Good start to the year leads to upwards adjustment of the expectations for 2007 • Net revenue climbed 14% to a total of DKK 8.9bn as a result of strong organic growth on Carlsberg's growth markets in Eastern Europe and Asia and a positive contribution from activities in Western Europe. In local currencies, net revenue climbed 15%. • Operating profit was DKK 402m, an increase of DKK 319m on the same period of 2006. Activities in Western Europe showed good progress and, together with a strong performance by BBH, accounted for the majority of the overall profit improvement. As expected there was an increase in central costs to support continued business development. • The full-year outlook for operating profit is being increased by DKK 200m to approx. DKK 4.7bn (DKK 4,046m in 2006). Full-year net profit is now expected to be at least DKK 2bn (DKK 1,884m in 2006). Contacts: Investors Mikael Bo Larsen +45 3327 1223 Media Jens Peter Skaarup +45 3327 1417 Carlsberg will present the accounts at a conference call for analysts and investors today at 9.30 (CET) / 8.30 (GMT). The conference call will refer to a slide deck available at www.carlsberggroup.com. KEY FIGURES AND FINANCIAL RATIOS DKK million Q1 2007 Q1 2006 2006 Sales volume (million hl) Beer 22.4 18.3 100.7 Other beverages 4.4 4.1 20.2 Income statement Net revenue 8,863 7,807 41,083 Operating profit before special items 402 83 4,046 Special items, net -31 -105 -160 Consolidated profit 86 -179 2,171 Attributable to: Minority interests 41 40 287 Shareholders in Carlsberg A/S 45 -219 1,884 Balance sheet Total assets 59,422 60,829 58,451 Invested capital 44,580 43,885 43,160 Interest-bearing debt, net 21,175 22,776 19,229 Equity, shareholders in Carlsberg A/S 17,135 17,472 17,597 Cash flow Cash flow from operating activities -409 -939 4,470 Cash flow from investing activities -790 1,108 65 Free cash flow -1,199 169 4,535 Financial ratios Operating margin % 4.5 1.1 9.8 Return on average invested capital (ROIC) % 9.9 8.0 9.2 Equity ratio % 28.8 28.7 30.1 Debt/equity ratio (financial gearing) x 1.24 1.30 1.09 Interest cover x 1.59 0.36 4.72 Stock market ratios Earnings per share (EPS) DKK 0.6 -2.9 24.7 Cash flow from operating activities per share (CFPS) DKK -5.4 -12.3 58.6 Free cash flow per share (FCFPS) DKK -15.7 2.2 59.5 Share price (B-shares) DKK 607.0 403.46 561.0 Number of shares (period-end) '000 76,278 76,278 76,278 Number of shares (average) '000 76,264 76,251 76,265 BUSINESS DEVELOPMENT The first quarter of 2007 was characterised by favourable developments on a number of Carlsberg's markets and Carlsberg succeeded in increasing total beer sales by 21% to 16.0m hl (calculated pro rata). Organic growth accounted for 20% of this increase, with 1% coming from acquisitions. This positive performance is attributable in particular to positive contributions from the growth markets in Eastern Europe and Asia, but activities in Western Europe also made a contribution. The international brands Carlsberg and Tuborg continued their progress, achieving volume increases of 7% and 25% respectively, the latter primarily as a result of rising sales on BBH's markets in Russia and the Ukraine. Net revenue rose by 14% to DKK 8,863m (DKK 7,807m in 2006). This increase was mainly due to a very positive performance by BBH, although the other regions contributed too. The change in the relative breakdown of revenue between the individual regions led to a lower average selling price per hl beer. Operating profit before special items was DKK 402m (DKK 83m in 2006). Progress in Western Europe and BBH was on a par, with the two regions together accounting for the majority of the overall increase. Activities in Eastern Europe excl. BBH also showed progress, while earnings were lower in Asia. The Excellence programmes and the continuing focus on streamlining and optimisation delivered cost savings, including within logistics and administration. As part of the ongoing adjustment of the production structure it was decided to concentrate Italian production at the brewery in Varese north of Milan, and the Ceccano brewery was therefore put up for sale. Western Europe DKK million Q1 2007 Q1 2006 Change (%) 2006 Beer