Royal UNIBREW

Earnings Release • Aug 28, 2013

COMPANY ANNOUNCEMENT NO 40/2013 – 28 august 2013

Investment in growth reinforces market positions.

Net revenue increased by 3%, and sales volumes increased by 8%. In organic
terms, net revenue and sales volumes went up by 7% and 9%, respectively, in H1.
As expected, the highest growth was achieved in the malt beverages segment
showing double-digit volume and net revenue growth, but also the North East
Europe segment saw double-digit volume and net revenue growth in H1. The market
shares for Royal Unibrew’s branded products were generally increased.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for H1
2013 amounted to DKK 277 million matching, as expected, the 2012 level when
EBITDA amounted to DKK 278 million. Earnings before interest and tax (EBIT) for
H1 2013 amounted to DKK 225 million – an increase of DKK 9 million from last
year, and EBIT margin went up by 20 bp to 12.6%.

Free cash flow for H1 2013 amounted to DKK 206 million, which is DKK 65 million
below the H1 2012 figure due to high sales activity at the end of H1 2013.
Distribution to shareholders for H1 2013 was DKK 72 million above the 2012
distribution and amounted to DKK 326 million – comprising dividend of DKK 242
million and share buy-backs of DKK 84 million. As a result of the acquisition
of the Finnish brewery business Hartwall, which will be included in the
Consolidated Financial Statements as of the date of closing, 23 August, Royal
Unibrew now expects net revenue of DKK 4,065-4,225 million, EBITDA of DKK
655-720 million and EBIT of DKK 460-525 million for 2013 after estimated
transaction costs of DKK 15 million incurred in 2013 but before integration
costs. The outlook for 2013 excluding the effect of the Hartwall acquisition
remains unchanged, however, the outlook is specified to be at the higher end of
the ranges previously announced.

”Our investment in commercial activities has resulted in increased growth and
reinforced market positions in markets otherwise affected by generally cold
weather and consumer restraint. We thus won additional market shares in most of
our markets. Our focus on developing the malt beverage business in existing as
well as in emerging markets is progressing as planned, yielding the expected
results. In the Danish market our Royal beer continues to reinforce its
position with Danish consumers as does Faxe Kondi Booster in the energy drink
segment. With the acquisition of the Finnish brewery business Hartwall in early
July 2013, we have capitalised on a unique opportunity of reinforcing our
market position in the North East European region. The acquisition is fully in
line with our overall strategy of focusing on markets in which we can achieve a
significant position. I expect the acquisition to strengthen Royal Unibrew’s
earnings per share before integration costs in 2014”, said Henrik Brandt, CEO.

HIGHLIGHTS

-- Royal Unibrew has generally increased its market shares for branded beer as
well as soft and malt beverages.
-- Net revenue for Q2 increased by 6% and for H1 by 3%. Organically (adjusted
for the divestment of the Caribbean distribution company in 2012), net
revenue for Q2 went up by 10% and for H1 by 7%.
-- EBITDA for Q2 amounted to DKK 189 million compared to DKK 192 million in
2012 and for H1 to DKK 277 million compared to DKK 278 million.
Organically, EBITDA went up by DKK 2 million in H1 2013.
-- Earnings before interest and tax (EBIT) for Q2 increased by DKK 4 million
to DKK 164 million and for H1 by DKK 9 million to DKK 225 million. EBIT
margin for H1 went up by 20 bp to 12.6%.
-- Profit before tax for H1 amounted to DKK 224 million compared to DKK 210
million in 2012.
-- Free cash flow for Q2 was DKK 11 million above the 2012 figure and amounted
to DKK 236 million. Free cash flow for H1 amounted to DKK 206 million
compared to DKK 271 million in 2012.

OUTLOOK

Excluding the effect of the Hartwall acquisition, Royal Unibrew maintains the
outlook for 2013, but due to amongst others the good weather at the start of
third quarter in North Western Europe the outlook is specified so that net
revenue and earnings are expected to be at the higher end of the ranges
previously announced. Transaction costs as well as the Hartwall results for the
period from the date of closing to 31 December 2013 are expected to affect net
revenue by DKK 740-775 million, EBITDA by DKK 80-95 million and EBIT by DKK
10-25 million, after which the outlook for 2013 before integration costs
related to Hartwall is as follows:

           Outlook including     Outlook        Outlook 2012        Actual  
             Hartwall 2013*      Hartwall   previously announced     2012   
                                  as of                            excluding
                                 closing*                            Impec

---

Net revenue 4,065-4,225 740-775 3,325-3,450 3,330
(mDKK)

---

EBITDA 655-720 80-95 575-625 605
(mDKK)

---

EBIT (mDKK) 460-525 10-25 450-500 480

*Before integration costs but including estimated transaction costs of approx
DKK 15 million and amortisation of acquired intangible assets in 2013 of DKK 10
million. For Hartwall it is expected that the full-year net revenue before
extraordinary items will amount to approx DKK 2.3 billion, EBITDA to approx DKK
350-370 million, while EBIT is expected to amount to approx DKK 200-220
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 Wednesday, 28 August 2013, at 9.00 am by
audiocast at one of the following dial-in numbers:

UK participants dial: + 44 (0) 844 571 8957
Danish participants dial: + 45 327 280 18
US participants dial: + 1 866 682 8490
International number: + 44 (0) 1452 555131.

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