Interim Results as at 30 June 2008

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    COMPANY       ANNOUNCEMENT      32/2008           
                                  5 August 2008       
                                   Page 1 of 31       

INTERIM RESULTS AS AT 30 JUNE 2008

Continued healthy organic development of the business

1ST HALF YEAR 2008

• Total organic beer volume growth of 6% was achieved in the first six months of
2008. This was driven by continued growth despite tough comparables in Eastern  
Europe, and in Asia, and a flat overall performance in Northern and Western     
Europe. Total group beer volume growth of 24% was achieved.                     
• In second quarter organic beer volumes grew by 13% in Eastern Europe;         
including volume growth in Russia of 6.5% vs market growth of 2.8%.             
• In the first six months of 2008, Carlsberg achieved progress in underlying    
operations in every geographical segment. Total organic growth in net revenue   
was 7% (10% in local currencies) and in operating profit it was 22% (in local   
currencies 26%).                                                                
• Second quarter had organic growth in net revenue of 7% (in local currencies   
10%; in Northern and Western Europe +3%, Eastern Europe +30%, and Asia +20%).   
Total organic growth in operating profit in the brewing activities in the second
quarter was 16% (in local currencies 19%).                                      
• Significant improvement of product mix, especially in Russia, where consumer  
preference for premium beer continues to grow.                                  
• Price increases are compensating for rising raw material prices and leading to
higher gross earnings. Despite higher selling prices Carlsberg increased its    
market share in most markets.                                                   
• Integration of the activities acquired from S&N is running to plan and        
contributing to realisation of the expected synergies of approximately DKK 1.3bn
three years after the acquisition.                                              

EXPECTATIONS

• Organic growth in net revenue of approximately 10% expected for 2008. Combined
with net revenue from acquired activities, this is expected to result in total  
net revenue for the current year of DKK 62-63bn. In line with previous          
announcements, operating profit is expected to grow organically to around DKK   
5.9bn (approximately                                                            

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COMPANY ANNOUNCEMENT 32/2008
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                Page 2 of 31

+12%), including a contribution of approximately DKK 300m from other activities.
Overall, operating profit for the current year is expected to be in excess of   
DKK 8.1bn, while net profit is expected to top DKK 3.0bn.                       

• Our outlook for Russian beer market growth is approximately 5% for the current
year - after first-half development and after our estimates as of today for     
development in July.                                                            

FINANCIAL TARGET

• Based on the new geographical segmentation, the new financial target is to    
increase the operating margins in the medium term for Northern and Western      
Europe to 14- 16% and for Eastern Europe to 23-25%.                             

Contacts:                               
Investors Mikael Bo Larsen +45 3327 1223
Media     Jens Bekke       +45 3327 1412

Carlsberg will present the financial statements at a conference call for        
analysts and investors today at 9.30 a.m. CET (8.30 a.m. GMT). The conference   
call will refer to a slide deck, which will be available beforehand at          
www.carlsberggroup.com.                                                         

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
                Page 3 of 31

KEY FIGURES AND FINANCIAL RATIOS

DKK million                                Q2     Q2      H1     H1   2007
                                         2008   2007    2008   2007       
Sales volumes (million hl)                                                
Beer                                     37.6   33.6    61.3   56.0  115.2
Soft drinks                               6.2    5.8    10.8   10.2   20.8
Income statement                                                          
Net revenue                             17,5-      12,639  26,977 21,502 44,750
                                        1                                 
Operating profit                        3,150  1,854   3,538  2,256  5,262
Special items, net                        -91   -111    -128   -142   -427
Consolidated profit                     1,588  1,128   1,501  1,214  2,596
Attributable to:                                                          
Minority interests                        173     91     215    132    299
Shareholders in Carlsberg A/S           1,415  1,037   1,286  1,082  2,297
Balance sheet                                                             
Total assets                                         152,822 61,922 61,220
Invested capital                                     124,106 44,941 45,394
Interest-bearing debt,                                47,409 20,529 19,726
Equity, shareholders                                  58,701 18,144 18,621
Cash flow                                                                 
Cash flow from operating activit ies    2,771  2,052   2,083  1,643  4,837
Cash flow from investing activiti es    -52,-      -1,314 -54,365 -2,104 -4,927
                                        69                                
Free cash flow                          -49,-         738 -52,282   -461    -90
                                        98                                
Financial ratios                                                          
Operating margin                         18.0   14.7    13.1   10.5   11.8
Return on average invested capital                      11.4   10.3   11.7
Equity ratio                           %                41.3   29.3   32.6
Debt/equity ratio (financial                             0.8    1.1    1.0
Interest cover                                           2.8    4.6    4.4
Stock market ratios*                                                      
Earnings per share (EPS)                 13.1   10.9    12.7   11.4   24.1
Cash flow from operating activit ies per 25.7   21.5    20.5   17.2   50.8
share (CFPS) Free cash flow per share                                     
(FCFPS)                                                                   
                                       - -458-         7.7  -514.3   -4.8   -0.9
                                       - 2                                 
                                       K                                  
Share price (B-shares)                                   458    538    498
Number of shares (period-end)           152,-      76,278 152,557 76,278 76,246
                                        ,000                              
                                        557                               
Number of shares (average, excl.        108,-      95,295 101,652 95,295 95,283
treasury                                ,000                              
                                        026                               
   shares)                                                                

* Adjusted for bonus factor from rights issue in June in accordance wit h IAS   
33, excl. number of shares period-end.                                          

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COMPANY ANNOUNCEMENT 32/2008
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BUSINESS DEVELOPMENT

The acquisition of part of the activities of Scottish & Newcastle plc ("S&N")   
and the subsequent share issue were both completed in the second quarter. As of 
28 April 2008, Carlsberg acquired the remaining 50% of BBH, the French          
activities Brasseries Kronenbourg, the Greek activities Mythos, an ownership    
interest in the Chinese brewery Chongqing Brewery Co. Ltd., and a new joint     
venture in Vietnam. The capital increase has increased the free float of the    
business to 69.7% and provides the Group with a firm, investment grade capital  
base.                                                                           

Notwithstanding these developments, the primary focus of the Group has been the 
ongoing operations of the business. Even in these more challenging times of raw 
material price increases and consumer uncertainty in some markets around the    
world, the growth markets in Eastern Europe and Asia remained strong. Special   
mention should be made of the development in Russia, where further volume growth
was achieved in the first half of 2008 despite the very high growth in the first
half of 2007. At the same time, significantly higher growth has been realised in
sales of premium products compared with low-price products (in particular in    
Russia), and targeted work has been carried out on value management of the      
Group's product portfolio across all markets. Rising raw material prices        
continue to have a negative impact on total cost of sales and distribution      
expenses, and Carlsberg therefore focuses strongly on implementing price        
increases to compensate for this. Notwithstanding these price rises, volumes in 
Northern and Western Europe, whilst varying in individual markets, was broadly  
stable overall. Moreover, initiatives are continuing to ensure efficiency       
improvements within a whole series of processes, and work on integration is     
being carried out in accordance with the detailed plans drawn up in connection  
with the acquisition at the end of April. This has laid the foundations for the 
planned realisation of synergies.                                               

Carlsberg sold a total of 49.6m hl of beer (calculated pro rata), an increase of
24% (39.8m hl in the first half of 2007). Organic growth accounted for 6% of    
this increase and acquisitions for approximately 18%. Sales of other beverages  
grew by 8% to 9.4m hl (8.7m hl in the first half of 2007).                      

The international brands Carlsberg, Tuborg and Baltika all continued their well 
established positive trends, achieving volume increases of 5%, 11% and 25%      
respectively. The positive trend for the Carlsberg brand can be attributed,     
among other things, to increased sales in connection with the EURO 2008 football
championships and the fact that Malaysia has gained market shares after the     
restructuring programme put in place last year, while the high rate of growth   
for the Tuborg brand is the result of continued sales success in Eastern Europe.
Baltika's growth is first of all a result of rising sales in Russia and it      
continues to be the leading brand in Russia. On top of impressive volume growth,
the average value of the brand is also increasing due to premiumisation within  
the Baltika range. In addition, the Baltika brand continues to grow             
significantly across the whole Eastern European region.                         

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                Page 5 of 31

Net revenue climbed 25% to DKK 27.0bn (DKK 21.5bn in the first half of 2007),   
with organic growth accounting for 7 percentage points of the total increase (10
percentage points in local currencies). Price increases have been implemented in
the period and have had a positive effect on the average selling price per litre
of beer, while changes in relative distribution of sales among the individual   
geographical regions had a negative effect. Total net revenue per hl beer       
increased by 7%.                                                                

Operating profit before special items rose by 57% to DKK 3,538m (DKK 2,256m in  
the first half of 2007), with 22 percentage points of this attributable to      
organic growth (26% in local currencies). Beverage activities generated DKK     
3,257m against DKK 2,213m in the first half of 2007, an increase of 47%, 12% of 
which can be attributed to organic growth (16% in local currencies). This       
improvement has been driven in particular by positive developments in Eastern   
Europe and Asia.                                                                

Other activities, including the sale of real estate, contributed DKK 280m       
against DKK 43m in the first half of 2007.                                      

Net profit was DKK 1,286m (DKK 1,082m in the first half of 2007). This result   
reflects continued progress in the underlying business in all regions during a  
six-month period which demonstrated in a number of areas Carlsberg's ability to 
navigate in challenging market conditions.                                      

In May and June, Carlsberg successfully implemented a share issue with          
pre-emption rights for existing shareholders. The rights issue was fully        
subscribed, with 76,278,403 new B-shares offered at a price of DKK 400,         
providing Carlsberg with net proceeds of approximately DKK 30bn towards the     
financing of the S&N transaction. A wide circle of investors both in Denmark and
abroad invested in the new share, bringing in more than 10,000 new shareholders.

