Q1 Report 2010

The positive trend continues

In Q1 2010 Royal Unibrew continued the positive trend realising higher earnings
than in 2009. Operating profit (EBIT before special items) amounted to DKK 10
million compared to a loss of DKK 28 million for the same period of last year,
an increase of DKK 38 million, which is more favourable than expected. As
expected, developments in Q1 were positively affected by Easter sales, unlike
last year, being realised in Q1; moreover, distributors have been accumulating
inventories due to, among other things, the labour market situation in Denmark.
Free cash flow for the quarter was DKK 124 million above the 2009 figure, and
net interest-bearing debt was reduced by DKK 178 million - primarily as a
result of the sale of the Caribbean breweries. Earnings are now expected to be
at the upper end of the previously announced ranges due to the revenue and
effi-ciency developments in Q1. 

”Consumers continue to show restraint, and the markets are volatile and
characterised by keen competition. In light of this, we are satisfied to have
been able in Q1 to continue the positive trend with an increase in both results
and cash flow - and an additional reduction of our debts. The improved
financial performance is not least due to the significant measures taken in
2009 to optimise Royal Unibrew now really gathering momentum. In Q1 we launched
several new, interesting products; we will continue to do so throughout 2010,
and we will also continue optimising our business in general. With the final
divestment of the Caribbean breweries in February 2010, we took an important
step in the planned focusing of Royal Unibrew”, says Henrik Brandt, CEO. 

HIGHLIGHTS 
•	Branded products market shares are generally estimated to have been
maintained in the main markets. 
•	Net revenue increased by 2% to DKK 782 million. Adjusted for the sale of the
Caribbean breweries, organic growth was 5%. 
•	EBITDA (before special items) increased by DKK 46 million (265%) to DKK 63
million. 
•	Operating profit (EBIT before special items) increased by DKK 38 million from
2009 amounting to DKK 10 million. 
•	Loss before tax amounted to DKK 20 million compared to a loss of DKK 44
million in 2009. 
•	Free cash flows amounted to a negative DKK 6 million for Q1 2010 compared to
a negative DKK 130 million in 2009. 
•	Net interest-bearing debt was reduced in Q1 by DKK 178 million to DKK 1,238
million. 

OUTLOOK
In terms of revenue and earnings, developments in Q1 2010 were more favourable
than expected. Net revenue at the level of DKK 3.4-3.6 billion, EBITDA in the
range of DKK 475-525 million and a profit before tax of DKK 205-255 million are
still expected. However, the earnings are now expected to be at the upper end
of these ranges. At the end of 2010 the Group's net interest-bearing debt is
expected to amount to some DKK 1 billion. 


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

It will be possible for investors and analysts to follow Royal Unibrew's
presentation of the Interim Report on Wednesday, 28 April 2010, at 9 am by
webcast. Please register at the Royal Unibrew website www.royalunibrew.com.