Interim Report for the period 1 January - 30 September 2008.

November 20, 2008 at 12:00 AM EST
Company Announcement No 33/2008
20 November 2008





The Supervisory Board of Royal Unibrew A/S has today considered and adopted the
Interim Report for the period 1 January - 30 September 2008. 





	___________________				_________________
	Steen Weirsøe					Henrik Brandt
	Chairman of the Supervisory Board			CEO






For further information on this Announcement:
Henrik Brandt, CEO, tel +45 5677 1500



This Company Announcement consists of 38 pages

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



Investors and analysts will be able to follow Royal Unibrew's presentation of
the financial state-ments today at 10:30 via webcast. Please register at Royal
Unibrew's website www.royalunibrew.com. 










CONTENTS			
						
Side
Highlights			3 
Financial Highlights and Key Ratios			4 
Management's Review			5 
Financial Calendar			18 
Company Announcements			18 
Management's Statement			19 

Financial Statements			
	Income Statement			20 
	Assets			21 
	Liabilities and Equity			22 
	Statement of Changes in Equity			23 
	Cash Flow Statement			25 
Notes				
	Descriptive Notes			
		1 	Significant Accounting Policies			26 
		2 	Accounting Estimates and Judgements			26 
		3 	Segment Reporting			27 
		4 	Share-based Payment			31 
	Notes Relating to Income Statement, Balance Sheet and Cash Flow Statement
		5 	Tax on the Profit for the Period			32 
		6 	Basis of Calculation of Earnings and Cash Flow per Share		32 
		7 	Treasury Shares			33 
		8 	Cash Flow Statement			34 
	Other Notes			
		9 	Acquisitions			35 
						
Financial Highlights and Key Ratios for 1 January - 30 September 2004 -
2008			37 
Definitions of Key Figures and Ratios			38
					






 

HIGHLIGHTS (1 January - 30 September 2008)

•	Net revenue up by 11% in the year to 30 September compared to 2007 (organic
growth 5%) amounting to DKK 3,234 million 

•	Operating profit before special items amounts to DKK 145 million at 30
September 2008, which is DKK 27 million below the 2007 figure. The negative
profit develop-ment relates to Q3 when operating profit was DKK 35 million
below the 2007 figure, primarily caused by unsatisfactory market developments
in Italy, Denmark, Latvia, Poland and the malt drinks markets in the Caribbean 
•	Continued market share wins in most key markets
•	The organic growth in net revenue, gross margin and EBIT realised in Poland
in H1 2008 diminished in Q3 partly caused by a negative market-driven
development; however, earnings in Poland are still not satisfactory 

•	Costs of closure of the Aarhus brewery, the Danish distribution
reorganisation and the changes in Group Management affect results at 30
September 2008 negatively by DKK 57 million (“special expenses”) 

•	Consolidated profit for the period 1 January - 30 September 2008 amounts to
DKK 15 million, which is DKK 106 million below the 2007 figure, of which DKK 57
million relates to “special expenses” and approx. DKK 30 million relates to
financial items 

•	Full-year profit now expected to amount to DKK 60-80 million before tax and
special 	expenses (against the previous expectation of DKK 180-200 million),
whereas special 	expenses are still expected to amount to DKK 70 million 

  
FINANCIAL HIGHLIGHTS AND KEY RATIOS OF ROYAL UNIBREW A/S 
	1 January - 30 September and Q3 (unaudited)
					
	1/1 - 30/9 2008	1/1 - 30/9 2007	Q3 2008	Q3 2007	1/1 - 31/12 2007
Sales (thousand hectolitres)	5,811	5,369	2,055	2,018	7,079
Financial Highlights (mDKK)					
Income Statement					
Net revenue	3,234.4	2,924.7	1,154.7	1,098.8	3,881.8
Operating profit before special items	145.3	172.7	82.0	116.9	244.1
Profit before financial income and expenses	88.5	172.7	59.1	116.9	264.3
Net financials	(66.7)	(29.3)	(21.0)	(11.1)	(44.1)
Profit before tax	21.8	143.4	38.1	105.9	220.2
Consolidated profit	14.8	121.2	26.7	80.0	155.2
Royal Unibrew A/S' share of profit	14.1	118.8	26.0	78.5	151.7
Balance Sheet					
Total assets	4,222.4	3,996.8	4,222.4	3,996.8	3,781.3
Equity	1,058.9	1,156.7	1,058.9	1,156.7	1,119.5
Net interest-bearing debt	2,026.2	1,703.1	2,026.2	1,703.1	1,586.1
Free cash flow	(192.0)	(58.1)	(40.0)	(40.8)	157.0
Per share					
Royal Unibrew A/S' share of earnings per share (DKK)	2.6	20.6	4.7	13.6	26.4
Royal Unibrew A/S' diluted share of earnings per share
(DKK)	2.6	20.3	4.7	13.4	26.2 
Cash flow per share (DKK)	13.5	12.6	16.3	15.3	26.3
Diluted cash flow per share (DKK)	13.5	12.4	16.3	15.0	26.1
Key figures (mDKK)					
EBITDA	227.0	308.8	118.2	169.8	392.5
EBIT 	88.5	172.7	59.2	116.9	264.3
Key ratios (%)					
Profit margin	4.5	5.9	7.1	10.6	6.3
EBIT margin	2.7	5.9	5.1	10.6	6.8
Free cash flow as a percentage of net revenue	(5.9)	(2.0)	(3.5)	(3.7)	4.0
Equity ratio	25.1	28.9	25.1	28.9	29.6
Debt ratio	191.3	147.2	191.3	147.2	141.7


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

 

MANAGEMENT'S REVIEW

General
The primary activities of Royal Unibrew are to market, sell, distribute and
produce quality beverages focusing on branded products primarily within beer,
malt and soft drinks. The Group's products are sold in approx. 65 markets with
special focus on Northern Europe (the Nordic countries, the Baltic countries,
Northern Germany and Poland), Italy, Canada and the international malt drinks
markets (the Caribbean, Africa and the UK). Royal Unibrew comprises the Albani,
Ceres and Faxe breweries in Denmark, Kalnapilis in Lithuania, Livu Alus and the
soft drinks producer SIA Cido Grupa in Latvia, Brok, Strzelec and Browar Lomza
in Poland as well as Antigua Brewery, Dominica Brewery and St. Vincent in the
Caribbean. 

It is the vision of Royal Unibrew to develop the Group with increasing
profitability to being among the lead-ing providers of beverages in Northern
Europe, Italy and our malt drinks markets. Outside these areas, we will develop
selected profitable export markets. 

New Group Management
Henrik Brandt took up the position as CEO at 1 November 2008 (cf Announcement
RU31/2008 of 29 Septem-ber 2008), and Hans Savonije took up the position as
international director in charge of Northern Europe. 

Acquisitions
Royal Unibrew has (cf Announcement RU2/2008 of 4 January 2008) strengthened its
position in the Baltic beer market by acquiring assets and activities of Livu
Alus, the number 3 Latvian brewery in terms of size, at 1 January 2008. In
2008, the brewery has been fully integrated with the Group's existing brewery
activities in Latvia as the production of Lacplesa Alus at the brewery in
Lielvarde was moved to the acquired Livu brew-ery in Liepaja. At the same time,
the brewery in Lielvarde was closed (cf Announcement RU43/2007 of 14 No-vember
2007). After this, SIA Cido Grupa, the Group's Latvian soft drinks producer,
handles sales and distri-bution of both Lacplesa Alus and Livu Alus products.
Livu Alus is included in the consolidated financial statements as of 1 January
2008. 

”Double up” Strategic Plan 2008-2010
The main objective of Royal Unibrew's Strategic Plan for the three years
2008-2010 is to increase the Group's profitability significantly. The current
global economic development and increasing uncertainty on the part of customers
and consumers imply a significant change and aggravation of market conditions
in future years as compared to the assumptions on which the double up strategy
was based. 

The new Group Management will in the period ahead review the double up
strategy. The result of this review is expected to be available at the time of
presentation of the Annual Report for 2008. 

As regards double up, status on the planned initiatives was as follows at the
end of Q3: 

Growth target
•	Organic growth of 5% has been realised YTD.

Customer & consumer excellence
•	New packaging types and a number of new products have been launched
o	PET containers for soft drinks and mineral water in Denmark;
o	Faxe Kondi Pro, a new soft drink in Denmark;
o	Cooler, a revitalisation of one of the most well-known fruit-flavoured beer
brands in Poland; 
o	In Lithuania, a new nitrogenised beer and Kalnapilis Grand in a premium
profile bottle; 
o	In Latvia, Cido premium fruit juice and a new range of flavoured Mangali
still water. 

Operational excellence
•	Measures to enhance the efficiency of the production structure in Denmark
have been initiated. The closure of the Maribo brewery has been completed as
planned and the work of transferring produc-tion from Aarhus to Faxe and Odense
is progressing as scheduled. 
•	A new PET unit was put into operation in April enabling the introduction of
PET containers in the Danish market and insourcing of the production of
Egekilde in PET containers. 
•	Change of the distribution structure in Denmark has been decided and, as
planned, the implementa-tion was initiated in October 2008 with expected
completion in 2009. 
•	The process for amending the district plan for the property in Aarhus has
been initiated and disposal of the other assets of the brewery has been
commenced. 

Acquisition & integration excellence
•	At 1 February 2008, the Polish breweries Brok, Strzelec and Lomza were
combined in one organisa-tional and legal entity through a merger between Royal
Unibrew Polska and Browar Lomza. 
•	In connection with the turnaround plan for the Polish activities, improved
results have been realised in 2008 as compared to 2007. However, the
improvement of results was below expectation due to, among other things,
currently stagnant beer consumption in Poland. In the coming period, the
turn-around plan will be reviewed in light of the market decline. 
•	The activities of the Latvian brewery companies Lacplesa Alus and Livu Alus
were integrated and production was transferred from the brewery in Lielvarde to
the acquired brewery in Liepaja. At 1 December 2008, the two breweries will
merge with the soft drinks company SIA Cido Grupa, which will until then handle
sales, distribution and administrative functions on behalf of the brewery
com-panies. 

