Announcement of Annual Results for 2009

March 5, 2010 at 12:00 AM EST
Royal Unibrew Emerging Strengthened from a Challenging Year

In 2009 Royal Unibrew succeeded in realising significant reorganisation,
focusing and simplification of its business. Among other things, considerable
changes were made to the production and distribution structure in Denmark, the
Polish business has been adjusted and the activities in the Baltic countries
have been inte-grated. These changes combined with increasing net selling
prices and a changed sales mix has improved earnings significantly. Operating
profit (EBIT before special items) amounted to DKK 243 million in 2009 compared
to DKK 135 million in 2008. Profit before tax amounted to DKK 77 million
compared to a loss of DKK 453 million last year. The free cash flow of DKK 374
million was DKK 730 million above the 2008 fig-ure, and net interest-bearing
debt has been reduced by DKK 775 million from the beginning of the year to DKK
1,416 million. The performance improvements were achieved in spite of difficult
market conditions and declining revenue. 

The results for 2009 exceed the expectations most recently announced.  Net
interest-bearing debt was some DKK 200 million lower than expected. EBITDA
before special items amounted to DKK 460 million compared to the expectation of
DKK 425-450 million. 

Outlook for 2010 is upgraded as EBITDA is now expected to amount to DKK 475-525
million compared to the previous expectation of DKK 450-500 million.  Net
interest-bearing debt is expected to be reduced to some DKK 1 billion, equal to
1.9-2.1 times EBITDA. A future sale of the brewery site in Aarhus at carrying
amount will further reduce debts by some DKK 300 million. 
 
”I am very satisfied with our achievements in 2009. At the beginning of the
year, we had a clear goal of restoring the profitability of our business and
reducing debts to a significantly lower and sustainable level. We have come
very far in these efforts. Our results have been considerably improved through
efficient reorganisation and focusing of Royal Unibrew, and our debts have been
reduced through an increased operating profit, a significant reduction of
working capital, divestments and a successful rights issue. Due to the
substantial measures taken in 2009, we now have a good basis for the continued
development of the business. In 2010 we will continue focusing our business and
consolidate the positive effects of the structural changes. At the same time,
we will invest in and strengthen the business development through selective
growth initiatives - including launching of new products,” says Henrik Brandt,
CEO. 

   
 
HIGHLIGHTS
•	The implementation of the Group's strategic main priorities for 2009 (see
page 6 of this Announcement and the Announcement of Annual Results for 2008)
progressed as planned. 
 
•	Operating results were significantly improved in spite of a revenue decline:
?	EBITDA (before special items) increased by 36% from 2008 amounting to DKK 460
million (against the previous expectation of DKK 425-450 million). 
?	EBIT (before special items) increased by 82% from 2008 amounting to DKK 243
million (against the pre-vious expectation of DKK 210-235 million). 
?	Profit margin (EBIT before special items) was 6.4% - a twofold increase from
2008. 
?	Profit before tax amounted to DKK 77 million compared to a loss of DKK 453
million in 2008. 
?	Net revenue decreased by 9% from last year - of which 6 percentage points are
primarily attributable to the global recession, whereas 3 percentage points
related to exchange rate fluctuations and the decision to terminate
unprofitable supply agreements. Branded products market shares were generally
main-tained. 
?	The results achieved for 2009 were generally above the expectations expressed
in connection with the fi-nancial statements for Q3 2009 (see Company
Announcement No 27/2009 of 6 November 2009) and sig-nificantly above the
expectations expressed in connection with the Announcement of Annual Results
for 2008 (see Company Announcement No 2/2009 of 26 February 2009). 

•	Cash flow, net interest-bearing debt and capital structure were significantly
strengthened: 
?	Free cash flow amounted to DKK 374 million in 2009 compared to a loss of DKK
356 million in 2008. 
?	Net working capital was reduced by DKK 271 million in 2009 to a negative DKK
85 million compared to a positive DKK 186 million at the end of 2008. 
?	Investments were reduced by DKK 320 million to DKK 199 million. The amount of
DKK 199 million was some DKK 30 million below the previous indication. 
?	Net interest-bearing debt was reduced by a total of DKK 775 million in 2009,
including DKK 394 million from the rights issue realised. At the end of the
year, net interest-bearing debt amounted to DKK 1,416 million equal to 3.1
times EBITDA (before special items). 
?	As a combined effect of the operating results, the positive cash flow
development, the rights issue and divestment of activities, Royal Unibrew's
ratios are significantly better than required in the covenants in-cluded in the
agreement with the Company's banks. 

EXPECTATIONS FOR 2010
•	Net revenue is expected to be unchanged, at the level of DKK 3.4-3.6 billion.
•	In 2010 EBITDA is expected to be at the level of DKK 475-525 million compared
to the DKK 450-500 million previously announced. 
•	EBIT is expected to be similarly increased by DKK 25 million to the level of
DKK 275-325 million. The higher expectations should be viewed in the context of
actual EBIT in 2009 turning out better than expected as well as the initiation
of additional cost adjustments with effect in 2010. 
•	Expectations for net revenue and EBITDA for 2010 have been reduced by some
DKK 130 million and DKK 25 million, respectively, as a result of the sale of
the Caribbean breweries. 
•	Profit before tax is expected to be at the level of DKK 205-255 million
compared to the previous expectation of DKK 180-230 million. 
•	Net interest-bearing debt at the end of 2010 is expected to amount to some
DKK 1 billion equal to 1.9-2.1 times EBITDA. 

For further information on this Announcement:
Henrik Brandt, CEO, tel +45 56 77 15 13


It will be possible to follow Royal Unibrew's presentation of the financial
statements to investors and analysts today at 9 am by webcast. Please register
at the Royal Unibrew website www.royalunibrew.com 

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

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, Latvia and Poland. The international malt drinks
markets comprise primarily a number of countries in the Car-ibbean 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. In Poland our key market is the North Eastern region of the country
in which our brand holds a considerable position. 

To read more, visit www.royalunibrew.com. 

 
CONTENTS

						Page
Highlights			1 
Financial Highlights and Key Ratios			5 
Financial Review			6 
Financial Calendar			20 
Announcements to Nasdaq OMX Copenhagen in 2009 			21 
Management's Statement			22 
Financial Statements			
	Income Statement			23 
	Statement of Comprehensive Income			24
	Assets			25 
	Liabilities and Equity			26 
	Cash Flow Statement			27 
	Statement of Changes in Equity			28 
Quarterly Financial Highlights and Key Ratios		29 
Definitions of Key Figures and Ratios			30 
 
 FINANCIAL HIGHLIGHTS AND KEY RATIOS 

	 2009	 2008	 2007	       2006	 2005
Sales (thousand hectolitres)	6,602	7,458	7,079	6,375	5,784
Financial Highlights (mDKK)					
Income Statement					
Net revenue	3,816.4	4,178.7	3,881.8	3,439.0	3,191.0
Operating profit (EBIT before special items)	243.3	134.9	244.1	347.7	302.7
Special items (expenses)	(49.6)	(82.8)	(15.5)	0.0	0.0
Special items (depr./amort. and profit/losses from
sale	14.7	32.7	35.7	(14.3)	5.0 
Impairment losses	0.0	(385.0)	0.0	0.0	0.0
Profit/loss before financial income and expenses
(EBIT)	208.4	(300.2)	264.3	333.4	307.7 
Impairment of other investments	0.0	(70.1)	0.0	0.0	0.0
Other financials, net	(131.8)	(82.7)	(44.1)	(13.0)	(25.6)
Profit/loss before tax	76.6	(453.0)	220.2	320.4	282.1
Profit/loss for the year	52.5	(483.2)	155.2	230.3	220.6
Royal Unibrew A/S' share of profit/loss	47.1	(484.3)	151.7	227.6	221.1
Balance Sheet					
Total assets	3,489.7	4,051.4	3,781.3	3,413.6	3,187.8
Equity	995.1	574.8	1,119.5	1,148.1	1,149.8
Net interest-bearing debt	1,416.3	2,191.9	1,586.1	1,047.8	1,007.3
Net working capital	(84.6)	186.1	316.0	165.5	145.5
Free cash flow	374.2	(356.2)	157.0	206.0	252.2
Per share					
Royal Unibrew A/S' share of earnings per share (DKK)	5.8	(89.0)	26.4	38.0	35.4
Royal Unibrew A/S' diluted share of earnings per share
(DKK)	5.8	(89.0)	26.2	37.6	35.4 
Cash flow per share (DKK)	62.0	19.0	26.1	70.2	61.2
Diluted cash flow per share (DKK)	62.0	19.0	26.1	70.2	61.2
Dividend per share (DKK)	0	0	10	10	10
Closing price per share	139.0	118.5	534.0	740.0	532.0
Employees
Average number of employees	2,498	2,755	2,659	2,278	2,202
Key figures (mDKK)
EBITDA before special items	
460.5	
337.4	
408.0	
535.9	
493.2
EBITDA	410.9	254.6	392.5	535.9	493.2
EBIT 	208.4	(300.2)	264.3	333.4	307.7
Key ratios (%)					
Return on invested capital (ROIC)	6.4	3.1	7.4	12.1	11.7
Profit margin	6.4	3.2	6.3	10.1	9.5
EBIT margin	5.5	(7.2)	6.8	9.7	9.6
Free cash flow as a percentage of net revenue	9.8	(8.5)	4.0	6.0	7.9
Net interest-bearing debt/EBITDA before special items	3.1	6.5	3.9	2.0	2.0
Equity ratio	28.5	14.2	29.6	33.6	36.1
Debt ratio	142.3	381.3	141.7	88.7	85.1
Asset turnover	1.1	1.0	1.0	1.0	1.0
Return on net assets	6.9	3.8	8.0	12.9	12.1
Return on equity after tax	6.7	(57.0)	13.7	20.0	19.8
Dividend rate	0.0	0.0	38.9	27.2	28.8

