Preliminary announcement of the annual accounts 2003. Aarhus United A/S

Erik Højsholt Direct line: +45 8730 6102 Fax: +45 8730 6002 erik.hojsholt@aarhusunited.com 2004-03-08 Preliminary announcement of the annual accounts 2003 Aarhus United A/S CVR no. 45 95 49 19 Announcement no. 5/2004 to the Copenhagen Stock Exchange Contact persons: Erik Højsholt, group CEO Esben Vibe, Group CFO Telephone +45 8730 6102 Telephone +45 8730 6215 Mobile phone +45 2010 6580 Mobile phone +45 4010 4103 The announcement is available at Aarhus United s website: www.aarhusunited.com Requests for a copy can be directed to investor@aarhusunited.com Visit Aarhus United s Investor Relations section at: www.aarhusunited.com/investors/investors.nsf This is a translation into English in case of variations, the original version in Danish will apply. Aarhus United A/S M. P. Bruuns Gade 27 DK-8000 Aarhus C Denmark Tel.: +45 8730 6000 Fax: +45 8730 6012 Telex: 64341 palmf dk dk.info@aarhusunited.com www.aarhusunited.com CVR no. 4595 4919

Preliminary announcement of the annual accounts for 2003 On Monday 8 March 2003, the Board of Directors of Aarhus United A/S considered and approved the annual accounts for 2003. Highlights Consolidated operating income of DKK 153 million was marginally below expectations mainly due to the lower exchange rates applied in converting the operating income of the foreign subsidiaries into Danish kroner. Pre-tax profits amounted to DKK 142 million and post-tax profits amounted to DKK 88 million, which was in line with the most recently announced expectations. In comparing with the profits for last year, it should be noted that the lower exchange rates applied in converting the profits of the foreign subsidiaries into Danish kroner have had a negative effect on the post-tax profit of almost DKK 16 million. The result reflects a 7.2 % return on invested capital. In the strategic focus area chocolate and other confectionery fats volume sales continued to improve in 2003. Bulk vegetable oil markets were affected by severe price competition and the general economic downturn, which resulted in reduced net margins and declining volumes. The production companies in Denmark, the United Kingdom, the USA and Mexico contributed a total operating income of DKK 176 million. Despite a 16 % devaluation of the MYR, the DKK 48.1 million contribution from United Plantations Berhad was significantly higher than last year s contribution of DKK 31.0 million. The post-tax profit of DKK 88 million for the year includes a loss in the region of DKK 23 million resulting from the withdrawal from commitments in Maritex AS. Despite continued difficult market terms and low exchange rates, we expect a consolidated operating income of DKK 170-190 million and pre-tax profits of DKK 160-180 million for the full year of 2004. Post-tax profits are expected to amount to DKK 100-120 million. Page 2 of 11

The past year and the future general directions 2003 was a year in which significant changes took place within the group, but also a year with great financial challenge. The year will not least be remembered for: The change of the 130-year-old company s name from Aarhus Oliefabrik to Aarhus United. In all 14 of the group s subsidiaries gained a new name and logo. The Danish part of the company, on 1 January 2004, was separated from the parent company under the name Aarhus United Denmark A/S and given its own supervisory and executive boards. With the simplified group structure, the Aarhus United A/S quoted on the stock exchange is now only the holding company for the group companies. Our most advanced product, Triplefill, gained international recognition. The economic downturn in several parts of the world and declining exchange rates resulted in unsatisfactory group profits. The market for vegetable oils was required to respond to new demands for health and nutrition. We attained important sustainability goals. Due to a continued relatively high level of investment, utilisation of the group s production capabilities was considerably improved. The US subsidiary launched the first phase of a major programme to expand its capacity something that will greatly strengthen our position in North America in the years ahead. The new advanced plant for the production of bakery fats in the UK was fully commissioned. These products are expected to make a significant long-term contribution to company earnings. Aarhus United UK also received an Exporter of the Year award from Food from Britain. The Mexican company made good progress with productivity improvements in a particularly difficult local market. The work of BSP Pharma progressed as planned. Two clinical studies were completed on BSP 102 (eczema) and BSP 201 (arthritis and muscular pain) respectively. Clear identity and profile The biggest event of the year was without a doubt the change of name when 14 group companies simultaneously adopted a common identity under the Aarhus United name. In addition to signalling the close relationship with United Plantations Berhad, the new identity is expected to provide the base for utilising the synergy that exists among the companies in the group. Our customers have responded positively to the name change, which makes it easier for them to relate to us as a group and work with us on an international basis. Page 3 of 11

