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| This corner of our web site is intended to give
you information about our financial performance
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| EFES
BREWERIES INTERNATIONAL N.V.
INCOME STATEMENT
For the nine-month period ended September 30
|
| (US$ in thousands) |
Q3
2004 |
Q3 2003
|
| |
|
|
| Sales |
305,799 |
195,747 |
| Cost of Sales |
(155,858) |
(99,157) |
| |
|
|
| Gross Profit |
149,941 |
96,590 |
| |
|
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| Selling and Marketing Expenses |
(67,152) |
(41,247) |
| General and administrative expenses |
(31,833) |
(20,629) |
| |
|
|
| Profit from operations |
50,956 |
34,714 |
| |
|
|
| Financial expense |
(3,004) |
(1,451) |
| Other income/(expense) |
(813) |
28,363 |
| |
|
|
| Profit before tax |
47,139 |
61,626 |
| |
|
|
| Income tax |
(11,719) |
(6,013) |
| |
|
|
| Profit after tax |
35,420 |
55,613 |
| |
|
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| Minority interest |
(6,587) |
(3,420) |
| |
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| Net profit |
28,833 |
52,193 |
| |
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| EBITDA (1) |
78,602 |
53,451 |
| |
|
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| VOLUME (mio hl) |
5.84 |
3.96 |
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The consolidated financial
statements include Efes Breweries International
N.V. and the companies which it controls ("Subsidiaries")
except for Interbrew Efes Brewery in Romania
("Interbrew Efes") which is a jointly
controlled entity. Interbrew Efes is recognized
by using the proportionate consolidation basis
(50%).
(1)EBITDA
EBITDA here means earnings before interest (financial
income/(expense) — net), tax, depreciation and
amortisation, and as applicable, minus gain
on net monetary position, minus minority interest,
minus gain on sale of subsidiaries and investment
in securities, minus recognition of currency
translation due to dilution at subsidiaries,
plus provision for bad debt, plus provision
for inventories, minus income recognised from
reversal of provision for bad debt, minus income
recognised from reversal of provisions for inventories,
plus impairment in property, plant and equipment. |
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EFES BREWERIES INTERNATIONAL
N.V.
BALANCE SHEET
|
| (US$ in thousands) |
September
30 2004 |
December
31 2003 |
| |
|
|
| Cash and cash equivalents |
35,282 |
32,677 |
| Trade and other receivables |
29,630 |
17,700 |
| Due from related parties |
2,503 |
4,616 |
| Inventories |
47,330 |
37,798 |
| Prepayments and other current assets |
18,160 |
15,351 |
| Total current assets |
132,905 |
108,142 |
| |
|
|
| Investments in securities |
1,752 |
1,754 |
| Property, plant and equipment |
306,790 |
267,639 |
| Intangible assets |
67,734 |
65,266 |
| Deferred tax assets |
3,846 |
3,361 |
| Prepayments and other non-current assets |
2,245 |
2,442 |
| Total non-current assets |
382,367 |
340,462 |
| |
|
|
| Total assets |
515,272 |
448,604 |
| |
|
|
| Trade and other payables |
40,649 |
30,890 |
| Due to related parties |
26,242 |
13,751 |
| Income tax payable |
3,194 |
491 |
| Short-term borrowings |
34,650 |
32,769 |
| Current portion of long-term borrowings |
18,302 |
12,960 |
| Total current liabilities |
123,037 |
90,861 |
| |
|
|
| Long-term borrowings-net of current portion |
57,748 |
71,534 |
| Deferred tax liability |
12,180 |
12,087 |
| Other non-current liabilities |
2,590 |
1,277 |
| Total non-current liabilities |
72,518 |
84,898 |
| |
|
|
| Minority interest |
69,452 |
53,781 |
| |
|
|
| Total equity |
250,265 |
219,064 |
| |
|
|
| Total liabilities and equity |
515,272 |
448,604 |
| |
|
|
| The consolidated financial statements
include Efes Breweries International N.V.
and the companies which it controls ("Subsidiaries")
except for Interbrew Efes Brewery in Romania
("Interbrew Efes") which is a
jointly controlled entity. Interbrew Efes
is recognized by using the proportionate
consolidation basis (50%). |
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|
EFES BREWERIES INTERNATIONAL
N.V.
CASH FLOW
For the nine-month period ended September
30
|
| (US$ in thousands) |
September
30 2004 |
| |
|
| Net profit before minority interest
and income tax |
|
47,139 |
| |
|
|
| Gain on sale of subsidiary and
investment |
|
(470) |
| Depreciation and amortization |
|
26,105 |
| Other non-cash expense |
|
3,372 |
| Net interest expense |
|
4,301 |
| (Increase)/decrease in net working
capital |
|
739 |
| Net interest paid |
|
(4,666) |
| Income taxes paid |
|
(9,675) |
| |
|
|
| Net cash provided by operating
activities |
|
66,845 |
| |
|
|
| Capex |
|
(45,014) |
| Acquisition of subsidiary |
|
(15,687) |
| Other investing activities |
|
4,778 |
| |
|
|
| Net cash used in investing activities |
|
(55,923) |
| |
|
|
| Proceeds from/(repayments of) debt
|
|
(7,397) |
| |
|
|
| Net cash provided by financing
activities |
|
(7,397) |
| |
|
|
| Currency translation differences |
|
(920) |
| Net increase in cash and cash equivalents |
|
2,605 |
| Cash and cash equivalents at beginning
of year |
|
32,677 |
| |
|
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| Cash and cash equivalents at end
of period |
|
35,282 |
| |
|
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| The consolidated financial
statements include Efes Breweries
International N.V. and the companies
which it controls ("Subsidiaries")
except for Interbrew Efes Brewery
in Romania ("Interbrew Efes")
which is a jointly controlled entity.
Interbrew Efes is recognized by using
the proportionate consolidation basis
(50%). |
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