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## Notes to the Accounts 

(DKK million) 

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Carlsberg A/S has issued guarantees for loans amounting to DKK 7,446m (31.12.2000: DKK 7,585m) raised by subsidiaries. Carlsberg Breweries A/S has also issued guarantees for loans amounting to DKK 3,390m raised by the subsidiaries of the company. 

Carlsberg A/S has joint and several liability for payment of corporation tax in the companies included in the joint taxation. Carlsberg A/S is registered jointly with Carlsberg Breweries A/S and Carlsberg Danmark A/S regarding VAT and excise duties and has joint and several liability in connection with payment thereof. 

Carlsberg A/S is party to certain lawsuits, etc. The management does not expect the outcome or continuation of these cases to have a a material, negative impact on the financial position of the Carlsberg Group. In that connection, it should also be mentioned that the EU Commission carried out a dawn-raid at Carlsberg A/S in May 2000 in order to investigate whether agreements or concerted practises existed with other major breweries regarding a division of the beer markets in the EEA. 

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The company has furthermore entered into forward rate agreements relating to the funding of marketable securities, etc. 

## Interest rate exposure 

The Carlsberg Group has fixed-rate bond loans of DKK 2.9bn with a duration of 9 years and an average redemption yield of 6.6%. In addition, the Group has floating-rate long-term loans of DKK 9.8bn with an average interest rate of 3.7%. 

## Exchange rate exposure 

The Carlsberg Group has a net exchange rate exposure of DKK 1.5bn, mainly relating to an investment in a subsidiary amounting to net GBP 4.1bn, on which the value adjustment is taken to equity, and loans of net DKK 2.6bn in Euro (the Danish krone tracks the Euro). 