Bigger market shares despite market pressure The general downturn in the world economy has intensified competition within the business. The market was under considerably more pressure than was foreseen when establishing the strategy and budget for 2003. This had a negative effect on earnings. Exchange rates in particular had a large negative impact on the annual result. While we still expect continued growth on the total market, this will come later than anticipated. Despite the tough conditions, we successfully expanded our market share in a number of areas, including vegetable speciality fats for the chocolate industry. The year s unsatisfactory financial result has increased our focus on efficiency and costs. In 2004, we expect earnings to improve marginally and a good, positive development is expected in the longer term. Focus on the future Aarhus United s development follows a long-term and relatively strict focus on the core business, which means non-core activities are avoided. We strive to be fast and consistent in accepting or rejecting business opportunities and to ensure our business processes are geared up for a rapid and cost-effective response to market changes. The company has great potential, and we wish to maintain our position as one of the leaders in the business. Growth and profitability are both preconditions of this. For this reason, we will focus on the following areas in the near future: Further consolidation of the group and use of cross-organisational synergy, with all due respect for local differences and cultures. The improvement of our competitive ability in a pressurised market The prioritisation of core business and new segments The development of advanced and value-adding products Increase in earnings and long-term shareholder value Continued sustainable development and value-based behaviour in all group activities Closer cooperation with key customers and the development of customer partnerships Page 4 of 11

Key figures and ratios for the group DKK million 2003 2002 2001 2000 1999 Revenue 4,485 4,886 4,811 4,565 4,922 Value added 1,285 1,394 1,419 1,312 1,160 Net margin 923 1,035 1,077 - - Operating income (EBIT) 153 231 282 209 187 Operating income before depreciation (EBITDA) 287 370 426 344 303 Interest expenses -65-79 -91-99 -94 Profit on ordinary activities before tax and minority interests 142 190 208 128 163 Profit for the year 88 144 166 101 144 Noncurrent assets 1,639 1,836 1,948 1,922 1,854 Current assets 1,619 1,547 1,935 1,750 1,750 Total assets 3,258 3,383 3,883 3,672 3,604 Share capital 400 400 400 400 400 Capital and reserves 1,274 1,424 1,531 1,355 1,259 Provisions 63 73 102 66 82 Long-term debt 798 868 1,147 1,179 1,042 Current liabilities 1,084 966 1,051 1,013 1,150 Capital investments 117 189 119 139 178 Depreciation 134 139 144 135 116 Net cash from operating activities 228 244 293 162 412 Net cash used in investing activities -77-190 -128-164 -168 Net cash from financing activities -148-337 -85 4-163 Average number of employees 1,711 1,743 2,126 2,025 3,928 Profit margin ratio 3.4 4.7 5.9 4.6 3.8 Return on assets 5.3 7.4 8.7 6.6 6.1 Net margin 20.6 21.2 22.4 - - Acid test ratio 1.5 1.6 1.8 1.7 1.7 Equity ratio 39.1 42.1 39.4 36.9 34.9 Return on equity 6.5 9.8 11.5 7.7 12.9 Return on invested capital 7.2 10.5 10.6 9.7 8.6 Average no. of shares of DKK100 (1,000 shares) 4,000 4,000 4,000 4,000 4,000 End-of-year market price (DKK) 313 310 248 180 165 Equity value (DKK) 319 356 383 339 315 Price/equity value 0.98 0.87 0.65 0.53 0.52 Price Earnings (PE) 14.2 8.6 6.0 7.1 4.6 Price Cash Flow (PCF) 5.6 4.4 3.2 3.2 2.6 Earnings Per Share (EPS), DKK 21.9 36.1 41.5 25.2 35.9 Cash Flow Per Share (CFPS), DKK 55.4 70.8 77.1 57.2 64.5 Dividend per share (%) 12.0 12.0 12.0 12.0 10.0 Pay-out ratio (%) 54.7 33.2 28.9 47.6 27.9 Page 5 of 11

