4 Letter to the Shareholders lows the debate and has studied the recommen- dations, which the company already follow to a very large extent. The company has followed the international debate on the topic for some time and will continue to do so in future. 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 in future be capitalised and amortised. Other chang- es include capitalisation and depreciation of re- turnable packaging, capitalisation of indirect pro- duction costs as well as details on the practices relating to provisions for restructuring, etc. 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 policy changes. In the Q1 financial statement of 2002, it will be possible to specify what effects the new accounting policies will have on the outlook for 2002. It should be emphasised that 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. CarlsbergGLYPH<213>s approach to quality has always been anchored in J.C. and Carl JacobsenGLYPH<213>s GLYPH<210>Golden WordsGLYPH<211>: GLYPH<210>In working the Carlsberg breweries it should be a constant purpose, regardless of immediate profit, to develop the art of making beer to the greatest possible degree of perfection in order that these breweries as well as their products may ever stand out as a model and so, through their example, assist in keeping beer brewing on a high and honourable level.GLYPH<211> Quality is an essential prerequisite for CarlsbergGLYPH<213>s success. Our products must be of supreme and outstanding quality worldwide and Carlsberg will never compromise on quality. Following the acquisition of breweries in recent years, efforts to capitalise on potential synergies will continue just as Carlsberg will work actively on adjusting capacity and costs to reflect the market situation. As regards brands, the GLYPH<210>CarlsbergGLYPH<211> profile will be strengthened further and the focus on a GLYPH<210>glo- calGLYPH<211> approach, local strength in a global perspec- tive, will be emphasised with continued expansion of the market positions of strong regional and lo- cal brands. Carlsberg will continue to take part in the interna- tional consolidation in the brewing industry. As the brewer of one of the worldGLYPH<213>s leading beer brands, Carlsberg takes an active part in the political debate regarding alcohol. The alcohol pol- icies are emphasised internally through informa- tion and training activities and externally through the co-operation with GODA (The Association of Sensible Alcohol Attitudes) in Denmark, The Am- sterdam Group and The European BrewersGLYPH<213> Asso- ciation and through voluntary agreements on guidelines for the marketing of alcohol products. Carlsberg works actively to reduce any negative impact on the environment and to optimise the use of natural resources. In 2001, Carlsberg Breweries published an actual environmental re- port for the first time. — GLYPH<210>social aspectsGLYPH<211> Carlsberg carries out extensive international supplementary training and development pro- grammes on a regular basis. The implementation of a management share option programme in 2001 contributes to an even greater alignment of interests between the management and the shareholders. In 2001, a total of 111,500 share options were granted to the Executive Boards and key managers of Carlsberg A/S and Carlsberg Breweries A/S at an exercise rate of 405. The number of share options in 2002 is expected to be in line with 2001. All employees in the Carlsberg Group have helped create the results achieved. Employees New accounting policies Environment, beer and society Quality The immediate future