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CARLSBERG A/S ANNUAL REPORT 2009The Carlsberg Group is one of the leading brewery&lt;br /&gt; groups in the world, with a large portfolio of beer&lt;br /&gt; and other beverage brands.&lt;br /&gt; The flagship brand &ndash; Carlsberg &ndash; is one of the&lt;br /&gt; best-known beer brands in the world. More than&lt;br /&gt; 43,000 people work for the Carlsberg Group, and&lt;br /&gt; our products are sold in more than 150 markets.02 ManageMent review&lt;br /&gt; 2 CEO statement&lt;br /&gt; 5 Five-year summary&lt;br /&gt; 6 Earnings expectations&lt;br /&gt; 8 Executive Committee&lt;br /&gt; 12 Our beer markets&lt;br /&gt; 14 Market overview&lt;br /&gt; 16 Beer portfolio&lt;br /&gt; <a title="Carlsberg A/S Annual Report 2009 page 1" href="http://viewer.zmags.com/publication/9c44862a?page=1">CARLSBERG A/S ANNUAL REPORT 2009</a> CARLSBERG A/S ANNUAL REPORT 2009<a title="Carlsberg A/S Annual Report 2009 page 2" href="http://viewer.zmags.com/publication/9c44862a?page=2">The Carlsberg Group is one of the leading brewery</a> The Carlsberg Group is one of the leading brewery<a title="Carlsberg A/S Annual Report 2009 page 3" href="http://viewer.zmags.com/publication/9c44862a?page=3">02 ManageMent review </a> 02 ManageMent review <a title="Carlsberg A/S Annual Report 2009 page 4" href="http://viewer.zmags.com/publication/9c44862a?page=4">2 Management reviewCEOstatementstr</a> 2 Management reviewCEOstatementstr<a title="Carlsberg A/S Annual Report 2009 page 5" href="http://viewer.zmags.com/publication/9c44862a?page=5">We were well preparedentering 2009 and asa resu</a> We were well preparedentering 2009 and asa resu<a title="Carlsberg A/S Annual Report 2009 page 6" href="http://viewer.zmags.com/publication/9c44862a?page=6">4 Management reviewEurope, vol</a> 4 Management reviewEurope, vol<a title="Carlsberg A/S Annual Report 2009 page 7" href="http://viewer.zmags.com/publication/9c44862a?page=7">Carlsberg Annual Report 2009 5D</a> Carlsberg Annual Report 2009 5D<a title="Carlsberg A/S Annual Report 2009 page 8" href="http://viewer.zmags.com/publication/9c44862a?page=8">6 Management reviewConsumer dy</a> 6 Management reviewConsumer dy<a title="Carlsberg A/S Annual Report 2009 page 9" href="http://viewer.zmags.com/publication/9c44862a?page=9">Carlsberg Annual Report 2009 7</a> Carlsberg Annual Report 2009 7<a title="Carlsberg A/S Annual Report 2009 page 10" href="http://viewer.zmags.com/publication/9c44862a?page=10">8 Management reviewThe role of</a> 8 Management reviewThe role of<a title="Carlsberg A/S Annual Report 2009 page 11" href="http://viewer.zmags.com/publication/9c44862a?page=11">Jesper FriisSenior Vice President</a> Jesper FriisSenior Vice President<a title="Carlsberg A/S Annual Report 2009 page 12" href="http://viewer.zmags.com/publication/9c44862a?page=12">Creating a goodatmosphere</a> Creating a goodatmosphere<a title="Carlsberg A/S Annual Report 2009 page 13" href="http://viewer.zmags.com/publication/9c44862a?page=13">innovationCarlsberg&rsquo;s primaryinnovation efforts</a> innovationCarlsberg&rsquo;s primaryinnovation efforts<a title="Carlsberg A/S Annual Report 2009 page 14" href="http://viewer.zmags.com/publication/9c44862a?page=14">12 Management reviewOur beermarkets</a> 12 Management reviewOur beermarkets<a title="Carlsberg A/S Annual Report 2009 page 15" href="http://viewer.zmags.com/publication/9c44862a?page=15">Carlsberg Annual Report 2009 13</a> Carlsberg Annual Report 2009 13<a title="Carlsberg A/S Annual Report 2009 page 16" href="http://viewer.zmags.com/publication/9c44862a?page=16">14 Management reviewMarket overview</a> 14 Management reviewMarket overview<a title="Carlsberg A/S Annual Report 2009 page 