Quarterly Financial Statement as at 30 September 2001 ... - Euroland

Quarterly Financial Statement
1.11.2001
Carlsberg A/S Q3 Report 2001
Page 1 of 9
1 November 2001
23/2001
Quarterly Financial Statement as at 30 September 2001
of the Carlsberg Group
Satisfying results
• Operating profit amounts to DKK 2,769m against DKK 1,784m last year
(+55%).
• Growth in volume continues - beer: 51.5m hl (+16%) and soft drinks:
15.6m hl (+31%).
• In total, Western Europe exceeds expectations, however, the results in
Sweden are disappointing.
• Eastern Europe shows substantial profitable growth especially driven by
the Russian activities.
• Results as expected positively influenced by property gains in Carlsberg
A/S.
• Carlsberg Breweries has carried out acquisitions in Poland and Turkey.
• In the aggregate, Carlsberg A/S’ share of the results for the entire financial
year is still expected to be somewhat above that of last year (12 months),
which is unchanged in relation to the first half-year 2001 financial statement.
Contact:
Jørn P. Jensen, CEO
Jesper C. Bærnholdt, CFO
Phone: +45 3327 2727

Profit & loss account
DKK million
Quarterly Financial Statement
1.11.2001
HIGHLIGHTS AND KEY FIGURES
for the period 1 January – 30 September 2001
(Unaudited)
2000
9 months
2001
9 months Δ %
Carlsberg A/S Q3 Report 2001
Page 2 of 9
2000
3Q
2001
3Q Δ %
Turnover 28,890 35,052 +21 9,524 12,923 + 36
Net turnover 21,379 25,954 +21 7,006 9,628 +37
Operating profit 1,784 2,769 +55 800 1,450 +81
Special items 438 0 10 0 -
Profit before financials 2,222 2,769 +25 810 1,450 +79
Financials, net -163 62 - -67 -181 -
Profit before tax 2,059 2,831 +37 743 1,269 +71
Group profit 1,526 2,111 +38 580 992 +71
Profit, Carlsberg A/S’ share 1,481 1,192 -20 509 585 +15
Balance sheet
DKK million 31.12.00 30.09.01 Δ %
Fixed assets 20,695 24,798 +20
Current assets 14,296 14,726 +3
- cash at bank and in hand 2,900 2,238 -23
Group equity 10,631 12,504 +18
Provisions 3,131 3,622 +16
Long term liabilities 6,009 5,573 -7
Current liabilities 15,220 17,825 +17
Balance sheet total 34,991 39,524 +13
Net interest-bearing debt 10,309 10,910 +6

Movements in Group equity
Group equity as at 31.12.00 10,631
Group profit 2,111
Influx of Orkla’s beverage activities, incl. minority 1,595
Dissolution of Coca-Cola Nordic Beverages (CCNB) incl.
disposal minority -345
Currency translation adjustments, etc. -309
Write-off of Group goodwill -1,179
Group equity as at 30.09.01 12,504
Minority interests as at 30.09.01 4,379
Carlsberg A/S' share of equity as at 30.09.01 8,125
The minority interests’ share of the equity amounted to DKK 4,379m against DKK
1,651m as at 31.12.00. The increase is primarily related to Orkla's 40% ownership
of Carlsberg Breweries A/S.
The accounting policies applied remain unchanged from the annual accounts
for 1999/00 although minor reclassifications have been made due to, inter alia, the
inclusion of Orkla’s beverage activities as at 1 January 2001. For comparison with
last year, please note the changes in the Group‘s structure, including the addition
of Orkla’s beverage activities and the changes in the cola business in the Nordic
countries.
Carlsberg's Asian activities are not yet included in Carlsberg Asia Holding Ltd. due
to legal matters and pending authority approvals, and the results included in the
accounts are therefore based on Carlsberg’s legal structure in Asia prior to the
establishment (as in 2000). As soon as Carlsberg's companies/activities as well as
the joint venture partner's Thai company are included in Carlsberg Asia Holding
Ltd, the accounts will reflect this new legal structure as of January 2002.
Comments on developments in the past period
Profit & Loss Account
Compared to last year, the period witnessed a 16% and 31% increase in the
Carlsberg Group’s sale of beer and soft drinks. Net turnover amounts to DKK
25,954m against DKK 21,379m in the same period last year (+21%). Most of the
increase is due to Eastern Europe and the acquisition of Feldschlösschen and
Türk Tuborg.
Quarterly Financial Statement
1.11.2001
Carlsberg A/S Q3 Report 2001
Page 3 of 9