sales (million hl) 5.7 5.5 +5 28.2 Net revenue 5,645 5,364 +5 27,307 Operating profit 197 16 … 2,425 Operating margin (%) 3.5 0.3 +3.2 8.9 The beer markets in Western Europe showed a generally positive trend in the first quarter of 2007 with rising volumes on all markets except Denmark and the United Kingdom. The best performances were achieved in Switzerland and Norway, with increases of 6% and 5% respectively. Carlsberg sold a total of 5.7m hl of beer in the first quarter of 2007 (5.5m hl in the first quarter of 2006), an increase of 5%. Most markets made a positive contribution to the trend, with increasing market shares in the Nordic countries and the United Kingdom. Revenue rose by 5% to DKK 5,645m, against DKK 5,364m in the first quarter of 2006, as a result of a continued positive trend in the Nordic countries and rising sales in Germany and Portugal in particular. Innovation continues in our markets, with new product launches in the quarter under review including the introduction of Ringnes LITE and Tuborg LITE in Norway and new flavours from Ramlösa in Sweden. The roll-out of DraughtMasterTM also continued, and the system has now been launched in Italy. In the United Kingdom an agreement was entered into with Punch Taverns to supply beer to their pubs until the end of 2010. As expected the agreement means lower prices and lower guaranteed volumes than before but, in combination with the previous agreement to extend the distribution agreement with Punch Taverns, will help to secure continued development of the business. Operating profit was DKK 197m against DKK 16m in the first quarter of 2006, and progress was realised on a broad front with positive contributions from every country except Italy. The operating margin rose by 3.2 percentage points to 3.5%, equivalent to an average of 9.4% on a rolling 12-month basis. Baltic Beverages Holding (50%) DKK million Q1 2007 Q1 2006 Change (%) 2006 Beer sales (million hl) 5.4 3.8 +41 23.4 Net revenue 1,832 1,276 +44 7,953 Operating profit 333 153 +117 1,804 Operating margin (%) 18.2 12.0 +6.2 22.7 The Russian market showed significant progress in the first quarter (+28%). BBH's other markets also made a positive start to the year, with growth rates of 21% in the Ukraine, 20% in Kazakhstan and 9% in the Baltic States. BBH achieved a 38% increase in beer sales, while the pro rata increase of 41% took the overall figure to 5.4m hl as a result of continued strong growth for the Tuborg brand. Net revenue rose to DKK 1,832m, against DKK 1,276m in the first quarter of 2006, an increase of 44%, approx. 9% of which derives from the improved price/mix and approx. -3% from exchange rate movements. Operating profit more than doubled to DKK 333m (DKK 153m in the first quarter of 2006) and the operating margin was 18.2% (+6.2 percentage points compared with the first quarter of 2006). Progress was achieved in Russia, the Ukraine, Kazakhstan and the Baltic States. Following the merger of the individual breweries in Russia last year, Baltika has gradually strengthened the business and increased its market share. A record market share of 37.5% was achieved in the first quarter of 2007 (34.9% in the first quarter of 2006). This progress was due to strong performances across all segments, including progress for both the Tuborg brand (+125%) and the Baltika brand. BBH's programme of investing in new capacity in Russia is currently focused on expanding capacity at the Samara brewery by 2m hl this year and construction of a new brewery in Novosibirsk, which will be ready next year. A decision has already been taken to increase capacity at Novosibirsk from the planned 2m hl to 4.5m hl. In total the two investments will increase Baltika's production capacity by approx. 