2013

Q2 Shareholder Magazine August WorldReginfo - a00da095-b474-43bf-a8db-f2f5b26cb8fd Q2 August 2013 3

Photo front page: GreenFest Russia The Tuborg brand is closely connected with music and sponsors music events across a large number of Carlsberg’s markets. The DEAR CARLSBERG Tuborg GreenFest is an annual series of rock music events which has Tuborg as its main sponsor. Read more on page 9. SHAREHOLDER

Welcome to this edition of News! focused and by improving our ability to commercialise our ideas and knowledge. CONTENTS In the first half year, we grew our earnings In this edition of News, we have dedicated despite tough European markets. Asia con- four pages to shed more light on how we tinued its strong performance, supported work with innovation and provide exam- by strong growth from our international ples of recent innovations in our markets. premium brands. In Russia, we increased Please see pages 4-7. 03 CEO statement our market share in a declining beer 04 Innovation – the legacy and the future market, which continued to be impacted The Carlsberg Group has a long tradi- 06 A taste of Carlsberg Group innovations closure of non-permanent outlets and tion for sponsorships and they play an slower economic growth. In Western important part in our marketing efforts. 08 Sponsorship – it’s all about passion Europe, our market share remained flat, We consider sponsorships an efficient and 10 A glimpse of Carlsberg Group Jørgen a solid performance bearing in mind the engaging way of building brand awareness 13 Financial Statements as at 30 June 2013 Buhl Rasmussen difficult economic environment and tough and communicating with our consumers. President & CEO comparables with the positive EURO 2012 Ultimately, our sponsorships are, of course, 17 Key figures and financial ratios activities in the previous year. You can read about growing our business and driving 18 Income statement much more about our business results on the long-term sales of our great beer 19 Statement of financial position pages 14-19. brands. On page 8, we provide a bit more WE DELIVERED SOLID insight into our work with sponsorships. 20 Overview MARKET SHARE We have revised our expectations for the Russian beer market in 2013 from flat to I hope this edition of News will be interest- IMPROVEMENTS IN mid-single-digit percentage decline. Never- ing reading. EASTERN EUROPE AND theless, due to tight cost control measures, improved cost development in logistics and Cheers, ASIA WHILE OUR MARKET other supply chain areas, and the start to SHARE IN WESTERN Q3, we keep the full-year earnings outlook EUROPE WAS FLAT AS unchanged. COMPARABLES WERE The challenging market conditions under- DIFFICULT DUE TO LAST pin the importance of our continued efforts Jørgen Buhl Rasmussen to make our business more efficient. The YEAR’S EURO FOOTBALL. many initiatives in this area, as well as the initial results from the implementation of the integrated supply chain and business standardisation in , give us confi- dence that we are on the right track.

The Carlsberg Group is one of the leading brewery groups in the world, with a large portfolio of beer and other I believe it is fair to say that the beer beverage brands. Our flagship brand – Carlsberg – is one of the best-known beer brands in the world and the industry historically has not been very Baltika, Carlsberg and Tuborg brands are among the eight biggest brands in Europe. More than 41,000 people proactive at innovating. At Carlsberg, work for the Carlsberg Group, and our products are sold in more than 150 markets. In 2012, the Carlsberg Group though, research, development and in- sold 120 million hectolitres of beer, which is about 36 billion bottles of beer. novation have always been part of who we are; and this goes all the way back to our founder, J. C. Jacobsen. In recent years, we have done a lot to become even better at utilising our research, development and innovation capabilities by becoming more NEWS is published quarterly by Carlsberg in Danish and English. In case of any discrepancy between the two versions, the Danish version shall apply. Circulation: 4,200 (incl. Danish circulation). Editorial staff: Anne-Marie Skov (responsible) and Iben Steiness. Layout and ­production: Liebling A/S. Carlsberg A/S, CVR No. 61056416, Ny Carlsberg Vej 100, DK-1799 Copenhagen V, Tel: +45 33 27 33 00, www.carlsberggroup.com. WorldReginfo - a00da095-b474-43bf-a8db-f2f5b26cb8fd 4 NEWS Q2 August 2013 5

Modular 20 – revolutionising draught beer

Modular 20 is a unique draught beer system. It delivers improved draught beer quality and is easy to handle, which is an advantage for on-trade customers, such as bars and restaurants. Modular 20 INNOVATION – is based on the Group’s proprietary break-through DraughtMaster™ keg technology. This deploys one-way plastic kegs full of fizzy beer rather THE LEGACY AND than the aluminium beer kegs and CO2 cylinders needed for traditional draught beer. The technology also reduces the environmental impact of draught beer compared to traditional THE FUTURE steel kegs due to lower water consumption, lower CO2 emissions and less waste.

