1Economic Contribution to Society Economic Contribution to Society

SUPERMARKET

ECONOMIC CONTRIBUTION TO SOCIETY 2014

Total tax contributionTotal employment & value added generated

APPENDICES

3 Foreword 4 Companyprofile6 Economicvaluegenerated Economicvaluegenerated Totalvalueaddedgenerated

7 Employmentgenerated Directemployment Totalemploymentgenerated Communityengagement9 Totaltaxes&governmentrevenues Totaltaxcontribution Totalgovernmentrevenuesgenerated

11Taxcharged Taxchargedinthefinancialstatements Corporationtaxcharge Effectivetaxratefortheyear Deferredtax12 Independentassurancereport13Taxcontributionprinciples

CONTENTS

2Economic Contribution to Society Contents

FOREWORD BY JØRN P. JENSEN

Jørn P. Jensen,DeputyCEO&CFO,CarlsbergGroup

TheCarlsbergGroupcontributestotheeconomiesofmorethan40countriesinwhichwehaveoperations,aswellastotheadditional100-plusmarketswherewearepresentthroughlicenceandexportagree-ments.Thefullextentofoureconomiccon-tributionislargerthansomemightassume.Whereverweoperate,wecontributesignifi-cantlytosocietybycreatingjobs,growthandarangeofgovernmentrevenues.

In2014,asaresultoftheproductionandsaleoftheCarlsbergGroup’sproductswegeneratedDKK108.8bnintotalgovern-mentrevenuesdirectlyandthroughrelatedindustries.WewillcontinuetodevelopourbusinessinawaythatbenefitstheCarlsberg Groupaswellastheenvironmentandsoci-ety,uponwhichwedependforfuturegrowth.

TheGroupemploysaround46,000employeesdirectly,andanadditional420,000jobsarecreatedwithinagricul-ture,hospitalityandretailasaconse-quenceoftheproductionandsaleoftheCarlsbergGroup’sproducts.Asarespon-siblebusiness,weareclearonourglobaltaxobligations,operatinginfullcompli-ancewithalllocalandinternationaltaxlawsaswellasOECDguidelines.

Jørn P. JensenDeputyCEO&CFO, CarlsbergGroup

TheCarlsbergGroupencouragesgovern-mentstoadoptaconsistent,fairandsustainableexcisedutysystem,reflect-ingthebrewers’sizeablecontributionstosociety,andrecognisingthatbeerisalowerstrengthalcoholbeverage.Thebenefitsofsuchpoliciesarewidelyrecognisedbynationsaswellasinter-nationalorganisationsaroundtheworld.

ThisisthefirstreportofitskindfortheCarlsbergGroup.OurwidereconomiccontributionhasbeencalculatedwithEYusingawell-recognizedmethodologyandKPMGhasissuedassuranceonselectedinformationinthisreport.Itisbasedonexistingaccountingregulationsandourownreporting,whichisconstantlyunderreview,reflectingbestpracticeandregu-latorydevelopments.

Wehopethattheinformationwillbehelp-fultostakeholderswithaninterestintheCarlsbergGroupandtothosewhowishtogainanenhancedunderstandingofthewidereconomiccontributionoftheCarlsbergGroup.

Wewelcomefeedbackonthisreporttohelpusachieveourvisionofgrowingresponsibly.

The full extent of our economic contribution is larger than some might assume. Wherever we operate, we contribute significantly to society by creating jobs, growth and a range of government revenues.

Jørn P. JensenDeputyCEO&CFO,CarlsbergGroup

3Economic Contribution to Society Foreword by Jørn P. Jensen

COMPANY PROFILE

The Carlsberg Group, headquartered in Copenhagen, Denmark, is the fourth largest global brewer with a presence in more than 140 markets.

Weemployaround46,000peopledirectlyand,takingintoaccountjobsgeneratedindirectlyinrelatedindustriessuchasagricultureandhospitality,theCarlsbergGroupgeneratesjobsformorethan466.000intotal.

