DOCSLIB.ORG

Annual Report 2012

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2012 ANNUAL REPORT 2012 MOVING ENERGY FORWARD MANAGEMENT’S REVIEW PARENT COMPANY FINANCIAL STATEMENTS 1 Chairman’s statement 92 Statement of comprehensive income 2 DONG Energy at a glance 93 Balance sheet 4 Selected events 2012 94 Statement of changes in equity 5 CEO’s review 95 Statement of cash flows 7 Our activities 96 Notes 11 CSR report MANAGEMENT STATEMENT, INDEPENDENT AUDITOR’S Financial performance and outlook REPORT AND ASSURANCE REPORT 15 Performance highlights, financial 105 Statement by the Executive Board and the Board of Directors 17 Consolidated results 106 Independent auditor’s report, financial statements 23 Review of business units’ performance 107 Assurance report, non-financial statements 27 Outlook 28 Financial objectives 29 DONG Energy in the capital market ADDITIONAL Information 30 Risk and risk management 108 Company announcements published in 2012 109 Glossary Management information 111 Activity map 37 Corporate governance and internal controls 40 Executive Board and Group Executive Management 41 Board of Directors FURTHER INFORMATION Media Relations Karsten Anker Petersen CONSOLIDATED FINANCIAL STATEMENTS +45 9955 9662 44 Statement of comprehensive income Investor Relations 45 Balance sheet Allan Bødskov Andersen 46 Statement of changes in equity +45 9955 9769 47 Statement of cash flows 49 Notes www.dongenergy.com DONG Energy A/S CONSOLIDATED NON-FINANCIAL STATEMENTS CVR No. 36213728 87 Performance highlights, non-financial Kraftværksvej 53 88 Accounting policies 7000 Fredericia Denmark Tel +45 9955 1111 Language The report has been prepared in Danish and in English. In the event of any discrepancies between the Danish and the English reports, the Danish version shall prevail. DONG ENERGY ANNUAL REPORT 2012 Management’S REVIEW CHairMan’s stATEMENT Focused transformation to the sustainable energy system of the future As Denmark’s largest energy company DONG Energy has a vital role to In our supply of energy to end customers, enhanced energy ef- play in keeping the Danes supplied with energy. DONG Energy owns ficiency will become an important focus area for DONG Energy in the more than one-third of Danish electricity generation capacity (wind years ahead. We want to be our business customers’ preferred supplier and thermal) and produces district heat equivalent to one-third of of attractive energy solutions that improve their competitive position Denmark’s consumption, and more than one-third of Danish house- and the environment-conscious choice for our residential customers, holds receive their electricity or gas via DONG Energy’s supply network. with the customer experience in focus. DONG Energy therefore plays an important role when it comes In 2012, DONG Energy faced considerable financial challenges, to keeping the wheels of Danish society turning. We are very aware of partly due to a number of structural changes in the gas market, and our this responsibility. full-year result was not satisfactory. The Board of Directors and the Ex- The merger in 2006 provided DONG Energy with the firm founda- ecutive Board have therefore taken various steps, in the areas of costs, tion it needed to be able to compete on equal footing with other large investments and capital, in order to ensure a return to profitability. energy companies in the liberalised European energy market. However, In January 2013, the Danish National Audit Office, Rigsrevisionen, it was also clear that the company’s earnings base, in the form of the published its report on DONG Energy. The report confirmed, among large gas contracts with DUC and generation from power stations, other things, that DONG Energy’s financial position is under pressure, would not be enough to take the company into the next decade. Both especially in 2012, primarily due to losses in the gas market. The above the gas and the electricity markets were undergoing major changes, initiatives are designed to restore the Group’s financial capacity. and if Denmark was to continue to have a powerful energy company, At the start of March 2012, the Board of Directors let CEO Anders new growth areas had to be developed that could provide the company Eldrup go. On 27 August, Henrik Poulsen took up his post as the new with the necessary competitive edge. CEO. Our strategy has therefore been to develop two strong business Together, we look forward to continuing the development of DONG arms – offshore wind and oil and gas production – to supplement our Energy as one of Europe’s most progressive energy companies with the Danish supply business. Offshore wind is the fastest-growing renew- potential to make a vital contribution to the sustainable energy system able energy technology in Europe, and with a share of more than one- of the future. third of installed capacity, DONG Energy is an unrivalled market leader. On behalf of the Board of Directors, I would