The DraughtMaster™ technology was successfully piloted in Italy in 2011 and is now in use by 60,000 customers in 17 markets. RESEARCH, DEVELOPMENT, AND INNOVATION ARE CORE TO THE CARLSBERG She continues, “Innovation is the lifeblood The radler concept is a good example of LEGACY AND ARE STILL of many fast moving consumer goods this approach, which involves applying (FMCG) companies. Even though the new concepts and ideas to local brands. CONSIDERED VITAL IN beer industry generally tends to be more Julia Isdale explains: “The basic concept DRIVING BEER CATEGORY traditional, it’s increasingly important for of radler is mixing low-alcoholic beer with us to be innovative and bring ideas to the fruit juice to get a beer that is very light, GROWTH AND BUSINESS market to maintain consumer loyalty and refreshing and easy to drink. We have RESULTS. BY OFFERING attract new consumers.” rolled the radler concept out internatio- nally by launching radler variants of our CONSUMERS NEW EXPERI- Carlsberg’s innovation efforts are not only local brands. In effect, this means that ENCES, WE ENSURE THAT limited to developing the flavours inside radler is sold across many of our markets, OUR BRANDS REMAIN the bottles – in fact, it’s not even limited but under a different name and with to beer: different packaging and positioning. For RELEVANT AND THAT WE example in Croatia, we have utilised the Julia Isdale, head of the Carlsberg Group’s Innovation team MAINTAIN CONSUMER “We have a holistic approach to innova- local brand Pan to launch “Pan Radler”. In tion in the Carlsberg Group. Innovation , where Tuborg is a very popular LOYALTY AND ATTRACT means all kinds of new ideas and inventi- brand, we have launched radler under the NEW CONSUMERS. Most people probably wouldn’t connect To support this and to drive an ambitious ons, be it liquids, packaging, categories or name “Tuborg Sommer”. By using this ap- beer with research, development and and profitable innovation agenda, our technologies,” says Julia Isdale. proach, we can leverage the brands that innovation. But at Carlsberg, these are organisational structure integrates the are strong in each market to get the most core to our legacy, which goes all the research, development and innovation Three recent examples show the benefits value out of our radler innovation.” way back to the brewery’s founder, J.C. functions with sales and marketing, with of successful innovation. The new Tuborg Jacobsen. He built Carlsberg with a strong the combined function being headed up bottle, which you can read more about What’s next? focus on research and development, and by Senior Vice President Khalil Younes. on the following page, is an example of Innovation is a key component of the it was this focus as well as his extraordi- This pooling of capabilities brings the innovation in packaging that revitalised Carlsberg Group strategy. Focused efforts nary business acumen that lead to him different functions and teams together al- the Tuborg brand and helped boost sales within defined innovation platforms sup- becoming one of the leading brewers in lowing better opportunities for combining in many markets. Somersby, the cider ported by research and development are Europe of his time. commercial and technological knowledge, Radler – a repeatable concept brand first launched in 2008, became driving a continuous innovation pipeline. insights and developments. the world’s fastest growing international But Julia Isdale doesn’t want to be too Today, the Carlsberg Group continues to Radler is a refreshing low-alcohol drink in which cider brand in 2012 and is an example of specific: “We are very busy and have a beer is mixed with juice. It’s very popular in Europe see research, development and innova- Widening the scope of innovation category innovation. And an example of lot of ideas and concepts in the pipeline. and is known as radler in Germany, shandy in tion as vital in driving the growth of the Julia Isdale, head of the Carlsberg Group’s England, and clara in Spain. To date, Carlsberg has innovation in technology is Draught Ma- But since many of our plans are commer- beer category in general and to improv- Innovation team, explains why it is so launched the radler concept across nine markets. ster Modular 20, a break-through draught cially sensitive, it’s better not to reveal too ing business performance. Consequently, important for Carlsberg to continue its system that keeps draught beer fresh for much just now.” innovation is a key priority of the Group’s focus on innovation: The Lithuanian radler, Utenos Radler Lemon, a longer time. strategy. We want to give consumers recently won the best new product award in Read more about some of Carlsberg’s Lithuania by market research company Nielsen. new experiences, either by improving the “We are currently in a situation where the Leveraging innovation across recent innovations on the following pages It was the most successful new Lithuanian beer brands they already know and cherish beer category is challenged – beer con- launch in 2012. brands and markets – and look out for more innovation stories or by offering them something entirely sumption is declining in most of Europe. In recent years, there has been more in future editions of NEWS. new. This is how we can ensure that our What we need to do is to make sure that focus on leveraging the strength of the brands remain relevant and how we can we have a wide range of new products Group’s popular local brands to increase capture future growth opportunities. that can increase the value of the volume the value of our innovation efforts. sold by the Group.” WorldReginfo - a00da095-b474-43bf-a8db-f2f5b26cb8fd 6 NEWS Q2 August 2013 7

A TASTE OF CARLSBERG GROUP INNOVATIONS

Somersby cider Carlsberg Citrus Garage Hard SKØLL Tuborg Baltika Razlivnoe Zatecky Gus World of Beer Jacobsen Tuborg Grimbergen – success in cider – line extensions Lemonade – a drink – the Viking beer – taking beer back to – exploring Czech – Saku Dublin – beer and food – rejuvenationand – Crafting beer with of our flagship brand for grown ups basics brewing traditions geographical expansion passion

Like beer, Somersby cider is When Carlsberg Citrus was Garage Hard Lemonade SKØLL Tuborg is a product Baltika Razlivnoe was Although developed and A growing interest among Jacobsen is the Carlsberg In the spring of 2012, the Grimbergen is Carlsberg’s based on natural ingredi- recently launched in the UK was first launched in 2012 that mixes beer with vodka developed in response to a brewed in Russia, Zatecky consumers in beers Group’s Copenhagen-based Tuborg brand underwent a super-premium Belgian ents. Somersby innovations market, it was the first UK to address the need for a and citrus fruit notes with growing demand in Russia Gus is a light lager based from other countries has super-premium craft beer. comprehensive rejuvenation, abbey ale with roots dating are not confined to the line extension of our flag- product that could fill the an ABV of 6%. Launched for “back to basics”, which on traditional Czech brewing recently led to Carlsberg Named after founder which included a new visual back to 1128. The modern liquid itself with an on-going ship brand in many years. role of an alternative to beer in March 2013 as a ”Viking” means beers that are non- traditions. Zatecky Gus gives launching the ‘World J.C. Jacobsen, the unique identity featuring an original day Grimbergen beers are introduction of new flavours Carlsberg Citrus is a refre- and meet the demands of beer by French Brasseries filtered and non-pasteurized, consumers the opportu- of Beer’ initiative. It is brand is available in seven tilted logo, a new tagline strongly inspired by the as well as an organic version shing, easy-to-drink beer an older consumer group. Kronenbourg, SKØLL Tuborg also defined as RAW beers. nity to enjoy a traditional currently available in two variants. The Jacobsen beer ”Open for More” and a new widespread craft beer craze of the popular drink, but with a low ABV of 2.8%. It The product falls within the leverages the Nordic heri- Czech beer brewed with the markets. The aim is to pro- range is under continuous bottle design. The brand and appeal to consumers expand to packaging and has been brewed specifically category “ready-to-drink” tage of Tuborg in a modern The Baltika Razlivnoe brand famous Zatec hops. Since mote famous beer recipes development with a focus also entered new territories looking for high-quality ales unique and distinctive to be smoother and less (RTD) with a taste that and contemporary context. was launched in 2010 and its launch in Russia in 2010, from around the world by on quality, craftsmanship with its first-ever launch in with unique flavour variants. marketing campaigns and bitter than traditional lagers. combines the bitter-sweet SKØLL Tuborg bears the included three beer types: line extensions building applying them to strong and appropriate food and China. To further support the activations. The latest The beer aims to recruit and taste of lemon juice with a distinctive Thorkill (Viking Baltika Razlivnoe, Baltika on the Czech heritage local brands. Jacobsen beer pairings. super-premium positioning example of the latter is retain consumers who are touch of real sugar. It has an helmet) and carries the Razlivnoe Non-filtered and have been introduced, and The launch of the new of the brand, a new proprie- the social media campaign leaving the beer category ABV of 4.6%. slogan, ”Freshly arrived from Baltika Razlivnoe Fresh. All most recently, packaging One of the brands In December 2011, the identity was supported by a tary bottle, livery and a new ‘Project Open-minded’ which in search of fruit-based the North”. three beers are bottled right renovation was undertaken launched as part of this Jacobsen brew master global marketing campaign, marketing campaign were was launched in May 2013. alcoholic drinks. The inspiration for develo- after brewing, which means to enhance the perception of initiative is Saku Dublin, a teamed up with Danish which comprised a television launched in 2012. The campaign encourages ping Garage comes from the SKØLL Tuborg is posi- that pasteurisation and authenticity. low-alcoholic, mild beer chocolatier Peter Beier to commercial, a social media consumers to become Made with Persian limes, USA and where tioned in the premium filtration are unnecessary. with a creamy foam head break tradition and offer campaign and a music Over the past two years, more open-minded through Carlsberg Citrus has already ”Hard Lemonade” is a well- price segment and has been Despite this, the lagers have Outside Russia, the Zatecky and sweet taste of dark la- chocolate truffles filled with campaign. The rejuvenated the Grimbergen brand has humorous Somersby “webi- become a major player in established drinks category. developed for the French a shelf life of four months. Gus brand portfolio is avai- ger brewed by Carlsberg’s 20% Jacobsen beer. In the Tuborg, including the become a significant player sodes” on YouTube. the lower strength beer ca- The product is positioned market. lable in three markets. Estonian brewery. Saku world of beer, there are expansion into China, led to in the global craft beer seg- tegory – a category showing as a premium product and Consumer demand for RAW Dublin gets its Irish accent long-standing traditions for 6% brand volume growth ment and is today sold in 30 Somersby is available in 35 annual growth rates of 50%. achieved strong results in beers is not just confined to from light caramel, roasted using chocolate as an ingre- in 2012. markets across the world. markets world-wide and 2012. Garage Hard Lemo- Russia, however. It is preva- malt and aromatic hops, dient in brewing, but doing was the fastest growing nade has been launched in lent in many markets, par- and the carbon dioxide le- it the other way around was global cider brand in 2012. five markets. ticularly in Eastern Europe. vel of Saku Dublin is lower an innovation opportunity Currently, the concept has than average, just as with the Jacobsen Brew masters been applied to local brands all classic Irish beers. could not pass up. in seven markets. WorldReginfo - a00da095-b474-43bf-a8db-f2f5b26cb8fd 8 NEWS Q2 August 2013 9

