Significant progress leads to further upward adjustment • A positive trend on several of Carlsberg's markets combined with a continued focus on innovation and optimisation of sales and marketing resources generated total net revenue of DKK 21.5bn (DKK 19.3bn in the first half of 2006), an increase of 12%. There was growth in all regions, with the greatest progress made in Eastern Europe and Asia. In local currencies, net revenue climbed 13%. • Operating profit rose by 31% to DKK 2,256m (DKK 1,722m in the first half of 2006). There was good organic growth in both Western and Eastern Europe, particularly in BBH. The positive earnings performance is the result of continued progress in sales plus rationalisations and cost savings within a number of areas. • The full-year outlook for operating profit is being increased by DKK 300m to approx. DKK 5bn (DKK 4,046m in 2006), including organic earnings growth for beverage activities of 18-20%. Net profit is now expected to be approx. DKK 2.2bn, an increase in the region of 15-20% on 2006 (DKK 1,884m). Contacts: Investors Mikael Bo Larsen +45 3327 1223 Media Jens Bekke +45 3327 1412 Carlsberg will present the financial statement 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 Q2 2007 Q2 2006 H1 2007 H1 2006 2006 Sales volumes (million hl) Beer 33.6 28.8 56.0 47.1 100.7 Soft drinks 5.8 5.6 10.2 9.7 20.2 Income statement Net revenue 12,639 11,444 21,502 19,251 41,083 Operating profit before special items 1,854 1,639 2,256 1,722 4,046 Special items, net -111 498 -142 393 -160 Consolidated profit 1,128 1,366 1,214 1,187 2,171 Attributable to: Minority interests 91 95 132 135 287 Shareholders in Carlsberg A/S 1,037 1,271 1,082 1,052 1,884 Balance sheet Total assets 61,922 61,176 58,451 Invested capital 44,941 43,375 43,160 Interest-bearing debt, net 20,530 20,628 19,229 Equity, shareholders in Carlsberg A/S 18,144 16,805 17,597 Cash flow Cash flow from operating activities 2,052 2,030 1,643 1,091 4,470 Cash flow from investing activities -1,314 492 -2,104 1,600 65 Free cash flow 738 2,522 -461 2,691 4,535 Financial ratios Operating margin % 14.7 14.3 10.5 8.9 9.8 Return on average invested capital (ROIC) % 10.3 8.7 9.2 Equity ratio % 29.3 27.5 30.1 Debt/equity ratio (financial gearing) x 1.1 1.2 1.1 Interest cover x 4.6 4.0 4.7 Stock market ratios Earnings per share (EPS) DKK 13.6 16.6 14.2 13.8 24.7 Cash flow from operating activities per share (CFPS) DKK 26.9 26.6 21.5 14.3 58.6 Free cash flow per share (FCFPS) DKK 9.7 33.1 -6.0 35.3 59.5 Share price (B-shares) DKK 667.0 421.8 561.0 Number of shares (period-end) 1,000 76,278 76,278 76,278 76,278 76,278 Number of shares (average, excl. treasury shares) 1,000 76,266 76,262 76,265 76,262 76,265 BUSINESS DEVELOPMENT Beer sales in the first half of 2007 totalled 39.8m hl (calculated pro rata), an increase of 17% comprising 16% organic growth and 1% from acquisitions. Progress was greatest in the part of the business which concentrates on the growth markets in Eastern Europe, particularly the BBH countries, and in Asia, but higher sales were achieved in Western Europe too. The international brands Carlsberg and Tuborg continued to grow, achieving volume increases of 6% and 24% respectively, the latter primarily as a result of rising sales on BBH's markets in Russia and the Ukraine. Net revenue rose by 12% to DKK 21,502m (DKK 19,251m in 2006). All the regions contributed to this increase, particularly BBH, which achieved revenue growth of 36%. Changes 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 climbed DKK 534m to DKK 2,256m (DKK 1,722m in 2006). The increase was broadly based across the regions with only Asia posting lower earnings. The higher earnings elsewhere can be attributed to increased volumes and ongoing implementation of the Excellence programmes, including cost savings within logistics and administration. Western Europe DKK million Q2 2007 Q2 2006 Change (%) H1 2007 H1 2006 Change (%) 2006 Beer sales (million hl) 8.0 7.8 +3 13.7 13.3 +3 28.2 Net revenue 7,624 7,456 +2 13,269 12,820 +3 27,307 Operating profit 969 894 +8 1,166 910 +28 2,425 Operating margin (%) 12.7 12.0 +0.7 8.8 7.1 +1.7 8.9 The beer markets in Western Europe showed a generally positive trend with Carlsberg gaining market share on several of its key markets, including the United Kingdom and the Nordic countries. Carlsberg sold a total of 13.7m hl of beer (13.3m hl in the first half of 2006), an increase of 3%. Revenue also rose by 3% to DKK 13,269m, against DKK 12,820m in the first half of 2006. This trend was primarily driven by increasing revenues in the Nordic countries, although there were also positive contributions from the United Kingdom and Portugal. In combination with the Commercial Excellence programme, which focuses on optimising the utilisation of sales and marketing resources, continuous innovation and the ongoing introduction of new products have had a positive impact on average selling prices per hl beer. An increase of approx. 1% has been achieved on the first half of 2006, thanks in part to an improved product mix. The Operational Excellence programmes are also proceeding satisfactorily and, despite rising sales, it has been possible to realise cost savings within sales and distribution, and administration. Operating profit was DKK 1,166m against DKK 910m in the first half of 2006, and progress was realised on a broad front with positive contributions from every country except Italy. The operating margin continued its upward trend, rising by 0.7 percentage points to 12.7% in the second quarter, equivalent to an average of 9.7% on a rolling 12-month basis. Baltic Beverages Holding (50%) DKK million Q2 2007 Q2 2006 Change (%) H1 2007 H1 2006 Change (%) 2006 Beer sales (million hl) 8.6 6.7 +29 14.0 10.5 +33 23.4 Net revenue 3,073 2,320 +32 4,905 3,596 +36 7,953 Operating profit 780 598 +30 1,113 751 +48 1,804 Operating margin (%) 25.4 25.8 -0.4 22.7 20.9 +1.8 22.7 The Russian market continued its significant progress in the second quarter and increased by 23% in the first half. This development can be attributed to mild weather for a large part of the period as well as a continuing strong trend in consumption, partly influenced by last year's supply problems for wine and spirits. The other BBH markets also showed a positive development, achieving volume growth of 22% in the Ukraine, 20% in Kazakhstan and 5% in the Baltic States. BBH achieved a 31% increase in total volume, while the pro rata volume increased by 33% to 14.0m hl as a result of continued strong growth for the Tuborg brand. Net revenue rose to DKK 4,905m against DKK 3,596m in the first half of 2006, an increase of 36%, approx. 9% of which derives from the improved price/mix and approx. -4% from exchange rate movements. Operating profit climbed 48% to DKK 1,113m (DKK 751m in the first half of 2006), resulting in an increase in operating margin of 1.8 percentage points to 22.7%. Increasing costs for raw materials and transport were partly compensated for by greater efficiency in production and sales. BBH continued to strengthen its market position in Russia in the second quarter, achieving a market share of 37.6% for the first half of the year (35.7% in the first half of 2006). Progress remains broadly based, driven by the Baltika, Tuborg (+106%) and Bolshay Kruzka brands, and the fact that Baltika is now a single, fully integrated organisation operating across all functions. The positive trend in the Baltic States continued, thanks to a successful product strategy with an increasing focus on the premium segment and other beverages. The re-launch of Slavutich in the Ukraine was well received, and the long-term turnaround is proceeding to plan. The market trend in Russia and all the other BBH markets has been positively influenced in the first half by particularly good weather compared with somewhat colder weather for large parts of the same period last year. The supply problems with wine and spirits experienced in Russia in the second half of 2006 are also considered to have brought about a change in consumption patterns, resulting in a not insignificant impact on beer sales. The trend on the Russian beer market is expected to remain favourable for the rest of the year, although the extraordinary situation regarding wine and spirits in the second half of 2006 will mean more subdued growth in beer sales in the second half of this year. Based on this, the Russian market is now expected to achieve growth of 11-13% in 2007. 