Wehavearound140brandsinourglobalportfolioand500includingsub-brands–astrongcombinationoflocalpowerbrandsandinternationalpremiumbrands.Carlsbergisourflagshipbrandandoneofthebest-knownbeerbrandsintheworld,whileourportfolioalsoincludesinterna-tionalpremiumbrandssuchasTuborg,Kronenbourg1664andGrimbergen,alongwithleadinglocalpowerbrandssuchasBaltika,FeldschlösschenandBeerlao.

OurbusinessiscentredinWesternEurope,EasternEuropeandAsia,andweareastrongmarketleaderinNorthernandEasternEurope.Therestoftheworldismainlyservicedthroughexportorlicenceagreements.

Ourstrategyembracesthethreeafore-mentionedregionsandrevolvesaround:ourstrongportfolioofbrandscateringtoconsumersacrossourmarkets;ourem-phasisonbeingacustomer-focusedbusi-ness;ourunrelentingfocusonefficiencyandeffectiveness;ourcommitmenttobeingasociallyresponsibleorganisation;and,lastbutnotleast,ourabilitytoretainandrecruithighlyskilledemployees.

We have around 140 brands in our global portfolio and 500 including sub-brands – a strong combination of local power brands and international premium brands

4Economic Contribution to Society Company profile

SUPERMARKET

NUMBER OF EMPLOYEES

TOTAL EMPLOYMENT GENERATED

46,067

466,000

TOTAL TAX CONTRIBUTION (DKK)

42.0bnTOTAL GOVERNMENT REVENUES GENERATED (DKK)

108.8bn

TOTAL VALUE ADDED GENERATED (DKK)

81.1bn

* CarlsbergGroup’sEconomicContributiontoSocietyiscalculatedincooperationwithEYusingawell-recognisedmethodology.Moreinformationonmethodologycanbefoundatwww.carlsberggroup.com

TAXES BORNE (DKK)

31.2bn

5Economic Contribution to Society Company profile

ECONOMIC VALUE GENERATED

Economic value generatedIn2014,directlygeneratedeconomicvalueinthecountriesinwhichweoperatetotalledDKK93.6bn.Theeconomicvaluegeneratedincludesgrossrevenue,otherincome,finan-cialincomeandincomeincludedinspecialitems.Ourcontributionisdistributedamongourstakeholders–asoperatingcoststooursuppliers,aswagesetc.toouremployees,asfinancialexpensestoourprovidersofcapitalandastaxestogovernments.Theeconomicvalueretainedistheprofitused tofinancedividendsforourshareholders

andthefuturegrowthofourbusiness.Thecontributionsinthefivemainareasaresummarisedinthefigure.

TheCarlsbergGroup’staxesbornein2014wereDKK31.2bn,oronethirdoftheeco-nomicvaluegenerated.Thevastmajor-ityofourtaxesborneareindirecttaxesincurredthroughexciseduties(approx.86%),whereastheremaining14%isincurredthroughdirecttaxessuchasen-vironmentaltax,corporateincometaxandsocialsecuritycontributionsforemployees.

49.5%

9.8%

2.1%

33.3%

5.3%

93.6bnECONOMIC VALUE GENERATED (DKK)

81.1bnTOTAL VALUE ADDED GENERATED (DKK)

Carlsberg Suppliers (includingagriculture)

Retail Hospitality

Value added generatedCalculatedwithEY,usingawell-recognisedmethodology,thevalueaddedbythepro-ductionandconsumptionoftheCarlsbergGroup’sproductstotalledmorethanDKK81.1bnfortheeconomiesofthecountriesinwhichweoperate. Ingeneralterms,valueaddedisthedif-ferencebetweenthemarketvalueofthefinalproductandthepurchasingvalueofthegoodsandservicesacquiredforitsproduction.Ourproductionandsales

facilities,aswellassuppliers,hospitalityandretailoutlets,addvaluetothefinalproductthatissoldtoconsumersallovertheworld.Valueaddedpayscompanies’taxliabilitiesandemployees’wages,andrewardslendersandentrepreneursfortheirinvestments.Forthegovernmentsinthecountriesinwhichweoperate,valueaddedisthesourceoftheirVATrevenues.

