Royal UNIBREW

Earnings Release • Aug 14, 2014

COMPANY ANNOUNCEMENT NO 15/2014 – 14 AUGUST 2014

Interim Report for 1 January – 30 June 2014

Earnings and revenue increase.
Upward adjustment of earnings outlook.

Net revenue for H1 2014 showed a 67% increase to DKK 2,992 million due to the
acquisition of Hartwall in August 2013. Measured organically (excluding
Hartwall in 2014), sales and net revenue showed increases of 1% and 4%,
respectively, for H1 2014. Measured on a pro forma basis (including Hartwall in
2013), net revenue for H1 as well as Q2 2014 remained unchanged even though, as
expected, net revenue in Finland was lower (a 4% decrease, pro forma) due to
the negative development of the Finnish economy. The market shares on Royal
Unibrew’s branded products were generally maintained. Earnings before interest
and tax (EBIT) for H1 2014 amounted to DKK 361 million after non-recurring
costs of approx DKK 50 million for restructuring of Hartwall – an increase of
DKK 136 million over H1 2013. Measured on a pro forma basis, EBIT for H1 2014
went up by DKK 57 million, and EBIT margin for H1 2014 showed an increase from
10.2% to 12.1%. The earnings increase is due to a favourable product mix
development, improved efficiency as well as a shift in marketing expenses.
Earnings were higher in all segments in Q2 as well as in H1. Free cash flow for
H1 2014 amounted to DKK 340 million compared to DKK 206 million in H1 2013. Net
interest-bearing debt was reduced by DKK 337 million in H1 2014 to DKK 2,042
million, and NIBD/EBITDA, calculated on a pro forma running 12-month basis, was
1.9 against 2.3 at the end of 2013. The earnings outlook for 2014 is adjusted
upwards, and the target for medium-term EBIT margin is increased from 13% to
14%.

”Our earnings continued to improve in H1, due to organic revenue growth as well
as increased efficiency. Growth remained -highest in our malt beverage
business, but North Western Europe also showed satisfactory growth driven by,
among other things, a number of commercial initiatives, including the Egekilde
Fruits and Royal Shandy launches as well as the new Faxe Kondi communication
platform. The integration of Hartwall is progressing to our satisfaction. In
the commercial area we are directing efforts to strengthen our position, which
will continue in the coming periods; when it comes to our efficiency measures,
we are ahead of schedule. We are adjusting our earnings outlook upwards
primarily due to the extremely good summer weather and the increased efficiency
at Hartwall”, says Henrik Brandt, CEO.

OUTLOOK

Based on results for H1, the very satisfactory summer weather and a faster
implementation of the efficiency plan for Hartwall, the previously announced
earnings outlook for the year is adjusted upwards as follows:

Net revenue: DKK 5,950-6,100 million (previously: DKK 5,750-6,050 million)

EBITDA: DKK 1,090-1,140 million (previously: DKK 965-1,015 million)

EBIT: DKK 790-840 million (previously: DKK 665-715 million)

For further information on this Announcement:

Henrik Brandt, CEO, tel +45 56 77 15 13

It will be possible for investors and analysts to follow Royal Unibrew’s
presentation of the Interim Report on Friday, 15 August 2014, at 9 am by
audiocast at tel one of the following dial-in numbers:

Danish participants dial: +45 32 72 80 18

US participants dial: +1 866 682 8490

International number: +44 (0) 145 255 5131

The presentation may also be followed at Royal Unibrew’s website
www.royalunibrew.com.

FINANCIAL CALENDAR

2014

27 November 2014 Interim Report for the period 1 January – 30 September 2014

The Interim Report has been prepared in Danish and English.
In case of discrepancy the Danish version shall prevail.

FORWARD-LOOKING STATEMENTS

This Interim Report contains “forward-looking statements”. Undue reliance
should not be placed on forward-looking statements because they relate to and
depend on circumstances that may or may not occur in the future and actual
results may differ materially from those in forward-looking statements.
Forward-looking statements include, without limitation, statements regarding
our business, financial circumstances, strategy, results of operations,
financing and other plans, objectives, assumptions, expectations, prospects,
beliefs and other future events and prospects. We undertake no obligation, and
do not intend to publicly update or revise any of these forward-looking
statements, unless prescribed by law or by stock exchange regulations.