## Basis for preparation 

## Key developments 2013 

## New presentation of financial statements and explanatory notes 

The presentation of the financial statements for 2013 has been changed to improve the information and provide a better presentation of the financial flows. 

## Change in presentation of listing fees 

As a result of changes in the Russian retail landscape as well as recent changes in marketing regulation, the Group has changed the presentation of listing fees. 

## Significant accounting estimates 

In preparing the Carlsberg Group’s consolidated financial statements, management makes various accounting estimates, judgements and assumptions which form the basis of presenta- tion, recognition and measurement of the Group’s assets and liabilities. 

The judgements, estimates and assumptions made are based on historical experience and other factors which management assesses to be reliable, but which, by their very na- ture, are associated with uncertainty and un- predictability. These assumptions may prove incomplete or incorrect, and unexpected events or circumstances may arise. 

The significant accounting estimates and judgements made and the accounting pol- icies specific to the income statement, state- ment of financial position and statement of cash flows are presented in the explanatory notes in section 1-7: 

Business combinations:  SECTION 5 

Impairment testing:  SECTION 2 

Useful life and residual value of intangible assets with finite useful life and property, plant and equipment:  SECTION 2 

Restructurings : SECTION 3 

Provisions and contingencies : SECTION 3 

Receivables:  SECTION 1 

Deferred tax assets:  SECTION 6 

Retirement benefit obligations and similar obligations :  SECTION 7 

