Serbia: Carlsberg A/S announced on 26 March 2004 to the Copenhagen Stock Exchange that public tender in Serbia gave Carlsberg a 94% shareholding. In September 2003, a direct placing of shares provided Carlsberg with 51% of the shares in Serbia’s third largest brewery Pivara Celarevo A. D. Carlsberg was required to make a public offer for the remaining part of the share capital, which has resulted in Carlsberg now holding a 94% shareholding. The total price of the 94% shareholding is € 52 million/DKK 387 million.

The Serbian brewery is situated in the town of Celarevo in the Vojvodina province about 130 kilometres north of the capital Beograd. Its only brand, Lav, is the second strongest standard brand in the country. The brewery has a capacity of 1.3 million hl beer. In 2002, Pivara Celarevo had a turnover of €23m, an operating profit (based on local accounting principles) of €5.6m and sold 780,000 hl beer, corresponding to a market share of approximately 15%.

30 March, 2004