H1 Report 2007

HIGHLIGHTS (FOR H1 2007)
•	Profit before tax for Q2 2007 amounting to DKK 96.6 million, which is at the
same level as in 2006 
•	Gross margin lower than in 2006 due to higher production costs
•	Profit before tax for H1 amounting to DKK 37.5 million compared to DKK 45.9
million in 2006 
•	Consolidated profit amounting to DKK 41.2 million compared to DKK 35.3
million in 2006 
•	Net revenue up by 13% to DKK 1,826 million
•	Free cash flow amounting to a negative DKK 17.3 million compared to a
negative DKK 57.5 million in 2006 
•	Profit before tax for 2007 now expected to amount to DKK 365-385 million
including expected non-recurring income (”special items”) of some DKK 100
million compared to the previous expectation of a profit before tax of DKK 
330-370 million 

FINANCIAL HIGHLIGHTS AND KEY RATIOS
The H1 Report 2007 has been prepared under the measurement and recognition
provisions of IFRS. The accounting policies remain unchanged from those applied
in the Annual Report for 2006. 


					
	IFRS
2007	IFRS
2006	IFRS
2005	IFRS
2004	
2003
SALES (thousand hectolitres)	3,351	3,061	2,709	2,065	1,969
					
FINANCIAL HIGHLIGHTS (mDKK)					
Income Statement					
Net revenue	1,826.0	1,619.0	1,514.8	1,306.2	1,277.5
Operating profit	55.8	60.6	65.5	74.3	99.2
Profit before financial income and expenses	55.8	60.6	65.5	74.3	59.2
Net financials	(18.3)	(14.7)	(11.8)	(23.3)	(22.5)
Profit before tax	37.5	45.9	53.7	51.0	36.7
Consolidated profit	41.2	35.3	51.2	36.7	22.6
Royal Unibrew A/S' share of profit	40.3	34.4	51.6	38.7	22.7
					
Balance Sheet and Cash Flow Statement					
Total assets	3,927.9	3,317.6	3,130.6	2,518.6	2,593.5
Equity	1,103.9	1,087.9	1,061.5	951.1	908.8
Net interest-bearing debt	1,567.8	1,154.6	1,154.0	744.5	809.6
Free cash flow	(17.3)	(57.5)	(19.2)	(13.7)	33.1
					
Key Figures (mDKK)					
EBITDA	139.0	156.9	159.2	169.9	154.0
EBIT	55.8	60.6	65.5	74.3	59.2
					
Key Ratios (%)					
EBIT margin	3.1	3.7	4.3	5.7	4.6
Free cash flow as a percentage of net reve-nue	(0.9)	(3.6)	(1.3)	(1.1)	2.6
Equity ratio	28.1	32.8	33.9	37.8	35.0
Debt ratio	139.4	103.5	106.5	78.3	89.1
RU's share of earnings per share of DKK 10 (DKK)	6.8	5.5	8.0	6.0	3.5

The calculation of ratios has been based on the guidelines issued by the Danish
Society of Financial Analysts in 2005.