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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.
CONSOLIDATED INCOME STATEMENT
For the period ended March 31, 2005 and 2004
|
| (US$ in thousands) |
YTD Q12005
|
YTD Q12004 |
| |
| Sales |
81.674
|
68.516 |
| Cost of sales |
(46.805)
|
(36.830) |
| Gross profit |
34.869
|
31.686 |
| |
| Selling and marketing expenses |
(25.948)
|
(17.876) |
| General and administrative
expenses |
(11.342)
|
(11.485) |
| Profit from operations |
(2.421)
|
2.325 |
| |
| Financial income/(expense) |
(4.308)
|
1.167 |
| Other (expense)/income |
(237)
|
441 |
| Profit before tax |
(6.966)
|
3.933 |
| |
| Income tax |
(1.948)
|
(665) |
| Profit after tax |
(8.914)
|
3.268 |
| |
| Minority interest |
1.795
|
(237) |
| Net profit |
(7.119)
|
3.031 |
| |
| EBITDA (1) |
7.430
|
11.969 |
| |
| VOLUME (mio hl) |
1,56
|
1,30 |
|
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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 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.
CONSOLIDATED BALANCE SHEET
As of March 31, 2005 and December 31, 2004
|
| (US$
in thousands) |
2005
|
2004 |
| |
| Cash and
cash equivalents |
120.342
|
134.668 |
| Trade and
other receivables |
27.541
|
28.366 |
| Due from
related parties |
3.629
|
3.384 |
| Inventories |
55.952
|
47.999 |
| Prepayments
and other current assets |
29.023
|
19.613 |
| Total
current assets |
236.487
|
234.030 |
| |
| Investments
in securities |
1.754
|
1.756 |
| Property,
plant and equipment |
316.444
|
315.910 |
| Intangible
assets |
68.667
|
69.164 |
| Deferred
tax assets |
4.378
|
5.765 |
| Prepayments
and other non-current assets |
2.125
|
3.816 |
| Total
non-current assets |
393.368
|
396.411 |
| |
| Total
assets |
629.855
|
630.441 |
| |
| Trade and
other payables |
48.584
|
44.483 |
| Due to related
parties |
15.328
|
13.478 |
| Income tax
payable |
654
|
567 |
| Short-term
borrowings |
42.370
|
30.154 |
| Current
portion of long-term borrowings |
19.029
|
19.284 |
| Total
current liabilities |
125.965
|
107.966 |
| |
| Long-term
borrowings-net of current portion |
48.418
|
53.471 |
| Deferred
tax liability |
13.071
|
12.900 |
| Other non-current
liabilities |
1.419
|
1.596 |
| Total
non-current liabilities |
62.908
|
67.967 |
| |
| Minority
interest |
70.651
|
73.144 |
| |
| Total equity |
370.331
|
381.364 |
| |
| Total
liabilities and equity |
629.855
|
630.441 |
| |
| 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%). |
|
|
| EFES
BREWERIES INTERNATIONAL N.V.
CONSOLIDATED CASH FLOW
For the period ended March 31, 2005
and 2004
|
| (US$
in thousands) |
YTD
Q12005
|
YTD Q12004
|
| |
Net
profit before minority interest
and income tax
|
(6.966)
|
3.933
|
| |
Depreciation
and amortisation
|
9.350
|
7.944
|
| Provisions,
reserves and impairment |
738
|
1.259 |
Other non-cash
expense
|
(808)
|
232 |
Net
interest expense
|
716
|
1.456
|
(Increase)/decrease
in net working capital
|
(9.881)
|
(1.296)
|
Net
interest paid
|
(1.071)
|
(1.594)
|
| Income taxes
paid |
(486)
|
(824) |
|
|
Net
cash provided by operating activities
|
(8.408)
|
11.110 |
| |
| Capex |
(14.742)
|
(13.895) |
Other
investing activities
|
136
|
837 |
| |
| Net
cash used in investing activities |
(14.606)
|
(13.058) |
| |
Proceeds
from/(repayments of) debt
|
7.908
|
1.087 |
| |
Net
cash provided by financing activities
|
7.908
|
1.087 |
| |
Currency
translation differences
|
780
|
(1.762) |
Net increase
in cash and cash equivalents
|
(14.326)
|
(2.623) |
Cash and
cash equivalents at beginning
of year
|
134.668
|
32.677 |
| |
Cash
and cash equivalents at end
of period
|
120.342
|
30.054 |
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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