Operating costs DKK46.4bn

Employee wages DKK9.1bn

Providers of capital DKK2.0bn

Taxes borne incl. excise duties DKK31.2bn

Economic value retained DKK4.9bn

19%

11%

35%

35%

6Economic Contribution to Society Economic value generated

Direct employmentIn2014,theCarlsbergGroupdirectlyem-ployedmorethan46,000people.Com-paredto2013,whenweemployedapprox.40,000employees,thenumberfor2014issignificantlyhigherduetotheacquisitionofChongqingBreweryCo.LtdinChina.

Themajorityofouremployeesworkatourproductionsites,whichareoftenlocatedinlesspopulatedlocalprovinces.Weemployahighlyskilledworkforceinareassuchassales&marketing,finance,production,procurementandlogistics.

Total employment generatedInadditiontothe46,000employeesdi-rectlyemployedbytheCarlsbergGroup,theGroupalsogeneratesemploymentinrelatedindustriesinconnectionwiththeproductionandsaleofbeer.Theindirectcontributiontoemploymentisgeneratedthroughsuppliersinareassuchasagri-culture,packagingandlogisticsaswellasinducedemploymentinthehospitalityandretailsectors.ItisestimatedbyEYthatthetotalindirectandinducedemploymentcreatedbytheCarlsbergGroupin2014amountedtoapproximately420,000em-ployees.IncludingtheemployeesdirectlyemployedbytheCarlsbergGroup,morethan466,000peopleareemployeddueto

theproductionandsaleoftheCarlsbergGroup’sproducts.Foreverypersonem-ployedbytheCarlsbergGroup,anaddition-al9jobsarecreatedinrelatedindustries.

Community engagementJ.C.Jacobsen,thefounderofCarlsberg,builthiscompanyonthepassionateanddedicatedbeliefthattheprosperityofCarlsbergwasconditionalonengag-ingwithandgivingbacktosociety.Thatheritageguidesourvaluesandactionstodayandthelegacyiskeptalivethroughhundredsoflocalcommunityengagementactivitiesacrossthemarketsinwhichweoperatemajority-ownedcompanies.

TheemployeesoftheCarlsbergGroupallovertheworldmakegreateffortstointegrateourCSRpoliciesandinitiativesintotheirlocalcommunities.In2014,ourmajority-ownedcompaniesinvestedDKK35mwithintheirlocalcommunities,includingin-kinddonationssuchasfreeproductstosupportcharityevents,directfinancialcontributionsandcause-relatedmarketingactivities.AcrosstheGroup,9,232employeesvolunteeredin987variouslocalcommunityactivities(TheCarlsbergGroupCSRReport2014,underCommunityEngagement).

EMPLOYMENT GENERATED

7Economic Contribution to Society Employment generated

* CarlsbergGroup’sEconomicContributiontoSocietyiscalculatedincooperationwithEYusingawell-recognisedmethodology.Moreinformationonmethodologycanbefoundatwww.carlsberggroup.com

8Economic Contribution to Society Employment generated

ADDITIONAL JOBS CREATED

1 Carlsberg Group employee creates an additional 9 jobs in related industries

NUMBER OF EMPLOYEES

46,097peopledirectlyemployed

TOTAL EMPLOYMENT GENERATED

466,000peopleemployedintotalduetotheCarlsbergGroup

Retail70,000

15%

33%42%

10%

Suppliers incl. agriculture

154,000

CarlsbergGroup46,000

Hospitality196,000

TOTAL TAXES & GOVERNMENT REVENUES

The production and sale of the Carlsberg Group’s products generate substantial revenue for governments worldwide.

* CarlsbergGroup’sEconomicContributiontoSocietyiscalculatedincooperationwithEYusingawell-recognisedmethodology.Moreinformationonmethodologycanbefoundatwww.carlsberggroup.com

Total tax contribution by Carlsberg 39%

Total tax contribution by suppliers, retail and hospitality 61%

9Economic Contribution to Society Total taxes & government revenues

108.8bn*

42.0bn

Totalgovernmentrevenues(DKK)generatedbyCarlsberg,suppliers,retailandhospitality.

