4/8/2013 8:55 


As a result of changes in the Russian retail landscape as well as recent changes in marketing regulation, the Carlsberg Group has experienced a change in the cooperation with retailers in Russia which has resulted in a change in services provided by retailers from primarily being trade marketing activities, e.g. in-store displays, to be more focused on specific listing fees which are closely related to the sale of beer. The change in nature of the cooperation and the activities has developed during 2012 and is expected to have increasing impact during 2013.

According to the Group’s accounting policies specific listing fees closely related to the sale of beer are presented as discounts reducing net revenue. Previously, the cost of these Russian activities was included in sales and distribution expenses in line with the main nature of the activities. However, due to the changed nature of the activities, these will be classified as discounts and deducted from net revenue as of 1 January 2013. Comparative figures for 2012 have been restated accordingly based on an updated analysis of the nature of the activities for the year while there is no significant impact on comparative figure for the years prior to 2012.

The changes have no earnings or cash-flow impact.

Net revenue for Q1-Q4 2012 and full year 2012 for Eastern Europe and the Group has been restated accordingly in the attached tables.



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