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

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
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