Contents 2 Letter to the Shareholders 5 Board of Directors and Executive Board/Management 6 Highlights and Key Figures, 5-year summary 10 Report for 2001 16 Organisation and Group Companies 17 Corporate Governance in the Carlsberg Group 20 Shareholder Information 26 Carlsberg Breweries 28 Consolidation and Growth 32 Western Europe 38 Eastern Europe 42 Asia 48 Corporate Centre 54 Corporate Supply Chain, the Environment, etc. 56 Beer and society 58 Carlsberg Research Center, Properties and Foundations 65 Accounts for 2001 66 Financial Review of the Carlsberg Group 74 Accounting Policies 77 Profit and Loss Account 2001 78 Balance Sheet 80 Cash Flow Statement 81 Notes 90 Quarterly Movements in Profit and Loss 91 Turnover, Operating Profit and Equity 92 Group Companies 94 Management Statement 95 AuditorsGLYPH<213> Report 96 Announcements to the Stock Exchange