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 expected to be around 23%. Eastern Europe excl. BBH DKK million Q2 2007 Q2 2006 Change (%) H1 2007 H1 2006 Change (%) 2006 Beer sales (million hl) 4.5 4.0 +14 7.2 6.3 +15 13.3 Net revenue 1,284 1,033 +24 2,016 1,672 +21 3,509 Operating profit 187 111 +68 192 36 +430 135 Operating margin (%) 14.5 10.8 +3.8 9.5 2.2 +7.3 3.8 The positive trend on the East European markets continued, with high volume growth in Poland, Bulgaria and other countries. Beer sales climbed 15% to 7.2m hl, with significant contributions from the above-mentioned countries and Serbia, while sales in Turkey were down. Net revenue rose by 21% to DKK 2,016m and operating profit was DKK 192m against DKK 36m in the first half of 2006. These figures include income of DKK 63m (in the first quarter of 2007) from the sale of property in Poland. The positive earnings performance is primarily related to a continued improvement in the Polish activities following last year's change in the business model, with progress for both the Carlsberg brand and local ones. The Turkish market was stable, and investments are being made in new products, including the new local beer Vole (launched in March 2007). In the South East Europe region, the trend for both local brands and Tuborg has remained positive, with market share being gained in all markets. Asia DKK million Q2 2007 Q2 2006 Change (%) H1 2007 H1 2006 Change (%) 2006 Beer sales (million hl) 2.7 2.2 +23 4.9 3.8 +29 7.7 Net revenue 650 630 +3 1,284 1,147 +12 2,299 Operating profit 87 94 -7 169 220 -23 332 Operating margin (%) 13.3 14.9 -1.6 13.1 19.2 -6.1 14.4 The Asian business posted total sales of 4.9m hl beer (3.8m hl in the first half of 2006), thus achieving a volume increase of 29% comprising 17% from organic growth and 12% from acquisitions. Net revenue rose to DKK 1,284m (DKK 1,147m in the same period last year), of which DKK 50m derived from acquisitions. Operating profit was DKK 169m against DKK 220m in the same period last year. Earnings performance was affected among other things by lower earnings in Malaysia and a general increase in raw material costs. One of the reasons for the decline in volumes in Malaysia was a decision to reduce inventories in the wholesale trade, but fiercer competition and costs for security ink have also contributed to lower earnings. There was progress on the growth markets in China and Vietnam, driven by increased sales of both Carlsberg Chill in the Chinese premium segment and local brands, including the new Dali Genuine Refresh in Yunnan province and the Halida and Huda brands in Vietnam. The new brewery in Phu Bai in Vietnam is expected to start production at the end of the year. OTHER ACTIVITIES Other activities include the development and sale of real estate, primarily at former brewery sites, and operation of the Carlsberg Research Center. These activities generated a profit of DKK 43m, against DKK 55m in the first half 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. The Carlsberg site at Valby covers a total of approx. 330,000 m2. As part of the preparations, an architectural competition was held to explore development opportunities for the site. The winning entry proposes total development of approx. 