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2010 Annual Report Carlsberg A/S&lt;br /&gt; &lt;br /&gt; Great people. Great brands.&lt;br /&gt; Great moments. Founded on the motto,&lt;br /&gt; Semper Ardens &ndash; Always Burning &ndash; we never&lt;br /&gt; settle, but always thirst for the better. We&lt;br /&gt; are stronger together because we share best&lt;br /&gt; practices, ideas, and successes. We brand as&lt;br /&gt; many, but stand as one. With the courage&lt;br /&gt; to dare, to try, to take risks, we constantly&lt;br /&gt; raise the bar. We don&rsquo;t stop at brewing great&lt;br /&gt; beer. We brew a greater future &ndash; for our&lt;br /&gt; consumers and customers, our communities,&lt;br /&gt; and our people. This passion will continue&lt;br /&gt; to burn and forever keep us thirsty.&lt;br /&gt; 2&lt;br /&gt; &lt;br /&gt; Our markets1&lt;br /&gt; &lt;br /&gt; The Baltic States&lt;br /&gt; &lt;br /&gt; &lt;br /&gt; United Ki<a title="Carlsberg A/S Annual Report 2010 page 1" href="http://viewer.zmags.com/publication/48e22be6?page=1">2010 Annual Report Carlsberg A/S </a> 2010 Annual Report Carlsberg A/S <a title="Carlsberg A/S Annual Report 2010 page 2" href="http://viewer.zmags.com/publication/48e22be6?page=2"> Great people. Grea</a> Great people. Grea<a title="Carlsberg A/S Annual Report 2010 page 3" href="http://viewer.zmags.com/publication/48e22be6?page=3">2Our markets1The Baltic StatesUnited Kingd</a> 2Our markets1The Baltic StatesUnited Kingd<a title="Carlsberg A/S Annual Report 2010 page 4" href="http://viewer.zmags.com/publication/48e22be6?page=4">3South East EuropeKazakhstan</a> 3South East EuropeKazakhstan<a title="Carlsberg A/S Annual Report 2010 page 5" href="http://viewer.zmags.com/publication/48e22be6?page=5">Volume </a> Volume <a title="Carlsberg A/S Annual Report 2010 page 6" href="http://viewer.zmags.com/publication/48e22be6?page=6">DISCLAIMERThis Annual Report contains forward-l</a> DISCLAIMERThis Annual Report contains forward-l<a title="Carlsberg A/S Annual Report 2010 page 7" href="http://viewer.zmags.com/publication/48e22be6?page=7">06 MANAGEMEN</a> 06 MANAGEMEN<a title="Carlsberg A/S Annual Report 2010 page 8" href="http://viewer.zmags.com/publication/48e22be6?page=8">6 Management review</a> 6 Management review<a title="Carlsberg A/S Annual Report 2010 page 9" href="http://viewer.zmags.com/publication/48e22be6?page=9">J&Oslash;rgen Buhl RasmussenPresident, CEO</a> J&Oslash;rgen Buhl RasmussenPresident, CEO<a title="Carlsberg A/S Annual Report 2010 page 10" href="http://viewer.zmags.com/publication/48e22be6?page=10">8 Management reviewGroup</a> 8 Management reviewGroup<a title="Carlsberg A/S Annual Report 2010 page 11" href="http://viewer.zmags.com/publication/48e22be6?page=11">the Wusu Xinjiang Beer Group in China&rsquo;s Xinjiang</a> the Wusu Xinjiang Beer Group in China&rsquo;s Xinjiang<a title="Carlsberg A/S Annual Report 2010 page 12" href="http://viewer.zmags.com/publication/48e22be6?page=12">CAMBODIAOur Cambodian business,Cambrew, was hig</a> CAMBODIAOur Cambodian business,Cambrew, was hig<a title="Carlsberg A/S Annual Report 2010 page 13" href="http://viewer.zmags.com/publication/48e22be6?page=13">Carlsberg Annual Report 2010 11</a> Carlsberg Annual Report 2010 11<a title="Carlsberg A/S Annual Report 2010 page 14" href="http://viewer.zmags.com/publication/48e22be6?page=14">12 Management review</a> 12 Management review<a title="Carlsberg A/S Annual Report 2010 page 15" href="http://viewer.zmags.com/publication/48e22be6?page=15">UKThe UK on-trade sector hasbeen declining for </a> UKThe UK on-trade sector hasbeen declining for <a title="Carlsberg A/S Annual Report 2010 page 16" href="http://viewer.zmags.com/publication/48e22be6?page=16">14 Management reviewOpera</a> 14 Management reviewOpera<a title="Carlsberg A/S Annual Report 