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4 Skandinavisk Tobakskompagni A/S Annual Report and Accounts 1989/90 5 Years' Operation in Brief 1985/86 DK K million 1986/87 DK K million 1987/88 DKK million 1988/89 DK K million 1989/90 DK K million Net turnover, domestic ,180 1,209 1,27.1 1,25 3 Net turnover. export, incl. licences Net turnover, total 1,916 2,013 2,121 2,21 1-2,238 Export's share ofturnover (9b) Profit before tax Profit after tax* _ 301, 332 '-422 ' - Return on shareholders equity (%) , 4 1 Profit after provision for tax on the year's taxable income and adjustment of deferred tax. The taxis based on.a. corporate tax rate of 40% for the year under review and 50% for the first four years. - The returnon sharchotders' equity is defined as profit after tax as a percentage of the average shareholders equity a t the beginning/end of the financial year the latter before distribution of profit. 11

5 Annaal Reportfor 1989/90 : Highlights of the Year - The EEC directives on marking tobacco products and on condensates in cigarettes have been incorporated into -. Danish legislation. The rules on marking enter into force on The Skandinavisk Tobakskompagni Group turned in December 31,199 1, with transitional schemes for products. a satisfactory performance for the 1989/90 financial year manufactured before that date, Condensates in cigarettes may. Net turnover excluding tobacco excise increased to not exceed 15 mg by December 31,1992 and 12 mg b y DKK million, a 1.2% advance compared to the previous. December 31, year, especially due to sales of cigarettes. The increase breaks -., down into a rise in export sales of DKK 45 million and a DKK Exports : By far the bulk of the Group's export earnings relates 18 million decline in domestic sales. Exports accounted for - to cigarettes. Earnings are generated by the export ofdomesti- 44%of the Group's net turnover - _ telly produced cigarettes and by licence income from th e The Group's pre-tax profit swelled by DKX 72.9 million to -production and sale ofst's brands abroad. - - ' DKK million. After allowing for accrued tax on the Cigarette exports rose by 5.I% compared to last year and 'taxable income for the year and adjusting the provisioafor - deferred tax, the profit for the year amounted to DKK million against DKK million in 1988/89. The increase in profit is influenced by the impact of the reduction in the :ended at 4.7 billion units. Progress was once more recorded on all primary markets. In West Germany, the largest exportmarket. STI's sales rose by 3.6%,'and the market share advanced to 1.5%. In Greece, the second-largest export market, sales corporate tax rate from 50% to 40%. - increased by-upwards of 19%. In the last few months oftbe yeaz, At the end of the financial year, iheshareholders' equity amounted to DKK million, after deduction of the. 28 million PRINCE cigarettes were delivered to East Germany,. and deliveries continued after the end of the year.. proposed dividend for the year. As a result of the reduction in - Licence income derives from the production of PRINCE in the corporate tax rate, deferred tax has been recalculated at Norway and Sweden. PRINCE EXTRA MILD was launched 40%. This reduction, which amounts to DKK97.1 million, has on the Norwegian market, and the total market share of the been carried directly to capital and reserves. - PRINCE family grew to 53.7%. In Sweden, PRINCE experienced a decline in the market share of one percentage point to In many ways, the financial year under review was pivotal for the ST Group. As part of a planned structural reorgani %. Total licensed production amounted to 4.4 billion units, zation, the smoking tobacco activities were segregated into a separate subsidiary company, Skandinavisk Tobakskompagni Rogtobak A/S (STR), at July 1,1989. At January , Thus total sales of ST's cigarette brands abroad, i.e. exports and licensed production, amount to 9.1 billion units, or 39% more than total domestic sales.' the smoking tobacco activities ofassens Tobaksfabrik A/S, C.B. Moller & Co. A/S (Orlik) and Skandinavisk Tobakskompagoi Rogtobak A/S were merged in Orlik Tobacco Company A/S (OTC). ST's share in the merged company is 50%. Cigar Products In comparing the 1988/89 accounts for the Group and the Domestir_The adverse trend on the Danish cigar products. Parent Company. allowance should be made for this fact. market continued with an 8% decline in relation to 1988/89. - Furthermore. it was resolved to transferst'sdomesticsales Total sales amounted to 349 million units, ofwbich an of cigar products to Nord isk Tobaks Kompagni A/S (NTK) at unchanged 5.4% was imported.. July), 1990, and to discontinue direct sales to the retail trade at The ratio between the individual market segments remains July At the same time. the distribution department in unchanged compared to last year The market for cigarillos Hoime had to be closed down. - amounts to 78% of total sales, while cheroots and cigars account At June the ST Group had employees. At ST's - for 20% and 2%, respectively. - cigar products factories. the number of employees declined by The market share for the brands produced byst and 44, while the cigarette factory took on 35 new employees. At E. Nobel amounted to 94%. In the past. ST has sold two-thirds June 30, the 50%-owned OTC had a staff of 199 persons. of production, while almost one-third has been sold by On the domestic market, the trend recorded over the past Nordisk Tobaks Kompagni A/S, the affiliated-company which few years continued. with a slight decline in cigarette sales. also handles the major pan of Danish imports. It has been a major decrease for cigar products and some increase decided to transfer ST's domestic sales of cigar products to - - for smoking tobacco. ST largely retained its market share for NTK_ effective July cigarettes and cigar products. After the launch of JOY MENTHOL in May 1989, the On export markets. Scandinavian Tobacco International A/S JOY family expanded into the largest cigar products brand in (STI) recorded an advance in cigarettes sales as well as in sales Denmark. with an 11.6% market share. of cigar products. - Review of Market Developments Cigarettes Domestic: The Danish market for factory-made cigarettes amounted to 6.7 billion units, a decline of3.4%on the year before. Imported brands accounted for 2.0%. ST's market share was 98.0%. The PRINCE family now has a market share of upwards of 52%. PRINCE LIGHT MENTHOL was launched as the first PRINCE hard-box variant, This means that there are now six PRINCE variants on the Danish market, The two other leading brands are LOOK and CECIL. together accounting for 31% of the market. Exports: Sales on export markets advanced by 53% in relation to the previous year. CHRISTIAN OF DENMARK, the luxury cigarillo which grew by almost 12%, now accounts for almost 30% of export sales. - In the course of the year. CHRISTIAN OF DENMARK Long cigarillos were launched in West Germany, Benelux, Switzerland, the U.S.A. and France. JOY was launched in Sweden after positive results from market testing. 12