Except for ROIC, the key ratios have been calculated in accordance with the
“Recommendations and Financial Ratios 2005” of the Danish Society of Financial
Analysts. 
 
FINANCIAL REVIEW

STRATEGIC MAIN PRIORITIES IN 2009
In 2009 Royal Unibrew focused on restoring the Group's profitability and
financial standing and on strengthen-ing the financial basis. This work has
been based on four strategic main priorities 

•	Poland. Improvement of profitability through refocusing and adjusting sales
and marketing activities, con-solidation of production on fewer units and
reduction of central functions and staffs. 

•	Denmark. Completion of the distribution and production structure change
initiated in 2008 as well as en-hanced organisational efficiency across
functional areas. 

•	The Baltic countries. Integration of the local operating managements in
Latvia and Lithuania with a view to strengthening competitive power through
improved experience and resource utilisation within range devel-opment,
marketing, production, logistics and administration. 

•	Improved cash flow and capital structure. Optimisation of working capital and
reduction of investments as well as assessment of the Company's possibilities
of improving its capital structure. 

Efforts relating to the four main priorities in 2009 yielded the following
results: 

•	In 2009 significant reorganisation of the Polish activities was made. Sales
and marketing activities were fo-cused on the strongest regional brands, the
production structure was simplified through sale of the Koszalin brewery and
the related brands, and the overall organisation has been adjusted. The number
of employees has been reduced by some 140. The reorganisation efforts will
continue in the coming period with a view to creating a basis for positive
earnings at EBITDA level as of 2010. 

•	The Danish organisation has been streamlined through centralisation of the
brewery activities at the brewer-ies in Faxe and Odense. The change of the
distribution structure has been completed, and a telesales function has been
introduced. Moreover, structural changes have been made to the organisation
resulting in a reduc-tion by 100 salaried employees. With a view to further
simplification and streamlining, it was decided in No-vember 2009 to transfer
the administrative functions placed in Aarhus to Faxe. The employees affected
were offered employment in Faxe. The recruiting of employees to replace those
who did not want employment in Faxe has been carried out, and the transfer of
the functions is expected to be completed by the end of Q1 2010. 

•	A new management and management structure have been established in Latvia and
Lithuania, and the two businesses are today operated as one. Competitive power
has been strengthened and the efficiency of the business has been enhanced. The
number of employees has been reduced by 215, including 50 salaried em-ployees. 

•	The Company's cash flow and capital structure were improved considerably. A
significant reduction of tied-up funds in the Company has reduced net working
capital by DKK 271 million, and investments were re-duced by DKK 320 million to
DKK 199 million. Moreover, in December 2009, a rights issue resulting in
pro-ceeds of DKK 394 million was realised. 

The above measures have resulted in a considerable - and higher than expected -
improvement of the Group's earnings and cash flow, and net interest-bearing
debt at the end of 2009 amounted to some DKK 1.4 billion com-pared to DKK 2.2
billion at the end of 2008. Approximately half of the debt reduction relates to
the rights issue realised. 

 
STRATEGY 
Royal Unibrew's goal is to be an efficient, regional player within beer, malt
and soft drinks holding leading posi-tions in the markets or the segments in
which the Company operates. The strategy has the following main ele-ments. 

•	Focus on markets and segments in which the Group holds or may achieve a
considerable position. Royal Unibrew will henceforth focus on further
developing its established market or segment positions where the Company holds
either a leading position, such as in Denmark, or considerable and leading
niche positions, such as in Italy and in the international malt drinks markets.
Moreover, Royal Unibrew will take advantage of structural growth opportunities
in order to reinforce or add additional leading positions and add long-term
value. 

•	Focus on developing the Group's brands, products and market positions. Royal
Unibrew owns a number of well-known brands holding strong market positions
which the Group will continue to further develop.  Par-ticularly well-known
beer brands are Royal, Albani, Ceres, Faxe, Kalnapilis, Tauras, Lacplesis, Livu
and Lomza. Within soft drinks, fruit juices and mineral water, the Group has
brands such as Faxe Kondi, Egekilde, Nikoline, Cido and Mangali and within malt
drinks, Vitamalt and Supermalt. Through licence agreements with Heineken and
the Pepsi Group, Heineken beer and a number of Pepsi Group products such as
Pepsi, Mirinda and 7UP are included in Royal Unibrew's Danish range. These
agreements support the sale of Royal Unibrew's own products, which reinforces
the Group's position as a supplier. The product portfolio development includes
Royal Unibrew's own development of new taste varieties, brands and products as
well as the conclusion of new licence agreements. 
 
•	Focus on operational efficiency in all parts of Royal Unibrew's value chain. 
By combining breweries in Denmark, Lithuania and Latvia, the efficiency of the
production facilities has been significantly enhanced, and Royal Unibrew will
continue its focus on taking advantage of such efficiency-enhancing
opportunities. Moreover, focus on streamlining sales and delivery systems will
continue. 

•	Focus on ensuring financial flexibility and scope for action through
maintaining an appropriate capital struc-ture. In order to ensure future
structural and financial flexibility as well as competitive power, in light of,
among other things, the uncertainty of expectations for the future created by
the economic crisis, in 2009 Management performed an assessment to determine
the appropriate capital structure of Royal Unibrew at present. On this basis,
Management assessed that the Group's net interest-bearing debt should not
exceed 2.5 times EBITDA. 

Based on the substantial reorganisation and focusing of activities implemented
in 2009, Management considers Royal Unibrew well prepared for expanding the
individual market positions and adding additional value. 

In 2010 focus will be on ensuring that the measures taken in 2009 have full
impact; at the same time, Royal Uni-brew will - depending on market conditions
- invest in and strengthen business development through selective growth
initiatives that will contribute towards creating a basis for future growth. 
 
On the threshold of 2010, the overall macroeconomic picture looks more positive
than the year before; however, consumers are still hesitant, and the markets
are volatile and characterised by intensified competition. Therefore,
uncertainty is still expected in Royal Unibrew's markets, and the planning of
activities in 2010 will be based on a continuous assessment of market
developments and the possibilities of leveraging and expanding the Group's
market positions. 
 
RESULTS 2009
In 2009 Royal Unibrew improved its earnings and market positions as compared to
2008 in spite of the global crisis and the resulting change in customer and
consumer behaviours causing lower sales and revenue. In 2009 Royal Unibrew
realised a profit before tax of DKK 77 million, which is significantly better
than expected and an in-crease of DKK 75 million over the 2008 figure of DKK 2
million before impairment losses. 

Most of Royal Unibrew's markets are still characterised by economic
uncertainty. As expected, the uncertainty resulted in continued consumer
hesitance at the end of 2009. A few markets show large demand fluctuations from
one period to the next. 

In 2009 Royal Unibrew generally maintained its branded products market shares
in key markets. Increased price competition is still seen in several of the
Group's Northern European markets. 

In several markets - in particular the Baltic countries - significant
efficiency-enhancing measures and a dynamic cost adjustment have been
implemented as a result of reduced sales, which has contributed towards
protecting earnings in the areas in question. 

In Poland, a brewery and two brands were sold with effective transfer at 2 June
2009 (see Company Announcement No 22/2009 of 2 June 2009). 