17" href="http://viewer.zmags.com/publication/9c44862a?page=17">Carlsberg Annual Report 2009 15</a> Carlsberg Annual Report 2009 15<a title="Carlsberg A/S Annual Report 2009 page 18" href="http://viewer.zmags.com/publication/9c44862a?page=18">16 Management reviewThe strengt</a> 16 Management reviewThe strengt<a title="Carlsberg A/S Annual Report 2009 page 19" href="http://viewer.zmags.com/publication/9c44862a?page=19">BaltiKaBaltika No. 3 isRussia&rsquo;s most popularbe</a> BaltiKaBaltika No. 3 isRussia&rsquo;s most popularbe<a title="Carlsberg A/S Annual Report 2009 page 20" href="http://viewer.zmags.com/publication/9c44862a?page=20">18 Management reviewGroup strategyc</a> 18 Management reviewGroup strategyc<a title="Carlsberg A/S Annual Report 2009 page 21" href="http://viewer.zmags.com/publication/9c44862a?page=21">Carlsberg Annual Report 2009 19</a> Carlsberg Annual Report 2009 19<a title="Carlsberg A/S Annual Report 2009 page 22" href="http://viewer.zmags.com/publication/9c44862a?page=22">easDespite a challengingbusiness environmentan</a> easDespite a challengingbusiness environmentan<a title="Carlsberg A/S Annual Report 2009 page 23" href="http://viewer.zmags.com/publication/9c44862a?page=23">Carlsberg Annual Report 2009 21People </a> Carlsberg Annual Report 2009 21People <a title="Carlsberg A/S Annual Report 2009 page 24" href="http://viewer.zmags.com/publication/9c44862a?page=24">22 Management reviewCorporate social re</a> 22 Management reviewCorporate social re<a title="Carlsberg A/S Annual Report 2009 page 25" href="http://viewer.zmags.com/publication/9c44862a?page=25">Carlsberg Annual Report 2009 23C</a> Carlsberg Annual Report 2009 23C<a title="Carlsberg A/S Annual Report 2009 page 26" href="http://viewer.zmags.com/publication/9c44862a?page=26">24 Management reviewCarlsberg&rsquo;s </a> 24 Management reviewCarlsberg&rsquo;s <a title="Carlsberg A/S Annual Report 2009 page 27" href="http://viewer.zmags.com/publication/9c44862a?page=27">Carlsberg Annual Report 2009 25</a> Carlsberg Annual Report 2009 25<a title="Carlsberg A/S Annual Report 2009 page 28" href="http://viewer.zmags.com/publication/9c44862a?page=28">26 Management reviewEvents in 2009</a> 26 Management reviewEvents in 2009<a title="Carlsberg A/S Annual Report 2009 page 29" href="http://viewer.zmags.com/publication/9c44862a?page=29">Carlsberg Annual Report 2009 27D</a> Carlsberg Annual Report 2009 27D<a title="Carlsberg A/S Annual Report 2009 page 30" href="http://viewer.zmags.com/publication/9c44862a?page=30">Three regions,one Carlsberg</a> Three regions,one Carlsberg<a title="Carlsberg A/S Annual Report 2009 page 31" href="http://viewer.zmags.com/publication/9c44862a?page=31">regionsThe commercial andcultural characteristi</a> regionsThe commercial andcultural characteristi<a title="Carlsberg A/S Annual Report 2009 page 32" href="http://viewer.zmags.com/publication/9c44862a?page=32">30 Management reviewNorthern &amp; </a> 30 Management reviewNorthern &amp; <a title="Carlsberg A/S Annual Report 2009 page 33" href="http://viewer.zmags.com/publication/9c44862a?page=33"></a> <a title="Carlsberg A/S Annual Report 2009 page 34" href="http://viewer.zmags.com/publication/9c44862a?page=34"></a> <a title="Carlsberg A/S Annual Report 2009 page 35" href="http://viewer.zmags.com/publication/9c44862a?page=35">France, the uK, switzerland, the Balkans, and gre</a> France, the uK, switzerland, the Balkans, and gre<a title="Carlsberg A/S Annual Report 2009 page 36" href="http://viewer.zmags.com/publication/9c44862a?page=36">34 Management reviewEastern Europe </a> 34 Management reviewEastern Europe <a title="Carlsberg A/S Annual Report 2009 page 37" href="http://viewer.zmags.com/publication/9c44862a?page=37"></a> <a title="Carlsberg A/S