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Annual Report 2003 the fi Nancial Year 2003 Proved a Diffi Cult Year in Respect of Developments in Markets and Currencies

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Annual Report 2003 the fi Nancial Year 2003 Proved a Diffi Cult Year in Respect of Developments in Markets and Currencies Annual Report 2003 The fi nancial year 2003 proved a diffi cult year in respect of developments in markets and currencies. Nevertheless, Carlsberg managed to improve profi t- ability in local currencies and to increase the sale of Carlsberg beer by more than 7%. A BRIEF PRESENTATION Apart from a 60% (2003) stake in Carlsberg Breweries, was established, the activities of the Carlsberg Carlsberg A/S, the Carlsberg Group, comprises the Research Center continued under Carlsberg Carlsberg Research Center, Carlsberg Properties as well as the administration of the Carlsberg Bequest to the Memory A/S. In addition to extensive basic research, of Brewer J. C. Jacobsen and the Tuborg Foundation. brewing related research is conducted into enzyme chemistry, protein chemistry, Carlsberg Breweries carbohydrate chemistry, plant breeding and Carlsberg Breweries A/S is one of the world’s genetics as well as the malting, brewing and major international brewing operations, and fermentation processes. In addition, process Carlsberg and Tuborg are two of the most widely and product development takes place at sold beer brands on a global scale. Carlsberg Carlsberg Breweries. Breweries was established in 2001. Carlsberg Breweries comprises, among Carlsberg A/S others, Carlsberg Bryggerierne (1847),Tuborgs Carlsberg A/S is a company publicly quoted on Bryggerier (1873), Pripps (1828) and Ringnes the Copenhagen Stock Exchange with some (1877) — as well as a number of subsidiaries 16,500 registered shareholders. The largest and associated companies, the majority of single shareholder by far is the Carlsberg which are situated outside the Nordic region. Foundation, which is required by its charter to Carlsberg Breweries has a total workforce of hold a minimum of 51% of the shares in approximately 31,500 people, if all associated Carlsberg A/S. Over the years, Carlsberg’s companies are included. It sells its products in employees have accepted offers to buy shares about 150 markets. on favourable terms or have been granted The core business of Carlsberg Breweries is shares in connection with Carlsberg’s 150th the production and sale of beer and soft drinks. anniversary in 1997. More than 95% of beer sales are achieved The Carlsberg Foundation was established in outside Denmark. International brewing 1876 by Carlsberg’s founder, Brewer J.C. operations include the export of beer brewed in Jacobsen, and its income goes to support Denmark, as well as local brewing at 91 Danish natural and social sciences as well as production sites in 47 countries. The Carlsberg the humanities. The Carlsberg Foundation also and Tuborg beer brands are produced by 60 administers and maintains the Frederiksborg companies in 45 countries. Local production, Museum of National History and the Carlsberg according to the specifi cations of Carlsberg Laboratory. Breweries, is handled partly by breweries in The New Carlsberg Foundation, a separate which Carlsberg Breweries has equity invest- department of the Carlsberg Foundation with its ments, and partly by breweries and partners own board of management, has the special task with which agreements have been made for the of acquiring works of art for Danish museums production and sale of Carlsberg and Tuborg and institutions. It is also responsible for the beer. administration and maintenance of the Ny Carlsberg Glyptotek, in collaboration with the Carlsberg Research Center Danish government and the City of Ever since Carlsberg’s foundation, the Company Copenhagen. has operated its own research departments. In The Tuborg Foundation is another department 1875, the Carlsberg Laboratory was established. of the Carlsberg Foundation with its own board It is now integrated in the Carlsberg Research of directors. It operates in support of activities of Center, which houses 80 laboratories equipped benefi t to society, as is also the case with the with state-of-the-art technology and a staff of Carlsberg Bequest to the Memory of Brewer about 130 people. When Carlsberg Breweries J.C. Jacobsen. 