RESULTS IN Q3 (1 JULY - 30 SEPTEMBER 2008)

A number of the areas (the Baltic countries, Poland, Denmark, Italy and the
Caribbean) which are key markets to the Royal Unibrew Group were in Q3 affected
by economic decline, which had a negative effect on per-sonal finances causing
a general reduction in consumption. Consequently, beer, malt and soft drinks
sales declined in several markets compared to 2007, and a generally increased
pressure on prices and a shift to-wards less expensive products were seen. 

In Q3 2008, the Royal Unibrew Group realised a profit before tax of DKK 38.2
million. The profit before tax was approx. DKK 68 million below that of 2007,
including approx. DKK 23 million relating to “special items”. The profit
development was positively affected by selling price increases introduced to
compensate partly for the higher raw materials prices, the effect of the
organisational adjustments decided in 2007 (cf Announce-ment RU43/2007 of 14
November 2007) as well as higher production efficiency at the Danish breweries
than in 2007. However, results for Q3 2008 were negatively affected by a
decline in the total beer market in Italy and in the beer and soft drinks
market in Denmark and Latvia as well as the malt drinks market in the
Caribbean. Increased financial expenses also affected results negatively.
Moreover, investments in marketing increased as planned. 

Special items of DKK -23 million relating to the decision to replace the 21
Danish stores by 7 larger distribu-tion centres (cf Announcement RU16/2008 of
29 February 2008) and to change Group Management (cf An-nouncement RU31/2008 of
29 September 2008). 

Group sales in Q3 2008 aggregated 2.1 million hectolitres of beer, malt and
soft drinks, which is an increase of just below 2% over 2007. Approx. 0.5
percentage point of the increase was attributable to acquisition of the Latvian
brewery Livu Alus. Accordingly, organic volume growth accounted for approx. 1
percentage point broken down on positive growth in Eastern Europe and a
reduction in Western Europe and the Malt and Overseas Market segment. 

The Group's net revenue increased by 5% in Q3. Net revenue amounted to DKK
1,155 million. About one third of the revenue increase was due to the
acquisition of Livu Alus in Latvia, whereas the organic growth of approx. 3.5%
of the Royal Unibrew Group comprised growth in Denmark, Germany, Poland and
Lithuania and reduction in Italy and the Caribbean. 

Gross profit amounting to DKK 504 million increased by 2% from 2007. In Q3
gross margin was 43.6% compared to 45% in the same period of last year. Almost
half of the gross margin decline was related to the acquired Latvian brewery.
The remaining decline was due partly to a shift of sales towards markets with
lower net selling prices and partly to the price increases realised being
comparatively smaller than the increase in raw materials prices. 

The Group's sales and distribution expenses for Q3 were 17% higher than in
2007. Of this increase, organic growth accounted for 15 percentage points. The
increase in expenses is affected by higher investments in marketing of the
Group's brands and higher selling expenses with a view to increasing the
distribution of Royal Unibrew products in Denmark, Poland and the Baltic
countries, approx. DKK 40 million in total. 

Administrative expenses were approx. 13% lower than in 2007. An organic
reduction of approx. 15% was realised, of which a significant part was due to
the staff reduction decided upon in 2007 (cf Announcement RU43/2007 of 14
November 2007). 

Operating profit before special items, DKK 82 million, was DKK 35 million below
the 2007 figure. DKK 5 mil-lion of this amount related to the acquisition of
the Latvian brewery Livu Alus at 1 January 2008. In organic terms, operating
profit before special items was thus some DKK 30 million below the 2007 figure.
Earnings in Italy and Denmark as well as the increased marketing expenses are
estimated to have affected the develop-ment in operating profit before special
items for Q3 negatively by DKK 25-35 million. In Poland, organic sales and
revenue growth in Q3 amounted to 1% and 16%, respectively, whereas the
operating profit of the Group's Polish company increased. 

Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted
to DKK 118.2 million compared to DKK 169.8 million in 2007. 

Profit before financial income and expenses (earnings before interest and tax
(EBIT)) amounted to DKK 59.2 million after deducting the above ”special items”
of DKK 23 million compared to an EBIT of DKK 116.9 million in Q3 2007. 

Income from investments in associates declined by DKK 0.6 million from 2007
amounting to DKK 7 million compared to DKK 7.6 million in 2007. Hansa Borg
Bryggerierne performed significantly better, whereas the performance of other
associates was poorer than in 2007. 

The Group's net financial expenses went up by approx. DKK 11 million to DKK 28
million in 2008. The increase related solely to interest expenses. The higher
interest expenses were primarily due to an increase in net interest-bearing
debt but also to increasing interest rates. 

The profit before tax of the Royal Unibrew Group for the period 1 July - 30
September 2008 amounted to DKK 38 million compared to DKK 106 million in 2007. 

Consolidated profit (after tax) amounted to DKK 27 million, which is DKK 53
million below the DKK 80 million realised in 2007. 

DEVELOPMENTS IN INDIVIDUAL MARKET SEGMENTS IN Q3

The developments in the Group's activities for the period 1 July - 30 September
2008 break down as follows on market segments: 

Developments 2007-2008
Q3	Western Europe	Eastern Europe	Malt and Over-seas Markets	Royal Unibrew
total
(incl. unallocated)
	Growth 	Total	Growth 	Total	Growth 	Total	Growth 	Total
Sales (thousand hectolitres)	(0.8)%	1,022	6.0%	867	(2.1)%	167	1.8%	2,055
Net revenue (mDKK)	2.8%	697.1	17.4%	320.7	(7.1)%	136.9	5.1%	1,154.7
Operating profit
(before special items) (mDKK)	
(26.0)%	
72.4	
(73.9)%	
3.7	
(11.4)%	
14.8	
(29.9)%	
82.0
Profit margin (%)		10.4		1.2		10.8		7.1
Earnings before interest and tax (EBIT) (mDKK)	
(47.6)%	
51.3	
(74.6)%	
3.6	
(21.6)%	
13.1	
(49.4)%	
59.1
EBIT margin (%)		7.4		1.1		9.6		5.1
								

Western Europe
Royal Unibrew's sales in the stagnant Western European markets in Q3 were
affected by the general economic situation resulting in uncertainty among
customers and consumers. Consequently, the Group's operating profit declined by
approx. DKK 25 million to DKK 72 million. Net revenue went up by 2.8% but
shifted towards markets and products with lower earnings, and the generally
declining market for beer and soft drinks led to increased pressure on prices.
Selling and marketing expenses went up by some DKK 25 million in 2008 with a
view to enhancing knowledge and sales of the strategic brands. In Italy and
Denmark, the Group won market shares. 

EBIT for Q3 was negatively affected by ”special expenses” of DKK 21 million
relating to the Danish distribution reorganisation and changes in the Executive
Board. 

Eastern Europe
Sales and revenue in Eastern Europe increased by 6% and 17%, respectively.
Organic growth rates were 5% and 11%, respectively, comprising increases in
Poland and Lithuania and a decline in Latvia as regards reve-nue due to caution
on the part of consumers. 

EBIT for Q3 of 2008 amounted to DKK 3.6 million compared to DKK 14.2 million in
2007 and is estimated to have been negatively affected by approx. DKK 5 million
in respect of the acquired brewery in Latvia. Accord-ingly, the negative
organic EBIT development is estimated at approx. DKK 6 million primarily
affected by increased selling and marketing expenses in Poland and Latvia. 

Malt and Overseas Markets
Sales and revenue developments in Q3 were negatively affected partly by the
economic decline resulting in declining consumption in the Caribbean and partly
by the declining USD and GBP rates.  EBIT in the segment has been reduced by
approx. DKK 4 million compared to 2007 of which DKK 3 million is attributable
to the declining currency rates. 



 
RESULTS FOR Q1 - Q3 (1 JANUARY - 30 SEPTEMBER 2008)

As previously mentioned, a number of the areas (the Baltic countries, Poland,
Denmark, Italy and the Carib-bean) which are key markets to the Royal Unibrew
Group saw accelerating economic decline in 2008 trigger-ing a reduction in
consumption. Consequently, in several markets beer and soft drinks consumption
was sig-nificantly lower in 2008 than in 2007, and there has been a generally
increased pressure on prices and a shift towards less expensive products. This
general trend in the consumption of beer and soft drinks products has primarily
affected Royal Unibrew's results in Q3 2008 which were significantly below
expectations. As the most significant part, by far, of the earnings of a
brewery company for the year to 30 September is attributable to the peak season
in Q3, the profit realised at the end of September was also below expectations
in spite of the profit realised by Royal Unibrew for H1 being at the expected
level. 

Profit before tax amounted to DKK 22 million for the year to 30 September,
which is DKK 121 million below the 2007 figure, including DKK 57 attributable
to “special expenses” primarily related to the decisions to streamline the
supply process in Denmark, eg by moving brewery activities from Aarhus to Faxe
and Odense (cf Announcement RU11/2008 of 1 February 2008), to replace the 21
Danish stores by 7 larger distribution cen-tres (cf Announcement RU16/2008 of
29 February 2008) and to introduce changes to Group Management. Moreover, net
financials were DKK 37 million higher than in 2007 primarily due to
acquisitions and a high level of investments. 