Carlsberg and The Coca-Cola Company (TCCC) have extended their collaboration in 
Denmark and Finland, in connection with which, among other things, Carlsberg    
assigned the rights to mineral water brands in Denmark (to TCCC) and entered    
into a licensing agreement for the Finnish energy drink Battery. The total      
selling price was USD 225m (approx. DKK 1.1bn).                                 

After the closing of Q2

Together with Brasseries Internationales Holding (Eastern) Ltd., Baltika        
Breweries has acquired the market-leading Baku-Castel brewery in Azerbaijan,    
thereby continuing its expansion outside Russia.                                

Carlsberg has sold its 95.6% stake in the Turkish brewery Türk Tuborg and its   
20% stake in Israel Beer Breweries. Total proceeds are expected to be           
approximately USD 116m (approximately DKK 550m).                                

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    H1           H1Change              
  2008         2007   (%) 2007         
  23.5         21.5     9  44.4        
17,40915,475           1232,087        
 1,705 1,473           16 3,383        
   9.8          9.5   0.3  10.5        

As expected, the markets in Northern and Western Europe developed differently in
the first half of 2008 but in total they were stable. For instance, the Danish  
market declined partly due to a higher consumer campaign price for Carlsberg    
beer, while Switzerland on the other hand experienced market growth of 2%,      
driven not least by EURO 2008. The total market in the United Kingdom declined  
by approximately 3%, incorporating a significant drop of approximately 9% in the
on-trade and a rise of approximately 6% in the off-trade. In total, Carlsberg's 
market share was unchanged in the United Kingdom (less in the on-trade segment  
and more in the growing off-trade segment). Market development in France was    
significantly more negative than expected, declining by approximately 6%, but   
with major month-on-month variations. All other trends in France are all in all 
developing as expected, and work is under way on a major strategic alignment of 
the brand portfolio in order to reverse the negative development in market share
seen for some years.                                                            

Carlsberg's total beer sales were 23.5m hl against 21.5m hl in the first half of
2007. This figure includes a total of 2.0m hl from the activities acquired in   
France, Greece and the Baltic States. Across the region, Carlsberg achieved a   
stable volume performance organically and its market share was at level with    
last year. Other beverages achieved a total volume of 8.0m hl, which was at     
level with last year (organic -3%).                                             

Net revenue was DKK 17,409m against DKK 15,476m in the first half of 2007, an   
increase of 12%: 2% organic growth and 10% from acquisitions. The positive      
organic development has been driven by the Nordic countries, Switzerland,       
Germany, Poland and the Balkan countries, and has been achieved despite a       
negative currency impact, particularly from GBP. One of the key business        
priorities has been to carry out price increases, with average selling prices in
the period approximately 5% higher than last year, compensating for rising raw  
material prices. The price development picture from the first quarter has thus  
continued through the second quarter, with an overall organic increase in net   
revenue of 5% for beer (volume 0%, prices +5%, mix +1%, currency -1%). This     
positive position reaffirms the value of our key brands which continue to       
attract consumers even at slightly higher price points and in certain markets   
despite consumer uncertainty.                                                   

Implementation of the Commercial Excellence programmes is under way in the      
Baltic Countries and, in the course of the second half of the year, preparations
will be made to launch Logistic Excellence with a view to realising synergies.  

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Operating profit was DKK 1,705m against DKK 1,473m in the first half of 2007, an
increase of 16% which breaks down into -2% organic growth and +18% from the     
acquired businesses. However when adjusting for non-recurring income from 2007  
and providing a comparison across the business, underlying operating profit in  
the region increased by 8-9%. The profitability of the UK and Polish businesses 
was less than in 2007 as a result of discontinued legacy payments on the former 
Punch Taverns contract in the UK and the DKK 58m gain in 2007 from the sale of  
real estate in Poland. In addition in 2008, different phasing of marketing and  
other expenses (particularly in the Nordic countries) has occurred in the first 
and second halves of the year compared with 2007.                               

    EASTERN EUROPE                                                 
 DKK million               Q2    Q2 Change    H1    H1 Change      
                         2008  2007    (%)  2008  2007    (%)  2007
Beer sales (million hl)  14.8   8.2     80  20.4  13.3     52  27.7
 Net revenue            5,888 2,830    108 7,860 4,523     74 9,658
Operating profit        1,388   696     99 1,673   983     70 2,134
 Operating margin (%)    23.6  24.6   -1.0  21.3  21.7   -0.4  22.1

The Russian economy continues to show a positive development, and therefore     
continues to provide favourable growth conditions for the beer market. As       
commented previously, the Russian market developed very strongly in the first   
half of 2007 with growth of 23%, followed by more moderate development in the   
second half of the year with growth of 9%. The starting point for this year's   
market development has therefore been more difficult in the first half of the   
year than is expected in the second half. Despite this, the Russian market      
achieved growth of 2.4% in the first six months of the year. The other countries
in Eastern Europe also experienced positive market developments: +9% in the     
Ukraine, +3% in Kazakhstan, +8% in Uzbekistan and +16% in Belarus.              

The total Eastern European business achieved 52% growth in beer volume in these
markets, approximately 12% of which was organic growth.                        

Net revenue totalled DKK 7,860m against DKK 4,523m in the first half of 2007.   
DKK 2,454m of the total revenue derived from acquired activities. Organic growth
in local currencies was 28%, which, as well as the volume development, was a    
result of improving both price and mix. Price rises contributed approximately   
10% and mix a further approximately 6%, whilst exchange rate movements impacted 
reported results negatively by 8%. Higher raw material costs are impacting on   
total cost of sales, although this was more than offset by the price/mix changes
realised for beer. The consistent focus on achieving a balance between volume   
and value is clearly apparent in the growth rates for Russia, where growth in   
premium products continues to be significantly higher than in the low-price     
segment. Capacity expansion has continued through the first half of 2008,       
including investments in the greenfield brewery in Novosibirsk, which started   
production in the spring, and investments in sales and logistics.               

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COMPANY ANNOUNCEMENT 32/2008
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Operating profit was DKK 1,673m against DKK 983m in the first half of 2007. DKK 
543m of the profit relates to acquired activities, and the organic increase was 
thus 15% (22% in local currencies). An operating margin of 21.3% was achieved   
against 21.7% in the first half of 2007. This includes amortisations etc. on    
additional value from purchase price allocation of the S&N transaction (with no 
impact on cash-flow) amounting to DKK -69m, and excluding this, the profit      
margin would have been 22.2% against 21.7% last year (in Q2, 24.8% against 24.6%
in the same period last year).                                                  

Continued progress in Russia resulted in a market share of 38.1% (37.6% in the  
first half of 2007). This development was driven by continued strong development
for the Baltika brand which, despite moderate market growth, achieved a volume  
increase of 25%, and similarly positive development for the Tuborg brand, with  
growth of 33%, whilst our smaller, but now wholely owned premium brand          
Kronenbourg grew by 55%.                                                        

The positive development has continued in the Ukraine, driven by last year's    
relaunch of Slavutich and also by the positive development in the Baltika brand,
including the alcohol-free Baltika 0. The total beer volume increased by 39% in 
the first half compared with the same period of 2007, which is significantly    
above the figure for overall market development. The positive business          
development is supported by a high level of investment. Approximately one year  
after the start-up of the brewery and the Sarbast brand in Uzbekistan, total    
market share had already reached approximately 30%.                             

ASIA                                                             
DKK million               Q2   Q2 Change    H1    H1 Change      
                        2008 2007    (%)  2008  2007    (%)  2007
Beer sales (million hl)  3.2  2.8     13   5.7   5.0     14   9.9
Net revenue              828  727     14 1,639 1,431     15 2,886
Operating profit         117   94     25   241   183     31   366
Operating margin (%)    14.1 12.9    1.2  14.7  12.8    1.9  12.7

Asia experienced continued positive development on the growth markets and sales 
of beer rose by 14% to 5.7m hl, with 13 percentage points of this as a result of
organic growth. First and foremost, this development reflects continued strong  
development in China, where organic volumes increased by 14%, but Malaysia also 
made a positive contribution after last year's changes to the business model    
which have successfully repositioned the business.                              

Net revenue developed in line with the volume increase, rising by 15% to DKK    
1,639m (DKK 1,431m in the first half of 2007). The rise in net revenue          
calculated in local currencies was an even stronger 21%.                        

Operating profit was DKK 241m, an increase of 31% (DKK 183m in the first half of
2007) and on an organic basis, in local currencies, increased 41%. This positive
development is primarily attributed to higher earnings in Malaysia.             

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COMPANY ANNOUNCEMENT 32/2008
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The growth markets continued the positive volume trend and in addition to China,
increasing sales in Cambodia (+30%) and Laos (+10%) should be mentioned. There  
is focus on the Indian market and the intention is to create a strong basis and 
finalise brewery constructions.                                                 

CENTRAL EXPENSES (NOT ALLOCATED)

Central expenses totalled DKK 362m against DKK 425m in the first half of 2007.  
These expenses are incurred for ongoing support of the Group's overall          
operations and development, including in particular costs of running the        
headquarter, costs incurred in connection with business development projects,   
and costs for central marketing, including sponsorships. The savings to last    
year of DKK 63m are primarily related to phasing of project costs and higher    
earnings in some smaller companies, primarily relating to malting businesses.   

OTHER ACTIVITIES

In addition to beverage activities, Carlsberg has interests within the          
development and sale of real estate, primarily at its former brewery sites, and 
the operation of the Carlsberg Research Center. These activities generated      
operating profit of DKK 280m in the first half of 2008 against DKK 43m in 2007. 

Monetising the value of assets, including brewery sites which are no longer used
in operations, remains an important focus to provide capital to the rest of the 
Group and enhance return on invested capital. The planning process for Valby is 
well under way and on the Tuborg area we will this year have sales proceeds of  
more than 1bn and gain on sales of some 450m.                                   

COMMENTS ON THE FINANCIAL STATEMENTS

ACCOUNTING POLICIES

The present interim report has been prepared in accordance with IAS 34 Interim  
Financial Reporting, as adopted by the EU, and additional Danish regulations    
governing presentation of interim reports by listed companies.                  