Operating profit is DKK 2,769m against DKK 1,784m last year (+55%). The improvement
in results is due to significant growth in Eastern Europe and Asia,
whereas Western Europe is slightly better than last year, primarily due to the inclusion
of Feldschlösschen. To this is added a favourable effect from the sale of
properties in Carlsberg A/S.
Financials amounts to DKK +62m. Adjusted for the gains from i.a. the sale of minority
shareholdings in the Thai breweries (net DKK 518m), financials shows an
expected net expenditure of approximately DKK 550m. In the third quarter, the
item is affected by interest expenses in connection with the financing of the acquisitions
in Turkey and Poland.
Profit before tax consequently totals DKK 2,831m against 2,059m last year
(+37%).
Group profit amounts to DKK 2,111m against DKK 1,526m last year, whereas
Carlsberg A/S’ share of the profit amounts to DKK 1,192m against DKK 1,481m
last year.
Balance Sheet items
During the period, the Group’s provisions were spent according to plans. DKK
129m (against DKK 345m last year) has been spent of the provisions in connection
with Coca-Cola Nordic Beverages A/S (CCNB) and the compensation received
in connection with the Allied Domecq agreement in 1995/96. DKK 100m of
the gains from the sale of the Thai shares is still reserved to cover expenses in
connection with the new structure in Asia.
Net interest-bearing debt of DKK 10.9bn has developed in line with expectations
and is slightly above the level of 31.12.00.
Quarterly Financial Statement
1.11.2001
Carlsberg A/S Q3 Report 2001
Page 4 of 9

Regions
Below please find the three regions of Carlsberg Breweries A/S shown with reference
to pro forma comparative figures including Orkla’s beverage activities for the
year 2000.
Western Europe:
DKK million
2000 (*)
9 months
Quarterly Financial Statement
1.11.2001
2001
9 months Δ %
Carlsberg A/S Q3 Report 2001
Page 5 of 9
2000 (*)
Q3
2001
Q3 Δ %
Net turnover 16,395 19,334 +17.9 5,752 6,997 +21.6
Operating profit 1,584 1,657 +4.6 675 810 +20.0
Operating margin (%) 9.7 8.6 -1.1 11.7 11.6 -0.1
Beer sales (million hl) 19.1 20.4 +6.8 6.9 7.4 +7.2
(*) Pro forma comparable figures for 2000
Net turnover rose by DKK 2,939m (17.9%), which was primarily due to the acquisition
of Feldschlösschen (Switzerland).
Operating profit was up on last year, which is attributable to the acquisition of
Feldschlösschen and to Sinebrychoff (Finland) and Carlsberg Denmark.
In Denmark, beer sales stabilised, and despite slightly declining turnover, the results
are above those of last year due to continued streamlining of business procedures.
In Great Britain, Carlsberg-Tetley has maintained its market share in a declining
market with expected lower results. Following a weak start of the year, developments
in 2 nd and 3 rd quarter have been more positive.
In Switzerland, Feldschlösschen has developed in line with expectations in a
slightly declining market. The restructuring proceeds according to plans. The effect
of this is expected in 2002.
In Sweden, Carlsberg Sweden continued its negative market development with
lower and unsatisfactory earnings as a result. It is still expected that the synergies
in the integration between Pripps and Falcon will be realised in 2002.
In Finland, Sinebrychoff achieved progress in operating profit due to increasing
market share and improved productivity.
In Norway, Ringnes showed modest progress in both volume and results.
In Italy, Carlsberg Italy gained market share in a modestly increasing market due
to the company’s acquisition of distribution companies.
In Portugal, Unicer Bebidas has maintained its market share in a weak market.

In Germany, Hannen is still working with a restructuring plan in order to improve
the unsatisfactory results.
Eastern Europe:
DKK million
2000 (*)
9 months
Quarterly Financial Statement
1.11.2001
2001
9 months Δ %
Carlsberg A/S Q3 Report 2001
Page 6 of 9
2000 (*)
Q3
2001
Q3 Δ %
Net turnover 2,947 4,651 +57.8 1,181 2,085 +76.5
Operating profit 602 980 +62.8 267 521 +95.1
Operating margin (%) 20.4 21.1 +0.7 22.6 25.0 +2.4
Beer sales (million hl) 17.4 22.9 +31.6 6.8 9.7 +42.6
(*) Pro forma comparable figures for 2000
Net turnover rose by 57.8% to DKK 4,651m which is due to growth in Baltic Beverages
Holding (BBH), Vena and Svyturys as well as the consolidation of Türk
Tuborg as of 1 July 2001.
Operating profits increased by 62.8% to DKK 980m against DKK 602m last year.
The rise is primarily due to increased organic growth in Russia during the third
quarter.
In BBH, net turnover rose by 61% to DKK 2,827m. The total volume growth of
30% (44% in Q3) was due to organic growth. BBH has increased its market share
in Russia to 28%, corresponding to an increase of 2.1%-point on the same period
last year.
In Russia, Vena continued to show significant growth in volume and results.
In Poland, the implementation of the new structure of Okocim has been initiated
and is expected to be ready to operate in Q2 2002. Market development has been
weak and results unsatisfactory. Piast has been consolidated with effect as of 1
August 2001.
In Turkey, Carlsberg Breweries has increased its shareholding in Türk Tuborg to
82.46%. The company’s contribution to the operating profit is modest.
Asia:
DKK million
2000 (*)
9 months
2001
9 months Δ %
2000 (*)
Q3
2001
Q3 Δ %
Net turnover 1,339 1,448 +8.1 530 490 -7.5
Operating profit 207 291 +40.6 105 122 +16.2
Operating margin (%) 15.5 20.1 +4.6 10.4 25.1 +14.7
Beer sales (million hl) 7.9 8.1 +2.5 2.8 2.7 -3.6
(*) Pro forma comparable figures for 2000
Net turnover rose by 8.1% to DKK 1,448m. Most markets showed minor progress.