TotaltaxcontributionbyCarlsberg(DKK)

45

40

35

30

25

20

15

10

5

0

TOTAL TAX CONTRIBUTION (DKK)

1.7bn

Personal Incometaxes

8.3bn*

VATetc.

ExcisedutiesOtherTaxes Corporate incometaxEmployeetaxesVAT

Totaltaxcontribution byCarlsberg Totaltaxcontributionbysuppliers,retailandhospitality

180

160

140

120

100

80

60

40

20

0

Totalgovernmentrevenuesgenerated

TOTAL GOVERNMENT REVENUES GENERATED (DKK)

Total tax contribution In2014,theCarlsbergGroup’stotaltaxcontribution,comprisingbothtaxesborneandtaxescollected,amountedtoDKK42bn.

Thevastmajorityofourtaxesborneareindirecttaxesincurredthroughexciseduties,whichtotalledDKK27.6bn.Theremainingtaxesborne,totallingDKK

4.4bn,aredirecttaxessuchascorporateincometax(DKK2.2bn),socialsecuritytaxes(DKK1.3bn)andothertaxeslikeenvironmentaltaxetc.(DKK0.9bn).

Inadditiontothetaxesborne,wealsocol-lectedtaxesonbehalfofgovernments,forexampleemployeetaxes(DKK1.7bn),VAT(DKK8.1bn)andothertaxes(DKK0.2bn).

Total government revenues generatedTheproductionandsaleoftheCarlsbergGroup’sproductsgeneratesubstantialre-venuesforgovernmentsworldwide.TheserevenuesconsistofVATrevenues,exciseduties,corporatetaxes,income-relatedtaxes,socialcontributionsandothertaxespaidbyworkersandtheiremployers

withintheCarlsbergGroupandinrelatedindustriessuchasagriculture,retailandhospitality.ItisestimatedbyEYthatin2014,theCarlsbergGroupgeneratedDKK108.8bnintotalgovernmentrevenuesdirectlyandthroughrelatedindustries.

32.0bn1

Indirecttaxes86%

39%

61%

Directtaxes14%

Taxesborneincl. exciseduties

2.2bn*

27.6bn*

42.0bn

3bn

0.9bn

8.3bn*

Totaltaxcontribution

* WithinKPMG’s assurancescope.

1 ThedifferenceofDKK0.8bntotaxesbornein“EconomicValueGenerated”canbeexplainedbyperiodicdifferencesintaxesexpensedandtaxedpaid.

108.8bn

10Economic Contribution to Society Total taxes & government revenues

APPENDICESTax charged in the financial statement 2014

Tax charged in the financial statementsIn2014,theCarlsbergGroupreportedanexcisetaxchargeofDKK27.1bn(incomestatement,page64oftheconsolidatedfinancialstatements)andacorporatetaxchargeofDKK1.8bn(section6oftheconsolidatedfinancialstatements),givingatotaltaxchargeofDKK28.9bnaspartofthetaxesbornestatedonpage5.

Corporation tax charge (financial statements disclosures)ThetaxfortheyearfortheCarlsbergGroupfor2014wasDKK1,748mofwhichDKK2.250mwascurrenttaxchargeexpenseandDKK556mwasadeferredtaxcredit.Thetotalcorporateincometaxpaidin2014wasDKK2,168m

Thetaxpaiddiffersfromthecorporationtaxchargeintheincomestatementmainlybecauseofthetimingoftaxinstalmentpayments.

Effective tax rate for the yearThetablesshowthereconciledcorporateincometaxchangetothenominalweightedtaxratefortheCarlsbergGroupof23.8%for2014.ThenominalweightedtaxratefortheGroupiscalculatedasdomestictaxratesap-plicabletoprofitsintheentitiesasapropor-tionofeachentity’sshareoftheGroup’sprof-itbeforetax.TheeffectivecorporateincometaxratefortheGroupis26.1%for2014.

Deferred tax (financial statements disclosures)Deferredtaxrepresentsthetimingdiffer-encesthatcanoccurwhenitemsofincomeorexpenseareincludedinthefinancialstatementsindifferentperiodstothoseinwhichtheyaretaxableortax-deductible.Deferredtaxassetsandliabilitiesrepresentthetaxeffectsofsuchtimingdifferencesthatwilloccurinfutureperiods.Deferredtaxassetsandliabilitiesaremeasuredattaxratesthataresubstantivelyenactedatthereportingdate.

