Turkey – Türk Tuborg Bira ve Malt Sanayii A.S. - Carlsberg Group

NewsINFORMATION TO SHAREHOLDERS 7 NOVEMBER 2003Turkey – Türk Tuborg Bira ve Malt Sanayii A.S.– Investing in people and brandssystem; SAP is going to upgrade the informationsystem significantly. This is a regionalproject covering Turkey, Poland andBulgaria. At the same time, the implementationof a Shared Service Center establishedin Poland will enable efficient andcost effective central management of thejoint SAP application. The project isplanned to go live at the beginning ofNovember 2003.Newly launched Tuborg Pilsener has urban consumers as target group.Türk Tuborg Bira ve Malt Sanayii A.S. hasbeen brewing Tuborg Beer in Turkey since1969. In May 2001, Carlsberg BreweriesA/S increased its shareholding in TürkTuborg to 50.01% and today, CarlsbergBreweries holds 95.5% of Türk Tuborg.Türk Tuborg has one brewery in Izmir,which produces approx. 1.8 million hl beerannually and has over 900 employees. Itsdistribution network covers the entire countryand includes own depots and sales organizationas well as independent dealers.The brewery has undergone significantchanges during 2003. The focus on the financialsituation has increased; new initiativesand projects have been carried out.Product quality has been significantly improved,even though the number of brandscontinues to rise, a new IT system hasbeen introduced, marketing activities havebeen increased and strengthened, and anew performance appraisal system hasbeen introduced.With the implementation of the new ITGrowing marketThe Turkish beer market has been growingover the past 3 years to approx. 7.5 millionhl despite the serious economic crisis,which started in 2000 and the war in Iraqin 2003.The per capita consumption is around11 litres per year. However, the beer consumptionvaries throughout the countrybeing significantly higher in the Westernpart of Turkey than in the Eastern part.Türk Tuborg is one of two leadingbreweries in Turkey and has increased itsContinuesFacts on Türk Tuborg Bira ve Malt Sanayii A.S.Türk TuborgTurnover (2002)83.3m USD (658m DKK)Number of employees 900Beer production and sales 1.8m hlTotal Turkish market7.5m hlMarket share 23%

Continued from front pageTürk Tuborg’s brewery in Izmir has been modernized to meet cost and quality demands.market share significantly since 2002, drivenby substantial investments in sales,marketing and product quality improvements.Also in terms of exportation, TürkTuborg shows positive results. The volumeshave increased by approximately50% annually throughout the past threeyears.Cost and QualityIn order to achieve high performance interms of both cost and quality, the commissioningof a new bottling line from Kroneshas been completed and a major upgradeof the Waste Water Treatment Plantas well as the Water Treatment Plant hasjust been initiated.By implementing the above projectsand initiatives, and by focusing on its resourcesand on its core values, namely itsemployees and brands, Türk Tuborg isnow strengthening its position in a verycompetitive market.FUNDAMENTAL BELIEF AND VISIONEmployeesIn order to gain success in any market, it isextremely important that all employees areboth talented and motivated and share thesame focus.Türk Tuborg’s vision is to be ‘probablythe best Employer’ in the local market forthe top talents, and the brewery aims towell-position the current talents of thecompany in terms of compensation andbenefits.The new company compensation philosophywill be ‘pay for performance’. ‘Upgradingthe salaries and benefits’ processwill be linked to the performance appraisalsof the employees and the process willbe accelerated for the top performers.The current performance appraisal systemconstitutes a foundation for determiningthe development areas of the employees.Intensive training and developmentprogrammes are planned within thisframework for the upcoming years.Furthermore, a succession planningprogramme will be established for the toptalents thus enabling the company to growits own leaders.BrandsThe focus is on the beer brands, thelaunches of new products during the pastyear, and the composition of the productportfolio have strengthened the company’sposition and its image as an innovativemarketing driven company.Growth of profitability increase hasbeen driven primarily by the Tuborg Goldbrand, which is positioned as a mainstreambrand. The brand has recentlybeen rejuvenated through new packagingdesign and for the first time, theme advertisinghas been used both in cinemas andin printed material using the internationalcampaign.Tuborg Pilsener was launched in 2002to capture the young urban consumers’ interestand has also been supported bytheme advertising using the internationalcampaign.The Carlsberg brand, which waslaunched in 2001, is the portfolio’s internationalpremium brand. It enjoys the highestawareness in the premium market and isthe number 2 international premium brand.The brand is supported by theme advertisingin printed material and in cinemas andby international football sponsorships.In terms of trade activities, new initiativeshave been taken – one of them is thesuccessful ‘Grasshopper’ operation. Ateam of young dedicated people are movingfrom city to city from the South to theNorth in Turkey carrying out merchandisingand training in the traditional offpremiseoutlets, in order to increase thebranding and to show to the owners theimportance of branding.Türk Tuborg also has two local beerbrands in the portfolio: Venus and Troy.In 2003, Türk Tuborg launched the energydrink Battery, which has shown promisingresults.Türk Tuborg’s brands make up a verystrong product portfolio, which togetherwith the many initiatives described aboveregarding i.e. employees, IT system, productquality, and marketing will no doubt bestrengthening Türk Tuborg’s future positionin a very competitive market.

