<strong>Accounts</strong> for <strong>1999</strong> / <strong>2000</strong> <strong>Accounts</strong> for <strong>1999</strong> / <strong>2000</strong> 57 <strong>Accounts</strong> for <strong>1999</strong> / <strong>2000</strong> The <strong>Carlsberg</strong> <strong>Group</strong> <strong>Accounts</strong>, Notes, etc. for <strong>1999</strong>/<strong>2000</strong>
58 Financial Review of the <strong>Carlsberg</strong> <strong>Group</strong> Financial Review of the <strong>Carlsberg</strong> <strong>Group</strong> Basis of comparison At the Extraordinary General Meeting on 30 August <strong>2000</strong>, it was decided to change the financial year to follow the calendar year. This was done by extending the financial period <strong>1999</strong>/00 by three months until 31 December <strong>2000</strong>. Consequently, the accounts <strong>and</strong> the financial review cover the accounting period from 1 October <strong>1999</strong> until 31 December <strong>2000</strong> (15 months). <strong>Carlsberg</strong> has increased its shareholdings in the companies in Malaysia <strong>and</strong> Pol<strong>and</strong>, achieving the controlling interest, <strong>and</strong> these companies are now fully consolidated. Previously, the companies were associated <strong>and</strong> included on a pro rata basis <strong>and</strong> one-line consolidated, respectively. A few <strong>Group</strong> companies which, for practical reasons, were previously included with a certain time lag are now included up until 31 December <strong>2000</strong>. The changes in the basis of the accounts entail that operating profit is DKK 276 million higher than would otherwise have been the case. To create a basis for comparison with previous years, figures covering 12 months are stated in brackets throughout the review when deemed expedient, corresponding to the calendar year <strong>2000</strong> adjusted for the effects of the changes made in the basis of the accounts. <strong>1999</strong>/<strong>2000</strong> in outline • Sales of beer <strong>and</strong> soft drinks amounted to 69.9 million hectolitres against 50.8 million hectolitres in 1998/99. • Net turnover totalled DKK 34.9 billion (DKK 25.7 billion) against DKK 24.2 billion in 1998/ 99, corresponding to a comparable increase of DKK 1.5 billion or 6%. • Operating profit amounted to DKK 2,934 million (DKK 2,087 million) against DKK 1,673 million in 1998/99, corresponding to an increase of DKK 414 million or 25% when using comparable figures. • Special non-recurring items amounted to net DKK 428 million against DKK 79 million in 1998/99. • Net financials showed expenditure of DKK 207 million (DKK 253 million) against expenditure of DKK 119 million in 1998/99 • Profit before tax totalled DKK 3,155 million (DKK 2,262 million) compared to DKK 1,633 million in 1998/99. • <strong>Group</strong> profit amounted to DKK 2,227 million (DKK 1,623 million) against DKK 1,156 million in 1998/99. • <strong>Carlsberg</strong> A/S’ share of profit for the year amounted to DKK 2,133 million (DKK 1,646 million) against DKK 1,164 million in 1998/99. • <strong>Group</strong> assets amounted to DKK 35.0 billion against DKK 29.9 billion as at 30 September <strong>1999</strong>. • Equity amounted to DKK 10.6 billion after appropriations to reserves from the profit of the year, deduction of dividend <strong>and</strong> write-off of <strong>Group</strong> goodwill, etc. compared to DKK 11.9 billion as at 30 September <strong>1999</strong>. • Cash flow from operations for the period amounted to DKK 3.2 billion. Accounting policies The annual accounts have been prepared in accordance with the Danish Company <strong>Accounts</strong> Act <strong>and</strong> the reporting requirements of the Copenhagen Stock Exchange, which include current Danish accounting st<strong>and</strong>ards. The accounting policies are unchanged from last year. Please see the section on Accounting Policies. In accordance with <strong>Carlsberg</strong>’s long-st<strong>and</strong>ing accounting principles, <strong>Group</strong> goodwill is immediately written-off against equity. During the past 10 years, the <strong>Carlsberg</strong> <strong>Group</strong> has made substantial company acquisitions <strong>and</strong> has thus written off DKK 7.5 billion against equity on acquisition, of which DKK 3,644 million occurred during the 15-month period from 1 October <strong>1999</strong>. Had <strong>Group</strong> goodwill been capitalised <strong>and</strong> amortised over a period of 20 years, it is estimated that the <strong>Group</strong> profit would have been DKK 470 million smaller <strong>and</strong>, at 31 December <strong>2000</strong>, equity would have been DKK 6.2 billion larger. Indirect production costs are not included in the value of the <strong>Group</strong>’s stocks. Had such indirect production costs been included, the value of the stocks would have been DKK 137 million higher at year-end. The impact on operating profit would have been an income of DKK 20 million.
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