Report and Accounts 1999 / 2000 - Carlsberg Group

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Report for 1999 / 2000 Report for 1999 / 2000 1 The financial year 1999/2000 proved to be an exceptional year for Carlsberg. Our results showed marked progress and it was one of the busiest years in Carlsberg’s history. At the threshold of the year 2001, Carlsberg is prepared to meet the challenges in a competitive, global market.
2 Letter to the Shareholders Letter to the Shareholders The financial year 1999/2000 proved to be an exceptional year for Carlsberg. Our results showed marked progress and it was one of the busiest years in Carlsberg’s history. Among the events are: the changes in the statutes of the Carlsberg Foundation; the formation of the subsidiary Carlsberg Breweries; the inclusion of the beverage activities of the Norwegian company Orkla ASA; the acquisition of the Swiss brewery Feldschlösschen; the sale of the shareholdings in Tivoli and Royal Scandinavia; and the formation of the biotech company Combio. At the threshold of the year 2001, Carlsberg is prepared to meet the challenges in a competitive, global market. The financial year was extended until 31 December 2000, and thus covers 15 months (5 quarters). As a consequence of this extension and the good results, the Board of Directors proposes that a dividend of DKK 5.40 be paid per share as against DKK 4.00 per share last year. In future, the financial year will coincide with the calendar year. Growth in earnings Growth in earnings was substantial. Operating profit totalled DKK 2,934 million, corresponding to a comparable growth of 25%. Profit before tax totalled DKK 3,155 million (+39%). In general, the upward trend in earnings is the result of active adjustments in capacity and costs and increased attention on the competitive profile of the Carlsberg brand. Carlsberg’s share of profit for the year after tax totalled DKK 2,133 million (+41%) and earnings per share amounted to DKK 26.7 against DKK 18.2 last year. Net turnover increased by 6% when applying comparable figures for the previous year. Particular progress was registered in the Nordic Coca-Cola companies and in Italy. Finland and Sweden also experienced a positive development, whereas turnover in the United Kingdom showed a declining trend as expected. In recent years, substantial investments have been made in acquisitions and new production plant. As a consequence, the net interest-bearing debt has increased and now totals approx. DKK 10 billion or about 29% of the balance sheet total. International structural development It has been Carlsberg’s goal to increase its presence in growth markets such as Eastern Europe and Asia while still improving results and seeking influence in more traditional markets in Western Europe. The joining of Carlsberg’s and Orkla’s brewing and soft drink activities in the subsidiary Carlsberg Breweries A/S was the most important, progres-
Page 1 and 2: Report and Accounts 1999 / 2000
Page 3: A Brief Presentation ▲ ▲ A Brie
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 and 38: 34 Regional Reports due to the posi
Page 39 and 40: 36 Regional Reports vourably. Today
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
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52 52 The New Carlsberg A/S Carlsbe
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54 The New Carlsberg A/S Carlsberg
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Accounts for 1999 / 2000 Accounts f
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Financial Review of the Carlsberg G
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Accounting Policies 67 running of t
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Profit and Loss Account 1999/00 69
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Balance Sheet 71 Balance Sheet at 3
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Notes to the Accounts 73 Notes to t
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Development in Results by Quarters
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Group Companies 83 Group Companies
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Auditors’ Report 85 Auditors’ R
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Subsidiaries 87 Carlsberg Malawi Br
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▲ ▲ Board of Directors and Exec
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Carlsberg's primary activities are
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Report and Accounts 1999 / 2000 - Carlsberg Group

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