like to thank all our However, oil and gas will remain crucial building blocks for modern employees for their efforts in 2012. It was a turbulent year for DONG society for many years to come, and with increasing global demand Energy, but thanks to the competent and persistent efforts of our com- for these resources and decreasing European self-sufficiency, DONG mitted employees, the Group is on the right track. Energy aims to continue drawing on its strong expertise to develop oil and gas resources and create value. As a result, DONG Energy now plays a part in supplying energy not only to the Danes, but also to cus- 27 February 2013 tomers and homes across Northern Europe. Another focus area is increasing the share of sustainable biomass in the generation of electricity and heat by converting Danish power sta- tions that currently use fossil fuels. This will provide more clean energy Fritz H. Schur and by investing in innovation we will develop new technologies for Chairman of the Board of Directors more efficient utilisation of biomass and waste. DONG ENERGY ANNUAL REPORT 2012 1 MANAGEMENT’S REVIEW DONG ENERGY AT A GLANCE AT DONG ENERGY One of the leading energy groups in Northern Europe DONG Energy is one of the leading energy groups in Northern Europe. PERFORMANCE HIGHLIGHTS 2012 2011 2010 Revenue DKK million 67,243 56,842 54,616 Our business is based on procuring, producing, EBITDA DKK million 8,632 13,770 14,135 distributing and trading in energy and related products in Northern Europe. Profi t (loss) for the year DKK million (4,021) 2,882 4,499 Cash fl ows from operating activities DKK million 7,701 12,624 14,214 DONG Energy has 7,000 employees and is head - Net investments DKK million (14,642) (13,060) (8,530) quartered in Denmark. Interest-bearing net debt DKK million 33,494 23,615 22,139 Adjusted net debt / EBITDA x 4.1 1.9 1.9 Owners at 31.12.2012 Return on capital employed (ROCE) % (7.4) 5.7 9.6 The Danish State 79.96% CO emissions per energy unit generated g/kWh 443 486 524 SEAS-NVE Holding 10.88% 2 Lost time injury frequency (LTIF) per one million hours worked 3.6 4.1 4.6 Others 9.16% Note: All the Group’s performance highlights are set out on pages 15-16. EXPLORATION & PRODUCTION WIND POWER THERMAL POWER ENERGY MARKETS SALES & DISTRIBUTION Revenue, DKK billion (%)1, 2 11.9 (14%) 7.8 (9%) 9.0 (10%) 41.4 (47%) 17.1 (20%) EBITDA, DKK billion (%)1 6.6 (76%) 2.5 (29%) 2.1 (24%) -4.6 (-53%) 2.1 (24%) Gross investments, DKK billion (%)1 5.1 (26%) 12.7 (65%) 0.3 (2%) 0.3 (1%) 1.2 (6%) Employees, FTE (%)1 762 (11%) 1,951 (28%) 1,116 (16%) 324 (5%) 1,517 (22%) Exploration & Production Wind Power Thermal Power Energy Markets Sales & Distribution Core activities Oil and gas exploration and production Development, construction and operation Electricity and heat generation from Optimisation and hedging of energy port- Sales and distribution of electricity of offshore wind farms power stations folio, including wholesale trading in gas and gas and electricity Market position • Geographically concentrated positions • Market leader in offshore wind, has built • 48% of available thermal generation • Leading wholesale seller of electricity • Leading Danish electricity and gas in North West Europe 38% of European capacity capacity in Denmark and gas in Denmark distributor with market shares of 27% • Favourable access to infrastructure • Strong pipeline of projects in lead-up to • Generates one-third of Danish district • Electricity and gas positions in the UK, and 28% respectively • One of the largest E&P companies in DK 2020 heat consumption Germany and the Netherlands • Retail sales in Denmark, Sweden, the • Among top ten E&P companies in Norway Netherlands and the UK • Leading exploration company in West of Shetland (UK) Business drivers • Oil and gas prices • Wind conditions • Development in electricity prices, • Development in energy prices • Distribution tariffs (regulated) • Expenditure on oil and gas finds • Availability primarily Nord Pool • Seasonal fluctuations in gas prices • Development in electricity and gas margins • Retention of high uptime for plants • Electricity prices and subsidies • Development in fuel and CO2 prices • Market liquidity • Ensuring cost efficiency • Development in underlying cost • Industrialisation and maturing of value • The market’s need for flexibility • Renegotiation of long-term gas contracts • Ensuring security of supply level in supplier industry chain • Regulatory framework conditions • Delivering customer service • Securing supplies via framework agree- ments and partnerships • Partnerships with industrial and financial investors ROCE targets • 2016: > 20% • 2016: 6-8% • 2016: 7-9% • 2020:
Load more

Recommended publications
  • Competitive Analysis & Two-Firm Comparison Paper Carlsberg Group