Developments in sales and revenue in the period 1 January - 30 September from
2007 to 2008 were as follows: 

Developments 2007-2008
Q1-Q3	Western Europe	Eastern Europe	Malt and Over-seas Markets	Royal Unibrew
total 
	Growth 	Total	Growth 	Total	Growth 	Total	Growth 	Total
Sales (thousand hectolitres)	0.3%	2,879	18.0%	2,489	13.7%	443	8.2%	5,811
Net revenue (mDKK)	3.8%	1,970	29.0%	896	12.8%	368	10.6%	3,234

Group sales from January to September 2008 aggregated 5.8 million hectolitres
of beer, malt and soft drinks, which is an increase of slightly above 8% over
the same period of 2007. Approx. 6 percentage points of the increase were
attributable to the acquired Polish, Caribbean and Latvian activities.
Accordingly, organic volume growth accounted for approx. 2 percentage points
broken down on positive growth in Western and Eastern Europe, whereas negative
organic growth was realised in the Malt and Overseas Markets segment. 

On a total basis, the Group's net revenue went up by almost 11%. Net revenue
amounted to DKK 3,234 million and increases were realised in all segments and
in most markets. Slightly below 6 percentage points of the revenue increase
were attributable to the breweries Lomza in Poland and St. Vincent, Antigua and
Dominica in the Caribbean as well as Livu Alus in Latvia, whereas the organic
growth of some 5% of the Royal Unibrew Group was primarily related to Denmark,
Germany, Poland and Lithuania, whereas the net revenue realised in Italy was
below that of 2007. 

Gross profit amounting to DKK 1,385 million increased by 6% over 2007. Gross
margin for the year to 30 September was 42.8% compared to 44.9% in the same
period of last year. About half of the gross margin decline related to the
acquired breweries. In organic terms, gross margin declined by 0.6 percentage
point. Unlike in 2007, selling price increases were introduced in 2008 in all
key markets compensating partly for the still increasing raw materials prices. 

The Group's sales and distribution expenses were 11% higher in 2008 than in
2007. Of this increase, organic growth accounted for almost 8 percentage
points. A significant part of the increase - approx. DKK 60 million - was the
result of intensified marketing and sales activities regarding the Group's
strategic brands. 

Administrative expenses were reduced by slightly above 3% in the year to 30
September. In organic terms, administrative expenses were reduced by more than
9% due to, among other things, the staff reduction decided upon in 2007 (cf
Announcement RU43/2007 of 14 November 2007). 

Operating profit before special items amounted to DKK 145 million, which was
DKK 27 million below the figure at 30 September 2007. The development was
negatively affected by DKK 20 million by the acquisitions of the breweries
Lomza, St. Vincent, Antigua, Dominica and Livu Alus, which were not recognised
in the Group's financial statements for the full financial period in 2007. In
organic terms, an operating profit before special items of some DKK 165 million
was thus realised, which is DKK 7 million below the figure for the first nine
months of 2007. The integration of Livu Alus, the Latvian brewery, is
progressing as planned. The Polish company realised a positive organic
development as sales and revenue went up by 15% and 32%, respec-tively. In
spite of an EBIT increase of some DKK 12 million, performance is Poland is
still unsatisfactory. 

”Special expenses” of DKK 57 million comprised income of approx. DKK 11 million
relating to the sale of the property, plant and equipment of the closed brewery
in Maribo at 31 March 2008 at a price which exceeded the written-down value and
a reduction of the impairment losses on the brewery assets at the Aarhus
brewery, as well as expenses of approx. DKK 68 for provisions for costs of
closure and redundancy schemes relating to the Aarhus brewery (cf Announcement
RU11/2008 of 1 February 2008) and provisions for obligations in relation to the
closure of the 21 Danish stores which will during 2008 and 2009 be replaced by
7 distribution centres as an element in streamlining of the Danish supply
process. Moreover, provisions have been made for redundancy payment at 30
September 2008 in consequence of the decision to introduce changes to Group
Management. 

Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted
to DKK 227 million compared to DKK 309 million in 2007. 

Profit before financial income and expenses (earnings before interest and tax
(EBIT)) amounted to DKK 89 million compared to DKK 173 million in 2007. 

Income from investments in associates declined by DKK 7 million from 2007
amounting to DKK 14 million compared to DKK 21 million in 2007. The change is
comprised by opposing factors.  Hansa Borg Bryggerierne performed better and
Perla Browary and Solomon Breweries worse than in 2007. Moreover, the figure
for  2008 does not include the investments in Banjul Brewery, which has been
sold, and St. Vincent, which has been consolidated as a subsidiary as of 1 July
2007. 

The Group's net financial expenses went up by approx. DKK 31 million to DKK 81
million in 2008. The main part of the increase was due to interest expenses
partly as a result of the increase in net interest-bearing debt spent on
acquisitions in 2007 and on considerable investments in production capacity
since 1 July 2007, and partly as a result of increasing interest rates. 

The profit before tax of the Royal Unibrew Group for the period 1 January - 30
September 2008 amounted to DKK 22 million compared to DKK 143 million in 2007. 

Consolidated profit (after tax) amounted to DKK 15 million, which is a decrease
of DKK 116 million from the profit of DKK 121 million realised in 2007. The tax
expense for 2007 was positively affected by DKK 14 million by an adjustment of
the deferred tax liability due to a reduction of the Danish corporation tax
rate from 28% to 25%. 



 
DEVELOPMENTS IN INDIVIDUAL MARKET SEGMENTS IN Q1 - Q3 2008

The developments in the Group's activities for the period 1 January - 30
September 2008 break down as follows on market segments: 

Q1 - Q3 2008	Western Europe	Eastern Europe	Malt and Overseas Markets
	Unallocated	Group 
Share of net revenue (%)	61	28	11		100
Sales (thousand hectolitres)	2,879	2,489	443	-	5,811
Net revenue (mDKK)	1,970.3	895.7	368.4	-	3,234.4
Operating profit
(before special items) (mDKK)	
157.0	
(11.0)	
36.2	
(36.9)	
145.3
Profit margin (%)	8.0	(1.2)	9.8		                4.5          
Earnings before interest and tax EBIT (mDKK)	
102.0	
(11.1)	
34.5	
(36.9)	
88.5
EBIT margin (%)	5.2	(1.2)	9.4		2.7

Western Europe

Western Europe
Q1-Q3	2008	2007	 % change
Sales (thousand hectolitres)	2,879	2,869	0
Net revenue (mDKK)	1,970.3	1,898.6	4
Operating profit
(before special items) (mDKK)	
157.0	
168.2	
(7)
Profit margin (%)	8.0	8.9	(10)
EBIT (mDKK)	102.0	168.2	(39)
EBIT margin (%)	5.2	8.9	(42)

Royal Unibrew's activities in the Western European markets developed marginally
positively in H1 2008, whereas the development in Q3 was negative compared to
2007 affected by the general economic conditions. Sales and revenue for the 9
months were at the 2007 level and increased by 4%, respectively. Operating
profit declined by DKK 11 million to DKK 157 million. The figure was positively
affected by the introduction of price increases in key markets. Moreover, the
expected savings relating to the adjustment of staff resources decided upon in
the autumn of 2007 were realised. Furthermore, production efficiency at the
Danish breweries normalised and affected results positively. On the other hand,
results were negatively affected by significantly increased marketing
activities as well as selling expenses incurred to strengthen the distribution
of Royal Unibrew products in the Danish market; finally, the reduced sales in
Italy affected the results realised in Western Europe considerably. 

EBIT for the period from January to September 2008 was negatively affected by
”special expenses”  of approx. DKK 64 million for obligations relating to the
closure of the Aarhus brewery, the Danish distribution reorganisation, and
changes in the Executive Board as well as by reductions in the impairment
losses recognised in 2007 on the assets of the breweries in Maribo and Aarhus
of approx. DKK 9 million. 
 


Western Europe	Actual Q1 - Q3 2008	Growth over 2007
	Net revenue
(mDKK)	Sales
(thousand 
hectolitres)	Net revenue (%)	Sales (%)
Denmark	988	1,329	4	4
Italy	525	379	(6)	(11)
Germany	362	937	21	4
Nordic countries	38	100	(5)	(20)
Other markets 	57	134	2	2
Total Western Europe	1,970	2,879	4	0

In Denmark market shares were won in both the beer segment and the soft drinks
segment as, in spite of normal weather conditions, total market sales are
estimated to have declined by approx. 3% (beer) and approx. 8% (soft drinks)
from 2007. In the beer segment, Royal Beer increased its market share. In spite
of a declining total market, Royal Unibrew's soft drinks sales increased, and
Faxe Kondi achieved its highest market share ever. The launch of soft drinks in
PET containers contributed further positively to the development in soft drinks
sales. 

In large parts of Q2, Italy saw colder and wetter weather than usual for this
period. Moreover, the general economic conditions resulted in a reduction of
sales in the Italian HoReCa sector compared to last year.  The decline in Royal
Unibrew's sales of its key brand Strong Ale was smaller than the general market
decline. In fact, Strong Ale won market shares both in the retail and not least
the HoReCa segment. Sales of Ceres Top declined more than the market generally;
furthermore, Royal Unibrew's sales were negatively affected by a decision to
terminate the sale of a low-price product in 2008. Net revenue declined
proportionally less than sales, partly due to the price increases introduced
and partly due to a more favourable product mix. 

In the German market including cross-border trade between Denmark and Germany,
a very satisfactory sales growth of 4% was realised in the year to 30
September. Net revenue increased by 21% realised due to price increases
introduced and an improved product mix. 