EURO 2004 can give Carlsberg “a breakthrough year”Next year is the year of football for Carlsberg, as the brand’s biggestsponsorship ever kicks off.UEFA EURO 2004The sponsorship of the European FootballChampionship – EURO 2004 – in Portugalcan give the boost needed to make nextyear “a breakthrough year” for theCarlsberg brand, Group Vice President ofMarketing Alex Myers told the attendeesat the annual Carlsberg Marketing Conference.“There is a huge potential forCarlsberg, even in countries with maturemarkets”, he said. “A major event likeEURO 2004 can lift the brand and give usthe consumer awareness which we needto increase growth further.”Going for growthDuring the past two-and-a-half years, 10new markets have launched the Carlsbergbrand and the overall marketing budgetboth centrally and locally has increasedand so has the brand’s growth rate. AlexMyers stressed the importance of all marketsusing the Carlsberg brand to drivegrowth, and quickly reaching the pointwhere the sales of Carlsberg represent asignificant market share as well as a significantshare of the company portfolio.“In many countries, Carlsberg has alreadyreached a threshold of critical massin the market where the brand is strongenough to continue to grow as a majorplayer in the market. The brand is still aniche player in several markets, however,there is a threshold where the Carlsbergbrand can start making a difference forcostumers, consumers and the local company,and Carlsberg’s official partnershipof EURO 2004 plays a major part in thisconnection,” Alex Myers added.Fifty of UEFA’s 51 member associationswere included in the draw forEURO 2004, with the host Portugalqualifying automatically. Fifteen teamswill qualify to join Portugal in the finals.The qualifying competition wasstaged in 10 groups of five teams, andwas played between September 2002and October 2003. The 10 group winnersautomatically qualify for the finaltournament. The 10 runners-up willtake part in five play-off matches on ahome-and-away basis on 15 and 19November 2003, with the five winnersprogressing to the finals.Final tournamentIn the final tournament, which will takeplace between 12 June and 4 July2004, the 16 teams will be dividedinto four groups of four. The top twoteams in each group will advance tothe quarter-finals, with a knockoutsystem in force from that stage. Thefinal draw for the tournament takesplace in Lisbon 30 November 2003.The fans’ best supporterCarlsberg is widely acknowledged as one of the best sponsors in world footballand has an unbeatable connection with the game through fans.That was the message delegates tookhome from Carlsberg Marketing’s EURO2004 workshop held in the Portuguesecapital of Lisbon.“Football and beer go well together.Football matters to billions of peopleworld-wide. They share a passion for thegame which goes beyond national barriers,”said Carlsberg Breweries Sponsorshipand Channel Marketing Director KeldStrudahl. “And that common goal - to bepart of a bigger world - fits well with theCarlsberg brand essence,” he added.The focus on fans which has guidedCarlsberg’s football sponsorships for thepast few years will be extended for EURO2004 with the launch of a new campaignfocusing on the funny and sometimesstrange rituals which fans around theworld share.“A lot of money is spent on big salariesand major deals. We want to bring football’sfocus back to the fans and their passion,”said International Sponsorship ManagerPia Knudsen.The EURO 2004 marketing team took the opportunity to be photographed with theHenri Delaunay trophy that will be presented to the European champions. From left toright International Sponsorship Manager Pia Knudsen, EURO 2004 Project ManagerTobias Musaeus, and Sponsorship and Channel Marketing Director Keld Strudahl.

