Expectations for Royal Unibrew's results for 2008 - elaboration on Company An-nouncement No 31/2008 of 29 September 2008

Expectations for Royal Unibrew's results for 2008 - elaboration on Company
An-nouncement No 31/2008 of 29 September 2008 

In Company Announcement No 31/2008 of 29 September 2008, the Company announced
the following: 

”At the same time the Group is reducing the outlook for the annual results
before tax and special items to 
180-200 MDKK compared to 220-260 MDKK previously communicated, while the result
before tax but 
after special items now is expected to be at the level of 110-130 MDKK compared
to 170-210 MDKK pre-viously informed.” 

In continuation of this information, the Company wishes to elaborate on the
reasons for the downward adjustment announced. 

Poland
The revenue decline in early H2 2008 in Poland which was mentioned in
connection with the H1 Report has continued to materialise. The declining
revenue in July was attributed to the unusual July weather, however H2 sales in
the total Polish market are now expected to show a decline as compared to the
same period in 2007. 

Italy
The total market for beer sales in Italy have shown continuous decline in H2
2008, and it is estimated that total sales in the  important Italian HoReCa
market have declined by 5-6% compared to last year . The Ceres products have
maintained their market share in the difficult market.. 

Denmark
Finally, the beverages market in Denmark was disappointing in August. This was
particularly true of the soft drinks segment, which in total declined by 18% as
compared to the same month of last year. It is es-timated that Royal Unibrew
has continued to enhance its market shares in Denmark in H2 2008 to date. 

The above developments are the primary reasons for the Company on 29 September
2008 announcing a downward adjustment of profit for the year before tax and
special items by some DKK 50 million, from DKK 220-260 million to DKK 180-200
million. 

Special items
Non-recurring expenses concerning ”special items” comprising primarily expenses
in relation to the clo-sure of the brewery in Aarhus (Denmark) and the
reorganisation of the Danish distribution structure are expected to increase by
some DKK 20 million (from DKK 50 million to DKK 70 million). The increase in
special items is partly due to provision for severance pay following the change
in the Company's Man-agement Team and partly to increased expenses primarily
related to the change of the Danish distribu-tion structure. 

On an overall basis, the Company adjusted expectations for profit for the year
before tax but after special items downward from DKK 170-210 million to DKK
110-130 million. 

If any questions please contact CFO Ulrik Sørensen at telephone +45 56 77 15 02
or +45 29 23 00 02. 

Yours sincerely
Royal Unibrew A/S

Ulrik Sørensen
CFO