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## STRUCTURAL CHANGES 

During the year, we took several steps in Asia to further strengthen the Carlsberg Group’s growth profile. 

In China, we initiated the construction of a new brewery in the Yunnan province in October. The brewery is expected to be operational in 2015. During the year, we increased our share- holdings in the Qinghai and Lanzhou joint ventures to 50%. In December, we finalised the partial takeover offer for the shares in Chongqing Brewery Company and now own 60% of the company. Also in December, we announced the purchase of 100% of Chong- qing Beer Group Assets Management, further expanding our footprint in China. The approvals for that transaction are still pending. 

In August, we started the construction of the first international brewery in Myanmar. The brewery is expected to be operational in the second half of 2014. 

Finally, in Laos we increased our shareholding in Lao Brewery by 10% to 61% and in Tibet, we increased our shareholding in Lhasa Brewery to 50%. 

## LOOKING AHEAD 

In 2014 and beyond, we will continue to in- vest in growth and efficiency opportunities, and build on the strengths of the Carlsberg Group to ensure that we capture both the short- and longer-term opportunities that are present in our markets. To do so, we will further develop and invest in our Asian busi- ness to ensure that we continuously position it to capture the growth opportunities in the region. In Western Europe, we will change our business model and organisation, and drive the ongoing efficiency improvements 

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while maintaining a focused commercial agenda that will further strengthen our business and the region’s profitability. And in Russia, we will utilise the strength of our Russian brand portfolio, route-to-market, innovation capabilities and execution skills to further strengthen our market position and improve profitability. 

We will continue our tight cost agenda across all markets and functions to ensure that the 

Group delivers earnings growth. In 2014, the focus on strong execution, both internally and externally, will be even more important as we assume significant headwind from currencies. 

## THANK YOU 

I would like to extend my appreciation to the Group’s employees around the world for their hard work and burning passion for our company. Our employees are instrumental in 

the Group achieving its goals and ambitions. I would also like to thank our shareholders for their support, and our customers, partners and suppliers for their cooperation. 

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