The interim report has been prepared using the same accounting policies as the  
Annual Report for 2007.                                                         

No new standards or interpretations have been adopted by the EU in 2008.

As notified previously, a new segmentation format for reporting the Group's     
results is being used in connection with preparation of the present interim     
report. The new segmentation reflects the structure used for internal control   
and monitoring of the Group's strategic and financial targets.                  

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Acquisition of S&N

The total preliminary cash acquisition price (i.e. following deduction of       
acquired debt; equity value) of the acquisition of the activities of S&N is DKK 
52,095m including costs. Enterprise value is still expected to be approximately 
DKK 57bn. The total acquisition price depends on net interest-bearing debt in   
S&N on 28 April 2008, which has not yet been finalised and agreed with the      
consortium partner. This means the acquisition price will be amended at a later 
stage.                                                                          

Assets, liabilities and contingent liabilities in the acquired entities are to  
be measured at fair value on the acquisition date (28 April 2008). Work on this 
has begun but has not yet been completed for any of the acquired entities. The  
combined opening balance sheet recognised in the interim report at 30 June 2008 
is therefore pro forma and, in accordance with IFRS, will be amended in         
subsequent accounting periods. Changes to all items are expected, with the most 
significant changes relating to intangible assets and property, plant and       
equipment.                                                                      

The impact on the income statement, among other things as a result of increased 
amortisation of fair value adjustments, is on a par with the estimates made in  
the prospectus (approximately DKK 80m for May and June).                        

INCOME STATEMENT

Net revenue of DKK 26,977m was generated in the first six months of the year    
(DKK 21,502m in the first half of 2007). DKK 4,062m of the total revenue        
increase of DKK 5,475m derived from acquired activities. Organic growth in      
revenue was 7% compared with the same period of 2007. Calculated in local       
currencies, the organic increase was 10%. The development in revenue was driven 
by positive developments in all regions. Beer sales represented DKK 20,911m of  
total revenue (DKK 15,732m in the first half of 2007), equivalent to 77.5%      
(73.2% in the first half of 2007).                                              

Gross profit was DKK 13,143m (DKK 10,758m in the first half of 2007), with      
acquired activities representing DKK 1,890m of this. Organic growth in gross    
profit was DKK 495m (approximately 5%). Price rises and a more profitable       
product mix for beer more than compensated for higher raw material prices,      
ensuring an increase in gross profit. The gross margin was 48.7%, which was 1.3 
percentage points lower than in the same period of 2007.                        

Sales and distribution costs rose by DKK 1,184m to DKK 8,258m (DKK 7,074m in the
first half of 2007), with acquired activities representing DKK 904m and organic 
development DKK 280m, (approximately 4%), incorporating the effect of higher    
fuel costs. Administrative expenses rose by DKK 155m to DKK 1,753m (DKK 1,598m  
in the first half of 2007), with acquired activities representing DKK 196m and  
organic development DKK -41m (-3%). This development continues to reflect an    
increased level                                                                 

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COMPANY ANNOUNCEMENT 32/2008
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of activity on the growth markets on the one hand and a focus on adjusting the  
cost base on the other.                                                         

Other operating income, net, was DKK 370m against DKK 132m in the same period of
2007. This development can primarily be attributed to gains on the sale of real 
estate. Share of profit after tax in associated companies totalled DKK 36m      
against DKK 38m in 2007.                                                        

Operating profit before special items was DKK 3,538m against DKK 2,256m in the  
first half of 2007. Beverage activities generated a profit of DKK 3,257m against
DKK 2,213m in the first half of 2007. Acquired activities represented DKK 786m  
of the total increase on beverage activities of DKK 1,044m and organic          
development DKK 258m (approximately +12% or approximately +16% in local         
currencies). This positive development was mainly attributable to higher profits
in Eastern Europe and Asia. Finally, the profit contribution from other         
activities, including sale of real estate, was DKK 280m against DKK 43m in the  
first half of 2007.                                                             

Special items, net, were DKK -128m against DKK -142m in the first half of 2007, 
and mainly comprise termination expenses in connection with the Excellence      
programmes.                                                                     

Net financial items were DKK -1,282m against DKK -496m in the first half of     
2007. Net interest was DKK -988m against DKK -528m in the same period of 2007,  
and is mainly attributable to the higher level of debt due to the acquisition of
the activities of S&N, as well as higher interest rates. Other net financial    
items were DKK -294m (DKK +32m in the first half of 2007). This change is       
particularly related to one-off costs in connection with the establishment of   
the financing of the S&N transaction (approximately DKK 200m) and to the fact   
that part of the premium on currency options acquired to hedge exposure to GBP  
in connection with the acquisition of part of S&N's activities has been charged 
to the income statement (DKK -110m).                                            

Tax totalled DKK 627m against DKK 404m last year. The higher tax rate in the    
first half of 2008 is primarily due to the effect of tax withheld on dividends  
received.                                                                       

Consolidated profit was DKK 1,501m against DKK 1,214m in the same period of     
2007. Minority interests' share of this was DKK 215m against DKK 132m in the    
first half of 2007, reflecting the continued progress in Russia and Malaysia on 
the one hand and the fact that minorities in BBH have been recognised at 100%   
for the last two months of the first half on the other hand.                    

Carlsberg's share of profit was DKK 1,286m against DKK 1,082m in the same period
of 2007.                                                                        

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BALANCE SHEET

At 30 June 2008, Carlsberg had total assets of DKK 152,822m against DKK 61,922m 
at 30 June 2007. The increase relates to the acquisition of the activities of   
S&N as well as to the revaluation of the originally owned 50% of BBH to market  
value.                                                                          

Assets

Intangible assets totalled DKK 89,382m against DKK 21,343m at 30 June 2007. The 
total increase of DKK 68,039m includes an addition of DKK 53,167m from the S&N  
transaction and DKK 11,214m from revaluation of the existing ownership share of 
the BBH Group. Acquired assets related to brands were DKK 16,746m.              

Property, plant and equipment totalled DKK 30,983m (DKK 21,437m at 30 June      
2007). The total increase of DKK 9,546m includes an addition of DKK 7,588m from 
the S&N transaction. The remainder of the increase primarily reflects           
particularly high capital expenditure due to capacity expansions in the growth  
markets and investments in connection with capacity efficiency projects in      
Denmark and Italy. These investments are in line with previously adopted plans. 

Other non-current assets amounted to DKK 5,435m (DKK 3,181m at 30 June 2007),   
primarily as a result of investments in Chonqing Brewery (DKK 984m) and an      
increase in financial receivables.                                              

Current assets totalled DKK 26,145m against DKK 15,898m at 30 June 2007         
corresponding to an increase of DKK 10,247m. Through the S&N transaction,       
current assets at the value of DKK 7,322m were acquired.                        

Liabilities

Total equity was DKK 63,096m, of which DKK 4,395m can be attributed to minority 
interests and DKK 58,701m to shareholders in Carlsberg A/S. The increase in     
equity is due partly to the share issue, which generated net proceeds of        
approximately DKK 30bn for Carlsberg, and partly to equity adjustments of       
approximately DKK 11bn regarding value adjustment to fair value of the already  
owned net assets in BBH prior to the acquisition. Costs directly set off against
equity at the capital increase amount to DKK 642m.                              

Equity before minority interests has also been affected by profit for the period
(DKK 1,286m), foreign exchange and value adjustments (DKK -719m), and tax on    
changes in equity (DKK 167m). Dividends to shareholders and minority interests  
reduced equity by DKK -458m.                                                    

Value adjustments mainly concern currency options concluded to hedge the        
exposure to GBP related to the S&N transaction. The currency options were       
settled in April 2008,                                                          

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 13 of 31

after which forward contracts were concluded for the purchase of GBP 5.5bn at a 
total weighted average exchange rate (DKK/GBP) of 945.79, also to hedge the     
exposure to GBP related to the S&N transaction. Value adjustment of the         
effective part of the hedging element of both currency options and forward      
contracts has been recognised in equity.                                        

Total liabilities were DKK 89,726m (DKK 42,359m at 30 June 2007). The total     
increase of DKK 47,367m primarily relates to the S&N transaction                

Deferred tax rose by DKK 7,828m to DKK 10,362m of which DKK 4.598m is related to
the S&N transaction.                                                            

CASH FLOW AND INTEREST-BEARING DEBT

Cash flow from operating activities was DKK 2,083m against DKK 1,643m in the    
first half of 2007. Operating profit before depreciation and amortisation was   
DKK 5,133m against DKK 3,642m in the same period of 2007. The change in working 
capital was DKK -669m (DKK -672m in the first half of 2007). Working capital    
includes a significant positive contribution from the contract concluded with   
The Coca-Cola Company, whereas a generally higher level of activity including   
the activities acquired from S&N are pulling in the opposite direction. Net     
interest etc. paid amounted to DKK -1,289m against DKK -459m for the same period
of 2007, which mainly reflects higher financing costs due to the S&N            
transaction.                                                                    

Cash flow from investing activities was DKK -54,365m against DKK -2,104m in the 
first half of 2007. This marked increase is essentially attributed to the S&N   
transaction, representing DKK 50,828m. Also operational investments have        
increased by DKK 862m, which can largely be attributed to capacity expansions   
and brewery constructions in Eastern Europe (Russia, the Ukraine and Uzbekistan)
as well as capacity efficiency projects in Denmark and Italy due to brewery     
closures. It should be noted that investments in BBH are included at 50% for the
first four months of the year and at 100% for the last two months of the first  
half-year.                                                                      

After this, free cash flow was DKK -52,282m against DKK -461m in the first half 
of 2007. Cash flow related to the S&N acquisition is included with the above DKK
-50,828m, whilst free cash flow excluding S&N was DKK -1,454m.                  

