A central plank of Chief executive Cees 't Hart's new approach is that Carlsberg will remain in Russia, despite the many challenges it has faced there.

The Dutchman was brought in last year to solve Carlsberg's problems in Russia, which date back to its takeover of Russia's largest beer brand Baltika in 2008.

"We want to transform our business in Russia, and we understand what is required to make this happen," he said.

Overall, he said that Carlsberg would invest more in its key and speciality brands, and in non-alcoholic beer, and that it would focus on growing in big cities, as well as outside its European and Asian core markets.

Carlsberg's new strategy, which comes on top of a restructuring programme launched in November, would deliver organic sales growth and margin improvements, he said, although he would not give any indications as to how much.

Return on invested capital (ROIC) would be improved not only through earnings but also by reducing invested capital, 't Hart said. Carlsberg reported a ROIC of 8.1 percent for 2015, excluding major writedowns made by 't Hart when he took over.

Although some analysts and investors expressed disappointment about the lack of financial targets, Carlsberg did say it was aiming for a net interest bearing debt (NIBD) below two times its earnings before interest, taxes, depreciation and amortisation (EBITDA). This figure was 2.3 times at the end of 2015.

It also pledged to deliver a dividend pay-out ratio of 50 percent, from 30 percent for 2015 as cash flows had been good.

CULTURE CHANGE

Nykredit and Sydbank analysts told Reuters they had hoped for more tangible targets for the development in sales, earnings or return on invested capital.

"This is more of a change of culture than a fundamental restructuring," analyst Ricky Rasmussen from Nykredit said.

When 't Hart launched his overhaul last year he said it could deliver net benefits of up to 2 billion Danish crowns (£213 million) by 2018. Half of that would be reinvested in brands and commercial activities to boost sales.

The company has closed seven breweries in China, reduced capacity at four in Russia and will lay off around 2,000 people.

Carlsberg is the smallest of the world's four big brewers which had 47 percent of volumes and three-quarters of profits in 2014. Their number is soon to drop to three, with the planned $100 billion-plus (£71 billion-plus) takeover of SAB Miller by AB Inbev. Dutch Heineken is the third-largest.

(Additional reporting by Nikolaj Skydsgaard; Editing by Jason Neely and Alexander Smith)

By Teis Jensen