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Carlsberg Annual Report 2005

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Carlsberg Annual Report 2005 Carlsberg A/S Annual Report 2005 Annual Report 2005 2 CEO statement 4 Five-year summary 5 Results and expectations 6 Strategy 8 Markets 10 Western Europe 14 Baltic Beverages Holding 16 Eastern Europe excl. BBH 18 Asia 20 Co-operation in the Carlsberg Group 24 Shareholder information 26 Corporate governance 31 The Carlsberg Foundation 32 Risk management 35 Financial review 41 Transition to IFRS 47 Accounting policies 57 Consolidated fi nancial statements 59 Income statement 60 Balance sheet 62 Changes in equity 64 Cash fl ow statement 65 Notes 96 Group companies 99 Parent Company fi nancial statements 120 Management statement 121 Auditor’s report 122 Board of Directors, Executive Board and other senior executives Carlsberg A/S CVR No. 61056416 Ny Carlsberg Vej 100 DK-1760 Copenhagen V, Denmark Phone: +45 3327 3300 Fax: +45 3327 4701 E-mail: [email protected] www.carlsberg.com This report is provided in English and in Danish. In case of any discrepancy between the two versions, the Danish wording shall apply. Carlsberg A/S Annual Report 2005 Annual Report 2005 2 CEO statement 4 Five-year summary 5 Results and expectations 6 Strategy 8 Markets 10 Western Europe 14 Baltic Beverages Holding 16 Eastern Europe excl. BBH 18 Asia 20 Co-operation in the Carlsberg Group 24 Shareholder information 26 Corporate governance 31 The Carlsberg Foundation 32 Risk management 35 Financial review 41 Transition to IFRS 47 Accounting policies 57 Consolidated fi nancial statements 59 Income statement 60 Balance sheet 62 Changes in equity 64 Cash fl ow statement 65 Notes 96 Group companies 99 Parent Company fi nancial statements 120 Management statement 121 Auditor’s report 122 Board of Directors, Executive Board and other senior executives Carlsberg A/S CVR No. 61056416 Ny Carlsberg Vej 100 DK-1760 Copenhagen V, Denmark Phone: +45 3327 3300 Fax: +45 3327 4701 E-mail: [email protected] www.carlsberg.com This report is provided in English and in Danish. In case of any discrepancy between the two versions, the Danish wording shall apply. Market-leading positions in Western Europe, Eastern Europe and Asia No. 1 in Denmark No. 1 in Norway No. 1 in Sweden No. 1 in Finland No. 4 in the UK No. 1 in northern Germany No. 1 in Switzerland Mission No. 3 in Italy Carlsberg is a dynamic, international provider of beer and beverage brands, bringing people together and No. 1 in Portugal adding to the enjoyment of life. No. 1 in Russia Vision No. 3 in the Ukraine Probably the best beer company in the world No. 1 in the Baltic States No. 1 in Kazakhstan Our brands will be the consumer’s fi rst choice, and we will lead our industry in profi tability and growth through a culture No. 3 in Poland of quality, innovation and continuous improvement. No. 3 in the Balkans Values No. 2 in Turkey • Innovative in our approach. We create excitement among No. 1 in Malaysia consumers, customers and employees. • Ambitious when setting targets. We are daring when pushing No. 2 in Singapore for results. No. 4 in Vietnam • Responsible in our actions. We value strong relationships with consumers, customers, employees and partners. No. 1 in Western China • Honest. We are proud of our company and trustworthy in what we do. Editors: Carlsberg Group Communications / Design and production: Boje & Mobeck as Printers: PrintDivision A/S / Photos: Nana Reimers et al. / English translation and proofreading: Borella projects Market-leading positions in Western Europe, Eastern Europe and Asia No. 1 in Denmark No. 1 in Norway No. 1 in Sweden No. 1 in Finland No. 4 in the UK No. 1 in northern Germany No. 1 in Switzerland Mission No. 3 in Italy Carlsberg is a dynamic, international provider of beer and beverage brands, bringing people together and No. 1 in Portugal adding to the enjoyment of life. No. 1 in Russia Vision No. 3 in the Ukraine Probably the best beer company in the world No. 1 in the Baltic States No. 1 in Kazakhstan Our brands will be the consumer’s fi rst choice, and we will lead our industry in profi tability and growth through a culture No. 3 in Poland of quality, innovation and continuous improvement. No. 3 in the Balkans Values No. 2 in Turkey • Innovative in our approach. We create excitement among No. 1 in Malaysia consumers, customers and employees. • Ambitious when setting targets. We are daring when pushing No. 2 in Singapore for results. No. 4 in Vietnam • Responsible in our actions. We value strong relationships with consumers, customers, employees and partners. No. 1 in Western China • Honest. We are proud of our company and trustworthy in what we do. Editors: Carlsberg Group Communications / Design and production: Boje & Mobeck as Printers: PrintDivision A/S / Photos: Nana Reimers et al. / English