Net interest-bearing debt was DKK 47,409m at 30 June 2008 against DKK 19,726m at
year-end 2007. This development essentially reflects increased borrowing related
to the S&N transaction.                                                         

At 30 June, 2008, the debt consists of facilities in DKK and EUR and to a       
limited part also other currencies. 85% of the total debt is due later than 1   
year after 30 June, 2008 and approximately 47% is fixed interest (fixed-interest
period exceeding one year).                                                     

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 14 of 31

EARNINGS EXPECTATIONS

Carlsberg anticipates organic growth of approximately 10% in net revenue for    
2008 (unchanged in relation to the expectations published in the Financial      
Statement as at 31 December 2007). Combined with net revenue from the acquired  
activities, this is expected to result in total net revenue of DKK 62-63bn.     
Operating profit is expected to grow organically to around DKK 5.9bn, an        
increase of approximately 12% (unchanged in relation to the expectations        
published in the Annual Report 2007 including a contribution of DKK 300m from   
other activities. Inclusive of acquired activities, operating profit for the    
current year is expected to be in excess of DKK 8.1m, while net profit is       
expected to top DKK 3.0bn. This expected net profit includes all one-off items  
from the S&N transaction, effects of the purchase price allocation to the profit
and loss statement and special items. Average number of shares for 2008 is      
expected to be around 118.7 million.                                            

The expectations for profit development for the current year are based on       
continuing growth across Northern and Western Europe, Eastern Europe and Asia,  
including the implementation of general price increases and a continuing        
increase in beer volumes in the growth markets.                                 

Over the medium term Carlsberg expects to see continuing progress and growth in 
all the geographical segments. For Northern and Western Europe, increasing      
average market shares are expected in generally declining markets, as well as a 
continuing positive price development supported by innovation and value         
management initiatives, realisation of previously published synergies and       
implementation of the next generation of efficiency programmes within           
procurement, production, logistics etc. The development in Eastern Europe in the
same period is expected to be driven by continuing volume growth in the markets,
including in the two largest markets Russia and the Ukraine, continuing         
increases in market shares, a continuing positive price development, and        
realisation of previously published synergies as a result of implementation of  
Excellence programmes etc. In Asia, continuing positive volume development is   
expected in the growth markets, particularly in China and Vietnam.              

Overall, the medium term targets are to raise the operating margin to 14-16% in
Northern and Western Europe and to 23-25% in Eastern Europe.                   

INCENTIVE PROGRAMMES

The Board of Directors has today granted the Executive Board another 40,000     
share options with an exercise price calculated as the average of the share     
price on the first five trading days after publication of the present financial 
statement.                                                                      

NEW SEGMENT REPORTING AND PRO FORMA 2007 FINANCIAL RESULTS

The new segment reporting format, cf. Company Announcement of 25 July, 2008, has
been used in connection with the interim results for the first half of 2008. The
new                                                                             

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COMPANY ANNOUNCEMENT 32/2008
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               Page 15 of 31

segment reporting reflects the structure that is used for internal reporting and
follow-up on the strategic and financial targets of the Carlsberg Group.        

The attached Appendix 1 shows for the 2007 beverage activities the historic     
segments vs the new segments as well as illustrative pro forma figures for 2007 
for the new segments Northern and Western Europe as well as Eastern Europe. The 
segments are affected by the acquisition of activities from S&N as well as the  
accounting consequences of the distribution of the illustrative preliminary     
purchase price allocation based on Carlsbergs Rights Issue Prospectus dated 15  
May 2008, and thus not updated since, and thus with the limitations,            
uncertainties, etc. stated in the prospectus. The appendix has been elaborated  
with further specifications and restatements in relation to the previously      
announced information. Furthermore, a minor change has been made in relation to 
Northern and Western Europe.                                                    

FINANCIAL CALENDAR FOR THE FINANCIAL YEAR 2008

The financial year follows the calendar year, and the following schedule has    
been set:                                                                       

5 November 2008 Interim results for Q3 2008

Carlsberg's communication with investors, analysts and the press is subject to  
special restrictions during a four-week period prior to the publication of      
quarterly and annual financial statements.                                      

RELATED PARTY TRANSACTIONS                                                      
The Carlsberg Foundation participated in the rights issue. The Carlsberg        
Foundation's ownership interest is now 30.3%. Apart from this, the only         
transactions have been with the Carlsberg Foundation concerning grants to the   
Carlsberg Laboratory and dividends paid for 2007.                               

DISCLAIMER

The forward-looking statements, including forecasts on sales and earnings       
performance, reflect management's current expectations based on information     
available at the date of this document, and are subject to risks and            
uncertainty. Such statements are made on the basis of assumptions and           
expectations which the Company believes to be reasonable at this time, but which
may prove to be erroneous. Many factors, some of which will be beyond           
management's control, may cause actual developments to differ materially from   
the expectations expressed. Such factors include, but are not limited to,       
economic and political uncertainty (including developments in interest rates and
exchange rates), financial and regulatory developments, changes in demand for   
the Group's products, competition from other breweries, the availability and    
pricing of raw materials and packaging materials, price reductions resulting    
from market-driven price reductions, market acceptance of new products, launches
of rival products, stipulation of market values in the opening balance of the   
acquired companies and other unforeseen factors.                                

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 16 of 31

Should one or more of these risks or uncertainties materialise, or should any   
underlying assumptions prove incorrect, actual outcomes may vary materially from
those indicated.                                                                

Carlsberg assumes no obligation to update or revise such forward-looking        
statements or to update the reasons for which actual results could differ       
materially from those anticipated in such forward-looking statements except when
required by law.                                                                

MANAGEMENT STATEMENT

The Board of Directors and the Executive Board have today discussed and approved
the interim report of the Carlsberg Group for the period 1 January - 30 June    
2008.                                                                           

The interim report, which has not been audited or reviewed by the Company's     
auditor, has been prepared in accordance with IAS 34 Interim Financial          
Reporting, as adopted by the EU, and additional Danish interim reporting        
requirements for listed companies.                                              

We consider that the interim report gives a true and fair view of the Carlsberg 
Group's assets, liabilities and financial position at 30 June 2008, and of the  
results of the Carlsberg Group's operations and cash flow for the period 1      
January - 30 June 2008.                                                         

We further consider that the management's review (p. 1-17) contains a fair      
account of the development in the Group's activities and affairs, the profit for
the period and the Group's financial position as a whole, and a description of  
the most significant risks and uncertainties to which the Group is subject.     

Copenhagen, 5 August 2008

Executive Board of Carlsberg A/S

Jørgen Buhl Rasmussen Jørn P. Jensen

Board of Directors of Carlsberg A/S

Povl Krogsgaard-Larsen Jens Bigum        Hans Andersen       
Chairman               Deputy Chairman                       
Flemming Besenbacher   Hanne Buch-Larsen Henning Dyremose    
Niels Kærgård          Axel Michelsen    Erik Dedenroth Olsen
Bent Ole Petersen      Jess Søderberg    Per Øhrgaard        

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 17 of 31

FINANCIAL STATEMENT

       Income statement                                 
       Statement of recognised income and expenses      
       Balance sheet                                    
       Changes in equity                                
       Cash flow statement                              
Note 1 Segment reporting by region (beverages)          
Note 2 Segment reporting: Beverages and other activities
Note 3 Segment reporting by quarter                     
Note 4 Special items                                    
Note 5 Net interest-bearing debt                        
Note 6 Acquisition of entities                          

APPENDIX 1 New Segment Reporting and pro forma 2007 financial results

This statement is available in Danish and English. In the event of any          
discrepancy between the two versions, the Danish version shall prevail.         

Carlsberg is one of the leading brewery groups in the world, with a large       
portfolio of beer and soft drinks brands. Its flagship brand - Carlsberg - is   
one of the fastest-growing and best-known beer brands in the world. More than   
40,000 people work for Carlsberg in 48 countries, and its products are sold in  
more than 150 markets. In 2007 Carlsberg sold more than 115 million hectolitres 
of beer, which is about 95 million bottles of beer a day. Find out more at      
www.carlsberggroup.com.                                                         

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 18 of 31

INCOME STATEMENT

DKK million                         Q2     Q2      H1      H1    2007
                                  2008   2007    2008    2007        
Net revenue                     17.541 12.639  26.977  21.502  44.750
Cost of sales                   -8.815 -6.147 -13.834 -10.744 -22.423
Gross profit                     8.726  6.492  13.143  10.758  22.327
Sales and distribution expenses -4.954 -3.908  -8.258  -7.074 -14.528
Administrative expenses           -969   -800  -1.753  -1.598  -3.123
Other operating income,            323     44     370     132     485
Share of profit after tax,          24     26      36      38     101
associates                                                           
Operating profit before special  3.150  1.854   3.538   2.256   5.262
Special items, net                 -91   -111    -128    -142    -427
Operating profit                 3.059  1.743   3.410   2.114   4.835
Financial income                   945    143   1.103     308     651
Financial expenses              -1.757   -386  -2.385    -804  -1.852
Profit before tax                2.247  1.500   2.128   1.618   3.634
Corporation tax                   -659   -372    -627    -404  -1.038
Consolidated profit              1.588  1.128   1.501   1.214   2.596
Attributable to:                                                     
Minority interests                 173     91     215     132     299
Shareholders in Carlsberg A/S    1.415  1.037   1.286   1.082   2.297
Earnings per share*               13,1   10,9    12,7    11,4    24,1
Earnings per share, diluted*      13,1   10,9    12,6    11,3    24,0

* Adjusted for bonus factor from rights issue in June in accordance w ith IAS   
33, excl. number of shares period-end.                                          

