Carlsberg A/S — Earnings Release 2013

Aug 21, 2013

Earnings growth sustained despite tough European markets

Unless otherwise stated, comments in this announcement refer to half-year
performance.

Financial highlights

-- Organic net revenue up 2% to DKK 32.9bn (Q2: +2%).
-- Price/mix of +1% with a significant improvement in Q2 in Russia versus Q1
as expected.
-- 4% organic operating profit growth to DKK 4,096m (Q2: +1%) driven by
double-digit growth in Asia and Eastern Europe (Q2: DKK 3,435m).
-- 5% adjusted net profit growth to DKK 2,247m (Q2: -1%). Reported net profit
was lower than last year due to the DKK 1.7bn gain (pre-tax) last year from
the sale of the Copenhagen brewery site.
-- 2013 outlook maintained.

Operational highlights

-- Challenging market conditions across Europe with Russia being impacted by
outlet closures and Western Europe cycling tough EURO 2012 comparables.
-- Solid market share improvements in Eastern Europe (+130bp in Russia to
39.2%) and Asia. Flat market share in Western Europe.
-- Flat organic beer volumes with growth in Asia and Eastern Europe offsetting
weaker volumes in Western Europe.
-- Following a successful go-live of the supply chain integration and business
standardisation project (BSP1) in Sweden, we are on track preparing for
implementation in Norway and the UK.
-- The international brands Tuborg and Somersby performed well with volume
growth of 12% and 85%, respectively. The Carlsberg brand declined 10% in
premium markets due to tough comparisons with last year’s EURO 2012
activities where the brand grew 13%.

Commenting on the results, CEO Jørgen Buhl Rasmussen says: “For the first six
months, the Group achieved earnings growth despite challenging market
conditions in Western and Eastern Europe. Our Asian business again delivered
impressive volume and earnings growth. On the back of the Q2 results and the
start of Q3, we're on target to deliver on our 2013 expectations. The ongoing
challenging market conditions underpin the importance of our continued efforts
to make our business more efficient and the initial results from the
implementation of BSP1 in Sweden give us confidence that we're on the right
track. We will, however, also maintain an ambitious commercial agenda with
continued investments in our brands and innovations, while constantly upgrading
our sales and execution capabilities. These are delivering satisfying market
share improvements.”

Read the entire announcement on attachment or on www.carlsberggroup.com

Contacts
Investor Relations: Peter Kondrup +45 3327 1221 Iben
Steiness +45 3327 1232
Media Relations: Jens Bekke +45 3327 1412 Ben
Morton +45 3327 1417