pects 2002 to show an increase in turnover and a 10-12% rise in operating profit compared to 2001, when applying the present accounting policies. In 2002, Carlsberg Breweries is expected to account for a comparatively larger share of Group profit.  Due to the significant investments in the acqui- sition of companies and tangible fixed assets in recent years, financials are expected to remain negative next year and will be more substantial than in 2001, which was affected positively by the significant capital gains. In 2001, a total of 111,500 share options were granted to the Executive Boards and key manag- ers of Carlsberg A/S and Carlsberg Breweries A/S - a total of 44 employees - with an exercise rate of 405. In 2002, the number of share options is ex- pected to be in line with 2001. The above sections in this financial statement re- flect the managementGLYPH<213>s expectations to future events and financial results as well as to the fluc- tuations in the most significant markets and to de- velopments in the international money, currency and interest markets. Statements on future pros- pects naturally always involve uncertainties and actual results may thus differ materially from those projected. Therefore, it is important to bear in mind that a number of comprehensive integration, rationalisation and restructuring projects were launched this year in Western Europe in particular, and this contributes to the uncertainty as to pro- jections regarding results. The synergies included in the expectations for 2002 are substantial and, all things considered, the accrual of total income and expenses is deemed uncertain due to the comprehensive nature of the projects. In Asia, CarlsbergGLYPH<213>s activities are still not finally included in Carlsberg Asia Holding Ltd. Carlsberg is a party to certain legal proceedings. Any rulings made on such legal proceedings or the continuation of such proceedings are not expected to have any substantial negative influence on the financial po- sition of the Carlsberg Group. In that connection, it should also be mentioned that the EU Commis- sion carried out a dawn-raid at Carlsberg A/S in The Board of Directors proposes that a dividend of DKK 5.00 per DKK 20 share be paid, or 25% of the share capital, compared to DKK 5.40 per DKK 20 share last year (15 months). DKK 320m (DKK 345m) has been appropriated for that purpose. As for the remaining amount available totalling DKK 1,187m, it is proposed that it be appropriated to the reserves. The Annual General Meeting will be held on Mon- day 18 March 2002 at 16.30 in Tivolis Koncertsal in Copenhagen, Denmark. May 2000 in order to investigate whether agree- ments or concerted practices existed with other large breweries regarding a sharing of the beer markets in the EEA. Annual General Meeting Decisions and proposals of the Board of Directors to the Annual General Meeting Incentive programmes Forward-looking statement CARLSBERG BREWERIES SALES MILLION HL BEER, 12 MONTHS Western Europe Eastern Europe 0 10 20 30 40 50 60 70 2000 2001 25.3 23.0 10.5 27.2 29.4 11.3 58.8 67.9 Asia Report for 2001 15