86	15.13	14.37
EBIT Margin %	15.16	15.78	15.53	14.81	14.12
Income From Continuing Operations Margin %	11.35	11.63	12.02	11.65	10.83
Net Income Margin %	9.97	10.3	10.27	-1.51	-55.43
Net Avail. For Common Margin %	9.97	10.3	10.27	9.98	9.46
Normalized Net Income Margin	7.79	8.53	8	7.82	7.3
Levered Free Cash Flow Margin	11.81	9.54	18.29	0.99	18.08
Unlevered Free Cash Flow Margin	12.3	10.06	18.76	1.47	18.74
Asset Turnover