The developments in the Group's activities in 2009 break down as follows on
market segments: 

	Western Europe	Eastern Europe	Malt and Overseas Markets 	Unallocated	Group
Sales (thousand hectolitres)	3,318	2,756	528	-	6,602
Growth (%)	(9.6)	(12.8)	(15.8)		(11.5)
Share of sales (%)	50	42	8	-	100
Net revenue (mDKK)	2,418	909	489	-	3,816
Growth (%)	(4.1)	(19.5)	(7.6)		(8.7)
Share of net revenue (%)	63	24	13	-	100
Operating profit/loss (EBIT before special items) (mDKK)	
274.6	
(5.2)	
37.5	
(63.6)	
243.3
Profit margin (%)	11.4	(0.6)	7.7		6.4
Profit/loss before financial income and expenses (EBIT) (mDKK)	
251.0	
(13.9)	
34.9	
(63.6)	
208.4
EBIT margin (%)	10.4	(1.5)	7.1		5.5

Total group sales in 2009 aggregated 6.6 million hectolitres of beer, malt and
soft drinks, which is a 12% decrease from 2008. 

The net revenue of the Group showed a smaller decline than sales. Net revenue
was 9% below net revenue for 2008 amounting to DKK 3,816 million. 3 percentage
points of the net revenue reduction are attributable to the decreasing PLN rate
and to the decision to terminate unprofitable supply agreements concerning
private label. At the beginning of 2009, list price increases were introduced
in several markets. Moreover, a positive product mix shift was achieved as
focus was directed at promoting branded products sales in 2009, while the sales
reduction was lower in Western Europe than in Eastern Europe. 

Gross margin increased to 42.1% in 2009 compared to 41.8% in 2008. Gross profit
amounted to DKK 1,605 million in 2009, which is DKK 140 million (8%) below the
2008 figure. The estimate is that the lower sales have reduced gross profit by
more than DKK 225 million. However, gross profit for the period is positively
affected by more than DKK 75 million by realised net selling prices per unit
increasing more than production costs per unit. The higher net selling prices
and lower indirect production costs, eg due to the completed change of the
production structure in Denmark, have therefore on an aggregated basis more
than offset the increase in direct production costs relating to raw materials,
the purchase prices of which are covered by forward contracts to a considerable
extent. 

Sales and distribution expenses were some DKK 240 million or 17% below the 2008
figure amounting to DKK 1,147 million. More than half of the reduction is
attributable to the streamlining realised in the Group's sales and distribution
functions, including primarily the realised change of the distribution
structure in Denmark. Moreover, adjustment and focusing of sales and marketing
expenses on the Group's key brands were made, and the price development of
media purchases was favourable. 

In 2009 administrative expenses were reduced by DKK 8 million amounting to DKK
219 million compared to DKK 227 million in 2008. All parts of the Group have
been focused on adjusting the cost base with a view to compensating for the
lower sales. The expected savings related to the adjustments made, primarily in
Denmark and Poland, have been realised. 

Operating profit (EBIT before special items) amounted to DKK 243 million in
2009, which is DKK 108 million above the 2008 figure. Profit margin increased
to 6.4% from 3.2% in 2008. The performance improvement is primarily related to
Western Europe. However, also in Eastern Europe a considerable positive
development was recorded in H2 2009 as a result of the reorganisation of the
activities in Poland and the integration of the activities in Lithuania and
Latvia. 

Special items for 2009 comprised net expenses of a non-recurring nature of DKK
35 million comprising expenses of DKK 50 million and profits from sale and
write-down of non-current assets of DKK 15 million. A profit was realised on
the sale of the Koszalin brewery in Poland and expenses were incurred and
write-downs recognised on assets in Denmark, Poland, the Baltic countries and
the malt drinks segment. 
  
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased
by DKK 156 million amounting to DKK 411 million compared to DKK 255 million in
2008. 

Profit before financial income and expenses (EBIT) amounted to DKK 208 million
compared to a loss of DKK 300 million (a profit of DKK 85 million before
impairment losses) in 2008. 

Income from investments in associates increased by DKK 4 million to DKK 26
million. The positive development is primarily related to the investments in
the Norwegian brewery, Hansa Borg. 

The Group's net financial expenses amounted to DKK 158 million compared to DKK
105 million in 2008. In 2009 net expenses of a non-recurring nature of DKK 11
million are included relating to hedging. Other than that, the increase of DKK
53 million is attributable to higher interest rates and expenses related to the
agreement on credit facilities which Royal Unibrew entered into with its main
bankers in 2009. 

The profit before tax amounted to DKK 77 million compared to a loss of DKK 453
million (a profit of DKK 2 million before impairment losses) in 2008. 

Profit for the year amounted to DKK 53 million, which is an improvement of DKK
537 million on the loss of DKK 483 million (a loss of DKK 28 million before
impairment losses) realised in 2008. The tax expense in 2009 was positively
affected by an adjustment relating to previous year of DKK 17 million. 
 

DEVELOPMENTS IN INDIVIDUAL MARKET SEGMENTS 

Western Europe

Western Europe	2009	2008	% change
Sales (thousand hectolitres)	3,318	3,673	-10
Net revenue (mDKK)	2,418	2,521	-4
Operating profit (EBIT before special items) (mDKK)	
274.6	
191.3	
44
Profit margin (%)	11.4	7.6	
EBIT (mDKK)	251.0	144.1	74
EBIT margin (%)	10.4	5.7	

The Western Europe segment comprises the markets for beer and soft drinks in
Denmark and the Nordic coun-tries, Cross-border Trade and Germany as well as
Italy. In 2009 Western Europe accounted for 50% of total sales and 63% of net
revenue (2008: 49% and 60%, respectively). 

In 2009 the Group generally maintained its market shares and won market shares
on branded products in the soft drinks segment in Denmark and on the key brand
in Italy, Ceres Strong Ale. However, the markets were affected by the economic
decline and declining consumption, and sales and net revenue were 10% and 4%,
respectively, below the 2008 figures. The decision to terminate unprofitable
private label supply agreements accounted for 6 percentage points of the sales
reduction and for 3 percentage points of the revenue reduction. 

The operating profit (EBIT before special items) increased by DKK 83 million to
DKK 275 million positively affected by higher net selling prices per unit as
well as cost savings and negatively affected by the lower sales. 

EBIT was negatively affected by special items of DKK 24 million net, primarily
due to expenses relating to the business reorganisation in Denmark, including
production and distribution structure reorganisation in Denmark. 

Western Europe	Actual 1/1-31/12 2009	Change from 2008
	Net revenue
(mDKK)	Sales
(thousand 
hectolitres)	Net revenue (%)	Sales (%)
Denmark	1,167	1,465	-9	-15
Italy	672	459	2	-1
Cross-border Trade and Germany	553	1,322	2	-4
Nordic countries	26	                 72	-41	-38
				
Total Western Europe	2,418	3,318	-4	-10

It is estimated that total branded beer sales in Denmark decreased by some 7%
in 2009, whereas branded soft drinks sales are estimated at an approximate 6%
reduction. Royal Unibrew's branded soft drinks sales were only reduced by some
2%, whereas branded beer sales were almost 10% lower than in 2008. The increase
in market shares for soft drinks is due to, among other things, the full-year
effect of the packaging innovation realised in mid 2008 with the introduction
of PET containers (recyclable, disposable containers). 
 
The development in Royal Unibrew's total sales in 2009 was affected by the
closure of the Maribo brewery in 2008 and the decision to terminate
unprofitable supply agreements concerning private labels in 2009. Adjusting for
these reductions in the Group's sales, sales were only 4% lower in 2009 than in
2008, whereas net revenue in 2009 was 2% lower than in 2008. Sales shifted
partly from the HoReCa sector towards the retail sector and partly towards
sales units with higher volumes of soft drinks.  Royal Unibrew's market shares
were increased in 2009 for branded soft drinks products, and for branded beer
products they were marginally lower than in 2008. 

List price increases were introduced in Denmark in early 2009. 

In Denmark, in addition to a new Egekilde variety, focus was on creating
packaging sizes and supplies to match consumer demand and to ensure earnings
within the individual product categories. The 2009 trend was towards more
products in disposable containers such as cans and one-way plastic bottles. 

In Italy sales of Royal Unibrew's super premium brand, Ceres Strong Ale,
increased in 2009 by some 2% in a market declining by some 2%, whereas sales of
products for the mainstream segment were below those of 2008. Accordingly,
Royal Unibrew's net revenue increased by 2% in spite of a 1% sales reduction.
Royal Unibrew realised the planned list price increases. The Ceres Strong Ale
market share is estimated to have increased both in the HoReCa sector and in
the retail sector. 

Sales of Ceres Strong Ale in bottles of 66 centilitres continued to increase,
and the product is an example of the efforts to create new ”drinking occasions”
for the brand in order to strengthen its position. 

For Cross-border Trade and Germany, the Group's net revenue increased by 2% in
spite of a 4% sales decline. Royal Unibrew's branded products sales increased,
and the planned list price increases were realised. 

