from the Chairman FLEMMING  BESENBACHER Chairman of the  Supervisory Board In a challenging market environ- ment, the Carlsberg Group  delivered solid earnings growth.  During the year, the Group kept  its focus on the key priorities  of commercial excellence and  efficiency improvements across  all functions and markets. At Carlsberg, we strive for excellence in busi- ness, society and everyday life. We always  challenge ourselves to think smarter, work  harder, brew better and celebrate people  and moments that shine brighter. We act  transparently and take pride in making a  positive contribution to society by growing  our business in a sustainable way for our  partners and ourselves. Our commitment to  social responsibility is in line with our heri- tage and the 1876 pledge for high quality,  and we believe that these values will enable  us to always brew the best beer to ignite the  great moments in people’s lives.  In recent years, many structural and organ- isational changes have taken place in the  Carlsberg Group. The change agenda will  continue as a natural consequence of the  ongoing transformation of the Group into an even more efficient brewing company.  Acting in a constantly changing environment  requires a high degree of flexibility and a  willingness by our employees to adapt, and  I consider our highly qualified and motivated  people to be a driving force for the success  of our company. Our core business is beer and we are proud  of our long history of making beer of su- perior quality. Research and innovation are  part of our legacy and remain important to  this day in enabling us to continuously brew  and market high-quality consumer-relevant  products. We have always maintained our  commitment to research and development  as we acknowledge the importance of bring- ing both improved and new products to our  markets in order to deliver value growth. Growth and efficiency remain key focus areas  for Carlsberg and 2013 further emphasised the  importance of our continued focus on deliver- ing superior commercial execution. We aspire  to continuously grow and develop our busi- ness organically as well as to further stream- line our operations in order to create value for  shareholders and all other stakeholders. As a representative of the Carlsberg Foun- dation, the largest shareholder in Carlsberg  A/S, I am pleased that in 2013 the Founda- tion obtained approval from the Danish  Ministry of Justice to change its Charter.  Since 1888, when the Foundation became  the owner of Carlsberg, the Foundation has  carefully respected the legacy of our found- er, J.C. Jacobsen, ensuring that the principles  of the Foundation continue to be adapted to  remain relevant for the present day. In March 2013, the Company paid a dividend  for 2012 of DKK 6.00 per share. As the Carls- berg B share gained 8% in the year, the total  shareholder return for 2013 for the Carlsberg  B share was 9%.  The change in the Charter of the Carls- berg Foundation has increased the Group’s  financial flexibility. While the overall capital  structure target is still to maintain investment- grade credit quality, the Supervisory Board  decided to announce a new dividend policy,  proposing a payout ratio of at least 25% of  adjusted net profit, to be phased in over two  years. As a consequence of this, the Super- visory Board has decided to propose a 33%  increase in dividend per share to DKK 8.00  for 2013, which equals a payout ratio of 21%. On behalf of the Supervisory Board, I would  like to thank the Executive Board, the Execu- tive Committee and all Carlsberg employees  for their hard work and dedication through- out 2013. 8 Management review LETTER FROM THE CHAIRMAN Carlsberg Group Annual Report 2013 Flemming Besenbacher