Q1 Report 2008

HIGHLIGHTS (FOR Q1 2008)
•	Net revenue up by 19% from 2007 (organic growth 8%) amounting to DKK 838
million. 
•	As expected, operating loss before special items improved by DKK 8 million on
2007 amounting to DKK 35 million. 
•	As expected, activities in Poland are developing positively with net revenue
growth, gross margin and profit according to plans. 
•	As expected, costs of closure of the Aarhus brewery and of the Danish
distribution reorganisation affect results for Q1 negatively by DKK 39 million
(special expenses). 
•	Consolidated loss amounting to DKK 68.3 million, which is slightly above
expectations. 
•	Expected profit before tax for 2008 unchanged at DKK 230-270 million
including costs of DKK 50 million (special items) relating to the closure of
the Aarhus brewery and the reorganisation of the Danish distribu-tion
structure.