Comments to the accounts for the past year (accounting policies unchanged) The accounting policies applied remain un- changed from the accounts for 1999/00. Howev- er, minor changes have been made in the con- tents of a few items due to, inter alia, the inclusion of OrklaGLYPH<213>s beverage activities at book value as from 1 January 2001 computed in accordance with CarlsbergGLYPH<213>s accounting policies. For comparison with the previous financial year, please note the changes in the GroupGLYPH<213>s structure, including the addition of OrklaGLYPH<213>s beverage activities and the changes in the cola business in the Nor- dic region. In addition, the annual accounts of last year comprised 15 months. GLYPH<210>Highlights and Key Figures, 5-year summaryGLYPH<211> includes the accounting figures of the official 15-month statement as well as figures for a comparable period covering the calendar year 2000 (12 months). In order to provide relevant comments on de- velopments in 2001 compared to 2000, this report contains comparative figures for the calendar year 2000 (12 months). CarlsbergGLYPH<213>s Asian activities were not finally in- cluded in Carlsberg Asia Holding Ltd. due to pending authority approvals. The activities includ- ed in the accounts are based on CarlsbergGLYPH<213>s own companies according to the legal structure in Asia prior to the establishment of Carlsberg Asia (as in 2000). CarlsbergGLYPH<213>s companies/activities and the joint venture partnerGLYPH<213>s Thai company are expected Operating profit totalled DKK 3,400m against DKK 2,087m last year (+63%). In 2001, depreciation amounted to DKK 2,224m against DKK 1,737m in 2000. The improvement in results is mainly attri- butable to the addition of OrklaGLYPH<213>s beverage activi- ties, to significant growth in Eastern Europe and to the Western European markets which improved slightly on last year, primarily due to the inclusion of FeldschlGLYPH<154>sschen, Switzerland and substantial profit growth in Sinebrychoff, Finland. In contrast, Carlsberg Sverige experienced a clearly unsatis- factory year and thus influenced results to the op- posite effect. Developments in Carlsberg A/SGLYPH<213> Beer and soft drink sales volumes increased by 15% and 23%, respectively, compared to the cal- endar year 2000, including OrklaGLYPH<213>s beverage activ- ities. Net turnover (turnover less excise duties) amounted to DKK 34,460m against DKK 25,712m in the same period last year (+34%). Most of the increase is due to the addition of Ork- laGLYPH<213>s beverage activities, including activities in East- ern Europe and the acquisition of FeldschlGLYPH<154>sschen in Switzerland at the end of 2000. to be included in Carlsberg Asia Holding Ltd. with effect from 1 January 2002. Carlsberg Breweries has made substantial ac- quisitions in Poland and Turkey in 2001. The results of these companies are included as from August and July, respectively. The acquisitions have had no significant impact on operating profit in 2001. Turnover Accounting policies and basis of comparison Operating profit Report for 2001 Report for 2001 10 BEER SALES, TOTAL (million hl) 12 months 0 10 20 30 40 50 60 70 96/97 97/98 98/99 2000 2001 SOFT DRINKS SALES, TOTAL (milion hl) 12 months 0 5 10 15 20 96/97 97/98 98/99 2000 2001