Annual Report 2009 page 38" href="http://viewer.zmags.com/publication/9c44862a?page=38">36 Management reviewCarlsberg co</a> 36 Management reviewCarlsberg co<a title="Carlsberg A/S Annual Report 2009 page 39" href="http://viewer.zmags.com/publication/9c44862a?page=39"></a> <a title="Carlsberg A/S Annual Report 2009 page 40" href="http://viewer.zmags.com/publication/9c44862a?page=40">38 Management reviewAsia </a> 38 Management reviewAsia <a title="Carlsberg A/S Annual Report 2009 page 41" href="http://viewer.zmags.com/publication/9c44862a?page=41">Organic operating profit growth was more than30%</a> Organic operating profit growth was more than30%<a title="Carlsberg A/S Annual Report 2009 page 42" href="http://viewer.zmags.com/publication/9c44862a?page=42">Let the goodtimes roll</a> Let the goodtimes roll<a title="Carlsberg A/S Annual Report 2009 page 43" href="http://viewer.zmags.com/publication/9c44862a?page=43">soMersByCarlsberg&rsquo;s inter-national ciderbrand,</a> soMersByCarlsberg&rsquo;s inter-national ciderbrand,<a title="Carlsberg A/S Annual Report 2009 page 44" href="http://viewer.zmags.com/publication/9c44862a?page=44">42 Management reviewNumerous eff</a> 42 Management reviewNumerous eff<a title="Carlsberg A/S Annual Report 2009 page 45" href="http://viewer.zmags.com/publication/9c44862a?page=45">Sales and distribution expenses were DKK -15,989m</a> Sales and distribution expenses were DKK -15,989m<a title="Carlsberg A/S Annual Report 2009 page 46" href="http://viewer.zmags.com/publication/9c44862a?page=46">44 Management review31 December </a> 44 Management review31 December <a title="Carlsberg A/S Annual Report 2009 page 47" href="http://viewer.zmags.com/publication/9c44862a?page=47">Segment reportingby quarter </a> Segment reportingby quarter <a title="Carlsberg A/S Annual Report 2009 page 48" href="http://viewer.zmags.com/publication/9c44862a?page=48">46 Management reviewCarlsberg&rsquo;s </a> 46 Management reviewCarlsberg&rsquo;s <a title="Carlsberg A/S Annual Report 2009 page 49" href="http://viewer.zmags.com/publication/9c44862a?page=49">provisions governing alterations of the articles</a> provisions governing alterations of the articles<a title="Carlsberg A/S Annual Report 2009 page 50" href="http://viewer.zmags.com/publication/9c44862a?page=50">48 Management reviewwritten and </a> 48 Management reviewwritten and <a title="Carlsberg A/S Annual Report 2009 page 51" href="http://viewer.zmags.com/publication/9c44862a?page=51">Risk can andshould be managedand turned intoop</a> Risk can andshould be managedand turned intoop<a title="Carlsberg A/S Annual Report 2009 page 52" href="http://viewer.zmags.com/publication/9c44862a?page=52">50 Management reviewTHE CARLSB</a> 50 Management reviewTHE CARLSB<a title="Carlsberg A/S Annual Report 2009 page 53" href="http://viewer.zmags.com/publication/9c44862a?page=53">The Audit Committee charter outlines its roles an</a> The Audit Committee charter outlines its roles an<a title="Carlsberg A/S Annual Report 2009 page 54" href="http://viewer.zmags.com/publication/9c44862a?page=54">52 Management reviewCarlsberg ai</a> 52 Management reviewCarlsberg ai<a title="Carlsberg A/S Annual Report 2009 page 55" href="http://viewer.zmags.com/publication/9c44862a?page=55">Carlsberg Annual Report 2009 53</a> Carlsberg Annual Report 2009 53<a title="Carlsberg A/S Annual Report 2009 page 56" href="http://viewer.zmags.com/publication/9c44862a?page=56">Good storiesbetween friends</a> Good storiesbetween friends<a title="Carlsberg A/S Annual Report 2009 page 57" href="http://viewer.zmags.com/publication/9c44862a?page=57">UKDespite a decliningand in many respectschall</a> UKDespite a decliningand in many respectschall<a title="Carlsberg A/S Annual Report 