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 19 of 31

STATEMENT OF RECOGNISED INCOME AND EXPENSE

                                     Fair value  Fair value  Shareho-          
    H1 2008        H1 2008 
                                                             ders in 
DKK                          Currency               adjust-  Retained  Minority
             Total 
million 
                            translation               ment   earnings 
interests 
Profit                               -                   -     1,286      215  
             1,501 
for the 
period 
Foreign exchange 
adjustments: 
Foreign                         -240                     -        -       -35  
              -275 
entities 
Value 
adjustme- 
ts: 
Hedging instruments             -101                  -378        -         -  
              -479 
Securities, transferred to 
income 
statement on                         -                 -19        -        -5  
               -24 
disposal 
Retirement benefit                   -                   -      -75         -  
               -75 
obligations 
Other 
adjustme- 
ts: 
Revaluation of net 
investment in 
acquired                             -                   -    10,016     1,198 
            11,214 
subsidiaries 1 
Share-based payment                  -                           10         -  
                 - 
                                                                               
                 0 
 Other                               -                           31         1  
                 - 
                                                                               
                 2 
 Tax on changes in equity           29                 116       22         -  
               167 
Net amount         directly 
recognised         in 
equity                          -312                  -281    10,004     1,159 
            10,570 
Total recognised   and 
income 
expenses                        -312                  -281    11,290     1,374 
            12,071 
                                     Fair value  Fair value  Shareho-          
    H1 2007        H1 2007 
                                                             ders in 
DKK                          Currency               adjust-  Retained  Minority
             Total 
million 
                            translation               ment   earnings 
interests 
Profit                               -                   -     1,082      132  
             1,214 
for the 
period 
Foreign exchange 
adjustments: 
Foreign                         -184                     -        -       -14  
              -198 
entities 
Value 
adjustme- 
ts: 
Hedging instruments              107                    79        -         -  
               186 
Securiti-                                     -                  19        -   
    -1                    - 
s1                                                                             
                 8 
Retirement benefit                   -                   -      -16         -  
               -16 
obligations 
Other 
adjustme- 
ts: 
Share-based payment                  -                   -        9         -  
                 9 
 Tax on changes in equity        -28                   -26        4         2  
               -48 
Net amount         directly 
recognised         in 
equity                          -105                    72       -3       -13  
               -49 
Total recognised   and 
income 
expenses                        -105                    72    1,079       119  
             1,165 
1 The acquired     identifi-           assetsare measured at          fair
valueFair value 
companies          ble net                                   at 
                                                             acquisiti- 
                                                             n date. 
adjustment of net  relating to the   of BBH owned by Carlsberg prior  to the   
   recognised as a 
assets             50%                                               
Acquisition 
                                                                      is 
revaluat-         in equity. Based on the preliminary assess ment of fair value
the          DKK 11.214 m. 
on       revaluation is 
directly 

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 20 of 31

BALANCE SHEET

DKK million                                                               30
June  30 June   31 Dec. 
                                                                          2008 
   2007      2007 
Assets 
Intangible assets                                                          
89,382    21,343    21,205 
Property, plant and equipment                                              
30,983    21,437    22,109 
Financial assets                                                            
5,435     3,181     2,965 
Total non-current                                                         
125,800    45,961    46,279 
Inventories and trade receivables                                          
17,214    11,310    10,159 
Other receivables etc.                                                      
4,225     2,278     2,499 
Cash and cash equivalents                                                   
4,706     2,310     2,249 
Total current assets                                                       
26,145    15,898    14,907 
Assets held for sale                                                          
877        63        34 
Total assets                                                              
152,822    61,922    61,220 
Equity and liabilities 
Equity, shareholders in Carlsberg A/S                                      
58,701    18,144    18,621 
Minority interests                                                          
4,395     1,419     1,323 
Total equity                                                               
63,096    19,563    19,944 
Borrowings                                                                 
45,605    16,899    19,385 
Deferred tax, retirement benefit obligations etc.                          
14,064     4,909     4,680 
Total non-current                                                          
59,669    21,808    24,065 
Borrowings                                                                  
7,786     6,870     3,869 
Trade payables                                                              
9,665     5,873     5,833 
Other current liabilities                                                  
11,777     7,808     7,509 
Total current liabilities                                                  
29,228    20,551    17,211 
Liabilities associated with assets held for sale                              
829         -         - 
Total equity and liabilities                                              
152,822    61,922    61,220 

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 21 of 31

CHANGES IN EQUITY

                              H1 2008
Shareholders in Carlsberg A/S        

DKK million        Share       FX Fair     Retained    Total     Total 
Minority  Total 
                                  value 
                 capital Transla-         adjustm-         earnings reserves
capital   interests Equity 
                         ion      nts                        and 
                                                              reserves 
Equity at 1      1,526       -170       67   17,198  17,095     18,621    1,323
 19,944 
January 2008 
Total recognised       -     -312     -281   11,290  10,697     10,697    1,374
 12,071 
income and 
expenses 
for the period 
Capital increase 1,525          -        -   28,312  28,312     29,837       
13 29,850 
Acquisition/disp-                       -        -        -        8        8  
      8         -      8 
sal of 
Dividends paid to      -        -        -     -458     -458      -458     
-256   -714 
shareholders 
Acquisition of         -        -        -        -        -         -    1,941
  1,937 
minority 
interests and 
entities 
Other                  -        -        -       -4       -4        -4        
-      - 
Total changes in 1,525       -312     -281   39,148  38,555     40,080    3,072
 43,152 
equity 
Equity at 30 June3,051       -482     -214   56,346  55,650     58,701    4,395
 63,096 
2008 

                              H1 2007
Shareholders in Carlsberg A/S        

DKK million          Share      FX Fair     Retained    Total    Total 
Minority  Total 
                                   value 
                   capital Transl-        adjustm-         earnings reserves
capital  interests Equity 
                           tion    nts                        and 
                                                              reserves 
Equity at 1 January1,526       351      -20   15,740  16,071    17,597    1,390
 18,987 
2007 
Total recognised         -    -105       72    1,079    1,046    1,046      
119  1,165 
income and expenses 
for the period 
Acquisition/dispos-                         -       -        -      -40     
-40      -40         -    -40 
l of treasury 
shares 
Dividends paid to        -       -        -     -458     -458     -458     
-204   -662 
shareholders 
Acquisition of           -       -        -        -        -        -      
114    114 
minority interests 
Other                    -       -        -       -1       -1       -1        
-     -1 
Total changes in         -    -105       72      580      547      547       
29    576 
equity 
Equity at 30 June  1,526       246       52   16,320  16,618    18,144    1,419
 19,563 
2007 

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 22 of 31

CASH FLOW

DKK                                                              Q2  Q2   H1   
H1 2- 
mi-                                                                            
      07 
li- 
n 
   2008     2008    2008     2008    2008     2008    2008     2008  20-    20-
    2007 
                                                                     7   8 
Op-   before   befo-        before   befo-        before   befo-        before 
   3,-   1,8-    3,5-    2,256 5,- 
ra-   speci-         e       speci-         e       speci-         e      
special    50 4   8         62 
ingl        spec-        l        spec-        l        spec- 
pr-            al               al               al 
fit 
Adjustment for depreciation,                                     897 6971,5-   
1,386 2,- 
                                                                        5      
  72 
 i-  los- 
 p-  es 
 i- 
 m- 
 nt 
Op-   before   befo-        before   befo-        before   befo-        before 
   4,-   2,5-    5,1-    3,642 8,- 
ra-   depre-         e       depre-         e       depre-         e      
depreciati-           47 1   3         34 
ingiatio-         depr-        iatio-         depr-        iatio-         depr-
       n, 
pr-   ,        ciat-        ,        ciat-        ,        ciat- 
fit         on,              on,              on, 
 i-  los- 
 p-  es 
 i- 
 m- 
 nt 
Adjustment for other non-cash items                              -1-    -62 -1-
    -144 -- 
                                                                 6       5     
   03 
Change       403     403      403     403      403     403     403   115 -6-   
 -672 -- 
in                                                                       9     
   30 
working 
capita- 
1 
Restru-            -125    -125     -125    -125     -125    -125     -125  -70
-1-     -180 -- 
turing                                                                   6     
   79 
costs 
In-   etc.      147     147      147     147      147     147     147   37  201
   79 1- 
er-   rec-                                                                     
          7 
st ived 
In-   -969     -969    -969     -969    -969     -969    -969     -969  -2-  
-1,-      -538-1- 
er-                                                                     4  90  
     507 
st 
Corpor-            -556    -556     -556    -556     -556    -556     -556  -2-
   -7-     -544 -- 
tion                                                                 5   1     
   65 
tax 
paid 
Cash flow from operating activities                              2,-   2,0-   
2,0-    1,643 4,- 
                                                                 71 2   3      
  37 
Ac-   prope-       proper-        propert-         proper-        propert-     
   proper-        property,    -1-   -1,-    -2,-    -2,296-4- 
ui-   ty,    y,      , plant  y,      , plant  y,      plant and    74203  74  
     929 
it-   plant  plant   and      plant   and      plant   equipment and 
on and    and     equipme-         and     equipme-         and 
of equip-       equipm-        t and    equipm-        t and    equipm- 
   ent    nt and           nt and           nt and 
   and 
 intan- 
 ible 
 assets 
Disposal of property, plant and equipment and                    51  80   79   
2-   3- 
                                                                               
