| EFES
BREWERIES INTERNATIONAL N.V.
CONSOLIDATED INCOME STATEMENT
For the period ended June 30, 2005 and 2004
|
| (US$ in thousands) |
YTD 1H2005
|
YTD 1H2004 |
| |
| Sales |
221,683
|
184,425 |
| Cost of sales |
(119,213)
|
(95,363) |
| Gross profit |
102,470
|
89,062 |
| |
| Selling and marketing expenses |
(60,292)
|
(42,468) |
| General and administrative
expenses |
(24,656)
|
(22,120) |
| Profit from operations |
17,522
|
24,474 |
| |
| Financial Expense |
(9,965)
|
(1,439) |
| Other Expense |
(445)
|
(2,446) |
| Profit before tax |
7,112
|
20,589 |
| |
| Income tax |
(7,233)
|
(5,438) |
| Profit after tax |
(121)
|
15,151 |
| |
| Minority interest |
(2,089)
|
(2,977) |
| Net profit |
(2,210)
|
12,174 |
| |
| EBITDA (1) |
37,844
|
41,699 |
| |
| VOLUME (mio hl) |
4.15
|
3.51 |
|
|
|
|
(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.
|
|
|
EFES BREWERIES INTERNATIONAL
N.V.
CONSOLIDATED BALANCE SHEET
As of June 30, 2005 and December 31, 2004
|
| (US$
in thousands) |
30 06 2005
|
31 12 2004 |
| |
| Cash and
cash equivalents |
124,751
|
134,668 |
| Trade and
other receivables |
35,976
|
28,366 |
| Due from
related parties |
3,407
|
3,384 |
| Inventories |
55,131
|
47,999 |
| Prepayments
and other current assets |
32,454
|
19,613 |
| Total
current assets |
251,719
|
234,030 |
| |
| Investments
in securities |
1,742
|
1,756 |
| Property,
plant and equipment |
334,984
|
315,910 |
| Intangible
assets |
67,220
|
69,164 |
| Deferred
tax assets |
2,406
|
5,765 |
| Prepayments
and other non-current assets |
2,133
|
3,816 |
| Total
non-current assets |
408,485
|
396,411 |
| |
| Total
assets |
660,204
|
630,441 |
| |
| Trade and
other payables |
62,731
|
44,483 |
| Due to related
parties |
17,001
|
13,478 |
| Income tax
payable |
2,596
|
567 |
| Short-term
borrowings |
62,091
|
30,154 |
| Current
portion of long-term borrowings |
19,382
|
19,284 |
| Total
current liabilities |
163,801
|
107,966 |
| |
| Long-term
borrowings-net of current portion |
43,976
|
53,471 |
| Deferred
tax liability |
11,048
|
12,900 |
| Other non-current
liabilities |
2,763
|
1,596 |
| Total
non-current liabilities |
57,787
|
67,967 |
| |
| Minority
interest |
71,490
|
73,144 |
| |
| Total equity |
367,126
|
381,364 |
| |
| Total
liabilities and equity |
660,204
|
630,441 |
| |
| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED CASH FLOW
For the period ended June 30, 2005 and 2004
|
(US$ in thousands) |
YTD 1H2005 |
YTD 1H2004 |
|
|
|
Net profit before minority interest and income tax |
7,112 |
20,589 |
|
|
|
Gain on sale of subsidiaries and investment in securities |
- |
(470) |
Depreciation and amortisation |
19,388 |
16,341 |
Provisions, reserves and impairment |
1,379 |
3,800 |
Other non-cash expense |
124 |
307 |
Net interest expense |
1,813 |
2,989 |
(Increase)/decrease in net working capital |
(4,342) |
1,369 |
Net interest paid |
(1,606) |
(3,303) |
Income taxes paid |
(3,817) |
(5,306) |
|
|
|
Net cash provided by operating activities |
20,051 |
36,316 |
|
|
|
Capex |
(54,587) |
(32,774) |
Acquisition of subsidiary |
- |
(323) |
Other investing activities |
(490) |
5,475 |
|
|
|
Net cash used in investing activities |
(55,077) |
(27,622) |
|
|
|
Proceeds from/(repayments of) debt |
25,580 |
(8,468) |
|
|
|
Net cash provided by financing activities |
25,580 |
(8,468) |
|
|
|
Currency translation differences |
(471) |
(1,621) |
Net increase in cash and cash equivalents |
(9,917) |
(1,395) |
Cash and cash equivalents at beginning of year |
134,668 |
32,677 |
|
|
|
Cash and cash equivalents at end of period |
124,751 |
31,282 |
|
|
|
|
|
|
|