For changes in accounting policies implemented in 2002, the comparative figures for 2000 and 1999 have not been adjusted in accordance with the new Danish Financial Statements Act/new Danish accounting standards. Comments on the accounts for the period The Aarhus United group earned pre-tax profits of DKK 88 million in 2003, compared with DKK 144 million in 2002 an outcome within the DKK 70 to 90 million result expected in the recently published report for the third quarter (announcement no. 25/2003 of 25 Nov.). This unsatisfactory outcome is the result of several circumstances. Among them is the DKK 23 million loss after tax following Aarhus United s withdrawal from its commitment in Maritex AS in Norway. Lower than expected volume sales, particularly of bulk vegetable oils, due to the economic downturn and the very hot summer in Europe also had a negative influence on chocolate consumption and, consequently, sales of some of our vegetable speciality fats. Considerably lower GBP and USD exchange rates and other linked currencies played a further role. Had the exchange rates used, when converting the profits of the foreign companies into Danish kroner, been the same as in 2002, the final result after tax would have been around DKK 16 million higher. A large part of export sales from the production company in Denmark is directed towards traditional US dollar markets. The fall in the US dollar exchange rate and other exchange rate developments had a significant, negative effect on the profit for the year in the region of DKK 5-10 million for this company. In comparing with the post-tax result of DKK 144 million in 2002, it should be noted that the income in that year included DKK 26 million, which represented an accumulated tax asset in the parent company. Consolidated revenue in 2003 was marginally below that of 2002. This is because the lower volume sales of the group as a whole and the considerably lower exchange rates when converting international results into Danish kroner were compensated for by higher raw material prices. The value-added decline totalled DKK 109 million in 2003, compared with 2002. This was primarily due to the generally lower volume sales to the bulk vegetable oil segment and the lower exchange rates. Net margin, which is the value added minus direct production costs, was DKK 112 million less than in 2002 as a result of the value-added decline and marginally higher production costs. Consolidated fixed costs declined in 2003 by DKK 34 million, primarily due to the lower exchange rates. Total operating income declined from DKK 231 million in 2002 to DKK 153 million in 2003. Again, the main reasons for this are the lower volume sales along with lower exchange rates and losses resulting from the withdrawal from our commitment in Maritex AS in Norway. The Page 6 of 11

lower exchange rates and losses related to Maritex have had a combined negative effect on operating income of DKK 40 million. Profits from investments in associates, at DKK 54 million, increased by DKK 16 million, compared with 2002. The credit for this improvement largely goes to United Plantations Berhad in Malaysia and is a result of the significantly higher palm oil prices, which have more than compensated for the effect of the low MYR exchange rate. Consolidated interest expenses for 2003 totalled DKK 65 million a decline of DKK 14 million, compared with the previous year. This can mainly be explained by the low exchange rates, when converting into Danish kroner, and currency gains on bonds. Pre-tax profits totalled DKK 142 million, compared with DKK 190 million in 2002. Tax payments added up to DKK 51 million, the equivalent of a 36 % effective taxation rate. In 2002, tax of DKK 42 million was equivalent to a 22 % tax rate, as the accounts included an accumulated tax asset of DKK 26 million. Consolidated investments totalled DKK 117 million in 2003, compared with DKK 189 million in 2002. Capital and reserves Consolidated capital and reserves declined by DKK 150 million to DKK 1,274 million. The net effect of the annual result, less the dividend distributed, was an increase of DKK 40 million, whereas the currency conversion of foreign subsidiaries capital and reserves resulted in a DKK 180 million decline due to exchange rate adjustments. Of this, some DKK 29 million relate to Aarhus United Mexico, S.A. de C.V., DKK 31 million to Aarhus United UK Limited, DKK 77 million to Aarhus (Malaysia) Sdn Bhd (United Plantations Berhad), DKK 35 million to Aarhus United USA Inc., and DKK 8 million to other companies. Share price development and own shares In recent years, the company s share price has increased from DKK 169 at the end of 1999 to 313 at the end of 2003 equivalent to an increase in market value of DKK 592 million. Since the turn of the year, the share price has again increased to DKK 345 on 5 March 2004 equivalent to a market value of DKK 1,380 million. Since 1 January 2004, Aarhus United A/S has once again been quoted on the MidCap+ segment of the Copenhagen Stock Exchange. Own shareholdings numbered 133,973 on 31 December 2003 equivalent to 3.3 % of the share capital. These shares are included in capital and reserves at the purchase price, which is DKK 18 million below the year-end market price. Page 7 of 11