0  1 
 intan- 
 ible 
 assets 
Change                                                           12  -19 -92   
--   -- 
in                                                                             
9  43 
trade 
loans 
Total operational investments                                    -1-   -1,-   
-2,-    -2,095-4- 
                                                                 67942  87     
  721 
Aquisi-       of   of      of       of      of       of      of         -5-   
-90-50-      -142 -- 
ion ande-     enti-        entit-         enti-        entit-         enti-    
   entities,  ,8-       828        79 
dispos-       t-     ies,    es,      ies,    es,      ies,               8 
l      t- 
       e- 
       , 
Ac-   fin-    a-     asse-        asset-         asse-        asset-        
asse-         assets4   -2-    -14 -9-       --   -- 
ui-   nci-    s-     s4      4        s4      4        s4                 5    
  8      5  3 
it-   l   t- 
on     4 
of 
Dispos-                                                                 1    2 
 36    47 37 
l of 
financ- 
al 
assets 
Change r-     rece-        recei-         rece-        recei-         rece-    
   receivables-1-    14  -1-       2-   -- 
in     c-     vabl-        ables    vabl-        ables    vabl-                
  5       9      0  6 
financ-       i-     s                s                s 
al     a- 
       l- 
       s 
Divide-                                                                 21  40 
 23    55 1- 
ds                                                                             
   7 
receiv- 
d 
To-   inv-         -51-        -51-         -51-        -51-         -51-      
 -51-       -51,126 -48-51-        1-   -- 
al stm-         126     126      126     126      126     126               836
    5  44 
fi-   nts 
an- 
ial 
Other  in   in      in       in      in       in      in         -4-    -2-   
-6-     -366 -- 
invest-       p-     prop-        prope-         prop-        prope-        
prop-        property,  4   8   2         67 
ents   o-     rty,    ty,      rty,    ty,      rty,    plant and 
       e-     plant   plant    plant   plant    plant   equipment 
       t-     and     and      and     and      and 
       ,    equi-        equip-         equi-        equip-         equi- 
       p-     ment    ent      ment    ent      ment 
       a- 
       t 
       a- 
       d 
       e- 
       u- 
       p- 
       e- 
       t 
Disposal of other property, plant and equipment                  990 2041,0-   
    2-   6- 
                                                                        0      
2  5 
Total        536     536      536     536      536     536     536   -24 458 
-154 -- 
other                                                                          
   2 
activi- 
ies2 
Cash flow from investing activities                              -5-   -1,-   
-54-    -2,104-4- 
                                                                 ,2-   14  365 
     927 
                                                                 9 
Fr-   -49-         -49-        -49-         -49-        -49-         -49-      
 -49-       -49,498 738-52-      -461 -- 
e  498      498     498      498     498      498     498               282    
   0 
ca- 
h 
fl- 
w 
Shareholders in Carlsberg A/S                                    29-    -8 29,-
     -498 -- 
                                                                 838    87     
   08 
Mi-   -379     -379    -379     -379    -379     -379    -379     -379  -1-   
-4-     -233 -- 
or-                                                                     0   5  
      51 
ty 
in- 
er- 
sts 
Extern-            21,-        21,-         21,-        21,-         21,-      
 21,-       21,915 -1,-    25,-        7-   7- 
l           15      15       15      15       15      15            64  97     
2  5 
financ- 
ng3 
Cash flow from financing activities                              51-   -1,-   
54,-        --   -- 
                                                                 37432  39     
9  84 
Net1,8-         1,8-        1,8-         1,8-        1,8-         1,8-       
1,8-        1,876  -5-   1,8-      -490 -- 
ca-   6        6       6        6       6        6       6              4  7   
      74 
h 
fl- 
w 
Cash   at   at      at       at      at       at      at         1,-   1,8-   
1,3-    1,708 1,- 
and    b-     begi-        begin-         begi-        begin-         begi-    
   beginning  00 0   1         08 
cash   g-     ning    ing of   ning    ing of   ning    of period 
equiva-       n-     of      period   of      period   of 
ents   i-     peri-                 peri-                 peri- 
       g    d                d                d 
       of 
       p- 
       r- 
       od 
Currency translation adjustment s                                23  -33  -9   
--   -- 
                                                                               
5  3 
Cash   at   at      at       at      at       at      at         3,-   1,1-   
3,1-    1,193 1,- 
and    p-     peri-        perio-         peri-        perio-         peri-    
   period-end 99 3   9         51 
cash   r-     d-end   -end     d-end   -end     d-end 
equiva-       o- 
ents   -- 
       nd 
1Includes Includ-        Includes Includ-        Includes Includ-       
Includes DKK 1,065 million 
 DKK      s DKK   DKK      s DKK   DKK      s DKK   received from the license 
 1,065    1,065   1,065    1,065   1,065    1,065   agreement with The
Coca-Cola 
 million  million million  million million  million Company in June 2008. Other 
 received receiv-        received receiv-        received receiv-       
activities 
 from the d from  from the d from  from the d from 
 license  the     license  the     license  the 
 agreeme-         license agreeme-         license agreeme-         license 
 t with   agreem-        t with   agreem-        t with   agreem- 
 The      nt with The      nt with The      nt with 
 Coca-Co-         The     Coca-Co-         The     Coca-Co-         The 
 a        Coca-C-        a        Coca-C-        a        Coca-C- 
 Company  la      Company  la      Company  la 
 in June  Company in June  Company in June  Company 
 2008.    in June 2008.    in June 2008.    in June 
 Other    2008.   Other    2008.   Other    2008. 
 activit-         Other   activit-         Other   activit-         Other 
 es       activi-        es       activi-        es       activi- 
          ies              ies              ies 
2  cover    cover   cover    cover   cover    cover   cover real separate  
act-    incl- 
   real     real    real     real    real     real    estate and from      
vit-    ding 
   estate   esta-        estate   esta-        estate   esta-        assets    
beverage   es, costs 
   and      e and   and      e and   and      e and 
   assets   asse-        assets   asse-        assets   asse- 
            s                s                s 
of 
constr- 
ction 
contra- 
t s. 
3 Includes financing of the acquisition of activities from S&N and repayment af 
elements hereof following the completion of the capital increase. 4 Includes
hedging 
instruments acquired prior to the S&N acquisition. 

www.carlsberggroup.com

COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 23 af 31

NOTE 1

Segment reporting by region (beverages)

DKK million                     Q2         Q2    H1                   H1       
                              2008       2007   2008                2007 2007  
Beer sales (pro rata, million                                                  
hl)                                                                            
North- and Western Europe     14.8       12.8   23.5                21.5 44.4  
Eastern Europe                14.8        8.2   20.4                13.3 27.7  
  Asia                         3.2        2.8    5.7                 5.0 9.9   
  Total                       32.8       23.8   49.6                39.8 82.0  
Net revenue (DKK million)                                                      
North- and Western Europe    10,7-           9,041  17,409            
15,47532,087 
                             6                                                 
Eastern Europe-               5,888      2,830   7,860   -           4,5239,658 
              -                                          - 
              -                                          - 
              -                                          - 
              8                                         3                      
  Asia                         828        727   1,639   -           1,4312,886  
                                                        -                       
                                                        -                       
                                                        -                       
                                                        1                      
 Not allocated                  49         41    69                   73 119   
Beverages,    -               17,5-          12,639  26,977            
21,50244,750 
total         -               1                                                 
              -                                                                 
              -                                                                 
              -                                                                 
              1                                                                
Operating profit before depreciation, amortisation and special                 
items (EBITDA - DKK million) North- and Western Europe                         
              -               2,114      1,710   2,727   -           2,4315,365 
              -                                          - 
              -                                          - 
              -                                          - 
              4                                         1                      
Eastern Europe-               1,679        837   2,128   -           1,2582,727 
              -                                          - 
              -                                          - 
              -                                          - 
              9                                         8                      
  Asia                         160        132   323                  258 530   
 Not allocated                -175       -177   -337                -356 -765  
Beverages,    -               3,778      2,502   4,841   -           3,5917,857 
total         -                                          - 
              -                                          - 
              -                                          - 
              8                                         1                      
Operating profit before                                                        
special items (EBIT - DKK                                                      
million) North- and Western                                                    
Europe                                                                         
              -               1,570      1,231   1,705   -           1,4733,383 
              -                                          - 
              -                                          - 
              -                                          - 
              0                                         3                      
Eastern Europe-               1,388        696   1,673                9832,134  
              -                                                                 
              -                                                                 
              -                                                                 
              8                                                                
  Asia                         117         94   241                  183 366   
 Not allocated                -199       -211   -362                -426 -882  
Beverages,    -               2,876      1,810   3,257   -           2,2135,001 
total         -                                          - 
              -                                          - 
              -                                          - 
              6                                         3                      
Operating     -                                                                 
profit        -                                                                 
              -                                                                 
              -                                                                 
              -                                                                 
              n                                                                
              -                                                                 
              -                                                                 
              )                                                                
North- and    -                14.6       13.6    9.8                 9.5 10.5  
Western       -                                                                 
              -                                                                 
              -                                                                 
              -                                                                 
              e                                                                
Eastern Europe                23.6       24.6   21.3                21.7 22.1  
  Asia                        14.1       12.9   14.7                12.8 12.7  
                                                             Not allocated……………
Beverages,                    16.4       14.3   12.1                10.3 11.2  
total                                                                          

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 24 af 31

NOTE 2

Segment reporting by activity

DKK million                               Q2                          Q2 
                                         2008                        2007 
                              Beverages      Other  Total Beverages      Other 
Total 
                                     Q2 activities     Q2        Q2 activities 
   Q2 
Net revenue                      17,541          - 17,541    12,639          -
12,639 
Operating profit                  2,876        274  3,150     1,810         44 
1,854 
Special items, net                  -91          -    -91      -111          - 
 -111 
Financial items, net               -816          4   -812      -179        -64 
 -243 
Profit before tax                 1,969        278  2,247     1,520        -20 
1,500 
Corporation tax                    -607        -52   -659      -351        -21 
 -372 
Consolidated profit               1,362        226  1,588     1,169        -41 
1,128 
Attributable to: 
Minority interests                  174         -1    173        90          1 
   91 
Shareholders in Carlsberg A/S     1,188        227  1,415     1,079        -42 
1,037 
DKK million                               H1                          H1 
                                         2008                        2007 
                              Beverages      Other  Total Beverages      Other 
Total 
                                        activities                  activities 
Net revenue                      26,977          - 26,977    21,502          -
21,502 
Operating profit                  3,257        281  3,538     2,213         43 
2,256 
Special items, net                 -128          -   -128      -142          - 
 -142 
Financial items, net             -1,224        -58 -1,282      -372       -124 
 -496 
Profit before tax                 1,905        223  2,128     1,699        -81 
1,618 
Corporation tax                    -592        -35   -627      -398         -6 
 -404 
Consolidated profit               1,313        188  1,501     1,301        -87 
1,214 
Attributable to: 
Minority interests                  215          -    215       130          2 
  132 
Shareholders in Carlsberg A/S     1,098        188  1,286     1,171        -89 
1,082 