550,000 m2. Carlsberg anticipates continuing to use 60-70,000 m2 of the site in Valby after production is relocated. Drafting and approval of the public plan for the site are expected to continue until the summer of 2008. COMMENTS ON THE FINANCIAL STATEMENT ACCOUNTING POLICIES The present interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted 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. In 2007 the following interpretations relevant to the Carlsberg Group have been adopted by the EU and implemented with effective date 1 January 2007: o IFRIC 10 Interim Financial Reporting and Impairment o IFRIC 11 IFRS 2: Group and Treasury Share Transactions. Implementation of these interpretations has not led to any changes in the accounting policies of the Carlsberg Group. INCOME STATEMENT Net revenue totalled DKK 21,502m in the first half of 2007 (DKK 19,251m in the first half of 2006). This is an increase of 12% on the same period of 2006, with approx. -1 percentage point of this resulting from exchange rate movements. Progress was broadly based across all regions, though the biggest contributions came from BBH and the Nordic countries. Organic growth was DKK +2,445m (+13 percentage points). Gross profit rose by 10% to DKK 10,758m (DKK 9,754m in the first half of 2006), and the gross margin was 50.0%, a fall of 0.7 percentage points. The lower gross margin is due partly to rising raw material prices, which have only been offset to a certain extent by rising selling prices. Changes in product mix in the form of a move towards more expensive packaging, especially on the Western European markets, have also led to higher material costs. Sales and distribution expenses grew by 5% to DKK 7,074m, while administrative expenses grew by 9% to DKK 1,598m. This development can be attributed to a continuing decrease in the cost level in Western Europe, although this is balanced out by increased costs as a result of a higher level of activity on the growth markets in BBH, Eastern Europe, and Asia. Other operating income, net, was DKK 132m (DKK 159m in the first half of 2006), Profit on the disposal of fixed assets was on a par with last year. Most significantly, profit was up DKK 63m in Eastern Europe while profit in Western Europe was down by the same amount compared with last year. The lower income figure is partly the result of development costs relating to the Valby site. The Group's share of the net profit of associates was DKK 38m, against DKK 20m in 2006. Operating profit before special items was DKK 2,256m, against DKK 1,722m in the first half of 2006. Beverage activities generated a profit of DKK 2,213m, an increase of DKK 546m. Progress was seen in Western Europe, BBH, and Eastern Europe. Both rising volumes and revenue and a falling cost level contributed to the positive development on the Western European market, while the significant progress in BBH was driven by rising volumes and revenue and tight cost control. In Eastern Europe, progress was primarily related to improved results in Poland.The overall operating margin was 10.5%, which was 1.6 percentage points higher than in the first half of 2006. Net special items amounted to DKK -142m, against DKK 393m in the first half of 2006, and relate to redundancy costs, etc., in connection with Logistics Excellence and restructuring measures implemented in previous years. The comparative figure for 2006 included profit of DKK 616m on the sale of shares in Hite Brewery Co. Ltd. Net financial items amounted to DKK -496m, against DKK -428m in the first half of 2006, with interest costs accounting for DKK -528m of this compared with DKK -506m in 2006. This can be attributed to rising interest rates, which more than balanced out the reduction in average net interest-bearing debt. Consolidated profit was DKK 1,214m, against DKK 1,187m in the same period last year. Carlsberg's share of net profit was DKK 1,082m, against DKK 1,052m in the same period last year. CASH FLOW AND INTEREST-BEARING DEBT Cash flow from operating activities totalled DKK 1,643m in the first half of the year, against DKK 1,091m in the same period of 2006, an increase of DKK 552m. The major contributors to this development were the trend in operating activities (DKK +550m), lower interest payments (DKK +226m) and lower restructuring costs paid (DKK +88m), while changes in working capital reduced cash flow by DKK 362m. Cash flow from investing activities was DKK -2,104m, against DKK +1,600m in the same period last year. The difference between the two periods was approx. DKK 3.7bn, which can largely