Eastern Europe

Eastern Europe	2009	2008	 % change
Sales (thousand hectolitres)	2,756	3,158	-13
Net revenue (mDKK)	909	1,129	-20
Operating profit/loss (EBIT before special items) (mDKK)	(5.2)	(51.1)	90
Profit margin (%)	(0.6)	(4.5)	
EBIT (mDKK)	(13.9)	(437.3)	97
EBIT margin (%)	-1.5	-38.7	

The Eastern Europe segment comprises the markets for beer, fruit juices and
soft drinks in Latvia, Lithuania and Poland. In 2009 Eastern Europe accounted
for 42% of group sales and 24% of net revenue (2008: 42% and 27%,
re-spectively). 

The markets in the segment were in 2009 affected by a decline in beverages
consumption which in the case of Latvia occurred from mid 2008, while the
decline did not occur in Poland and Lithuania until in late 2008 and early
2009, respectively. Sales declined by 13% and net revenue in the segment was
reduced by 20% including 7 percentage points caused by the negative PLN rate
development. 

Operating profit (EBIT before special items) increased by DKK 45.9 million from
2008 in spite of the considerable sales and revenue reduction. The increase was
primarily due to cost savings across the companies. 

EBIT for the period was negatively affected by special items of DKK 8.7 million
net relating to, among other things, reorganisation in Poland and the Baltic
countries. 




Eastern Europe	Actual 1/1-31/12 2009	Change from 2008
	Net revenue
(mDKK)	Sales
(thousand
 hectolitres)	Net revenue (%)	Sales (%)
Lithuania	338	824	-15	-10
Latvia	263	839	-28	-29
Poland	306	1,090	-14	6
Other markets	2	3	-84	-88
Total Eastern Europe	909	2,756	-20	-13

In Lithuania the total beer market decline in 2009 is estimated at some 9%,
whereas the total decline in the fruit juice market is estimated at some 25%.
In the period, Kalnapilio-Tauro Grupe continued to increase its market shares
on fruit juices and has maintained its market share on branded beer. 

In early 2009, list price increases were introduced in Lithuania. The Tauras
brand was strengthened by launching products in profile bottles, whereas
Kalnapilis was strengthened through line extensions. The total product
port-folio was extended through the introduction of a cider range. 

Operating profit (EBIT before special items) in Lithuania in 2009 was at the
level of the 2008 figure in spite of the lower sales and revenue. 

In Latvia it is estimated that the fruit juice market declined by some 27% in
2009. In early 2009, list price increases were introduced for most product
categories. The Cido brand maintained its market share and the number one
market position, which was ensured by, among other things, launching of a new
product series. Total beer con-sumption is estimated to have increased by a
couple of percentage points. Royal Unibrew's two key brands, Lacplesis and
Livu, both won market shares. The total product range was extended by launching
of a cider range. 

In spite of the substantial sales and revenue decline, operating profit for
2009 showed a significant improvement on 2008 as significant reductions of the
cost base were realised. 

In Poland national beer consumption is estimated at an approximate 5% decline
in 2009 from 2008 due to the economic crisis and an increase of beer duties.
Royal Unibrew's sales increased by 6%. The discontinuation of product sales
related to the brewery sold in Koszalin affected the sales development
negatively by 6%. Organic sales growth was thus 12%. Revenue decreased by 14%.
Adjusted for the negative PLN rate development and the discontinuation of the
sale of products related to the Koszalin brewery, revenue went up by 20%. The
positive underlying development related primarily to H2 2009. 

Operating profit (EBIT before special items) for 2009 was as expected.

Malt and Overseas Markets

Malt and Overseas Markets	2009	2008	 % change
Sales (thousand hectolitres)	528	627	-16
Net revenue (mDKK)	489	529	-8
Operating profit (EBIT before special items) (mDKK)	
37.5	
38.1	
-2
Profit margin (%)	7.7	7.2	
EBIT (mDKK)	34.9	36.4	-4
EBIT margin (%)	7.1	6.9	

The Malt and Overseas Markets segment comprises the Group's breweries and
distribution company in the Caribbean, the export and licence business for malt
drinks as well as beer and soft drinks exports to other markets. In 2009 sales
and revenue represented 8% and 13%, respectively, of total Group sales and
revenue (2008: 8% and 13%, respectively). Net revenue was positively affected
by some DKK 7 million, net, by exchange rate developments from 2008. 

2009 operating profit (EBIT before special items) was DKK 0.6 million below the
2008 figure. Exchange rate de-velopments affected the 2009 figure negatively by
DKK 1 million, net. 

Malt and Overseas Markets	Actual 1/1-31/12 2009	Change from 2008
	Net revenue
(mDKK)	Sales
(thousand
 hectolitres)	Net revenue (%)	Sales (%)
The Caribbean	306	249	3	-10
The UK	45	47	-43	-42
Africa	62	114	-13	-19
Other markets	76	118	-9	-8
Total Malt and Overseas Mar-kets	489	528	-8	-16
*) The beer sales operations in France have as of 2009 been combined with the
malt drinks sales operations in France. Therefore, segment reporting has been
changed in accordance with IFRS 8 to the effect that as of 2009 beer sales in
France are reported under the segment Malt and Overseas Markets. Comparative
figures for 2008 have been restated accordingly. 

Developments in the Caribbean continued to be affected by the general economic
crisis. Increasing unemployment rates, declining tourism and fewer money
transfers from relatives residing in the USA resulted in declining sales in the
local markets. It is assessed that Royal Unibrew's market shares have been
maintained. The earnings of the three brewery subsidiaries in the region,
viewed on an aggregated basis, were below expectations but above the 2008
figure. In spite of a general strike in the main part of Q1, net revenue of the
Group's distribution companies in Guadeloupe and Martinique was higher than
expected and higher than the figure for 2008, and earnings were also above
expectations and significantly above the 2008 figure. 

In the UK sales and revenue were negatively affected by significant inventory
reductions with a major customer. Moreover, revenue was negatively affected by
some DKK 7 million due to the low GBP rate. 

The other markets in the segment saw lower sales than expected primarily due to
the global economic crisis, the Group's increased focus on credit granting and
the reduction of inventories in the supply chain. 

SHARE OPTIONS 
As announced in Company Announcement No 12/2009 of 31 March 2009, Royal
Unibrew's Supervisory Board decided to cancel as from 2008 the share option
programme entered into for the period 2008-2010 applying to the Executive Board
and some 20 executives to the effect that the ordinary options for the 2008
financial year and grants for the 2009 and 2010 financial years lapsed. 

In accordance with the provisions of the option agreements relating to the
options granted but unexercised for 2004-2008, the number and exercise price
have been adjusted in connection with the rights issue realised in De-cember
2009 with a view to maintaining an unchanged value of the unexercised options. 

 
After this, the following share options remain unexercised from previous share
option programmes: 

Granted	Total number
 unexercised	Number held by Executive Board	Exercise price	Exercise period
Re 2004	11,765	0	328	4/2008 - 4/2010
Re 2005	23,046	0	 445	4/2009 - 4/2011
Re 2006	22,074	0	 477	4/2010 - 4/2012
Re 2007	16,094	0	 350	4/2011 - 4/2013
Granted 2008 re Strategic Plan	
25,552	
0	
350	
4/2011 - 4/2013
Total	98,531	0		

The market value of the unexercised options is estimated at DKK 0.3 million
under the Black-Scholes formula. Royal Unibrew's obligations under the option
programmes are covered by the Company's portfolio of treasury shares (106,674
shares). 


BALANCE SHEET AND CASH FLOW STATEMENT 
Royal Unibrew's balance sheet total amounted to DKK 3,490 million at 31
December 2009, which is DKK 561 mil-lion below the figure at 31 December 2008.
The lower balance sheet total is primarily due to the considerable re-duction
of inventories and receivables. In addition to increased focus on optimising
inventory management, the structural changes introduced in the production and
distribution set-up contributed towards the considerable reduction of
inventories. 

In 2009 inventories were reduced from DKK 415 million to DKK 238 million at 31
December 2009. Trade receiv-ables amounted to DKK 409 million compared to DKK
541 million at the end of 2008. 

Group equity amounted to DKK 995 million at the end of 2009 compared to DKK 575
million at the end of 2008. The increase of DKK 420 million comprised net
proceeds from the rights issue and sale of subscription rights of DKK 397
million as well as the comprehensive income of DKK 23 million for the year. The
comprehensive in-come comprised the profit for the year of DKK 53 million less
exchange adjustments of the Group's foreign group enterprises of DKK 12 million
as well as a negative development in the value of currency and interest rate
hedging instruments of DKK 18 million. The equity ratio went up by 14.3
percentage points in 2009 to 28.5%. 