Eastern Europe

Eastern Europe
Q1 - Q3	2008	2007	 % change
Sales (million hectolitres)	2,489	2,110	18
Net revenue (mDKK)	895.7	694.3	29
Operating profit
(before special items) (mDKK)	
(11.0)	
8.6	
(228)
Profit margin (%)	(1.2)	1.2	(200)
EBIT (mDKK)	(11.1)	8.6	(229)
EBIT margin (%)	(1.2)	1.2	(200)

Sales and revenue in Eastern Europe increased by 18% and 29%, respectively. 
Organic growth rates were 6% and 15%, respectively, comprising growth in Poland
and Lithuania and a reduction in Latvia. The remaining part of the growth is
attributable to Browar Lomza in Poland and Livu Alus in Latvia, which were not
in-cluded in the consolidated financial statements for all nine months of 2007. 

The estimated EBIT effect of the two acquired breweries is a negative DKK 19
million approximately. In or-ganic terms, EBIT in Eastern Europe was thus at
the 2007 level as the positive development in Poland offset the negative
developments in Lithuania and Latvia. 

Eastern Europe 	Actual Q1 - Q3 2008	Growth over 2007
	Net revenue
(mDKK)	Sales
(thousand hec-tolitres)	Net revenue (%)	Sales (%)
Lithuania	304	704	25	16
Latvia	290	947	13	6
Poland	292	817	60	40
Other markets	10	21	(9)	(13)
Total Eastern Europe	896	2,489	29	18

In Lithuania Kalnapilio-Tauro Grupe realised considerable growth in the year to
30 September in both sales and revenue. The sales growth was 16% and related to
both the Company's own beer products and to soft drinks products from the
Latvian group enterprise, Cido. Both of Kalnapilio-Tauro's beer brands recorded
a market share increase, and the Company's total market share at the end of
September 2008 represented just below 24%. The Cido product market share
increased significantly in the fruit juice and nectar category of soft drinks.
In Lithuania price increases were also introduced to compensate partly for the
increasing raw materi-als prices. Moreover, the net revenue growth is due to a
continued shift in product mix from low-price prod-ucts to brand products. 

In Latvia sales went up by 6%. The increase comprises a considerable increase
in beer sales primarily driven by the acquired Livu Alus brewery, whereas
Kalnapilio-Tauro Grupe's acquisition of sales and distribution in Lithuania
resulted in a reduction of Cido's soft drinks products sales to external
distributors. In organic terms, positive growth has not been realised in beer
and soft drinks sales in Latvia where consumption is declining in consequence
of the negative development in the country's economy. However, the Group's
branded prod-ucts won market shares in both the beer segment and the soft
drinks segment where Cido continues to be the market leader with its fruit
juice and nectar products and, following a successful relaunch of ice tea
products, also became the market leader on this product category. Revenue
increased by 13%, partly as a result of price increases introduced to
compensate for increasing raw materials prices and partly due to a shift in
product mix towards beer due to the acquisition of Livu Alus. 

In Poland sales and revenue went up by 40% and 60%, respectively. 24 percentage
points and 28 percentage points, respectively, of the growth related to Lomza
products sales and revenue in the period January-April, when Lomza was not
included in the Group in 2007. Consequently, organic growth of 16% in sales and
32% in net revenue was realised in Poland compared to the first nine months of
2007, and gross margin and EBIT improved, albeit not as much as expected. 

Other markets include Russia where the Group's international Faxe beer brand is
sold. With a view to strengthening the position of the Faxe brand in Russia,
Royal Unibrew entered into a licence agreement with JSC Moscow Brewing Company
for production, sale and distribution of Faxe in Russia. The licence
agree-ment, which takes effect in 2009 and is multi-annual, is expected to
increase profits in Russia considerably in the long term. 

 
Malt and Overseas Markets 

Malt and Overseas Markets
Q1 - Q3	2008	2007	 % change
Sales (thousand hectolitres)	443	390	14
Net revenue (mDKK)	368.4	331.8	11
Operating profit
(before special items) (mDKK)	
36.2	
35.6	
2
Profit margin (%)	9.8	10.7	(8)
EBIT (mDKK)	34.5	35.6	(3)
EBIT margin (%)	9.4	10.7	(12)

The acquisition of the three Caribbean breweries Antigua and Dominica as well
as St. Vincent, which were not included in the consolidated financial
statements until in June and July 2007, respectively, contributes materi-ally
to the positive sales and revenue developments. The organic development in
sales and revenue in the segment was negative. It is estimated that the
declining USD and GBP rates have affected revenue develop-ment negatively by
some DKK 20 million and EBIT by some DKK 13 million. The three Caribbean
breweries did not contribute positively to the EBIT realised for the year to 30
September. As in the Caribbean in general, the three islands saw significant
economic decline resulting in lower consumption. 

Malt and Overseas Markets	Actual Q1 - Q3 2008	Growth over 2007
	Net revenue
(mDKK)	Sales
(thousand hec-tolitres)	Net revenue (%)	Sales (%)
The Caribbean	206	209	18	33
The UK	60	60	7	9
Africa	51	101	10	10
USA/Canada	30	42	1	7
Other European markets	13	15	77	69
The Middle East	8	16	(32)	(48)
Total Malt and Overseas Markets	368	443	11	14

In the Caribbean sales and revenue increases of 33% and 18%, respectively, were
realised in the year to 30 September. The distribution activity in Guadeloupe
and Martinique and exports to the Caribbean declined compared to the same
period of 2007 resulting in a sales and revenue decline of 18% and 13%,
respectively. In the year to 30 September, sales and revenue related to the
newly acquired breweries in St. Vincent, Antigua and Dominica amounted to
125,000 hectolitres and DKK 94 million, respectively. Net revenue was
negatively affected by the correlation between the Caribbean currencies and USD
and the general economic situation in the islands. 

In the UK sales went up by 9% and the market leading position in the malt
drinks segment has been main-tained. Net revenue was positively affected by
price increases introduced, and the weakened GBP was partly countered by
currency hedging. 

The strong sales growth realised in Africa in 2006 and 2007 and in H1 2008 did
not continue in Q3 2008; sales and revenue growth did, however, reach 10%. 

The USA and Canada saw continued growth also in 2008 with a sales increase of
7%. Due to the significant USD rate decline, the revenue increase was only 1%. 
 

SHARE OPTIONS

The market value of the unexercised options is estimated at DKK 9.2 million
(under the Black-Scholes for-mula). The unexercised options are specified in
note 4. 

The share option programmes relating to the 2008 financial year are as follows:

1)	The ordinary share option programme applying to the Executive Board and
approx. 20 executives un-der which half of the options are granted without any
performance conditions, whereas the other half will be granted depending on the
realisation of specific budget targets. Under this programme, the par-ticipants
(the Executive Board and other executives) may in respect of 2008 be granted
ordinary options corresponding to a maximum number of shares of approx. 42,000
based on a share price of 350. The fi-nal price will be determined as the
average market price of the Company's shares over the 10 trading days following
the publication of the Annual Report for 2008. The options will be exercisable
as of 2012. Based on the profit outlook for 2008 most recently announced, only
half of the options will be granted at the Annual General Meeting in 2009. 

2)	A share option programme related to the Strategic Plan for the period
2008-2010 under which the same group of persons (the Executive Board and other
executives) have been granted additional options for 2008 corresponding to half
of an annual salary. These options will be exercisable as of 2011, provided
that certain of the targets established in the ”Double up” Strategic Plan are
achieved by 2010. This pro-gramme has, based on the determined share price of
510, resulted in the granting of options corre-sponding to approx. 20,000
shares to the Executive Board and the other executives. 

BALANCE SHEET AND CASH FLOW STATEMENT

Royal Unibrew's balance sheet total amounted to DKK 4,222 million at 30
September 2008, which is an in-crease of approx. DKK 225 million over end of
September 2007. Approx. DKK 150 million of the increase is attributable to the
acquisition of the Livu Alus brewery financed by long-term borrowing. 

Equity of the Royal Unibrew Group amounted to DKK 1,059 million at the end of
September 2008 and was most materially affected by a net write-down relating to
repurchase of shares for treasury and dividend pay-ment of approx. DKK 100
million and by the comprehensive positive income of DKK 38 million for the
pe-riod. In addition to the profit of DKK 15 million for the period, the
comprehensive income comprises net gains from interest rate hedging and
exchange adjustments of DKK 23 million recognised directly in equity. The
equity ratio equalled 25.1% compared to 29.6% at the end of 2007. 

The brewery property in Aarhus has been recognised in the financial statements
at a value of DKK 160 million based on historical cost less accumulated
depreciation. The market value of the property is estimated to be considerably
higher. 

Free cash flow before investments in acquisitions amounted to a negative DKK
192 million for the year to 30 September equal to a negative 5.9% of net
revenue compared to a negative 2.0% in 2007, which was DKK 134 million lower
than the same period of 2007. DKK 100 million of this amount is attributable to
a working capi-tal reduction primarily related to increased cash flows from
receivables. The cash operating result including net interest payments and
payment of corporation tax for the period was DKK 99 million lower and net
in-vestments in property, plant and equipment were DKK 135 million higher than
in 2007. In 2008 considerable strategic investments were made in production
facilities, including in a PET bottling unit in Denmark derived from the
decision to insource the production of Egekilde in PET containers and partly to
covert soft drinks containers from returnable containers to recyclable
disposable containers. Furthermore, at 30 September, approx. DKK 60 million has
been invested in the transfer of production from the Aarhus brewery to Faxe and
Odense. 

TREASURY SHARES

At 30 September 2008, the Company held a total number of 106,674 treasury
shares, cf note 7. The portfolio of treasury shares was reduced in Q3 by
300,000 shares which were, according to a resolution passed at the An-nual
General Meeting on 28 April 2008, cancelled in connection with the reduction of
the share capital by DKK 3 million when the period of statutory notice expired
in August 2008. The remaining portfolio of treas-ury shares is expected to be
used to cover the Company's existing share option programmes. 