Organisational changes inCarlsberg BreweriesLars Påhlson, 44 years, Senior Vice President for the Nordic countriestakes over the management responsibility for Carlsberg Sverige AB inorder to strengthen sales and marketing in Sweden, promote the restructuringprocess and ensure a better utilisation of potential synergies betweenthe Danish and Swedish businesses. Lars Påhlson continues asManaging Director for Carlsberg Danmark A/S and as chairman of theBoard of Directors of Ringnes a.s., Norway and Oy Sinebrychoff Ab,Finland, whereas Carlsberg Breweries’ group management takes overthe responsibility for the Nordic integration projects within IT, administrationand procurement.Lars Fellman, 60 years, Senior Vice President responsible forCarlsberg Breweries A/S’ activities in Germany and Southern Europehas informed Carlsberg Breweries that he at the end of the year wantsto resign in order to move to New Zealand. The area of responsibilityof Senior Vice President Bjørn Wiggen, 43 years, will extended to alsoinclude Switzerland, Italy and Germany together with his present responsibilitiesfor Eastern Europe and the Middle East.Jesper Bjørn Madsen, 49 years, is appointed Senior Vice Presidentand takes over the responsibility for Carlsberg Breweries’ activities inAsia, Portugal and Malawi together with licence agreements in 23countries and export to more than 70 countries.Jørn Tolstrup Rohde, 42 years, has been appointed Senior Vice Presidentin Carlsberg Breweries A/S with effect from 1 January 2004. JørnTolstrup Rohde comes from a position as managing director of KiMsA/S in Denmark. Jørn Tolstrup Rohde will head a new departmentresponsible for the development and implementation of programmesdesigned to strengthen Carlsberg Breweries’ global sales activities.As part of the job and in co-operation with the sales- and marketingdirectors in Carlsberg Breweries’ subsidiaries, Jørn Tolstrup Rohde isto identify and implement best practice within customer service andthe sale of beer through different sales channels.Claudio Riva has been appointed Managing Director for CarlsbergItalia Spa with effect from 1 November 2003. He comes from a positionas Sales Director in Italy of Parmalat, which is Italy’s largest fastmoving consumer goods group, with activities in dairy, beverage andbakery products. Marcello Verratti who has been Managing Directorof Carlsberg Italia since 1990 continues as working member of theboard with operational responsibility for the company’s direct distributionchannel.Probably the best web site in the worldCarlsberg has re-launched its www.carlsberg.comweb site with new interactive solutions. Here you alsofind information of interest to Carlsberg’s shareholdersincl. Investor Relations and Media.Carlsberg Breweries increasesshareholding in PolandCarlsberg Breweries A/S has increased its shareholdingin Carlsberg Okocim S.A. in Poland to 79 per centthrough the acquisition of a further 4 per cent of theshare capital. The shares have been acquired from theGerman brewery Bitburger at a price of DKK 41 million.The acquisition is part of Carlsberg Breweries’strategy to increase its shareholding in importantbreweries.Poland is the 10th largest beer market in the world.In 2002, the total consumption was 27 million hl beerwhich is equivalent to a yearly per capita consumptionof 69 litres. Over the past five years, the annual consumptionhas increased by approx. 7 per cent.Carlsberg Okocim has a market share of 14per cent and Carlsberg is the strongest growing premiumbrand.New centrally-led global procurement organisation in Copenhagendent of Global Procurement Helge Jacobsenwill manage the new organisation, reportingto Executive Vice President PaulBergqvist.Implementation of the ProcurementExcellence project„It is a natural development of the procurementarea, where we have alreadyachieved substantial savings in 2002-2003,“ commented Executive Vice PresidentPaul Bergqvist.Paul Bergqvist continues: „Additionalmajor opportunities and synergies in thecoming 2 years have been identified, andhave encouraged us to make the decisionAfter 18 months with regional procurementorganisations in Rheinfelden in Switzerlandand Copenhagen, it has been decided toenhance the procurement focus and potentialsaving activities by creating oneGlobal Procurement organisation forCarlsberg Breweries in Copenhagen.The new Global Procurement organisationis responsible for all major procurementactivities in the majority ownedbreweries in Europe and Asia. Co-ordinationof procurement activities with the OrklaGroup of companies and minorityowned and joint venture breweries willalso take place.Procurement Director and Vice Presitoenhance and consolidate the resourcesinto one centrally-led global organisationlocated in Copenhagen and managed byHelge Jacobsen.“„Despite good results during the past18 months, it has proven to be impracticalto continue with the split procurement organisation.“„We trust that this change to globalprocurement and implementation of a ProcurementExcellence project will contributeto major savings in the next 2 years inparallel with the other operational excellenceactivities.“