be explained by the fact that the cash flow in the first half of 2006 included proceeds from the sale of shares in Hite Brewery Co. Ltd. (DKK 3,293m). Capital expenditure on beverage activities rose by DKK 575m to DKK 2,095m, which can mainly be attributed to a rather high level of investment in BBH. After this, free cash flow was DKK -461m, against DKK +2,691m last year. Adjusted for the sale of Hite shares in 2006, free cash flow rose by DKK 141m in the first half compared with the same period of 2006. Cash and cash equivalents were DKK 1,193m at 30 June 2007, a reduction of DKK 616m on the same date last year. Net interest-bearing debt amounted to DKK 20.5bn, an increase of DKK 1.3bn 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 the positive development in the second quarter and continuing positive outlooks for the rest of the year, Carlsberg is adjusting its earnings expectations for 2007 upwards. Net revenue is expected to rise by at least 10% (previously approx. 7%), and operating profit is expected to rise to approx. DKK 5bn (previously approx. DKK 4.7bn). The expected figure for operating profit comprises approx. DKK 4.75bn (previously approx. DKK 4.5bn) from beverage activities and approx. DKK 250m from other activities (previous expectations approx. DKK 200m). This is the second time this year that Carlsberg has adjusted its expectations for beverage activities upwards, and operating profit from this is expected to achieve organic growth of 18-20%, compared with the figure of DKK 3,997m for 2006. Progress is expected in Western Europe, BBH and the rest of Eastern Europe. The earnings expectations also incorporate significant central costs (the “not distributed” segment) 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 340m, approx. DKK 250m and approx. DKK 110m in the second half of 2007 and in 2008 and 2009 respectively, while sales proceeds will be approx. DKK 550m, approx. DKK 1bn and approx. DKK 350m. Selling profits or new rental income in the second half of 2007 and in 2008 and 2009 are expected to be approx. DKK 250m, approx. DKK 400m and approx. DKK 100m respectively. Approx. 60,000 m2 of housing, approx. 9,000 m2 of commercial property and approx. DKK 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 250m to operating profit in 2007. Additional 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 -400m. Financial expenses are still expected to be somewhat higher than in 2006, primarily because other financial items (translation adjustments etc.) totalled DKK +172m in 2006. 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, and interest rate rises. 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 at BBH. Net profit is now expected to be approx. DKK 2.2bn, an increase in the region of 15-20% compared with last year (DKK 1,884m). Investments in real estate development, continued capacity expansion at BBH and in connection with establishing a new production structure in Denmark, Finland, Italy and other countries mean that total investments will be very high and, taking 2007 in isolation, this will have a negative effect 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 development 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. MANAGEMENT CHANGES Nils S. Andersen will be leaving his position as President and CEO of Carlsberg A/S by mid-November 2007 to take up the position of President and CEO of A.P. Møller - Mærsk A/S. The Board of Directors of Carlsberg has initiated the process of recruiting a new President and CEO who, together with the rest of management, can continue and develop the strategy in place. FINANCIAL CALENDAR 2007 The financial year follows the calendar year, and the following schedule has been set: 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 - 30 June 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 30 June 2007, and of the results of the Carlsberg Group's operations and cash flow for the period 1 January - 30 June 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 2006 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) Q2 2007 