FP&A Today

The perfect formula for FP&A and Beer – Pavels Cvetkovs at Carlsberg

Feb 12, 2025

Pavels Cvetkovs, FP&A director at Carlsberg Group and veteran of PwC and Ernst & Young, shares insights into the financial dynamics of the beer industry. He discusses how his time in the Big Four armed him with crucial skills for FP&A. Innovation and sustainability at Carlsberg are vital topics, along with the importance of collaboration across departments. Cvetkovs highlights the unique shareholder structure and the challenges of budgeting in a competitive environment. He emphasizes the value of financial modeling and proactive business partnering.

37:36

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Pavels Cvetkovs

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Quick takeaways

Pavels Cvetkovs emphasizes that his journey in finance began with inspirations and experiences that shaped his career, ultimately leading him to the role of FP&A director at Carlsberg Group.

The podcast highlights the evolution of FP&A at Carlsberg from traditional reporting to a proactive business partnering approach, underpinned by technology and data-driven decision-making.

Deep dives

Pavels Svetkovs' Career Journey

Pavels Svetkovs shares the unconventional path that led him into finance, highlighting the impact of peer influences during his school years. Initially unsure about his career direction, he found inspiration from a classmate's obsession with investments, prompting him to pursue a finance degree. Gaining practical experience through part-time jobs, he eventually joined Ernst & Young, where his four years in audit equipped him with an invaluable understanding of financial principles. This foundation proved essential when he transitioned into FP&A, where his roles broadened from business controller to the current FP&A director at Carlsberg Group.

Intro

5min

The Essential Role of Accounting Fundamentals in FP&A

2min

Navigating Financial Complexity in the Beverage Industry

17min

Navigating the Challenges of Budgeting in FP&A

3min

Navigating Budgeting Challenges

8min

Exploring Excel Functions and Programming Integration

3min

Grab a beer and listen to this special episode. We are joined by Pavels Cvetkovs FP&A director at Carlsberg Group who reveals the formula of FP&A at the famous brand. Carlsberg was founded in 1847, has 140 brands, and 30,000 employees – and FP&A is core to their success, says Cvetkovs.

In this episode:

How my career in the Big Four (and audit) served as “finance military school”
Moving from business controller to FP&A
The essence of Carlsberg – innovation in brewing and sustainability
Distinct shareholder structure at Carlsberg run by Carlsberg foundation
What’s so special about the beer and beverage industry and our FP&A practices
Power of inventory management, sales seasonality, and supply chain and cost planning in brewing
Forecasting and planning and achieving highest levels of collaboration
FP&A set up and management of 10-20 KPIs at Carlsberg
Business partnering as a mindset at Carlsberg
Visiting sites in operations at Carlsberg
Biggest challenges overcome in budget season
Refining my financial modeling skills