71 Financial Review of the Carlsberg Group Due to the favourable development in results of the Vena brewery in Russia, DKK 200m was rever- sed in 2001 in relation to a previous write-down. In addition, a write-down of DKK 200m on the fixed assets of the loss-making Hannen brewery in Germany was made. Equity totalled DKK 12.5bn (Carlsberg A/SGLYPH<213> share amounted to DKK 8.1bn) and constitutes 30% of the GroupGLYPH<213>s balance sheet total. The increase in the GroupGLYPH<213>s equity mainly dervi- es from the profit for the year and the contribution of OrklaGLYPH<213>s beverage activities. Deductions in equity are primarily attributable to Group goodwill in connection with the takeover of the companies in Turkey and Poland. Financials showed a negative DKK 58m against a negative DKK 253m in 2000. Adjusted for the gains from i.a. the sale of minority shareholdings in the Thai breweries (net DKK 518m), financials showed net expenditure of DKK 576m in line with expectations. In 2001, financials were affected by interest expenses in connection with the financing of the acquisitions in Turkey and Poland in 2001 and the acquisition in Switzerland in December 2000. Provisions amounted to DKK 3,702m against DKK 3,131m last year. The majority of this amount (a total of DKK 3,156m) relates to provisions for pensions, etc. (DKK 780m), repayment obligations in connection with packaging material (DKK 1,239m) and deferred tax (DKK 1,137m). These items saw a total increase of DKK 724m, which is mainly attributable to the inclusion of OrklaGLYPH<213>s beverage activities, the changes in the Nordic cola business and the acquisition of the companies in Turkey and Poland. Other provisions amounted to DKK 546m, and provisions were applied according to plans during the period. A total of DKK 172m before tax was applied (against DKK 534m last year) of the pro- visions made regarding Coca-Cola Nordic Bevera- ges a/s (CCNB) and the compensation received in connection with the Allied Domecq (AD) agree- ment in 1995/96. The remaining provisions rela- ting to CCNB and AD amount to DKK 78m after tax and will be applied in 2002. Provisions of DKK 100m were made from the gains realised in con- nection with the sale of the shares in Thailand and will be applied in connection with costs in relation to the new structure in Asia. Corporation tax for the period totalled DKK 743m, corresponding to an effective tax rate of 22.1% compared to 29.4% last year. The reduced tax rate is mainly attributable to the reduction in tax on the comparatively large capital gains and to the low tax rate in Baltic Beverages Holding (BBH). Developments in this item are essentially attribu- table to the new Group structure with the estab- lishment of Carlsberg Breweries, of which Orkla owns 40%. The balance sheet total at 31 December 2001 increased by DKK 6.1bn compared to last year. This is mainly ascribable to the inclusion of OrklaGLYPH<213>s beverage activities as from 1 January 2001, the changes in the Nordic cola business and the acquisitions in Turkey and Poland. The balance sheet Minority interests Corporation tax Provisions Financials, net Equity