6 Smoking Tobacco July f- December 31,1989 Domestic: The domestic market for smoking tobacco increased -- -.DKK millio n by 5.1% to 2,905 tonnes. The market segment for coarse-cut Turnover tobacco once more accounted for the advance, namely 5.5%, : whilefine-cuttobacco continued to decline, this year by 3.9%.-. -tax Profit.. : ULTRA LIGHT and ESCORT LIGHT MENTHOL were - launched in the market for coarse-cut tobacco.. Oilik Tobacco Company A/S When Orlik Tobacco Compan y smoking tobacco productio niondortiesasales marketing, A/S was established, and the Skandinavisk Tobakskompagni A/S owns a 50% stake i o export activities were transferred to the new company.. OrlikTobacco Company A/S(OTC),which wasestablished on - OTC, which produces smoking tobacco-at the factories in : January 1,1990. The activities and the profit reported for the Assens and Holstebro, had a market share of 80.2%at the end period, were satisfactory. The main figures listed below indicate of the yeah which is a slight increase on the previous year : STs 50% stake. Exports: Despite the continued decline in international con- January 1- June 30,199 0 sumption ofsmoking tobacco, exports ofst's smoking tobacco DKK millionbrands increased by 0.9%. ESCORT and SWEET DUBLIN T urnover. : :... : are the major brands Pre-tart profit : :. 24:2 In Sweden, the production wader licence of fine-cut : Assets at yearend :. : :.: ESCORT reflected marked growth, one reason being the. Capital and reserves at year-end 54.1 launc h of ESCORT IGHT - - Skandinavisk Tob kskom a s A AZ Smokeless Tobacco. The parent ys pre-tax profit a before p the inclusion of - The domestic market forsmokeless tobacco diminished by Y 7.3% the profits recoorded rded by STI; STR and OTC amounted to DKK The snuffsegment receded by6%, the cut chewing tobacco million against DKK million in 1988/89. segment by 1I.4%, and the chewing tobacco segment by 10.5%. -. : After including the profits reported by STI, STR and OTC When Orlik Tobacco Company A/S was established, the and adjusting the unrealized intercompany profit, th e new company took over production, marketing and sales of Parent Company's - and thus the Groups - total pre-tax profit snuffand cut chewing tobacco. From July 1,1990, sales of amounted tc DKK million. In relation to 1988/89, chewing tobacco produced by ST were transferred to Nordisk this corresponds to an increase of DKK 72.9 million. Tobaks Kompagni A/S, the affiliated company. Investments in properties and equipment amounted to Exports were modest and slightly lower.than the previous yeas : DKK mill ion against DKK 72.9 million in 1988/89. - Financial Result -Scandinavian Tobacco International A/S The Group's export and licence activities are handled by ST1. the subsidiary. Marketing on all export markets is handled in whole or in part by this company. - The transfer prices charged by the producing Parent Company to STI remain unchanged ; these prices are fixed so that the Parent Company makes a net profit equal to that achieved on the domestic market per unit (cf. "Accounting Policies" for more details). - The pre-tax profit for the year amounted to DKK million, equal to an increase of DKK 31.5 million. due mainly to increased cigarette sales and interest income. DKK'_38-.0 million of the profit for the year is proposed to be transferred to the Parent Company as dividend. 1989/ /89 DKKmillion DKKmillion Turnover U.5 Pre-tax profit :66.1 Assets at year-end Capital and reserves at year-end Skandinavisk Tobakskompagni Rogtobak A/S As part ofa planned structural reorganization. the smoking tobacco activities were segregated into a separate subsidiary company. Skandinavisk Tobakskompagni Rogtobak A/S (STR). at July At January the smoking tobacco activities of Assens Tobaksfabrik A/S. C. B. Mailer & Co. A/S (Ortik)and Skandinavisk Tobakskompagni Rogtobak A/S were merged in Orlik Tobacco Company A/S (OTC). STR is included in the accounts for the period July Ito December as a wholly-owned subsidiary Tobacco excise, VAT and turnover-related surtax collected on behalf of the Treasury amounted to DKK 7.6 billion against DKK 7.8 billion the previous year. - - In keeping with the practice employed to date, the profit for the year is proposed to be distributed such that the major part - of the disposable profit is distributed as dividend. STs sub-. stantial earnings form the basis for Skandinavisk Holding A/S' investments in industrial activities at home and abroad. The available profit ofskandinavisktobakskompagnia/sis proposed to be distributed as follows: 1989/ /89 DKK million DKK million Statutory reserve fund Reserve for non-distributed. profits in subsidiaries and associated companies Dividend to shareholders Extra reserve fund Profit for the rear Employee Profit-Sharing Scheme At the general meeting in November ST's shareholders adopted the Board's proposed resolution to issue employee shares as an element in a future Employee Profit-Sharing Scheme. Accordingly, the share capital was increasedby nom. - DKK 571,260 through a bonus issue. The Employee Profit- Sharing Scheme for the 1989/90 financial year is expected,to be adopted at the forthcoming General Meeting. which will lead to an increase ofthe share capital of the same order as last yea r Prospects for 1990/9 1 Ea rn ings in the coming financial year are assumed to remai n at the same ora slightly higher level than in 1989/90. Massive investments will continue on the expo rt markets. O O v1 13 C D W 00

