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Report and Accounts 2002 Carlsberg A/S CVR No. 61056416 1, Valby Langgade DK-2500 Valby, Denmark Phone: +45 3327 2727 Fax: +45 3327 4850 E-mail: [email protected] www.carlsberg.com REPORT AND ACCOUNTS 2002 REPORT Report and Accounts 2002 The financial year 2002 was another busy year. Carlsberg Breweries achieved solid growth and increased profitability and the sale of Carlsberg beer increased by 6%. Carlsberg A/S Carlsberg Annual General Meeting Carlsberg A/S 17 March 2003 at 16.30 hours Tivolis Koncertsal 20, Tietgensgade Copenhagen V Denmark Carlsberg A/S CVR No. 61056416 1, Valby Langgade DK-2500 Valby, Denmark Phone: +45 3327 2727 Fax: +45 3327 4850 E-mail: [email protected] www.carlsberg.com REPORT AND ACCOUNTS 2002 REPORT Report and Accounts 2002 The financial year 2002 was another busy year. Carlsberg Breweries achieved solid growth and increased profitability and the sale of Carlsberg beer increased by 6%. Carlsberg A/S Carlsberg Annual General Meeting Carlsberg A/S 17 March 2003 at 16.30 hours Tivolis Koncertsal 20, Tietgensgade Copenhagen V Denmark A Brief Presentation Carlsberg A/S Apart from a 60% stake in Carlsberg Breweries, Carlsberg A/S, Breweries was established, the activities of the A Brief Presentation Board of Directors Executive Board/Management the Carlsberg Group, comprises the Carlsberg Research Center, Carlsberg Research Center continued under Carlsberg Properties as well as the administration of the Carlsberg A/S. In addition to extensive basic and Executive Boar of Directors Board Carlsberg Bequest to the Memory of Brewer J. C. Jacobsen and the Tuborg Foundation. research, brewing related research is conducted into enzyme chemistry, protein chemistry, car- Carlsberg Breweries bo-hydrate chemistry, plant breeding and ge- Carlsberg Breweries A/S is one of the world’s netics as well as the malting, brewing and fer- major international brewing operations, and mentation processes. In addition, process and Carlsberg and Tuborg are two of the most product development takes place at Carlsberg widely sold beer brands on a global scale. Breweries. Carlsberg Breweries was established in 2001 Professor D.Econ. Managing Director Brewery Worker Professor, D.Ph. Chief Executive Officer Executive Vice President Executive Vice President Poul Chr. Matthiessen Jens Bigum Hans Andersen Torkild Andersen Jørn P. Jensen Klaus Bock Chief Financial Officer when Carlsberg’s and Orkla’s beer and soft Carlsberg A/S Chairman Deputy Chairman Per Brøndum Andersen drink activities were united. Carlsberg A/S is a company publicly quoted on Carlsberg Breweries comprises, among the Copenhagen Stock Exchange with some others, Carlsberg Bryggerierne (1847),Tuborgs 15,000 registered shareholders. The largest Bryggerier (1873), Pripps (1828) and Ringnes single shareholder by far is the Carlsberg (1877) – as well as a number of subsidiaries Foundation, which is required by its charter to and associated companies, the majority of hold a minimum of 51% of the shares in which are situated outside the Nordic region. Carlsberg A/S. Over the years, Carlsberg’s d/Management Carlsberg Breweries has a total workforce of employees have accepted offers to buy shares approximately 28,500 people, if all associated on favourable terms or have been granted companies are included. It sells its products in shares in connection with Carlsberg’s 150 about 150 markets. years’ anniversary in 1997. The core business of Carlsberg Breweries is The Carlsberg Foundation was established President, General Manager Professor, D.Sc., Professor, D.Ph. Chief Executive Officer Claes Gjermansen Ph.D., Dr.h.c. Axel Michelsen the production and sale of beer and soft drinks. in 1876 by Carlsberg’s founder, Brewer J.C. Henning Dyremose Povl Krogsgaard-Larsen More than 95% of beer sales are achieved out- Jacobsen, and its income goes to support side Denmark. International brewing operations Danish natural and social sciences as well as include the export of beer brewed in Denmark, the humanities. The Carlsberg Foundation also as well as local brewing at 103 production sites administers and maintains the Frederiksborg in 49 countries. The Carlsberg and Tuborg beer Museum of National History and the Carlsberg brands are produced by 61 companies in 41 Laboratory. countries. Local production, according to the The New Carlsberg Foundation, a separate specifications of Carlsberg Breweries, is handled department of the Carlsberg Foundation with its partly by breweries in which Carlsberg Breweries own board of directors, has the special task of holds capital interests, and partly by breweries acquiring works of art for Danish museums and and partners with which agreements have been institutions. It is also responsible for the admin- IT Consultant General Manager Treasurer Professor, D.Ph. made for the production and sale of Carlsberg istration and maintenance of the Ny Carlsberg Erik Dedenroth Olsen Bent Ole Petersen Jens Otto Veile Per Øhrgaard and Tuborg beer. Glyptotek, in collaboration with the Danish gov- ernment and the City of Copenhagen. Carlsberg