CARLSBERG’S LONG-STANDING INVOLVEMENT WITH FOOTBALL

Carlsberg has sponsored all the European Football Champi- onships since 1988, and was most recently Official Partner to UEFA EURO 2012™. In February 2013, Carlsberg renewed its partnership with UEFA, which includes the 2016 UEFA European SPONSORSHIP – SPONSORED Championships and the European Qualifiers from 2014 to 2017. The Carlsberg brand has a long heritage of supporting football through major international sponsorships of national teams and international tournaments. Starting in the 1970s, Carlsberg was the first commercial sponsor of the Danish national team and IT’S ALL ABOUT national league. Today, the brand has partnerships with the national teams of England, Ireland and Serbia.

In club football, Carlsberg has wide ranging partnerships throug- PASSION hout Europe and beyond, including a long-running association with Liverpool FC and Arsenal FC (UK) as well as FC Copenha- gen and OB-Odense (Denmark), Hamburger SV (Germany), FC Porto (Portugal), and many more. In early 2013, Carlsberg signed a three-year sponsorship agreement with the English Premier League and a three-year partnership deal with the Chinese Football Association Super League.

THE CARLSBERG GROUP To us, sponsorships are about the pas- that connection between our brands and sion that connects our brands and our passion all the time.” HAS A LONG TRADITION values with the sponsored events and FOR SPONSORSHIPS. OUR their fans and supporters. They allow us Billions of fans SPONSORSHIPS SUPPORT to engage and develop relationships with Football is and has been part of the consumers who share the same passion Carlsberg brand DNA for many years. It EVENTS AND ACTIVITIES with us. Some of the Carlsberg Group’s began in the 1970s, when Carlsberg was SPONSORED THAT CAN BE POSITIVELY major sponsorships include the UEFA the first commercial sponsor of the Dan- SPONSORED European Football Championships, the ish national team and national league ASSOCIATED WITH OUR English Premier League, the “Kontinen- and instrumental in establishing the BALTIKA AND THE BRANDS, RANGING FROM tal Hockey League” in Russia, the Sochi country’s first professional game. “KONTINTENTAL HOCKEY Winter Olympic Games, Roskilde Festival Football is the world’s most popular sport LEAGUE” LARGE GLOBAL SPON- in Denmark, and the Tuborg GreenFest in with billions of fans and TV viewers all SORSHIPS SUCH AS THE Eastern Europe. over the globe and Carlsberg has become In late 2012, Carlsberg’s Russian brewery, Baltika, EUROPEAN FOOTBALL one of the world’s biggest football spon- and the “Kontinental Hockey League” (KHL) Supporting business growth sors. signed a partnership agreement for 1½ seasons. CHAMPIONSHIP TO LOCAL There are compelling business reasons KHL is equivalent to the NFL in the USA with par- ticipating teams from Russia, , Kazakhstan that sponsorships play an important and “We’re involved with national teams and SPONSORSHIPS OF MUSIC and . integral part in the Group’s marketing international tournaments; we sponsor TUBORG AND MUSIC EVENTS, SPORTS CLUBS activities. Not only do sponsorships fit famous clubs and major national compe- The deal grants Baltika the right to display the AND THE LIKE. well with our values, but they are also titions; and we even sponsor non-league Tuborg’s brand image reflects its consumers – young, fun, inter- KHL Championship logo on its products and to an effective way of communicating with competitions, supporting football at national and deeply involved in music. Tuborg’s involvement with use the title “Official beer of the KHL” and “Official consumers. Our brand becomes directly grassroots levels. Our recent announce- music has become an integral part of the modern music world Supplier to the KHL”. The sponsorship will help with the brand supporting the best music events and festivals Baltika communicate the company’s support of visible to more people, which helps to ment to be sponsor for the English in Europe, including among others Roskilde Festival (Denmark), and focus on sports, one of the company’s social build brand awareness and credibility. But Premier League is a great opportunity. It GreenFest in Eastern Europe, Download Festival and Glaston- priorities, to Russian media, government and ultimately, sponsorships are about grow- gives us the chance to create consistent bury (UK) and Serbia’s Exit Festival (the largest annual festival in consumers. ing our business and driving the long- and frequent awareness around our brand Eastern Europe). term sales of our beer brands. and its association with football. It’s a great way to engage very, very closely Roskilde Festival BALTIKA – THE OFFICIAL Mike Thompson, Marketing Director for with the fans and offer them something Roskilde Festival has existed since 1971 and is the largest music festival in Northern Europe, attracting more than 75,000 music SOCHI 2014 BEER Carlsberg, is responsible for sponsorships that no one else can offer,” explains Mike fans each year. In 2012, Tuborg and Roskilde Festival signed a overall. He explains: Thompson. five-year agreement sealing the Tuborg brand’s sponsorship of SUPPLIER the Festival. “Before we commit ourselves to a new In late 2011, Baltika signed an agreement making sponsorship, we first ask ourselves who Tuborg GreenFest the company the “Official Beer Supplier of the our target audience is and what types Since 2005, the Tuborg brand has sponsored the annual Green- XXII Olympic Winter Games of 2014 in the City of Fest in Eastern Europe, giving local music fans the chance to Sochi” in the beer category. The partnership allows of activities are most appealing to them. enjoy and experience international artists such as Red Hot Chili Baltika to use its supplier status in marketing Knowing this helps us to determine which Peppers, Kaiser Chiefs and Metallica. Tuborg GreenFest is an communications and on product packaging. type of sponsorship programme makes annual series of rock music events, bringing together well-known the most sense for our brands. It also rock bands for one-day festivals during the summer. GreenFest Baltika’s partnership with the Winter Olympic takes into consideration how our competi- borrows its name from the main sponsor of the festival, Tuborg Games continues the company’s tradition for tors are playing in the field. Sponsorships Green. supporting social projects, in particular sporting development. are a great way to create brand character and associations that generate real pas- sion and emotion from consumers. For example, in the world of football we see WorldReginfo - a00da095-b474-43bf-a8db-f2f5b26cb8fd 10 NEWS Q2 August 2013 11