2009 page 58" href="http://viewer.zmags.com/publication/9c44862a?page=58"></a> <a title="Carlsberg A/S Annual Report 2009 page 59" href="http://viewer.zmags.com/publication/9c44862a?page=59"></a> <a title="Carlsberg A/S Annual Report 2009 page 60" href="http://viewer.zmags.com/publication/9c44862a?page=60">60 </a> 60 <a title="Carlsberg A/S Annual Report 2009 page 61" href="http://viewer.zmags.com/publication/9c44862a?page=61">66 NOTe 1 SIgNIfIcaNt accouNtINg eStImateS a</a> 66 NOTe 1 SIgNIfIcaNt accouNtINg eStImateS a<a title="Carlsberg A/S Annual Report 2009 page 62" href="http://viewer.zmags.com/publication/9c44862a?page=62">60 carlsberg groupIncome stat</a> 60 carlsberg groupIncome stat<a title="Carlsberg A/S Annual Report 2009 page 63" href="http://viewer.zmags.com/publication/9c44862a?page=63">carlsberg annual report 2009 61</a> carlsberg annual report 2009 61<a title="Carlsberg A/S Annual Report 2009 page 64" href="http://viewer.zmags.com/publication/9c44862a?page=64">62 carlsberg groupStatement o</a> 62 carlsberg groupStatement o<a title="Carlsberg A/S Annual Report 2009 page 65" href="http://viewer.zmags.com/publication/9c44862a?page=65">carlsberg annual report 2009 63</a> carlsberg annual report 2009 63<a title="Carlsberg A/S Annual Report 2009 page 66" href="http://viewer.zmags.com/publication/9c44862a?page=66">64 carlsberg groupStatement o</a> 64 carlsberg groupStatement o<a title="Carlsberg A/S Annual Report 2009 page 67" href="http://viewer.zmags.com/publication/9c44862a?page=67">carlsberg annual report 2009 65</a> carlsberg annual report 2009 65<a title="Carlsberg A/S Annual Report 2009 page 68" href="http://viewer.zmags.com/publication/9c44862a?page=68">66 carlsberg groupNotesNOTe</a> 66 carlsberg groupNotesNOTe<a title="Carlsberg A/S Annual Report 2009 page 69" href="http://viewer.zmags.com/publication/9c44862a?page=69">carlsberg annual report 2009 67</a> carlsberg annual report 2009 67<a title="Carlsberg A/S Annual Report 2009 page 70" href="http://viewer.zmags.com/publication/9c44862a?page=70">68 carlsberg groupNOTe 1 S</a> 68 carlsberg groupNOTe 1 S<a title="Carlsberg A/S Annual Report 2009 page 71" href="http://viewer.zmags.com/publication/9c44862a?page=71">carlsberg annual report 2009 69</a> carlsberg annual report 2009 69<a title="Carlsberg A/S Annual Report 2009 page 72" href="http://viewer.zmags.com/publication/9c44862a?page=72">70 carlsberg groupNOTe 2 S</a> 70 carlsberg groupNOTe 2 S<a title="Carlsberg A/S Annual Report 2009 page 73" href="http://viewer.zmags.com/publication/9c44862a?page=73">carlsberg annual report 2009 71</a> carlsberg annual report 2009 71<a title="Carlsberg A/S Annual Report 2009 page 74" href="http://viewer.zmags.com/publication/9c44862a?page=74">72 carlsberg groupNOTe 7 S</a> 72 carlsberg groupNOTe 7 S<a title="Carlsberg A/S Annual Report 2009 page 75" href="http://viewer.zmags.com/publication/9c44862a?page=75">carlsberg annual report 2009 73</a> carlsberg annual report 2009 73<a title="Carlsberg A/S Annual Report 2009 page 76" href="http://viewer.zmags.com/publication/9c44862a?page=76">74 carlsberg groupNOTe 9 c</a> 74 carlsberg groupNOTe 9 c<a title="Carlsberg A/S Annual Report 2009 page 77" href="http://viewer.zmags.com/publication/9c44862a?page=77">carlsberg annual report 2009 75</a> carlsberg annual report 2009 75<a title="Carlsberg A/S Annual Report 2009 page 78" href="http://viewer.zmags.com/publication/9c44862a?page=78">76 carlsberg groupNOTe 12 </a> 76 carlsberg groupNOTe 12 <a title="Carlsberg A/S Annual Report 2009 page 79" href="http://viewer.zmags.com/publication/9c44862a?page=79">carlsberg annual report 2009 77</a> carlsberg annual report 2009 77<a title="Carlsberg A/S Annual Report 2009 page 