translation and proofreading: Borella projects Probably the best … Carlsberg is one of the world’s largest brewery groups. We have a beer for every occasion and for every palate and lifestyle. The Group’s broad portfolio of beer brands includes Carlsberg Pilsner, known as Probably the best beer in the world, and strong regional brands such as Tuborg, Baltika and Holsten. We also have a wide range of leading brands in our local markets. We operate primarily in mature markets in Western Europe but are generating an ever-growing share of revenue in selected growth markets in Russia, other parts of Eastern Europe and Asia. Carlsberg’s business builds on a proud history. We were founded in 1847 and have always been renowned for consistently high quality. In recent years things have really taken off. Expansion and dynamic marketing extern- ally, and streamlining and innovation internally, have brought growth in both revenue and earnings. Carlsberg A/S, the Parent Company of the Group, is owned by 20,000 institutional and private investors all over the world and is listed on the Copenhagen Stock Exchange. 51% of the shares are held by the Carlsberg Foundation, established by Carlsberg’s founder J.C. Jacobsen, which backs the Company as an active and long-term shareholder as well as supporting scientifi c research and art. No. 1 20% 38 billion DKK We are the No. 1 brewer Sales volumes up by Sales revenue totalled DKK in Northern Europe and average of more than 38bn in 2005 No. 5 in the world 20% a year since 2000 83 million 95 sites 9% We sell 83 million bottles Carlsberg produces beer The operating margin was of beer every day and other beverages at 9% in 2005 95 sites in 50 countries 10 billion 150 markets 30,000 More than 10bn litres We sell beer in more The Group has 30,000 of beer a year than 150 countries employees 2 Management review / Carlsberg Annual Report 2005 Well on our way … In recent years Carlsberg’s management and other Volume growth of 9% is a good result in the brewing in- employees have put a great deal of time and energy into dustry and says a great deal about the strength of our strengthening the Group’s competitiveness and bringing brands – both our international brands and our leading about the market focus and motivation in the organisa- national brands. Growing competition will ask more of tion needed for us to continue to grow and develop the our understanding of the needs and wishes of custom- business. 2005 was a year when we concentrated on ers and consumers, and the Carlsberg Group’s clear raising profi tability and delivering the operational im- country structure provides the best possible basis for provements for which we had held out prospects. focusing on local market conditions. We have reason to be proud of our results in 2005. The many Excellence projects carried out in production, Overall our beverage activities substantially increased procurement, administration and sales have made our their earnings, despite diffi cult conditions and dwindling organisation more professional and taught us to co- beer consumption in the traditional markets in Western operate across national boundaries. The result is that we Europe. Sales volumes grew by more than 5m hl or 9%, now have a network of subsidiaries which have under- revenue by 5% and operating profi t by 15%. The return gone change and improvement in key areas. Just as on invested capital for beverage activities also improved. importantly, these effi ciency programmes, together with the many best-practice projects started up to help us to It is also pleasing that 2005 proved to be the year where learn from people in different departments and com- our results demonstrated that Carlsberg has become an panies, have changed our behaviour and our culture. even healthier business. Many of the challenges that we Together with our other management development pro- faced at the beginning of the year have been overcome. grammes, this has laid the foundations for the winning The development in the Swedish operation has now culture needed to deliver results in both stagnating and been turned around after a turbulent period and is on growing beer markets. the right track. After several years of development work, the Polish operation has won market share and marked- Competitiveness is essential everywhere for growth and ly improved its earnings. The new businesses – Holsten- satisfactory earnings. Carlsberg delivers high-quality Brauerei in Germany and the companies in the Balkans products and services, and our goal is to be not the – performed better than expected. All of the Balkan cheapest but the best. However, to be the best brewer companies achieved an operating profi t, and Holsten in the world, we must be the best at delivering products achieved its target return a year earlier than expected.
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