Baltika launches German and Czech line Saku introduces ‘Kiss extensions Appledog’ beer cocktail

As part of the World of Beer initiative (see page 7), Carls- Carlsberg’s Estonian brewery berg’s Russian brewery, Baltika, has launched two new be- Saku has launched Kiss Ap- ers on the Russian market – Baltika München and Baltika pledog, an apple-flavoured beer Praha – to let the Russian consumer feel the atmosphere cocktail with hints of cider and A GLIMPSE OF of the two famous beer capitals. beer and an ABV of 4.5%. Baltika München is a light non-filtered wheat beer brewed according to a traditional Bavarian recipe. It is charac- terised by a thick foam and a pleasant refreshing taste with an aftertaste of banana, pear and clove notes. The CARLSBERG GROUP packaging is classic German style with Gothic types on the label to support the authentic Weissbier character.

Baltika Praha is a Czech lager with a fine malt taste, pleasant hops bitterness and a flowery flavour to suit the taste of classic Czech beer lovers. The label of Baltika Praha conveys the atmosphere of Prague with the city’s spiked towers and green parks.

Innovative electric trucks deliver beer Saku’s Karl Friedrich beer Aldaris – the most sustainable recognised globally company in Latvia Carlsberg’s Swiss brewery Feldschlösschen has begun using environmentally friendly Saku’s Karl Friedrich beer has Carlsberg’s Latvian brewery, Aldaris, has been trucks for daily deliveries in collaboration with been recognised as one of the top awarded Platinum in the annual Latvian CSR the retail group COOP and the truck supplier five product innovations on the & Sustainability Index. The Index measures E-FORCE. global beer market at the ninth the economic, social and environmental Canadean International Beer Stra- performance of a company. In order for a The quiet and zero-emission trucks represent tegy Conference which this year company to achieve Platinum, it must have

a milestone to the sustainable and CO2- was held in Prague. integrated Corporate Social Responsibility neutral transportation of goods. As market fully into its business processes, be highly Kiss Appledog is aimed at consu- leader in Switzerland, Feldschlösschen’s vision The brand was launched in Esto- transparent and committed to its stakehol- mers who consider cider a bit too

is to be able to make completely CO2-neutral nia in early 2012 and is brewed in ders, and have improved its operating perfor- sweet and beer slightly on the deliveries. honour of Karl Friedrich Rehbin- mance in all areas. bitter side. The distinctive pack- der, the founder of Saku. It is a aging underpins the uniqueness The trucks will undergo pilot testing until the pale lager with ’historical taste’, Platinum is the highest ranking possible within of the beverage. It is not similar end of 2013 in order to gain information on boasting the delicious flavour of the CSR and Sustainability Index. This year, to any other beverage in Saku’s necessary improvements, if any, as well hops and the brew master’s pure 72 Latvian companies were rated and the product portfolio – or in the as on the potential use of the trucks in other spirit. It has an ABV of 5%. average performance of the companies was Estonian market for that matter. Carlsberg Group companies and within the 66.4%. Aldaris’ performance was above 90%. In the UK, on the other hand, mi- COOP Group. It is the second year in a row that Aldaris re- xing draft beer and cider is quite ceives the highest ranking which makes it the common in pubs and bars. most sustainable company in Latvia.

