11 Report for 2001 property activities were satisfactory and influenced operating profit positively with earnings from sale of properties amounting to approx. DKK 218m. attributable to a reduction in tax on the relatively substantial capital gains and the low tax rate in Baltic Beverages Holding (BBH). Carlsberg A/SGLYPH<213> share of the Group profit amounted to DKK 1,507m against DKK 1,646m last year. When excluding special items and one- off gains from the sale of shares in the Thai brew- eries in 2001, profit was slightly better than previ- ously expected (+2%). As in previous years, this item includes non-recur- ring amounts. Special items net amounted to DKK 17m against DKK 428m last year. Due to the fa- vourable development in the results of the Vena brewery in Russia, DKK 200m was reversed in 2001 in relation to a previous write-down. In addi- tion, a write-down of DKK 200m on the fixed as- sets of the loss-making Hannen brewery in Ger- many was made. Equity amounted to DKK 12,513m against DKK 10,631m last year. The Parent CompanyGLYPH<213>s share of the equity totalled DKK 8,059m compared to DKK 8,980m last year. Equity was positively influenced by the yearGLYPH<213>s profit less dividend as well as the addition from OrklaGLYPH<213>s beverage activities, etc. (a total of DKK 4.2bn). It was negatively affected by the write-off of Group goodwill and changes in minority in- terests (a total of DKK 2.3bn). The DKK 1.6bn write-off of Group goodwill primarily relates to the acquisition of TGLYPH<159>rk Tuborg in Turkey and Piast in 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 expecta- tions. 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. Profit before tax and Group profit amounted to DKK 3,359m (DKK 2,262m in 2000) and DKK 2,616m (DKK 1,623m in 2000), respectively, which is considerably above the level of last year, mainly due to the addition of companies. 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 provi- sions made regarding Coca-Cola Nordic Beverag- es (CCNB) and the compensation received in con- nection with the Allied Domecq (AD) agreement in 1995/96. The remaining provisions relating to The tax rate totalled 22.1% against 29.4% last year (15 months). The reduced tax rate is mainly Other provisions Profit Financials, net Equity Special items, net 0 500 1,000 1,500 2,000 2,500 3,000 3,500 96/97 97/98 98/99 2000 2001 0 10,000 20,000 30,000 40,000 50,000 96/97 97/98 98/99 2000 2001 OPERATING PROFIT (DKK million) 12 months TURNOVER (DKK million) 12 months