FUTURE CAPITAL STRUCTURE

Royal Unibrew wishes to continue its focus on optimising the Company's weighted
average cost of capital (WACC) and increasing shareholder value. Therefore, the
Group has maintained the target of adjusting and maintaining the Company's
interest-bearing debt at a level corresponding to 3 times EBITDA unchanged by
the end of the strategy period in 2010 as this target is considered to imply a
capital structure and WACC op-timal for the Shareholders and for the Group. 

89% of the Group's net interest-bearing debt represents committed credit
facilities with an average period of interminability of 11 years. Most of the
credit facilities (68%) are fixed-rate for more than 18 months. 

In accordance with the above-mentioned capital structure targets, reduction of
interest-bearing debt is a focus area to the Group, and both capital
expenditures and working capital investments will be reduced over the coming
years. 


PROSPECTS/EXPECTATIONS FOR 2008 RESULTS 

The results of Royal Unibrew for Q3 were disappointing both compared to results
achieved for the same pe-riod of 2007 and compared to the expectations for 2008
announced by the Group (cf Announcement No 32/2008 of 5 October 2008). Due to
the current global economic development and increasing uncertainty and caution
on the part of customers and consumers, also Q4 of 2008 is expected to yield a
profit before tax that is significantly below that of Q4 2007. 

In spite of Royal Unibrew winning market shares in the Group's key markets,
developments in both beer and soft drinks consumption in these markets will
result in the Group's sales in Q4 2008 being below the Q4 2007 level. In
particular, sales in Eastern Europe are expected to continue to be affected by
a significant shift in con-sumer confidence. At the same time, the
market-driven changes to product and market mix as well as the shift of
consumption from the HoReCa segment to the retail sector in several markets in
combination with a reduc-tion of capacity utilisation at the Group's breweries
will imply a significantly lower operating profit before special items than in
Q4 2007. 

Profit before tax for the full year is now expected to amount to DKK 60-80
million before tax and special ex-penses (compared to the previous expectation
of DKK 180-200 million cf Announcement No 32/2008 of 5 Oc-tober 2008), whereas
special expenses are still expected to amount to some DKK 70 million. 

Royal Unibrew has hedged the most significant raw materials purchases for the
remaining part of 2008 and for most of 2009. 

 
STATEMENTS ABOUT THE FUTURE

The statements about the future made in the Interim Report for the period 1
January - 30 September 2008 re-flect Management's expectations in respect of
future events and financial results, as well as of economic trends in key
markets and developments in international money, foreign exchange and interest
rate markets. Statements about the future will inherently involve uncertainty
and may be affected by - in addition to global economic conditions -
market-driven price reductions, market acceptance of new products, packaging
and container types, unforeseen termination of working relationships and
changes to regulatory aspects (taxes, environment, packaging), etc. The actual
results may therefore deviate from the expectations stated. 

Royal Unibrew is a party to a limited number of legal actions. These legal
actions are not expected to have any material impact on the financial position
of Royal Unibrew. 



 
FINANCIAL CALENDAR FOR 2009

Annual General Meeting and shareholders' meetings:
29 April 2009:	Annual General Meeting in Odense
30 April 2009:	Shareholders' meeting in Faxe
04 May 2009:	Shareholders' meeting in Randers
Announcements of financial results:
25 February 2009: 	Annual Report 2008 
29 April 2009:	Q1 Report 2009
25 August 2009:	H1 Report 2009
18 November 2009:	Q3 Report 2009

COMPANY ANNOUNCEMENTS IN THE PERIOD
03 January 2008	01/2008	Share Buy-back at Royal Unibrew A/S
04 January 2008	02/2008	Royal Unibrew's acquisition of all activities of Livu
Alus - Latvia's number 3 brewery in terms of size - now realised 
07 January 2008	03/2008	Royal Unibrew's brewery in Aarhus
08 January 2008	04/2008	New Strategic Plan of Royal Unibrew A/S
11 January 2008	05/2008	Share Buy-back at Royal Unibrew A/S
17 January 2008	06/2008	Royal Unibrew sets new goals with double up
21 January 2008	07/2008	Section 29 announcement from Lonmodtagernes Dyrtidsfond
22 January 2008	08/2008	Share Buy-back at Royal Unibrew A/S
24 January 2008	09/2008	Kempen Capital Management NV owns 5% of the share
capital in Royal Unibrew A/S 
31 January 2008	10/2008	Share Buy-back at Royal Unibrew A/S
01 February 2008	11/2008	Royal Unibrew's brewery in Aarhus
11 February 2008	12/2008	Share Buy-back at Royal Unibrew A/S
20 February 2008	13/2008	Share Buy-back at Royal Unibrew A/S
25 February 2008	14/2008	Share Buy-back at Royal Unibrew A/S
26 February 2008	15/2008	Change in the Financial Calendar - Announcement of
Annual Results 2007 of Royal Unibrew A/S 
29 February 2008	16/2008	Annual Results 2007
26 March 2008	17/2008	Executive Director Northern Europe moves on to new
challenges 
28 March 2008	18/2008	Reporting according to the Danish Securities Act section
28a 
03 April 2008	19/2008	Notice of the Annual General Meeting of Royal Unibrew A/S
09 April 2008	20/2008	Guidelines for incentive pay programme
28 April 2008	21/2008	Q1 Report 2008
28 April 2008	22/2008	Annual General Meeting of Royal Unibrew A/S
06 May 2008	23/2008	Reporting according to the Danish Securities Act section 28a
07 May 2008	24/2008	Reporting according to the Danish Securities Act section 28a
07 May 2008	25/2008	Reporting according to the Danish Securities Act section 28a
08 May 2008	26/2008	Reporting according to the Danish Securities Act section 28a
19 June 2008	27/2008	Executive Director Technics & Supply Povl Friis moves on
to new chal-lenges 
01 August 2008	28/2008	New director in Royal Unibrew A/S
25 August 2008	29/2008	Interim Report for Q2 and H1 2008
26 August 2008	30/2008	Reduction of Capital and cancellation of treasury
shares, amendment of Articles of Association 
29 September 2008	31/2008	Poul Møller resigns and Henrik Brandt will be new
managing director (CEO) in Royal Unibrew A/S 
At the same time the outlook for 2008 is reduced
05 October 2008	32/2008	Expectations for Royal Unibrew's results for 2008 -
elaboration on Com-pany Announcement No 31/2008 of 29 September 2008 
 
MANAGEMENT'S STATEMENT ON THE REPORT

The Executive and Supervisory Boards have today considered and adopted the
Interim Report for 1 January - 30 September 2008 of Royal Unibrew A/S. 

The Interim Report, which has not been audited or reviewed by the Company's
auditors, was prepared in accordance with IAS 34 “Interim Financial Reporting”
as adopted by the EU and additional Danish disclosure requirements for interim
financial reporting of listed companies. 

We consider the accounting policies applied appropriate. Accordingly, the
Interim Report gives a true and fair view of the financial position at 30
September 2008 of the Group as well as of the results of the Group op-erations
and cash flows for the period 1 January - 30 September 2008. 

Furthermore, in our opinion, Management's Review provides a true and fair
account of the development in the Group's activities and financial affairs,
profit/loss for the period as well as of the financial position of the Group as
a whole, and a description of the key risks and uncertainties facing the Group. 

Faxe, 19 November 2008


Executive Board



Henrik Brandt
CEO



Ulrik Sørensen	Hans Savonije
CFO		Executive Director Northern Europe


Supervisory Board



Steen Weirsøe		Tommy Pedersen
Chairman		Deputy chairman


Henrik Brandt                     	Ulrik Bülow                     	Erik
Christensen                	Jesper Frid 



Erik Højsholt                        	Kirsten Liisberg             	Hemming Van

 

  INCOME STATEMENT (DKK ‘000)
			1/1 - 30/9 2008		1/1 - 30/9 2007		1/7 - 30/9 2008		1/7 - 30/9 2007		1/1 -
31/12 2007 
			 		 		 		 		 
		Note									
Revenue			3,811,542		3,450,556		1,357,981		1,297,215		4,574,173
Beer and mineral water
excises			(577,133)		(525,846)		(203,261)		(198,460)		(692,411) 
Net revenue			3,234,409		2,924,710		1,154,720		1,098,755		3,881,762
											
Production costs			(1,849,016)		(1,611,799)		(650,799)		(604,417)		(2,129,173)
Gross profit			1,385,393		1,312,911		503,921		494,338		1,752,589
							0		0		
Sales and distribution
expenses			(1,071,424)		(965,563)		(371,931)		(319,079)		(1,268,783) 
Administrative expenses			(171,115)		(177,249)		(51,081)		(59,410)		(249,042)
Other operating income			2,454		2,623		1,062		1,085		9,289
Operating profit before special
items			145,308		172,722		81,971		116,934		244,053 
											
Special income			0		0		0		0		128,068
Special expenses			(56,759)		0		(22,820)		0		(107,823)
Profit before financial income and 
expenses	88.549		172,722		59,151		116,934		264,298
											
Income after tax from investments in											
associates			14,159		20,924		7,031		7,687		27,998
Financial income			2,986		12,525		130		1,311		26,704
Financial expenses			(83,853)		(62,771)		(28,138)		(20,049)		(98,836)
											
Profit before tax			21,841		143,400		38,174		105,883		220,164
											
Tax on the profit for the period		5	-7,000		-22,200		-11,500		-25,900		-64,930
											
Profit for the period			14,841		121,200		26,674		79,983		155,234
											
distributed as follows:											
Parent Company shareholders' share of profit for the
period			14,121		118,756		25,952		78,460		151,747 
Minority shareholders' share of profit for the
period			720		2,444		722		1,523		3,487 
Profit for the period			14,841		121,200		26,674		79,983		155,234
											
