15 August, 2003

Carlsberg A/S published on August 15 Q2 Financial Statement of the Carlsberg Group as at 30 June 2003. As in Q1, the first part of Q2 was characterised by reluctance in consumers' propensity to spend due to the overall economic uncertainty and the decline in the currency rates, the company said. However, the conclusion of the war in Iraq at the end of Q2 and the reduced fear of SARS, especially in Asia, led to increased consumer confidence and positive sales developments in June and July.

During the 1st half-year beer volume at Carlsberg Group rose by 3%. Operating profit (EBITA) amounted to DKK 1,248m against DKK 1,814m last year. Profit before goodwill was DKK 687m against DKK 943m last year. Operational cash flow was DKK 2.1bn. Interest-bearing debt was reduced by DKK 0.4bn. Expectations to the annual results as expressed in the Q1/2003 financial statement are maintained.

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