    Competitive Analysis & Two-Firm Comparison Paper Carlsberg Group | Sapporo Holdings Brandon Altman Professor Geraldine Wu International Studies Program: Europe Spring 2019 Word Count: 2393 – Excluding Titles 2 Table of Contents Part 1: Industry Analysis Pg. 3 Part 2: Firm Analysis Pg. 6 Part 3: Location Matters Pg. 9 References Pg. 12 ___________ Competitive Analysis & Two-Firm Comparison Paper 3 Part 1 Industry Analysis ______________________________________________________________________________ Competitive Analysis & Two-Firm Comparison Paper 4 Nature of Danish Beer Industry: The Danish beer market has proven to be an extremely attractive industry, as evidenced by the shocking increase in beer-firm numbers over the past two decades. According to Draft Mag, “at the end of the 20th century, Denmark had around a dozen breweries to its name, most conspicuously Carlsberg, one of the world’s largest brewers of industrial lager. A decade into the 21st century, the nation boasted almost 150 breweries.” This microbrewery boom brought in a large variety of craft beers that have tended to do especially well given that “the notoriously unstable Danish weather [caused] an increase in sales of craft beer due to people being driven away from the beaches and into bars or their own homes, where the consumption of craft and specialty beers is higher” (Euromonitor). On a competitive level, Denmark is a somewhat difficult market to compete in on a large scale. As stated by Euromonitor, “beer in Denmark continued to be highly consolidated with the two
    [Show full text]
  • Grimbergen and CARLSBERG GROUP
    CLIENT STORY Grimbergen AND CARLSBERG GROUP Burned, but not destroyed. Known for the stately gold phoenix on its label, Gimbergen beer is a unique drink. An abbey beer, Grimbergen got its start almost 900 years ago at the Grimbergen Abbey, in a little village just north of Brussels. While the setting was perfectly idyllic, the abbey was destroyed by three separate fires since 1128. Undeterred by hardship, the Grimbergen Fathers rebuilt the abbey time and time again—reviving their homemade beers each time. Today, Grimbergen beer maintains its legacy of hospitality, comfort, and good taste when you want to spoil yourself after a hard day of work, while ensuring a reliable experience. A welcoming pint of Grimbergen brings people together, just like it always has. In 2008 the Carlsberg Group, established in 1847 by master brewer J.C. Jacobsen, recognized the potential of bringing Grimbergen’s amazing beer and its story to markets outside of Belgium and helped launch large scale marketing campaigns to an international audience. One of the world’s leading brewery groups, the Carlsberg Group boasts over 140 brands in its portfolio of beer and other beverage brands and is committed to producing the beverages at the heart of moments that bring people together. Right now, the Carlsberg Group has more than 40,000 employees and sells its products in more than 150 markets. As the Group likes to say, they are living their purpose of brewing for a better today and tomorrow. To build on their legacy of success and keep pace with changing markets, Grimbergen wanted to shift their energy toward becoming a lifestyle brand—showcasing the unique stories and how Grimbergen is more than a beer—it’s an experience.
    [Show full text]
  • Carlsberg A/S Q3 2020 Trading Statement Conference Call
    Carlsberg A/S Q3 2020 Trading Statement Conference Call 28 October 2020 PARTICIPANTS Corporate Participants Cees ’t Hart – Chief Executive Officer, Carlsberg A/S Heine Dalsgaard – Chief Financial Officer, Carlsberg A/S Other Participants Simon Hales – Analyst, Citigroup Global Markets Ltd. Jonas Guldborg Hansen – Analyst, Danske Bank Trevor Stirling – Analyst, Sanford C. Bernstein Ltd. Søren Samsøe – Analyst, SEB Enskilda (Denmark) Laurence Whyatt – Analyst, Barclays Capital Securities Ltd. Tristan van Strien – Analyst, Redburn (Europe) Ltd. Fintan Ryan – Analyst, JPMorgan Pinar Ergun – Analyst, Morgan Stanley MANAGEMENT DISCUSSION SECTION Cees ’t Hart, Chief Executive Officer, Carlsberg A/S Good morning, everybody, and welcome to Carlsberg’s Q3 2020 conference call. My name is Cees ’t Hart and I have with me, CFO, Heine Dalsgaard; and Vice President of Investor Relations, Peter Kondrup. I hope you and your families are all safe and well and that you’re all getting through these challenging times. As you probably noticed, we issued our Q3 announcement, including an upgrade of our full-year earnings expectation, already last night. The upgrade is done in light of strong performance in Q3, positive volume development in Russia and China at the beginning of Q4, solid execution of cost reduction; and this, despite the current uncertainty in rest of Europe. We are, of course, very pleased with the new outlook. As said at previous quarters this year, however, the pandemic is having a significant impact on our business. We continue to take steps to protect our people, support our communities and protect the commercial and financial health of the Group, both in short and long-term.