Carlsberg Danmark launches Carlsberg Group brands win prestigious awards new Tuborg variants This year, several local brands in the Carlsberg Group’s beer portfolio have received Carlsberg Danmark has launched Tuborg Europe’s most prestigious culinary award, the iTQi Superior Taste Award 2013. Sommer (Tuborg Summer) and Tuborg Ultra Grøn (Tuborg Ultra Green) targeting different The iTQi (the International Taste & Quality Institute) is an independent organisation consumer groups. dedicated to testing and promoting superior tasting food and drink from around the world. The Superior Taste Award is Europe’s most prestigious chef and sommelier The target group of Tuborg Sommer is the award and is often dubbed the Oscar of the food industry. It is a unique internatio- broadest of the two as it includes most nal recognition based on blind taste judging by chefs and sommeliers who are opi- consumers. Tuborg Sommer is a mix of beer nion leaders and experts in taste. Three stars is the highest possible rating awarded and lemonade and a completely new beer to to products receiving a score of 90% or above. hit the Danish market. It has a very refreshing Over 20,000 people joined Carlsberg Polska’s taste and is a perfect choice for summer environmental campaign Huda Gold launched in Vietnam From Lithuania, the Baltijos beer officially entered the ranks of Europe’s elite bevera- events, barbecues or an ice-cold welcome ges this year by winning the Crystal Taste Award. The Crystal Taste Award is granted drink. Tuborg Sommer has an During early summer, Carlsberg Polska took part in the 4th annual recy- Hue Brewery Ltd., Carlsberg’s fully-owned brewery in to products which have been awarded three stars three years in a row. Gorkha beer ABV of 2.3%. cling initiative, ECOaction which took place in 14 Polish cities as part of central Vietnam, launched Huda Gold on 19 June 2013 at from and Alivaria Zolotoe from Belarus were also awarded three stars. the ‘Day without Littering’ initiative. Carlsberg Polska joined with Coca- a festive ceremony at the Phu Bai brewery. Huda Gold Tuborg Ultra Grøn is aimed at young adult Cola, HBC Polska, and Tesco Polska to organise ‘ECOaction’. In return is brewed and fermented from Houblon crystal hops and Pan Zlatni from Croatia, Alivaria Extra from Belarus, and Baltas and Old Port Ale consumers who like to warm up with pre- for every 10 beverage containers which people handed in, they received high-quality barley in order to create the perfect balance from Lithuania were each awarded two stars defining them as remarkable products parties and pre-celebrations. Tuborg Ultra a spring conifer seedling or 100 green Clubcard points. between flavour aromas, and bitterness. It has an ABV of with blind-taste scores between 80% and 90%. Grøn is easy to drink and without any bit- 4.7%. terness and comes in a 33 cl sleek can. It has The packaging collection spots were visited by more than 20,000 an ABV of 6.5%. people who handed in a total of 22 tonnes of glass, plastic bottles and The development of Huda Gold was initiated based upon cans. In exchange for the used packaging materials, they were given a consumers’ request for a mid-premium segment beer which total of 14,000 conifer seedlings and 270,000 green ClubCard points. harmoniously pairs up with central Vietnamese food. WorldReginfo - a00da095-b474-43bf-a8db-f2f5b26cb8fd 12 NEWS Q2 August 2013 13

FINANCIAL STATEMENT AS AT 30 JUNE 2013

EARNINGS GROWTH In line with expectations, cost of sales than expected. The efforts to reduce CARLSBERG GROUP DKK million Change Change per hl grew organically by approximately average trade working capital continued SUSTAINED DESPITE 1%. As a result of the positive price/ and average trade working capital to net Q2 2012 Organic Acq., net FX 2013 Reported TOUGH EUROPEAN mix, gross profit per hl grew organically revenue improved to 0.7% (MAT) end of Beer (million hl) 36.3 -2% 1% 36.0 -1% MARKETS by approximately 4%. Total gross profit Q2 2013 vs 1.6% at the end of Q2 2012. Other beverages (million hl) 5.6 0% 1% 5.6 1% grew organically by 3% with an un- Free cash flow was DKK -85m versus Net revenue 19,336 2% 2% -2% 19,640 2% changed gross margin of 48.5%. DKK 2,617m last year. The main differ- Operating profit 3,471 1% 0% -2% 3,435 -1% Unless otherwise stated, comments refer ence is last year’s proceeds from the Operating margin (%) 18.0 17.5 -50bp to half-year performance. Operating expenses grew organically by disposal of the Copenhagen brewery site. approximately 2% (Q2: +2%). Marketing investments were lower than last year Group operational highlights H1 due to different phasing because of the We gained market share in Asia and Beer (million hl) 59.2 0% 2% 60.1 2% Russian marketing restrictions and EURO Eastern Europe. This was achieved Other beverages (million hl) 9.4 3% 1% 9.7 4% 2012. However, the lower marketing through a combination of a further Net revenue 32,111 2% 2% -1% 32,918 3% investments were more than offset by investment in and roll-out of our Operating profit 4,045 4% -1% -2% 4,096 1% BSP1-related costs and slightly higher international premium brands, strong Operating margin (%) 12.6 12.4 -20bp sales and logistic expenses. performance of our local power brands, a high level of innovations and continued Consequently, Group operating profit local deployment and application of our was DKK 4,096m with 4% organic sales and marketing tools. Our Western Somersby continued to deliver strong We increased our shareholdings in the Due to tight cost control measures, growth (Q2: +1%). The growth was sup- European market share was flat despite results with 85% year-on-year volume Qinghai and Lanzhou joint ventures to improved cost development in logistics ported by continued strong growth in tough comparables last year when growth. Major drivers behind the growth 50% and increased our shareholding in and other supply chain areas, and the Group financial highlights Asia and a strong margin improvement EURO 2012 gave us an up-lift in market were the launch in the UK as well as the Lao Brewery by 10% to 61%. start of Q3, we keep earnings outlook Group organic beer volumes were flat in Eastern Europe. Both regions delivered shares. ongoing positive performance in unchanged. (Q2: -2%) while reported beer volumes double-digit operating profit growth, following last year’s launch. Unchanged 2013 earnings grew by 2% to 60.1m hl. Growing vol- more than offsetting slightly lower The Carlsberg brand declined 10% in expectations despite challenging umes in Asia and Eastern Europe offset profits in Western Europe. In total, BSP1- its premium markets due to the tough The BSP1 project was implemented in marketss the volume decline in Western Europe. related costs were approximately DKK comparisons with last year’s positive Sweden in April. The implementation The Group’s earnings expectations for Other beverages grew organically by 3% 190m for the first six months. performance related to the EURO 2012 was well executed without business dis- 2013 are unchanged: (Q2: 0%). activations where the brand grew 13%. ruptions and Sweden is operational with • Operating profit before special items of Adjusted net profit (adjusted for post-tax However, the brand continued its strong the new system. We are now entering around DKK 10bn. Net revenue grew by 3% to DKK impact of special items) grew 5% to DKK performance in Asia, particularly in China the final preparations for implementation • Adjusted net profit1 to increase by a 32,918m as a result of 2% organic 2,247m versus DKK 2,142m last year and India. During the second quarter, we of BSP1 in Norway and the UK. mid-single-digit percentage. growth (total beverage volume of +1% (Q2: -1%). Reported net profit was DKK rolled out the innovative music engage- and +1% price/mix), -1% from currencies 2,136m (2012: DKK 3,279m). Last year’s ment programme “Where’s the Party” in Structural changes Based on the Russian beer market and a net acquisition impact of +2%. The net profit in Q2 was positively impacted 18 markets and renewed our long-stand- In the first six months of 2013, the Group dynamics in Q2, we have adjusted our negative currency impact was mainly by the disposal of the Copenhagen ing partnership with Liverpool FC. took several steps to further strengthen expectations to this year’s beer mar- due to weaker currencies in Malawi brewery site. the company’s growth profile. ket growth in Russia from our earlier and Russia while the acquisition impact The Tuborg brand grew 12% driven by expectation of a flat market to now a mainly related to the Nordic Getränke Free operating cash flow declined to strong performance in Asia, not least We announced the entrance into My- mid-single-digit percentage decline. It distribution company in Germany. DKK 653m (2012: DKK 1,114m). The in China and India, The rejuvenation anmar through a strategic partnership has taken longer than anticipated for Organic net revenue growth in Q2 was decline is mainly due to slightly higher programme continued with key initiatives agreement. consumers to adapt to the changed retail in line with the first six months despite a operational investments and significantly being the launch of Tuborg Booster in In- landscape caused by the closure of non- weaker volume development. This was higher receivables in Eastern Europe at dia and the Tuborg 3G bottle in the UK. We announced our intention to make a permanent outlets. Furthermore, growth driven by an improved price/mix in Q2 of the end of June due to higher than nor- partial take-over offer of up to 30.29% in the Russian economy and consumer +3% mainly due to an improved price/ mal inventories at distributors in Russia of the shares in Chongqing Brewery sentiment has slowed down. mix in Russia as expected. as consumer off-take in Q2 was lower Company Co. Ltd.

