DISCLAIMER This Annual Report contains forward-looking  statements, including statements about the  Group’s sales, revenues, earnings, spending,  margins, cash flow, inventory, products,  actions, plans, strategies, objectives and  guidance with respect to the Group’s future  operating results. Forward-looking statements  include, without limitation, any statement that  may predict, forecast, indicate or imply future  results, performance or achievements, and  may contain the words  “believe, anticipate,  expect, estimate, intend, plan, project, will be,  will continue, will result, could, may, might” , or any variations of such words or other words  with similar meanings. Any such statements  are subject to risks and uncertainties that  could cause the Group’s actual results to differ materially from the results discussed in such forward-looking statements. Prospect- ive information is based on management’s  then current expectations or forecasts. Such  information is subject to the risk that such  expectations or forecasts, or the assumptions  underlying such expectations or forecasts, may  change. The Group assumes no obligation to  update any such forward-looking statements  to reflect actual results, changes in assump- tions or changes in other factors affecting such  forward-looking statements. Some important  risk factors that could cause the Group’s  Editor  Carlsberg Group Corporate Affairs Design and production  Kontrapunkt Photos  Nana Reimers Proofreading  Borella projects Carlsberg Group Annual Report 2013 not be possible for management to predict all  such risk factors, nor to assess the impact of  all such risk factors on the Group’s business or  the extent to which any individual risk factor,  or combination of factors, may cause results  to differ materially from those contained in  any forward-looking statement. Accordingly,  forward-looking statements should not be  relied on as a prediction of actual results. distribution-related issues, information tech- nology failures, breach or unexpected termina- tion of contracts, price reductions resulting  from market-driven price reductions, market  acceptance of new products, changes in con- sumer preferences, launches of rival products,  stipulation of market value in the opening  balance sheet of acquired entities, litigation,  environmental issues and other unforeseen  factors. New risk factors can arise, and it may  actual results to differ materially from those  expressed in its forward-looking statements  include, but are not limited to: economic and  political uncertainty (including interest rates  and exchange rates), financial and regulatory  developments, demand for the Group’s prod- ucts, increasing industry consolidation, com- petition from other breweries, the availability  and pricing of raw materials and packaging  materials, cost of energy, production- and  2 Management review CONTENTS Financial  statements Management review 54   Consolidated financial statements 140 Parent Company 160 Management statement 161 Auditors’ report  3  The Carlsberg Group at a glance  8   Letter from the Chairman 9   Statement from the CEO 12  In the spotlight: Supply chain  13   Our regions 19   In the spotlight: China 20   Our business model and Strategy Wheel  21   KPIs  22 Strategy 28   CSR in the value chain 29  CSR targets 30   In the spotlight: Self-regulation  31   Risk management 35   In the spotlight: Sponsorships 36   Corporate governance 43   Remuneration report 49   Executive Committee 50  Shareholder information 52   Financial review 162  Supervisory Board