2010 page 17" href="http://viewer.zmags.com/publication/48e22be6?page=17">AN EXTRAORDINARY The Group&rsquo;s plans fo</a> AN EXTRAORDINARY The Group&rsquo;s plans fo<a title="Carlsberg A/S Annual Report 2010 page 18" href="http://viewer.zmags.com/publication/48e22be6?page=18">RUSSIAEvery year, summer beerand kvas festivals</a> RUSSIAEvery year, summer beerand kvas festivals<a title="Carlsberg A/S Annual Report 2010 page 19" href="http://viewer.zmags.com/publication/48e22be6?page=19">-5%. As the Group increased prices in Q4 2009ahe</a> -5%. As the Group increased prices in Q4 2009ahe<a title="Carlsberg A/S Annual Report 2010 page 20" href="http://viewer.zmags.com/publication/48e22be6?page=20">18 Management review</a> 18 Management review<a title="Carlsberg A/S Annual Report 2010 page 21" href="http://viewer.zmags.com/publication/48e22be6?page=21">LAOS </a> LAOS <a title="Carlsberg A/S Annual Report 2010 page 22" href="http://viewer.zmags.com/publication/48e22be6?page=22">CHINAWith its flagship brandCarlsberg and the l</a> CHINAWith its flagship brandCarlsberg and the l<a title="Carlsberg A/S Annual Report 2010 page 23" href="http://viewer.zmags.com/publication/48e22be6?page=23">A VIEW BY CANADEAN Canadean is a globa</a> A VIEW BY CANADEAN Canadean is a globa<a title="Carlsberg A/S Annual Report 2010 page 24" href="http://viewer.zmags.com/publication/48e22be6?page=24">22 Management review</a> 22 Management review<a title="Carlsberg A/S Annual Report 2010 page 25" href="http://viewer.zmags.com/publication/48e22be6?page=25">UKRAINELvivske is the oldest beerbrand in Ukrai</a> UKRAINELvivske is the oldest beerbrand in Ukrai<a title="Carlsberg A/S Annual Report 2010 page 26" href="http://viewer.zmags.com/publication/48e22be6?page=26">24 Management reviewPeople&bull; </a> 24 Management reviewPeople&bull; <a title="Carlsberg A/S Annual Report 2010 page 27" href="http://viewer.zmags.com/publication/48e22be6?page=27">Carlsberg Annual Report 2010 25</a> Carlsberg Annual Report 2010 25<a title="Carlsberg A/S Annual Report 2010 page 28" href="http://viewer.zmags.com/publication/48e22be6?page=28">26 Management reviewProducts and inno</a> 26 Management reviewProducts and inno<a title="Carlsberg A/S Annual Report 2010 page 29" href="http://viewer.zmags.com/publication/48e22be6?page=29">EVEEve was originallydeveloped in Switzerlands</a> EVEEve was originallydeveloped in Switzerlands<a title="Carlsberg A/S Annual Report 2010 page 30" href="http://viewer.zmags.com/publication/48e22be6?page=30">28 Management reviewStructure and soc</a> 28 Management reviewStructure and soc<a title="Carlsberg A/S Annual Report 2010 page 31" href="http://viewer.zmags.com/publication/48e22be6?page=31">Carlsberg Annual Report 2010 29</a> Carlsberg Annual Report 2010 29<a title="Carlsberg A/S Annual Report 2010 page 32" href="http://viewer.zmags.com/publication/48e22be6?page=32">30 Management review</a> 30 Management review<a title="Carlsberg A/S Annual Report 2010 page 33" href="http://viewer.zmags.com/publication/48e22be6?page=33">EUROPE &ndash; PROMOTINGRESPONSIBLE DRINKINGAT FESTIV</a> EUROPE &ndash; PROMOTINGRESPONSIBLE DRINKINGAT FESTIV<a title="Carlsberg A/S Annual Report 2010 page 34" href="http://viewer.zmags.com/publication/48e22be6?page=34">32 Management review</a> 32 Management review<a title="Carlsberg A/S Annual Report 2010 page 35" href="http://viewer.zmags.com/publication/48e22be6?page=35">LogisticsOptimisation of logisti</a> LogisticsOptimisation of logisti<a title="Carlsberg A/S Annual Report 2010 page 36" href="http://viewer.zmags.com/publication/48e22be6?page=36">34 Management review</a> 34 Management review<a title="Carlsberg A/S Annual Report 2010 page 37" href="http://viewer.zmags.com/publication/48e22be6?page=37">Carlsberg Annual Report 2010 35</a> Carlsberg Annual Report 2010 35<a title="Carlsberg