7 Accounting Policies The annual accounts comprise the consolidated accounts and the annual accountsof the parent company, Skandinavisk Tobakskompagni A/S. The accounting policies are unchanged in relation to last yeas Consolidated Accounts (Principles of Consolidation ) In the consolidated accounts, the accounts of the Parent Company and the wholly-owned subsidiaries are combined. 50%owned companies are consolidated on a pro-rata basis. -- -This means that 50% of the earnings and expenses, assets and liabilities are included in the items to which they relate.. The consolidated accounts are a summary of the profit and loss accounts and balance sheets of the individual companies. In making the summary, intercompany sales, inter-company interest and other inter-company items have been eliminated, as well as inter-company accounts and that portion of nonrealized earnings on stocks which is attributable to the Group. Any difference between the purchase price for shares in the subsidiaries and the associated company and such companies' equity at the time of acquisition (goodwill on consolidation ) is written off directly against capital and reserves in the year of acquisition Translation of Amounts in Foreign Currency. All accounts in foreign currencies are recorded at the rate of exchange preraili of; on the balance sheet date. Exchange-rate differences are listed under the activities t o which they relate. Hence, excbange=rate differences relating to sales are booked under turnover and regarding purchases under costs. Cost of Sales - Cost of sales is based on purchase prices or cost prices,- corresponding to consumption of materials and direct wages. Corporation Tax lad Deferred Tax The accrued tax on the accounting result for the year, adjusted for items which do not influence the taxable income, - is expensed in the profit and loss account. The portion of the expensed tax which is actually payable on the taxable income for the year is recorded under creditors in the balance sheet. The balance is entered as deferred tax under "provisions" Deferred tax is calculated according to the tax regulations and at rates in force at the end of the financial year. The deferred tax thus expensed is a result ofdifferences between depreciation charges for accounting purposes and those fortacation purposes. plus write-downs for taxation purposes and transfers. Adjustment ofdeferred tar. which is the result of the change of the corporate tax rate. is made directly via capital and reserves. No provision has been made in the balance sheet for any furtherdeferred tax accruing upon the sale of tangible and financial fixed assets at book value. - - The Parent Company and the wholly-owned subsidiary- are jointly taxed. The Parent Company provides for and pays total taxes for the companies on their taxable incomes for the year. Inter-Company Transfer Prices Upon sale from Skandinavisk Tobakskompagni A/S to its subsidiary. Scandinavian Tobacco International A/S. the prices calculated are equal to cost of sales plus a share in operating costs and ordinan. net profit on domestic sales. Valuation Principles - - In other respects, the annual accounts have been prepared on the basis of the valuation principles listed below. Intangible Fixed Assets Purchase of goodwill is written off directly against capital and reserves in the year of acquisition, i.e. in the same way as goodwill on consolidation. Tangible Fixed Assets Land and buildings have been booked at purchase price with addition of any revaluations and less depreciation made. - Other tangible fixed assets are recorded at purchase prices less depreciation made. =- = = - -. Depreciation is made according to the straight-line metho d over the estimated maximum useful fives of the assets, as follows: Land and buildings: - Buildings 33 years Installations 10 years Plant and machinery. " - Tobacco machinery - 6 years Other fixtures and fittings, tools and. equipment: ' Factory and warehouse equipment 10 years Transport equipment 5 years Office equipment and machinery, 3-5 years Assets worth less than DICK per unit are expensed in full in the profitand joss account in the year ofacquisition. Where the value ofa building has been written up, the depreciation is based on such written-up value. - Upon the sale or scrapping of assets, any loss or profit i s included in the profit and loss account. - Shares in Subsidiaries and Associated Companies Shares in subsidiaries. associated companies and 50%-owned companies are recorded in the Parent Company's accounts at the proportionate share of the net asset value for accounting purposes, less non-realized earnings on inter-company stocks. The proportionate share of the results for accounting purposes recorded by the subsidiaries. associated companies and 50%-owned companies for the current financial year is included in the Parent Company's profit and loss account. Accordingly. the Parent Company's result and equity have the same size as those of the Group. - Other Securities and Capital Holdings Securities listed on the Stock Exchange have been entered at the price quoted at the end of the financial year. Other securities are recorded at purchase price or a lower, estimated value. Realized gains and losses in relation to the purchase price are recorded via the profit and loss account. Any revaluations - and write-downs that do not exceed revaluations previously made for the relevant category ofsecurities - are adjusted via the revaluation reserves after providing for deferred tax. Stock s Stocks of raw materials and consumable supplies are valued at the lower of purchase price and replacement cost. Semi-manufactored goods and stocks of manufactured goods are entered. at the value of materials consumed. direct wages and excise labels. Write-downs have been made for obsolescence, etc. 1 4

