Carlsberg A/S Annual Report 2006 Annual Report 2006 Management review 1 Profi le 2 CEO statement 4 Five-year summary 5 Results and expectations 7 Strategy 10 Markets 12 Western Europe 16 Baltic Beverages Holding 20 Eastern Europe excl. BBH 24 Asia 28 Other activities 30 People and management 34 Social and environmental responsibility 38 Shareholder information 42 Corporate governance 47 Risk management 49 Financial review Financial statements 57 Consolidated fi nancial statements 58 Income statement 59 Statement of recognised income and expenses for the year 60 Balance sheet 62 Statement of changes in equity 63 Cash fl ow statement 64 Notes 110 Group companies Carlsberg A/S 113 Parent Company fi nancial statements CVR No. 61056416 Ny Carlsberg Vej 100 134 Management statement DK-1760 Copenhagen V, Denmark 135 Auditor’s report Phone: +45 3327 3300 136 Board of Directors, Executive Board and Fax: +45 3327 4701 other senior executives E-mail:
[email protected] www.carlsberg.com This report is provided in Danish and in English. In case of any discrepancy between the two versions, the Danish wording shall apply. Probably the best … Carlsberg is one of the world’s largest brewery groups. We have a beer for every occasion and for every palate and lifestyle. The Group’s broad portfolio of beer brands includes Carlsberg Pilsner, known as Probably the best beer in the world, and strong regional brands such as Tuborg, Baltika and Holsten. We also have a wide range of leading brands in our local markets. We operate primarily in mature markets in Western Europe but are generating an ever-growing share of revenue in selected growth markets in Eastern Europe and Asia.