Financial Calendar31 Dec 2003 End of Financial Year22 Jan 2004 Quiet period for Preliminary Profit Statement 200319 Feb 2004 Preliminary Profit Statement 2003Announcements to the Stock ExchangeAnnouncements to The Copenhagen Stock Exchange A/S1 July 2002 - 7 November 20031 July 2002 Carlsberg Breweries’ shareholding in Lithuanian brewery SvyturysUtenos Alus sold to Baltic Beverages Holding2 Aug 2002 Carlsberg Breweries acquires 67% of Bulgarian brewery Pirinsko8 Aug 2002 Repurchase of own shares8 Aug 2002 Q2 Financial Statement 200228 Aug 2002 The EU Commission carries out voluntary investigation5 Sep 2002 Carlsberg A/S’ portfolio of own shares26 Sep 2002 New chairman – The Carlsberg Foundation4 Nov 2002 The EU Commission closes case against Carlsberg7 Nov 2002 Baltic Beverages Holding builds new brewery in Kazakstan7 Nov 2002 Q3 Financial Statement13 Nov 2002 Portfolio of own shares2 Dec 2002 Repurchase of own shares finalised19 Dec 2002 Baltic Beverages Holding sells Voronezh Brewery to subsidiary20 Dec 2002 Increased shareholding in Carlsberg Okocim, Poland (71.5%)6 Jan 2003 Increased shareholding in Pirinsko, Bulgaria (94.5%)20 Jan 2003 Share option programme 200331 Jan 2003 Financial Calendar 200320 Feb 2003 Preliminary Profit Statement 200217 Mar 2003 Carlsberg’s Annual General Meeting8 May 2003 Q1 Financial Statement 200316 Jun 2003 Change in Executive Board of Carlsberg Breweries A/S23 Jun 2003 Discussions in Asia1 Aug 2003 Carlsberg Breweries terminates joint venture in Asia14 Aug 2003 Carlsberg Breweries increases shareholding in Vietnam14 Aug 2003 Negotiations about structural changes in Sweden15 Aug 2003 Q2 Financial Statement2 Sep 2003 Arbitration regarding Carlsberg Asia22 Sep 2003 Carlsberg Breweries makes an offer for Serbian breweryPivara Celarevo A.D.7 Nov 2003 Q3 Financial StatementCarlsberg Breweries makes anoffer for a Serbian breweryThe shareholders of the Serbian brewery PivaraCelarevo A.D. have decided to carry through a directplacing of shares, which will provide Carlsberg BreweriesA/S with 51 per cent of the shares in PivaraCelarevo. Subsequently, Carlsberg Breweries mustmake a public tender for the remaining 49 per centof the shares in Pivara Celarevo. The price per share isEUR 43.12/DKK 320, which gives a total price of the entireshare capital of EUR 53 million/DKK 394 million. Thetransaction is subject to a due diligence process and toapproval by authorities.The share capital is owned by approx. 1,200 shareholders,primarily private individuals out of whomapprox. 75 per cent are employed by Pivara Celarevo,which is the third largest brewery in Serbia. The breweryis situated in the town of Celarevo in the Vojvodina provinceabout 130 kilometres north of the capital Beogradand its only brand Lav (means lion) is the second strongeststandard brand in the country. The brewery has a capacityof 1.3 million hl beer. In 2002, Pivara Celarevo hada turnover of EUR 23 million/DKK171 million, an operatingprofit (based on local accounting principles) of EUR5.6 million/DKK 42 million and sold 780,000 hl beer, correspondingto a market share of approx. 15 per cent.“The acquisition of Pivara Celarevo strengthens ourposition in the Balkans where we already have breweriesin Bulgaria, Croatia and Romania”, says President andCEO of Carlsberg Breweries Nils S. Andersen.Development of the Carlsberg B-share compared to the KFX-index and the Peer GroupBreweries (Carlsberg B, Heineken, Scottish & Newcastle, SABMiller and Interbrew)SHARE PRICE INDEX 01.01.2002 (=100) – 31.10.2003130120110100908070605001/01/02 01/03/02 01/05/02 01/07/02 01/09/02 01/11/02 01/01/03 01/03/03 01/05/03 01/07/03 01/09/03 01/11/03● Carlsberg B-share ● KFX-index ● Peer Group BreweriesCarlsberg News is published every three months by Carlsberg A/S in Danish and English and forwarded to registered shareholders.Circulation: 19,000. Editorial staff: Niels Eyde Madsen (responsible), Andrew Arnold and Jeanett W. Glenthøj.Photos: Bent Rej, Andrew Arnold et al. Design and production: Boje & Mobeck as. Printed by: PrintDivision A/S.Carlsberg A/S, CVR-NR. 61056416, 1 Valby Langgade, DK-2500 Valby. Phone: +45 3327 2727. E-mail: info@carlsberg.com.Homepage: www.carlsberg.com.