Free cash flow for 2009 was considerably higher than in 2008 amounting to DKK
374 million compared to a nega-tive DKK 356 million in 2008, representing an
improvement of DKK 730 million. The improvement related to both increased cash
flows from operating activities and to fewer investments in non-current assets.
Cash flows from operating activities amounted to DKK 513 million in 2009
compared to DKK 103 million in 2008, and net investments in non-current assets
were reduced from DKK 474 million in 2008 to DKK 152 million in 2009. 

Cash flows from operating activities of DKK 513 million comprised profit for
the year adjusted for non-cash op-erating items of DKK 410 million (2008: DKK
262 million) and a working capital reduction of DKK 230 million (2008: DKK 107
million) less net interest paid of DKK 140 million (2008: DKK 118 million) and
added settlement of overpaid taxes of DKK 13 million in 2008 (2008: less taxes
paid of DKK 134 million). Investment in working capital at the end of 2009 was
negative by DKK 85 million (2008: DKK 186 million), which is the lowest level
to date. The primary reason for this was the strong focus on managing
inventories and trade receivables. The tem-porarily postponed settlement
deadlines for tax deducted from income at source in Denmark contributed some
DKK 15 million towards the working capital reduction in 2009. 

Net investments of DKK 152 million in non-current assets comprised gross
investments of DKK 199 million less the proceeds from assets sold primarily
relating to the Polish brewery in Koszalin. The major part of gross
in-vestments related to the completion of the investments initiated in 2008 in
the transfer of brewery capacity from Aarhus to Faxe and Odense in Denmark and
in bottling capacity for PET containers in the Baltic countries. 


FUNDING AND CAPITAL STRUCTURE  
As part of its efforts to strengthen the Group's financial base, Royal Unibrew
realised a rights issue in December 2009. The required proceeds were achieved,
and the share capital was increased by 5,586,498 shares of DKK 10 each at a
price of 75. The net proceeds amounted to DKK 394 million. Furthermore, Royal
Unibrew sold subscrip-tion rights relating to the portfolio of treasury shares
resulting in proceeds of DKK 3 million after tax. 

The brewery site in Aarhus is not part of the Group's core activity, and Royal
Unibrew therefore does not intend to participate in development of the area,
but wishes to sell the site. A proposal for a development plan for the area was
submitted to the local authorities of Aarhus in April 2009 as a basis for a
project evaluation and the preparation of a changed local plan. Multi-purpose
use of the site is expected, primarily for offices and housing. The final
proposed development plan for the area was submitted in October 2009. It is
still assessed that the comparatively best price for the site may be achieved
when a changed local plan has been adopted. At this point, this is expected to
be effected during H2 2010. When the local plan is in place, it is the
intention to initiate an ac-tual sales process. A sale at carrying amount will
reduce the Group's interest-bearing debt by some DKK 300 mil-lion. 

As previously announced, in February 2009 Royal Unibrew agreed with its primary
bankers that in the period to 31 March 2011 they will make available to the
Group the credit facilities considered necessary by the Group based on plans
and budgets. In connection with the rights issue in December 2009, this
agreement was extended to 31 March 2012. 

The credit facilities provided by the agreement have been adjusted to the
seasonal fluctuations in the Group's capital requirements. In 2009 Royal
Unibrew succeeded in reducing net interest-bearing debt more than ex-pected.
Therefore, the committed, unutilised credit facilities have been reduced early
by DKK 845 million to DKK 1.9 billion at 31 December 2009, after which the
capital resources amount to some DKK 480 million.  Royal Uni-brew will
currently assess the possibility of additional reduction of the committed,
unutilised facilities with a view to reducing financial expenses. 

The funding agreement includes a number of covenants relating to the Group's
ratios. Based on the results achieved in 2009, the Group's ratios at the end of
2009 were significantly better than required by the agreed covenants, and based
on the estimated developments in 2010, the agreed covenants will also be met by
the end of 2010 with a satisfactory margin. 

The credit commitment by the banks is based on the condition that the Company
pay no dividend and buy back no shares in the period to 31 March 2012. 

Royal Unibrew's target of a net interest-bearing debt that does not exceed 2.5
times EBITDA is expected to be achieved in 2010. It is thus assessed that the
capital structure has been adapted to the current economic climate and the
Group's circumstances, which ensures structural and financial flexibility as
well as competitive power. 


SHAREHOLDER INFORMATION

In connection with the rights issue in December 2009, considerable changes were
made to the composition of ma-jor shareholders. The summary below shows the
shareholders who have reported to Royal Unibrew sharehold-ings in excess of 5%
of the share capital (under section 29 of the Danish Companies Act) before and
after the rights issue. 

Shareholders who, according to the latest reports, hold more than 5% of the
share capital: 

	End of 
February 2010 
>5 %	End of 
February 2009 
>5 %
Chr. Augustinus Fabrikker, Denmark	10.4%	-
ATP, Denmark*)	9.3%	6.0%
Stordir, Iceland	5.9%	20.5%
Skagen AS, Norway	5.6%	-
Artio International Equity Fund, USA	-	11.2%
LD F.m.b.a., Denmark	-	5.8%
KAS Depository Trust Company, the Netherlands	-	5.0%

*) as per ATP's Annual Report for 2009


MANAGEMENT CHANGES
Peter Ryttergaard joined the Executive Board as CFO on 5 January 2010 (see
Company Announcement RU1/2010 of 5 January 2010). Peter Ryttergaard is 39 years
old and joined Royal Unibrew from a position as CFO and CEO of Novenco A/S.
Peter Ryttergaard's past employment record includes CFO of FLS Aerospace
Holding Group and SR Technics, the UK and accountant with BDO Scanrevision. 
 
At the same time, Ulrik Sørensen withdrew from the Company's Executive Board
and will, until he retires at the end of 2010, assist Peter Ryttergaard as
required and solve special assignments for the Executive Board. 


RESOLUTIONS AND RECOMMENDATIONS PROPOSED BY THE SUPERVISORY BOARD FOR THE
ANNUAL GENERAL MEETING 
The Supervisory Board recommends to the Annual General Meeting that Royal
Unibrew A/S terminate the exist-ing restriction of voting rights of 10%
stipulated in Article 15(2) and (3) of the Articles of Association. 

Furthermore, the Supervisory Board will propose that the Annual General Meeting
authorise the Supervisory Board to acquire shares for treasury corresponding to
up to 10% of the share capital, such authorisation being in force for the
period up until the next Annual General Meeting, and that the Supervisory Board
be authorised to realise capital increases by up to a nominal amount of DKK 11
million corresponding to some 10% of the share capital. 

In accordance with the agreement with the Company's main banks, the Supervisory
Board recommends that no dividend should be paid for 2009. 

Finally, the Supervisory Board will propose a number of amendments to the
Articles of Association in order to bring the Articles in line with the new
Danish company law. 



 
PROSPECTS
Like most other businesses, Royal Unibrew is both directly and indirectly
affected by the crisis that hit the financial sector in 2007, and which later
developed into a general economic crisis. The financial expectations for the
2010 financial year are based on a number of assumptions. In light of the
current market conditions, Management's expectations for the future - and thus
the assumptions below - will, other things being equal, be subject to greater
uncertainty than otherwise, and the risk that the actual future financial
results will dif-fer from the expected future financial results is
correspondingly higher. 

Management's performance expectations for 2010 are based on, among other
things, the changes imple-mented as part of the realisation of the four
strategic main priorities having full impact and becoming further consolidated
in 2010.  The expectations are not based on assumptions relating to divestment
of assets or ac-tivities, including the future sale of the property in Aarhus,
Denmark. 

The expectations have been prepared taking into account both external and
internal circumstances, including current expectations of the development in
the Group's markets, the development in material expense catego-ries as well as
the effect of initiatives completed and initiated. 

Assumptions underlying expectations for 2010
Management's performance expectations for 2010 are based on the following main
assumptions: 

•	As mentioned in Company Announcement No 6/2010 of 24 February 2010, Royal
Unibrew has sold its in-vestments in the Caribbean breweries in St. Vincent,
Antigua and Dominica to the brewery Cerveceria Na-cional Dominicana (CND) from
the Dominican Republic. The sale implies a reduction of Royal Unibrew's net
interest-bearing debt by just below DKK 200 million. The results of the
Caribbean breweries are in-cluded in the consolidated financial statements
until sale. Net revenue and EBITDA will be reduced in 2010 compared to 2009 by
some DKK 130 million and DKK 25 million, respectively, as a result of the sale. 

•	It is estimated that consumption in the Group's main markets will continue to
show a declining trend compared to 2009, and consumption in the Western
European markets is not expected to stabilise until in H2 2010 at the earliest.
In Eastern Europe and the malt drinks markets, the effects of the global
eco-nomic crisis are still expected to result in declining consumption - also
in H2 2010. 