Cash flow Operating income and depreciation together produced a positive cash flow of DKK 287 million DKK 83 million less than in 2002. Total cash flow from operating activities totalled DKK 228 million, compared with DKK 244 million the previous year. Consolidated cash flow from operating and investment activities totalled DKK 151 million, compared with DKK 54 million in 2002. Consolidated negative cash flow from financing totalled DKK 148 million. The two main constituents were DKK 70 million in payments on long-term bank and mortgage debts and dividends of DKK 48 million paid out to shareholders. The group s production companies results in 2003 See appendix 5 for information on key figures. Aarhus United Denmark Aarhus United Denmark increased its volume sales of vegetable speciality fats for the chocolate industry. This increase was, though, not quite as big as expected, largely because the EU s so-called 5 % rule, which permits the use of vegetable speciality fats in chocolate products, was not introduced by manufacturers as quickly as anticipated. In addition, the unusually hot European summer dampened the demand for chocolate products. We continue to expect rising demand for vegetable speciality fats within the EU in the years ahead. Outside Europe, the demand for vegetable speciality fats for chocolate is also expected to grow. In Brazil, for example, a law allowing the use of these vegetable speciality fats in chocolate was passed in 2003. Sales of bulk vegetable oils to the rest of the food industry (margarine, bakery products etc.) declined, primarily due to the economic downturn. All in all, the pre-tax result of DKK 42 million for 2003 is regarded as unsatisfactory. Aarhus United UK Limited Aarhus United UK experienced a busy and eventful year, in which the new factory in Hull was finally completed. This is now one of the world s most advanced, computerised plants producing fats for the bakery industry. In addition to this, important product developments have been made that are expected to expand the business in 2004. In the bulk vegetable oil segment, continued pressure on margins and a reduced sales volume contributed to declining income. Page 8 of 11

These tendencies mean Aarhus United UK will now place extra focus on more value-adding products and services. The result for the year was DKK 56 million (GBP 5 million) DKK 19 million less than the previous year. Of this, DKK 4 million is due to the lower exchange rate when converting sterling into Danish kroner. Early in the year, the need also arose to buy more external production capacity in order to retain customers during the reconstruction period. This, too, had a negative impact on the annual result. Aarhus United USA Inc. During 2003, the company initiated the first phase of a large capacity expansion in order to gain access to several market segments which the company has previously been unable to supply including the fast-growing market for trans-free and unsaturated vegetable oils for a large part of the American food industry. The existing focus on vegetable speciality fats for the chocolate industry continues. Pre-tax profits totalled DKK 24 million (USD 3.5 million) a reduction of DKK 14 million, compared with 2002. Part of this is due to the weak dollar, which, when converted into Danish kroner, had a negative influence of DKK 4 million on the final result. On 1 January 2004, the company appointed a new managing director, Josipa Paska, replacing Dennis Blankensop, who has retired for health reasons. Josipa Paska comes from a senior position within Loders in Canada. Aarhus United Mexico, S.A. de C.V. During the course of the year, the company focused particular attention on improving productivity and the company s organisational structure. Earnings were under pressure, due to the very tough price competition on the Mexican market for vegetable oils and lower than expected volume sales resulting from the general economic downturn. As part of an official visit to Mexico, the Danish prime minister Anders Fogh Rasmussen visited the Aarhus United factory in Morelia where, along with the town mayor and the governor of Michoacán, he took part in the ceremony to mark the name change from Santa Lucia to Aarhus United Mexico. Aarhus United Mexico achieved pre-tax profits of DKK 10 million (MXN 16 million) in 2003, which is DKK 6 million less than the previous year. More than half of this decline is attributable to the MXN exchange rate developments. Other subsidiaries performed as anticipated. The activities in Sri Lanka produced a total profit of DKK 3.5 million. The result reflects, partly the sell off of real property in connection with the closing down of loss-making activities, partly the present focus on few and profitable activities in Sri Lanka. Page 9 of 11

