Carlsberg Breweries is one of the leading brewing groups in the world, with nearly 29,000 employees, annual beer sales of 7.9 billion litres and operations at 103 sites in 49 countries. It owns a strong portfolio of global, regional and national brands, including one of the world’s most international beer brands, Carlsberg. 
Carlsberg Breweries was created in May 2000 when the Denmark-based Carlsberg A/S entered an agreement with the Norwegian corporation Orkla ASA to combine their brewing activities. The new company, owned 60% by Carlsberg A/S and 40% by Orkla ASA, was officially established in February 2001. The two partners brought with them a rich tradition of brewing beer to the highest standards and a series of strong brands that placed Carlsberg Breweries in the elite circle of international breweries. 

21/12/06 BBH TO ENTER GROWTH MARKET IN BELARUS Baltic Beverages Holding AB (BBH) invests in the private-owned Olivaria Brewery situated in the centre of Minsk, Belarus, in line with its strategy of entering growth markets. Belarus has a population of circa 10 million and current beer consumption of circa 33 litres per capita. BBH believes, that with a growing economy and rising beer consumption, this market has strong future potential. Olivaria Brewery was established in 1864, it has a market share of approximately 10%, brewing capacity of 400 thousand hectolitres and 600 employees. Olivaria is one of the most recognised brands in Belarus. The brewery plans to increase capacity to 600 thousand hectolitres in 2007. The European Bank for Reconstruction and Development (EBRD) has been a major shareholder in Olivaria since 2005. As part of the continuing development of the business the current shareholders have been looking for an international partner. BBH has subscribed 30% new shares in the company. After the capital increase EBRD will have 21% of the shares. BBH is already active in Belarus through exports from Baltika in Russia. 

Baltic Beverages Holding AB (BBH) is a 50:50 owned joint venture between Carlsberg A/S and Scottish & Newcastle plc. BBH operates 19 breweries in seven countries in Eastern Europe, including Russia where it is the market leader with a 36% market share.

07/12/06 Carlsberg has entered into a joint venture in India with the aim of buildinga green field brewery in the state of Rajasthan. The name of the joint venture is South Asia Breweries Ltd.
The potential for growth in the Indian beer market is significant. The annual beer consumption per capita is among the lowest in Asia, at only about 0.7 litres per year, and the annual GDP growth rate is more than 9%.
The total beer market in India is approximately 8 million hl; however, it is currently among the top 3 markets in Asia in terms of expected growth rates. The total beer consumption in 2005 in the state of Rajasthan and the 3 neighbouring states of Delhi, Haryana, and Uttar Pradesh was 1.7 million hl with a population base of 250 million

Financial Statement as at 31 December 2005 February 21, 2006
Satisfactory earnings growth for beverage activities – brewery in Valby to close by end of 2008 
Net revenue climbed 5% to DKK 38.0bn in 2005, driven by strong growth in Eastern Europe, particularly at BBH. In local currencies, net revenue climbed 4%. 
Operating profit was DKK 3,518m, against DKK 3,401m in 2004. Beverage activities generated operating profit of DKK 3,422m, an increase of DKK 452m or 15% on 2004. This growth was due particularly to marked growth in earnings at BBH and elsewhere in Eastern Europe. Other activities, including the disposal of properties, contributed operating profit of DKK 96m, against DKK 431m in 2004. 
As expected, Carlsberg’s share of consolidated profit was DKK 1,110m. 
Carlsberg is investing DKK 800m in expanding and modernising the brewery in Fredericia, where Danish beer production will be concentrated from 2009. The transfer of production from Valby is expected to bring annual efficiency gains in the region of DKK 130m. 
It will be proposed to the Annual General Meeting that, as last year, a dividend be paid of DKK 5.00 per share. 
In 2006 operating profit is expected to be in the region of DKK 3.55bn, based on continued growth on a comparable basis for beverage activities (2005 excluding Hite Brewery: DKK 3,306m). Other activities are expected to break even. 
Carlsberg’s share of consolidated profit is expected to grow by around 10% in 2006