## Management review 

3 The Carlsberg Group at a glance 

8  Letter from the Chairman 

9  Statement from the CEO 

12 In the spotlight: Supply chain 

13  Our regions 

19  In the spotlight: China 

20  Our business model and Strategy Wheel 

21  KPIs 

22 Strategy 

28  CSR in the value chain 

29 CSR targets 

30  In the spotlight: Self-regulation 

31  Risk management 

35  In the spotlight: Sponsorships 

36  Corporate governance 

43  Remuneration report 

49  Executive Committee 

50 Shareholder information 

52  Financial review 

162 Supervisory Board 

## DISCLAIMER 

This Annual Report contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group’s future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and 

Editor Carlsberg Group Corporate Affairs 

may contain the words “believe, anticipate, expect, estimate, intend, plan, project, will be, will continue, will result, could, may, might” , or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group’s actual results to differ materially from the results discussed in such forward-looking statements. Prospect- ive information is based on management’s 

Design and production Kontrapunkt 

then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward-looking statements to reflect actual results, changes in assump- tions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group’s 

Photos Nana Reimers 

Proofreading Borella projects 

## Financial statements 

54  Consolidated financial statements 

140 Parent Company 

160 Management statement 

161 Auditors’ report 

actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group’s prod- ucts, increasing industry consolidation, com- petition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production- and 

distribution-related issues, information tech- nology failures, breach or unexpected termina- tion of contracts, price reductions resulting from market-driven price reductions, market acceptance of new products, changes in con- sumer preferences, launches of rival products, stipulation of market value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may 

not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group’s business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results. 

