We are the fourth largest global brewer with leading  positions in Western Europe, Eastern Europe and Asia. 75% 75% of our beer volumes  are sold in markets  where we have a number  1 or 2 position. 31% 31% of volumes and  45% of operating profit are generated in developed markets. 500 We have 500  brands in our  global port folio  – a powerful  combina tion  of local power  brands and  international  premium brands. Carlsberg  is our flagship brand  and one of the  best-known beer brands in the world.  Our winning portfolio of  high-  quality  beer brands includes our  international premium  and  local power  brands.  We drive top-line  growth  through  scalable and consumer-relevant  innovations. • Improving market shares and increasing net revenue per  hl through the roll-out of international premium brands  and innovations, accelerated portfolio optimisation and  improved commercial execution. • Driving a focused efficiency agenda, including back- end centralisation and standardisation of key processes  across the value chain. • Capturing emerging markets growth. • Growing operating profit. • Improving operational and financial efficiency. • Improving working capital management. • Improving fixed asset utilisation. Carlsberg Group Annual Report 2013 3 Management review THE GROUP AT A GLANCE Who we are Our longer-term financial  ambition is to deliver an  average growth in adjusted  earnings per share of more  than 10% p.a. 40 38 36 34 32 30 2013 2012 2011 Adjusted EPS 1 (DKK) 1  Adjusted for  special items after tax. Beer volumes Operating profit Western  Europe Eastern  Europe Asia Western  Europe Eastern  Europe Asia We drive organic revenue and earnings  growth by We target strong cash flow generation and  increased return on capital employed by