## General accounting policies 

The 2013 consolidated financial statements of the Carlsberg Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and Danish disclosure requirements for listed companies, cf. the statutory order pursuant to the Danish Financial State- ments Act. 

The consolidated financial statements are presented in Danish kroner (DKK), which is the Parent Company’s functional currency. 

The consolidated financial statements have been prepared on the historical cost basis except for the following assets and liabilities measured at fair value: derivative financial instruments, financial instruments in the trading portfolio and financial instru- ments classified as available-for-sale. 

Non-current assets and disposal groups classified as held for sale are measured at the lower of the carrying amount before the changed classification and fair value less costs to sell. 

## CHANGED ACCOUNTING POLICIES AND PRESENTATION OF THE ANNUAL REPORT 2013 

Apart from the implementation of the amended IAS 19 “Employee Benefits”, the Annual Report has been prepared using the same accounting policies for recogni- tion and measurement as those applied to the consolidated financial statements for 2012. The amended standard has changed the recognition of the expected return on pension plan assets. Under the changed accounting policy applicable from 1 January 2013, the expected return on plan assets is calculated on the basis of the discount rate used to measure retirement benefit obliga- tions, whereas previously the return was based on the expected return on the specific plan assets. The change did not have any significant impact on the Annual Report. 

The presentation format has been changed for the Annual Report 2013, resulting in minor changes to the classification of elements in the financial statements. Furthermore, the structure of the explanatory notes has been changed significantly to improve the informa- 

tion provided. The comparative figures have been restated accordingly. 

Furthermore, the Carlsberg Group has changed the presentation of listing fees in Russia as of 1 January 2013. Following changes in Russian marketing regulation, the nature of the cooperation with and services provided by retailers has changed. Specific listing fees closely related to the sale of beer are therefore now presented as discounts that reduce net revenue. Listing fees in Russia were previously included in sales and distri- bution expenses in line with the main nature of the activities. Comparative figures for 2012 have been restated accordingly. 

IFRS 13 “Fair Value Measurement” and the amendments to IAS 1 “Other Comprehensive Income”, IFRS 7 “Disclosures – Offsetting Financial Assets and Financial Liabilities” and IAS 32 “Offsetting Financial Assets and Financial Liabilities”, and the “Annual Improvements to IFRSs 2009-2011” have been implemented from 1 January 2013. The new and amended standards have changed the presentation of other comprehensive 

income. The changes did not have any significant impact on the Annual Report. 

The accounting policies set out below have been used consistently in respect of the financial year and the comparative figures. 

## CONSOLIDATED FINANCIAL STATEMENTS 

The consolidated financial statements comprise the Parent Company, Carlsberg A/S, and sub- sidiaries in which Carlsberg A/S has control, i.e. the power to govern the financial and operat- ing policies. Control is obtained when Carlsberg A/S directly or indirectly owns or controls more than 50% of the voting rights in the subsidiary or has control in some other way. 

Entities over which the Group exercises a significant influence, but which it does not control, are considered associates. Significant influence is generally obtained by direct or indirect ownership or control of more than 20% but less than 50% of the voting rights. When assessing whether Carlsberg A/S exer- cises control or significant influence, potential voting rights exercisable at the end of the reporting period are taken into account. 