The work of BSP Pharma progressed as planned. In 2003, two clinical studies were completed on BSP 102 (eczema) and BSP 201 (arthritis and muscular pain) respectively. The study on BSP 102 produced a satisfactory result and a development agreement is expected to be made with an external partner in the first half of 2004. Although there are always uncertainties associated with product development of this nature, this partner is likely to be able to launch a consumer product early in 2005. The clinical study on BSP 201 produced an extremely positive result, which proved a statistically significant and clinically relevant effect on arthritis and muscular pain. In addition, the product was approved as a dietary supplement by the Federal Drug Administration (FDA) in the USA, which means it is now ready to be marketed in the USA. In 2004, customer agreements are expected regarding the further development and sale of the product on this market. The clinical studies on BSP 103 (psoriasis) and BSP 110 (herpes simplex) are delayed and now expected to be completed within the second half year of 2004. Associates Associated companies accounted for DKK 36.5 million of the consolidated post-tax result. This comprises the contribution from United Plantations Berhad in Malaysia and writing off the capital share in Maritex AS in Norway. By far the largest part of this amount derived from United Plantations Berhad in Malaysia, which recorded a post-tax profit of MYR 94.5 million (DKK 162 million) in 2003 an improvement of MYR 44 million (DKK 58 million) over last year. During the year, United Plantations Berhad in Malaysia merged with United International Enterprises Malaysia Berhad and increased its capital by MYR 10 million. According to previous announcement, Aarhus United s proportional share of profit and capital in the merged companies was reduced to 23 %, but the contribution to the consolidated profits has increased. Outlook for the year Despite continuing uncertainties on the global scene, the group s results can hopefully still be improved during 2004. A series of improvement initiatives are underway throughout the subsidiaries to strengthen their competitive ability and earning capacity. The long-term strategic work continues as planned, with a focus on maintaining and expanding market shares in the selected key segments. Based on unchanged raw material prices and higher volume sales, we expect the revenue to become marginally higher in 2004 than in 2003 when the revenue, expressed in Danish kroner, amounted to DKK 4.5 billion. Page 10 of 11

For 2004, consolidated operating income is expected to amount to DKK 170-190 million and pre-tax profits to DKK 160-180 million. Consolidated post-tax profits are expected to amount to DKK 100-120 million. Elements of Risk It is group risk management policy to ensure the best possible hedging of raw material and currency exposures in order to minimise the effect of changes in raw material and currency prices. Through the associate United Plantations Berhad in Malaysia, the group is exposed to palm oil price fluctuations. A change in palm oil prices of MYR 100 a tonne is estimated to affect consolidated post-tax profits by DKK 4 million per year. A 10 % change in all relevant currencies (GBP, USD, MXN and MYR) against Danish kroner is estimated to have a net effect of DKK 10 million per year on consolidated profits and a net effect of DKK 105 million on consolidated capital and reserves. For 2004, a 1 % rise in interest rates will increase consolidated interest expenses by approximately DKK 5 million. A 10 % change in all relevant raw material prices will increase group working capital requirements by approximately DKK 100 million. Annual general meeting The post-tax profit amounted to DKK 88 million. The allocation is proposed as follows: 12 % dividend Transfer to reserve for net revaluation of investments in subsidiaries and associates Retained profit/free reserves DKK 48 million DKK 41 million DKK -1 million The annual general meeting will be held on Monday 26 April 2004 at 11 am. The annual report will be sent to the Copenhagen Stock Exchange via stockwise on 7 April 2004. From that date the report will be available at the company s website. On the same day, a printed annual report summary will be posted to all registered shareholders together with the notice of the annual general meeting. Aarhus United A/S will give a presentation to share analysts on 9 March 2004 at 2 pm. The presentation will be webcasted and a link to the webcast will be available at our website: www.aarhusunited.com. Kjeld Ranum Chairman Erik Højsholt Group CEO Appendices: Income statement, balance sheet, capital and reserves statement, cash flow statement, and key figures and ratios for the groups production companies. Page 11 of 11

Aarhus United A/S Preliminary announcement of the annaul accounts 2003 2004-03-08 Consoldiated financial statements Appendix 1 1 January-31 December Income statement Group Parent company DKK million 2003 2002 2003 2002 Revenue 4,485.1 4,885.5 1,394.0 1,229.7 Raw materials 3,200.3 3,491.5 885.9 736.1 Value added 1,284.8 1,394.0 508.1 493.6 Direct production costs 362.1 358.6 137.9 104.3 Net margin 922.7 1,035.4 370.2 389.3 Indirect production overheads 494.5 523.9 230.1 229.1 Distribution costs 126.6 135.3 53.3 56.7 Administrative expenses 133.5 149.9 52.0 56.2 Other operating income -15.0 4.8-18.2 1.2 Operating income 153.1 231.1 16.6 48.5 Pre-tax profits from investments in subsidiaries and associates 53.9 37.4 149.4 175.0 Interest expenses, net 64.6 78.9 27.1 36.8 Pre-tax profit on ordinary activities 142.4 189.6 138.9 186.7 Tax on profit for the year 33.8 28.4-5.7-23.1 Tax on profits from investments in subsidiaries and associates 17.4 13.9 56.8 65.4 Profit on ordinary activities 91.2 147.3 87.8 144.4 Minority shareholders' proportion of profit 3.4 2.9 Profit for the year 87.8 144.4 87.8 144.4 Proposed allocation of profits Proposed dividends 48.0 48.0 48.0 48.0 Transfer to reserve for net revaluation of investments in subsidiaries and associates 21.1 5.8 41.0 56.8 Retained profit/free reserves 18.7 90.6-1.2 39.6 87.8 144.4 87.8 144.4

