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## The independent auditors ’  report 

## TO THE SHAREHOLDERS OF CARLSBERG A/S 

## INDEPENDENT AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS AND THE PARENT COMPANY FINANCIAL STATEMENTS 

We have audited the consolidated financial statements and the Parent Company financial state- ments of Carlsberg A/S for the financial year 2013. The consolidated financial statements and the Parent Company financial statements comprise income statement, statement of compre- hensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes, including a summary of significant accounting policies for the Carlsberg Group as well as for the Parent Company. The consolidated financial statements and the Parent Company financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies. 

## Management’s responsibility for the consolidated financial statements and the Parent Company financial statements 

Management is responsible for the preparation of consolidated financial statements and Parent Company financial statements that give a true and fair view in accordance with Inter- national Financial Reporting Standards as adopted by the EU and Danish disclosure require- ments for listed companies and for such internal control that Management determines is nec- essary to enable the preparation of consolidated financial statements and Parent Company financial statements that are free from material misstatement, whether due to fraud or error. 

## Auditors’ responsibility 

Our responsibility is to express an opinion on the consolidated financial statements and the Parent Company financial statements based on our audit. We conducted our audit in accord- ance with International Standards on Auditing and additional requirements under Danish au- dit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the consolidated financial statements and the Parent Company financial statements are free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and dis- closures in the consolidated financial statements and the Parent Company financial statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material misstatement of the consolidated financial statements and the Parent Com- pany financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company’s preparation of consolidated financial statements and Parent Company financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of ex- pressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the consoli- dated financial statements and the Parent Company financial statements. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

Our audit has not resulted in any qualification. 

## Opinion 

In our opinion, the consolidated financial statements and the Parent Company financial statements give a true and fair view of the Carlsberg Group’s and the parent company’s financial position at 31 December 2013 and of the results of the Carlsberg Group’s and the Parent Company’s operations and cash flows for the financial year 2013 in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies. 

## STATEMENT ON THE MANAGEMENT’S REVIEW 

Pursuant to the Danish Financial Statements Act, we have read the Management’s review. We have not performed any further procedures in addition to the audit of the consolidated financial statements and the Parent Company financial statements. On this basis, it is our opinion that the information provided in the Management’s review is consistent with the consolidated financial statements and the Parent Company financial statements. 

Copenhagen, 19 February 2014 

## KPMG 

Statsautoriseret Revisionspartnerselskab 

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