Carlsberg A/S — Interim / Quarterly Report 2007

Aug 1, 2007

1 August 2007

BBH RESULTS FOR H1 2007

Baltic Beverages Holding AB (BBH) announces its half year and second quarter 2007 results.

EXCEPTIONAL PERFORMANCE ACROSS BBH MARKETS

• Beer volume growth of 30.2%
• Net sales (EUR) up 37.1%
• EBIT margin growth of 170bps to 22.4%
• Share gains across all markets
• Russian beer market up 22.7%
• Year on year comparisons more challenging in H2

H1 2007	MEUR		MUSD
Net sales	1317	+37.1%	1757	+47.7%
EBITDA	375	+37.5 %	501	+47.7%
EBITDA margin	28.4%	+0.1%pts	28.4%	+0.1%pts
EBIT	295	+47.9%	394	+58.4%
EBIT margin	22.4%	+1.7%pts	22.4%	+1.7%pts

Q2 2007	MEUR		MUSD
Net sales	825	33.4%	1112	42.8%
EBITDA	248	26.4%	334	35.2%
EBITDA margin	30.0%	-1.7%pts	30.0%	-1.7%pts
EBIT	206	30.1%	278	39.1%
EBIT margin	25.0%	-0.6%pts	25.0%	-0.6%pts

Performance in the first half of 2007 has been very strong with net sales growth of 37.1% to €1317m and operating profit growth of 47.9% to €295M. Operating margin growth of 170bps to 22.4% reflects the continued operational leverage, positive mix effect and the final \$20m of the previously guided \$100m of integration benefits. Furthermore, marketing spend is skewed towards the second half of the year. This was partly offset by the impact of rising input costs and distribution costs, particularly in the second quarter. This will continue to be challenging going forward. The creation of the newly integrated Baltika, with its unrivalled brand portfolio, has been key to accelerating growth momentum in Russia.

Beer volume growth (%)	Q106	Q206	Q306	Q406	Q107	Q207
BBH Group	+1	+9	+15	+16	+38	+30
Baltika Breweries *	-1	+8	+15	+18	+42	+24
Russian Market	+2	+9	+14	+13	+28	+20

* Domestic volumes

RUSSIA

In Russia, the beer market grew by 22.7% during the first half of the year. The market benefited from unseasonably mild weather, particularly in the first quarter, as well as the continuing positive shift towards beer fuelled by rising disposable incomes and some lasting impact from the supply disruption in wine and spirits in the second half of 2006.

Baltika Breweries' volume growth was ahead of the market at 30.8% extending its market leadership with 37.6% share, an improvement of 1.9%pts compared to the same period last year. This has been achieved through a continued focus on brand development, innovation and the strength of its integrated business model. The Baltika brand increased its market share to 11.8% with a significant contribution coming from Baltika Cooler and Baltika 3. Total licensed brands volume doubled in the period supported by the continued success of Tuborg.

OTHER MARKETS

During the first half, BBH achieved market share in the Baltics of 44.4%, up 0.7%pts.Despite poor weather in the latter part of the second quarter, beer volumes were up 6.8% and non-beer growth continues to gain momentum.

In the Ukraine we increased market share by 0.7% pts to 18.6%. We are making progress on our turnaround plan and performance has improved towards the end of the second quarter. Early indications following the re-launch of the mainstream Slavutich brand are encouraging and we are performing well in the licensed segment.

We continue to see outstanding growth in the Kazakhstan beer market up 19.7%. With volume growth of 55%, BBH has extended its leadership in the market taking its share to 42.3%, an improvement of 4.1% pts compared to the same period last year.

The brewery in Tashkent, Uzbekistan is now operational, and made its first shipments in July.

OUTLOOK

Given the strong performance of the Russian beer market in the first half of the year, we now expect the market to grow by between 11%-13% in 2007. We believe this trend will revert to our previous guidance of 3%-5% growth in the medium term. Whilst the second half of the year remains challenging with tough comparisons, we expect to continue a positive share trend whilst achieving price increases just below local food and beverage inflation.

Going forward we expect EBIT margin for the full year to be around 23% despite increasing input costs.

Capital expenditure will be in the range of €500M - €600M for the full year to meet growing demand for capacity across all our markets.

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Baltic Beverages Holding AB (BBH) is a 50:50 owned joint venture between Carlsberg A/S and Scottish & Newcastle plc. BBH operates 18 breweries in eight countries in Eastern Europe, including Russia where it is the market leader with a 37.6% market share.

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A slide presentation of the results is available on the Carlsberg, Scottish & Newcastle and BBH websites: www.carlsberggroup.com, www.scottish-newcastle.com and www.bbh.se

There will be a conference call for analysts and institutional investors today at 3pm CET (2pm UK time). Anyone wishing to participate who has not received an invitation should contact Anne Howalt on +44 20 7903 0634 or at ahowalt@smithfieldgroup.com

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ENQUIRIES TO:

+45 33 27 12 23
+45 33 27 14 12
+45 33 27 14 24
+44 131 203 2000
+44 131 203 2000