8 The Group and the Parent Company Profit and Loss Account for the Financial Year July 1, June 30,1990- The.Group Parent Compan y Notes - DKK million = DICK million : 1989/ / / /8 9 Turnover. Sales and licence income : , U- 7, Tobacco excise , , I Turnover, excl. excise :_ , i, j.9. Change in stocks of manufactured goods and work-in-progress..... :._... - = 0.4 -'14.7 : A Other operating income _ Total income : _... :,. : : : , , Costs: _ = - Raw materials and consumable supplies. : :..... : : Otlterexternal costs : Turnover-related surtax : " i o 3 Staff costs. : ' - 1, ,597.7 = 1, Earnings before depreciation : Depreciation Earnings on operations : Income front participating interests, interest, etc. : Subsidiaries' pre-tax profits : - = Share of associated companies 'pre-tax. profits : & Income from other securities and capital holdings Interest and related income Interest and related expenses _ Profit before tax : Corporation tax : Tax on the year's taxable income { Adjustment of deferred tax : ( : ' Profitforihe }ear which the Supervisory Board proposes to be - - distributed as follows : Transfer to statutory reserve fund _ 0. 1 Transfer to reserve for non-distributed profit in subsidiaries and associated companies _.8 Dividend to shareholders : Transfer to extra reserve fund , S '

9 Balance Sheet as at June 30,1990 for the Group and the Parent Company. The Group -Parent Company. Notes = DKK million - DKK tpi11ion - June 30, June 30, -June 30,- June 30, " ASSE S Fixed assets 6 Tangible fixed assets: Land and buildings Plant and machinery : : _ Other fixtures and fittings, tools and equipment Prepayments for tangible assets and tangible fixed assets in course - - ofconstruction _. : , , _419.8 : Financial fixed assets:, 7 _ Shares in subsidiary ,...'.: Shares in associated companies Othersecuriues and capital holdings , _ Total fixed assets : Current assets.10 Stocks , , , Debtors : Trade debtors : Subsidiary : :...:.... : Associated companies _ Parent company : :...: : Other debtors : : Prepayments _ , ,106 2 Securities : _ 2 Cash at bank and in hand _ Total eurrentassets , Total assets , ' SKANDINAV-ISK TOBAKSKOMPAGNI A%S So bo rg. October The Board of Management: Hugo Schrode r Managing Directo r Karl-Johan Levinsen Jorgen Tandru p The 1989/90 Consolidated Accounts and Annual Accounts for the Parent Company. Skandinavisk Tobakskompagni A/S. have been submitted to the undersigned Supervisory Board, who recommend them to the General Meeting for adoption. - E. J. B. Christense n Chairman Peter Augustinus Jorgen F:crch StenerFarc h Povl Heeeaard D.G.Hevwood Birthe Madse n Leif Mentzel Frederik Chr.Obel Karin Rasmussen C.Tvede-Muller Tom Weigli n 16

10 Notes Balance Sheet as at June 30,1990 for the Group and the Parent Compan y The Group DKK million- - - Parent Company _ - DKK milio n June 30, -June June 30, June 30, _ UABILI11ES 12 Capital and reserves - - Share capital : : Revaluation reserves " Reserve for non-distributed profit in subsidiaries an d associated companies Reserves 15 Statutory reserve fund......:....: : Priceequalizationfund :: :.... : Extra reserve fund ' Total capital and reserves :: :. : Provisions Deferred tax : Total provisions Creditors Lang-term creditors: - Mortgage debt payable.:.: :. : Credit institution _ Corporation tax accrued for this financial year. : , , Short-term creditors: = Bankdebt : _ - 18 Instalments on long-tern debt due within one year < Trade itors Associated companies : : Corporation tax accrued for the past financial year ' '42 :0 Tobacco excise, VAT, etc ,911, l 1, Othercseditors : _ 47.4 Dividend for the financial year ? 2, ,705.4 Total creditors _. : , :_ : Total liabilities : , ' Contingent liabilities and other commitments : CE note 2 L Auditors' Report.. We have examined the Annual Accounts and the Consolidated Accounts for 1989/90 for Skandinavisk Tobakskompagni A/S. - The audit has been made in conformity with generally accepted auditing standards as applied in Denmark and has included such auditing procedures as we have deemed necessary. - TheAnnual Accounts and the Consolidated Accounts have been prepared in conformity with the provisions of the rcle%ant acts and the Articles ofassociation and. in our opinion. they give a true and fair view of the Company's assets and liabilities. the financial position and the result for the year. Soborg, October PRICE WATERHOUSE / SEIER-PETERSEN STATSAUTORISEREDE REVISORE R Mogens Gjelstrup Torben Jorgensen State-authorized Public Accountants 17

