Five-year summary 1  Adjusted for special items after tax. Sales volumes, gross (million hl) 2009 2010 2011 2012 2013 Beer 137.0 136.5 139.8 140.9 138.7 Other beverages 22.2 22.5 22.2 22.0 21.5 Sales volumes, pro rata (million hl) Beer 116.0 114.2 118.7 120.4 119.7 Other beverages 19.8 19.3 19.2 19.1 19.7 DKK million Income statement Net revenue 59,382 60,054 63,561 66,468 66,552 Operating profit before special items 9,390 10,249 9,816 9,793 9,844 Special items, net -695 -249 -268 85 -466 Financial items, net -2,990 -2,155 -2,018 -1,772 -1,533 Profit before tax 5,705 7,845 7,530 8,106 7,845 Corporation tax -1,538 -1,885 -1,838 -1,861 -1,894 Consolidated profit 4,167 5,960 5,692 6,245 5,951 Attributable to: Non-controlling interests 565 609 543 638 480 Shareholders in Carlsberg A/S 3,602 5,351 5,149 5,607 5,471 Shareholders in Carlsberg A/S, adjusted 1 4,170 5,425 5,203 5,504 5,795 Statement of financial position Total assets 134,515 144,250 147,714 153,961 151,138 Invested capital 109,538 117,119 118,196 121,467 119,372 Interest-bearing debt, net 35,679 32,743 32,460 32,480 35,022 Equity, shareholders in Carlsberg A/S 54,829 64,248 65,866 70,261 67,811 Statement of cash flows 2009 2010 2011 2012 2013 Cash flow from operating activities 13,631 11,020 8,813 9,871 9,083 Cash flow from investing activities -3,082 -5,841 -4,883 -3,974 -8,883 Free cash flow 10,549 5,179 3,930 5,897 200 Investments Acquisition and disposal of property, plant and equipment, net -2,342 -2,197 -3,618 -2,264 -4,724 Acquisition and disposal of entities, net 95 -477 -260 -27 -2,340 Financial ratios Operating margin %  15.8 17.1 15.4 14.6 14.8 Return on average invested capital (ROIC) %  8.2 8.8 8.4 8.0 8.2 Equity ratio %  40.8 44.5 44.6 45.6 44.9 Debt/equity ratio (financial gearing) x  0.60 0.47 0.45 0.44 0.49 Debt/operating profit before depreciation and amortisation x  2.71 2.30 2.39 2.35 2.53 Interest cover x  3.14 4.76 4.86 5.53 6.42 Stock market ratios Earnings per share (EPS) DKK  23.6 35.1 33.8 36.8 35.9 Earnings per share, adjusted (EPS-A) 1 DKK  27.3 35.6 34.1 36.1 38.0 Cash flow from operating activities per share (CFPS) DKK  89.3 72.1 57.7 64.6 59.3 Free cash flow per share (FCFPS) DKK  69.1 33.9 25.7 38.6 1.3 Dividend per share (proposed) DKK  3.5 5.0 5.5 6.0 8.0 Payout ratio %  15 14 16 16 22 Payout ratio, adjusted 1 % 13 14 16 17 21 Share price (B shares) DKK  384.0 558.5 405.0 554.0 600.0 Number of shares (year-end, excl. treasury shares) 1,000 152,553 152,539 152,523 152,555 152,533 Number of shares (average, excl. treasury shares) 1,000 152,550 152,548 152,538 152,543 152,548 Carlsberg Group Annual Report 2013 Management review THE GROUP AT A GLANCE 7