A/S Annual Report 2010 page 38" href="http://viewer.zmags.com/publication/48e22be6?page=38">36 Management reviewHigh r</a> 36 Management reviewHigh r<a title="Carlsberg A/S Annual Report 2010 page 39" href="http://viewer.zmags.com/publication/48e22be6?page=39">RUSSIAThe off-trade channelrepresents 92% of to</a> RUSSIAThe off-trade channelrepresents 92% of to<a title="Carlsberg A/S Annual Report 2010 page 40" href="http://viewer.zmags.com/publication/48e22be6?page=40">38 Management review</a> 38 Management review<a title="Carlsberg A/S Annual Report 2010 page 41" href="http://viewer.zmags.com/publication/48e22be6?page=41">Shareholders and capital structureCarlsberg aim</a> Shareholders and capital structureCarlsberg aim<a title="Carlsberg A/S Annual Report 2010 page 42" href="http://viewer.zmags.com/publication/48e22be6?page=42">40 Management revieware dis</a> 40 Management revieware dis<a title="Carlsberg A/S Annual Report 2010 page 43" href="http://viewer.zmags.com/publication/48e22be6?page=43">The Supervisory Board&rsquo;s Rules of Procedure set ou</a> The Supervisory Board&rsquo;s Rules of Procedure set ou<a title="Carlsberg A/S Annual Report 2010 page 44" href="http://viewer.zmags.com/publication/48e22be6?page=44">42 Management reviewNeithe</a> 42 Management reviewNeithe<a title="Carlsberg A/S Annual Report 2010 page 45" href="http://viewer.zmags.com/publication/48e22be6?page=45">Information and communicationThe Group has estab</a> Information and communicationThe Group has estab<a title="Carlsberg A/S Annual Report 2010 page 46" href="http://viewer.zmags.com/publication/48e22be6?page=46">44 Management review</a> 44 Management review<a title="Carlsberg A/S Annual Report 2010 page 47" href="http://viewer.zmags.com/publication/48e22be6?page=47">J&Oslash;rn Tolstrup RohdeSenior Vic</a> J&Oslash;rn Tolstrup RohdeSenior Vic<a title="Carlsberg A/S Annual Report 2010 page 48" href="http://viewer.zmags.com/publication/48e22be6?page=48">46 Management review</a> 46 Management review<a title="Carlsberg A/S Annual Report 2010 page 49" href="http://viewer.zmags.com/publication/48e22be6?page=49">Management holdings of Carlsberg sharesAt the e</a> Management holdings of Carlsberg sharesAt the e<a title="Carlsberg A/S Annual Report 2010 page 50" href="http://viewer.zmags.com/publication/48e22be6?page=50">48 Management review</a> 48 Management review<a title="Carlsberg A/S Annual Report 2010 page 51" href="http://viewer.zmags.com/publication/48e22be6?page=51">of 2009. The reduction was as expected due to the</a> of 2009. The reduction was as expected due to the<a title="Carlsberg A/S Annual Report 2010 page 52" href="http://viewer.zmags.com/publication/48e22be6?page=52"></a> <a title="Carlsberg A/S Annual Report 2010 page 53" href="http://viewer.zmags.com/publication/48e22be6?page=53">LTATEENTS</a> LTATEENTS<a title="Carlsberg A/S Annual Report 2010 page 54" href="http://viewer.zmags.com/publication/48e22be6?page=54">54 CARLSBER</a> 54 CARLSBER<a title="Carlsberg A/S Annual Report 2010 page 55" href="http://viewer.zmags.com/publication/48e22be6?page=55"> 6 1 NOTE 1 SIGNIFICANT ACCOUNTING ESTIMATE</a> 6 1 NOTE 1 SIGNIFICANT ACCOUNTING ESTIMATE<a title="Carlsberg A/S Annual Report 2010 page 56" href="http://viewer.zmags.com/publication/48e22be6?page=56">54 Carlsberg GroupIncome statement</a> 54 Carlsberg GroupIncome statement<a title="Carlsberg A/S Annual Report 2010 page 57" href="http://viewer.zmags.com/publication/48e22be6?page=57">Carlsberg Annual Report 2010 55Stat</a> Carlsberg Annual Report 2010 55Stat<a title="Carlsberg A/S Annual Report 2010 page 58" href="http://viewer.zmags.com/publication/48e22be6?page=58">56 Carlsberg GroupStatement of fina</a> 56 Carlsberg GroupStatement of fina<a title="Carlsberg A/S Annual Report 2010 page 59" href="http://viewer.zmags.com/publication/48e22be6?page=59">Carlsberg