14 Report for 2001 level of activity than previously, and this has led to satisfactory earnings. A new Financial Statements Act has been imple- mented in Denmark with effect from 1 January 2002. This will entail a number of significant changes to the present accounting policies of the Carlsberg Group. As the most significant change, Group goodwill and other intangible assets will be capitalised and amortised. Other changes include capitalisation and depreciation of returnable pack- aging, capitalisation of indirect production costs as well as details on the practices relating to pro- visions for restructuring, etc. Net turnover increased by 2.7% to DKK 1,891m. Most markets showed modest progress. Operating profit rose by 17.5% to DKK 417m. The increase is primarily due to the sale of the loss-making brewery in China last year. The changes in accounting policies involve substantial efforts and completion of the changes is expected by the end of March 2002. Carlsberg will then immediately inform the market of the im- pact on the comparative figures resulting from the changes in the policies. In the Q1 financial state- ment of 2002, it will be possible to specify what effects the new accounting policies will have on the outlook for 2002. In 2001, Carlsberg Breweries has initiated a number of results-improving projects in several companies. This has also been the case at head- quarters in Copenhagen where staff functions were reduced significantly. The effects are expect- ed to be realised during 2002. The changes in the accounting policies are of a purely technical nature and will have no effect on the companyGLYPH<213>s cash flow/available funds. The associated company Royal Scandinavia (own- ership 28%) registered a deficit. Royal Scandinavia is included in the operating profit with a negative DKK 47m. The investment in Royal Scandinavia is booked at 0. A number of restructuring projects within the company are being implemented. The positive expectations to the outcome of the restructuring projects in Western Europe and the expected synergies in Sweden and Poland as well as continued expectations of growth in Eastern Europe will contribute positively to the operating profit of the Carlsberg Group. In addition, the agreement on the partnership in Asia will be in- cluded in the results as of 1 January 2002. On that background, the Carlsberg Group ex- In 2001, property gains totalling approx. DKK 218m were included in the operating profit. The property area experienced a significantly higher PAYOUT RATIO % 0 5 10 15 20 25 96/97 97/98 98/99 99/00 2001 EARNINGS PER SHARE OF DKK 20 0 5 10 15 20 25 30 96/97 97/98 98/99 2000 2001 Properties Profit expectations Royal Scandinavia Other activities in the Carlsberg Group Other activities in Carlsberg Breweries: New accounting policies Asia: DKK million  2000 (*)  2001  % Net turnover 1,842 1,891 +2.7 Operating profit 355 417 +17.5 Operating margin (%) 19.3 22.1 +2.8 Beer sales (million hl) 10.5 11.3 +7.6 (*) Pro forma comparative figures for 2000 (12 months)