•	It is estimated that particularly Northern Europe will see a risk of
continued keen price competition. Therefore, only selective list price
increases are anticipated. 

•	The Group is still expected to maintain its market shares on branded products
in the main markets. 

•	Sales and revenue for 2010 are estimated to be below those of 2009, partly
due to the sale of the Carib-bean activities, and partly due to the expected
market development. 

•	Production costs are expected to be lower, on a net basis, in 2010 than in
2009; they will be positively af-fected by efficiency enhancement and lower raw
material prices, and negatively affected by increasing maintenance expenses as
well as a certain indexation of other expenses. 

•	Sales and distribution expenses are expected to be lower, on a net basis, in
2010 than in 2009 due to, among other things, efficiency enhancement in
connection with the change of the distribution structure in Denmark, savings
due to the organisational adjustments in Denmark, Poland and the Baltic
coun-tries as well as increasing marketing expenses resulting from the
commitment to selective growth op-portunities and innovation. 

•	Administrative expenses are expected to be slightly lower in 2010 than in
2009 due to the organisational adjustments in Denmark, Poland and the Baltic
countries. 

•	In Poland, the measures taken and planned are expected to result in
break-even at EBITDA level. 

•	In accordance with the Group's policy for hedging raw material prices,
hedging agreements were made during 2009 in respect of key raw materials (cans
(aluminium), malt (barley), hops and energy) cover-ing the major part of the
estimated demand for 2010. 

•	No material changes in exchange rates between DKK and other currencies are
expected as compared to the end of 2009. 

•	It is assumed that there will be no “special items” in 2010.

•	Investments are expected to amount to DKK 130 million.

•	Depreciation and amortisation are estimated at DKK 200 million following the
sale of the Caribbean companies. 

•	The Group's calculated tax is expected to amount to 29% of expected EBIT less
12% of the Group's net funding expenses. 

Expectations for 2010
For 2010, total net revenue of DKK 3.4-3.6 billion is expected, which remains
unchanged from the previous an-nouncements. 

EBITDA for 2010 is expected to be at the level of DKK 475-525 million (compared
to the previous expectation of DKK 450-500 million), and EBIT is expected to
amount to DKK 275-325 million (compared to the previous expec-tation of DKK
250-300 million). The EBITDA improvement is partly due to the figure for 2009
being above expec-tations, partly to additional cost adjustments with impact in
2010 having been initiated. 

Net financials are estimated at some DKK 70 million, after which profit before
tax for 2010 is expected to be at the level of DKK 205-255 million. At the end
of 2010, the Group's net interest-bearing debt is expected to amount to some
DKK 1.0 billion equal to net interest-bearing debt at the level of 1.9-2.1
times EBITDA. 
 
Long-term objectives
The organisational adjustments and streamlining already implemented and
expected to be currently imple-mented, refocusing and adjustment in Poland, a
reduced balance sheet due to, among other things, sale of the Caribbean
activities as well as the rights issue in 2009 are expected to create the basis
of strong earnings in the Group's three market areas: Western Europe, Eastern
Europe and Malt and Overseas Markets. Moreover, as a re-sult of recent years'
considerable investments the Group has up-to-date production facilities and
general capacity available. 

A normalisation of the global economy and competitive position will thus -
other things being equal - enable Royal Unibrew to reap considerable earnings
benefits. 

In the long term, the Group's annual investments are expected to be at the
level of 4-6% of net revenue depend-ing on the need for maintenance,
streamlining or capacity investments. 

Based on the above and on the assumption that the Company will be able to
maintain an unchanged ratio of net selling prices to expenses, it is the
Company's target to achieve an EBIT margin of some 10%. 

A future sale of the brewery site in Aarhus at carrying amount will reduce
interest-bearing debt by some DKK 300 million. 

STATEMENTS ABOUT THE FUTURE
This announcement contains “forward-looking statements”. Undue reliance should
not be placed on forward-looking state-ments because they relate to and depend
on circumstances that may or may not occur in the future and actual results may
differ materially from those in forward-looking statements. Forward-looking
statements include, without limitation, state-ments regarding our business,
financial circumstances, strategy, results of operations, financing and other
plans, objectives, assumptions, expectations, prospects, beliefs and other
future events and prospects. We undertake no obligation, and do not intend to
publicly update or revise any of these forward-looking statements, whether to
reflect new information or future events or circumstances or otherwise. 




 
FINANCIAL CALENDAR 

2010
General meeting: 
27 April 2010	Annual General Meeting in Odense

Announcements of financial results:
27 April 2010		Q1 Report 2010
26 August 2010	H1 Report 2010
25 November 2010	Q3 Report 2010
 
ANNOUNCEMENTS TO NASDAQ OMX COPENHAGEN IN 2009

23 February 2009	01/2009	Major shareholder information pursuant to section 29
of the Danish Securities Trading Act 
26 February 2009	02/2009	Announcement of Annual Results for 2008 
11 March 2009	03/2009	Reporting according to the Danish Securities Trading Act
section 28a 
12 March 2009	04/2009	Reporting according to the Danish Securities Trading Act
section 28a 
19 March 2009	05/2009	Major shareholder information pursuant to section 29 of
the Danish Securities Trading Act 
23 March 2009	06/2009	Reporting according to the Danish Securities Trading Act
section 28a 
25 March 2009	07/2009	Reporting according to the Danish Securities Trading Act
section 28a 
26 March 2009	08/2009	Reporting according to the Danish Securities Trading Act
section 28a 
27 March 2009	09/2009	Royal Unibrew Polska Sp. z o.o. accelerates the divesture
of the brewery in  Koszalin 
30 March 2009	10/2009	Reporting according to the Danish Securities Act section
28a 
31 March 2009	11/2009	Major shareholder information pursuant to section 29 of
the Danish Securities Trading Act 
31 March 2009	12/2009	Cancellation of the Share Option Programme
1 April 2009	13/2009	Major shareholder information pursuant to section 29 of
the Danish Securities Trading Act 
8 April 2009	14/2009	Major shareholder information pursuant to section 29 of
the Danish Securities Trading Act 
15 April 2009	15/2009	Annual General Meeting - notice of meeting
29 April 2009	16/2009	Q1 Report 2009
29 April 2009	17/2009	Annual General Meeting 2009
25 May 2009	18/2009	Major shareholder information pursuant to section 29 of the
Danish Securities Trading Act 
27 May 2009	19/2009	Major shareholder information pursuant to section 29 of the
Danish Securities Trading Act 
29 May 2009	20/2009	Major shareholder information pursuant to section 29 of the
Danish Securities Trading Act 
29 May 2009	21/2009	Major shareholder information pursuant to section 29 of the
Danish Securities Trading Act 
2 June 2009	22/2009	Royal Unibrew's sale of the Polish brewery in Koszalin
completed 
12 August 2009	23/2009	Royal Unibrew enters into agreement to sell Caribbean
breweries 
26 August 2009	24/2009	H1 Report 2009
26 August 2009	25/2009	Correction to the English Version H1 Report 2009
18 September 2009	26/2009	Major shareholder information pursuant to section 29
of the Danish Securities Trading Act 
6 November 2009	27/2009	Interim Report for Q1-Q3 2009
6 November 2009	28/2009	Notice of an Extraordinary General Meeting
9 November 2009	29/2009	Change in Management
16 November 2009	30/2009	Terms for rights issue in Royal Unibrew A/S
16 November 2009	31/2009	Extraordinary General Meeting 2009
16 November 2009	32/2009	Articles of Association
19 November 2009	33/2009	Royal Unibrew publishes prospectus
7 December 2009	34/2009	Reporting according to the Danish Securities Trading
Act section 28 a 
8 December 2009	35/2009	Reporting according to the Danish Securities Trading
Act section 28a 
9 December 2009	36/2009	Reporting according to the Danish Securities Trading
Act section 28a 
11 December 2009	37/2009	Royal Unibrew A/S completes rights issue
11 December 2009	38/2009	Major shareholder information pursuant to section 29
of the Danish  Securities Trading Act 
11 December 2009	39/2009	Articles of Association
11 December 2009	40/2009	Major shareholder information pursuant to section 29
of the Danish  Securities Trading Act 
16 December 2009	41/2009	Major shareholder information pursuant to section 29
of the Danish  Securities Trading Act 


 
MANAGEMENT'S STATEMENT ON THE REPORT 

The Executive and Supervisory Boards have today considered and adopted the
Annual Report of Royal Unibrew A/S for 1 January - 31 December 2009. 

The Annual Report is prepared in accordance with International Financial
Reporting Standards as adopted by the EU and additional Danish disclosure
requirements for listed companies. 

In our opinion, the Consolidated Financial Statements and the Parent Company
Financial Statements give a true and fair view of the financial position at 31
December 2009 of the Group and the Company and of the results of the Group and
Parent Company operations and cash flows for the financial year 1 January - 31
December 2009. 