Parent Company shareholders' share of earnings per share
(DKK)		6	2.6		20.6		4.7		13.6		26.4 
Parent Company shareholders' share of diluted earnings per share
(DKK)		6	2.6		20.3		4.7		13.4		26.2 

 

  ASSETS (DKK '000)

				30/9 2008		30/9 2007		31/12 2007
				 		 		 
		Note						
NON-CURRENT ASSETS								
Goodwill				510,116		421,809		487,861
Trademarks				291,275		316,036		278,351
Distribution rights				7,521		8,858		8,524
Intangible assets 				808,912		746,703		774,736
								
Land and buildings				829,680		761,973		770,679
Plant and machinery				513,592		520,684		488,715
Other fixtures and fittings, tools and equipment		221,996		253,598		240,091
Property, plant and equipment in progress				288,047		110,323		57,536
Property, plant and equipment				1,853,315		1,646,578		1,557,021
								
Investments in associates				234,576		214,067		225,691
Receivables from associates			24,400		26,318		25,481
Other investments				2,993		3,132		3,018
Other receivables				12,564		20,276		11,592
Financial assets				274,533		263,793		265,782
								
Non-current assets				2,936,760		2,657,074		2,597,539
								
CURRENT ASSETS								
Raw materials and consumables				160,066		162,543		169,316
Work in progress				36,835		27,860		25,816
Finished goods and purchased finished goods				276,442		209,560		156,461
Inventories				473,343		399,963		351,593
								
Trade receivables				611,913		597,398		577,847
Receivables from associates				1,479		2,590		1,012
Other receivables				42,124		58,878		64,035
Prepayments				86,769		31,053		31,435
Receivables				742,285		689,919		674,329
								
Cash at bank and in hand				69,977		191,847		157,832
								
Non-current assets held for sale				0		57,988		0
								
Current assets				1,285,605		1,339,717		1,183,754
								
Assets 				4,222,365		3,996,791		3,781,293

 

  LIABILITIES AND EQUITY (DKK '000)

				30/9 2008		30/9 2007		31/12 2007
				 		 		 
		Note						
EQUITY								
Share capital		7 		56,000		59,000		59,000
Translation reserve				6,200		-8,458		-7,694
Hedging reserve				23,681		2,156		10,057
Retained earnings				923,577		943,904		808,664
Proposed dividend						0		59,000
Profit for the period				14,121		118,756		151,747
Equity of Parent Company shareholders				1,023,579		1,115,358		1,080,774
								
Minority interests				35,340		41,293		38,689
								
Equity				1,058,919		1,156,651		1,119,463
								
								
Deferred tax				130,150		125,568		127,718
Mortgage debt				734,620		547,487		749,751
Credit institutions				1,056,823		844,351		790,260
Non-current liabilities 				1,921,593		1,517,406		1,667,729
				 		 		 
Mortgage debt				0		63,113		953
Credit institutions				329,177		466,306		228,433
Repurchase obligations, returnable packaging				77,621		89,265		97,533
Trade payables				515,042		421,432		350,407
Corporation tax				17,475		75,868		54,759
VAT, excise duties, etc				78,628		62,109		98,764
Other payables				223,910		144,641		163,252
Current liabilities				1,241,853		1,322,734		994,101
				 		 		 
Liabilities				3,163,446		2,840,140		2,661,830
				 		 		 
Liabilities and equity				4,222,365		3,996,791		3,781,293







 
STATEMENT OF CHANGES IN EQUITY FOR 1 JANUARY - 30 SEPTEMBER (DKK '000) 
		

	Share 
capital	Translation reserve	Hedging reserve	Retained earnings	Proposed dividend
for the year	Minority share	Total 
							
Equity at 1 January 2007	61,800	(9,194)	1,975	1,018,823	61,800	12,917	1,148,121
							
Value and exchange adjustment of foreign subsidiaries and
associates		736		(4,824)		(2,699)	(6,787) 
Tax on value and exchange adjustment							0
Value adjustment of hedging instruments, end of period			2,875				2,875
Reversal of value adjustment of hedging instruments, beginning of
period			(2,743)				(2,743) 
Tax on hedging instruments	 	 	49	 	 	 	49
Net gains recognised directly in equity	0	736	181	(4,824)	0	(2,699)	(6,606)
Profit for the period				118,756		2,444	121,200
Comprehensive income	0	736	181	113,932	0	(255)	114,594
Minority shares of acquired businesses						28,631	28,631
Dividends paid to shareholders					(57,722)		(57,722)
Dividend on treasury shares				4,078	(4,078)		0
Acquisition of shares for treasury				(85,395)			(85,395)
Sale of treasury shares				4,854			4,854
Reduction of capital	(2,800)			2,800			0
Share-based payment				3,568			3,568
Tax on equity movements, shareholders							
Total shareholders	(2,800)	0	0	(70,095)	(61,800)	28,631	(106,064)
Total equity movements 1/1 - 30/9
2007	(2,800)	736	181	43,837	(61,800)	28,376	8,530 
Equity at 30 September 2007	59,000	(8,458)	2,156	1,062,660	0	41,293	1,156,651

 
STATEMENT OF CHANGES IN EQUITY FOR 1 JANUARY - 30 SEPTEMBER (DKK '000) - Cont.
	Share 
capital	Translation reserve	Hedging reserve	Retained earnings	Proposed dividend
for the year	Minority share	Total 
Equity at 1 January 2008	59,000	(7,743)	10,057	960,460	59,000	38,689	1,119,463
							
Value and exchange adjustment of foreign subsidiaries and
associates		13,943		(4,590)		(1,776)	7,577 
Tax on value and exchange adjustment				1,800			1,800
Value adjustment of hedging instruments, end of period			31,406				31,406
Reversal of value adjustment of hedging instruments, beginning of
period			(13,443)				(13,443) 
Tax on hedging instruments	 	 	(4,339)	 	 	 	(4,339)
Net gains recognised directly in equity	0	13,943	13,624	(2,790)	0	(1,776)	23,001
Profit for the period				14,121		720	14,841
Comprehensive income	0	13,943	13,624	11,331	0	(1,056)	37,842
Minority shares of acquired businesses						(2,293)	(2,293)
Dividends paid 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
Reduction of capital	(3,000)			3,000			0
Share-based payment				1,950			1,950
Tax on equity movements, shareholders							0
Total shareholders	(3,000)	0	0	(34,093)	(59,000)	(2,293)	(98,386)
Total equity movements 1/1 - 30/9
2008	(3,000)	13,943	13,624	(22,762)	(59,000)	(3,349)	(60,544) 
Equity at 30 September 2008	56,000	6,200	23,681	937,698	0	35,340	1,058,919

The share capital at 30 September 2008 amounts to DKK 56,000,000 and is divided
into shares of DKK 10. 
At the Annual General Meeting in 2008 it was decided to reduce the share
capital by DKK 3,000,000 by cancellation of 300,000 shares of DKK 10 each. 
 

  CASH FLOW STATEMENT (DKK '000) 
		Note		1/1 - 30/9 2008		1/1 - 30/9 2007
						
Profit for the period				14,841	 	121,200
Adjustments for non-cash operating items		8 		252,123		187,303
				266,964		308,503
Change in working capital:						
 +/- change in receivables				(24,362)		(114,953)
 +/- change in inventories				(134,687)		(67,745)
 +/- change in payables				100,449		23,920
Cash flows from operating activities before finan-cial income and
expenses				208,364		149,725 
						
Financial income				3,694		2,780
Financial expenses 				(89,305)		(50,913)
Cash flows from ordinary activities				122,753		101,592
						
Corporation tax paid				(48,425)		(29,125)
Cash flows from operating activities				74,328		72,467
						
Dividends received from associates				14,984		16,213
Sale of property, plant and equipment				32,837		14,316
Purchase of property, plant and equipment				(314,195)		(161,112)
						
Free cash flow				(192,046)		(58,116)
						
Sale of associates				0		17,990
Acquisition of subsidiaries		8 		(126,546)		(393,477)
Acquisition of intangible and financial assets			(2,923)		0
Cash flows from investing activities				(395,843)		(506,070)
						
Proceeds from raising of non-current debt				180,363		275,141
Repayment of non-current debt				(574)		(156,136)
Change in current debt to credit institutions				153,698		277,074
Dividends paid				(54,901)		(57,722)
Acquisition of shares for treasury				(46,244)		(85,395)
Sale of treasury shares				1,551		4,854
Cash flows from financing activities				233,893		257,816
						
Change in cash and cash equivalents				(87,622)		(175,787)
Cash and cash equivalents at 1 January				157,832		368,320
Exchange adjustment				(233)		(686)
Cash and cash equivalents at 30 September				69,977		191,847

 

NOTES TO THE INTERIM REPORT  

Note 1 Significant Accounting Policies

The Interim Report is presented in accordance with IAS 34 “Interim Financial
Reporting” as adopted by the EU and additional Danish disclosure requirements
for interim financial reporting of listed companies. 

The accounting policies are unchanged from those applied in the Annual Report
for 2007, to which reference is made. 

The Annual Report for 2007 provides a total description of significant
accounting policies. 


Note 2  Accounting Estimates and Judgements

The preparation of interim financial reporting requires that Management make
accounting estimates and judgements which affect the application of accounting
policies and recognised assets, liabilities, income and expenses. Actual
results may deviate from these estimates. 

The key estimates made by Management in applying the Group's accounting
policies and the key uncertainties relating to the estimates are the same when
preparing the interim financial reporting as when preparing the Annual Report
at 31 December 2007. 