11 Notes for.the Group and the Parent Compan 1. The turnover; excl. excise, is specified as follows: - The Group - Parent Comp. DKKmillion DKK millio n = 1989/ / / /89 Domestic Wes - 1, , , , Export sales - - (incl. licence income] Turnover excl. excise - 2, _ ,581.0 I, Other external costs include the following main items : The Group DICK million Parent Company i DKK million Insurances, subscriptions, rent of warehouse, tax on real property,-andpower consumption Advertising, market research, trademarks, etc Repairs and maintenance Other production, sales and - administration costs Other external costs, total J 3. Staff costs include : The Group DICK million Parent Comp. DKK million 1989/ / Wages and salaries Pension insurance premiums Other social security costs , Total staff costs _ l '_4I- 7 In the financial year, the emoluments and salaries, etc. stated below were paid to the members of the Supervisory Board and the Board ofmanagemenṫno bonus was distributed totbe Supm+isoryBoard. Parent Company - DICK million 1989/ / In the financial year:, the average number ofem ployees was 1 ;253 in the Group and 1,217 in the Parent Company Depreciation, which relates to tangible fixed assets, is specified a s follows: -.. The Group _ DKK million Paren t Compan y DKK million Land and buildings Plant and machinery Other fixtures and fittings, tools and equipment _. 7, Total depreciation Share of profits in associated companies : Owner-_ The Parent ship Group Compan y share DKKmillon DKKmiIGo n Orlik Tobacco Company A/S 50% E. Nobel, Cigar- & TobaksfabrikkerA/S 24% Orlik Tobacco Company A/S has been consolidated on a pro-rata basis in the Consolidated Accounts. 6. Real property, plant. etc. are specified as follows: The G roup Parent Company. Land Plant Other Prepay- Land Plant Other Prepay - and and futures. merits, and and fixtures,. meats, buildings machinery fittings, tangible buildings machinery fittings, tangible tools. etc. fixed assets tools, etc,' fixed assets DKK million DKK million DICK million DKK million DKK million DKK million DKK million DKK millio n Purchase price as at July 1, Transferred to subsidiary Additions at cost ,1 f Disposals at cost Purchase priceas attune 30, Revaluation as at July 1, Depreciation and write-down s asatjulyl, Transferred to subsidiary - h Depreciation and write-down s concerning the year's disposals Depreciation and write-downs for the year Depreciation and write-downs as at June 30, Balance as at June The cash-based value of real property according to the annual revaluation as at January The insurance sum for plant an d machinery, other futures, fittings, 1.)67.4 1, tools. etc. 18 The figures atjul% are adjusted for acquisition of a compan}. The figures at July are adjusted for internal transfer from the item "Plant and Machinery" to "Other fixtures. fittings, tools. etc"

12 7. Shares in subsidiary consist of nom. DKK 100 million in shares 10. Stocks are specified as follows : in Scandinavian Tobacco International A/S, Gladsaxe (wholly.- owned). The shares have been booked at net asset value. The amount in the balance sheet breaks down as follows : Purchase price as at July 1, Addition (Skandinavisk Tobakskompagni- RegtobakA/S) Disposal (Skandinavisk Tobakskompagni ' Rogtobak A/S, through a merger with Orlik Tobacco Company A/S. the continuing company) Purchase price as at June 30, Revaluation as at July 1, Adjustment ofdeferred tax as a result of the reduction of the corporate tax rate from - 50%to 40% The year's operating result-after deduction of dividen d Revaluation as at June 30, Parent Company DKK millio n ,The Group DICK million Parent Company DKK million Raw materials and consumable supplies 1, ,134.6 Semi-manufactured good s (incl. excise labels not affixed) Manufactured and commercial goods - (incl. excise labels affixed) - - " 526 : Spare parts, fuel oil, etc. = Total stocks -- 1, ,713 :0 U. The Groups trade debtors ; accounting for DKK million, include accounts'payable by sister companies in the amount of DKK million. - Of the DKK million payable to the Parini Company by Scandinavian Tobacco International A/S,thesubsidiary,dividend. accounts fordkk million and corporation tax for DKK-' million. Of the latter amount, DICK million falls due beyond 12 months. - The DKK 5.4 million balancedue by an associated company to the Parent Company constitutes dividend - - Unrealized inter-company profit The Parent Company's share capital consists of two classes of shares. Class I comprises the shares subscribed forbytheemployees Balance as at June in 1978/79,1981/82, and in 1985/86, which amount to nom. DK K 9,990,OW.(indudingborius shares) and employee sham issued in. 8. Shares in associated companies have been booked at net asset - connection with a bonus issue-in 1989/90, nom. DKK value and include : Class II consists of DKK 300 million in shares owned byskandinavisk Holding A/S. Special rights attach to shares in Class I pursuant to the company's Articles ofassociation. - Ownershi p share Nom.. shares DKK million The - Group DKK million Parent- Company DICK million Orlik Tobacco - Company A/S, Asserts % E.Nobel.. Cigar- & TobaksfabrikkerA/S, - Nvkobing Falster. 24% The subscribed share capital in the Parent Company consists o f Class 1 shares: - 2,768 shares of DKK 20 each 5,159 shares of DKK 100 each 556 shares of DKK 500 each 9,712 shares of DKK each Class 11 shares: Cf. Note shares of DKK 150,000,000 eac h Total share capital. -. The amount i n the balance sh eet i s arri ved at as fo ll ows: The Grou p Dt:K million Paren t Compan y DKK million The balance is specified as follows : Balance as at July 1, Balance as at July Addition 44.0 Transfer from revaluation reserve s Share of the companies' profits after tax Balance as at June Adjustment ofdeferred tax as a result of the reduction of the corporate tax rate from 50% to 40% Balance as at June Other securities and capital holdings are specified as follows : roup and! Parent 1. Compan y DKK million Purchase price as at July 1, Additions 0. 6 Disposals 0. 8 Balance as at June DKK mdliou DKK minio n r

