Results Q1-2003

Key figures Q1-03 (NOKm, Q1-02 in parentheses):
Revenues 9,870 (10,278)
EBITA excl. other revenues and expenses 433 (582)
Associated companies 571 (87)
Portfolio gains -640 (138)
Profit before tax -9 (425)
Cash flow from operation 623 (723)

Weak results in Carlsberg Breweries in off-season period
Other business areas in line with last year
NOK 513 million gain on sale of stake in Enskilda Securities
Portfolio performance -6.3% vs. OSEBX -9.7%
Write-down of portfolio book value by NOK 668 million (reversed by April 30)