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## Letter to the Shareholders 

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The financial year 2001 proved to be another very busy year. Carlsberg Breweries was officially established on 13 February and the formation of one of the worldGLYPH<213>s largest breweries thus became a reality. Carlsberg is now better prepared than ever to meet the substantial challenges in a highly competitive market. 

Carlsberg A/SGLYPH<213> share of the profit for the year amounted to DKK 1.5bn, which is slightly above expectations. 

## Earnings 

The financial year 1999/2000 covered 15 months as the financial year was changed on 1 January 2001 to follow the calendar year. The financial year 2001 thus covers 12 months. 

Operating profit amounted to DKK 3.4bn, cor- responding to a rise of 16% (or 63% when com- pared to a corresponding 12-month period). Profit before tax totalled DKK 3.4bn, corresponding to an increase of 6% (or +48% when compared to a corresponding 12-month period). Group profit, or 

profit after tax, amounted to DKK 2.6bn, which is an increase of 17% (61% when compared to a corresponding 12-month period). 

In general, the upward trend in earnings is the result of considerable growth in the operations in Eastern Europe, including the addition of OrklaGLYPH<213>s beverage activities, as well as an active adjust- ment of capacity and costs within all companies and increased focus on the strengthening of the Carlsberg brand profile. 

Carlsberg A/SGLYPH<213> share of profit for the year per share amounted to DKK 23.6 against DKK 26.7. When comparing with a corresponding 12-month period and excluding special items and non-recur- ring gains from the sale of shares in Thai brewer- 

