Danish plans to impose stricter vehicle emission limits than those agreed at the EEC level. The attached article (Exhibit 10) taken from The Economist shows the impact of the Judgement three years later. About the Authors John Clark is a freelance environmental consultant who has advised industry, governments and international bodies on a variety of environmental policy issues. He is currently doing research at London Business School into how firms can gain competitive advantage through environmental regulation. Prior to his current position, Mr. Clark worked for Environmental Resources Limited, a large European environmental consultancy, and McKinsey & Co., international management consultants. He holds an MBA from INSEAD and an MA in Engineering from Oxford University. Matthew B. Arnold (See biographical note following "The Montreal Protocol Case.") The Years Ahead It is intended to continue the expansion of brewery activities outside Denmark with a view to consolidating the favorable trend in sales of Group brands in recent years. Substantial investments are to be expected in marketing, modernization and capacity increases at a number of the Group's foreign breweries. Similarly, it may be necessary to strengthen the position of the Group on a number of markets by the acquisition of shareholdings in new or established breweries and sales companies. Growth in total beer consumption in Denmark is not expected, but the Group has hopes of regaining its market share before the prolonged industrial disputes in 1985. The modernization of the Copenhagen breweries by investment in new technology continues. At the same time measures to adjust sales and distribution to structural changes at present taking place among Our customers are under consideration. After the disposal of unprofitable activities, the Cold Stores Group would be intensifying its activities in the other commercial areas and expects improved results. The Royal Copenhagen Group has initiated a series of reorganizational measures in the industrial art sector, and an integration with Bing & Grøndahl A/S is expected in the slightly longer term to lead to a substantial strengthening, particularly in export markets. The Group's research-based companies which market new technology for application within the brewing industry, the meat and fishprocessing industries, the milling industry and biotechnology expect progress in sales, but intend in the immediate future to utilize considerable resources on improvement of production maturity and on the introduction of new hightechnology products. To summarize, the Group expects over the next few years to stabilize its earnings at about the present level with reasonable prospects for increased profits in the slightly longer term. SUPPORTING PAPERS O 169 |