80" href="http://viewer.zmags.com/publication/9c44862a?page=80">78 carlsberg groupNOTe 13 </a> 78 carlsberg groupNOTe 13 <a title="Carlsberg A/S Annual Report 2009 page 81" href="http://viewer.zmags.com/publication/9c44862a?page=81">carlsberg annual report 2009 79</a> carlsberg annual report 2009 79<a title="Carlsberg A/S Annual Report 2009 page 82" href="http://viewer.zmags.com/publication/9c44862a?page=82">80 carlsberg groupNOTe 14 I</a> 80 carlsberg groupNOTe 14 I<a title="Carlsberg A/S Annual Report 2009 page 83" href="http://viewer.zmags.com/publication/9c44862a?page=83">carlsberg annual report 2009 81</a> carlsberg annual report 2009 81<a title="Carlsberg A/S Annual Report 2009 page 84" href="http://viewer.zmags.com/publication/9c44862a?page=84">82 carlsberg groupNOTe 15 </a> 82 carlsberg groupNOTe 15 <a title="Carlsberg A/S Annual Report 2009 page 85" href="http://viewer.zmags.com/publication/9c44862a?page=85">carlsberg annual report 2009 83</a> carlsberg annual report 2009 83<a title="Carlsberg A/S Annual Report 2009 page 86" href="http://viewer.zmags.com/publication/9c44862a?page=86">84 carlsberg groupNOTe 16 </a> 84 carlsberg groupNOTe 16 <a title="Carlsberg A/S Annual Report 2009 page 87" href="http://viewer.zmags.com/publication/9c44862a?page=87">carlsberg annual report 2009 85</a> carlsberg annual report 2009 85<a title="Carlsberg A/S Annual Report 2009 page 88" href="http://viewer.zmags.com/publication/9c44862a?page=88">86 carlsberg groupNOTe 17 </a> 86 carlsberg groupNOTe 17 <a title="Carlsberg A/S Annual Report 2009 page 89" href="http://viewer.zmags.com/publication/9c44862a?page=89">carlsberg annual report 2009 87</a> carlsberg annual report 2009 87<a title="Carlsberg A/S Annual Report 2009 page 90" href="http://viewer.zmags.com/publication/9c44862a?page=90">88 carlsberg groupNOTe 19 </a> 88 carlsberg groupNOTe 19 <a title="Carlsberg A/S Annual Report 2009 page 91" href="http://viewer.zmags.com/publication/9c44862a?page=91">carlsberg annual report 2009 89</a> carlsberg annual report 2009 89<a title="Carlsberg A/S Annual Report 2009 page 92" href="http://viewer.zmags.com/publication/9c44862a?page=92">90 carlsberg groupNOTe 23 </a> 90 carlsberg groupNOTe 23 <a title="Carlsberg A/S Annual Report 2009 page 93" href="http://viewer.zmags.com/publication/9c44862a?page=93">carlsberg annual report 2009 91</a> carlsberg annual report 2009 91<a title="Carlsberg A/S Annual Report 2009 page 94" href="http://viewer.zmags.com/publication/9c44862a?page=94">92 carlsberg groupNOTe 24 </a> 92 carlsberg groupNOTe 24 <a title="Carlsberg A/S Annual Report 2009 page 95" href="http://viewer.zmags.com/publication/9c44862a?page=95">carlsberg annual report 2009 93</a> carlsberg annual report 2009 93<a title="Carlsberg A/S Annual Report 2009 page 96" href="http://viewer.zmags.com/publication/9c44862a?page=96">94 carlsberg groupNOTe 24 </a> 94 carlsberg groupNOTe 24 <a title="Carlsberg A/S Annual Report 2009 page 97" href="http://viewer.zmags.com/publication/9c44862a?page=97">carlsberg annual report 2009 95</a> carlsberg annual report 2009 95<a title="Carlsberg A/S Annual Report 2009 page 98" href="http://viewer.zmags.com/publication/9c44862a?page=98">96 carlsberg groupNOTe 25 </a> 96 carlsberg groupNOTe 25 <a title="Carlsberg A/S Annual Report 2009 page 99" href="http://viewer.zmags.com/publication/9c44862a?page=99">carlsberg annual report 2009 97</a> carlsberg annual report 2009 97<a title="Carlsberg A/S Annual Report 2009 page 100" href="http://viewer.zmags.com/publication/9c44862a?page=100">98 carlsberg groupNOTe 26 </a> 98 carlsberg groupNOTe 26 <a title="Carlsberg A/S Annual Report 2009 page 101" href="http://viewer.zmags.com/publication/9c44862a?page=101">carlsberg annual report 2009 99</a> carlsberg annual