13 13. Revaluation reserves have been changed as follows> 17. Provisions consist ofamounts for deferred tax and are specified as follows : Parent Compan y DKK million The Group Parent Company Revaluation fund for shares in subsidiary : DICK million DKK million Revaluation of securities held by the subsidiary Balance as at July 1, as at July I Transfer from subsidiary concerning application of investment reserve 4.0 Market fluctuations equalization fund: Transfer to Skandinavisk Tobaks- Revaluation of securities as at July I, kompagni Regtohak A/S Reversal of revaluation upon realization Adjustment concerning associated - Transfer from deferred tax 12.5 company 1. 1 Price adjustment as at June 30, Reduction of the corporate tax rate Transfer to deferred tax from 50% to 40% Adjustment as at June 30,1990 via the profit and loss account Revaluation fund for real property : Transfer concerning securities Revaluation as al July 1, Transfer to the share capital 0.6 Balance as at June 30, The provision for deferred tax relates to tangible fixed assets, plu s Total revaluation reserves as at June stocks, trade debtors, securities, and transfer to investment fund. No provision has been made for any further deferred tax tha t 14. The Parent Company's reserve for non-distributed profit in might accrue upon the sale of land and buildings. - subsidiary and associated companies is arrived at as follows : DKK million Balance as at July 1, Provision as at June 30,1990 : Out of the operating profit for the year 16.9 Adjustment ofdeferred tax asa result of the reduction of the corporate tax rate fro m 50% to 40% Balance as at June 30, The Parent Company's mortgagedebt payableamounts to DKK million. The debt relates to real property and machinery at a book value of approx. DKK 284 million. Of the long-term mortgage debt and of the loan with the credit institution, DKK 83.3 million falls due beyond five years. 19. The Parent Company is taxed jointly with the wholly-owned subsidiary. This means that the Parent Company makes provision for and pays aggregate taxes for the companies. - In 1989/90, DKK million was paid in corporation tax. 15. The statutory reserve fund has been changed as follows : Groupandl Paren t Company DKK millio n Balance as at July Provision out ofthe profit for the year 0. 1 Balance as attune 30, The extra reserve fund has been changed as follows: Th e I Paren t Grou p Compan y DKK million DKK millio n Balance as at July I, increased by: Adjustment of deferred tax as a result of the reduction of the corporate tax rat e from 50% to 40% Non-distributed share of the 1989/90 profit reduced by : Adjustment of market fluctuation s equalization fund. cf. Note Costsconnected with the formation o f Skandinavisk Tobnkskompagn i Rogtobak A/S Transfer to share capital 0. 6 Balance as at June 30, j In addition to tobacco excise and VAT, the amount comprises customs duty, PAYE tax and turnover-related surtax. Tobacco excise payable by the Parent Company has been guaranteed towards the Ministry of Finance by an insurance company Contingent liabilities and other commitments: Mortgage liabilities, other than mortgage debt Contingent liabilities Leasing commitments of major importance The Group None DICK 3.9 m None Parent Compan y -None None None 20

14 Consolidated Funds Statement -The Financial Year July 1, June 30, / /89 - DKK million KK million FUNDS PROVIDE D From operations = Profit for the year. _ Dividend : : c : Sayings :,." _ : Depr ciation Adjustment ofprovisions via the profit and loss account ~ _ -' ,,Reserve movements Self-flosucing : :...._ : Total funds provided. _ : _ : FUNDS APPLIED Workingcapual = - - r Current assets - Stocks _ _.....:: ' - Rec Ivables : ' :..' Cash and securities : : _ _ 15.5 Short-term creditors: Bank debt : Trade creditors : : Corporation tax accrued for the past financial yeas ::... : _ Tobacco excise, VAT etc... ::.._ : Other creditors and dividend : : ' Increase in working capital : : Fired assets.land and buildings Machinery and equipment Other assets Increase in long-term creditors = Mortgage debt and debt to credit institution Corporation tax accrued for this financial year Total funds applied : I

15 Statement of Value Added for the Group 1989/ /8 9 DKK million % DKK million % - Invoiced sales, incl. tobacco excise and VAT , ,125 2 Consumption ofmaterials, incl. VAT but less customs duty -1, ,006.5 Other operatingcosts,excl. salariesandwages Net interest income , Total at disposal , , which is distributed as follows : To the State Tobacco excise , , VAT (net) , Turnover-related surtax less refund PAYE tax Duty Corporation tax and coupon tax Total , , to the Employees (average number 1,253 in 1989/90 and 1,366 in 1988/89 ) Stafcosts Less PAYE tax Nettotal For the Future of the Company Depreciation Increase in reserves Total To the Owners of the Company Dividend paid Less coupon tax Net total _ Distribution of incomes 1989/90 Total to the state 92.7% Tobacco excise 69.9%j VAT 16.1 %---, Turnover-related surtax 2,0%1 PAYE tax 1.3% ' Duty 0.3% Corporation and coupon tax 3.1 % n To the employees 1.7% For the future of the company 1.5% To the owners of the company 4.1% 22