1 CARLSBERG A/S CONTENTS TIL VORE AKTIONÆRER 2 Letter to the Shareholders 69 Financial Statements 7 Board of Directors and Executive 70 Financial Review Board/Manage ment 74 Accounting Policies 8 The Carlsberg Group 79 Income Statement Highlights, Key Figures and Ratios, 80 Balance Sheet as at 31 December 5-Year Summary 82 Cash Flow Statement 10 Ma nage ment Re port for 2003 83 Movements in Parent Company’s Capital 18 Organisation and Group Companies and Reserves 19 Corporate Governance in the Carlsberg Group 84 Movements in Consolidated Capital 22 Shareholder Information and Re ser ves 85 Notes 27 Carlsberg Research Center, 99 Segment Information by Quarters Carlsberg Properties and Foundations 104 Management Statement 105 Auditors’ Report 33 Carlsberg Breweries 106 Group Companies 36 Ma nagement Re port, Carlsberg Breweries 50 Regional Reports 50 Western Europe 56 Eastern Europe 62 Asia 2 LETTER TO THE SHAREHOLDERS LETTER TO THE SHAREHOLDERS The fi nancial year 2003 proved a diffi cult year in respect of developments in markets and currencies. Nevertheless, Carlsberg managed to improve profi tability in local currencies and to increase the sale of Carlsberg beer by more than 7%. LETTER TO THE SHAREHOLDERS 3 Carlsberg A/S’ share of profi t for the year which corresponds to 25% of the share capital. Carlsberg A/S’ share of profi t for the year reached This comprises DKK 304m due to the fact that no almost DKK 1bn. Even though this was a 5% de- dividend is paid on treasury shares. The proposed cline compared to last year, it was better than the dividend corresponds to 32% of Carlsberg’s share expectations of a 10% decline expressed at the of profi t for the year. It is proposed that the re- beginning of the year. maining amount of DKK 652m be appropriated to the reserves. Signifi cant conditions in 2003 affecting the results Carlsberg Breweries The beginning of 2003 was characterized by a Carlsberg Breweries is continuing its efforts to in- number of signifi cant adverse conditions such as crease profi tability and to expand the positions in the break-out of SARS in Asia and the war in Iraq. the growth markets in eastern Europe and Asia. Both affected Carlsberg’s beverage business The beer industry’s strong local character and markedly as they changed the consumer pattern its local customers and consumers form the de- and led to a decrease in the consumption of centralised basis for Carlsberg Breweries’ busi- Carlsberg’s products in the sales channels where ness model, which is guided by centrally estab- the best sales prices - and hence profi t margins - lished principles regarding procedures and opera- are realised. However, both situations were solved tions, and ambitious business goals. by the end of Q2 2003 and the consumer pattern Most national beer markets are currently char- quickly normalized. acterised by demand for strong local brands and – Also, the exchange rate developments affected particularly as regards the more mature markets – the realised results of Carlsberg markedly. Almost an increasing demand for international premium all important currencies in Carlsberg’s business beer brands and specialties. According to the lat- were weakened in relation to the Danish krone and est statistics available, the Carlsberg brand is the this had a signifi cant adverse effect on Carlsberg’s fastest growing international premium brand (fol- operating profi t. However, to a minor degree, the lowed by the Tuborg brand). This position has exchange rate developments also had a positive been achieved through an extensive brand rejuve- infl uence, namely on the item Financials - due to nation programme, which will continue in the com- Carlsberg’s borrowing in the same currencies. ing years. The programme is based on the devel- opment of a more specifi c brand vision and posi- Earnings tioning. The programme is anchored in the brand’s In order to describe the economic development in strength as ”Probably the best beer in the world” the Carlsberg Group in 2003, the following key fi g- and adds a globally recognised and more friendly ures are emphasized: dimension to the famous brand. Operating profi t (EBITA) of DKK 3.6bn was 6% It remains a goal to gain market share in the down on last year, but when using the same ex- growth markets in eastern Europe and Asia to change rates as in 2002 it was up by 4%. So the compensate for the stagnating trend in the more business of the Carlsberg Group is progressing traditional markets in western Europe. However, and the company is now in a stronger position. Carlsberg Breweries will still seek to expand its in- Cash fl ow is also an important indicator of the fl uence in that region as well. possibilities of developing the future business. In The competition from other international brew- recent years, the Carlsberg Group has focused ery groups is intensifying in the growth markets. markedly on this and as a result, free cash fl ow The joint ventures in eastern Europe, Baltic Bever- amounted to DKK 2.6bn in 2003, the highest in ages Holding (BBH), and in Asia, Carlsberg Asia, the 5-year comparative history of the company. enjoy strong market positions and strengthen the growth prospects. Dividend Western Europe was again characterised by The Board of Directors proposes that a dividend stagnating markets in 2003, but in line with expec- of DKK 5.00 per share be paid similar to last year, tations profi tability increased. Western Europe still 4 LETTER TO THE SHAREHOLDERS holds potential for profi table growth and/or im- by detailed guidelines regarding the marketing of provements in profi tability and this is a key priority. beer as well as through information and training “Excellence” programmes have been initiated and activities. Externally, the Company’s position on have already begun to show results.
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