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 25 af 31

NOTE 3

Segment reporting by quarter

DKK million                         Q3     Q4    Q1     Q2     Q3     Q4    Q1 
   Q2 
                                  2006   2006  2007   2007   2007   2007  2008 
 2008 
Net revenue 
 North and Western Europe        8,507  7,977 6,434  9,041  8,624  7,988 6,633
10,776 
  Eastern Europe                 2,344  1,662 1,693  2,830  3,069  2,066 1,972 
5,888 
   Asia                            673    652   704    727    746    709   811 
  828 
  Not allocated                     23     -6    32     41     -9     55    20 
   49 
  Beverages, total              11,547 10,285 8,863 12,639 12,430 10,818 9,436
17,541 
 Other activities                    -      -     -      -      -      -     - 
    - 
   Total                        11,547 10,285 8,863 12,639 12,430 10,818 9,436
17,541 
Operating profit 
 North and Western Europe        1,194    517   242  1,231  1,179    731   135 
1,570 
  Eastern Europe                   657    281   287    696    806    345   285 
1,388 
   Asia                            102     27    89     94    107     76   124 
  117 
  Not allocated                   -152   -296  -215   -211   -138   -318  -163 
 -199 
  Beverages, total               1,801    529   403  1,810  1,954    834   381 
2,876 
 Other activities                    9    -15    -1     44    124     94     7 
  274 
   Total                         1,810    514   402  1,854  2,078    928   388 
3,150 
Special items, net                -152   -401   -31   -111    -42   -243   -37 
  -91 
Financial items, net              -200   -229  -253   -243   -277   -428  -470 
 -812 
Profit before tax                1,458   -116   118  1,500  1,759    257  -119 
2,247 
Corporation tax                   -417     60   -32   -372   -461   -173    32 
 -659 
Consolidated profit              1,041    -56    86  1,128  1,298     84   -87 
1,588 
Attributable to: 
Minority interests                 128     24    41     91    120     47    42 
  173 
Shareholders in Carlsberg A/S      913    -80    45  1,037  1,178     37  -129 
1,415 

www.carlsberggroup.com

COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 26 af 31

NOTE 4

Special items

DKK million                                      H1   H1 2007
                                               2008 2007     
Special items, income                                        
                                                  -    -    -
Special items, costs                                         
Reversal of impairment (loss in 2007), Türk       -    - -100
Tuborg Impairment losses and expenses relating               
to withdrawal from the market for discount soft              
drinks in Denmark (2007: reversal of provision)              
                                                  -    -    7
             Termination benefits             -               
                                              -               
                                              d              
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              t              
                                              -               
                                              f              
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              t              
 with new production structure                  -15    -   14
             Termination benefits             -               
                                              -               
                                              d              
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              t              
                                              -               
                                              f              
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              t              
 with new production structure                  -30   -2   -3
             Termination benefits             -  -19  -93 -190
                                              -               
                                              -               
                                              .              
                                              -               
                                              n              
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              n              
                                              -               
                                              -               
                                              -               
                                              h              
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              l              
             Termination benefits             -               
                                              -               
                                              d              
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              ,              
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              n              
                                              -               
                                              o              
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              g              
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              d              
                                              -               
                                              -               
                                              r              
                                              -               
                                              -               
                                              -               
                                              e              
                                              -               
                                              -               
                                              1              
                Center in Poland                      -3  -29
Restructuring,                                -  -22  -18  -67
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              g              
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              a              
Costs in connection with                          -  -23  -26
Restructuring,                                -   -9    -    -
                                              -               
                                              -               
                                              -               
                                              -               
                                              -               
                                              s              
Integration cost                                -10    -    -
Other restructuring costs                       -12   -3  -33
Total                                          -128 -142 -427
Special items, net                             -128 -142 -427

www.carlsberggroup.com

COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 27 af 31

NOTE 5

Net interest bearing debt

DKK million   Q2   Q2   H1   H1 2007
            2008 2007 2008 2007     

Net interest-bearing debt is calculated as follows:

Non-current borrowings   45,605 16,899 19,385
Current borrowings        7,786  6,870  3,869
Gross interest-bearing   53,391 23,769 23,254
debt                                         
Cash and cash            -4,706 -2,310 -2,249
equivalents                                  
Loans to associates          -3    -63    -28
On-trade loans           -2,439 -1,675 -1,627
less non-interest-bearing 1,414    882    821
portion                                      
Other receivables        -2,124   -999 -1,391
less non-interest-bearing 1,876    925    946
portion                                      
Net interest-bearingdebt 47,409 20,529 19,726

Changes in net interest-bearing debt:

     Net interest-bearing debt at beginning        22,652 21,175  19,726 19,229
19,229 
    of period 
Cash flow from operating activities                -2,771 -2,052 -2,083  -1,643
-4,837 
Cash flow from investing activities                52,269  1,314 54,365   2,104
 4,927 
Dividend to shareholders                         -     261   184    714     661
    685 
                                                 - 
                                                 d 
                                                 - 
                                                 - 
                                                 - 
                                                 - 
                                                 - 
                                                 - 
                                                 - 
                                                 y 
    interests 
Acquisition of minority interests                     132    -24   202       29
    69 
Acquisition/disposal of               treasury         -1      8      -8     40
    74 
                                      shares 
Acquisition of              entities, net           4,418   22    4,419      60
    54 
Capital increase                                  -29,837      - -29,837      -
     - 
Change in interest-bearing lending                    713    -16   392     141 
  -209 
Effects of currency translation                        56      7   -330   -103 
  -325 
Other                                               -483     -89   -151      11
    59 
Total change                                       24,757  -646  27,683  1,300 
   497 
    Net interest-bearing    end of period          47,409 20,529  47,409 20,529
19,726 

www.carlsberggroup.com

COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 28 af 31

NOTE 6

Acquisition of entities

DKK million                                                                  
                                  Acquired                                   
                                 ownership   Acquisition                     
Name of acquired entities         interest          date Main activity   Cost
Activities from S&N, including1;                                             
                                         - 28 April 2008             - 52,095
- Baltic Beverages Holding (BBH)     50.0% 28 April 2008       Brewery      -
AB                                                                           
-          Kronenbourg              100.0% 28 April 2008       Brewery      -
Brasseries                                                                   
 - Mythos Brewery                   100.0% 28 April 2008       Brewery      -
 - Other                           18-100% 28 April 2008       Brewery      -

52,095

                                                                Carrying   
Market 
                                                                amount 
                                                                  prior to
value 
                                                                           at 
DKK                                                             acquisiti-     
     acquis- 
million                                                         n          tion 
Intang-                                                                      
450  16,860 
bles 
Proper-                                                                    
7,054   7,588 
y, 
plant 
and 
equipm- 
nt 
Financ-                                                                    
1,217   2,360 
al 
assets, 
Invent-                                                                    
1,852   1,966 
ries 
Receiv-                                                                    
4,315   3,818 
bles 
Financ-                                                                        
-     141 
al 
assets, 
Cash                                                                 1,331  
1,397 
and 
cash 
equiva- 
ents 
Provisions, excl. deferred tax liabilities                            -910 
-1,332 
Deferr-                                                                     
-293  -4,598 
d tax 
liabil- 
ties, 
net 
Borrow-                                                                   
-6,153  -5,618 
ngs 
Bank                                                                   -77   
-130 
overdr- 
fts 
Trade                    etc.       etc.                            -4,681 
-4,989 
payabl- 
s and 
other 
liabil- 
ties 
Net                                                                  4,105 
17,462 
assets 
Minori-                                                                        
-  -1,835 
y 
intere- 
ts 
Equity,                                                              4,105 
15,627 
Carlsb- 
rg's 
share 

Goodwill 36,468

Cash consideration paid 52,095

Cash and cash            acquired -1,397
equivalents,                            
Bank overdrafts,acquired             130

Cash outflow, net 50,828

Elements of cash consideration paid:                                          
Cash                                                                    51,948
Directly attributable acquisition                 costs                    147
Total                                                                   52,095
1 Allocation of         purchase price has          not been completed.       

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 29 af 31

The calculation of the fair value of the acquired assets, liabilities and       
contingent liabilities is still ongoing and has not yet been completed for any  
of the companies. Therefore, adjustments to all items in the opening balance    
sheet will be made. Furthermore, the cost price will be adjusted as it relates  
to the statement of the net interest-bearing debt of S&N at 28 April 2008 which 
has not yet been completed and agreed by the consortium. Changes in the opening 
balance sheet and in the cost price will be made in accordance with IFRS        
standards.                                                                      

The acquisition of the activities from S&N increases the operating capacity of  
the Carlsberg Group and its longterm growth opportunities. The acquisition is a 
natural step for Carlsberg and in line with the strategy of obtaining full      
control of key operating activities. The acquisition includes the remaining 50% 
of BBH, which holds activities in Russia, Ukraine, Baltics, Kazakhstan,         
Uzbekistan and Belarus. Furthermore, 100% of Brasseries Kronenbourg and other   
French activites as well as Mythos, Greece and 17.5% of the associated company  
Chongqing, China, and a 50% share in the joint venture Vinataba in Vietnam have 
been acquired.                                                                  

The acquisition will entail the following key benefits:

• full control of BBH, eliminating uncertainty regarding the long-term control  
  of the asset and                                                              
  substantially increasing the Carlsberg Group's long-term growth profile;      
• unification of BBH ownership, enabling the Carlsberg Group to maximize the    
  potential of its                                                              
  key Carlsberg and Tuborg brands in the BBH markets;                           
• significant exposure to growth markets;                                       
• the acquisition of the French and Greek businesses complement the Carlsberg   
  Group's                                                                       
  existing portfolio of leading European market positions, providing increased  
  capacity and an opportunity to achieve synergies through the implementation of
  the Carlsberg Group's Excellence Programmes;                                  
• increased sales volumes will allow the Carlsberg Group to generate significant
  synergy                                                                       
  benefits based on reductions in overheads, implementation of best brewing     
  practices and purchasing savings; and                                         
• the acquisition reinforces the Carlsberg Group's long-standing and growing    
  Asian presence                                                                
  through the acquisition of S&N's positions in the attractive Chinese and      
  Vietnamese markets.                                                           

The preliminary calculation of goodwill represents a significant value due to   
the substantial synergies expected in the acquired companies, staff competencies
as well as the positive growth expectations for BBH. The synergies can i.a. be  
related to cost savings from the Supply and Excellence programmes. Furthermore, 
goodwill will reflect synergies from increased sales through the presence in a  
larger part of Europe and Asia, the possibility of launching global and/or      
regional brands throughout the new Group, sysnergies from research and          
development as well as improved utilisation of the work force and its know-how. 

