Report and Accounts 1999 / 2000 - Carlsberg Group

Report for 1999/2000
9
This includes the write-back of DKK 60 million in
connection with liabilities for deposits on returnable
packaging.
The write-down of the brewery in Shanghai is
registered as expenditure under this item. The
brewery was written down by the sales price
agreed with Tsingtao in August 2000. In addition,
provisions have been made for severance payments,
etc. in connection with the sale. A total of
DKK 241 million has been registered as expenditure
under this item.
Provisions of DKK 50 million have been made
in connection with the decision to close down the
distribution company in Sweden which is owned
by Falcon and Coca-Cola, Sweden. The closedown
is a consequence of the establishment of
Carlsberg Breweries A/S, as the Swedish competition
authorities have required that the co-operation
with either Pepsi or Coca-Cola in Sweden and
Norway be discontinued.
Of the remaining provisions, totalling DKK 170
million, the major part relates to the continued restructuring
efforts in Denmark and the vacating of
the premises in Hong Kong.
Financials, net
Financials showed expenditure of DKK 207 million,
which is an increase on last year (DKK -119
million) because of the considerable investments
in acquisitions of companies and production plant
in recent years. However, expenditure is less
substantial than expected due to the capital gain
realised during the year from the sale of participating
interests in Dansk Kapitalanlæg, Berlingske
Tidende and other investments.
Profit
Profit before tax and Group profit amounted to
DKK 3,155 million (DKK 2,262 million) and DKK
2,227 million (DKK 1,623 million), respectively,
which is a considerable improvement on last year.
This is mainly the result of positive developments
in primary operations.
The tax rate totalled 29.4%, against 29.2% last
year.
Carlsberg’s share of the Group profit amounted
to DKK 2,133 million (DKK 1,646 million) compared
to DKK 1,164 million last year.
Equity
The Carlsberg Group’s equity amounted to DKK
10,631 million against DKK 11,853 million last
year. The parent company’s share of the equity
totalled DKK 8,980 million compared to DKK
10,391 million last year.
Equity was positively influenced by the year’s
profit (less dividend), and by changes in minority
interests as well as exchange rate adjustments (a
total of DKK 2,418 million). It was negatively affected
by the write-off of Group goodwill (DKK
3,644 million). Of this amount DKK 1.4 billion relates
to the acquisition of Feldschlösschen, DKK
0.9 billion to the increase in the shareholding in
Sinebrychoff and another DKK 0.9 billion to the
increase in the shareholding in the company in
Malaysia.
TURNOVER (DKK MILLION) 12 months
OPERATING PROFIT (DKK MILLION) 12 months
99/00
98/99
97/98
96/97
95/96
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000
99/00
98/99
97/98
96/97
95/96
0 500 1,000 1,500 2,000 2,500