Aarhus United A/S Preliminary announcement of the annual acounts 2003 2004-03-08 Balance sheet Appendix 2 Group Parent company DKK million 2003 2002 2003 2002 ASSETS Intangible assets 22.4 11.0 4.6 2.0 Property, plant and equipment Land and buildings 288.1 324.7 73.9 78.0 Plant and machinery 749.8 809.6 313.3 304.7 Other assets 59.7 34.1 39.0 12.3 Plant under construction 53.0 96.3 48.4 59.3 Total property, plant and equipment 1,150.6 1,264.7 474.6 454.3 Investments and other assets Investments in subsidiaries 1,088.6 1,218.3 Loans to subsidiaries 73.0 73.0 Investments in associates 398.6 470.7 9.8 23.0 Loans guaranteed by related parties 54.8 0.0 54.8 Other securities 21.7 7.4 17.4 4.3 Tax asset 45.6 27.7 30.5 24.7 Total investments and other assets 465.9 560.6 1,219.3 1,398.1 TOTAL NONCURRENT ASSETS 1,638.9 1,836.3 1,698.5 1,854.4 Inventories Raw materials and consumables 476.4 417.5 240.8 191.6 Work in progress 126.0 100.9 117.8 90.7 Finished goods 121.2 123.1 39.7 38.5 Total inventories 723.6 641.5 398.3 320.8 Receivables Trade receivables 516.0 537.6 151.0 177.2 Subsidiaries 36.9 34.3 Associates 28.2 27.6 Exchange adjustments of contracts 9.3 7.6 8.2 7.6 Corporation tax 9.5 Other receivables 203.5 218.0 17.1 9.0 Prepayments and deferred charges 1.9 4.0 Total receivables 740.2 795.4 213.2 255.7 Listed securities 9.6 8.4 7.1 5.4 Cash at bank and in hand 145.6 102.3 20.6 2.8 Total current assets 1,619.0 1,547.6 639.2 584.7 TOTAL ASSETS 3,257.9 3,383.9 2,337.7 2,439.1

Aarhus United A/S Preliminary announcement 2004-03-08 Balance sheet Group Parent company DKK million 2003 2002 2003 2002 LIABILITIES Capital and reserves Share capital 400.0 400.0 400.0 400.0 Reserve for net revaluation of investments in subsidiaries and associates 207.6 177.7 360.6 326.0 Retained profit/free reserves 618.6 799.0 465.6 650.7 Proposed dividends 48.0 48.0 48.0 48.0 Total capital and reserves 1,274.2 1,424.7 1,274.2 1,424.7 Minority shareholders 38.7 51.5 Provisions Deferred tax 58.5 69.2 Pension obligations 4.3 4.1 Total provisions 62.8 73.3 0.0 0.0 Long-term debt Bank loans 465.7 500.3 175.0 275.0 Mortgage debt 332.7 368.0 250.5 279.0 Total long-term debt 798.4 868.3 425.5 554.0 Current liabilities Bank loans 568.0 491.9 410.8 229.4 Short-term mortgage debt 39.8 74.6 31.7 55.4 Trade payables 128.8 96.3 57.2 34.2 Subsidiaries 53.4 57.9 Associates 8.4 8.4 Corporation tax 8.6 8.2 Exchange adjustments of contracts 6.6 9.5 4.5 2.6 Other payables 323.6 285.0 72.0 80.9 Accruals and deferred income 0.6 Total current liabilities 1,083.8 966.1 638.0 460.4 TOTAL LIABILITIES 3,257.9 3,383.9 2,337.7 2,439.1