The activities acquired contribute positively to operating profit before special
items by approximately DKK 780m and to the period's net profit by approximately 
DKK 550m. The estimated results for the period January - June, if the           
acquisition had been completed at 1 January 2008, has not been calculated, as   
this is not possible due to significant differences in the accounting principles
used by some of the companies acquired, where the effect of this prior to the   
acquisition cannot be calculated.                                               

www.carlsberggroup.com

COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 30 af 31

APPENDIX 1: NEW SEGMENT REPORTING AND PRO FORMA 2007 FINANCIAL RESULTS
(PAGE 1/2)                                                            

All figures in DKKm unless otherwise stated

New Geographic Segmentation of Actual Figures for 2007 for the Brewing          
activities                                                                      

                     Pro Rata Beer       Net               Depreciatio- 
                     Vol                                   / 
Reported 2007                 (m.hl) revenue EBITDA Margin amortisation  EBIT
Margin 
 Western Europe                28.5   27,499  4,297  15.6%        1,559 2,738 
10.0% 
  BBH                          29.1   10,435  2,980  28.6%          642 2,338 
22.4% 
Eastern Europe                 14.8    4,267    883  20.7%          406   477 
11.2% 
(excl. BBH) 
  Asia                          9.6    2,535    462  18.2%          132   330 
13.0% 
 Not allocated                    -       14   -765   n.a.          117  -882  
n.a. 
Brewing activities             82.0   44,750  7,857  17.6%        2,856 5,001 
11.2% 
                     Pro Rata Beer       Net               Depreciatio- 
                     Vol                                   / 
New Reporting 2007            (m.hl) revenue EBITDA Margin amortisation  EBIT
Margin 
Northern & Western             44.4   32,087  5,365  16.7%        1,982 3,383 
10.5% 
Europe 
 Eastern Europe                27.7    9,658  2,727  28.2%          593 2,134 
22.1% 
  Asia                          9.9    2,886    530  18.4%          164   366 
12.7% 
 Not allocated                    -      119   -765   n.a.          117  -882  
n.a. 
Brewing activities             82.0   44,750  7,857  17.6%        2,856 5,001 
11.2% 

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COMPANY ANNOUNCEMENT 32/2008
               5 August 2008
               Page 31 af 31

APPENDIX 1: NEW SEGMENT REPORTING AND PRO FORMA 2007 FINANCIAL RESULTS
(PAGE 2/2)                                                            

All figures in DKKm unless otherwise stated

Illustrative Proforma Financial Results and Margins for 2007

                                                     Pro Rata       Net       
Deprecia- 
                                                     Beer Vol                 
ion/ 
Proforma 2007                                            (m.hl) revenue EBITDA
amortisa-           EBIT Margin 
                                                                              
ion 
Northern & Western Europe                                  53.5  38,380  6,708 
   2,358 4,350 11.3% 
Eastern Europe                                             51.4  19,316  5,414 
   1,546 3,868 20.0% 
Asia                                                        9.9   2,886    530 
     164   366 12.7% 
Not allocated                                                 -      77   -765 
     117  -882  n.a. 
Carlsberg Breweries, total proforma 2007                  114.8  60,659 11,887 
   4,185 7,702 12.7% 
Other                                                                 -    277 
      16   261  n.a. 
Carlsberg A/S, total proforma 2007                        114.8  60,659 12,164 
   4,201 7,963 13.1% 
Proforma profit and loss as reported in Offering                    Net       
Deprecia- 
Circular May 2008                                                             
ion/ 
                                                                revenue EBITDA
amortisa-           EBIT Margin 
                                                                              
ion 
Carlsberg                                                        44,750  8,134 
   2,872 5,262 11.8% 
BBH                                                              10,435  2,980 
     642 2,338 22.4% 
France                                                            5,516  1,100 
     237   863 15.6% 
Elimination                                                         -42      - 
       -     -  n.a. 
Effect form purchase Price allocation                                 -    -50 
     450  -500  n.a. 
Carlsberg A/S, total proforma 2007, as reported in 
Offering circular 
                                                                 60,659 12,164 
   4,201 7,963 13.1% 
                                                     Pro Rata       Net       
Deprecia- 
                                                     Beer Vol                 
ion/ 
                                                         (m.hl) revenue EBITDA-
amortisa-           EBIT Margin 
                                                                              -
ion 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
Western Europe (2007 Reported)                             28.5  27,499  4,297-
    1,559 2,738 10.0% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
 Change in Reporting (Addition of 50% Baltics, 
  Poland, South Eastern Europe and Licenses)               15.9   4,588  1,068-
      423   645 14.1% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
Northern & Western Europe (2007 New Reporting)             44.4  32,087  5,365-
    1,982 3,383 10.5% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
  Acquired S&N Assets (1, 5)                                9.1   6,293  1,353-
      286 1,067 17.0% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
   PPA Adjustments (2)                                                     -10-
       90  -100  n.a. 
                                                                              - 
                                                                              - 
                                                                              . 
Northern & Western Europe (2007 Proforma)                  53.5  38,380  6,708-
    2,358 4,350 11.3% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
                                                     Pro Rata       Net       
Deprecia- 
                                                     Beer Vol                 
ion/ 
                                                         (m.hl) revenue EBITDA-
amortisa-           EBIT Margin 
                                                                              -
ion 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
BBH (2007 Reported)                                        29.1  10,435  2,980-
      642 2,338 22.4% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
   Change in Reporting (Removing of 50% of 
  Baltics)                                                 -1.4    -777   -253-
      -49  -204 26.3% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
Eastern Europe (2007 Reporting)                            27.7   9,658  2,727-
      593 2,134 22.1% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
  Acquired S&N Assets (3, 4)                               23.7   9,658  2,727-
      593 2,134 22.1% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
   PPA Adjustments (2)                                                     -
-40n.a. 360  -400  n.a. 
Eastern Europe (2007 Proforma)                             51.4  19,316  5,414-
    1,546 3,868 20.0% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
                                                     Pro Rata       Net       
Deprecia- 
                                                     Beer Vol                 
ion/ 
                                                         (m.hl) revenue EBITDA-
amortisa-           EBIT Margin 
                                                                              -
ion 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
Asia                                                        9.6   2,535    462-
      132   330 13.0% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
   Change in Reporting                                      0.3     351     68-
       32    36 10.3% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
Asia (2007 Reporting)                                       9.9   2,886    530-
      164   366 12.7% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
   Acquired S&N Assets                                        -       -      --
               - -n.a. 
                                                                              - 
                                                                              - 
                                                                              . 
Asia (2007 Proforma)                                        9.9   2,886    530-
      164   366 12.7% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
                                                                    Net       
Deprecia- 
                                                                              
ion/ 
                                                                revenue EBITDA-
amortisa-           EBIT Margin 
                                                                              -
ion 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
Not allocated                                                        14   -765-
      117  -882  n.a. 
                                                                              - 
                                                                              - 
                                                                              . 
   Change in Reporting                                              105      --
               - -n.a. 
                                                                              - 
                                                                              - 
                                                                              . 
Not allocated (2007 Reporting)                                      119   -765-
      117  -882  n.a. 
                                                                              - 
                                                                              - 
                                                                              . 
   Acquired S&N Assets                                              -42      --
               - -n.a. 
                                                                              - 
                                                                              - 
                                                                              . 
Not allocated (2007 Proforma)                                        77   -765-
      117  -882  n.a. 
                                                                              - 
                                                                              - 
                                                                              . 
                                                     Pro Rata       Net       
Deprecia- 
                                                     Beer Vol                 
ion/ 
                                                         (m.hl) revenue EBITDA-
amortisa-           EBIT Margin 
                                                                              -
ion 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              n 
Carlsberg Breweries, total (2007 Reporting)                82.0  44,750  7,857-
    2,856 5,001 11.2% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
   Acquired S&N Assets                                     32.8  15,909  4,080-
      879 3,201 20.1% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 
   PPA Adjustments                                            -       -    -50-
      450  -500  n.a. 
                                                                              - 
                                                                              - 
                                                                              . 
Carlsberg Breweries, total (2007 Proforma)                114.8  60,659 11,887-
    4,185 7,702 12.7% 
                                                                              - 
                                                                              - 
                                                                              - 
                                                                              % 

(1) Consists of France (proforma after sale of Elidis as per Offering Circular  
dated 15th May 2008), Greece and 50% of Baltic operations for 2007. (2)         
Preliminary estimate of Purchase Price Allocation adjustments (as per Offering  
Circular dated 15 May 2008) allocated between North & Western Europe and Eastern
Europe. (3) Consists of 50% stake in BBH excluding the Baltic operations for    
2007. (4) Acquired volume does not equal 50% of total volume in BBH as volume   
from sales of Carlsberg and Tuborg was included 100% in the Pro Rata Beer volume
reported for 2007 (5) Includes minor change compared with Stock Exchange        
Announcement 25 July 2008                                                       

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