Annual Report 2010 57</a> Carlsberg Annual Report 2010 57<a title="Carlsberg A/S Annual Report 2010 page 60" href="http://viewer.zmags.com/publication/48e22be6?page=60">58 Carlsberg GroupStatement of chan</a> 58 Carlsberg GroupStatement of chan<a title="Carlsberg A/S Annual Report 2010 page 61" href="http://viewer.zmags.com/publication/48e22be6?page=61">Carlsberg Annual Report 2010 59</a> Carlsberg Annual Report 2010 59<a title="Carlsberg A/S Annual Report 2010 page 62" href="http://viewer.zmags.com/publication/48e22be6?page=62">60 Carlsberg GroupStatement of cash</a> 60 Carlsberg GroupStatement of cash<a title="Carlsberg A/S Annual Report 2010 page 63" href="http://viewer.zmags.com/publication/48e22be6?page=63">Carlsberg Annual Report 2010 61Not</a> Carlsberg Annual Report 2010 61Not<a title="Carlsberg A/S Annual Report 2010 page 64" href="http://viewer.zmags.com/publication/48e22be6?page=64">62 Carlsberg GroupNOTE 1 SIGNIFI</a> 62 Carlsberg GroupNOTE 1 SIGNIFI<a title="Carlsberg A/S Annual Report 2010 page 65" href="http://viewer.zmags.com/publication/48e22be6?page=65">Carlsberg Annual Report 2010 63NO</a> Carlsberg Annual Report 2010 63NO<a title="Carlsberg A/S Annual Report 2010 page 66" href="http://viewer.zmags.com/publication/48e22be6?page=66">64 Carlsberg GroupNOTE 1 SIGNIFI</a> 64 Carlsberg GroupNOTE 1 SIGNIFI<a title="Carlsberg A/S Annual Report 2010 page 67" href="http://viewer.zmags.com/publication/48e22be6?page=67">Carlsberg Annual Report 2010 65NO</a> Carlsberg Annual Report 2010 65NO<a title="Carlsberg A/S Annual Report 2010 page 68" href="http://viewer.zmags.com/publication/48e22be6?page=68">66 Carlsberg GroupNOTE 2 SEGMENT</a> 66 Carlsberg GroupNOTE 2 SEGMENT<a title="Carlsberg A/S Annual Report 2010 page 69" href="http://viewer.zmags.com/publication/48e22be6?page=69">Carlsberg Annual Report 2010 67NO</a> Carlsberg Annual Report 2010 67NO<a title="Carlsberg A/S Annual Report 2010 page 70" href="http://viewer.zmags.com/publication/48e22be6?page=70">68 Carlsberg GroupNOTE 7 SPECIAL</a> 68 Carlsberg GroupNOTE 7 SPECIAL<a title="Carlsberg A/S Annual Report 2010 page 71" href="http://viewer.zmags.com/publication/48e22be6?page=71">Carlsberg Annual Report 2010 69NO</a> Carlsberg Annual Report 2010 69NO<a title="Carlsberg A/S Annual Report 2010 page 72" href="http://viewer.zmags.com/publication/48e22be6?page=72">70 Carlsberg GroupNOTE 9 CORPORA</a> 70 Carlsberg GroupNOTE 9 CORPORA<a title="Carlsberg A/S Annual Report 2010 page 73" href="http://viewer.zmags.com/publication/48e22be6?page=73">Carlsberg Annual Report 2010 71N</a> Carlsberg Annual Report 2010 71N<a title="Carlsberg A/S Annual Report 2010 page 74" href="http://viewer.zmags.com/publication/48e22be6?page=74">72 Carlsberg GroupNOTE 12 STAFF </a> 72 Carlsberg GroupNOTE 12 STAFF <a title="Carlsberg A/S Annual Report 2010 page 75" href="http://viewer.zmags.com/publication/48e22be6?page=75">Carlsberg Annual Report 2010 73NO</a> Carlsberg Annual Report 2010 73NO<a title="Carlsberg A/S Annual Report 2010 page 76" href="http://viewer.zmags.com/publication/48e22be6?page=76">74 Carlsberg GroupNOTE 13 SHARE-</a> 74 Carlsberg GroupNOTE 13 SHARE-<a title="Carlsberg A/S Annual Report 2010 page 77" href="http://viewer.zmags.com/publication/48e22be6?page=77">Carlsberg Annual Report 2010 75NO</a> Carlsberg Annual Report 2010 75NO<a title="Carlsberg A/S Annual Report 2010 page 78" href="http://viewer.zmags.com/publication/48e22be6?page=78">76 Carlsberg GroupNOTE 13 SHARE-</a> 76 Carlsberg GroupNOTE 13 SHARE-<a title="Carlsberg A/S Annual Report 2010 page 79" href="http://viewer.zmags.com/publication/48e22be6?page=79">Carlsberg Annual Report 2010 77NO</a> Carlsberg Annual Report 2010 77NO<a title="Carlsberg A/S Annual Report 2010 page 80" href="http://viewer.zmags.com/publication/48e22be6?page=80">78 