Aarhus United A/S Preliminary announcement 2004-03-08 Capital and reserves Appendix 3 Reserve for net revaluation Retained Total Share of invest- profit/free Proposed capital & DKK million capital ments reserves dividends reserves Capital and reserves as at 1 January 2002 400.0 205.9 877.5 48.0 1,531.4 Changes in accounting policies 0.8 0.8 Adjusted capital and reserves as at 1 January 2002 400.0 205.9 878.3 48.0 1,532.2 Exchange adjustments relating to investments in subsidiaries and associates -34.0-168.5-202.5 Currency hedging of income from subsidaries and associates 1.4 1.4 Dividends distributed -48.0-48.0 Dividends from treasury shares 1.8 1.8 Profit for the year 144.4 144.4 Income from associates 23.5-23.5 Dividends from associates -17.7 17.7 Employee shares, 10,864 shares 2.0 2.0 Price adjustment of treasury shares 1.2 1.2 Hedging instruments at year-start, reversed -3.1-3.1 Hedging instruments at year-end -6.7-6.7 Hedging instruments, tax 2.0 2.0 Proposed dividends for 2002-48.0 48.0 Capital and reserves as at 1 January 2003 400.0 177.7 799.0 48.0 1,424.7 Exchange adjustments relating to investments in subsidiaries and associates -36.6-145.3-181.9 Currency hedging of income from subsidaries and associates 1.8 1.8 Dividends distributed -48.0-48.0 Dividends from treasury shares 1.7 1.7 Profit for the year 87.8 87.8 Income from associates 36.5-36.5 Dividends from associates -15.4 15.4 Disposals, Maritex AS, Norway 60.6-60.6 Employee shares, 10,809 shares 2.0 2.0 Price adjustment of treasury shares 1.6 1.6 Adjustment of capital and reserves in associates -15.2-15.2 Hedging instruments at year-start, reversed 6.7 6.7 Hedging instruments at year-end -7.1-7.1 Hedging instruments, tax 0.1 0.1 Proposed dividends for 2003-48.0 48.0 Capital and reserves as at 31 December 2003 400.0 207.6 618.6 48.0 1,274.2

Aarhus United A/S Preliminary announcement 2004-03-08 Cash flow statement Appendix 4 Group Parent company DKK million 2003 2002 2003 2002 Cash flows from operating activities Operating income 153 231 17 49 Depreciation 134 139 52 49 Provisions for pension obligations 0-25 Decrease (Increase) in inventories -82 143-78 11 Decrease (Increase) in receivables 37-20 42 51 Increase (Decrease) in trade payables 41-101 23-52 Increase (Decrease) in other payables 35 6-3 -13 Increase (Decrease) in hedging instruments value 0-10 0-10 Interest income (expenses), net -65-79 -27-37 Dividends received 16 18 52 53 Tax paid -41-58 Net cash from operating activities 228 244 78 101 Cash flows from investing activities Investments in intangible assets -12-11 -3 Investments in property, plant and equipment -105-189 -72-51 Investments in subsidaries and other assets 40 10 28-3 Net cash used in investing activities -77-190 -47-54 Net cash flows from operating and investing activities 151 54 31 47 Net cash flows from financing activities etc Increase (Decrease) in minority shareholders' share -13 0 Increase (Decrease) in long-term loans -70-278 -128-225 Dividends to shareholders in parent company -48-48 -48-48 Treasury shares 5 5 5 5 Minority shareholders' share of losses (profits) -3-3 Exchange adjustments -19-13 2 1 Net cash provided by financing activities etc -148-337 -169-267 Net increase (decrease) in cash 3-283 -138-220 Net cash and cash equivalents at year-start -456-173 -277-57 Net cash and cash equivalents at year-end -453-456 -415-277 Net cash and cash equivalents comprise listed securities and cash at bank and in hand less short-term bank loans and mortgage debt.