Q2 2006 H1 2007 H1 2006 2006 Beer sales (pro rata, million hl) Western Europe 8.0 7.8 13.7 13.3 28.2 Baltic Beverages Holding (BBH) 8.6 6.7 14.0 10.5 23.4 Eastern Europe (excl. BBH) 4.5 4.0 7.2 6.3 13.3 Asia 2.7 2.2 4.9 3.8 7.7 Total 23.8 20.7 39.8 33.9 72.6 Net revenue (DKK million) Western Europe 7,624 7,456 13,269 12,820 27,307 Baltic Beverages Holding (BBH) 3,073 2,320 4,905 3,596 7,953 Eastern Europe (excl. BBH) 1,284 1,033 2,016 1,672 3,509 Asia 650 630 1,284 1,147 2,299 Not distributed 8 5 28 16 15 Beverages, total 12,639 11,444 21,502 19,251 41,083 Net revenue (% of total) Western Europe 60.3 65.1 61.7 66.6 66.5 Baltic Beverages Holding (BBH) 24.3 20.3 22.8 18.7 19.4 Eastern Europe (excl. BBH) 10.2 9.0 9.4 8.7 8.5 Asia 5.1 5.5 6.0 6.0 5.6 Not distributed 0.1 0.1 0.1 0.0 0.0 Beverages, total 100.0 100.0 100.0 100.0 100.0 Operating profit before special items (DKK million) Western Europe 969 894 1,166 910 2,425 Baltic Beverages Holding (BBH) 780 598 1,113 751 1,804 Eastern Europe (excl. BBH) 187 111 192 36 135 Asia 87 94 169 220 332 Not distributed -213 -134 -427 -250 -699 Beverages, total 1,810 1,563 2,213 1,667 3,997 Operating profit margin (%) Western Europe 12.7 12.0 8.8 7.1 8.9 Baltic Beverages Holding (BBH) 25.4 25.8 22.7 20.9 22.7 Eastern Europe (excl. BBH) 14.5 10.8 9.5 2.2 3.8 Asia 13.3 14.9 13.1 19.2 14.4 Not distributed … … … … … Beverages, total 14.3 13.7 10.3 8.7 9.7 APPENDIX 1 (PAGE 2/2) Segment reporting by region (beverages) Q2 2007 Q2 2006 H1 2007 H1 2006 2006 Depreciation and amortisation (DKK million) Western Europe 377 400 757 793 1,667 Baltic Beverages Holding (BBH) 153 140 299 275 619 Eastern Europe (excl. BBH) 97 92 190 186 396 Asia 31 34 62 57 120 Not distributed 34 26 70 50 138 Beverages, total 692 692 1,378 1,361 2,940 Invested capital, period-end (DKK million) Western Europe 16,594 18,052 16,767 Baltic Beverages Holding (BBH) 8,043 6,638 7,346 Eastern Europe (excl. BBH) 4,299 3,983 3,972 Asia 2,869 2,653 2,580 Not distributed 1,028 600 632 Beverages, total 32,833 31,926 31,297 Return on average invested capital, ROIC (%) (running 12 months) Western Europe 15.3 11.6 13.3 Baltic Beverages Holding (BBH) 29.4 23.5 26.5 Eastern Europe (excl. BBH) 7.1 5.9 3.3 Asia 10.2 12.4 12.2 Not distributed … … … Beverages, total 14.0 11.3 12.4 APPENDIX 2 Beverages and other activities DKK million Q2 2007 Q2 2006 Beverages Other activities Total Beverages Other activities Total Net revenue 12,639 - 12,639 11,444 - 11,444 Operating profit 1,810 44 1,854 1,563 76 1,639 Special items, net -111 - -111 498 - 498 Financial items, net -179 -64 -243 -200 - -200 Profit before tax 1,520 -20 1,500 1,861 76 1,937 Corporation tax -351 -21 -372 -564 -7 -571 Consolidated profit 1,169 -41 1,128 1,297 69 1,366 Attributable to: Minority interests 90 1 91 95 - 95 Shareholders in Carlsberg A/S 1,079 -42 1,037 1,202 69 1,271 DKK million H1 2007 H1 2006 Beverages Other activities Total Beverages Other activities Total Net revenue 21,502 - 21,502 19,251 - 19,251 Operating profit 2,213 43 2,256 1,667 55 1,722 Special items, net -142 - -142 393 - 393 Financial items, net -372 -124 -496 -373 -55 -428 Profit before tax 1,699 -81 1,618 1,687 - 1,687 Corporation tax -398 -6 -404 -515 15 -500 Consolidated profit 1,301 -87 1,214 1,172 15 1,187 Attributable to: Minority interests 130 2 132 134 1 135 Shareholders in Carlsberg A/S 1,171 -89 1,082 1,038 14 1,052 APPENDIX 3 Segment reporting by quarter DKK million Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Net revenue Western Europe 7,159 6,898 5,364 7,456 7,379 7,108 5,645 7,624 Baltic Beverages Holding (BBH) 2,069 1,462 1,276 2,320 2,552 1,805 1,832 3,073 Eastern Europe (excl. BBH) 1,028 734 639 1,033 1,010 827 732 1,284 Asia 437 415 517 630 590 562 634 650 Not distributed 21 5 11 5 16 -17 20 8 Beverages, total 10,714 9,514 7,807 11,444 11,547 10,285 8,863 12,639 Other activities - - - - - - - - Total 10,714 9,514 7,807 11,444 11,547 10,285 8,863 12,639 Operating profit Western Europe 940 344 16 894 986 529 197 969 Baltic Beverages Holding (BBH) 501 247 153 598 733 320 333 780 Eastern