Operating profit rose by DKK 84m to DKK 291m. Progress is primarily due to the
sale of the loss-making brewery in China last year. Generally, results are below
expectations.
Other activities in Carlsberg Breweries
Carlsberg Breweries has initiated a number of results-improving projects in several
companies. During the second half-year a similar project has been initiated at
headquarters in Copenhagen, where the staff functions will be considerably reduced.
Other activities in the Carlsberg Group
Royal Scandinavia
The associated company Royal Scandinavia (ownership 28%) shows a deficit.
Royal Scandinavia is included in the operating profit with DKK -47m, which is a
higher deficit than last year. The carrying value of the shareholding in Royal Scandinavia
is hence nil. A number of restructuring projects within the company are
being carried out.
Properties
The operating profit is affected by property gains of approximately DKK 132m. The
property area has experienced a significantly higher level of activity in the present
financial period than previously and this has led to satisfactory earnings.
Expectations for the financial year 2001
The annual report for 1999/00 expressed expectations that Carlsberg A/S’ share of
profit before special items this year would be in line with the comparable results for
2000 (12 months) corresponding to DKK 1.2bn.
However, due to the capital gains realized on the sale of the minority shareholdings
in the Thai breweries, somewhat better results are expected for the current
financial year compared to 2000 (12 months). The expectations thus remain unchanged
compared to the half-year 2001 financial statement.
Even though the Q3 development in results has been above expectations, the expectations
for the results for the full year are maintained. This is due to expectations
of unsatisfactory results especially from the activities in Sweden, Poland and
Turkey in Q4. Turkey will contribute modestly to operating profit, whereas expectations
of increased local financial expenses reduce the net results.
Statements on future prospects in this financial statement reflect the management‘s
expectations to future events and financial results as well as to the fluctuations
in the most significant markets and to developments in the international
money, currency and interest markets. Statements on future prospects will obviously
always involve uncertainties and actual results may thus differ materially
Quarterly Financial Statement
1.11.2001
Carlsberg A/S Q3 Report 2001
Page 7 of 9

from those projected. Therefore, it is essential to bear in mind that a number of
comprehensive integration, rationalisation and restructuring projects were
launched this year in Western Europe in particular and this contributes to the uncertainty
as to expectations regarding results. The synergies included in the expectations
for the results this year are limited, and, all things considered, the accrual
of total income and expense is deemed uncertain due to the comprehensive
nature of the projects. In Asia, Carlsberg’s activities are still not finally included in
Carlsberg Asia Holding Ltd.
As a result of the above, significant changes in income and costs between 2001
and 2002 may occur.
This financial statement is available in Danish and English. In case of doubt, the
Danish version shall apply.
Quarterly Financial Statement
1.11.2001
Carlsberg A/S Q3 Report 2001
Page 8 of 9
Appendix

Appendix:
Quarterly Financial Statement
1.11.2001
Q1 Q2 Q3 Q4
DKK million 2000 2001 2000 2001 2000 2001 2000
Turnover 6,960 9,386 12,406 12,743 9,524 12,923 9,417
Net turnover 5,211 7,033 9,162 9,293 7,006 9,628 7,040
Operating profit 82 132 902 1,187 800 1,450 579
Special items 214 0 214 0 10 0 -10
Profit before financials 296 132 1,116 1,187 810 1,450 569
Financials, net -83 408 -13 -165 -67 -181 -17
Profit before tax 213 540 1,103 1,022 743 1,269 552
Group profit 247 366 699 753 580 992 332
Profit, Carlsberg A/S’ share 278 198 694 409 509 585 301
Net interest-bearing debt 10,103 10,498 10,910 10,309
Western
Europe
Eastern
Europe Asia
Carlsberg A/S Q3 Report 2001
Page 9 of 9
Not allocated
CB A/S
in total* Other In total
Q1 2001
Net turnover 5,301 966 615 151 7,033 0 7,033
Operating profit -13 91 126 -95 109 23 132
Operating margin (%) -0.2 9.4 20.5 1.5 1.9
Q2 2001
Net turnover 7,036 1,600 343 314 9,293 0 9,293
Operating profit 860 368 43 -111 1,160 27 1,187
Operating margin (%) 12.2 23.0 12.5 12.5 12.8
Q3 2001
Net turnover 6,997 2,085 490 56 9,628 0 9,628
Operating profit 810 521 122 -157 1,296 154 1,450
Operating margin (%) 11.6 25.0 25.1 13.5 15.1
* Carlsberg Breweries A/S in total