15%. Market development in Russia and all the other BBH markets in the first quarter has been influenced by particularly good weather compared with extremely cold weather in the same period last year. However, the comparative figures for the second six months of the year will be significantly influenced by the positive impact of beer sales in Russia in the second half of 2006 arising from supply problems with wine and spirits. Partly as a result of the positive trend in the first quarter of the year, the Russian market is now expected to achieve full-year growth of 5-8%. As before, BBH expects to be able to achieve price increases at the low end of the local price development for food and drink. The operating margin for the full year is now expected to be 22-23%. Eastern Europe excl. BBH DKK million Q1 2007 Q1 2006 Change (%) 2006 Beer sales (million hl) 2.7 2.3 +16 13.3 Net revenue 732 639 +15 3,509 Operating profit 5 -75 +107 135 Operating margin (%) 0.7 -11.8 +12.5 3.8 Good growth on the beer markets in the Balkans (the South East Europe region) and Poland provided favourable conditions to increase sales. Total beer sales were 2.7m hl, an increase of 16% compared with 2006. Sales rose again in Bulgaria, Serbia and Croatia and, following changes in the business model including a reduction in inventories in the off-trade in 2006, Poland also achieved a positive trend. Net revenue rose by 15% to DKK 732m and operating profit was DKK 5m (DKK -75m in the first quarter of 2006). These figures include income of DKK 58m from the sale of property at the Piast brewery in Poland. Earnings rose in the South East Europe region as a result of good growth for both Tuborg and local brands. Profits also rose in Poland, while Turkey posted lower earnings, partly as a result of investments in new product launches. Asia DKK million Q1 2007 Q1 2006 Change (%) 2006 Beer sales (million hl) 2.2 1.6 +33 7.7 Net revenue 634 517 +23 2,299 Operating profit 82 126 -35 332 Operating margin (%) 13.0 24.4 -11.4 14.4 Sales rose by 33% to 2.2m hl (1.6m hl in the first quarter of 2006), 21% of which was organic growth and 12% of which arose from acquisitions in China. Net revenue rose to DKK 634m (DKK 517m in the first quarter of 2006), an increase of 23%, of which acquisitions accounted for 18%. Operating profit was DKK 82m against DKK 126m in the same period of 2006. The performance on the growth markets continued the positive trend from last year, while earnings on the mature markets as a whole were lower than in the equivalent period of last year, partly as a result of more intensive campaigns and lower prices in connection with the celebration of Chinese New Year in Malaysia. The Vietnamese Ministry for Industry approved the choice of Carlsberg as a strategic partner for Hanoi Brewery Co., which is an important step in the continued development of Carlsberg's business in Asia by means of partnerships and investments in market-leading companies. OTHER ACTIVITIES Other activities include the development and sale of real estate, primarily at the former Tuborg site north of Copenhagen, and operation of the Carlsberg Research Center. These activities generated a loss of DKK -1m against DKK -21m in the first quarter of 2006. The closure of the brewery in Valby (Denmark) at the end of 2008 and the subsequent development and sale of real estate will be a significant activity for Carlsberg for a number of years to come. A competition has been held over the last few months to find the best possible development opportunities for the Carlsberg site in Copenhagen. The winning proposal is expected to be announced on 22 May 2007. Development and disposal of part of the site over a number of years after the closure is expected to generate significant income for Carlsberg. COMMENTS ON THE FINANCIAL STATEMENT ACCOUNTING POLICIES The present interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, as approved by the EU, and additional Danish regulations governing presentation of interim reports by listed companies. The interim report has been prepared using the same accounting policies as the Annual Report for 2006. INCOME STATEMENT Net revenue totalled DKK 8,863m in the first quarter of 2007 (DKK 7,807m in the first quarter of 2006). This is an increase of 14% on the same period of 2006, with approx. -1 percentage points of this resulting from exchange rate movements. Revenue development has been driven by a positive trend throughout the Group, particularly in Western Europe and BBH. Organic growth was DKK +1,060m (+14 percentage points). Gross profit rose by 13% to DKK 4,266m (DKK 3,761m in the first quarter