Europe (excl. BBH) 124 93 -75 111 143 -44 5 187 Asia 101 95 126 94 91 21 82 87 Not distributed -100 -237 -116 -134 -152 -297 -214 -213 Beverages, total 1,566 542 104 1,563 1,801 529 403 1,810 Other activities 5 77 -21 76 9 -15 -1 44 Total 1,571 619 83 1,639 1,810 514 402 1,854 Special items, net -385 109 -105 498 -152 -401 -31 -111 Financial items, net -281 -341 -228 -200 -200 -229 -253 -243 Profit before tax 905 387 -250 1,937 1,458 -116 118 1,500 Corporation tax -315 -26 71 -571 -417 60 -32 -372 Consolidated profit 590 361 -179 1,366 1,041 -56 86 1,128 Attributable to: Minority interests 111 44 40 95 128 24 41 91 Shareholders in Carlsberg A/S 479 317 -219 1,271 913 -80 45 1,037 APPENDIX 4 Income statement DKK million Q2 2007 Q2 2006 H1 2007 H1 2006 2006 Net revenue 12,639 11,444 21,502 19,251 41,083 Cost of sales -6,147 -5,451 -10,744 -9,497 -20,151 Gross profit 6,492 5,993 10,758 9,754 20,932 Sales and distribution expenses -3,908 -3,750 -7,074 -6,743 -14,173 Administrative expenses -800 -723 -1,598 -1,468 -3,065 Other operating income, net 44 113 132 159 267 Share of profit after tax, associates 26 6 38 20 85 Operating profit before special items 1,854 1,639 2,256 1,722 4,046 Special items, net -111 498 -142 393 -160 Financial income 143 190 308 340 725 Financial expenses -386 -390 -804 -768 -1,582 Profit before tax 1,500 1,937 1,618 1,687 3,029 Corporation tax -372 -571 -404 -500 -858 Consolidated profit 1,128 1,366 1,214 1,187 2,171 Attributable to: Minority interests 91 95 132 135 287 Shareholders in Carlsberg A/S 1,037 1,271 1,082 1,052 1,884 Earnings per share 13.6 16.6 14.2 13.8 24.7 Earnings per share, diluted 13.5 16.6 14.1 13.8 24.6 APPENDIX 5 Special items DKK million H1 2007 H1 2006 2006 Special items, income 0 616 602 Special items, costs Impairment of goodwill 0 -5 -224 Loss on disposal of activities etc. 0 -19 -21 Restructuring costs incl. associated impairments etc. -142 -199 -517 Total -142 -223 -762 Special items, net -142 393 -160 APPENDIX 6 Balance sheet DKK million 30 June 2007 30 June 2006 31 Dec. 2006 Assets Intangible assets 21,343 21,162 21,279 Property, plant and equipment 21,437 20,349 20,367 Financial assets 3,181 3,310 2,724 Total non-current assets 45,961 44,821 44,370 Inventories and trade receivables 11,310 11,361 9,328 Other receivables etc. 2,278 2,260 2,154 Cash and cash equivalents 2,310 2,496 2,490 Total current assets 15,898 16,117 13,972 Assets held for sale 63 238 109 Total assets 61,922 61,176 58,451 Equity and liabilities Equity, shareholders in Carlsberg A/S 18,144 16,805 17,597 Minority interests 1,419 1,388 1,390 Total equity 19,563 18,193 18,987 Borrowings 16,899 19,092 16,241 Deferred tax, retirement benefit obligations etc. 4,909 4,692 4,851 Total non-current liabilities 21,808 23,784 21,092 Borrowings 6,870 5,223 6,556 Trade payables 5,873 5,607 5,147 Other current liabilities 7,808 8,364 6,668 Total current liabilities 20,551 19,194 18,371 Liabilities associated with assets held for sale 0 5 1 Total equity and liabilities 61,922 61,176 58,451 APPENDIX 7 (page 1/2) Statement of recognised income and expenses H1 2007 DKK million Share holders in Carlsberg A/S, total Minority interests Total Profit for the period 1,082 132 1,214 Currency translation adjustments: Foreign entities -184 -14 -198 Value adjustments: Hedging instruments 186 - 186 Securities 19 -1 18 Retirement benefit obligations -16 - -16 Other adjustments: Share-based payment 9 - 9 Tax on changes in equity -50 2 -48 Net income recognised directly in equity -36 -13 -49 Total recognised income and expenses 1,046 119 1,165 H1 2006 DKK million Share holders in Carlsberg A/S, total Minority interests Total Profit for the period 1,052 135 1,187 Currency translation adjustments: Foreign entities -527 -57 -584 Value adjustments: Hedging instruments 311 - 311 Securities -1,519 - -1,519 Retirement benefit obligations -16 - -16 Other adjustments: Share-based payment 4 - 4 Other -11 -11 -22 Tax on changes in equity -71 - -71 Net income recognised directly in equity -1,829 -68 -1,897 Total recognised income and expenses -777 