 

  Note 3  Segment reporting

The Group's activities break down as follows on geographic segments:									
(mDKK)																		
1/1 - 31/3 2008		1/1 - 31/3 2007
Western Europe		Eastern Europe		Malt & overseas
markets		Unallocated		Total		Western Europe		Eastern Europe		Malt & overseas
markets		Unallocated		Total 
512.1		228.8		97.4				838.3	Net revenue	479.3		149.9		75.4				704.6
(4.9)		(22.3)		3.8		(11.7)		(35.1)	Operating
profit/(loss)	(22.0)		(11.8)		2.8		(12.1)		(43.1) 
(32.6)								(32.6)	Special items									0.0
(37.5)		(22.3)		3.8		(11.7)		(67.7)	Earnings before interest and tax
(EBIT)	(22.0)		(11.8)		2.8		(12.1)		(43.1) 
(2.2)		(3.2)		0.9				(4.5)	Share of income from associates
	(4.7)		(0.6)		2.8				(2.5) 
(0.2)		(2.3)		0.2		(21.3)		(23.6)	Other financial income and
expenses	(1.6)		(2.0)		0.9		(10.8)		(13.5) 
(39.9)		(27.8)		4.9		(33.0)		(95.8)	Profit/(loss) before tax for the
period	(28.3)		(14.4)		6.5		(22.9)		(59.1) 
						27.5		27.5	Tax on the profit/(loss) for the period							16.5		16.5
								(68.3)	Profit/(loss) for the period									(42.6)
 		 		 		 		 										
(1.0%)		(9.7%)		3.9%				(4.2%)	Profit margin	(4.6%)		(7.9%)		3.7%				(6.1%)
									
																		
																		
 

  Note 3  Segment reporting - cont.
										
The Group's activities break down as follows on geographic segments:									
(mDKK)																		
1/4 - 30/6 2008		1/4 - 30/6 2007
Western Europe		Eastern Europe		Malt & overseas
markets		Unallocated		Total		Western Europe		Eastern Europe		Malt & overseas
markets		Unallocated		Total 
761.1		346.2		134.1				1,241.4	Net revenue	741.1		271.2		109.1				1,121.4
89.5		7.6		17.6		(16.3)		98.4	Operating
profit/(loss)	92.3		6.2		16.1		(15.7)		98.9 
(1.3)								(1.3)	Special items									0.0
88.2		7.6		17.6		(16.3)		97.1	Earnings before interest and tax
(EBIT)	92.3		6.2		16.1		(15.7)		98.9 
9.0		1.6		1.0				11.6	Share of income from associates 	9.5		3.1		3.1				15.7
(0.6)		(8.7)		(0.5)		(19.4)		(29.2)	Other financial income and
expenses	2.2		(2.6)		(3.4)		(14.2)		(18.0) 
96.6		0.5		18.1		(35.7)		79.5	Profit/(loss) before tax for the
period	104.0		6.7		15.8		(29.9)		96.6 
						(23.0)		(23.0)	Tax on the profit/(loss) for the
period							(12.8)		(12.8) 
								56.5	Profit/(loss) for the period									83.8
 		 		 		 		 										
11.8%		2.2%		13.1%				7.9%	Profit margin	12.5%		2.3%		14.8%				8.8%
																		
																		
																		


 

  Note 3  Segment reporting -  cont.

The Group's activities break down as follows on geographic segments:									
(mDKK)																		
1/7 - 30/9 2008		1/7 - 30/9 2007
Western Europe		Eastern Europe		Malt & overseas
markets		Unallocated		Total		Western Europe		Eastern Europe		Malt & overseas
markets		Unallocated		Total 
697.1		320.7		136.9		0.0		1,154.7	Net revenue	678.2		273.2		147.3		0.0		1,098.7
72.4		3.7		14.8		(8.9)		82.0	Operating
profit/(loss)	97.9		14.2		16.7		(11.9)		116.9 
(21.1)		(0.1)		(1.7)		0.0		(22.9)	Special items	0.0		0.0		0.0		0.0		0.0
51.3		3.6		13.1		(8.9)		59.1	Earnings before interest and tax
(EBIT)	97.9		14.2		16.7		(11.9)		116.9 
6.1		0.0		0.9		0.0		7.0	Share of income from associates 	4.0		2.1		1.5		0.0		7.6
(1.3)		(9.1)		0.0		(17.6)		(28.0)	Other financial income and
expenses	(0.2)		(2.6)		2.7		(18.5)		(18.6) 
56.1		(5.5)		14.0		(26.5)		38.1	Profit/(loss) before tax for the
period	101.7		13.7		20.9		(30.4)		105.9 
						(11.5)		(11.5)	Tax on the profit/(loss) for the
period							(25.9)		(25.9) 
								26.6	Profit/(loss) for the period									80.0
																		
10.4%		1.2%		10.8%				7,1%	Profit margin	14.4%		5.2%		11.3%				10.6%
 

  Note 3  Segment reporting - cont.

The Group's activities break down as follows on geographic segments:									
(mDKK)																		
1/1 - 30/9 2008		1/1 - 30/9 2007
Western Europe		Eastern Europe		Malt & overseas
markets		Unallocated		Total		Western Europe		Eastern Europe		Malt & overseas
markets		Unallocated		Total 
1.970.3		895.7		368.4		0.0		3,234.4	Net
revenue	1,898.6		694.3		331.8		0.0		2,924.7 
157.0		(11.0)		36.2		(36.9)		145.3	Operating
profit/(loss)	168.2		8.6		35.6		(39.7)		172.7 
(55.0)		(0.1)		1.7		0.0		(56.8)	Special items	0.0		0.0		0.0		0.0		0.0
102.0		(11.1)		34.5		(36.9)		88.5	Earnings before interest and tax
(EBIT)	168.2		8.6		35.6		(39.7)		172.7 
12.9		(1.6)		2.8		0.0		14.1	Share of income from associates
	8.8		4.6		7.4		0.0		20.8 
(2.1)		(20.1)		(0.3)		(58.3)		(80.8)	Other financial income and
expenses	0.4		(7.2)		0.2		(43.5)		(50.1) 
112.8		(32.8)		37.0		(95.2)		21.8	Profit/(loss) before tax for the
period	177.4		6.0		43.2		(83.2)		143.4 
						(7.0)		(7.0)	Tax on the profit/(loss) for the period							(22.2)		(22.2)
								14.8	Profit/(loss) for the period									121.2
																		
8.0%		(1.2%)		9.8%				4.5%	Profit margin	8.9%		1.2%		10.7%				5.9%




 

Note 4  Share-based Payment

For incentive purposes, the following share option schemes have been
established for the Executive Board and other members of the management team of
the Group. Each option carries a right to acquire 1 share of DKK 10. 

		Executive		Other man.						
		Board		team		Total		Exercise		Exercise
		number		number		number		price		period
Granted in 2001		0		500		500		219 		4/2004-3/2006
Granted in 2002		14,564		0		14,564		240-315		6/2005-5/2009
Granted re 2003		7,492		7,492		14,984		401 		4/2007-4/2009
Granted re 2004		5,230		4,524		9,754		478 		4/2008-4/2010
Granted re 2005		19,803		11,998		31,801		532 		4/2009-4/2011
Granted re 2006		19,803		11,998		31,801		532 		4/2010-4/2012
Unexercised at 31 December 2005		66,892		36,512		103,404				
Adj. of grant 2005, final price		(3,545)		(2,142)		(5,687)		648 		
Adj. of grant 2006, price 31/12-06		(5,567)		(3,372)		(8,939)		740 		
Exercised in 2006				(500)		(500)		219 		
Unexercised at 31 December 2006		57,780		30,498		88,278				
Changed classification		(5,303)		5,303		0				
Adj. of grant 2006, final price		(292)		250		(42)		695 		
Expected granting re 2007		9,900		3,350		13,250		769 		4/2011-4/2013
Exercised		(9,814)		(5,245)		(15,059)		240-401		
Unexercised at 30 September 2007		52,271		34,156		86,427				
Adj. of grant 2007, price 31/12-07		4,405		1,490		5,895		534 		
Adj. af grant 2007, final price		(6,194)		1,481		(4,713)		510 	*	
Expected granting re 2008, ordinary		7,857		13,571		21,428		350
	**	4/2012-4/2014 
Expected granting re Strategic Plan		6,223		14,237		20,460		510 	*	4/2011-4/2013
Exercised 1/7 2007 - 30/9 2008		(9,542)		(628)		(10,170)		290-401		
Cancelled 1/7 2007 - 30/9 2008		(12,868)		(6,132)		(19,000)		510-695		
Changed classification		(27,237)		27,237		0				
Unexercised at 30 September 2008		14,915		85,412		100,327				

distributed on:										
Granted re 2003		0		5,993		5,993		401 		
Granted re 2004		2,092		5,988		8,080		478 		
Granted re 2005		2,462		13,370		15,832		648 		
Granted re 2006		2,756		13,416		16,172		695 		
Granted re 2007		2,231		10,131		12,362		510 	*	4/2011-4/2013
Expected granting re 2008, ordinary		3,143		18,285		21,428		350
	**	4/2012-4/2014 
Expected granting re Strategic Plan		2,231		18,229		20,460		510 	*	4/2011-4/2013
		14,915		85,412		100,327				
										
Market value at 30 September 2007  (mDKK)	14.0		8.0		22.0				
Market value at 30 September 2008  (mDKK)	1.4		7.8		9.2				
										
Note 4  Share-based Payment (cont.)

Based on a share price of the Royal Unibrew share of 350 at 30 September 2008.
the market value of the		 
of the options has been calculated by means of the Black-Scholes model.				
The calculation is based on an assumption of 50% volatility (2007: 25%). a
risk-free interest rate of 5.0-5.3% 
(2007: 4.8-5.0%) and annual dividend per share of 2.0%. 								
* 	The exercise price of the share options re 2007 and re the Strategic Plan
for 2008-2010 granted at the An-	nual General Meeting in 2008 has been
determined as the average market price of the Company's shares 
	over the 10 trading days following the publication of the Annual Report for
2007 (4 March - 17 March 	2008). 
** 	The exercise price of the share options granted re 2008 will be determined
as the average market price of 
	the Company's shares over the 10 trading days following the publication of the
Annual Report for 2008. 
	The assumptions of the granting are stated in Management's Review.						