of 2006), and the gross margin was 48.1%, which is on a par with last year. Sales and distribution expenses grew by 6% to DKK 3,166m, while administrative expenses grew by 7% to DKK 798m. This development reflects the falling cost level in Western Europe within logistics and administration, although this has been balanced out by increased costs, in particular in BBH and Asia as a result of an increasing level of activity in these regions. Other operating income, net, was DKK 88m (DKK 46m in the first quarter of 2006), including profit of DKK 58m on the disposal of the Piast brewery in Poland. The Group's share of the net profit of associates was DKK 12m against DKK 14m in 2006. Operating profit before special items was DKK 402m against DKK 83m in the first quarter of 2006. Beverage activities generated a profit of DKK 403m, an increase of DKK 299m. This positive trend was broadly based throughout the Group, although the biggest increases were achieved in Western Europe and BBH. The trend in Western Europe was positive as a result of increasing volumes and revenues and a falling cost level, partly as a result of the Excellence programmes. There was also a positive contribution from BBH, with significant growth in both volumes and revenues. The overall operating margin was 4.5%, which was 3.4 percentage points higher than 2006. Net special items amounted to DKK -31m, against DKK -105m in the first quarter of 2006, and relate to additional costs in connection with restructuring measures implemented in previous years. Net financial items amounted to DKK -253m, against DKK -228m in the first quarter of 2006, with interest costs accounting for DKK -255m of this, compared with DKK -244m in 2006. This can be attributed to rising interest rates, which more than balanced out the reduction in net interest-bearing debt. Consolidated profit was DKK 86m, against DKK -179m in the same period last year. Carlsberg's share of net profit was DKK 45m, against DKK -219m in the same period last year. CASH FLOW AND INTEREST-BEARING DEBT Cash flow from operating activities totalled DKK -409m in the first quarter of the year, against DKK 939m in the same period of 2006, an improvement of DKK 530m. The major contributors to this development were the trend in operating activities (DKK +437m), lower interest payments (DKK +213m) and lower restructuring costs paid (DKK +60m), while tax paid reduced cash flow by DKK 180m. Cash flow from investing activities was DKK -790m, against DKK +1,108m in the same period last year. The difference between the two quarters was approx. DKK 1.9bn, which can be explained by the fact that the cash flow in the first quarter of 2006 included profit from the sale of shares in Hite Brewery Co. Ltd. Capital expenditure on beverage activities rose by DKK 203m to DKK 853m, which can mainly be attributed to a high level of investment in BBH. After this, free cash flow for the period amounted to DKK -1,199m, against DKK +169m last year. Cash and cash equivalents rose by DKK 678m to DKK 1,820m at 31 March 2007, compared with the same date last year. Net interest-bearing debt amounted to DKK 21.2bn, reflecting a seasonal increase of just under DKK 2bn compared with year-end 2006. Most of this increase relates to the development in free cash flow and payment of dividends to shareholders in Carlsberg A/S. EARNINGS EXPECTATIONS Based on better than expected progress in the business in the first quarter, particularly in BBH, and continuing positive outlooks for the rest of the year, Carlsberg is adjusting its expectations for 2007 upwards. Net revenue is expected to rise by approx. 7% (previously approx. 5%) and operating profit is expected to rise to approx. DKK 4.7bn (previously approx. DKK 4.5bn). Operating profit from beverage activities is expected to be approx. DKK 4.5bn (previously approx. DKK 4.3bn), an increase of approx. DKK 500m or approx. 