TheGrouphadanetdeferredtaxliabilityofDKK5,675min2014.Afteroffsettingbalanceswithinthesamejurisdictionthataresettledonanetbasis,theamountspre-sentedinthebalancesheetareliabilitiesofDKK7,105mandassetsofDKK1,430m.

Ofthetotaldeferredtaxassetsrecognised,DKK711mrelatedtotaxlosscarry-for-wards,theutilisationofwhichdependsonfuturepositivetaxableincomeexceedingtherealiseddeferredtaxliabilities.Itismanagement’sopinionthatthetaxlosscarry-forwardscanbeutilised.

DKKmillion 2014

Tax for the year can be specified as followsCurrenttax 2,250Changeindeferredtaxduringtheyear -556Changeindeferredtaxfromchangeintaxrate 2Adjustmentstotaxforpreviousyears 52

Total 1,748

DKKmillion 2014

Reconciliation of the effective tax rate for the year

% DKK m

Profitbeforetax 6,686

Nominalweightedtaxrate fortheCarlsbergGroup 23.8% 1,590

Changeintaxrate 0.0% 2

Adjustmentstotaxfor previousyears 0.7% 52Non-capitalisedtaxassets, netmovements -1.7% -116

Non-taxableincome -0.4% -27Non-deductibleexpenses 3.4% 230Taxincentivesetc. -0.6% -43Specialitems 0.2% 14Withholdingtaxes 2.1% 141Otherandtaxinassociates -1.4% -95

Effective tax rate for the year 26.1% 1,748

DKKmillion 2014

Deferred tax assets and deferred tax liabilitiesDeferredtaxat1January,net 8,085Adjustmentstopreviousyears 48Recognisedinothercomprehensiveincome 132Recognisedintheincomestatement -556Changeintaxrate 2Foreignexchangeadjustments -2,036

Deferred tax at 31 December, net 5,675

Specified as follows

Deferredtaxliabilities 7,105

Deferredtaxassets -1,430

Deferred tax at 31 December, net 5,675

11Economic Contribution to Society Appendices – Tax charged in the financial statement 2014

APPENDICESIndependent assurance report

To the readers of this reportWewereengagedbyCarlsbergA/Stopro-videassuranceonselectedinformationintheCarlsbergGroupEconomicContributiontoSociety2014.CarlsbergA/Sisrespon-sibleforthepreparationofthereportinaccordancewiththereportingcriteriaasspecifiedinappendixtaxcontributionprin-ciplesincludingtheidentificationofmate-rialissues.Ourresponsibilityistoissueanassurancereportbasedontheengagementoutlinedbelow.

Scope and limitationsOurengagementwasdesignedtoobtainlimitedassuranceonwhetherthefollowinginformationispresented,inallmaterialrespects,inaccordancewiththereportingcriteria:• Inthe“Economicvaluegenerated”sec-tion,thefollowinginformationfor2014:Taxesborneincl.exciseduties,corporatetaxpaidandexcisedutypaid(page6).

• Inthe“Taxchargedinthefinancialstatement2014”section,thefollowinginformationfor2014corporatetaxes:Totalforcorporateincometaxcharge,effectivetaxrateandspecificationofdeferredtax(page11).

WedonotprovideanyassuranceontheachievabilityofCarlsberg’sobjectives, targetsandexpectations.

Proceduresperformedtoobtainalimitedlevelofassuranceareaimedatdeterminingtheplausibilityofinformationandarelessextensivethanthosetoobtainareasonablelevelofassurance.

Reporting criteria and assurance standardReportingcriteriaarespecifiedinappen-dixTaxcontributionprinciples.FortheinformationcoveredbyourengagementscopeCarlsbergappliescriteriaasde-tailedinannex1.Itisimportanttoviewtheassuredinformationinthecontextofthesecriteria.Webelievethatthesecri-teriaaresuitableinviewofthepurposeofourassuranceengagement.