Research Center The Tuborg Foundation is another depart- Ever since Carlsberg’s foundation, the Company ment of the Carlsberg Foundation with its own has operated its own research departments. In board of directors. It operates in support of 1875, the Carlsberg Laboratory was estab- activities of benefit to society, as is also the lished. It is now integrated in the Carlsberg case with the Carlsberg Bequest to the Memo- Research Center, which houses 80 laboratories ry of Brewer J.C. Jacobsen. equipped with state-of-the-art technology and ▲ ▲ ▲ a staff of about 130 people. When Carlsberg ▲ Design and production: Boje & Mobeck as · Printed by: PrintDivision A/S 1 Contents 2 Letter to the Shareholders 69 Carlsberg Research Center, Properties 5 Board of Directors and Executive and Foundations Board/Management 6 The Carlsberg Group 73 Financial Statements Highlights, Key Figures and Ratios, 74 Financial Review Five-Year Summary 85 Income Statement 8 Management Report for 2002 86 Balance Sheet as at 31 December 18 Organisation and Group Companies 88 Cash Flow Statement 19 Corporate Governance in the Carlsberg Group 89 Movements in Consolidated Capital 22 Shareholder Information and Reserves 90 Movements in Parent Company’s Capital 26 Carlsberg Breweries and Reserves 92 Notes 29 2002: Top and Bottom Line Growth 105 Segment Information by Quarters 109 Management Statement Regional Reports 110 Auditors’ Report 40 Western Europe 111 Group Companies 48 Eastern Europe 112 Announcements to the Stock Exchange 54 Asia 60 Brands Around the World 2 / Letter to the Shareholders Letter to the Shareholders The financial year 2002 was another busy year. Carlsberg Breweries achieved solid growth and increased profitability and the sale of Carlsberg beer increased by 6%. Carlsberg A/S’ share of profit for the year amount- Carlsberg A/S’ share of profit for the year per ed to DKK 1bn, which is an increase of 10% when share amounted to DKK 20.5 against DKK 17.4 excluding one-off items. This is in line with expec- last year (exclusive of goodwill, own shares and tations. one-off items), which corresponds to an increase of 18%. Earnings Net revenue increased by 3% on last year. The Operating profit (EBITA) amounted to DKK 3.8bn, increase is mainly attributable to organic growth in which corresponds to a rise of 15%. Profit before western and eastern Europe and the acquisition amortisation and write-down of goodwill increased of companies in Turkey and Poland in July and by 8% to DKK 2.1bn. August, which were included for the full financial In general, the upward trend in earnings is the re- year in 2002. The new structure in Asia with pro- sult of growth in the operations in Carlsberg Brewer- portionate consolidation caused a reduction in ies in western Europe and eastern Europe and good revenue. progress in results in Asia, among other things be- Net interest-bearing debt remained unchanged cause of Hite (South Korea) and the profit guarantee at about DKK 11bn. This is a natural consequence in Carlsberg Thailand. The year was characterised of the size of investments, acquisition of own by increased focus on the strengthening of the shares and dividend paid, which are covered by Carlsberg brand, and 2002 saw an increase in cash flow from operating activities. marketing spendings of more than DKK 0.4bn. The Board of Directors proposes that a divi- Letter to the Shareholders / 3 dend of DKK 5.00 per share be paid similar to last regional and local brands constitutes a strong year, which corresponds to 25% of the share brand portfolio driven by consumer insights and capital. This comprises DKK 304m due to the fact knowledge of the local market situation combined that no dividend is paid on own shares. The with global influences and trends. proposed dividend corresponds to 30% of It remains a goal to gain market share in the Carlsberg’s share of profit for the year. It is pro- growth markets in eastern Europe and Asia to posed that the remaining amount of DKK 707m compensate for the stagnating trend in the more be appropriated to the reserves. traditional markets in western Europe. However, Carlsberg Breweries will still seek to expand its Carlsberg Breweries influence in that region as well. Carlsberg Breweries is continuing its efforts to in- The competition from other international brew- crease profitability, particularly in western Europe, ery groups is intensifying in the growth markets. and to expand the positions in the growth markets The joint ventures in eastern Europe, Baltic Bever- in eastern Europe and Asia. ages Holding (BBH), and in Asia, Carlsberg Asia, The beer industry’s strong local character and enjoy strong market positions and strengthen the its local customers and consumers, form the basis growth prospects. for Carlsberg Breweries’ decentralised business Western Europe was again characterised by model, which is guided by centrally established stagnating markets in 2002, but in line with ex- principles regarding procedures and operations, pectations Carlsberg Breweries increased its and ambitious business goals.
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