    [Show full text]
  • Carlsberg Annual Report Market Overview
    Carlsberg Annual Report Market overview 2 1 Our markets Denmark Norway Sweden Finland Poland Germany The Baltic StatesUnited KingdomFrance Switzerland Italy Greece Population (millions) 5.5 5.0 9.4 5.4 38.1 81.4 6.9 62.6 63.2 7.8 60.6 11.2 10.7 19.3 142.4 45.6 16.5 28.6 9.4 9.1 28.7 5.3 7. 2 1,348.1 89.3 6.6 14.4 28.5 1,206.9 Est. GDP/capita PPP (USD) 37,742 53,376 40,614 36,723 20,137 37,936 17,95 8 4 35,974 35,049 43,509 30,166 27,6 24 23,204 13,740 4 16,687 7,19 9 13,060 3,294 14,948 10,217 15,579 59,937 49,342 8,394 3,355 2,659 2,286 1,328 3,703 Est. real GDP growth (%) 1.5 1.7 4.4 3.5 3.8 2.7 4-6.6 1.1 1.7 2.2 0.6 -5.0 -2.2 0.8-2.5 4.3 4.7 6.5 7.1 5.0 0.2 5.2 5.3 6.0 9.5 5.8 8.3 6.7 3.5 7.8 Inflation, avg. consumer prices (%) 3.2 1.7 3.0 3.1 4.0 2.2 4.2-5.1 4.5 2.1 0.7 2.6 2.9 3.4 3.2-11.3 8.9 9.3 8.9 13.1 41.0 9.3 3.2 3.7 5.5 5.5 18.8 8.7 6.4 9.5 10.6 Est.
    [Show full text]
  • An Introduction to Coloplast 2015 Table of Contents
    An introduction to Coloplast 2015 Table of contents Our Waking up Ostomy Care 04 commitment 06 to a new life 08 Breaking This is A partner 10 new ground 12 Coloplast. 14 in care How can I help? I am Simon Continence What women 16 18 Care 20 want Pioneering Urology Care No two days 22 new 24 26 are the same technologies Wound & A woman with Going west 28 Skin Care 30 a mission 32 in China A career, Coloplast Awards 34 not a job 36 globally 38 3 Lars Rasmussen, President, CEO Our commitment More than 2.5 million people live with a stoma; around 348 million suffer from incontinence; over 40 million are treated for chronic wounds every year. That’s a lot of people. We’re committed to help them live active, rewarding lives. hanks to life-saving surgery that meet their needs. That’s why we role in making this happen. By bringing and medication, we live work with healthcare authorities all innovative products to market. Working longer and survive conditions over the world to raise standards of to increase understanding – at all T that used to be fatal. As a care and promote choice of treatment. levels of society. And providing the consequence, however, many people We also engage with the people who information and inspiration users have to live with a chronic, intimate use our products to fully understand need to live the life they want to lead. healthcare condition for the rest of their daily challenges – and offer the their lives. guidance they need to manage their But let’s start by breaking the silence.
    [Show full text]
  • SUSTAINABILITY SUMMARY 2020 Introduction
    SUSTAINABILITY SUMMARY 2020 Introduction CARLSBERG GROUP SUSTAINABILITY SUMMARY 2020 INTRODUCTION 2 MESSAGE FROM OUR CEO 2020 has been an incredibly organic decline in operating profit to DKK 956m to support research, arts, challenging year for our 3.1%. We ended the year with culture and civil society, including reported revenue of DKK 58.5bn, DKK 109m specifically for COVID-19 business, our customers and operating profit of DKK 9.7bn and relief efforts. our people all around the free cash flow of DKK 5.1bn. world. Our purpose is brewing for a better Despite the challenges posed by today and tomorrow. Despite the Through it all, we have remained COVID-19, our strategic priorities immense and immediate threat to resilient, buoyed by our strong and ambitions remain intact, and we human health, I am encouraged to performance over the past few years. have continued to invest in our see that the global pandemic has brands. While volumes sold have sharpened the world’s focus on the I would like to thank each and every declined overall, we have seen long-term sustainability of the one of our people for their role in growth of 1% in our craft & speciality planet too. We must not lose sight of continuing to support our business brews and 11% in our alcohol-free this overriding objective and I joined and our customers through these brews. other leading CEOs in urging tough times. governments to ensure their recovery Our financial performance and efforts support the Paris Agreement’s During the year, our top priority was SAIL’22 business strategy are 1.5˚C climate goal.