1 Adjusted for special items after tax. WorldReginfo - a00da095-b474-43bf-a8db-f2f5b26cb8fd 14 NEWS Q2 August 2013 15

WESTERN EUROPE DKK million Change Change EASTERN EUROPE DKK million Change Change Q2 2012 Organic Acq., net FX 2013 Reported Q2 2012 Organic Acq., net FX 2013 Reported Beer (million hl) 14.8 -6% 0% 13.9 -6% Beer (million hl) 14.1 1% 0% 14.2 1% Other beverages (million hl) 3.9 0% 0% 4.0 0% Other beverages (million hl) 0.9 -7% 0% 0.8 -7% Net revenue 10,667 -1% 3% -1% 10,764 1% Net revenue 6,266 3% 0% -3% 6,245 0% Operating profit 1,799 -4% 1% 0% 1,737 -3% Operating profit 1,509 10% 0% -3% 1,608 7% Operating margin (%) 16.9 16.1 -80bp Operating margin (%) 24.1 25.8 170bp

H1 H1 Beer (million hl) 24.7 -5% 0% 23.5 -5% Beer (million hl) 21.3 3% 0% 21.9 3% Other beverages (million hl) 6.9 2% 1% 7.1 3% Other beverages (million hl) 1.1 -1% 0% 1.0 -1% Net revenue 18,191 -1% 3% 0% 18,531 2% Net revenue 9,217 2% 0% -3% 9,147 -1% Operating profit 2,276 -5% 0% 0% 2,163 -5% Operating profit 1,528 14% 0% -3% 1,691 11% Operating margin (%) 12.5 11.7 -80bp Operating margin (%) 16.6 18.5 190bp

The beer markets in Western European The French market declined by an esti- (Q2: -3%), impacted by the French For the first six months, the Russian beer The Ukrainian market declined by an Operating profit grew organically by 14% declined by an estimated 3-4% (esti- mated 7% impacted by the almost 15% destocking, the BSP1 costs and the market declined by an estimated 7%, estimated 3-4%. The market was, on a (Q2: +10%) to DKK 1,691m and operating mated 4-5% decline in Q2) impacted by price increase at the beginning of the weather. The results benefitted from mainly as a result of the disruptions from comparable basis, particularly weak in profit margin improved by 190bp (Q2: the continued challenging macro and year (implemented following the 160% lower marketing investments due to last outlet closures; a slow-down in economic the month of June, mainly as a result of +170bp) to 18.5%. The improvement was consumer environment; the EURO event excise tax increase), and poor weather, year’s EURO 2012 activations. Adjusted growth and consumer sentiment; as well last year’s EURO 2012. Our market share driven by volume growth; slightly lower in 2012; and poor weather in Q2 in some especially in the latter part of Q2. Our for the French destocking impact and as tough comparisons with a strong H1 was slightly down but we saw good cost of goods sold; efficiency improve- of our larger markets. volumes (including the destocking BSP1 costs, operating profit would have 2012 which was supported by the pre- performance of the recently introduced ments; and lower sales and marketing impact) declined by almost 19% (-9% marginally improved. Operating profit election macroeconomic stimulus. Baltika Razlivnoe as well as Slavutich. expenses due to different phasing versus Overall, our market share was flat for the adjusted for the destocking impact). margin declined by 80bp (Q2: -80bp) to last year. region, although we grew market share Our total market share declined as an 11.7% (Q2: 16.1%). Some of the beer volume previously The Group’s regional beer volumes grew in Sweden, Norway, , Poland, improvement in on-trade was off-set by sold from the non-permanent outlets organically by 3% (Q2: +1%) to 21.9m hl. Portugal and Greece. a decline in off-trade. The mainstream has been picked up by other retail Our Russian shipments grew by 3%. At brand Kronenbourg continues to be the outlets (hypermarkets/supermarkets, the end of Q2, inventory levels at dis- Commercial activities remained at a main reason for the decline. minimarkets and traditional stores) and tributors in Russia were higher than usual high level. In addition to the ongoing on-trade. However, the speed of the as consumer off-take in the important Q2 roll-out of our international premium The UK market declined by approxi- transition from non-permanent outlets to was lower than expected. brands into new markets, there were a mately 4%. We continued to strengthen other outlet types has been slower than number of new product launches and our market share in the on-trade while anticipated and for 2013, not sufficient to Several commercial activities took roll-out of innovations during the period. our off-trade market share declined due offset the lost volume from non-perma- place across the region. In Russia, A few examples are the introduction of to the year-on-year impact from last nent outlets. As Russia additionally has several line extensions of Baltika, such as Carlsberg Citrus and Somersby in the year’s strong EURO 2012 performance in experienced a slow-down in the econom- Baltika Praha and Baltika Munich were UK, Skøll by Tuborg in France, and the Q2. Somersby and Carlsberg Citrus were ic growth and consumer sentiment, the launched. In addition, the sponsorships further geographical expansion of Radler launched nationally and delivered good Group now expects the Russian market of Sochi Olympic Games and the Rus- products, Garage Hard Lemonade and initial results. to decline mid-single-digit this year sian National Hockey League are being the DraughtMaster™ technology. despite easier comparisons in the second activated. The rejuvenated Tuborg was Volumes in the Nordics, excluding half of the year. launched in more markets in the region. Beer volumes declined organically by Denmark, were flat. Profits developed 5% (Q2: -6%). Excluding the Q1 destock- favourably driven by positive price/mix Our Russian volume market share con- Organic net revenue grew by 2% (Q2: ing in France, beer volumes declined by and continued efficiency improvements. tinued to improve and reached 39.2% in +3%). Reported net revenue declined by an estimated 4%. Beer volumes were Q2, corresponding to a 130bp improve- 1% to DKK 9,147m (Q2: flat) due to nega- flat or grew in markets such as Finland, Regional net revenue declined organi- ment versus Q2 last year and an 80bp tive currency impact. Norway, Poland, Italy and Greece. The cally by 1% to DKK 18,531m (Q2: -1%). improvement versus Q1 (source: Nielsen volume of other beverages was flat. We achieved a positive price/mix in the Retail Audit, Urban & Rural Russia). Net revenue per hl dynamics improved majority of our Western European mar- Our value market share showed similar during the first half of the year. After a The Polish market declined slightly but kets, and the negative volume impact positive dynamics. The market share high single-digit decline in price/mix in we continued to gain market share. was almost mitigated by the favourable improvement was broadly based in both Q1, the price/mix grew by approximately Our volumes were flat while price/mix price/mix of +2% (Q2: +3%) as we have modern and traditional trade, in most 3% in Q2, bringing the average for the improved by approximately 3%. Our implemented price increases across the regions and segments, and driven by first six months to -1%. The improvement value market share improved strongly region. brands such as Baltika Cooler, Zatecky in Q2 was driven by price increases in underpinned by a strong performance Gus, Zhigulevskoe and Holsten whereas Russia in March, May and June. by the Kasztelan, Okocim, Harnas and Operating profit was DKK 2,163m, cor- our local premium brand Baltika 7 was Somersby brands. responding to a 5% organic decline negatively impacted by outlet closures. WorldReginfo - a00da095-b474-43bf-a8db-f2f5b26cb8fd 16 NEWS Q2 August 2013 17

