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Group beer volumes declined organically by 2%, while reported beer volumes declined by 1%. The growing volumes in Asia were not enough to offset the volume decline in Eastern and Western Europe. The acquisition impact of 1% mainly related to Chongqing Brewery Group in China and distribution enti- ties acquired from Nordic Getränke in Germa- ny. Other beverages grew organically by 2%. 

Net revenue grew by 1% organically, while reported net revenue was flat as a result of -3% impact from currencies and acquisition impact of +2%. The negative currency im- pact was due to weaker currencies in Russia, 

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Malawi, Norway, the UK and several Asian countries. 

Cost of goods sold per hl increased organi- cally by approximately 1%, but due to the positive price/mix gross profit per hl grew by approximately 5% organically. Reported cost of goods sold per hl declined slightly and reported gross profit per hl grew by 1%. Total gross profit grew organically by 3%. Reported gross margin improved by 40bp to 49.5%. 

We invested in future efficiency improve- ments and reported operating expenses 

grew by 1% impacted by BSP1-related costs of approximately DKK 350m. Excluding the BSP1-related costs, reported operating expenses declined by 1%, driven by tight cost control in all areas. 

Consequently, operating profit before special items grew organically by 5%. All three regions delivered organic operating profit growth, with particularly strong growth in Asia. Reported operating profit was DKK 9,844m. Group operating margin increased by 10bp to 14.8%. Eastern Europe and Asia improved operating margins, while the West- ern European margin was flat versus prior year despite the BSP1-related costs. 

Reported net profit was DKK 5,471m (2012: DKK 5,607m). Net profit in 2012 was positively impacted by the disposal of the Copenhagen brewery site. 

Adjusted net profit (adjusted for post-tax impact of special items) grew by 5% to DKK 5,795m versus DKK 5,504m last year. 

## 1.1 ACCOUNTING POLICIES 

Growth represents the combined effect of the following three elements: acquisitions, foreign exchange effects and organic growth. The acquisition effect is calculated as the effect of acquisitions and divestments, including any ad- ditional share obtained from increased owner- ship of proportionately consolidated entities and associates for a 12-month period from the acquisition date. The foreign exchange effect is the difference between the figures for the current reporting period translated at the exchange rates applying to the previous reporting period and at the rates applying to the current reporting period. Organic growth is the remaining growth that is not related to acquisitions, divestments or foreign exchange effects. 