Weconductedourengagementinaccord-ancewiththeInternationalStandardforAssuranceEngagements(ISAE)3000:AssuranceEngagementsotherthanAuditsorReviewsofHistoricalFinancialInforma-tion,issuedbytheInternationalAuditingandAssuranceStandardsBoard.ThisStandardrequires,amongotherthings,

thattheassuranceteampossessthespecificknowledge,skillsandprofessionalcompetencesneededtoprovideassuranceonsustainabilityinformation,andthattheycomplywiththerequirementsoftheCodeofEthicsforProfessionalAccount-antsoftheInternationalFederationof Accountantstoensuretheirindependence.

Work undertakenOurproceduresincludedthefollowing:• Reviewingthesuitabilityofthereportingcriteria.

• Evaluatingthedesignandimplementa-tionofthesystemsandprocessesforthecollection,processingandcontroloftheselectedinformation.

• InquiriestotherelevantemployeesatCarlsbergA/Sresponsibilitiesandcar-ryingoutinternalcontrolproceduresoftheselectedinformation.

• Evaluatinginternalandexternaldocu-mentation,basedonsampling,todeterminewhethertheselectedtaxinformationissupportedbysufficientdocumentationandevidence.

• Ananalyticalreviewoftheselectedtaxinformationfortheindividualconsolidatedentities.

• ReconciliationofselectedtaxinformationwiththeauditedconsolidatedfinancialstatementsofCarlsbergA/S.

• Obtainedrepresentationlettersignedbymanagementandtheresponsibleemployees.

• WealsoreadotherinformationincludedinthereportonEconomicContributiontoSociety2014thatcontainstheselectedinformationandourreportthereoninordertoidentifymaterialinconsistencies,ifany,withtheselectedinformation.

ConclusionBasedontheproceduresperformed,asdescribedabove,nothingcametoouratten-tiontoindicatethattheselectedinformationisnotpresented,inallmaterialrespects,inaccordancewiththereportingcriteria.

Copenhagen,2March2015KPMG StatsautoriseretRevisionspartnerselskab

MikeMaloneyCertifiedPublic Accountant

HenrikO.LarsenStateAuthorised PublicAccountant

12Economic Contribution to Society Appendices – Independent assurance report

APPENDICES Tax contribution principles

Basis of Preparation

General commentsThisBasisofPreparationpresentsthescopeandmethodologyofthecollectionandre-portingofthedataontaxpaymentsusedintheCarlsbergGroupEconomicContributiontoSocietyReport(“theReport”).

TheReportaimstoprovidereaderswithanoverviewofthetotaltaxcontributiontosocietythattheCarlsbergGroup(exclud-ingassociates)hasgeneratedduringtheyear.ThetotaltaxcontributionisdefinedastaxesborneandtaxescollectedbytheCarlsbergGroup.

TheBasisofPreparationsupportsthedatafortaxesborne,taxescollectedandtotaltaxcontributionincludedintheReport.

ItistheresponsibilityoftheManagementofCarlsbergtoensurethatappropriatepro-ceduresareinplacetopreparereportinginlinewiththisBasisofPreparation.

Alldata,unlessotherwisestated,ispre-paredfortheyearfrom1January2014 to31December2014.

DataiscollectedforallcompaniesthatCarlsbergA/Scontrols.ControlisobtainedwhenCarlsbergA/Sdirectlyorindirectlyownsorcontrolsmorethan50%ofthevot-ingrightsinthesubsidiaryorhascontrolinsomeotherway.SubsidiariesthatCarlsbergcontrolshavereported100%oftheirtaxesborneandcollected,andthefullamountisincludedintheCarlsbergtaxcontribution.

CompaniesoverwhichtheGroupexercisesasignificantinfluence,butdoesnotcontrol,areconsideredtobeassociates.Significantinfluenceisgenerallyobtainedbydirectorindirectownershiporcontrolofmorethan20%butlessthan50%ofthevotingrights.DataforassociatesisnotpartoftheCarls-bergtaxcontribution.