In our opinion, Management's Review includes a true and fair account of the
development in the activities and financial circumstances of the Group and the
Parent Company, of results of operations for the year and the finan-cial
position of the Parent Company as well as of the overall financial position of
the enterprises comprised by the Consolidated Financial Statements, and a
description of the key risks and uncertainties facing the Parent Company and
the Group. 

We recommend that the Annual Report be adopted at the Annual General Meeting.

Faxe, 4 March 2010

Executive Board


Henrik Brandt
CEO


Peter Ryttergaard	Hans Savonije
CFO	International Director	

Supervisory Board


Steen Weirsøe	Tommy Pedersen
Chairman 	Deputy Chairman



Ulrik Bülow 		Erik Christensen	Erik Højsholt



Kirsten Liisberg	Hemming Van





Income Statement for 1 January - 31 December (DKK '000)			
							
Parent Company			Group
2008 		2009 			2009 		2008 
							
3,088,400		2,751,322		Revenue	4,479,219		4,918,600
(337,332)		(282,084)		Beer and mineral water excises	(662,798)		(739,897)
2,751,068		2,469,238		Net revenue	3,816,421		4,178,703
							
(1,559,763)		(1,422,398)		Production costs	(2,211,134)	 	(2,433,298)
1,191,305		1,046,840		Gross profit	1,605,287		1,745,405
							
(866,806)		(710,047)		Sales and distribution expenses	(1,146,604)		(1,387,543)
(150,627)		(164,115)		Administrative expenses	(219,068)		(226,844)
3,830		3,691		Other operating income	3,691		3,835
177,702		176,369		Operating profit before special items	243,306		134,853
0		0		Special income	21,500		0
(51,231)		(23,889)		Special expenses	(56,366)		(50,125)
 		 		Impairment of non-current assets	0		(384,957)
126,471		152,480		Profit/loss before financial income and
ex-penses	208,440		(300,229) 
							
				Income after tax from investments in 			
				associates	25,836		22,654
99,290		243,113		Dividend from subsidiaries and
associates			
(709,071)		0		Impairment losses on investments and bal-ances	0		(70,104)
52,666		39,084		Financial income	32,666		33,899
(143,057)		(164,751)		Financial expenses	(190,295)		(139,185)
							
(573,701)		269,926		Profit/loss before tax	76,647		(452,965)
							
(32,000)		(14,406)		Tax on the profit/loss for the year	(24,196)		(30,200)
							
(605,701)		255,520		Net profit/loss for the year	52,451		(483,165)
							
				distributed as follows:			
				Parent Company shareholders' share of net profit/loss	47,062		(484,333)
				Minority shareholders' share of profit/loss			
					5,389		1,168
				Net profit/loss for the year	52,451		(483,165)
				Parent Company shareholders' share of earnings per share (DKK)	5.8		(89.0)
				Parent Company shareholders' share of di-luted earnings per share
(DKK)	5.8		(89.0) 
 

Statement of Comprehensive Income for 1 January - 31 December (DKK '000)			
							
Parent Company			Group
2008 		2009 			2009 		2008 
 		 			 		 
(605,701)		255,520		Net profit/loss for the year	52,451		(483,165)
							
				Other comprehensive income			
240,000		0		Revaluation of project development properties	0		240,000
				Value and exchange adjustment of foreign group
enterprises	(11,970)		(99,434) 
(13,356)		34,289		Value adjustment of hedging instruments,
opening	34,603		(13,742) 
(34,289)		(51,764)		Value adjustment of hedging instruments,
closing	(52,596)		(34,603) 
(56,638)		0		Tax on equity entries	0		(56,315)
							
135,717		(17,475)		Other comprehensive income after tax	(29,963)		35,906
							
(469,984)		238,045		Total comprehensive income	22,488		(447,259)
							
							
							
				distributed as follows:			
				Parent Company shareholders' share of com-prehensive
income	19,330		(443,492) 
				Minority shareholders' share of comprehen-sive income	3,158		(3,767)
					22,488		(447,259)

 
Assets at 31 December 2009 (DKK '000)
Parent Company			Group
2008 		2009 			2009 		2008 
							
				NON-CURRENT ASSETS			
80,645		80,645		Goodwill	307,524		311,275
4,048		2,990		Trademarks	166,193		167,885
6,406		5,223		Distribution rights	6,237		7,186
91,099		88,858		Intangible assets 	479,954		486,346
							
326,745		386,195		Land and buildings	723,786		643,363
400,000		403,552		Project development properties	403,552		400,000
263,163		399,248		Plant and machinery	650,786		529,291
131,685		149,821		Other fixtures and fittings, tools and
equip-ment	224,146		214,997 
210,477		6,495		Property, plant and equipment in progress	11,386		291,787
1,332,070		1,345,311		Property, plant and equipment	2,013,656		2,079,438
							
							
1,014,696		996,210		Investments in subsidiaries	0		0
113,470		117,957		Investments in associates	110,842		87,650
76,386		28,769		Receivables from subsidiaries	0		0
20,634		0		Receivables from associates	0		20,634
56,432		56,370		Other investments	56,748		56,900
10,556		11,226		Other receivables	12,892		11,939
1,292,174		1,210,532		Financial assets	180,482		177,123
							
2,715,343		2,644,701		Non-current assets	2,674,092		2,742,907
							
				CURRENT ASSETS			
56,590		41,270		Raw materials and consumables	92,199		122,194
12,014		11,013		Work in progress	20,980		27,177
152,456		63,837		Finished goods and purchased finished goods	124,945		265,302
221,060		116,120		Inventories	238,124		414,673
							
180,098		142,933		Trade receivables 	408,958		541,566
276,156		78,421		Receivables from subsidiaries	0		0
1,008		1,039		Receivables from associates	1,039		1,008
93,570		10,630		Other receivables	21,082		113,679
134,466		41,544		Prepayments	53,885		147,191
685,298		274,567		Receivables	484,964		803,444
							
36,055		15,538		Cash at bank and in hand	92,474		90,384
							
942,413		406,225		Current assets	815,562		1,308,501
							
3,657,756		3,050,926		Assets 	3,489,654		4,051,408
Liabilities and Equity at 31 December (DKK '000)			
							
Parent Company			Group
2008 		2009 			2009 		2008 
 		 			 		 
							
				EQUITY			
56,000		111,865		Share capital	111,865		56,000
0		337,825		Share premium account	337,825		0
180,000		180,000		Revaluation reserves	180,000		180,000
0		0		Translation reserve	(112,018)		(102,279)
(34,289)		(51,764)		Hedging reserve	(52,596)		(34,603)
283,618		543,246		Retained earnings	491,958		440,788
0		0		Proposed dividend	0		0
485,329		1,121,172		Equity of Parent Company shareholders	957,034		539,906
							
0		0		Minority interests	38,080		34,922
							
							
485,329		1,121,172		Equity	995,114		574,828
							
							
169,731		163,427		Deferred tax	171,831		179,378
734,655		734,793		Mortgage debt	735,516		734,655
770,504		449,861		Credit institutions	773,301		968,888
1,674,890		1,348,081		Non-current liabilities	1,680,648		1,882,921
 		 			 		 
488,286		0		Credit institutions	0		599,335
59,572		50,718		Repurchase obligation, returnable packaging	61,793		74,056
391,175		279,830		Trade payables	419,381		523,175
234,491		3,464		Payables to subsidiaries	0		0
0		4,144		Corporation tax	6,227		0
37,177		61,518		VAT, excise duties, etc	98,012		61,439
286,836		181,999		Other payables	228,479		335,654
1,497,537		581,673		Current liabilities	813,892		1,593,659
 		 			 		 
3,172,427		1,929,754		Liabilities	2,494,540		3,476,580
 		 			 		 
3,657,756		3,050,926		Liabilities and equity	3,489,654		4,051,408

 

Cash Flow Statement for 1 January - 31 December (DKK ‘000)
								
Parent Company				Group
2008 		2009 				2009 		2008 
 								
(605,701)		255,520		Net profit/loss for the year		52,451	 	(483,165)
814,986		41,209		Adjustments for non-cash operating items		357,979		744,950
209,285		296,729				410,430		261,785
				Change in working capital:				
10,126		167,884		 +/- change in receivables		143,380		51,578
(63,823)		104,940		 +/- change in inventories		175,701		(81,622)
93,807		(136,411)		 +/- change in payables		(88,988)		123,737
249,395		433,142		Cash flows from operating activities before financial in-come
and expenses		640,523		355,478 
								
52,660		81,302		Financial income		74,990		34,003
(104,423)		(208,466)		Financial expenses 		(215,306)		(151,865)
197,632		305,978		Cash flows from ordinary activities		500,207		237,616
								
