H1 report 2008

HIGHLIGHTS FOR H1 2008

•	Operating profit before special items DKK 7 million higher in H1 2008 than in
2007 amounting to DKK 63 million. Organic profit growth of DKK 22 million in
spite of a material negative effect of adverse weather conditions in Italy in
Q2 

•	Net revenue up by 14% in H1 compared to 2007 (organic growth 6%) amounting to
DKK 2,080 million 

•	Market share wins in most key markets

•	As expected, activities in Poland are developing with organic growth in net
revenue, gross margin and EBIT 

•	As expected, costs of closure of the Aarhus brewery and of the Danish
distribution reorganisation affect results for H1 2008 negatively by DKK 37
million (“special items”) 

•	Disposal of the brewery property in Aarhus initiated

•	As expected, consolidated loss for H1 2008 amounting to DKK 12 million

•	An unexpected bad result in July means that full-year profit before tax is
now ex-pected to amount to DKK 170-210 million including costs of some DKK 50
million (“special items”) relating to the closure of the Aarhus brewery and the
reorganisa-tion of the Danish distribution structure compared to the previous
expectation of DKK 230-270 million