7 November 2003Q3 Financial Statement of the CarlsbergGroup as at 30 September 2003Significant progress in Q3Q3:• Operating profit (EBITA) was up by 22% at unchanged exchange rates(+15% at actual exchange rates).• Net profit increased by 20%.• Interest-bearing debt reduced by DKK 1.6bn.Accumulated after 9 months:• Progress for the Carlsberg brand of 7% and for the total beer volume of 4%.• Operating profit (EBITA) at unchanged exchange rates at level with last year (-1%).At actual exchange rates -11%.• Net profit decreased by 6%.• Interest-bearing debt reduced by DKK 2.0bn.Highlights and Key Figures (Unaudited)Q39 months2002 2003 Changes 2002 2003 ChangesDKK million in % in %Net revenue 9,399 9,860 5 26,922 26,157 -3Operating profit 1,449 1,671 15 3,263 2,919 -11Special items, net 29 -19 - 11 -16 -Financials, net -169 -73 57 -616 -438 29Corporation tax -322 -435 -35 -728 -634 13Profit before goodwill 987 1,144 16 1,930 1,831 -5Goodwill amortisation and write-down -90 -98 -9 -273 -283 -4Consolidated profit 897 1,046 17 1,657 1,548 -7Carlsberg A/S’ share of profit 489 586 20 892 841 -631.12.02 30.09.03 ChangesDKK million in %Consolidated capital and reserves 17,286 18,061 4Total assets 46,523 46,585 0Net interest-bearing debt 10,923 8,945 -18Movements in consolidated capital and reserves:Parent Minority GroupCapital and reserves as at 31.12.02 10,836 6,450 17,286Dividend, Carlsberg A/S -304 -304Dividend, minority interests -274 -274Consolidated profit 841 707 1,548Currency translation adjustments, etc. -462 -499 -961Carlsberg Asia 360 406 766Capital and reserves as at 30.09.03 11,271 6,790 18,061The accounting policies applied are unchanged from the Annual Report for 2002.Comments on developmentsin the first 9 monthsof 2003Volume. The Carlsberg Group’s sales ofbeer (63.2m hl) and soft drinks (16.4m hl)for the period amounted to 79.6m hl(+4%) calculated in accordance with industrialstandards (100% of the volumefor subsidiaries, proportionally consolidatedand associated companies as wellas licence production). A calculation ofvolume based on subsidiaries and licenceproduction with the addition ofownership shares in proportionally consolidatedand associated companies resultsin a beer volume of 41.7m hl (+4%).This calculation method has been appliedin the geographic segments below. Theperiod saw a 7% gain for the Carlsbergbrand.Net revenue rose by 4% at unchangedexchange rates. Converted atactual exchange rates, net revenueamounted to DKK 26,157m against DKK26,922m in the same period last year(-3%). Apart from adverse exchange ratedevelopments, the decline is mainly dueto divested business units in Switzerland(soft drink and wine) and the sale of theHannen brewery in Germany, whereasthe eastern European markets and Asia(new structure) contribute positively.At unchanged exchange rates, operatingprofit in Q3 was 22% up on lastyear, whereas the 9 month-period was atlevel with last year (-1%). Operating profitfor the period at actual exchange ratesamounted to DKK 2,919m against DKK3,263m last year (DKK -344m or -11%),while Q3 showed progress of DKK 222m(+15%). The unfavourable exchange ratedevelopments thus account for the majorpart of the decline. The other minor deviationsare mainly attributable to Q1 withthe weak volume and sales price trend inRussia as well as the global decline insales within the on-premise sector due tothe war in Iraq and SARS.Financials, net showed a negativeDKK 438m, which is DKK 178m belowlast year and is due to a lower interestrate level as well as favourable currencytranslation adjustments of loans, etc. Thesignificant reduction of net interest-bearingdebt also had a positive influence onFinancials.Corporation tax was reduced comparedto last year, because it proved possibleto utilize previously not capitalisedtax assets.Profit before goodwill amortisationand write-down amounted to DKK1,831m against DKK 1,930m last year.Results were adversely affected by the

above-mentioned decline in operating profit,but positively affected by lower financialcosts and lower corporation tax.Carlsberg A/S’ share of profit totalledDKK 841m against DKK 892m in the sameperiod last year (-6%). Carlsberg Breweries’share of profit rose by DKK 85m (+8%).As expected, the free cash flow of theCarlsberg Group showed a substantial,positive amount of DKK 2.3bn. Operationalcash flow totalled a positive DKK 3.7bn,and investments totalled net DKK 1.4bnprimarily relating to fixed assets.Net interest-bearing debt of approximatelyDKK 8.9bn developed as expectedand was reduced by DKK 2.0bn comparedwith the level as at 31 December 2002. DKK0.7bn of this is due to changes in exchangerates, while DKK 0.7bn was paid with referenceto minority interests.A review of the three geographic segments(regions) in Carlsberg Breweries A/Sis set out below with comparative figures for2002.Western Europe9 months 9 months Changes Q3 Q3 ChangesDKK million 2002 2003 in % 2002 2003 in %Net revenue 20,128 19,539 -3 7,111 7,137 +0Operating profit 1,878 1,698 -10 891 945 +6Operating margin (%) 9.3 8.7 12.5 13.2Beer sales (m hl) 18.2 17.7 -3 6.4 6.4 0Net revenue was at level with last year atunchanged exchange rates. Converted atactual exchange rates, net revenue fell byapproximately DKK 0.6bn (-3%) to DKK19.5bn, primarily due to the developmentsin the GBP exchange rate. Divested businessunits in Switzerland (soft drink andwine) and the sale of the Hannen breweryin Germany reduced net revenue, however,this reduction, to a large extent, has beenoffset by progress in other companies.Operating profit was 6% down onlast year at unchanged exchange rates.Converted at actual exchange rates, oper-ating profit was DKK 180m below last year(-10%), cf. comments on the individualmarkets set out below.In the Nordic region, beer sales declinedslightly during the period and particularlyCarlsberg Sverige experienced adecline. The markets are characterised bysevere price competition, a rise in bordertrade where profitability is low, and pressureon market shares. The analyses andnegotiations regarding cost reductionswhich were initiated in Sweden in Augustare progressing. They may lead to theclosing-down of the brewery in Bromma,in which case production to the Swedishmarket will be concentrated in Falkenbergsupplemented with capacity at the breweryin Valby (Denmark).In the UK, the Carlsberg brandachieved a 10% gain, while Tetley’s maintainedvolume in the decreasing ale market.The exchange rate developments, increasedcosts for marketing, production,logistics and pensions led to a reduction inoperating profit compared with last year.Following a somewhat weak first halfyear,the market in southern Europe wasgenerally up on last year in 3Q, primarilydue to significantly better summer weather.Following the implementation of restructuringprojects, Feldschlösschen inSwitzerland has been able to adjust thecost structure and improve business procedures.Consequently, operating profit issignificantly above last year.Eastern Europe9 months 9 months Changes Q3 Q3 ChangesDKK million 2002 2003 in % 2002 2003 in %Net revenue 6,033 5,809 -4 2,211 2,348 +6Operating profit 1,128 1,105 -2 468 602 +29Operating margin (%) 18.7 19.0 21.2 25.6Beer sales (m hl) 18.8 20.2 +8 7.4 8.0 +8Net revenue rose by 13% at unchangedexchange rates. Converted at actual exchangerates, net revenue declined by 4%to DKK 5.8bn.Operating profit was up by 14% on lastyear at unchanged exchange rates. At actualexchange rates, operating profit totalledDKK 1,105m against DKK 1,128mlast year (-2%). Operating profit declined inBBH, whereas i.a. Poland and especiallyTurkey experienced significant progress.In BBH (50%), net revenue rose by 6%at unchanged exchange rates. Convertedat actual exchange rates, net revenue fellby just under 9% to DKK 3,402m. Volumerose by 7%. The exchange rate developmentshave been partly cancelled out by theprogress in volume and moderate increasesin sales prices. Total market growth in BBH’sregion was almost 4%, and BBH thus continuesto gain market share. BBH’s marketshare in Russia was 33.3%, which is 0.9percentage points up on last year. Operatingprofit in BBH of DKK 853m is DKK 183mbelow last year, mainly due to exchange ratedevelopments of DKK 130m, but also becausesales prices have not been increasedin line with inflation.In Q3, the Russian beer market rose byalmost 6%, while BBH’s growth amountedto 11%. The market is expected to grow by4-5% in 2003 and BBH is still expected tooutperform the market. The operating marginis expected to be slightly down on2002.The other companies in the regionachieved results significantly above lastyear’s level. Türk Tuborg (Turkey) showedsignificant progress and achieved resultsabove expectations. In Poland, the mergedoperations of the Carlsberg companiesshowed progress in sales and realised costsavings, which has led to results somewhatabove last year. Following three acquisitionsin 2002, the set-up of a new market inthe Balkans adversely affected profit in2003.AsiaThe accounts for Asia (Carlsberg Asia Pte.Ltd.) for the first half-year of 2003 and for2002 are based on a 50/50% joint-venturestructure, where Carlsberg Asia Pte. Ltd. isproportionally consolidated. Carlsberghas, cf. announcement to the CopenhagenStock Exchange dated 1 August 2003, terminatedthe joint venture and, as a consequence,the accounting treatment hasbeen changed accordingly with effect from1 July 2003. This is not expected to haveany significant effect on the operating