16 S71 Concentration of Resources We are nn the threshold of tlrc single market. During the lust couple of years, the Skandinc,risk Holding Group has been pr epuriug for the new opportunities of a Europe wit/out frontiers - and fin the keener competition. 1'reviortsl s opt,raling in a muuhcr of e/i f fevent husinex.s areas, the,571 Group has gradually cortc'enirated its activities oil two areas - viz. to/acc ol corstrnrer goods and o/fire farnimre. Thus two 7 runs ago, Sll decided to withdr uwfrorn flit, cn rirrrhuru! nurclriners seclor. At the some time the activities within the tahaccu and of/we f io nint e.sectors were i,aerrsif eel : the esiablishntem o f the.ranking a,bacco cont/tony (lr-la Tobacco C'oarpcors'. trccn.sfi r of the cigar pr orhu 1.sales in Nordisi TohaksKo,npu,r;ni.undannnrhernf'nc yttisitirursofgffrcefeunitureco,npanies outside Denmark are the result of this strategy. As a nuno al conseq«ence of focusing on rohuc role unsrunt,r,quads and on office ftn niture. the.s/i Group is now combining these activities in 151(5 operational entities, each with its OM' 11.g1-0111) nlcrrra,gt,nretrt. Bot/t sectors w ill gain ronsideruhl c ad runtu,gcs fr oar enrrcenu utin,q ruunu geriu! and finairc ial effi,r ts in more unifolin areas. The tubaeeolconsumcr goods contpcncie.s crlr ccul s' en jos cl ose business ties and the o f/ice furniture companies have all extensive cooperation. However. there arc no rrurrrr al tics between the ruhuernlcoresrrnrer.quodc companies and the Office frrrnitnre cnnrparties. The cmplos ees of most SH Group eontparries will not be of f acted in cans n ov by the corporate restructuring. For the majority ref tine employees of ST rind Si!, the separation of Skandinauisk Tobakskonrpagni along product lines into "House of Prince" caul "Nobel Ci,gar s", respeciilclp, and the closing don n of the snhsidiar'y' Scandinavian Tobacco International, will formally nuwrt enrplm roc rrt in cnrotluv contpurw. Btu in prucncc, there will be fro change in their working conditin,rs or scnirn l-/v. Dividing the Sit Group allows a powerful concentration of the resources. Each of'thc fio grnny,s will he well eclrripped to meet the great challenges of the future. lingo Schroder

17

18 The Skandinavisk Holding Group To Be Restructured Into Two Separate Group s The SH Group is divided into two separate operational entities with their own managements, siz. u tubactu/ consumer goods group and an office furniture group. The actrv ities of the Skandinavisk Holding Group will he organized intwooperational groups. Effective retntacnvely as froniluly the restructuring involves combining the SH Group's tobacco/ consumer goods activities into one group. and the office furniture activities into anther. Skandinavisk Ilutdmg A/S. parent ""upuny of the Sl I Group. will become a pure- 1% financial company, owned by Akticsclekabet R. Fa:rctts Fahrikker. C. W Oltel A/S. Chr. Augustinus Pahrikker A/S and British-American Tobacco Cu. Li d The new tobaccotconsumer goods group will take over the Skandinavisk Tnhakskompagni A/S name. while the new office furniture group will be given the name Sk :mdmavisl. Industries A/S. Skandinavisk Holding A/S will become patent company for the two new groups and for the office equipment company Kores Nordic Holding A/S. Supervisory Boards and Boards of Management The restructuring. whose principal objective is to concemmte the managerial functumson uniform areas. is further linked In the approaching generation shift. Hugo Schroder-Managing Dircctorof tie farmer Skandinavisk Holding and of the former Sk.urdinav isk Tuhakskumpagni -will retire in two years. At the some time, Kart-Johan Levinsen. for many years Executive Director of STs cigarette activities, will also retire. The shareholdereleced Supervisory Board of SH will he the Supervisory Board or. rcspecti vety. Skandinavisk Holding, Skandinavisk Tobakskompagni and Skandi- novut industries. Mr. E.J.B. Christensen will continue as Chairman. The Board of Management of Skandinavisl Holding will be composed of Hugo Schrodr r I Managing ). Holger Simderg;urd and Jorgen Tandrup. The Board of Management of Skandinavrsi, Tohakskompagni will be Hugo Schroder (Managing). Kul-Johan Levinsen and Jorgen Tandrup. Finally, the Board of Management of Skandinavisk Industries will be Hugo Schrodcr!Managing), Helper Sondergaard and Flemming Relsier. The Supervisory Board of House of Prince willcomprise Hugo SchrtsdertChairman). Karl-Johan Lcvmsen. Claus Hugger and Done Arne Bxrentsen. The Board of Management will consist of Karl-Johan Ixs insert t Managing l andjmgen Tandrup. Members of the Supervisory Rourd of Nobel Cigars will be Hugo Schneider (Chairman). JorgenTandrup. Claus Bagger and Done Arne Bxrentsen. The Board of Management will be composed of Jurgen Tstndmp(Managing ). Kad-Johan Lcvmsen and Donald Munkholm. The Supervisory Boards and Boards of Management of all the othercompanies of the Skandinavisk Tobakskompagni Group will remain unchanged. The Supervisory Boards and Boards of Management in the Skandinavisk In. dustries Group companies will continue without changes. The Skandinavisk Tobakskonipagni Group I hi es idiaradeunsumer pi.idsgriwp. Skandinavisk I ubakskonpagni A/S. will t onrprise four tobacco companies, three consumer good-panics, and one data processing company. The esrsung Skandinavisk Tohakskompagni will he divided imotwo separate companies a" Product lines, the cigarette anisities being segregated into a new subsidiary. House of Prince A/S. and the cigarproduct actin inn into another. Nobel Cigars A/S. The Nobel name is used with the permission of the owner of E. Nobel. Cigar- & Tobaksfabrikker A/S. STs present ex port subsidiary. Scandinavian Tobacco International A/S. will be merged with Skandinavisk Tobakskompagni A/S with retroactive effect as from July As from January Denmark will hecome pan of a European domestic market with a popul:uron of 341 million, and in this context. operating a separate expos company wnuld he neanmgless. The two other tobacco companies to be included in the new ST Group are the smoking tobacco company Orlik Tobacco Company A/S, 50rif owned by ST. and E. Nobel. Cigar- & Tohaksfabrikker A/S. in which ST has a 24% static. Negotiations as to acquire full ownership of the latter company at a future stage are presently going on. u.andaiwiss l et.ukskn.epurnt In addition to the four tobacco companies, the ST Group will include three consumer goods companies from the SH Group - Dagrofa (559 owned). Del Danske Tobaksaktieselskah Impros and Nordisk Tobaks Kompagni AJS, and the data processing company SH-Data A/S. The tobaccokonsumer goods companies now bcing combined inthe STGmup have always had close ties, Just as SH-Data A/S has provided computer services to most of the companies of the ST Group for several years. The Skandinavisk Industries Group "fhc new uffic r furniture gru Ip. Skandinavisk Industries A/S. will comprise three Danish office furniture companies and five office furniture companies situated outside Denmark. The three Danish office furniture companies are Fritz Hansens Eft. A/S. Alit it. Lahofa A/S. Skxlskor. and Scanlsxm Komar-System A/S. Abyhoj. Theother crmrpaniesare the UK companies Arenwn Gniup PLC and Antneks Lairs die Dutch Gispen tniernational It V., the Ucnn :w \'anu Iturucinrirhtungen Gmht I. and the French V incu S..A. The new group. which bus been established through the acquisitions made over the last few years. is the second largest office furniture group in Europe. with a substantial share on the European market. There is already a close inter-group cooperation. The managerial changes related to the transfer of the SH Group's office furniture companies to the Skandinavisk Industries Group will rake place with retroactive effect as from July whereas the transfer of the shares of the individual companies will be implemented by stages over the next 12 month,. Shandnuvi.k IMu.sne ia6 Iota ts q It taj Iron,. Mart Cigars orbit. T.burn f:.hnhet. t.mpan, t'ieer-it l nhnk.tahra. uaenda linen Snrdnk SII-this luhnk. konipenl Armsen timpen I, rite ttansen latmfa AnhAs I.eirn Sranrnrm S.ein Sine. 06HOSOOST