report 2009 99<a title="Carlsberg A/S Annual Report 2009 page 102" href="http://viewer.zmags.com/publication/9c44862a?page=102">100 carlsberg groupNOTe 29 c</a> 100 carlsberg groupNOTe 29 c<a title="Carlsberg A/S Annual Report 2009 page 103" href="http://viewer.zmags.com/publication/9c44862a?page=103">carlsberg annual report 2009 101</a> carlsberg annual report 2009 101<a title="Carlsberg A/S Annual Report 2009 page 104" href="http://viewer.zmags.com/publication/9c44862a?page=104">102 carlsberg groupNOTe 30 </a> 102 carlsberg groupNOTe 30 <a title="Carlsberg A/S Annual Report 2009 page 105" href="http://viewer.zmags.com/publication/9c44862a?page=105">carlsberg annual report 2009 103</a> carlsberg annual report 2009 103<a title="Carlsberg A/S Annual Report 2009 page 106" href="http://viewer.zmags.com/publication/9c44862a?page=106">104 carlsberg groupNOTe 32 </a> 104 carlsberg groupNOTe 32 <a title="Carlsberg A/S Annual Report 2009 page 107" href="http://viewer.zmags.com/publication/9c44862a?page=107">carlsberg annual report 2009 105</a> carlsberg annual report 2009 105<a title="Carlsberg A/S Annual Report 2009 page 108" href="http://viewer.zmags.com/publication/9c44862a?page=108">106 carlsberg groupNOTe 34 </a> 106 carlsberg groupNOTe 34 <a title="Carlsberg A/S Annual Report 2009 page 109" href="http://viewer.zmags.com/publication/9c44862a?page=109">carlsberg annual report 2009 107</a> carlsberg annual report 2009 107<a title="Carlsberg A/S Annual Report 2009 page 110" href="http://viewer.zmags.com/publication/9c44862a?page=110">108 carlsberg groupNOTe 34 f</a> 108 carlsberg groupNOTe 34 f<a title="Carlsberg A/S Annual Report 2009 page 111" href="http://viewer.zmags.com/publication/9c44862a?page=111">carlsberg annual report 2009 109</a> carlsberg annual report 2009 109<a title="Carlsberg A/S Annual Report 2009 page 112" href="http://viewer.zmags.com/publication/9c44862a?page=112">110 carlsberg groupNOTe 35 </a> 110 carlsberg groupNOTe 35 <a title="Carlsberg A/S Annual Report 2009 page 113" href="http://viewer.zmags.com/publication/9c44862a?page=113">carlsberg annual report 2009 111</a> carlsberg annual report 2009 111<a title="Carlsberg A/S Annual Report 2009 page 114" href="http://viewer.zmags.com/publication/9c44862a?page=114">112 carlsberg groupNOTe 35 </a> 112 carlsberg groupNOTe 35 <a title="Carlsberg A/S Annual Report 2009 page 115" href="http://viewer.zmags.com/publication/9c44862a?page=115">carlsberg annual report 2009 113</a> carlsberg annual report 2009 113<a title="Carlsberg A/S Annual Report 2009 page 116" href="http://viewer.zmags.com/publication/9c44862a?page=116">114 carlsberg groupNOTe 36 </a> 114 carlsberg groupNOTe 36 <a title="Carlsberg A/S Annual Report 2009 page 117" href="http://viewer.zmags.com/publication/9c44862a?page=117">carlsberg annual report 2009 115</a> carlsberg annual report 2009 115<a title="Carlsberg A/S Annual Report 2009 page 118" href="http://viewer.zmags.com/publication/9c44862a?page=118">116 carlsberg groupNOTe 40 </a> 116 carlsberg groupNOTe 40 <a title="Carlsberg A/S Annual Report 2009 page 119" href="http://viewer.zmags.com/publication/9c44862a?page=119">carlsberg annual report 2009 117</a> carlsberg annual report 2009 117<a title="Carlsberg A/S Annual Report 2009 page 120" href="http://viewer.zmags.com/publication/9c44862a?page=120">118 carlsberg groupNOTe 40 </a> 118 carlsberg groupNOTe 40 <a title="Carlsberg A/S Annual Report 2009 page 121" href="http://viewer.zmags.com/publication/9c44862a?page=121">carlsberg annual report 2009 119</a> carlsberg annual report 2009 119<a title="Carlsberg A/S Annual Report 2009 page 122" href="http://viewer.zmags.com/publication/9c44862a?page=122">120 carlsberg groupNOTe 40 </a> 120 carlsberg groupNOTe 40 <a title="Carlsberg A/S Annual Report 2009 page 123" href="http://viewer.zmags.com/publication/9c44862a?page=123">carlsberg annual report 2009 121</a> carlsberg annual report 2009 121<a title="Carlsberg A/S Annual Report 2009 page 124" href="http://viewer.zmags.com/publication/9c44862a?page=124">122 carlsberg groupNOTe 40 </a> 122 carlsberg groupNOTe 40 <a title="Carlsberg A/S Annual Report 2009 page 125" href="http://viewer.zmags.com/publication/9c44862a?page=125">carlsberg annual report 2009 123</a> carlsberg annual report 2009 123<a title="Carlsberg A/S Annual Report 2009 page 126" href="http://viewer.zmags.com/publication/9c44862a?page=126">124 carlsberg groupNOTe 41 </a> 124 carlsberg groupNOTe 41 <a title="Carlsberg A/S Annual Report 2009 page 127" href="http://viewer.zmags.com/publication/9c44862a?page=127">carlsberg annual report 2009 125</a> carlsberg annual report 2009 125<a title="Carlsberg A/S Annual Report 2009 page 128" href="http://viewer.zmags.com/publication/9c44862a?page=128">128 </a> 128 <a title="Carlsberg A/S Annual Report 2009 page 129" href="http://viewer.zmags.com/publication/9c44862a?page=129">134 NOTe 1 SIgNIfIcaNt accouNtINg eStImateS </a> 134 NOTe 1 SIgNIfIcaNt accouNtINg eStImateS <a title="Carlsberg A/S Annual Report 2009 page 130" href="http://viewer.zmags.com/publication/9c44862a?page=130">128 parent company carlsberg a/S</a> 128 parent company carlsberg a/S<a title="Carlsberg A/S Annual Report 2009 page 131" href="http://viewer.zmags.com/publication/9c44862a?page=131">carlsberg annual report 2009 129</a> carlsberg annual report 2009 129<a title="Carlsberg A/S Annual Report 2009 page 132" href="http://viewer.zmags.com/publication/9c44862a?page=132">130 parent company carlsberg a/S</a> 130 parent company carlsberg a/S<a title="Carlsberg A/S Annual Report 2009 page 133" href="http://viewer.zmags.com/publication/9c44862a?page=133">carlsberg annual report 2009 131</a> carlsberg annual report 2009 131<a title="Carlsberg A/S Annual Report 2009 page 134" href="http://viewer.zmags.com/publication/9c44862a?page=134">132 parent company carlsberg a/S</a> 132 parent company carlsberg a/S<a title="Carlsberg A/S Annual Report 2009 page 135" href="http://viewer.zmags.com/publication/9c44862a?page=135">carlsberg annual report 2009 133</a> carlsberg annual report 2009 133<a title="Carlsberg A/S Annual Report 2009 page 136" href="http://viewer.zmags.com/publication/9c44862a?page=136">134 parent company carlsberg a/S</a> 134 parent company carlsberg a/S<a title="Carlsberg A/S Annual Report 2009 page 137" href="http://viewer.zmags.com/publication/9c44862a?page=137">carlsberg annual report 2009 135</a> carlsberg annual report 2009 135<a title="Carlsberg A/S Annual Report 2009 page 138" href="http://viewer.zmags.com/publication/9c44862a?page=138">136 parent company carlsberg a/S</a> 136 parent company carlsberg a/S<a title="Carlsberg A/S Annual Report 2009 page 139" href="http://viewer.zmags.com/publication/9c44862a?page=139">carlsberg annual report 2009 137</a> carlsberg annual report 2009 137<a title="Carlsberg A/S Annual Report 2009 page 140" href="http://viewer.zmags.com/publication/9c44862a?page=140">138 parent company carlsberg a/S</a> 138 parent company carlsberg a/S<a title="Carlsberg A/S Annual Report 2009 page 141" href="http://viewer.zmags.com/publication/9c44862a?page=141">carlsberg annual report 2009 139</a> carlsberg annual report 2009 139<a title="Carlsberg A/S Annual Report 2009 page 142" href="http://viewer.zmags.com/publication/9c44862a?page=142">140 parent company carlsberg a/S</a> 140 parent company carlsberg a/S<a title="Carlsberg A/S Annual Report 2009 page 143" href="http://viewer.zmags.com/publication/9c44862a?page=143">carlsberg annual report 2009 