Annual Report 2001 - Carlsberg Group

4 Letter to the Shareholders
lows the debate and has studied the recommendations,
which the company already follow to a
very large extent. The company has followed the
international debate on the topic for some time
and will continue to do so in future.
New accounting policies
A new Financial Statements Act has been implemented
in Denmark with effect from 1 January
2002. This will entail a number of significant
changes to the present accounting policies of the
Carlsberg Group. As the most significant change,
Group goodwill and other intangible assets will in
future be capitalised and amortised. Other changes
include capitalisation and depreciation of returnable
packaging, capitalisation of indirect production
costs as well as details on the practices
relating to provisions for restructuring, etc.
The changes in accounting policies involve
substantial efforts and completion of the changes
is expected by the end of March 2002. Carlsberg
will then immediately inform the market of the impact
on the comparative figures resulting from the
policy changes. In the Q1 financial statement of
2002, it will be possible to specify what effects the
new accounting policies will have on the outlook
for 2002.
It should be emphasised that the changes in
the accounting policies are of a purely technical
nature and will have no effect on the company’s
cash flow/available funds.
Quality
Carlsberg’s approach to quality has always been
anchored in J.C. and Carl Jacobsen’s “Golden
Words”:
“In working the Carlsberg breweries it should
be a constant purpose, regardless of immediate
profit, to develop the art of making beer to the
greatest possible degree of perfection in order
that these breweries as well as their products may
ever stand out as a model and so, through their
example, assist in keeping beer brewing on a high
and honourable level.”
Quality is an essential prerequisite for
Carlsberg’s success. Our products must be of
supreme and outstanding quality worldwide and
Carlsberg will never compromise on quality.
Employees
All employees in the Carlsberg Group have helped
create the results achieved.
Carlsberg carries out extensive international
supplementary training and development programmes
on a regular basis. The implementation
of a management share option programme in
2001 contributes to an even greater alignment of
interests between the management and the
shareholders. 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 at an exercise rate of 405. The
number of share options in 2002 is expected to
be in line with 2001.
Environment, beer and society
– “social aspects”
Carlsberg works actively to reduce any negative
impact on the environment and to optimise the
use of natural resources. In 2001, Carlsberg
Breweries published an actual environmental report
for the first time.
As the brewer of one of the world’s leading
beer brands, Carlsberg takes an active part in the
political debate regarding alcohol. The alcohol policies
are emphasised internally through information
and training activities and externally through
the co-operation with GODA (The Association of
Sensible Alcohol Attitudes) in Denmark, The Amsterdam
Group and The European Brewers’ Association
and through voluntary agreements on
guidelines for the marketing of alcohol products.
The immediate future
Carlsberg will continue to take part in the international
consolidation in the brewing industry.
As regards brands, the “Carlsberg” profile will
be strengthened further and the focus on a “glocal”
approach, local strength in a global perspective,
will be emphasised with continued expansion
of the market positions of strong regional and local
brands.
Following the acquisition of breweries in recent
years, efforts to capitalise on potential synergies
will continue just as Carlsberg will work actively on
adjusting capacity and costs to reflect the market
situation.