ASIA DKK million Change Change KEY FIGURES AND FINANCIAL RATIOS Q2 2012 Organic Acq., net FX 2013 Reported Beer (million hl) 7.4 2% 5% 7.9 7% Other beverages (million hl) 0.7 11% 3% 0.8 14% Q2 Q2 H1 H1 DKK million 2013 2012 2013 2012 2012 Net revenue 2,379 14% 1% -5% 2,608 10% Operating profit 431 21% 0% -6% 493 15% Total sales volumes (million hl) Operating margin (%) 18.1 18.9 80bp Beer 41.5 43.3 69.8 70.0 140.9 Other beverages 6.1 6.3 10.6 10.8 22.0

H1 Beer (million hl) 13.2 7% 5% 14.7 12% Pro rata volumes (million hl) Other beverages (million hl) 1.4 10% 2% 1.6 12% Beer 36.0 36.3 60.1 59.2 120.4 Net revenue 4,640 17% 0% -6% 5,163 11% Other beverages 5.6 5.6 9.7 9.4 19.1 Operating profit 864 20% -2% -4% 986 14% Operating margin (%) 18.6 19.1 50bp Income statement Net revenue 19,640 19,336 32,918 32,111 66,468 Operating profit before special items3,435 3,471 4,096 4,045 9,793 Special items, net -93 1,445 -153 1,397 85 Our beer volumes grew organically by a combination of growth of Carlsberg, Financial items, net -414 -411 -774 -878 -1,772 7% (Q2: +2%). Including acquisitions, strong Tuborg growth and growth of Profit before tax 2,928 4,505 3,169 4,564 8,106 beer volumes grew by 12% (Q2: +7%) to local premium brands. Our Q2 volumes Corporation tax -732 -974 -792 -989 -1,861 14.7m hl. Laos, Cambodia and India did were impacted by slightly lower market Consolidated profit 2,196 3,531 2,377 3,575 6,245 particularly well. Other beverages grew growth. organically by 10%, mainly due to the Attributable to: soft drink business in Laos. The acquisi- /Singapore performed well Non-controlling interests 122 176 241 296 638 tion impact derived from the increased despite Singapore being impacted by Shareholders in Carlsberg A/S 2,074 3,355 2,136 3,279 5,607 1 ownership in the Chongqing Jianiang increasing imports and the Malaysian Shareholders in Carlsberg A/S (adjusted) 2,143 2,174 2,247 2,142 5,504 Brewery joint venture. on-trade sector being affected by air pollution in parts of the country. A large Statement of financial position Our international premium brands grew number of commercial activities related Total assets - - 153,307 154,374 153,965 ahead of the overall regional volume to the Carlsberg, Kronenbourg 1664 and Invested capital - - 119,570 120,390 121,467 growth. The Carlsberg brand grew ap- Somersby brands took place in the two Interest-bearing debt, net - - 33,965 31,154 32,480 proximately 5%, mainly driven by an markets. Equity, shareholders in Carlsberg A/S - - 67,870 68,825 70,261 impressive performance in India, with Carlsberg Elephant and in China with Organic net revenue grew 17% (Q2: Carlsberg Light. The Tuborg brand grew +14%) with reported revenue growth of Statement of cash flows almost 50% in the region as a result of 11%, impacted negatively by currency Cash flow from operating activities4,014 4,405 3,250 3,283 9,871 last year’s launch in China, where it has impact from Malawi. Price/mix was +6%. Cash flow from investing activities -1,495 607 -3,335 -666 -3,974 become the fastest growing interna- The favourable development was due to Free cash flow 2,519 5,012 -85 2,617 5,897 tional premium brand. Tuborg continued price increases and market share gains in its strong growth in India where it has the growing premium category and was become the largest international beer achieved in spite of a negative country Financial ratios brand. The roll-out of Kronenbourg 1664 mix. Operating margin 17.5% 17.7 12.4 12.6 14.6 and Somersby continued with promising Return on average invested -%capital - (ROIC) 8.0 7.6 8.0 results. Operating profit grew organically by Equity ratio %- - 44.3 44.6 45.6 20% (Q2: +21%) with reported growth Debt/equity ratio (financial gearing) x- - 0.48 0.42 0.44 In Indochina, our volumes grew by of 14%. The operating profit margin Interest cover x- - 5.29 4.61 5.53 approximately 15% with a particularly strengthened by 50bp to 19.1%. Markets strong performance in Laos and Cambo- such as China, Indochina and Nepal were Stock market ratios dia, driven by market growth and strong the main drivers behind the improve- Earnings per share (EPS) DKK13.6 22.0 14.0 21.5 36.8 activation of our local power brands ment. The earnings improvement was Earnings per share (EPS) (adjusted)1 DKK14.0 14.3 14.7 14.0 36.1 Beerlao and Angkor. Volumes in Vietnam achieved despite higher sales and Cash flow from operating activitiesDKK26.3 28.9 per 21.3share 21.5 (CFPS) 64.6 grew by mid-single digit percentages, marketing investments, in particular al- Free cash flow per shareDKK16.5 (FCFPS) 32.9 -0.6 17.2 38.6 supported by strong performance of the located to the expansion in China of the Share price (B-shares) DKK- - 513 485 554 Huda brand in central Vietnam. Tuborg brand. Number of shares (period-end) 1,000 - - 152,545 152,554 152,555 Number of shares (average, excl. 1,000152,550Treasury 152,544shares) 152,550 152,541 152,543 Our Chinese volumes grew by +13% including acquisitions and 5% organically in a market growing by approximately 4%. The volume growth was driven by 1 Adjusted for special items net of tax. WorldReginfo - a00da095-b474-43bf-a8db-f2f5b26cb8fd 18 NEWS Q1 Maj 2013 19