141</a> carlsberg annual report 2009 141<a title="Carlsberg A/S Annual Report 2009 page 144" href="http://viewer.zmags.com/publication/9c44862a?page=144">142 parent company carlsberg a/S</a> 142 parent company carlsberg a/S<a title="Carlsberg A/S Annual Report 2009 page 145" href="http://viewer.zmags.com/publication/9c44862a?page=145">carlsberg annual report 2009 143</a> carlsberg annual report 2009 143<a title="Carlsberg A/S Annual Report 2009 page 146" href="http://viewer.zmags.com/publication/9c44862a?page=146">144 parent company carlsberg a/S</a> 144 parent company carlsberg a/S<a title="Carlsberg A/S Annual Report 2009 page 147" href="http://viewer.zmags.com/publication/9c44862a?page=147">carlsberg annual report 2009 145</a> carlsberg annual report 2009 145<a title="Carlsberg A/S Annual Report 2009 page 148" href="http://viewer.zmags.com/publication/9c44862a?page=148">146 parent company carlsberg a/S</a> 146 parent company carlsberg a/S<a title="Carlsberg A/S Annual Report 2009 page 149" href="http://viewer.zmags.com/publication/9c44862a?page=149">carlsberg annual report 2009 147</a> carlsberg annual report 2009 147<a title="Carlsberg A/S Annual Report 2009 page 150" href="http://viewer.zmags.com/publication/9c44862a?page=150">148 parent company carlsberg a/S</a> 148 parent company carlsberg a/S<a title="Carlsberg A/S Annual Report 2009 page 151" href="http://viewer.zmags.com/publication/9c44862a?page=151">carlsberg annual report 2009 149</a> carlsberg annual report 2009 149<a title="Carlsberg A/S Annual Report 2009 page 152" href="http://viewer.zmags.com/publication/9c44862a?page=152">150 parent company carlsberg a/S</a> 150 parent company carlsberg a/S<a title="Carlsberg A/S Annual Report 2009 page 153" href="http://viewer.zmags.com/publication/9c44862a?page=153">carlsberg annual report 2009 151</a> carlsberg annual report 2009 151<a title="Carlsberg A/S Annual Report 2009 page 154" href="http://viewer.zmags.com/publication/9c44862a?page=154"></a> <a title="Carlsberg A/S Annual Report 2009 page 155" href="http://viewer.zmags.com/publication/9c44862a?page=155"></a> <a title="Carlsberg A/S Annual Report 2009 page 156" href="http://viewer.zmags.com/publication/9c44862a?page=156">154 Management statement and Auditors&rsquo; repo</a> 154 Management statement and Auditors&rsquo; repo<a title="Carlsberg A/S Annual Report 2009 page 157" href="http://viewer.zmags.com/publication/9c44862a?page=157">Carlsberg Annual Report 2009 155T</a> Carlsberg Annual Report 2009 155T<a title="Carlsberg A/S Annual Report 2009 page 158" href="http://viewer.zmags.com/publication/9c44862a?page=158"></a> <a title="Carlsberg A/S Annual Report 2009 page 159" href="http://viewer.zmags.com/publication/9c44862a?page=159">Carlsberg Annual Report 2009 157C</a> Carlsberg Annual Report 2009 157C<a title="Carlsberg A/S Annual Report 2009 page 160" href="http://viewer.zmags.com/publication/9c44862a?page=160">158 Supervisory BoardFlemming Besenb</a> 158 Supervisory BoardFlemming Besenb<a title="Carlsberg A/S Annual Report 2009 page 161" href="http://viewer.zmags.com/publication/9c44862a?page=161">Per &Oslash;hrgaardProfessor, D.Phil. Bo</a> Per &Oslash;hrgaardProfessor, D.Phil. Bo<a title="Carlsberg A/S Annual Report 2009 page 162" href="http://viewer.zmags.com/publication/9c44862a?page=162">editorsCARLSBERG GROUP COMMUNICATIONSlayout an</a> editorsCARLSBERG GROUP COMMUNICATIONSlayout an<a title="Carlsberg A/S Annual Report 2009 page 163" href="http://viewer.zmags.com/publication/9c44862a?page=163"></a> <a title="Carlsberg A/S Annual Report 2009 page 164" href="http://viewer.zmags.com/publication/9c44862a?page=164">Carlsberg A/S100 Ny Carlsberg Vej1760 Copenhage</a> Carlsberg A/S100 Ny Carlsberg Vej1760 Copenhage