Carlsberg GroupNOTE 15 IMPAIR</a> 78 Carlsberg GroupNOTE 15 IMPAIR<a title="Carlsberg A/S Annual Report 2010 page 81" href="http://viewer.zmags.com/publication/48e22be6?page=81">Carlsberg Annual Report 2010 79NO</a> Carlsberg Annual Report 2010 79NO<a title="Carlsberg A/S Annual Report 2010 page 82" href="http://viewer.zmags.com/publication/48e22be6?page=82">80 Carlsberg GroupNOTE 15 IMPAIR</a> 80 Carlsberg GroupNOTE 15 IMPAIR<a title="Carlsberg A/S Annual Report 2010 page 83" href="http://viewer.zmags.com/publication/48e22be6?page=83">Carlsberg Annual Report 2010 81N</a> Carlsberg Annual Report 2010 81N<a title="Carlsberg A/S Annual Report 2010 page 84" href="http://viewer.zmags.com/publication/48e22be6?page=84">82 Carlsberg GroupNOTE 16 PROPER</a> 82 Carlsberg GroupNOTE 16 PROPER<a title="Carlsberg A/S Annual Report 2010 page 85" href="http://viewer.zmags.com/publication/48e22be6?page=85">Carlsberg Annual Report 2010 83NO</a> Carlsberg Annual Report 2010 83NO<a title="Carlsberg A/S Annual Report 2010 page 86" href="http://viewer.zmags.com/publication/48e22be6?page=86">84 Carlsberg GroupNOTE 17 ASSOCI</a> 84 Carlsberg GroupNOTE 17 ASSOCI<a title="Carlsberg A/S Annual Report 2010 page 87" href="http://viewer.zmags.com/publication/48e22be6?page=87">Carlsberg Annual Report 2010 85NO</a> Carlsberg Annual Report 2010 85NO<a title="Carlsberg A/S Annual Report 2010 page 88" href="http://viewer.zmags.com/publication/48e22be6?page=88">86 Carlsberg GroupNOTE 22 ASSETS</a> 86 Carlsberg GroupNOTE 22 ASSETS<a title="Carlsberg A/S Annual Report 2010 page 89" href="http://viewer.zmags.com/publication/48e22be6?page=89">Carlsberg Annual Report 2010 87NO</a> Carlsberg Annual Report 2010 87NO<a title="Carlsberg A/S Annual Report 2010 page 90" href="http://viewer.zmags.com/publication/48e22be6?page=90">88 Carlsberg GroupNOTE 24 BORROW</a> 88 Carlsberg GroupNOTE 24 BORROW<a title="Carlsberg A/S Annual Report 2010 page 91" href="http://viewer.zmags.com/publication/48e22be6?page=91">Carlsberg Annual Report 2010 89NO</a> Carlsberg Annual Report 2010 89NO<a title="Carlsberg A/S Annual Report 2010 page 92" href="http://viewer.zmags.com/publication/48e22be6?page=92">90 Carlsberg GroupNOTE 24 BORROW</a> 90 Carlsberg GroupNOTE 24 BORROW<a title="Carlsberg A/S Annual Report 2010 page 93" href="http://viewer.zmags.com/publication/48e22be6?page=93">Carlsberg Annual Report 2010 91N</a> Carlsberg Annual Report 2010 91N<a title="Carlsberg A/S Annual Report 2010 page 94" href="http://viewer.zmags.com/publication/48e22be6?page=94">92 Carlsberg GroupNOTE 25 RETIRE</a> 92 Carlsberg GroupNOTE 25 RETIRE<a title="Carlsberg A/S Annual Report 2010 page 95" href="http://viewer.zmags.com/publication/48e22be6?page=95">Carlsberg Annual Report 2010 93NO</a> Carlsberg Annual Report 2010 93NO<a title="Carlsberg A/S Annual Report 2010 page 96" href="http://viewer.zmags.com/publication/48e22be6?page=96">94 Carlsberg GroupNOTE 25 RETIRE</a> 94 Carlsberg GroupNOTE 25 RETIRE<a title="Carlsberg A/S Annual Report 2010 page 97" href="http://viewer.zmags.com/publication/48e22be6?page=97">Carlsberg Annual Report 2010 95NO</a> Carlsberg Annual Report 2010 95NO<a title="Carlsberg A/S Annual Report 2010 page 98" href="http://viewer.zmags.com/publication/48e22be6?page=98">96 Carlsberg GroupNOTE 27 PROVIS</a> 96 Carlsberg GroupNOTE 27 PROVIS<a title="Carlsberg A/S Annual Report 2010 page 99" href="http://viewer.zmags.com/publication/48e22be6?page=99">Carlsberg Annual Report 2010 97NO</a> Carlsberg Annual Report 2010 97NO<a title="Carlsberg A/S Annual Report 2010 page 100" href="http://viewer.zmags.com/publication/48e22be6?page=100">98 Carlsberg GroupNOTE 30 ACQUIS</a> 98 Carlsberg GroupNOTE 30 ACQUIS<a title="Carlsberg A/S Annual Report 2010 page 101" href="http://viewer.zmags.com/publication/48e22be6?page=101">Carlsberg Annual Report 