Chambly, March 12, 2004 – The 2003 financial results released today by Unibroue brewery confirm the significant growth of the company, particularly in export markets.

Unibroue’s sales for the year ended December 31, 2003 reached $25,598,446 compared to $23,622,172 in 2002, an increase of 8.4%. Net earnings increased by 19.2% during the year, from $960,885 or $0.16 per share in 2002 to $1,144,547 or $0.19 per share in 2003.

For the fourth quarter ended December 31, 2003, the Company reported sales of $7,058,395, compared with $6,616,716 in the same quarter last year, an increase of 6.7%. Net earnings decreased from $315,117 to $275,607 in the same period.

“The significant increase in our 2003 revenues is directly attributable to our efforts to develop new markets in Canada, the United States and in Europe,” explains M. André Dion, Unibroue’s President and Chief Executive Officer. “At the same time, rigorous management of our operations and expenses, combined with sales growth, resulted in a very interesting increase in our 2003 net earnings.”

In 2003, Unibroue’s Quebec sales increased by 4.5% to $18,560,336. These results compare very favourably to those of the overall brewing industry, which reported a 2% decrease in Quebec sales in 2003. Unibroue did even better in the rest of Canada, reporting a substantial increase in sales of 25.1% (from $1,387,819 in 2002 to $1,736,496 in 2003), while sales growth in the rest of the industry was flat.

While we experienced sales growth, our operating expenses remained essentially at the same level as in 2002, increasing by less than $10,000 over the year, from $7,668,735 in 2002 to $7,678,590 in 2003. This led to a 16.4% growth in our earnings before interest, income taxes and amortization for the year, from $4,129,504 in 2002 to $4,805,430 in 2003

In 2003, markets outside Quebec generated 27.5% of Unibroue’s total sales and 60% of sales growth.

United States shipments, expressed in hectolitres, increased by 24%, which translated in a 16,1% of U.S. sales denominated in Canadian dollars, due to the decrease in the relative value of the U.S. dollar.

For their part, European shipments rebounded nicely in 2003 with an 18.1% increase over 2002 levels, after decreasing for two consecutive years.

Finally, in accordance with terms and conditions specified in current legislation, Unibroue pursued its share repurchase program with the buy back of 153,450 shares in 2003.

Unibroue Inc. is a publicly traded corporation whose shares are listed on the Toronto Stock Exchange. Unibroue is the largest microbrewery in Quebec and among the twenty largest microbrewers in North America.

Consolidated balance sheets (pdf format)
Consolidated earnings (pdf format)
Consolidated statements of cash flow (pdf format)

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Information: André Dion, FCA
President and Chief Executive Officer, Unibroue; or
Sébastien Dion, CA
Chief Financial Officer, Unibroue
Tel: (450) 658-7658