13% compared with last year's figure of DKK 3,997m. Progress is expected in all four geographical regions, but significant central costs (the "not distributed" segment) are also expected for marketing and standardisation of processes, procedures, IT systems etc. to support essential ongoing productivity improvements within all areas of the business. The most recent estimate of the financial consequences of agreements entered into concerning delivery of properties/flats at Tuborg Syd is that this will mean investments of approx. DKK 490m, approx. DKK 250m and approx. DKK 110m and sales proceeds of approx. DKK 700m, approx. DKK 1bn and approx. DKK 350m in the last nine months of 2007 and in 2008 and 2009 respectively. Selling profits or new rental income in the last nine months of 2007 and in 2008 and 2009 are expected to be approx. DKK 300m, approx. DKK 400m and approx. DKK 100m. Approx. 60,000 m2 of housing, 10,000 m2 of commercial properties and 10,000 m2 of public buildings remain to be constructed and sold on the Tuborg site. Other activities (profit from sale of real estate less costs of operation of the Carlsberg Research Center etc.) are expected to contribute approx. DKK 200m to operating profit in 2007. Further restructuring costs etc. as a result of an increase in termination benefits etc. relating to restructuring projects in Western Europe mean that special items in 2007 are now expected to be approx. DKK 250m. Financial expenses are still expected to be somewhat higher than in 2006, primarily because other financial items (translation adjustments etc.) in 2006 totalled DKK +172m. At present other financial items are expected to be slightly negative for 2007. Interest costs in 2007 are also expected to be higher than in 2006, which can be attributed to significant investment programmes in 2007, cf. below. At present the overall effective tax rate for 2007 is expected to be in the region of 27%. Minority interests are still expected to increase in 2007 as a result of an expected positive trend, including in BBH. Net profit is expected to rise to at least DKK 2bn in 2007 (DKK 1,884m in 2006). Investments in property development, continued capacity expansion in BBH and in connection with establishing a new production structure in Denmark, Finland and Italy, for example, mean that total investments will be very high and, taking 2007 in isolation, this will have a negative impact on free cash flow. The above forward-looking statements, including the forecasts of future revenue, profit and cash flow etc., reflect management's current expectations and are subject to risks and uncertainty. Many factors, some of which will be beyond management's control, may cause actual developments to differ materially from the expectations expressed. Such factors include - but are not limited to - matters presented in previously published material from Carlsberg A/S, most recently in the Annual Report for 2006. FINANCIAL CALENDAR 2007 The financial year follows the calendar year, and the following schedule has been set: 8 August 2007 Financial statement for Q2 2007 7 November 2007 Financial statement for Q3 2007 19 February 2008 Financial statement for 2007 Carlsberg's communication with investors, analysts and the press is subject to special restrictions during a four-week period prior to the publication of quarterly and annual financial statements. MANAGEMENT STATEMENT The Board of Directors and the Executive Board have discussed and approved the interim report of the Carlsberg Group for the period 1 January - 31 March 2007. The interim report is unaudited and has been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the EU, cf. Accounting Policies, and additional Danish interim reporting requirements for listed companies. We consider the accounting policies used to be appropriate. Accordingly, the interim report gives a true and fair view of the Carlsberg Group's assets, liabilities and financial position at 31 March 2007, and of the results of the Carlsberg Group's operations and cash flow for the period 1 January - 31 March 2007. Executive Board of Carlsberg A/S Nils S. Andersen Jørn P. Jensen Jørgen Buhl Rasmussen Board of Directors of Carlsberg A/S Povl Krogsgaard-Larsen Jens Bigum Hans Andersen Chairman Deputy Chairman Flemming Besenbacher Søren Bjerre-Nielsen Hanne Buch-Larsen Henning Dyremose Niels Kærgård Axel Michelsen Erik Dedenroth Olsen Bent Ole Petersen Per Øhrgaard Appendix 1 Segment reporting by region (beverages) Appendix 2 Beverages and other activities Appendix 3 Segment reporting by quarter Appendix 4 Income statement Appendix 5 Special items Appendix 6 Balance sheet Appendix 7 Statement of recognised income and expenses, and changes in equity Appendix 8 Cash flow statement Appendix 9 Net interest-bearing debt This statement is available in Danish and English. In the event of any discrepancy between the two versions, the Danish version shall prevail. Carlsberg is one of the leading brewery groups in the world, with a large portfolio of beer and soft drinks brands. Its flagship brand - Carlsberg - is one of the fastest-growing and best-known beer brands in the world. More than 30,000 people work for Carlsberg at 92 local production sites in 48 countries, and its products are sold in more than 150 markets. In 2005 Carlsberg sold more than 100 million hectolitres of beer, which is about 83 million bottles of beer a day. Find out more at www.carlsberggroup.com. APPENDIX 1 (PAGE 1/2) Segment reporting by region (beverages) Q1 2007 Q1 2006 2006 Beer sales (pro rata, million hl) Western Europe 5.7 5.5 28.2 Baltic Beverages Holding (BBH) 5.4 3.8 23.4 Eastern Europe (excl. BBH) 2.7 2.3 13.3 Asia 2.2 1.6 7.7 Total 16.0 13.2 72.6 Net revenue (DKK million) Western Europe 5,645 5,364 27,307 Baltic Beverages Holding (BBH) 1,832 1,276 7,953 Eastern Europe (excl. BBH) 732 639 3,509 Asia 634 517 2,299 Not distributed 20 11 15 Beverages, total 8,863 7,807 41,083 Net revenue (% of total) Western Europe 63.7 68.7 66.5 Baltic Beverages Holding (BBH) 20.7 16.3 19.4 Eastern Europe (excl. BBH) 8.2 8.1 8.5 Asia 7.2 6.6 5.6 Not distributed 0.2 0.3 0.0 Beverages, total 100.0 100.0 100.0 Operating profit before special items (DKK million) Western Europe 197 16 2,425 Baltic Beverages Holding (BBH) 333 153 1,804 Eastern Europe (excl. BBH) 5 -75 135 Asia 82 126 332 Not distributed -214 -116 -699 Beverages, total 403 104 3,997 Operating profit margin (%) Western Europe 3.5 0.3 8.9 Baltic Beverages Holding (BBH) 18.2 12.0 22.7 Eastern Europe (excl. BBH) 0.7 -11.8 3.8 Asia 13.0 24.4 14.4 Not distributed … … … Beverages, total 4.5 1.3 9.7 APPENDIX 1 (PAGE 2/2) Segment reporting by region (beverages) Q1 2007 Q1 2006 2006 Depreciation and amortisation (DKK million) Western Europe 380 393 1,667 Baltic Beverages Holding (BBH) 146 135 619 Eastern Europe (excl. BBH) 93 94 396 Asia 31 23 120 Not distributed 36 24 138 Beverages, total 686 669 2,940 Invested capital, period-end (DKK million) Western Europe 17,429 18,403 16,767 Baltic Beverages Holding (BBH) 7,740 6,870 7,346 Eastern Europe (excl. BBH) 3,985 3,982 3,972 Asia 2,773 2,809 2,580 Not distributed 652 451 632 Beverages, total 32,579 32,515 31,297 Return on average invested capital, ROIC (%) (running 12 months) Western Europe 14.5 11.2 13.3 Baltic Beverages Holding (BBH) 28.1 21.8 26.5 Eastern Europe (excl. BBH) 5.3 7.0 3.3 Asia 10.6 12.3 12.2 Not distributed … … … Beverages, total 13.3 10.5 12.4 APPENDIX 2 Beverages and other activities DKK million Q1 2007 Q1 2006 Beverages Other activities Total Beverages Other activities Total Net revenue 8,863 - 8,863 7,807 - 7,807 Operating profit 403 -1 402 104 -21 83 Special items, net -31 - -31 -105 - -105 Financial items, net -193 -60 -253 -173 -55 -228 Profit before tax 179 -61 118 -174 -76 -250 Corporation tax -47 15 -32 49 22 71 Consolidated profit 132 -46 86 -125 -54 -179 Attributable to: Minority interests 40 1 41 39 1 40 Shareholders in Carlsberg A/S 92 -47 45 -164 -55 -219 DKK million 2006 Beverages Other activities Total Net revenue 41,083 - 41,083 Operating profit 3,997 49 4,046 Special items, net -160 - -160 Financial items, net -728 -129 -857 Profit before tax 3,109 -80 3,029 Corporation tax -920 62 -858 Consolidated profit 2,189 -18 2,171 Attributable to: Minority interests 282 5 287 Shareholders in Carlsberg A/S 1,907 -23 1,884 APPENDIX 3 Segment reporting by quarter DKK million Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Net revenue Western Europe 5,261 6,988 7,159 6,898 5,364 7,456 7,379 7,108 5,645 Baltic Beverages Holding (BBH) 1,086 1,951 2,069 1,462 1,276 2,320 2,552 1,805 1,832 Eastern Europe (excl. BBH) 606 1,024 1,028 734 639 1,033 1,010 827 732 