Interim Report for 1 January - 30 September 2011

Profit improvement and outlook for 2011 maintained

Earnings before interest and tax (EBIT) for the period 1 January — 30 September amounted to DKK 389 million — an increase of DKK 32 million from last year, whereas EBIT for Q3 amounted to DKK 191 million compared to DKK 205 million last year. High efficiency and a cost reduction compensated partly for a lower net revenue in Q3 due to unusually bad weather at the beginning of the quarter as well as tough price competition. Sales volumes — measured in organic terms — increased by 2% in the nine months to 30 September, whereas net revenue decreased by 2%, primarily due to a changed market mix. The market shares for Royal Unibrew's branded products were generally maintained. In the period to 30 September, a free cash flow of DKK 388 million was achieved, and DKK 230 million has been distributed to shareholders. It has been decided to buy back additional shares for up to DKK 60 million in the period to the Annual General Meeting in April 2012.

"We are satisfied with the results for the nine months to 30 September 2011 and therefore maintain the outlook for 2011. We have defended our strong market positions, created solid profit improvement and reduced our debts. The setting for this was continued focus on developing our commercial activities in combination with continuous efficiency gains and cost reductions. The profit improvement was achieved in spite of the wet summer weather, increased macroeconomic uncertainty and tough competition", says Henrik Brandt, CEO.

HIGHLIGHTS

• Royal Unibrew has generally maintained its market shares on branded beer as well as soft and malt drinks.
• Organically, net revenue decreased in Q3, the YTD figure being 2% below 2010.  Divestment of activities reduced net revenue by 8% in 2011.
• EBITDA for the period 1 January to 30 September decreased by DKK 19 million to DKK 480 million.
• Earnings before interest and tax (EBIT) YTD increased by DKK 32 million from 2010 amounting to DKK 389 million.
• Profit before tax YTD amounted to DKK 374 million compared to DKK 301 million in 2010.
• Free cash flow amounted to DKK 388 million YTD compared to DKK 513 million in 2010.
• In spite of total distribution to shareholders of DKK 230 million, net interest-bearing debt YTD was reduced by DKK 174 million to DKK 596 million.
• It was decided to initiate an additional share buy-back for up to DKK 60 million in the period to 27 April 2012.

OUTLOOK

The outlook is maintained unchanged at the lower end of the ranges previously announced. The outlook remains as follows:

• Net revenue: DKK 3,400-3,550 million
• EBITDA: DKK 575-625 million
• EBIT: DKK 435-485 million

For further information on this Announcement:

Henrik Brandt, CEO, tel + 45 56 77 15 13

It will be possible for investors and analysts to follow Royal Unibrew's presentation of the Interim Report on Wednesday, 30 November 2011, at 9 am by webcast. Please register at the Royal Unibrew website www.royalunibrew.com.

CONTENTS

Royal Unibrew produces, markets, sells and distributes quality beverages focusing on branded products within beer, malt and soft drinks, including soda water, mineral water and fruit juices. We operate as a leading regional player in a number of markets in Western and Eastern Europe and in the international malt drinks markets. Our Western European main markets comprise primarily Denmark, Italy as well as Cross-border Trade and Germany. The Eastern European markets comprise Lithuania and Latvia. The international malt drinks markets comprise primarily a number of countries in the Caribbean and Africa as well as cities in Europe and North America with high concentration of inhabitants from the Caribbean and African areas in which malt drinks are popular.
 

In Denmark we are a leading supplier of beer and soft drinks with a number of strong brands, and in Italy we are among the market leaders in the super premium segment with Ceres Strong Ale. In both Latvia and Lithuania, we are among the two leading beverage businesses holding considerable market positions within beer and soft drinks, including fruit juices. In the international malt drinks markets, we are among the market leaders in the premium segment with Vitamalt.

To read more, visit www.royalunibrew.com.

The Announcement has been prepared in Danish and English. In case of discrepancy, the Danish version shall prevail.
financial highlights and key ratios