Carlsberg expects to achieve full year 2004 operating profit (EBITA) of DKR3.5 to 3.7 billion, after announcing results for 2003.

Net revenue rose in 2003 by 4% at unchanged currency rates. At actual exchange rates net revenue amounted to DKK 34.6 billion a fall of 3%.
       
Operating profit (EBITA) increased by 4% at unchanged exchange rates. At actual exchange rates operating profit amounted to DKK 3.6 billion, down 6%.

The company believes that profit expectations for 2004, compared to 2003, will be significantly affected by the acquisition of the remaining 40% of the shares in Carlsberg Breweries.

At unchanged exchange rates, a small increase in net revenue is expected, thanks to continued expectations of volume progress for the Carlsberg brand, and organic growth in eastern Europe.

Also net revenue will see an increase of approximately DKK2.5-3.billion, if the Holsten-Brauerei acquisition is carried through.

Operating profit, which is not significantly affected by the acquisition of the remaining
40% of the shares in Carlsberg Breweries, is expected to amount to between DKK3.5bn and DKK 3.7bn.