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The annual report for 2009 for Scandinavian Tobacco Group A/S (STG) and the STG Group has been approved by the company’s Annual General Meeting.

The Group achieved a satisfactory result for 2009 of DKK 885 million after tax. The result included a profit of DKK 425 million emanating from the company’s sale in 2009 of shareholdings in Tivoli and Dagrofa to Skandinavisk Holding A/S (SH). The result in 2008 of DKK 17,449 million was considerably affected by a profit of DKK 17.9 billion in connection with the sale of the company’s cigarette activities etc. to BAT.

The Group’s net turnover totalled DKK 2.4 billion compared to DKK 1.1 billion for the financial year 2008 (1.7.-31.12.2008). The STG Group’s equity amounted to DKK 3.906.4 million at 31 December 2009 prior to distribution of the proposed dividend.

STG’s business is based on production, sales and distribution of cigars, pipe tobacco and fine cut tobacco. The company is a leading cigar manufacturer in Europe and a world leading manufacturer within pipe tobacco. The Group’s products are sold in 115 countries all over the world. The total number of employees amounts to 3,400 – of which 500 in Denmark.

It was announced today that Skandinavisk Holding, which owns all the shares in Scandinavian Tobacco Group, has signed an agreement with Swedish Match AB to establish a joint company within cigars, pipe tobacco and fine cut tobacco. Skandinavisk Holding will contribute the STG Group’s total business whereas Swedish Match will contribute its cigar company (apart from first and foremost its US mass market cigar business) as well as its pipe tobacco activities. The new company will be owned 51% by Skandinavisk Holding and 49% by Swedish Match.

The new company will be headquartered in Denmark, and Anders C. Friis, CEO of STG, will become CEO, whereas STG’s Chairman, Jørgen Tandrup, will become Chairman of the Supervisory Board. Conny Karlsson, Chairman of the Supervisory Board in Swedish Match, will become Deputy Chairman. The combined entity will be a world leading cigar company and will strengthen its position as a world leading pipe tobacco manufacturer. The company will be a market leader on a number of European markets within both cigars and pipe tobacco and will hold approx. 30% of the US market for premium (hand-rolled) cigars. The transaction is subject to approval by the competition authorities expected to occur during the third quarter of 2010. Reference is made to the separate announcement made today by Skandinavisk Holding and to www.st-group.com.

Other major activities in STG in 2009:

•As at 1 January 2009, STG acquired two cigar factories in Honduras and Nicaragua, respectively. The factories manufacture annually approx. 17 million hand-rolled, premium long filler cigars mainly for the US market.

•In March 2009, STG acquired, among others, the trade mark Tiedemanns from BAT, and STG has thus achieved a significant position on the Norwegian market for fine cut tobacco.

The Group’s activity level and earnings before non-recurrent entries are in 2010 expected to be in line with 2009 when the effect of the completion of the transaction with Swedish Match is left out of consideration.

Søborg, 26 April 2010

Jørgen Tandrup,

Chairman of the Board

Anders C. Friis,

President, CEO

For further information, please contact:

CEO Anders C. Friis, phone +45 39 55 62 00


- a world leading manufacturer of cigars and traditional pipe tobacco

- approx. 8,200 employees in the Dominican Republic, Honduras, Nicaragua, Indonesia, Europe, New Zealand, Australia, Canada and the US

The Group’s brand portfolio contains more than 200 international, regional and local tobacco brands, including the cigar brands Café Crème, La Paz, Henri Wintermans, Macanudo, CAO, Partagas (US) and Cohiba (US). Pipe tobacco brands include Captain Black, Erinmore, Borkum Riff and W.Ø. Larsen, while leading fine-cut tobacco brands include Bugler, Break, Escort, Bali Shag and Tiedemanns.

The Group is ultimately owned by two Danish foundations (51%) – the Augustinus Foundation and Det Obelske Familiefond – and by Swedish Match (49%). Both Danish foundations have been active in the tobacco industry for more than 250 years. Swedish Match is a publicly owned company listed on the Stockholm Stock Exchange.

Read more: www.st-group.com.

Scandinavian Tobacco Group A/S
Sydmarken 42
DK-2860 Søborg

CVR 31 08 01 85

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