Asia – continued9 months 9 months Changes Q3 Q3 ChangesDKK million 2002 2003 in % 2002 2003 in %Net revenue 797 917 241 445Operating profit 397 375 -6 156 167 +7Beer sales (m hl) 3.0 3.8 1.0 1.6profit in 2003, as the loss of profit from theThai activities (including the profit guarantee)is offset by the fact that the inclusionof the Carlsberg Asia results is changedfrom 50% to 100%. Please find below theproforma figures for 2002 and 2003 accordingto the present structure. In Q3,DKK 766m was added to the consolidatedcapital and reserves regarding the now terminatedjoint venture in Asia. The amountis offset by an equivalent write-down inconnection with the agreement regardingthe establishment of the joint venture inAsia. Carlsberg is still convinced that Asiaoffers favourable development possibilities,and that the region holds significantpotential for the Carlsberg brand.Net revenue rose to DKK 917m due tothe new structure in Asia following the terminationof the joint-venture agreement.The exchange rate development adverselyaffected the period.Operating profit declined by DKK 22mcompared to last year, primarily as a resultof the negative exchange rate movements(DKK -60m). The companies in Malaysia,Hong Kong, Singapore and Vietnam allshowed progress in Q3. The progress outweighsthe decline in the first half-yearwhich was caused by the change in consumptionpatterns (SARS). One-line consolidatedbreweries are included with DKK141m (especially Hite, South Korea), whilethe profit guarantee for the companies inThailand, which is included in the first halfyear,contributed with DKK 62m.Other activities in theCarlsberg GroupPropertiesDuring the period, properties were sold witha total gain of about DKK 175m before taxwhich is a little above expectations and DKK95m up on 2002.Profit expectationsCarlsberg Breweries’ share of profit for theyear is expected to increase by approximately15%, while Carlsberg A/S’ share ofprofit for the year is expected to decreaseby approximately 10%.Carlsberg Breweries now expects operatingprofit (prior to exchange rate changes)to be 5% up on last year. Adjusted to actual/expected exchange rates, operating profit isanticipated to be approximately 5% downon last year. The reduction in operating profit(at actual/expected exchange rates) comparedto previous financial statements isdue to the fact that operating profit in BBHthis year is now anticipated to be lower thanlast year. This affects the entire CarlsbergGroup, and the consolidated operating profit(at actual/expected exchange rates) is thusexpected to be 6-7% down on last year.The reduced operating profit is expectedto be offset by lower financial costs and tax.Furthermore, it is expected that restructuringcosts etc. will be charged to Specialitems in Q4. The scope of the restructuringcosts etc. after tax expected at present, arenot anticipated to necessitate any changesin the above profit expectations as regardsthe companies’ share of profit for the year.Operational cash-flow and free cash-flow(exclusive of any company acquisitions) areexpected to increase in 2003 compared to2002.Forward-looking statementThe forward-looking statements containedherein, including forecasts of sales andearnings performance, inherently involverisks and uncertainties and could be materiallyaffected by factors such as global economicmatters, including interest rate andcurrency developments, raw material developments,production and distribution relatedproblems, breach or unexpected terminationof contracts, price reductions resulting frommarket-driven conditions, market acceptanceof new products, launches of competingproducts and other unforeseen factors.Any disputes arising in connection withthe termination of the joint venture in Asiashall be settled by arbitration in London.Chang Beverages has initiated arbitrationproceedings against Carlsberg BreweriesA/S. Chang Beverages demands that CarlsbergAsia continue as a joint venture, alternativelythat Carlsberg Breweries A/S paysdamages. No amount is specified in Chang’sclaim for damages. Carlsberg Breweries rejectsall Chang Beverages’ demands.Carlsberg will only update and adjust thespecifically stated expectations in as far asthis is required by law etc.Additional informationThe Preliminary Profit Statement 2003 willbe available on 19 February 2004.The Quiet Period for the Preliminary ProfitStatement 2003 starts on 22 January 2004.This financial statement is available in Danishand English. In case of doubt, the Danishversion shall apply.Highlights and Key Figures for Carlsberg Breweries A/SQ3 Changes in 9 months Changes inDKK million 2002 2003 % 2002 2003 %Net revenue 9,399 9,860 5 26,922 26,157 -3Operating profit 1,425 1,583 11 3,122 2,773 -11Special items, net 29 -19 - 11 -16 -Financials, net -222 -101 55 -777 -496 36Corporation tax -302 -389 -29 -660 -562 15Profit before goodwill 930 1,074 15 1,696 1,699 0Goodwill amortisation and write-down -93 -101 -9 -281 -291 -4Consolidated profit 837 973 16 1,415 1,408 -0Carlsberg Breweries’ share of profit 716 855 19 1,083 1,168 831.12.02 30.09.03 Changes in %Consolidated capital and reserves 13,577 14,362 6Assets, total 42,489 42,561 0Net interest-bearing debt 13,070 11,446 -12

