Annual Report 2001 - Carlsberg Group

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Report for 2001 15 pects 2002 to show an increase in turnover and a 10-12% rise in operating profit compared to 2001, when applying the present accounting policies. In 2002, Carlsberg Breweries is expected to account for a comparatively larger share of Group profit. Due to the significant investments in the acquisition of companies and tangible fixed assets in recent years, financials are expected to remain negative next year and will be more substantial than in 2001, which was affected positively by the significant capital gains. Incentive programmes In 2001, a total of 111,500 share options were granted to the Executive Boards and key managers of Carlsberg A/S and Carlsberg Breweries A/S - a total of 44 employees - with an exercise rate of 405. In 2002, the number of share options is expected to be in line with 2001. Forward-looking statement The above sections 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 naturally always involve uncertainties and actual results may thus differ materially from those projected. Therefore, it is important 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 projections regarding results. The synergies included in the expectations for 2002 are substantial and, all things considered, the accrual of total income and expenses 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. Carlsberg is a party to certain legal proceedings. Any rulings made on such legal proceedings or the continuation of such proceedings are not expected to have any substantial negative influence on the financial position of the Carlsberg Group. In that connection, it should also be mentioned that the EU Commission carried out a dawn-raid at Carlsberg A/S in CARLSBERG BREWERIES SALES MILLION HL BEER, 12 MONTHS 70 60 50 40 30 20 10 0 Western Europe 58.8 10.5 23.0 25.3 2000 2001 Eastern Europe 67.9 11.3 29.4 27.2 Asia May 2000 in order to investigate whether agreements or concerted practices existed with other large breweries regarding a sharing of the beer markets in the EEA. Annual General Meeting The Annual General Meeting will be held on Monday 18 March 2002 at 16.30 in Tivolis Koncertsal in Copenhagen, Denmark. Decisions and proposals of the Board of Directors to the Annual General Meeting The Board of Directors proposes that a dividend of DKK 5.00 per DKK 20 share be paid, or 25% of the share capital, compared to DKK 5.40 per DKK 20 share last year (15 months). DKK 320m (DKK 345m) has been appropriated for that purpose. As for the remaining amount available totalling DKK 1,187m, it is proposed that it be appropriated to the reserves.
16 Organisation and Group Companies Organisation and Group Companies Carlsberg A/S Board of Directors Executive Board Group Accounting/ Legal Communications Treasury and IR Carlsberg Research Center Properties Trust Administration Carlsberg Breweries (60%) Group Companies Participating interest Nominal share capital in ‘000 Currency CARLSBERG A/S Share Capital DKK 1,278,125,640 Brewing companies Denmark Carlsberg Breweries A/S, Copenhagen ● 60% 500,000 DKK Other Companies Investeringsselskabet af 17. januar 1991 A/S, Copenhagen ● 100% 14,500 DKK Ejendomsaktieselskabet af 4. marts 1982, Copenhagen ● 100% 9,500 DKK Ejendomsaktieselskabet Tuborg Nord B, Copenhagen ● 100% 25,000 DKK Ejendomsinteressentskabet Tuborg Nord B Ejendomsaktieselskabet Tuborg Nord C, Copenhagen ● 100% 10,000 DKK Ejendomsaktieselskabet Tuborg Nord D, Copenhagen ● 100% 10,000 DKK Vingaarden A/S, Odense ■ 40% 15,000 DKK RS Holding A/S, Copenhagen ■ 28% 100,500 DKK Royal Scandinavia A/S, Copenhagen Combio A/S, Copenhagen ■ 33% 1,092 DKK Coca Cola Nordic Beverages a/s, Hellerup *) ■ 51% 10,000 DKK ● Subsidiaries ■ Other associated company *) See page 92
Page 1 and 2: Report and Accounts 2001
Page 3 and 4: A Brief Presentation ▲ ▲ A Brie
Page 5 and 6: 2 Letter to the Shareholders Letter
Page 7 and 8: 4 Letter to the Shareholders lows t
Page 9 and 10: 6 Highlights and Key Figures, 5-yea
Page 13 and 14: 10 Report for 2001 Report for 2001
Page 15 and 16: 12 Report for 2001 CCNB and AD amou
Page 17: 14 Report for 2001 Asia: DKK millio
Page 21 and 22: 18 Corporate Governance ments, rais
Page 23 and 24: 20 Shareholder Information Sharehol
Page 25 and 26: 22 Shareholder Information Analysts
Page 29 and 30: 26 Carlsberg Breweries Carlsberg Br
Page 31 and 32: 28 Consolidation and Growth Consoli
Page 33 and 34: 30 Consolidation and Growth Carlsbe
Page 35 and 36: 32 Regional Reports - Western Europ
Page 41 and 42: 38 Regional Reports - Eastern Europ
Page 43 and 44: 40 Regional Reports - Eastern Europ
Page 45 and 46: 42 Regional Reports - Asia Asia COU
Page 47 and 48: 44 Regional Reports - Asia position
Page 51 and 52: 48 Corporate Centre Corporate Centr
Page 53 and 54: 50 Corporate Centre UEFA Cup final,
Page 55 and 56: 52 Corporate Centre volvement in th
Page 57 and 58: 54 Corporate Supply Chain Corporate
Page 59 and 60: 56 Corporate Supply Chain dustry in
Page 61 and 62: 58 Carlsberg Research Center Carlsb
Page 63 and 64: 60 Carlsberg Properties and Foundat
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Accounts for 2001 65 Accounts for 2
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Financial Review of the Carlsberg G
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Accounting Policies 75 Turnover Sal
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Profit and Loss Account 2001 77 Pro
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Balance Sheet 79 Balance Sheet as a
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Notes to the Accounts 81 Notes to t
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Noter 89 Notes to the Accounts (DKK
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Turnover, Operating Profit and Equi
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Group Companies 93 Group Companies
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Auditors’ Report 95 Auditors’ R
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▲ Board of Directors and Executiv
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Carlsberg A/S CVR No. 61056416 1, V
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Annual Report 2001 - Carlsberg Group

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