On 16 May 2001, Carlsberg Breweries in- creased its ownership in the Polish brewery Oko- cimskie Piwowarskie S.A. (Okocim) to 50.01%. As the company is listed, a public tender offer was made to the other shareholders on 17 May. When the tender offer expired on 2 July, the company had acquired another 30.37% of the shares, and the total stake thus amounts to 80.38%. Accor- ding to the Polish Securities Commission, Carls- berg BreweriesGLYPH<213> ownership is not allowed to ex- ceed 75% of the share capital in Okocim and Carlsberg Breweries therefore has to sell 5.38% of the share capital, when it is possible without eco- nomic losses. On 9 August 2001, Carlsberg Breweries acquired 80% of the shares in the Dutch company Dyland B.V., which owns 98.27% of the Polish brewery Browary Dolnoslaskie Piast S.A. (Piast). In December, the remaining 20% stake in Dyland B.V was acquired. Through Carls- berg BreweriesGLYPH<213> Polish subsidiary, Okocim, an a- greement was also concluded in August regarding the acquisition of two other Polish breweries: Bos- man Browar Szczecin S.A. (Bosman) and Kaszte- lan Browar Sierpc S.A. (Kasztelan). The plan is to merge all four breweries during 2002 under the name of Carlsberg Okocim. When the acquisition of Bosman and Kasztelan and the final merger have been completed during 2002, Carlsberg Okocim will be owned 67% by Carlsberg Brewe- ries and 18% by Bitburger, Germany. The remain- ing shares will be held by minority shareholders. These acquisitions make Carlsberg Okocim the third largest brewery in Poland with an expected beer volume in 2002 of almost 4m hl. On 6 July, Carlsberg Breweries A/S entered into an agreement to increase its shareholding in the Turkish brewery TGLYPH<159>rk Tuborg Bira ve Malt Sanayii A.S. (TGLYPH<159>rk Tuborg) from 2.24% to 50.01% by acquiring 47.77% of the total share capital from Yasar Holding. TGLYPH<159>rk Tuborg is listed on the Istanbul Stock Exchange and during the statutory public tender Carlsberg Breweries acquired another 32.45% of the shares, bringing the total shareholding to 82.46%. The company is included in the Group accounts with effect from 1 July 2001. In connection with the joining of Carlsberg A/SGLYPH<213> and Orkla ASAGLYPH<213> beverage activities, one of the re- quirements of the competition authorities was that one of the integrated companyGLYPH<213>s three Lithuanian breweries should be sold. On 8 October, the sale of the Lithuanian brewery AB Kalnapilis to the Da- nish Bryggerigruppen was made public. At the same time it was also announced that the other two companies in the Lithuanian market, Svyturys (with Carlsberg Breweries as the direct, main sha- reholder) and Utenos (owned through BBH) were merged into one company called AB Svyturio- Utenos Alus. The merger was completed on 15 November 2001. The company is now owned 44% via BBH and 33% via Carlsberg Breweries A/S. On 2 November 2001, BBHGLYPH<213>s subsidiary Baltika Brewery entered into an agreement to acquire the controlling interest in the Krinitsa brewery in Be- larus. Operating profit amounted to DKK 3,400m against DKK 2,087m in 2000. The increase of DKK 1,313m - or 63% - is mainly attributable to the inclusion of Baltic Beverages Holding (BBH) and Ringnes, Norway as from 1 January 2001 as well as FeldschlGLYPH<154>sschen GetrGLYPH<138>nke Holding AG, which was only included with one month in 2000. BBH showed a marked rise in earnings in 2001 due to considerable sales progress in the Russian market, stemming from the general market growth and the companyGLYPH<213>s increase in market share. Vena in Russia also showed substantially improved performance over previous years. Carlsberg Sverige registered unsatisfactory results for 2001. This is due to declining sales and substantial Operating profit The profit and loss account 68 Financial Review of the Carlsberg Group