4/12/2012 9:50 


The Carlsberg Group and a group of Danish investors have today by way of corporate transaction entered into a consortium with a view to developing Carlsberg's former brewery site in Copenhagen. The consortium consists of Realdania, PFA, Pensam and Topdanmark and the Carlsberg Group. Carlsberg retains a 25% ownership stake.

The total value of the transaction is approximately DKK 2.5bn. As a result, subject to final closing of the transaction, Carlsberg will in Q2 2012 book a pre-tax capital gain of approximately DKK 1.7bn as Special Items. The post-tax capital gain will be approximately DKK 1.4bn, free cashflow will be positively impacted by approximately DKK 1.9bn, and net interest bearing debt will be reduced by a similar amount.

The financial consequences of this transaction were not included in the 2012 expectations announced on 20 February 2012.

A number of the historical buildings on the site are not part of the disposal and will remain the property of the Carlsberg Group.

Commenting on this announcement, Jørn P. Jensen, Carlsberg Group Deputy CEO and CFO, says: "We are pleased that it has been possible to establish this strong consortium of investors who will be responsible for transforming the area into an exciting neighbourhood in Copenhagen. We are also satisfied that the Carlsberg Group is already now realising significant value from this transaction which will be used to further deleverage the Group. At the same time we continue to participate as a minority shareholder in the consortium which we expect will generate significant value in the years to come."



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