    [Show full text]
  • FY 2020 FINANCIAL STATEMENT PRESENTATION Disclaimer
    FINANCIAL STATEMENT 2020 5 February 2021 1 FY 2020 FINANCIAL STATEMENT PRESENTATION Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking
    [Show full text]
  • Damm Will Produce and Distribute the Danish Brand Carlsberg in Mainland Spain and the Balearic Islands
    Damm will produce and distribute the Danish brand Carlsberg in mainland Spain and the Balearic Islands • The brewery has reached an agreement with the Carlsberg Group which will give it exclusive manufacturing, marketing, sales and distribution rights to the Carlsberg brand • From the 1st of July, Damm will distribute Carlsberg beer through the hospitality industry and food and drink retail channels Download high resolution images here Barcelona, 17th of June, 2020 – Damm, Spain’s second largest beer and beverages group with key presence in food solutions (Ebro Foods) and casual dining (Rodilla), has reached a partnership agreement with the Carlsberg Group to distribute Carlsberg throughout mainland Spain and the Balearic Islands via the hospitality industry and food and drink retail channels. From the 1st of July this year, Damm will have the exclusive right to market and distribute the famous international Danish beer brand, which was founded in 1847. The Carlsberg Group, one of the largest brewing groups in the world, has chosen a partnership with Damm for the distribution of its beers in mainland Spain and the Balearic Islands to increase the nationwide presence of the Carlsberg brand. This first agreement, initially for 7 years and with a possible extension of another 5 years, lays the foundations for a long-term alliance through which both companies will work to consolidate the Carlsberg Group’s growth in Spain. Damm will distribute the Danish beer in 30-litre returnable kegs, 33cl cans, 33cl non-returnable bottles and 6-packs of 25cl non-returnable bottles. To give Carlsberg a boost in both the hospitality industry and the food and drink retail channels, Damm will activate a plan to increase brand awareness in the country, which will include marketing and advertising and direct promotional actions at the point of sale.
    [Show full text]
  • Carlsberg Breweries A/S (Incorporated with Limited Liability in the Kingdom of Denmark) €5,000,000,000 Euro Medium Term Note Programme
    Base Prospectus dated 7 June 2012 Carlsberg Breweries A/S (incorporated with limited liability in the Kingdom of Denmark) €5,000,000,000 Euro Medium Term Note Programme Under the Euro Medium Term Note Programme described in this Base Prospectus (the “Programme”), Carlsberg Breweries A/S (the “Issuer”), subject to compliance with all relevant laws, regulations and directives, may from time to time issue Euro Medium Term Notes (the “Notes”). The aggregate nominal amount of Notes outstanding will not at any time exceed €5,000,000,000 (or the equivalent in other currencies). Application has been made to the Commission de Surveillance du Secteur Financier (the “CSSF”) in its capacity as competent authority under the Luxembourg Act dated 10 July 2005 relating to prospectuses for securities, for the approval of this Base Prospectus as a base prospectus for the purposes of Article 5.4 of Directive 2003/71/EC (the “Prospectus Directive”). Application has also been made to the Luxembourg Stock Exchange for the Notes issued under the Programme to be admitted to the official list of the Luxembourg Stock Exchange (the “Official List”) and to be admitted to trading on the Luxembourg Stock Exchange’s regulated market. References in this Base Prospectus to Notes being “listed” (and all related references) shall mean that such Notes have been admitted to the Official List and admitted to trading on the Luxembourg Stock Exchange’s regulated market. The Luxembourg Stock Exchange’s regulated market is a regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments.