Asia 403 384 437 415 517 630 590 562 634 Not distributed 39 77 21 5 11 5 16 -17 20 Beverages, total 7,395 10,424 10,714 9,514 7,807 11,444 11,547 10,285 8,863 Other activities - - - - - - - - - Total 7,395 10,424 10,714 9,514 7,807 11,444 11,547 10,285 8,863 Operating profit Western Europe -86 829 940 344 16 894 986 529 197 Baltic Beverages Holding (BBH) 145 423 501 247 153 598 733 320 333 Eastern Europe (excl. BBH) -76 161 124 93 -75 111 143 -44 5 Asia 98 97 101 95 126 94 91 21 82 Not distributed -77 -200 -100 -237 -116 -134 -152 -297 -214 Beverages, total 4 1,310 1,566 542 104 1,563 1,801 529 403 Other activities -26 40 5 77 -21 76 9 -15 -1 Total -22 1,350 1,571 619 83 1,639 1,810 514 402 Special items, net -74 -36 -385 109 -105 498 -152 -401 -31 Financial items, net -294 -324 -281 -341 -228 -200 -200 -229 -253 Profit before tax -390 990 905 387 -250 1,937 1,458 -116 118 Corporation tax 92 -272 -315 -26 71 -571 -417 60 -32 Consolidated profit -298 718 590 361 -179 1,366 1,041 -56 86 Attributable to: Minority interests 21 85 111 44 40 95 128 24 41 Shareholders in Carlsberg A/S -319 633 479 317 -219 1,271 913 -80 45 APPENDIX 4 Income statement DKK million Q1 2007 Q1 2006 2006 Net revenue 8,863 7,807 41,083 Cost of sales -4,597 -4,046 -20,151 Gross profit 4,266 3,761 20,932 Sales and distribution expenses -3,166 -2,993 -14,173 Administrative expenses -798 -745 -3,065 Other operating income, net 88 46 267 Share of profit after tax, associates 12 14 85 Operating profit before special items 402 83 4,046 Special items, net -31 -105 -160 Financial income 165 150 725 Financial expenses -418 -378 -1,582 Profit before tax 118 -250 3,029 Corporation tax -32 71 -858 Consolidated profit 86 -179 2,171 Attributable to: Minority interests 41 40 287 Shareholders in Carlsberg A/S 45 -219 1,884 Earnings per share 0.6 -2.9 24.7 Earnings per share, diluted 0.6 -2.9 24.6 APPENDIX 5 Special items DKK million Q1 2007 Q1 2006 2006 Special items, income - - 602 Special items, costs Impairment of goodwill - - -224 Loss on disposal of activities etc. - - -21 Restructuring costs incl. associated impairments etc. -31 -105 -517 Total -31 -105 -762 Special items, net -31 -105 160 APPENDIX 6 Balance sheet DKK million 31 March 2007 31 March 2006 31 Dec. 2006 Assets Intangible assets 21,320 20,837 21,279 Property, plant and equipment 20,778 20,208 20,367 Financial assets 3,165 6,289 2,724 Total non-current assets 45,263 47,334 44,370 Inventories and trade receivables 9,407 8,966 9,328 Other receivables etc. 1,993 1,920 2,154 Cash and cash equivalents 2,687 2,280 2,490 Total current assets 14,087 13,166 13,972 Assets held for sale 72 329 109 Total assets 59,422 60,829 58,451 Equity and liabilities Equity, shareholders in Carlsberg A/S 17,135 17,472 17,597 Minority interests 1,472 1,498 1,390 Total equity 18,607 18,970 18,987 Borrowings 18,404 20,277 16,241 Deferred tax, retirement benefit obligations etc. 4,895 4,691 4,851 Total non-current liabilities 23,299 24,968 21,092 Borrowings 6,373 5,955 6,556 Trade payables 4,489 3,906 5,147 Other current liabilities 6,653 7,020 6,668 Total current liabilities 17,515 16,881 18,371 Liabilities associated with assets held for sale 1 10 1 Total equity and liabilities 59,422 60,829 58,451 APPENDIX 7 (page 1/2) Statement of recognised income and expenses 2007 DKK million Share holders in Carlsberg A/S Minority interests Total Profit for the period 45 41 86 Currency translation adjustments: Foreign entities -45 2 -43 Value adjustments: Hedging instruments 48 - 48 Securities -2 - -2 Retirement benefit obligations -8 - -8 Other adjustments: Share-based payment 3 - 3 Tax on changes in equity -11 - -11 Net income recognised directly in equity -15 2 -13 Total recognised income and expenses 30 43 73 2006 DKK million Share holders in Carlsberg A/S Minority interests Total Profit for the period -219 40 -179 Currency translation adjustments: Foreign entities -63 -4 -67 Value adjustments: Hedging instruments 333 - 333 Securities -32 - -32 Retirement benefit obligations -8 - -8 Other adjustments: Share-based payment 2 - 2 Other -17 -12 -29 Tax on changes in equity -99 - -99 Net income recognised directly in equity 116 -16 100 Total recognised