2010 99NO</a> Carlsberg Annual Report 2010 99NO<a title="Carlsberg A/S Annual Report 2010 page 102" href="http://viewer.zmags.com/publication/48e22be6?page=102">100 Carlsberg GroupNOTE 30 ACQUISI</a> 100 Carlsberg GroupNOTE 30 ACQUISI<a title="Carlsberg A/S Annual Report 2010 page 103" href="http://viewer.zmags.com/publication/48e22be6?page=103">Carlsberg Annual Report 2010 101NO</a> Carlsberg Annual Report 2010 101NO<a title="Carlsberg A/S Annual Report 2010 page 104" href="http://viewer.zmags.com/publication/48e22be6?page=104">102 Carlsberg GroupNOTE 33 SPECIF</a> 102 Carlsberg GroupNOTE 33 SPECIF<a title="Carlsberg A/S Annual Report 2010 page 105" href="http://viewer.zmags.com/publication/48e22be6?page=105">Carlsberg Annual Report 2010 103NO</a> Carlsberg Annual Report 2010 103NO<a title="Carlsberg A/S Annual Report 2010 page 106" href="http://viewer.zmags.com/publication/48e22be6?page=106">104 Carlsberg GroupNOTE 35 FINANC</a> 104 Carlsberg GroupNOTE 35 FINANC<a title="Carlsberg A/S Annual Report 2010 page 107" href="http://viewer.zmags.com/publication/48e22be6?page=107">Carlsberg Annual Report 2010 105NO</a> Carlsberg Annual Report 2010 105NO<a title="Carlsberg A/S Annual Report 2010 page 108" href="http://viewer.zmags.com/publication/48e22be6?page=108">106 Carlsberg GroupNOTE 35 FINANC</a> 106 Carlsberg GroupNOTE 35 FINANC<a title="Carlsberg A/S Annual Report 2010 page 109" href="http://viewer.zmags.com/publication/48e22be6?page=109">Carlsberg Annual Report 2010 107NO</a> Carlsberg Annual Report 2010 107NO<a title="Carlsberg A/S Annual Report 2010 page 110" href="http://viewer.zmags.com/publication/48e22be6?page=110">108 Carlsberg GroupNOTE 35 FINANCI</a> 108 Carlsberg GroupNOTE 35 FINANCI<a title="Carlsberg A/S Annual Report 2010 page 111" href="http://viewer.zmags.com/publication/48e22be6?page=111">Carlsberg Annual Report 2010 109NO</a> Carlsberg Annual Report 2010 109NO<a title="Carlsberg A/S Annual Report 2010 page 112" href="http://viewer.zmags.com/publication/48e22be6?page=112">110 Carlsberg GroupNOTE 35 FINANC</a> 110 Carlsberg GroupNOTE 35 FINANC<a title="Carlsberg A/S Annual Report 2010 page 113" href="http://viewer.zmags.com/publication/48e22be6?page=113">Carlsberg Annual Report 2010 111N</a> Carlsberg Annual Report 2010 111N<a title="Carlsberg A/S Annual Report 2010 page 114" href="http://viewer.zmags.com/publication/48e22be6?page=114">112 Carlsberg GroupNOTE 36 FINAN</a> 112 Carlsberg GroupNOTE 36 FINAN<a title="Carlsberg A/S Annual Report 2010 page 115" href="http://viewer.zmags.com/publication/48e22be6?page=115">Carlsberg Annual Report 2010 113N</a> Carlsberg Annual Report 2010 113N<a title="Carlsberg A/S Annual Report 2010 page 116" href="http://viewer.zmags.com/publication/48e22be6?page=116">114 Carlsberg GroupNOTE 39 OPERA</a> 114 Carlsberg GroupNOTE 39 OPERA<a title="Carlsberg A/S Annual Report 2010 page 117" href="http://viewer.zmags.com/publication/48e22be6?page=117">Carlsberg Annual Report 2010 115N</a> Carlsberg Annual Report 2010 115N<a title="Carlsberg A/S Annual Report 2010 page 118" href="http://viewer.zmags.com/publication/48e22be6?page=118">116 Carlsberg GroupNOTE 41 ACCOU</a> 116 Carlsberg GroupNOTE 41 ACCOU<a title="Carlsberg A/S Annual Report 2010 page 119" href="http://viewer.zmags.com/publication/48e22be6?page=119">Carlsberg Annual Report 2010 117N</a> Carlsberg Annual Report 2010 117N<a title="Carlsberg A/S Annual Report 2010 page 120" href="http://viewer.zmags.com/publication/48e22be6?page=120">118 Carlsberg GroupNOTE 41 ACCOUN</a> 118 Carlsberg GroupNOTE 41 ACCOUN<a title="Carlsberg A/S Annual Report 2010 page 121" href="http://viewer.zmags.com/publication/48e22be6?page=121">Carlsberg Annual Report 2010 119N</a> Carlsberg Annual Report 2010 119N<a title="Carlsberg A/S Annual Report 2010 page 122" href="http://viewer.zmags.com/publication/48e22be6?page=122">120 