    [Show full text]
  • [Name and Address (Press F11 to Jump to the Next
    Carlsberg Breweries A/S 100 Ny Carlsberg Vej Tel +45 3327 3300 1799 Copenhagen V +45 3327 3301 Denmark Fax +45 3327 4700 Press release 4/2017 21 August 2017 Page 1 of 2 Carlsberg Group celebrates 170 years in 170 hours With a series of drone flights across and through Carlsberg landmarks in Copenhagen, Carlsberg Group launches 170 hours of unique celebrations in Copenhagen to mark the 170th anniversary of the brewery During the 170 hours - or a full week - people from all over the world will experience the impact Carlsberg has had on the world of brewing and on Copenhagen. This will come to life through art exhibitions, special tastings, walks, culminating with Probably the best Street Party on 26 August. From Tuesday 22 August, a special Carlsberg edition of the famous Streets Of the World photo exhibition will be open to public in Carlsberg’s Old Brewhouse, which has been out of use for over a decade and is opened exclusively for the exhibition. Photographer Jeroen Swolfs vision is to show a positive image of the world we live in and highlighting our similarities rather than our differences. On Wednesday 23 August, Carlsberg founder J.C. Jacobsen will take the stage at the Carlsberg Glyptotek to share his life philosophy with the world, the life philosophy he founded the Carlsberg brewery on and is still embedded in every one working at Carlsberg. The same day, Carlsberg will also unveil the latest sustainability invention to mark the release of its new sustainability plan, Together Towards ZERO. Bringing sustainability all the way to the end consumer, Carlsberg will emphasize its ambitions and actions on the premises of J.
    [Show full text]
  • Towards a World-Class Science & Engineering Region
    ATV’s Technology Day 2017 TOWARDS A WORLD-CLASS SCIENCE & ENGINEERING REGION 9 NOVEMBER 2017 | PROGRAMME Introduction Sponsors of ATV’s Science and Engineering Project Towards a world-class Science and Engineering Region On behalf of the Danish Academy of Technical Sciences, we are pleased to welcome you to ATV’s Technology Day 2017. We are looking forward to a great day with focus on technology. Denmark holds a great potential to become one of five leading Science and Engineering regions in the world. To realize that potential, it is important to consider in which areas we must perform better in Denmark to play in the big leagues. What makes Danish strength positions a success? At this conference, we will discuss which technological areas that are or can become strength positions in Denmark, and which factors that are important to fulfil the potentials. At the conference, the first results from ATV’s Science and Engineering Project will be presented by CEO Per Falholt, chairman of ATV’s Science & Engineering Committee. The results will present new knowledge on how research, education, industry collaboration and public-private cooperation can substantiate Denmark as a Science and Engineering region. The programme presents the key note speakers with relevant experience on important elements that can bring Denmark in front as a Science and Engineering nation. In addition, you can participate in one of three parallel sessions that explore three different themes with unique possibilities for Denmark: 1. Computer Science as a strength position 2. Maintaining a leading position within Life Science 3. Sustainable Development Goals It is a great honour to welcome you to ATV’s third annual Technology Day, and we look forward to interesting discussions that can bring Denmark closer towards becoming a world-class Science and Engineering region.
    [Show full text]
  • Annual Report 2013 Management Financial Review Statements
    Annual Report 2013 Management Financial review statements 3 The Carlsberg Group at a glance 54 Consolidated financial statements 8 Letter from the Chairman 140 Parent Company 9 Statement from the CEO 160 Management statement 12 In the spotlight: Supply chain 161 Auditors’ report 13 Our regions 19 In the spotlight: China 20 Our business model and Strategy Wheel 21 KPIs 22 Strategy 28 CSR in the value chain 29 CSR targets 30 In the spotlight: Self-regulation 31 Risk management 35 In the spotlight: Sponsorships 36 Corporate governance 43 Remuneration report 49 Executive Committee 50 Shareholder information 52 Financial review 162 Supervisory Board DISCLAIMER This Annual Report contains forward-looking may contain the words “believe, anticipate, then current expectations or forecasts. Such actual results to differ materially from those distribution-related issues, information tech- not be possible for management to predict all statements, including statements about the expect, estimate, intend, plan, project, will be, information is subject to the risk that such expressed in its forward-looking statements nology failures, breach or unexpected termina- such risk factors, nor to assess the impact of Group’s sales, revenues, earnings, spending, will continue, will result, could, may, might”, expectations or forecasts, or the assumptions include, but are not limited to: economic and tion of contracts, price reductions resulting all such risk factors on the Group’s business or margins, cash flow, inventory, products, or any variations of such words or other words underlying such expectations or forecasts, may political uncertainty (including interest rates from market-driven price reductions, market the extent to which any individual risk factor, actions, plans, strategies, objectives and with similar meanings.
    [Show full text]