income and expenses -103 24 -79 APPENDIX 7 (PAGE 2/2) Statement of changes in equity 2007 Shareholders in Carlsberg A/S DKK million Share capital Retained earnings/ reserves Total capital and reserves Minority interests Total equity Equity at 1 January 2007 1,526 16,071 17,597 1,390 18,987 Total recognised income and expenses for the period - 30 30 43 73 Purchase/sale of treasury shares - -32 -32 - -32 Dividends paid to shareholders - -458 -458 -19 -477 Acquisition of minority interests and entities - - - 58 58 Other - -2 -2 - -2 Total changes in equity - -462 -462 82 -380 Equity at 31 March 2007 1,526 15,609 17,135 1,472 18,607 2006 Shareholders in Carlsberg A/S DKK million Share capital Retained earnings/ reserves Total capital and reserves Minority interests Total equity Equity at 1 January 2006 1,526 16,442 17,968 1,528 19,496 Total recognised income and expenses for the period - -103 -103 24 -79 Purchase/sale of treasury shares - -12 -12 - -12 Dividends paid to shareholders - -381 -381 -10 -391 Acquisition of minority interests and entities - - - -44 -44 Total changes in equity - -496 -496 -30 -526 Equity at 31 December 2006 1,526 15,946 17,472 1,498 18,970 APPENDIX 8 Cash flow statement DKK million Q1 2007 Q1 2006 2006 Operating profit before special items 402 83 4,046 Adjustment for depreciation, amortisation and impairment 689 674 2,989 Operating profit before depreciation, amortisation and impairment 1,091 757 7,035 Adjustment for other non-cash items -82 -47 -173 Change in working capital -787 -925 389 Restructuring costs paid -110 -170 -477 Interest etc. received 42 43 186 Interest etc. paid -274 -488 -1,512 Corporation tax paid -289 -109 -978 Cash flow from operating activities -409 -939 4,470 Acquisition of property, plant and equipment, and intangible assets -993 -670 -3,188 Disposal of property, plant and equipment, and intangible assets 160 73 305 Change in on-trade loans -20 -53 -200 Total operating investments -853 -650 -3,083 Acquisition and divestment of entities, net -52 -151 18 Acquisition of financial assets -11 -6 -82 Disposal of financial assets 45 1 1,494 Change in financial receivables1 196 1,928 1,834 Dividends received 15 10 70 Total financial investments 193 1,782 3,334 Other investments in property etc. -138 -42 -371 Disposal of other property etc. 8 18 185 Total other activities2 -130 -24 -186 Cash flow from investing activities -790 1,108 65 Free cash flow -1,199 169 4,535 Shareholders in Carlsberg A/S -490 -393 -397 Minority interests -73 -219 -701 External financing 1,866 -351 -3,592 Cash flow from financing activities 1,303 -963 -4,690 Net cash flow 104 -794 -155 Cash and cash equivalents at beginning of period 1,708 1,940 1,940 Currency translation adjustments 8 -4 -77 Cash and cash equivalents at period-end 1,820 1,142 1,708 1 Includes DKK 1,928m received on the sale of the shares in Hite Brewery Co. Ltd. in 2006. 2 Other activities cover property and assets under construction, separate from the beverage activities, including costs of contract work in progress. APPENDIX 9 Net interest-bearing debt DKK million Q1 2007 Q1 2006 2006 Net interest-bearing debt is calculated as follows: Non-current borrowings 18,404 20,277 16,241 Current borrowings 6,373 5,955 6,556 Gross interest-bearing debt 24,777 26,232 22,797 Cash and cash equivalents -2,687 -2,280 -2,490 Loans to associates -32 -183 -221 On-trade loans -1,681 -1,701 -1,711 less non-interest-bearing portion 872 898 927 Other receivables -900 -941 -857 less non-interest-bearing portion 826 751 784 Net interest-bearing debt 21,175 22,776 19,229 Changes in net interest-bearing debt: Net interest-bearing debt at beginning of period 19,229 20,753 20,753 Cash flow from operating activities 409 939 -4,470 Cash flow from investing activities 790 -1,108 -65 Dividend to shareholders and minority interests 477 391 529 Acquisition of minority interests 53 209 576 Purchase/sale of treasury shares 32 12 16 Additions re acquisition of entities, net 38 - 146 Change in interest-bearing lending 157 1,863 1,832 Currency translation effects -110 -213 -272 Other 100 -70 184 Total change 1,946 2,023 -1,524 Net interest-bearing debt at period-end 21,175 22,776 19,229