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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 September 30, 2005 and 2004
|
| (US$ in thousands) |
YTD Q3 2005
|
YTD Q3 2004 |
| |
| Sales |
375,681 |
305,799 |
| Cost of sales |
(194,807) |
(155,858) |
| Gross profit |
180,874 |
149,941 |
| |
| Selling and marketing expenses |
(97,373) |
(67,152) |
| General and administrative
expenses |
(37,762) |
(31,833) |
| Profit from operations |
45,739 |
50,956 |
| |
Financial income/(expense) |
(11,514) |
(3,004) |
Other (expense)/income |
134 |
(813) |
| Profit before tax |
34,359 |
47,139 |
| |
| Income tax |
(13,977) |
(11,719) |
| Profit after tax |
20,382 |
35,420 |
| |
| Minority interest |
(5,130) |
(6,587) |
| Net profit |
15,252 |
28,833 |
| |
| EBITDA (1) |
76,491 |
78,602 |
| |
| VOLUME (mio hl) |
7.00 |
5.84 |
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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 holding activities, plus provisions, reserves and impairment.
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EFES BREWERIES INTERNATIONAL
N.V.
CONSOLIDATED BALANCE SHEET
As of September 30, 2005 and December 31, 2004
|
| (US$
in thousands) |
30.09.2005 |
31.12.2004 |
| |
| Cash and
cash equivalents |
103,230 |
134,668 |
| Trade and
other receivables |
40,371 |
28,366 |
| Due from
related parties |
2,867 |
3,384 |
| Inventories |
54,684 |
47,999 |
| Prepayments
and other current assets |
26,976 |
19,613 |
| Total
current assets |
228,128 |
234,030 |
| |
| Investments
in securities |
1,741 |
1,756 |
| Property,
plant and equipment |
336,243 |
315,910 |
| Intangible
assets |
70,319 |
69,164 |
| Deferred
tax assets |
2,400 |
5,765 |
| Prepayments
and other non-current assets |
1,821 |
3,816 |
| Total
non-current assets |
412,524 |
396,411 |
| |
| Total
assets |
640,652 |
630,441 |
| |
| Trade and
other payables |
50,729 |
44,483 |
| Due to related
parties |
19,254 |
13,478 |
| Income tax
payable |
2,539 |
567 |
| Short-term
borrowings |
36,664 |
30,154 |
| Current
portion of long-term borrowings |
19,133 |
19,284 |
| Total
current liabilities |
128,319 |
107,966 |
| |
| Long-term
borrowings-net of current portion |
38,769 |
53,471 |
| Deferred
tax liability |
11,267 |
12,900 |
| Other non-current
liabilities |
1,670 |
1,596 |
| Total
non-current liabilities |
51,706 |
67,967 |
| |
| Minority
interest |
75,502 |
73,144 |
| |
| Total equity |
385,125 |
381,364 |
| |
| Total
liabilities and equity |
640,652 |
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 September 30, 2005 and 2004
|
(US$ in thousands) |
YTD Q3 2005 |
YTD Q3 2004 |
|
|
|
Net profit before minority interest and income tax |
34,359 |
47,139 |
|
|
|
Gain on sale of subsidiaries and investment in securities |
(1,046) |
(470) |
Depreciation and amortisation |
29,892 |
26,105 |
Provisions, reserves and impairment |
1,772 |
2,824 |
Other non-cash expense |
117 |
558 |
Net interest expense |
2,630 |
4,301 |
(Increase)/decrease in net working capital |
(11,002) |
739 |
Net interest paid |
(5,050) |
(4,666) |
Income taxes paid |
(10,503) |
(9,675) |
|
|
|
Net cash provided by operating activities |
41,169 |
66,855 |
|
|
|
Capex |
(65,155) |
(45,014) |
Acquisition of subsidiary |
(1,677) |
(15,687) |
Other investing activities |
100 |
4,778 |
|
|
|
Net cash used in investing activities |
(66,732) |
(55,923) |
|
|
|
Proceeds from/(repayments of) debt |
(5,688) |
(7,397) |
|
|
|
Net cash provided by financing activities |
(5,688) |
(7,397) |
|
|
|
Currency translation differences |
(187) |
(930) |
Net increase in cash and cash equivalents |
(31,438) |
2,605 |
Cash and cash equivalents at beginning of year |
134,668 |
32,677 |
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|
|
Cash and cash equivalents at end of period |
103,230 |
35,282 |
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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