Note 5  Tax on the Profit for the Period

The tax expense for the period recognised in the income statement has been
calculated on the basis of the book profit before tax and an estimated
effective tax rate for the Group as a whole for 2008 of 32% (at 30 September
2007 15.5% and for the full year 2007 29.5%). 

In addition to the tax recognised in the income statement, a tax expense of DKK
2.539k has been recognised directly in equity related to the equity entries for
the period (at 30 September 2007 an income of DKK 49k and for the full year
2007 an expense of DKK 62k). 


Note 6  Basis of Calculation of Earnings and Cash Flow per Share 

	1/1 - 30/9 2008		1/1 - 30/9 2007
The Parent Company shareholders' share of profit for the year (DKK
‘000)	14,121		118,756 
The average number of treasury shares amounted to	364,703		325,572
The average number of shares in circulation amounted to	5,501,964		5,761,095
The average number of shares in circulation incl. share options "in-the-money"
amounted to	5,501,964		5,848,095 
			
Diluted earnings and cash flow per share have been calculated on the basis of
the Parent Company share-holders' share of profit for the year. 


 

  Note 7  Treasury shares 
					
Value of treasury shares held:					
	Parent Company		
	2008 		2007 		
					
Balance at 1 January	0		0		
Additions	46,244		85,395		
Disposals	(1,551)		(4,854)		
Transferred to equity. net	(44,693)		(80,541)		
Balance at 30 September	0		0		
					
Treasury shares held by Parent Company:					
					
	Number		Nom. 
value		% of capital
					
Portfolio at 1 January 2007	366,343		3,663		5.9
Additions	122,803		1,228		2.0
Disposals	(15,092)		(151)		(0.2)
Cancelled upon reduction of capital	(280,000)		(2,800)		(4.5)
Portfolio at 30 September 2007	194,054		1,941		3.3
					
					
Portfolio at 1 January 2008	316,847		3,168		5.4
Additions	93,374		934		1.6
Disposals	(3,547)		(35)		(0.1)
Cancelled upon reduction of capital	(300,000)		(3,000)		(5.1)
Portfolio at 30 September 2008	106,674		1,067		1.9
					
The Group holds no other treasury shares.					



 

Note 8  Cash Flow statement 

	1/1 - 30/9 2008		1/1 - 30/9 2007
			
Financial income	(2,986)		(12,525)
Financial expenses	83,853		62,771
Amortisation, depreciation and impairment of intan-gible assets and property,
plant and equipment	153,738		135,331 
Tax on the profit for the period	7,000		22,200
Income from investments in associates	(14,159)		(20,924)
Net profit from sale of property, plant and equipment	(5,043)		(2,800)
Share-based payments and remuneration	1,950		3,568
Other adjustments	27,770		(318)
Total	252,123		187,303
			
			
Acquisition of subsidiaries			
			
	1/1 - 30/9 2008		1/1 - 30/9 2007
			
Assets			
Non-current assets	125,577		334,525
Current assets	969		115,653
			
Liabilities			
Provisions			(29,150)
Non-current debt			(76,654)
Current debt			(59,471)
Minority interests			(26,875)
Goodwill on consolidation			160,516
Acquisition price	126,546		418,544
Including cash and cash equivalents of			(9,776)
Including previously acquired shares of			(15,291)
Acquisition price	126,546		393,477


 

Note 9  Acquisitions

In 2008. Royal Unibrew made the following acquisitions:						
As disclosed in Announcement RU2/2008, the Group strengthened its position in
the Baltic beer market through the acquisition of assets and activities of Livu
Alus, the number 3 brewery in Latvia in terms of size. 
								
		Fair value at date of acqui-sition	 	Carrying amount prior to 
acquisition				
								
Intangible assets		6,419		-				
Property, plant and equipment		119,158		-				
Inventories		969		-				
Cash acquisition price		126,546	 	-				
including acquisition costs (consulting fees) of		1,022						
								
The carrying amounts prior to the acquisition are not available.
The fair values are pre-defined values which will be finally determined within
12 months of the dates of ac-quisition. 
								
The following acquisitions were made in 2007.						
								
								
May 2007		Ownership						
Browar Lomza Sp. z o.o. situated in North East Poland		100.00%						
The main activities of Browar Lomza are to market, sell, distribute and produce
its own beer products under the Lomza brand primarily in the geographic region
around the city of Lomza. 
The Lomza shares have subsequently been contributed to Royal Unibrew Polska Sp.
z o. o. 
June/July 2007		Ownership						
The Caribbean:								
Antigua Brewery Ltd.		92.97%						
Antigua PET Plant Ltd.		75.00%						
Dominica Brewery & Beverages Ltd.		58.02%						
St. Vincent Breweries Ltd.		76.48%						
								
situated in the Caribbean Archipelago in Antigua. Dominica and St. Vincent,
respectively.		 
The main activities of the breweries are to market, sell and produce own and
licensed beer, malt and soft drinks products in the respective islands where
the breweries are situated. The breweries all own one beer and one soft drinks
brand. Distribution in Antigua and Dominica is handled by an external
distributor. Antigua PET Plant Ltd owns a bottling unit which is used only at
the brewery in Antigua. 

 
Note 9  Acquisitions -  cont. 

		Browar Lomza Sp. Z o. o.		The Caribbean
								
		Fair value at date of acquisi-tion		Carrying amount prior to
acquisition		Fair value at date of acqui-sition		Carrying amount prior to
acquisition 
								
Intangible assets		63,031		0		35,262		891
Property. plant and equipment		112,273		112,273		123,812		124,386
Financial assets						147		147
Inventories		17,951		13,204		42,655		43,921
Receivables		30,605		36,965		14,666		14,864
Cash at bank and in hand		543		543		9,233		9,233
Deferred tax		(19,229)		(6,729)		(9,921)		(5,421)
Credit institutions		(31,686)		(31,686)		(44,968)		(44,968)
Trade payables		(29,103)		(29,103)		(11,412)		(11,412)
Other payables		(12,560)		(12,560)		(6,396)		(6,332)
Net assets acquired		131,825	 	82,907		153,078	 	125,309
Minority share						(26,875)		
						126,203		
Goodwill		124,665				42,124		
Acquisition price		256,490				168,327		
including cash and bank of		(543)				(9,233)		
Cash acquisition price		255,947				159,094		
								
including acquisition costs (consulting fees) of		8,307				2,454		
								
The value of goodwill is related to expected synergies from the integration
with already existing activities in the operating markets of the acquired
businesses. Moreover, the value of goodwill is related to expected additional
sales of both Royal Unibrew Group products and products of the acquired
businesses. 

 

 FINANCIAL HIGHLIGHTS AND KEY RATIOS
	1 January - 30 September (unaudited)
					
	2008 	2007 	2006 	2005 	2004 
Sales (thousand hectolitres)	5,811	5,369	4,906	4,393	3,549
Financial Highlights (mDKK)					
Income Statement					
Net revenue	3,234.4	2,924.7	2,607.0	2,422.7	2,145.5
Operating profit before special items	145.3	172.7	248.6	199.6	216.2
Profit before financial income and expenses	88.5	172.7	223.2	199.6	216.2
Net financials	(66.7)	(29.3)	(16.1)	(12.7)	(28.7)
Profit/(loss) before tax	21.8	143.4	207.1	187.0	187.4
Consolidated profit/(loss)	14.8	121.2	155.0	150.5	134.4
Royal Unibrew A/S' share of profit	14.1	118.8	153.1	149.8	134.2
Balance Sheet					
Total assets	4,222.4	3,996.8	3,303.4	3,147.9	2,637.8
Equity	1,058.9	1,156.7	1,138.0	1,137.5	1,046.1
Net interest-bearing debt	2,026.2	1,703.1	1,056.2	1,049.4	800.7
Free cash flow	(192.0)	(58.1)	117.1	125.1	100.4
Per share					
Royal Unibrew A/S' share of earnings per share (DKK)	2.6	20.6	25.3	23.8	21.1
Royal Unibrew A/S' diluted share of earnings per share
(DKK)	2.6	20.3	25.3	23.8	21.1 
Cash flow per share (DKK)	13.5	12.6	41.8	33.4	37.6
Diluted cash flow per share (DKK)	13.5	12.4	41.8	33.4	37.6
Key figures (mDKK)					
EBITDA	227.0	308.8	382.2	343.2	357.8
EBIT 	88.5	172.7	223.2	199.6	216.2
Key ratios (%)					
Profit margin	4.5	5.9	9.5	8.2	10.1
EBIT margin	2.7	5.9	8.6	8.2	10.1
Free cash flow as a percentage of net revenue	(5.9)	(2.0)	4.5	5.2	4.7
Equity ratio	25.1	28.9	34.4	36.1	39.7
Debt ratio	191.3	147.2	92.8	92.3	76.5





 

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 
Free cash flow	Cash flow from operating activities less net invest-ments in
property, 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 circulation 
Diluted earnings and cash flow per share (DKK)	Royal Unibrew A/S' share of
earnings and cash flow, respectively, from operating activities/average num-ber
of shares in circulation including share options "in-the-money" 
EBITDA	Earnings before interest, tax, depreciation, amortisa-tion and
impairment losses as well as profit from sale of property, plant and equipment
and amortisa-tion of intangible assets 
EBIT 	Earnings before interest and tax 
Profit margin	Operating profit 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