1) Unaudited comparative figures adapted to the calendar year 2000 and adjusted for the effects of the changes made in the basis of the accounts 2) Sales of Carlsberg and Tuborg beer, including beer brewed under licence and other beer brands produced by breweries of the Carlsberg Group and associated companies 3) Operating profit expressed as a percentage of net turnover 4) Operating profit expressed as a percentage of average operating assets 5) Group profit expressed as a percentage of average equity 6) Equity at year-end expressed as a percentage of total liabilities 7) Net interest-bearing debt expressed as a percentage of equity 8) Carlsberg A/SGLYPH<213> share of profit for the year per DKK 20 share 9) Cash flow from operations divided on average number of shares 10) Dividend paid divided by Carlsberg A/SGLYPH<213> share of the profit 11) Market price per share divided by earnings per share 12) Including all employees in pro rata consolidated companies 7 Highlights and Key Figures, 5-year summary Investments Acquisitions of tangible fixed assets, net 1,042 1,287 2,024 2,770 3,551 Acquisition and sale of companies, net 190 1,373 621 4,309 1,996 Depreciation 877 1,305 1,354 2,153 2,224 KEY FIGURES Operating margin 3) 8.4% 7.0% 6.9% 8.4% 8.1% 9.9% Return on investments 4) 8.1% 8.2% 7.3% 8.3% 7.4% 10.3% Return on equity 5) 13.1% 16.5% 10.2% 15.8% 14.4% 22.6% Solvency ratio 6) 41.2% 35.2% 39.7% 30.4% 30.4% 30.5% Gearing 7) -3.2% 15.5% 36.1% 97.0% 97.0% 87.3% Stock market ratios Number of shares 63,906 63,906 63,906 63,906 63,906 Earnings per share of DKK 20 8) 19.4 25.7 18.2 26.7 25.8 23.6 Cash flow per share 9) 36.4 36.9 28.5 40.4 34.7 Book value per share, DKK 150.9 151.0 162.6 140.5 126.1 Year-end market quotation (B-shares) 374.0 400.0 257.0 468.0 347.8 Dividend per share 3.6 4.0 4.0 5.4 5.0 Payout ratio 10) 18% 15% 22% 20% 21% Price/Earnings 11) 19.2 15.6 14.1 17.5 14.7 Employees Number of employees 12) 18,081 20,589 21,906 23,641 27,368 1996/97 1997/98 1998/99 1999/2000 2000 2001 (15 months)  (12 months) $^{1}$)