Aarhus United A/S Preliminary announcement 2004-03-08 Annual result for the groups's production companies Appendix 5 Aarhus United Denmark Million 2003 2002 2001 2000 1999 DKK DKK DKK DKK DKK Revenue 1,394.0 1,229.7 1,200.2 1,441.3 1,699.2 Value added 508.1 493.6 461.3 436.7 406.0 Net margin 370.2 389.3 380.2 352.9 333.4 Operating income (EBIT) 58.6 71.0 67.6 63.8 55.0 Operating income before depreciation (EBITDA) 110.1 120.1 110.4 110.1 95.3 Pre-tax profit on ordinary activities 41.5 51.6 51.4 40.8 17.1 Profit for the year 29.1 51.6 51.4 40.8 17.1 Capital investments 71.9 50.9 70.5 86.8 48.3 Capital and reserves at year-end 527.6 498.0 446.4 407.8 367.0 Total assets at year-end 1,106.7 1,067.3 1,286.2 1,058.8 1,049.6 Profit margin ratio (%) 4.2 5.8 5.6 4.4 3.2 Return on assets (%) 5.6 6.6 6.0 6.1 5.0 Return on invested capital (%) 6.7 8.3 9.5 8.4 6.1 Total business volume (tonnes) 176,852 169,006 177,027 178,152 170,327 Number of employees 475 490 508 532 552 Aarhus United UK Ltd Million 2003 2003 2002 2001 2000 1999 DKK GBP GBP GBP GBP GBP Revenue 1,825.8 165.4 160.3 146.0 136.0 163.7 Value added 467.1 42.3 43.5 46.5 39.3 35.7 Net margin 291.3 26.4 27.3 30.6 - - Operating income (EBIT) 68.0 6.2 7.2 8.0 7.8 7.4 Operating income before depreciation (EBITDA) 119.2 10.8 11.4 12.7 11.8 11.1 Pre-tax profit on ordinary activities 55.8 5.1 6.3 7.0 7.4 6.3 Profit for the year 38.3 3.5 4.2 4.8 5.5 4.9 Capital investments 18.6 1.8 8.0 4.0 7.9 2.1 Capital and reserves at year-end 375.2 35.5 36.5 32.3 41.9 38.6 Total assets at year-end 780.4 73.8 76.1 70.5 68.4 61.6 Profit margin ratio (%) 3.7 4.5 5.5 5.8 4.5 Return on assets (%) 8.2 9.8 11.5 12.0 11.1 Return on invested capital (%) 10.7 13.0 15.4 15.8 14.4 Total business volume (tonnes) 351,101 366,794 382,313 317,627 322,651 Number of employees 317 285 369 284 224

Aarhus United A/S Preliminary announcement 2004-03-08 Aarhus United USA Inc. Million 2003 2003 2002 2001 2000 1999 DKK USD USD USD USD USD Revenue 529.2 77.0 75.5 77.1 99.9 109.1 Value added 127.7 18.6 18.6 16.7 19.9 18.3 Net margin 106.7 15.5 15.8 13.8 17.4 15.2 Operating income (EBIT) 25.3 3.7 4.9 3.7 7.5 6.9 Operating income before drepreciation (EBITDA) 36.3 5.3 6.7 5.5 9.2 8.6 Pre-tax profit on ordinary activities 23.8 3.5 4.7 3.2 7.2 6.2 Profit for the year 12.2 1.8 2.8 3.0 7.2 6.2 Capital investments 11.3 1.9 4.0 1.9 1.4 0.6 Capital and reserves at year-end 193.3 32.5 30.7 27.9 36.8 29.7 Total assets at year-end 281.5 47.2 45.5 46.3 61.9 54.9 Profit margin ratio (%) 4.8 6.5 4.8 7.5 5.7 Return on assets (%) 7.9 10.8 6.8 12.8 12.3 Return on invested capital (%) 10.1 13.7 8.5 17.9 18.0 Total business volume (tonnes) 113,051 117,296 113,681 116,908 113,401 Number of employees 49 48 48 48 47 Aarhus United Mexico, S.A. de C.V. Million 2003 2003 2002 2001 2000 1999 DKK MXN MXN MXN MXN MXN Revenue 551.0 913.7 788.0 717.6 666.1 852.5 Value added 103.3 171.3 174.6 174.6 170.6 155.6 Net margin 74.1 123.0 127.6 128.3 88.4 86.6 Operating income (EBIT) 23.8 39.5 43.1 52.7 24.6 30.2 Operating income before depreciation (EBITDA) 34.9 57.8 60.6 67.5 37.9 38.3 Pre-tax profit on ordinary activities 9.7 16.1 19.6 22.4-10.8 15.6 Profit for the year before minority interests 5.8 9.7 12.1 17.4-10.8 15.6 Aarhus United's proportion of profit 5.1 8.5 10.6 15.2-9.6 13.2 Capital investments 3.4 6.4 17.3 55.0 26.5 34.8 Capital and reserves at year-end 118.7 223.1 213.9 202.2 184.8 249.2 Aarhus United's proportion of capital and reserves at year-end 104.4 196.2 187.8 177.5 163.0 221.0 Total assets at year-end 326.6 613.8 543.3 539.3 461.9 528.9 Profit margin ratio (%) 4.3 5.5 7.3 3.7 3.5 Return on assets (%) 6.8 8.0 10.5 5.0 5.8 Return on invested capital (%) 8.6 9.9 13.4 6.0 7.1 Total business volume (tonnes) 123,824 130,695 126,834 101,532 100,424 Number of employees 300 345 355 310 349