Debt Investor

Financial Policy and Leverage

It is Carlsberg’s intention to maintain an investment grade credit rating, which defines the overall risk capacity for the Group. The Group will therefore seek to ensure a financial profile in line with the investment grade rating and more specifically ensure a debt leverage, measured by NIBD (net interest-bearing debt) to EBITDA (earnings before interest, tax, depreciation and amortisation) - NIBD/EBITDA - of below 2.5x.

Funding and financial risk management is handled centrally to ensure uniform risk evaluation, risk aggregation and optimisation from a Group perspective with the aim to ensure:

• Diversified sources of funding and smooth maturity profile
  
• Risk perception is to actively manage exposures
  
• Ample capital resources available at all times
  
• Committed to retaining investment grade credit rating