INCOME STATEMENT STATEMENT OF FINANCIAL POSITION

Q2 Q2 H1 H1 DKK million 2013 2012 2013 2012 2012 DKK million 30 June 2013 30 June 2012 31 Dec. 2012

Net revenue 19,640 19,336 32,918 32,111 66,468 Assets: Intangible assets 88,637 89,726 91,216 Cost of sales -9,795 -9,664 -16,960 -16,525 -33,831 Property, plant and equipment 31,378 32,117 31,991 Financial assets 9,926 8,628 9,623 Gross profit 9,845 9,672 15,958 15,586 32,637 Total non-current assets 129,941 130,471 132,830 Sales and distribution expenses -5,301 -5,351 -9,616 -9,636 -18,912 Administrative expenses -1,180 -1,012 -2,330 -2,074 -4,185 Other operating income, net 34 124 30 114 145 Inventories and trade receivables 15,755 14,793 12,369 Share of profit after37 tax, 38associates 54 55 108 Other receivables etc. 4,306 4,529 2,979 Cash and cash equivalents 3,279 4,514 5,760 Operating profit before special3,435 items 3,471 4,096 4,045 9,793 Total current assets 23,340 23,836 21,108 Special items, net -93 1,445 -153 1,397 85 Financial income 503 114 812 391 900 Assets held for sale 26 67 27 Financial expenses -917 -525 -1,586 -1,269 -2,672 Total assets 153,307 154,374 153,965 Profit before tax 2,928 4,505 3,169 4,564 8,106

Corporation tax -732 -974 -792 -989 -1,861 Equity and liabilities: Equity, shareholders in Carlsberg A/S 67,870 68,825 70,261 Consolidated profit 2,196 3,531 2,377 3,575 6,245 Non-controlling interests 3,253 5,834 3,389

Total equity 71,123 74,659 73,650 Attributable to: Non-controlling interests 122 176 241 296 638 Shareholders in Carlsberg A/S 2,074 3,355 2,136 3,279 5,607 Borrowings 29,227 33,184 36,706 Deferred tax, retirement benefit obligations etc. 15,368 15,137 16,074 Earnings per share 13.6 22.0 14.0 21.5 36.8 Earnings per share, diluted 13.6 22.0 14.0 21.5 36.7 Total non-current liabilities 44,595 48,321 52,780

Borrowings 9,821 4,425 3,352 Trade payables 13,927 13,188 11,862 Deposits on returnable bottles and crates 1,412 1,476 1,381 Other current liabilities 12,412 12,252 10,922

Total current liabilities 37,572 31,341 27,517

Liabilities associated with assets held for 17 sale 53 18

Total equity and liabilities 153,307 154,374 153,965 WorldReginfo - a00da095-b474-43bf-a8db-f2f5b26cb8fd OVERVIEW

SHARE PRICE 2013 FINANCIAL CALENDAR (DKK per share, Carlsberg B) 2013 13 November 620 Interim results for Q3

580 2014 540 19 February Financial statement as at 31 December 2013 500 7 May 460 Interim results for Q1 2014

420 20 August Interim results for Q2 2014

April May June July March August 10 November January February Interim results for Q3 2014

PEOPLE NEWS

Roy Baggatini leaves Carlsberg Henrik Andersen Tony Hicks Roy Bagattini, SVP Asia Region and New CEO Carlsberg Malaysia New CEO Indochina member of the Executive Committee Henrik Andersen has been appointed Tony Hicks has been appointed CEO of since 2009, has left Carlsberg to join Levi CEO Carlsberg Malaysia, responsible for Carlsberg Indochina, responsible for Viet- Strauss & Company. During the recruit- Malaysia and Singapore and Carlsberg’s nam, Laos and Cambodia. ment process for a new SVP Asia, Jørgen business in Sri Lanka. Henrik comes from Buhl Rasmussen, President & CEO, will a position as CEO Indochina. Henrik joined Tony joins Carlsberg from Molson Coors act as SVP Asia region. Carlsberg in 1992 and has been part of Brewing Company where he has held a Carlsberg’s Asian business for more than wide range of senior sales, strategy and Søren Ravn a decade, general management positions. Having New CEO Greater China worked in Asia and the USA for the past Søren Ravn has been appointed CEO Søren Lauridsen nine years, Tony has extensive interna- Greater China, responsible for China, Hong New CEO South Asia tional experience. Kong, Macau and . Søren comes Søren Lauridsen has been appointed CEO from a position as CEO Malaysia and Sin- of South Asia, responsible for India, Nepal, Daniel Sjögren gapore. Søren has been with Carlsberg for and Myanmar. Søren comes New Managing Director Myanmar 15 years, of which the past approximately from a position as CEO India, Nepal, and Daniel Sjögren has been appointed Man- five years have been in management Sri Lanka. Søren joined Carlsberg in 2005 aging Director of Carlsberg’s operations in positions in Asia. and has held various managerial positions Myanmar. Daniel comes from a position in Asia since 2007. as Managing Director of Carlsberg . Daniel began his career in Carlsberg UK in 2002. In 2005-2010, he held various commercial management positions at Carlsberg headquarters. WorldReginfo - a00da095-b474-43bf-a8db-f2f5b26cb8fd