Report and Accounts 1999 / 2000 - Carlsberg Group

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Regional Reports 35 Italy Italian beer consumption is the lowest in Europe at 27 litres per capita and the beer market showed no signs of growth. Carlsberg Italia S.p.A. maintained its position as number three in the market thanks to increased focus on the international brands Carlsberg and Tuborg. Following intensified marketing efforts, Carlsberg sales continued to show progress and sales of Tuborg, which is Carlsberg Italia S.p.A.’s traditional main brand in the premium segment, matched the level of last year. In 2000, Carlsberg Italia also made acquisitions of wholesalers. The company T & C Italia was established as an umbrella organisation for the 42 majority-owned or associated wholesalers in order to strengthen co-operation and synergy effects between the acquired companies. Portugal Carlsberg A/S increased its shareholding in the Portuguese brewery Unicer-União Cervejeira S.A. to 44%. The brewery is market leader within beer and enjoys a comfortable position in soft drinks, water and cask wine. The Portuguese beer market registered a stable per capita consumption of 65 litres. Unicer’s successful relaunch of Carlsberg, the leading international premium brand, in 1999 continued in 2000 and the Carlsberg brand achieved a marked improvement in sales and increased its market share. Unicer also produces and distributes Tuborg Royal Danish. Spain In March, Carlsberg A/S entered into a new licence agreement with Mahou S.A. regarding production, distribution and sale of the Carlsberg brand. Later that month, Mahou S.A. merged with San Miguel. The merger was approved by the Spanish authorities with the specific condition that Carlsberg remained the only international brand in the portfolio. This has resulted in strong national distribution for Carlsberg and a reinforcement of Carlsberg’s position in the international segment. Per capita consumption amounted to 68 litres in a market characterised by a stable trend in consumption. Belgium The Belgian market showed conituned decline and per capita consumption amounted to 98 litres. The private labels continued to make headway in the market and this development particularly influenced the sales of canned beer, which have been affected by an aggressive price war in recent years. Despite fierce competition in the market, the sales of Carlsberg fully met expectations and again showed progress. Carlsberg is the largest imported international beer brand in Belgium and the Carlsberg and Tuborg brands still dominate the Belgian premium segment, ranking 1st and 2nd, respectively. Special activities during the year include the European Football Championships, EURO 2000. The event was supported by extensive national advertisement and sales campaigns that influenced sales positively. Carlsberg Importers S.A.-N.V. markets and distributes the Carlsberg and Tuborg brands in Belgium. Carlsberg Importers S.A.-N.V. is owned by the Haelterman Group and Carlsberg A/S holds a 10% stake in the company. France Total beer sales in France continued to decrease. The decline is primarily attributable to the weak trend in the restaurant sector, whereas the retail trade succeeded in maintaining status quo. Per capita consumption amounted to 39 litres. Despite increased competition in the market, the sales of the Carlsberg brand developed fa-
36 Regional Reports vourably. Today, the largest brewery in France, Brasseries Kronenbourg SCA, is the sole distributor of Carlsberg in the country. Brasseries Kronenbourg also sells Tuborg. Carlsberg’s subsidiary, the marketing company Carlsberg France S.A., was closed on 1 January 2000. Carlsberg is brewed locally by Brasseries Kronenbourg, while Tuborg is imported from Denmark. Poland The Polish market saw an increase of per capita consumption to 60 litres. The brewing industry is maturing rapidly, resulting in intensified competition. Many brewery groups are investing heavily in increased capacity and a strong commitment to brands. The partly-owned Carlsberg brewery Okocim was founded in 1845 and the company has produced Polish beer of superb quality for a considerable number of years. Okocim’s sales of Polish premium brands declined, but the Carlsberg brand achieved an increase in sales results, however. Okocim’s financial results were affected by stagnating sales and were not satisfactory. Russia The Russian beer market was characterised by continued growth and per capita consumption increased to 35 litres. The segment for premium beer gained substantial momentum, but the cheap local standard products continued to dominate the market. The Vena brewery, which is partly owned by Carlsberg through the Finnish brewery Sinebrychoff, has a long tradition of supplying Russian quality beer. Vena only produces beer for the premium segment and has registered a significant improvement in sales, although earnings remained unsatisfactory. In the middle of 2000, the brewery introduced Tuborg brewed under licence and the brand has already now become a popular international premium brand in Russia. The brewery’s local premium brand, Nevskoye, increased its market share, particularly in the large cities, and considerably improved its position among the leaders in the local premium segment. Other markets Tuborg is produced and sold locally by partlyowned breweries in Romania, Croatia and Turkey. The Carlsberg and Tuborg brands are both produced and sold in Israel. In addition, Carlsberg is marketed on the basis of licence agreements in Cyprus, Greece, Malta and The Canary Islands. A similar licence agreement applies for Tuborg in Hungary.
Page 1 and 2: Report and Accounts 1999 / 2000
Page 3 and 4: A Brief Presentation ▲ ▲ A Brie
Page 5 and 6: 2 Letter to the Shareholders Letter
Page 7 and 8: 4 Board of Directors and Executive
Page 9 and 10: 6 Highlights and Key Figures, 5-yea
Page 11 and 12: 8 Report for 1999/2000 Report for 1
Page 13 and 14: 10 Report for 1999/2000 Provisions
Page 15 and 16: 12 Report for 1999/2000 Malaysia: E
Page 17 and 18: 14 Report for 1999/2000 ed a key pa
Page 19 and 20: 16 Management and Corporate Governa
Page 21 and 22: 18 Shareholder Information Investor
Page 23 and 24: 20 Group Staff Functions Group Staf
Page 25 and 26: 22 European Music Awards, the devel
Page 27 and 28: 24 Group Staff Functions the projec
Page 29 and 30: 26 Corporate Strategic Sourcing (CS
Page 31 and 32: 28 Group Staff Functions allocation
Page 33 and 34: 3030 Regional Reports Regional Repo
Page 35 and 36: 32 Regional Reports Finland The Fin
Page 37: 34 Regional Reports due to the posi
Page 41 and 42: 38 Regional Reports new joint ventu
Page 43 and 44: 40 Soft Drinks Soft Drinks CCNB In
Page 45 and 46: 4242 The New Carlsberg A/S The New
Page 47 and 48: 4444 The New Carlsberg A/S Carlsber
Page 49 and 50: 46 The New Carlsberg A/S establishm
Page 51 and 52: 48 The New Carlsberg A/S Group Comp
Page 53 and 54: 50 The New Carlsberg A/S 2 3 4 5 Ca
Page 55 and 56: 52 52 The New Carlsberg A/S Carlsbe
Page 57 and 58: 54 The New Carlsberg A/S Carlsberg
Page 60 and 61: Accounts for 1999 / 2000 Accounts f
Page 62 and 63: Financial Review of the Carlsberg G
Page 70 and 71: Accounting Policies 67 running of t
Page 72 and 73: Profit and Loss Account 1999/00 69
Page 74 and 75: Balance Sheet 71 Balance Sheet at 3
Page 76 and 77: Notes to the Accounts 73 Notes to t
Page 84 and 85: Development in Results by Quarters
Page 86 and 87: Group Companies 83 Group Companies
Page 88 and 89:
Auditors’ Report 85 Auditors’ R
Page 90 and 91:
Subsidiaries 87 Carlsberg Malawi Br
Page 92 and 93:
▲ ▲ Board of Directors and Exec
Page 94 and 95:
Carlsberg's primary activities are
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Report and Accounts 1999 / 2000 - Carlsberg Group

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