Carlsberg GroupNOTE 41 ACCOUN</a> 120 Carlsberg GroupNOTE 41 ACCOUN<a title="Carlsberg A/S Annual Report 2010 page 123" href="http://viewer.zmags.com/publication/48e22be6?page=123">Carlsberg Annual Report 2010 121N</a> Carlsberg Annual Report 2010 121N<a title="Carlsberg A/S Annual Report 2010 page 124" href="http://viewer.zmags.com/publication/48e22be6?page=124">122 Carlsberg GroupNOTE 41 ACCOUN</a> 122 Carlsberg GroupNOTE 41 ACCOUN<a title="Carlsberg A/S Annual Report 2010 page 125" href="http://viewer.zmags.com/publication/48e22be6?page=125">Carlsberg Annual Report 2010 123NO</a> Carlsberg Annual Report 2010 123NO<a title="Carlsberg A/S Annual Report 2010 page 126" href="http://viewer.zmags.com/publication/48e22be6?page=126">124 Carlsberg GroupNOTE 42 GROUP </a> 124 Carlsberg GroupNOTE 42 GROUP <a title="Carlsberg A/S Annual Report 2010 page 127" href="http://viewer.zmags.com/publication/48e22be6?page=127">Carlsberg Annual Report 2010 125NO</a> Carlsberg Annual Report 2010 125NO<a title="Carlsberg A/S Annual Report 2010 page 128" href="http://viewer.zmags.com/publication/48e22be6?page=128">128 </a> 128 <a title="Carlsberg A/S Annual Report 2010 page 129" href="http://viewer.zmags.com/publication/48e22be6?page=129">134 NOTE 1 SIGNIFICANT ACCOUNTING ESTIMATES </a> 134 NOTE 1 SIGNIFICANT ACCOUNTING ESTIMATES <a title="Carlsberg A/S Annual Report 2010 page 130" href="http://viewer.zmags.com/publication/48e22be6?page=130">128 Parent Company Carlsberg A/SInco</a> 128 Parent Company Carlsberg A/SInco<a title="Carlsberg A/S Annual Report 2010 page 131" href="http://viewer.zmags.com/publication/48e22be6?page=131">Carlsberg Annual Report 2010 129Stat</a> Carlsberg Annual Report 2010 129Stat<a title="Carlsberg A/S Annual Report 2010 page 132" href="http://viewer.zmags.com/publication/48e22be6?page=132">130 Parent Company Carlsberg A/SStat</a> 130 Parent Company Carlsberg A/SStat<a title="Carlsberg A/S Annual Report 2010 page 133" href="http://viewer.zmags.com/publication/48e22be6?page=133">Carlsberg Annual Report 2010 131</a> Carlsberg Annual Report 2010 131<a title="Carlsberg A/S Annual Report 2010 page 134" href="http://viewer.zmags.com/publication/48e22be6?page=134">132 Parent Company Carlsberg A/SStat</a> 132 Parent Company Carlsberg A/SStat<a title="Carlsberg A/S Annual Report 2010 page 135" href="http://viewer.zmags.com/publication/48e22be6?page=135">Carlsberg Annual Report 2010 133Stat</a> Carlsberg Annual Report 2010 133Stat<a title="Carlsberg A/S Annual Report 2010 page 136" href="http://viewer.zmags.com/publication/48e22be6?page=136">134 Parent Company Carlsberg A/SNote</a> 134 Parent Company Carlsberg A/SNote<a title="Carlsberg A/S Annual Report 2010 page 137" href="http://viewer.zmags.com/publication/48e22be6?page=137">Carlsberg Annual Report 2010 135NO</a> Carlsberg Annual Report 2010 135NO<a title="Carlsberg A/S Annual Report 2010 page 138" href="http://viewer.zmags.com/publication/48e22be6?page=138">136 Parent Company Carlsberg A/SNO</a> 136 Parent Company Carlsberg A/SNO<a title="Carlsberg A/S Annual Report 2010 page 139" href="http://viewer.zmags.com/publication/48e22be6?page=139">Carlsberg Annual Report 2010 137NO</a> Carlsberg Annual Report 2010 137NO<a title="Carlsberg A/S Annual Report 2010 page 140" href="http://viewer.zmags.com/publication/48e22be6?page=140">138 Parent Company Carlsberg A/SNO</a> 138 Parent Company Carlsberg A/SNO<a title="Carlsberg A/S Annual Report 2010 page 141" href="http://viewer.zmags.com/publication/48e22be6?page=141">Carlsberg Annual Report 2010 139NO</a> Carlsberg Annual Report 2010 139NO<a title="Carlsberg A/S Annual Report 2010 page 142" href="http://viewer.zmags.com/publication/48e22be6?page=142">140 Parent Company Carlsberg A/SNO</a> 140 Parent Company Carlsberg A/SNO<a title="Carlsberg A/S Annual Report 