Segment Information by Quarters - Q1Western Eastern Asia Not Beverages, Other CarlsbergDKK million Europe Europe distributed* total** Group, totalQ1 2002:Net revenue 5,638 1,593 323 18 7,572 7,572Operating profit 139 176 137 -97 355 85 440Special items, net - -Financials, net -255 39 -216Corporation tax -17 -35 -52Profit before goodwill amortisation and write-down 83 89 172Goodwill amortisation and write-down -95 3 -92Consolidated profit -12 92 80Minority interests -81 -44Carlsberg Breweries’ share of profit -93Carlsberg A/S’ share of profit 36Q1 2003:Net revenue 5,274 1,326 273 -18 6,855 6,855Operating profit -18 61 113 -151 5 13 18Special items, net -2 -2Financials, net -245 27 -218Corporation tax 102 -12 90Profit before goodwill amortisation and write-down -140 28 -112Goodwill amortisation and write-down -97 2 -95Consolidated profit -237 30 -207Minority interests -23 81Carlsberg Breweries’ share of profit -260Carlsberg A/S’ share of profit -126Segment Information by Quarters - Q2Western Eastern Asia Not Beverages, Other CarlsbergDKK million Europe Europe distributed* total** Group, totalQ2 2002:Net revenue 7,379 2,230 233 109 9,951 9,951Operating profit 848 484 104 -94 1,342 32 1,374Special items, net -18 -18Financials, net -300 69 -231Corporation tax -341 -13 -354Profit before goodwill amortisation and write-down 683 88 771Goodwill amortisation and write-down -93 2 -91Consolidated profit 590 90 680Minority interests -130 -313Carlsberg Breweries’ share of profit 460Carlsberg A/S’ share of profit 367Q2 2003:Net revenue 7,128 2,135 199 -20 9,442 9,442Operating profit 771 442 95 -123 1,185 45 1,230Special items, net 5 5Financials, net -150 3 -147Corporation tax -275 -14 -289Profit before goodwill amortisation and write-down 765 34 799Goodwill amortisation and write-down -93 3 -90Consolidated profit 672 37 709Minority interests -99 -328Carlsberg Breweries’ share of profit 573Carlsberg A/S’ share of profit 381Balance SheetCarlsberg GroupCarlsberg BreweriesDKK million 30.09.02 31.12.02 30.09.03 30.09.02 31.12.02 30.09.03Non-current assets 30,965 30,600 29,429 29,484 29,058 28,222Current assets 16,568 15,923 17,156 13,628 13,431 14,339Consolidated capital and reserves 18,054 17,286 18,061 14,181 13,577 14,362Provisions 3,601 3,398 3,274 3,481 3,337 3,213Non-current liabilities 10,864 10,724 10,544 10,870 10,724 10,544Current liabilities 15,014 15,115 14,706 14,580 14,850 14,442Balance sheet, total 47,533 46,523 46,585 43,112 42,489 42,561Net interest-bearing debt 11,114 10,923 8,945 13,458 13,070 11,446

Segment Information by Quarters - Q3Western Eastern Asia Not Beverages, Other CarlsbergDKK million Europe Europe distributed* total** Group, totalQ3 2002:Net revenue 7,111 2,211 241 -164 9,399 9,399Operating profit 891 468 156 -90 1,425 24 1,449Special items, net 29 - 29Financials, net -222 53 -169Corporation tax -302 -20 -322Profit before goodwill amortisation and write-down 930 57 987Goodwill amortisation and write-down -93 3 -90Consolidated profit 837 60 897Minority interests -121 -408Carlsberg Breweries’ share of profit 716Carlsberg A/S’ share of profit 489Q3 2003:Net revenue 7,137 2,348 445 -70 9,860 9,860Operating profit 945 602 167 -131 1,583 88 1,671Special items, net -19 - -19Financials, net -101 28 -73Corporation tax -389 -46 -435Profit before goodwill amortisation and write-down 1,074 70 1,144Goodwill amortisation and write-down -101 3 -98Consolidated profit 973 73 1,046Minority interests -118 -460Carlsberg Breweries’ share of profit 855Carlsberg A/S’ share of profit 586Segment Information by Quarters - Accumulated as at 30 SeptemberWestern Eastern Asia Not Beverages, Other CarlsbergDKK million Europe Europe distributed* total** Group, total2002:Net revenue 20,128 6,033 797 -36 26,922 26,922Operating profit 1,878 1,128 397 -281 3,122 141 3,263Special items, net 11 - 11Financials, net -777 161 -616Corporation tax -660 -68 -728Profit before goodwill amortisation and write-down 1,696 234 1,930Goodwill amortisation and write-down -281 8 -273Consolidated profit 1,415 242 1,657Minority interests -332 -765Carlsberg Breweries’ share of profit 1,083Carlsberg A/S’ share of profit 8922003:Net revenue 19,539 5,809 917 -108 26,157 26,157Operating profit 1,698 1,105 375 -405 2,773 146 2,919Special items, net -16 - -16Financials, net -496 58 -438Corporation tax -562 -72 -634Profit before goodwill amortisation and write-down 1,699 132 1,831Goodwill amortisation and write-down -291 8 -283Consolidated profit 1,408 140 1,548Minority interests -240 -707Carlsberg Breweries’ share of profit 1,168Carlsberg A/S’ share of profit 841* “Not distributed” includes corporate functions, other undertakings, elimination of inter-company trade in the three geographic segments, etc. ofCarlsberg Breweries A/S.** Carlsberg Breweries A/S, total.Pro forma Segment Information by Quarters for the present structure in AsiaDKK millionQ1 Q2 Q3 9 months Q4 12 months2002:Net revenue 521 463 426 1,410 369 1,779Operating profit 182 108 207 497 41 5382003:Net revenue 481 344 445 1,270Operating profit 136 103 167 406