(77,354)		18,058		Corporation tax paid		13,036		(134,408)
120,278		324,036		Cash flows from operating activities		513,243		103,208
								
99,290		320,313		Dividends received from subsidiaries and
associates		12,738		14,336 
9,244		10,740		Sale of property, plant and equipment		47,435		45,349
(363,045)		(166,447)		Purchase of property, plant and
equipment		(199,167)		(519,107) 
								
(134,233)		488,642		Free cash flow		374,249		(356,214)
								
0		20,634		Repayment of loans to associates		20,634		0
0		0		Acquisition of subsidiaries		0		(126,546)
(38,400)		11,458		Change in intangible and financial assets		6,569	 	(3,045)
(292,911)		196,698		Cash flows from investing activities		(111,791)		(589,013)
								
125,453		0		Proceeds from raising of non-current debt		0		141,986
0		(807,734)		Repayment of non-current debt		(796,196)		(16,049)
343,008		0		Change in current debt to credit institutions		0		391,799
(180,776)		(131,221)		Change in financing of subsidiaries		0		0
(54,901)		0		Dividends paid		0		(54,901)
(46,244)		0		Acquisition of shares for treasury		0		(46,244)
0		393,690		Proceeds from share issue		393,690		0
1,551		4,014		Sale of treasury shares and rights		4,014		1,551
188,091		(541,251)		Cash flows from financing activities		(398,492)		418,142
								
15,458		(20,517)		Change in cash and cash equivalents		2,960		(67,663)
20,597		36,055		Cash and cash equivalents at 1 January		90,384		157,832
0		0		Exchange adjustment		(870)		215
36,055		15,538		Cash and cash equivalents at 31 December		92,474		90,384
								
 
Statement of Changes in Equity for 1 January - 31 December (DKK ‘000)							
Group									
	Share capital	Share 
premium account	Revaluation reserves	Translation reserve	Hedging 
reserve	Retained earnings	Proposed dividend for the year	Minority interests'
share	Total 
									
Equity at 31 December
2007	59,000	0	0	(7,694)	10,057	960,411	59,000	38,689	1,119,463 
									
Changes in equity in 2008									
Comprehensive income			180,000	(94,585)	(44,660)	(484,247)		(3,767)	(447,259)
Dividend distributed to shareholders							(54,901)		(54,901)
Dividend on treasury shares						4,099	(4,099)		0
Acquisition of shares for treasury						(46,244)			(46,244)
Sale of treasury shares						1,551			1,551
Share-based payments						2,218			2,218
Reduction of capital	(3,000)					3,000			0
Total shareholders	(3,000)	0	0	0	0	(35,376)	(59,000)	0	(97,376)
Total changes in equity in
2008	(3,000)	0	180,000	(94,585)	(44,660)	(519,623)	(59,000)	(3,767)	(544,635) 
Equity at 31 December
2008	56,000	0	180,000	(102,279)	(34,603)	440,788	0	34,922	574,828 
									
Changes in equity in 2009									
Comprehensive income			0	(9,739)	(17,993)	47,062		3,158	22,488
Increase of capital	55,865	337,825							393,690
Sale of treasury shares and rights						4,014			4,014
Share-based payments						94			94
Tax on equity movements, shareholders						0			0
Total shareholders	55,865	337,825	0	0	0	4,108	0	0	397,798
Total changes in equity in
2009	55,865	337,825	0	(9,739)	(17,993)	51,170	0	3,158	420,286 
Equity at 31 December
2009	111,865	337,825	180,000	(112,018)	(52,596)	491,958	0	38,080	995,114 
 

Quarterly Financial Highlights and Key Ratios 2009 (DKK '000)

                                                                               
2009 
	Q1	Q2	Q3	Q4	Full year
Sales (million hectolitres)	1.3 	2.0 	1.9 	1.4 	6.6 
Financial Highlights (mDKK)					
Income Statement					
Net revenue	767.6	1,145.3	1,074.0	829.5	3,816.4
Production costs	(464.0)	(632.2)	(606.4)	(508.5)	(2,211.1)
Gross profit	303.6	513.1	467.6	321.0	1,605.3
Sales and distribution expenses	(278.5)	(341.1)	(268.9)	(258.1)	(1,146.6)
Administrative expenses	(53.7)	(57.9)	(51.8)	(55.7)	(219.1)
Other income	0.7	0.7	1.2	1.1	3.7
Operating profit/loss before special items	(27.9)	114.8	148.1	8.3	243.3
Special items (expenses)	(14.5)	(25.6)	(3.1)	(6.4)	(49.6)
Special items (depr./amort. and profit/losses from
sale)	(2.0)	17.3	(1.0)	0.4	14.7 
Profit/loss before financial income and ex-penses	(44.4)	106.5	144.0	2.3	208.4
Income from associates	(0.1)	13.6	6.7	5.6	25.8
Financial income and expenses	0.5	(53.1)	(47.5)	(57.5)	(157.6)
Profit/loss before tax	(44.1)	67.0	103.2	(49.5)	76.6
Consolidated profit/loss	(34.6)	51.5	69.8	(34.2)	52.5
Royal Unibrew A/S' share of profit/loss	(34.5)	50.8	68.2	(37.4)	47.1
Balance Sheet					
Total assets	4,016.5	4,086.6	3,769.2	3,489.7	3,489.7
Equity	522.2	553.4	611.2	995.1	995.1
Net interest-bearing debt	2,325.7	2,138.7	1,894.8	1,416.3	1,416.3
Net working capital	193.6	73.3	(41.7)	(84.6)	(84.6)
Free cash flow	(129.9)	178.8	242.0	83.3	374.2
Key Figures (mDKK)					
EBITDA before special items	17.4	161.5	202.4	79.2	460.5
EBITDA	2.9	135.9	199.3	72.8	410.9
EBIT 	(44.4)	106.5	144.0	2.3	208.4
Ratios (%)					
Profit margin	(3.6)	10.0	13.8	1.0	6.4
EBIT margin	(5.8)	9.3	13.4	0.3	5.5
Free cash flow as a percentage of net revenue	(16.9)	15.6	22.5	10.0	9.8
Equity ratio	13.0	13.5	16.2	28.5	28.5
Debt ratio	445.4	386.5	310.0	142.3	142.3

The key ratios have been calculated in accordance with the “Recommendations and
Financial Ratios 2005” of the Danish Society of Financial Analysts. 

 

DEFINITIONS OF KEY FIGURES AND RATIOS 
Net interest-bearing debt	Mortgage debt and debt to credit institutions less
cash at bank and in hand, interest-bearing current investments and receivables 
Net working capital	Inventories + receivables - current liabilities except for
corpora-tion tax receivable/payable as well as mortgage institutes and credit
institutions 
Free cash flow	Cash flow from operating activities less net investments in
prop-erty, plant and equipment and plus dividends from associates 
Earnings per share (DKK)	Royal Unibrew A/S' share of the profit for the
year/number of shares in circulation 
Cash flow per share (DKK)	Cash flow from operating activities/number of shares
in circula-tion 
Diluted earnings and cash flow per share (DKK)	Royal Unibrew A/S' share of
earnings and cash flow, respec-tively, from operating activities/average number
of shares in cir-culation including share options "in-the-money" 
EBITDA before special items	Earnings before special income and expenses,
interest, tax, depre-ciation, amortisation and impairment losses as well as
profit from sale of property, plant and equipment and amortisation of
intan-gible assets 
EBITDA	Earnings before interest, tax, depreciation, amortisation and
im-pairment losses as well as profit from sale of property, plant and equipment
and amortisation of intangible assets 
EBIT 	Earnings before interest and tax 
Return on invested capital (ROIC)
	Operating profit before special items net of tax as a percentage of average
invested capital (equity + minority interests + non-current provisions + net
interest-bearing debt - financial assets) 
Profit margin	Operating profit (EBIT before special items) as a percentage of
net revenue 
EBIT margin	EBIT as a percentage of net revenue 
Free cash flow as a percentage of net revenue	Free cash flow as a percentage of
net revenue 
Equity ratio	Equity at year end as a percentage of total assets
Debt ratio	Net interest-bearing debt at year end as a percentage of year-end
equity 
Asset turnover	Net revenue/total assets at year end
Return on net assets
	Operating profit before special items as a percentage of average operating
assets. Operating assets comprise total assets less cash and cash equivalents,
other interest-bearing assets and invest-ments in associates 
Net return on equity	Profit for the year as a percentage of average equity
Dividend rate
	Dividend calculated for the full share capital as a percentage of the Parent
Company shareholders' share of profit for the year 
Except for ROIC, the key ratios have been calculated in accordance with the
“Recommendations and Financial Ratios 2005” of the Danish Society of Financial
Analysts.