2010 page 143" href="http://viewer.zmags.com/publication/48e22be6?page=143">Carlsberg Annual Report 2010 141N</a> Carlsberg Annual Report 2010 141N<a title="Carlsberg A/S Annual Report 2010 page 144" href="http://viewer.zmags.com/publication/48e22be6?page=144">142 Parent Company Carlsberg A/SNO</a> 142 Parent Company Carlsberg A/SNO<a title="Carlsberg A/S Annual Report 2010 page 145" href="http://viewer.zmags.com/publication/48e22be6?page=145">Carlsberg Annual Report 2010 143NO</a> Carlsberg Annual Report 2010 143NO<a title="Carlsberg A/S Annual Report 2010 page 146" href="http://viewer.zmags.com/publication/48e22be6?page=146">144 Parent Company Carlsberg A/SNO</a> 144 Parent Company Carlsberg A/SNO<a title="Carlsberg A/S Annual Report 2010 page 147" href="http://viewer.zmags.com/publication/48e22be6?page=147">Carlsberg Annual Report 2010 145NO</a> Carlsberg Annual Report 2010 145NO<a title="Carlsberg A/S Annual Report 2010 page 148" href="http://viewer.zmags.com/publication/48e22be6?page=148">146 Parent Company Carlsberg A/SNO</a> 146 Parent Company Carlsberg A/SNO<a title="Carlsberg A/S Annual Report 2010 page 149" href="http://viewer.zmags.com/publication/48e22be6?page=149">Carlsberg Annual Report 2010 147NO</a> Carlsberg Annual Report 2010 147NO<a title="Carlsberg A/S Annual Report 2010 page 150" href="http://viewer.zmags.com/publication/48e22be6?page=150">148 Parent Company Carlsberg A/SNO</a> 148 Parent Company Carlsberg A/SNO<a title="Carlsberg A/S Annual Report 2010 page 151" href="http://viewer.zmags.com/publication/48e22be6?page=151">Carlsberg Annual Report 2010 149NO</a> Carlsberg Annual Report 2010 149NO<a title="Carlsberg A/S Annual Report 2010 page 152" href="http://viewer.zmags.com/publication/48e22be6?page=152">150 Parent Company Carlsberg A/SNO</a> 150 Parent Company Carlsberg A/SNO<a title="Carlsberg A/S Annual Report 2010 page 153" href="http://viewer.zmags.com/publication/48e22be6?page=153"></a> <a title="Carlsberg A/S Annual Report 2010 page 154" href="http://viewer.zmags.com/publication/48e22be6?page=154">DRAUGHTMASTER&trade;Improved draught beerexperience i</a> DRAUGHTMASTER&trade;Improved draught beerexperience i<a title="Carlsberg A/S Annual Report 2010 page 155" href="http://viewer.zmags.com/publication/48e22be6?page=155">Carlsberg Annual Report 2010 153</a> Carlsberg Annual Report 2010 153<a title="Carlsberg A/S Annual Report 2010 page 156" href="http://viewer.zmags.com/publication/48e22be6?page=156">154 Management statement and Auditors&rsquo; re</a> 154 Management statement and Auditors&rsquo; re<a title="Carlsberg A/S Annual Report 2010 page 157" href="http://viewer.zmags.com/publication/48e22be6?page=157">Carlsberg Annual Report 2010 155</a> Carlsberg Annual Report 2010 155<a title="Carlsberg A/S Annual Report 2010 page 158" href="http://viewer.zmags.com/publication/48e22be6?page=158">156 Supervisory Board</a> 156 Supervisory Board<a title="Carlsberg A/S Annual Report 2010 page 159" href="http://viewer.zmags.com/publication/48e22be6?page=159">Kees van der GraafBorn 1950. </a> Kees van der GraafBorn 1950. <a title="Carlsberg A/S Annual Report 2010 page 160" href="http://viewer.zmags.com/publication/48e22be6?page=160">We brand as many, but stand as one</a> We brand as many, but stand as one<a title="Carlsberg A/S Annual Report 2010 page 161" href="http://viewer.zmags.com/publication/48e22be6?page=161">INTERNATIONAL BRANDS</a> INTERNATIONAL BRANDS<a title="Carlsberg A/S Annual Report 2010 page 162" href="http://viewer.zmags.com/publication/48e22be6?page=162">EASTERN EUROPENORTHERN &amp; WESTERN </a> EASTERN EUROPENORTHERN &amp; WESTERN <a title="Carlsberg A/S Annual Report 2010 page 163" href="http://viewer.zmags.com/publication/48e22be6?page=163">Carlsberg A/S100 Ny Carlsberg Vej1799 Copenhage</a> Carlsberg A/S100 Ny Carlsberg Vej1799 Copenhage