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The Group’s business is highly seasonal in nature, generating close to 70% of operating profit during the peak summer months of the second and third quarters, while approximately 25% of operating profit is generated in the fourth quarter. More details on the Group’s operating activities are included in section 1 in the consolidated financial statements. 

## INCOME STATEMENT 

In 2013, the Group’s net revenue was flat ver- sus 2012. Organic growth was 1% as a result of total beverage volume at -1% and price/ mix at 2%. The impact from currencies was -3% and the net acquisition impact +2%. The negative currency impact was mainly due to weaker currencies in Russia, Malawi, Nor- way, the UK and several Asian countries. 

Cost of goods sold per hl declined slightly in reported terms, while organically it increased by approximately 1%. Due to the positive price/mix, gross profit per hl grew organically by approximately 5%. Reported total gross profit was up 1%, leading to a gross margin improvement of 40bp to 49.5%. 

Marketing, sales and distribution expenses were DKK 18,717m, slightly down on 2012. Administrative expenses were impacted by 

BSP1-related costs of approximately DKK 350m and amounted to DKK 4,502m, which was an increase of DKK 317m compared to 2012. Other operating activities, net were DKK 17m (DKK 145m in 2012). Total operat- ing expenses thus increased by 1%. Exclud- ing BSP1-related costs, they declined by 1%, driven by tight cost control in all areas. The Group’s share of profit after tax in associates was DKK 116m (DKK 108m in 2012). 

Consequently, reported operating profit grew 1% to DKK 9,844m, while organic growth was 5%. Adjusted for the BSP1-related costs and the French stocking movements, organic operating profit growth was 11%. 

All three regions delivered organic operating profit growth, with particularly strong growth in Asia. Reported operating margin increased by 10bp to 14.8%. 

## SEGMENT REPORTING BY QUARTER 

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Net special items (pre-tax) include costs related to restructuring measures across the Group and amounted to DKK -466m against DKK 85m in 2012. In 2012, special items were positively impacted by DKK 1.7bn related to the sale of the Copenhagen brewery site. A specification of special items is included in section 3 in the consolidated financial statements. 

Net financial items were positively impacted by lower average funding costs and amounted to DKK -1,533m against DKK -1,772m in 2012. Net interest costs were DKK -1,419m com- pared to DKK -1,560m in 2012, and other net financial items were DKK -114m against DKK -212m last year. 