19 V Skandinavisk Tobakskompagni A/S Arsberetning og arsregnskab 1989/90 Indhold Side Navneliste Arsberetning ars udvikling i hovedtal Anvendt regnskabspraksis Resultatopgorelse fo r Koncernen og Moderselskabet Balance fo r Koncernen og Moderselskabet Noter Koncern-finansieringsanalyse Direktionens og bestyrelsens underskrifter Revisionspategning Det samfundsorienterede regnska b for Koncernen "Ingen r g uden ild " - causer om fyrtoj, ta?ndstikker og lightere

20 Revision Price Waterhouse / Seier-Petersen Statsautoriserede revisore r Still; og distribution Park Alle Vallensb c k Fabrikker Cigareiter Tobaksvejen Soborg Cigan arer Soren Nymarks Vej 6. Holme 8270 Arhus-Hojbjerg Skandinavisk Tobakskompagni A/S (moderselskab) Tobaksvejen Soborg Register or Hjemsted : Gladsaxe Kommun e Aktionarer Serie I aktier : 3% of aktiekapitalen (udstcdt som medarbejderaktier) aktionarer pr. 30/ Serie 11 aktier. 97% afaktiekapitalen Skandinavisk Holding A/S. Gladsaxe Bestyrelse Direktor E. J. B. Christensen. formand Direktor Peter Augustin u s Fabrikant Jorgen Farch Direktor Stener Farch Direktor Povl Heegaard Direktor D.G. Hev A ood Tobaksarbejder Birthe Madsen Elektriker Leif Mentzel Direktor Frederik Chr. Obel Tobaksarbejder Karin Rasmussen Advokat C. Tvede-Moller AfdelingsmesterTom Weigli n Direktion Hugo Schroder, adm. Karl-Johan Levinsen Jorgen Tandru p Vicedirektor Svend Fink-Jense n Ledende medarbejdere Geirr Arno (afsa:tnine samt licensmarkeder. cigaretter ) Claus Bagger (distribution. administration ogjura) Niels Gustav Bardenfleth (in(ormation) Dorte.Arne Barentsen (okonomi ) Ian Kjaer (teknik. cigarvarer ) Peter Th. Madsen (dokumentation) Donald Munkholm (produktion. ciearvarer l Povl L. Rater (ratohak. cigaretter) Peter Waldejer (ratobak. cigarvarer) Fredrikstadvej. Sofiendal 9200 Aalborg S V Skrd Fredrikstadvej. Sofiendal 9200 Aalborg S V Scandinavian Tobacco International A/S (darrcrselskab) Park Aft Vallensba'k Register nr Hjemsted : Gladsaxe Kommune Aktionar Skandinavisk Tobakskompagni A/S (100%) Direktion Karl-Johan Levinsen.adm. Jorgen Tandrup Ledende medarbejdere Preben Andreasen (eksportsalg. cigaretter samt ufortoldet saig ) Erik Pedersen (eksportsalg. cigarvarer) Orlik Tobacco Company A/S (?0 o ejen Tobaksvejen I 5610 Assens Register or Hjemsted : Assens Kommun e Direktion GeorgGundersen. adm. Lars Bernt h Skandinavisk Tobakskompagnis ordin :ere generalforsamling alholdes onsdag den 7. november 1990 Id i ingeniorforeningen. Vester Farimagsgade 29. Kobenhav n 4

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