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EFES BREWERIES INTERNATIONAL N.V.
INCOME STATEMENT
For the year ended December 31, 2004
|
| (US$ in thousands) |
2004
|
2003
|
| |
| Sales |
398,531
|
264,119
|
| Cost of sales |
(207,018)
|
(136,322)
|
| Gross profit |
191,513
|
127,797
|
| |
| Selling and marketing expenses |
(88,292)
|
(59,052)
|
| General and administrative
expenses |
(44,832)
|
(32,880)
|
| Profit from operations |
58,389
|
35,865
|
| |
| Financial income/(expense) |
1,852
|
(1,268)
|
| Other (expense)/income |
(4,113)
|
29,342
|
| Profit before tax |
56,128
|
63,939
|
| |
| Income tax |
(13,615)
|
(8,150)
|
| Profit after tax |
42,513
|
55,789
|
| |
| Minority interest |
(6,912)
|
(2,663)
|
| Net profit |
35,601
|
53,126
|
| |
| EBITDA (1) |
98,308
|
63,781
|
| |
| VOLUME (mio hl) |
7,62
|
5,30
|
|
|
|
|
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 here means earnings before interest
(financial income / (expense) - net), tax, depreciation
and amortisation, minus minority interest, and
as applicable, minus gain on sale of subsidiaries
and investment in securities, plus provisions,
reserves and impairment.
|
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EFES BREWERIES INTERNATIONAL N.V.
BALANCE SHEET
As of December 31, 2004
|
| (US$ in thousands) |
2004 |
2003 |
| |
| Cash and cash equivalents |
134,668
|
32,677 |
| Trade and other receivables |
28,366
|
17,700 |
| Due from related parties |
3,384
|
4,616 |
| Inventories |
47,999
|
37,798 |
| Prepayments and other current
assets |
19,613
|
15,351 |
| Total current assets |
234,030
|
108,142 |
| |
| Investments in securities |
1,756
|
1,754 |
| Property, plant and equipment
|
315,910
|
267,639 |
| Intangible assets |
69,164
|
65,266 |
| Deferred tax assets |
5,765
|
3,361 |
| Prepayments and other non-current
assets |
3,816
|
2,442 |
| Total non-current assets |
396,411
|
340,462 |
| |
| Total assets |
630,441
|
448,604 |
| |
| Trade and other payables |
44,483
|
30,890 |
| Due to related parties |
13,478
|
13,751 |
| Income tax payable |
567
|
491 |
| Short-term borrowings |
30,154
|
32,769 |
| Current portion of long-term
borrowings |
19,284
|
12,960 |
| Total current liabilities |
107,966
|
90,861 |
| |
| Long-term borrowings-net of
current portion |
53,471
|
71,534 |
| Deferred tax liability |
12,900
|
12,087 |
| Other non-current liabilities |
1,596
|
1,277 |
| Total non-current liabilities |
67,967
|
84,898 |
| |
| Minority interest |
73,144
|
53,781 |
| |
| Total equity |
381,364
|
219,064 |
| |
| Total liabilities and equity |
630,441
|
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 year ended December 31, 2004
|
| (US$ in thousands) |
2004 |
2003 |
| |
| Net profit before minority interest and income tax |
56.128 |
63.939 |
| |
| Gain on sale of subsidiaries and investment in securities |
(470) |
(26.795) |
| Depreciation and amortisation |
36.185 |
24.051 |
| Provisions, reserves and impairment |
8.317 |
1.318 |
| Other non-cash expense |
1.738 |
1.948 |
| Net interest expense |
5.239 |
4.953 |
| (Increase)/decrease in net working capital |
(15.114) |
(10.969) |
| Net interest paid |
(5.869) |
(5.206) |
| Income taxes paid |
(14.753) |
(9.036) |
| |
| Net cash provided by operating activities |
71.401 |
44.203 |
| |
| Capex |
(52.235) |
(43.066) |
| Acquisition of subsidiary |
(15.688) |
(45.302) |
| Other investing activities |
4.823 |
5.295 |
| |
| Net cash used in investing activities |
(63.100) |
(83.073) |
| |
| Proceeds from/(repayments of) debt |
(15.582) |
30.311 |
| Share issue |
112.350 |
5.885 |
| |
| Net cash provided by financing activities |
96.768 |
36.196 |
| |
| Currency translation differences |
(3.078) |
(3.623) |
| Net increase in cash and cash equivalents |
101.991 |
(6.297) |
| Cash and cash equivalents at beginning of year |
32.677 |
38.974 |
| |
| Cash and cash equivalents at end of period |
134.668 |
32.677 |
| |
|
|
| 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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