67 -710 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 1,046 1,046 119 1,165 Purchase/sale of treasury shares -40 -40 - -40 Dividends paid to shareholders -458 -458 -204 -662 Acquisition of minority interests and entities - - 114 114 Other -1 -1 - -1 Total changes in equity - 547 547 29 576 Equity at 30 June 2007 1,526 16,618 18,144 1,419 19,563 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 - -777 -777 67 -710 Purchase/sale of treasury shares - -5 -5 - -5 Dividends paid to shareholders - -381 -381 -159 -540 Acquisition of minority interests and entities - - - -48 -48 Total changes in equity - -1,163 -1,163 -140 -1,303 Equity at 30 June 2006 1,526 15,279 16,805 1,388 18,193 APPENDIX 8 Cash flow statement DKK million Q2 2007 Q2 2006 H1 2007 H1 2006 2006 Operating profit before special items 1,854 1,639 2,256 1,722 4,046 Adjustment for depreciation, amortisation and impairment 697 696 1,386 1,370 2,989 Operating profit before depreciation, amortisation and impairment 2,551 2,335 3,642 3,092 7,035 Adjustment for other non-cash items -62 -80 -144 -127 -173 Change in working capital 115 615 -672 -310 389 Restructuring costs paid -70 -98 -180 -268 -477 Interest etc. received 37 30 79 73 186 Interest etc. paid -264 -276 -538 -764 -1,512 Corporation tax paid -255 -496 -544 -605 -978 Cash flow from operating activities 2,052 2,030 1,643 1,091 4,470 Acquisition of property, plant and equipment, and intangible assets -1,303 -917 -2,296 -1,587 -3,188 Disposal of property, plant and equipment, and intangible assets 80 94 240 167 305 Change in on-trade loans -19 -47 -39 -100 -200 Total operating investments -1,242 -870 -2,095 -1,520 -3,083 Acquisition and divestment of entities, net -90 13 -142 -138 18 Acquisition of financial assets -14 -15 -25 -21 -82 Disposal of financial assets 2 1,426 47 1,427 1,494 Change in financial receivables1 14 -133 210 1,795 1,834 Dividends received 40 40 55 50 70 Total financial investments -48 1,331 145 3,113 3,334 Other investments in property etc. -228 -95 -366 -137 -371 Disposal of other property etc. 204 126 212 144 185 Total other activities2 -24 31 -154 7 -186 Cash flow from investing activities -1,314 492 -2,104 1,600 65 Free cash flow 738 2,522 -461 2,691 4,535 Shareholders in Carlsberg A/S -8 7 -498 -386 -397 Minority interests -160 -262 -233 -481 -701 External financing -1,164 -1,520 702 -1,871 -3,592 Cash flow from financing activities -1,332 -1,775 -29 -2,738 -4,690 Net cash flow -594 747 -490 -47 -155 Cash and cash equivalents at beginning of period 1,820 1,142 1,708 1,940 1,940 Currency translation adjustments -33 -80 -25 -84 -77 Cash and cash equivalents at period-end 1,193 1,809 1,193 1,809 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 beverage activities, including costs of contract work in progress. APPENDIX 9 Net interest-bearing debt DKK million Q2 2007 Q2 2006 H1 2007 H1 2006 2006 Net interest-bearing debt is calculated as follows: Non-current borrowings 16,899 19,092 16,241 Current borrowings 6,870 5,223 6,556 Gross interest-bearing debt 23,769 24,315 22,797 Cash and cash equivalents -2,310 -2,496 -2,490 Loans to associates -63 -253 -221 On-trade loans -1,675 -1,731 -1,711 less non-interest-bearing portion 882 939 927 Other receivables -999 -1,137 -857 less non-interest-bearing portion 925 991 784 Net interest-bearing debt 20,529 20,628 19,229 Changes in net interest-bearing debt: Net interest-bearing debt at beginning of period 21,175 22,776 19,229 20,753 20,753 Cash flow from operating activities -2,052 -2,030 -1,643 -1,091 -4,470 Cash flow from investing activities 1,314 -492 2,104 -1,600 -65 Dividend to shareholders and minority interests 184 149 661 540 529 Acquisition of minority interests -24 113 29 322 576 Purchase/sale of treasury shares 8 -7 40 5 16 Additions re acquisition of entities, net 22 141 60 141 146 Change in interest-bearing lending -16 -67 141 1,796 1,832 Currency translation effects 7 -45 -103 -258 -272 Other -89 90 11 20 184 Total change -646 -2,148 1,300 -125 -1,524 Net interest-bearing debt at period-end 20,529 20,628 20,529 20,628 19,229