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CCNB and AD amount to DKK 78m after tax and will be applied in 2002. Provisions of DKK 100m were made from the gains realised in connection with the sale of the shares in Thailand and will be applied in connection with costs in relation to the new structure in Asia. 

## Investments 

The year saw total investments of DKK 5.5bn against DKK 7.1bn last year (15 months). The in- vestments primarily relate to new production plants in Western Europe and BBH as well as the acquisition of shareholdings in TGLYPH<159>rk Tuborg, Tur- key and Piast, Poland. 

## Securities, cash and cash equivalents and net interest-bearing debt 

Cash flow from operations totalled DKK 2.2bn compared to DKK 2.3bn last year (15 months) and free cash flow amounted to a negative DKK 1.3bn against a negative DKK 3.8bn (15 months) last year. Carlsberg Breweries has launched vari- ous projects to reduce invested capital. 

The net interest-bearing debt totalled DKK 10.9bn against DKK 10.3bn last year. This is a natural consequence of the investments described above reduced by cash flow from operations. 

At 31 December 2001, securities, cash and cash equivalents, consisting of cash at bank and in hand and listed securities, amounted to DKK 3.3bn, based on official stock exchange prices. Furthermore, confirmed but unutilised credit facili- ties amounted to about DKK 4.4bn. 

## Volume 

The Carlsberg GroupGLYPH<213>s total beer sales in the past year grew by 9.0m hl to 67.9m hl (+15%). The global consumption of beer continues to increase, 

<img src='content_image/53408.jpg'>

although with significant regional differences. Soft drink sales amounted to 20.3m hl against 16.5m hl last year. 

## Developments by regions 

A review of the three regions in Carlsberg Brewer- ies A/S is set out below with reference to pro for- ma comparative figures, including OrklaGLYPH<213>s bever- age activities for the year 2000. 

## Western Europe: 

<img src='content_image/53407.jpg'>

(*) Pro forma comparative figures for 2000 (12 months) 

Net turnover rose by DKK 3,727m (16.5%), prima- rily due to the acquisition of FeldschlGLYPH<154>sschen, Switzerland, which was only included with one month in the year 2000. 

Operating profit was up on last year, which is attributable to the acquisition of FeldschlGLYPH<154>sschen as well as significant profit growth in Sinebrychoff, Finland. The operating margin declined from 8.0% in 2000 to 7.2% in 2001, mainly due to the unsa- tisfactory results in Sweden. If Sweden were ex- cluded, operating margin in 2001 would amount to 8.7% against 8.6% in 2000. 

 In Denmark, beer and soft drink sales showed a slightly declining trend. Results are in line with last year, i.a. due to continued streamlining of business procedures. Carlsberg Danmark is currently work- ing on the integration of the Coca-Cola business, and activities are proceeding according to plans. 

<img src='content_image/53409.jpg'>