Entitiesthat,byagreement,aremanagedjointlywithoneormoreotherparties(jointventures)areconsolidatedproportionately,anddataisrecognisedinproportiontotheownershipinterest.

EntitiesacquiredorformedduringtheyeararerecognisedintheReportfromthedateofacquisitionorformation.Entitiesthataredisposedoforwounduparerecognisedin

theconsolidatedincomestatementuntilthedateofdisposalorwinding-up.

Thedataincludesadegreeofestimation,astaxperentityisnotreportedindetailifatypeoftaxisbelowDKK100,000peryear.Instead,taxesbelowDKK50,000arenotreported,andtaxesaboveDKK50,000butbelowDKK100,000arereportedasDKK50,000.

Thedataisreportedbytheentityinlocalcurrencyinmultiplesof1,000.

Scope of reporting and definition of key terms“Tax”inthisReportmeansanyamountofmoneyrequiredtobepaidto,orcollectedandsubsequentlyremittedto,agovern-ment.Taxeshavebeenreportedbydiffer-entiatingbetweentaxesborneandtaxescollected.ThefollowingsectionsprovidethescopeofthedatapresentedintheReport.

TermsdefinedinCarlsberg’sAnnualReport2014arenotdescribedbelow.

TaxesborneandtaxescollectedarethetaxesdueinrespectofanaccountingperiodasdefinedintheIFRS,asadoptedbytheEU.Bornetaxespaidandcollectedtaxespaid,includingexcisedutypaid,areincludedwhencashisreleasedfromorreceivedbyCarlsberg.

Key term definitionsEconomic value generatedEconomicvaluegeneratedcomprisesgrossrevenue,otherincome,financialincomeandincomeincludedinspecialitems.Incomerecognisedinothercomprehensiveincome isnotincluded.

Total tax contributionTotaltaxcontributionisthesumofborneandcollectedtaxespaidtogovernmentsfortheperiodfrom1Januaryto31December.AmountsareincludedaspaidwhencashisreleasedfromorreceivedbyCarlsberg.

Operating costIncludescostofsales,salesanddistributionexpenses,administrativeexpenses,otheroperatingexpenses,expensesincludedinspecialitemsandshareofprofitaftertaxinassociates,butexcludingemployeewages.

Employee wagesIncludewagestoemployeesexcludingsocialsecuritycosts.

Providers of capitalIncludefinancialexpensesrecognisedintheincomestatement,butnotfinancialexpensesrecognisedinothercomprehensiveincome.

Economic value retainedConsolidatedprofitaftertax.

Current taxThecorporateincometaxdueinrespectoftaxableprofitforanaccountingperiod,asdefinedintheInternationalFinancialReport-ingStandardIAS12.

Deferred taxThecorporateincometaxdueinrespectoftemporarydifferencesbetweenaccount-ingvaluesandtaxbase,asdefinedintheInternationalFinancialReportingStandardIAS12.

13Economic Contribution to Society Appendices – Tax contribution principles

Employee taxesIncludepersonalincometaxesandsocialcontributionforemployees(borneand collected).

GovernmentThetermgovernmentmeansanygov-ernmentbodyornation,state,regionordistrict.

Direct taxAtaxpaiddirectlytoagovernmentbythepersononwhomitisimposed.Suchtaxesalsoincludenon-refundableVAT,non-recov-erablewithholdingtaxes,realestatetaxetc.

Indirect taxAtaxrequiredtobepaidtoagovernment byonepersonattheexpenseofanother.

Scope of reporting

1. Borne taxes and excise dutiesThesearethetaxesthatCarlsbergisobligedtopaytoagovernmentonitsownbehalf,ortaxesthatCarlsbergisobligedtopaytoathirdpartyandthatcannotberecoveredfromagovernment.

Corporate income taxCorporateincometaxcomprisesanytaxonthebusinesscalculatedonthebasisofitsprofits,incomeorcapitalgains.Typically,thesetaxeswouldbereflectedincorporateincometaxreturnsmadetogovernmentsandtendtobecomepayable,andarepaid,eitherintheyeartheprofitsweremadeoruptooneyearlater,dependingonthelocaltaxrulesastotimingofpayments.

Excise duties (beer and soft drinks etc.)Excisedutiesareindirecttaxesontheconsumptionortheuseofcertainproducts(e.g.alcoholicbeveragesortobacco).Incontrasttovalueaddedtax(VAT),theyareexpressedasamonetaryamountperquantityoftheproduct.

Energy taxes (net, non-refundable) Energytaxescompriseenvironmentaltaxesleviedontheconsumptionofenergybornebycompanies’ownsupplyofenergy.Suchtaxesmayincludetaxesonthecon-sumptionofelectricity,oil,gasorcoal.

Environmental feesEnvironmentalfeescompriseadditionalenvironmentaltaxesthatmayapplydependingoncompanyoperations.Suchtaxesmayincludeothertaxesanddutiesonthesupplyofgoodsandservicesthatarepotentiallyharmfultotheenviron-mentandhavenotbeenincludedintheenergytaxes.

VAT (non-deductible)Thiscomprisesthenon-deductiblepartofthevalueaddedtax,i.e.taxesthatariseinrelationtobrewingorsale,whichcan-notberecoveredfromagovernment.Thepaymentisbornebythecompanyandnottheconsumers.

Real estate taxesRealestatetaxescompriseanyproperty-relatedtaxes,includingproperty,landandestatetax(otherthanstampduty,whichisshownbelow).Typically,thesetaxestendtobecomepayable,andarepaid,togovern-mentsthroughouttheyear.

Withholding taxes on dividends, royalties, interest and professional fees Withholdingtaxescomprisethefinaltaxburdenonpaymentofdividends,interestetc.afterpossibletaxrelief.

Transportation taxesTransportationtaxescompriseflighttax,petroltax,registrationdutiesandothertaxesleviedonthemobilityofgoodsandemployees.

Social contribution for employeesSocialcontributionforemployeescompris-esthesocialsecuritycontributionsleviedonandbornebytheemployingcompany.Suchcontributionsmayincludetheem-ployer’snationalinsurancecontributions,employmentinsurancetax,employees’providentfund,old-age,survivors’anddisabilityinsurancetax.

Stamp dutiesStampdutiescomprisetaxesthatariseontransfersofassetsorcapital.Typically,thesetaxeswouldbereflectedinstampdutyreturnsmadetogovernmentsandtendtobecomepayable,andarepaid,togovernmentsshortlyaftercapitaloras-setshavebeentransferred.

Other taxesThiscategorycomprisesallpaidtaxeswhichhavenotbeenincludedintheabovecategories.

2. Taxes collectedThesearetaxesnotfinallybornebyCarls-berg,butCarlsbergbearsanadministrativeburdenforthecollectionoftaxes.Thesetax-esare,however,indirectlygeneratedfromCarlsberg’sbusinessactivitiesandthereforepartofCarlsberg’stotaltaxcontribution.

Personal income taxesThiscomprisesemployeetaxeswithheldfromemployeewagesandpaidtogovern-ments,i.e.taxcollectedandremittedtogovernmentsonbehalfofemployees.

Social contribution withheld by the companyThiscomprisessocialcontributionspayablebyemployeestosocialsecurity,privatefundedandunfundedschemes.Generally,theemploymentofstaffrequirestheem-ployingcompanytoadministeremployees’socialsecuritycontributionsbydeductingthesefromwagesandsalaries.

Withholding tax on dividend distributions made by Carlsberg A/SThiscomprisestaxesthatarerequiredtobewithheldinadvanceonpayments madetoshareholders.

VATValueaddedtax,orVAT,isabroadlybasedconsumptiontaxassessedonthevalueaddedtogoodsandservices.Itappliesmoreorlesstoallgoodsandservicesthatareboughtandsoldforuseorconsumptionincertaingeographicareas.ThiscomprisesthenetVATpayabletoagovernment,i.e.VATonsalesminusVATonpurchases.

14Economic Contribution to Society Appendices – Tax contribution principles

Carlsberg A/S100 Ny Carlsberg Vej1799 Copenhagen VDenmark

Phone +45 3327 3300Fax +45 3327 4701www.carlsberggroup.com

CVR No. 61056416