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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 year ended December 31, 2005 and 2004
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| (US$ in thousands) |
FY 2005 |
FY 2004 |
|
| Sales |
481.223 |
398.531 |
| Cost of sales |
(253.190) |
(207.018) |
|
| Gross profit |
228.033 |
191.513 |
|
| Selling and marketing expenses |
(128.230) |
(88.292) |
| General and administrative expenses |
(47.277) |
(44.832) |
| Other operating expense |
(2.821) |
(4.113) |
|
| Profit from operations |
49.705 |
54.276 |
|
| Financial income/(expense) |
(13.902) |
1.852 |
| |
| Profit before tax |
35.803 |
56.128 |
|
| Income tax |
(16.828) |
(13.615) |
|
| Profit after tax |
18.975 |
42.513 |
|
| Minority interest |
1.147 |
(6.912) |
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| Net profit |
20.122 |
35.601 |
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| EBITDA (1) |
95.123 |
98.308 |
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| VOLUME (mio hl) |
8,91 |
7,62 |
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(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 December 31, 2005 and December 31, 2004
|
| (US$ in thousands) |
2005 |
2004 |
| |
| Cash and cash equivalents |
96.860 |
134.668 |
| Trade and other receivables |
38.032 |
28.366 |
| Due from related parties |
5.395 |
3.384 |
| Inventories |
55.183 |
47.999 |
| Prepayments and other current assets |
27.237 |
19.613 |
| Total current assets |
222.707 |
234.030 |
| |
| Investments in securities |
1.678 |
1.756 |
| Property, plant and equipment |
343.602 |
315.910 |
| Intangible assets |
209.209 |
69.164 |
| Deferred tax assets |
1.044 |
5.765 |
| Prepayments and other non-current assets |
2.179 |
3.816 |
| Total non-current assets |
557.712 |
396.411 |
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| Total assets |
780.419 |
630.441 |
| |
| Trade and other payables |
149.466 |
44.483 |
| Due to related parties |
20.497 |
13.478 |
| Income tax payable |
746 |
567 |
| Short-term borrowings |
50.511 |
30.154 |
| Current portion of long-term borrowings |
18.653 |
19.284 |
| Total current liabilities |
239.873 |
107.966 |
| |
| Long-term borrowings-net of current portion |
41.484 |
53.471 |
| Deferred tax liability |
13.104 |
12.900 |
| Other non-current liabilities |
78.242 |
1.596 |
| Total non-current liabilities |
132.830 |
67.967 |
| |
| Minority interest |
24.878 |
73.144 |
| |
| Total equity |
382.838 |
381.364 |
| |
| Total liabilities and equity |
780.419 |
630.441 |
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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%). |
| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED CASH FLOW
For the year ended December 31, 2005 and 2004
|
| (US$ in thousands) |
FY 2005 |
FY 2004 |
| |
| Net profit before minority interest and income tax |
35.803 |
56.128 |
| |
| Gain on holding activities |
(1.046) |
(470) |
| Depreciation and amortisation |
41.384 |
36.185 |
| Provisions, reserves and impairment |
5.080 |
8.317 |
| Other non-cash expense |
691 |
376 |
| Net interest expense |
3.451 |
5.239 |
| (Increase)/decrease in net working capital |
(20.856) |
(15.114) |
| Net interest paid |
(3.279) |
(5.869) |
| Income taxes paid |
(11.712) |
(14.753) |
| |
| Net cash provided by operating activities |
49.516 |
70.039 |
| |
| Capex |
(89.865) |
(52.235) |
| Acquisition of subsidiary |
(1.755) |
(15.688) |
| Other investing activities |
249 |
4.823 |
| |
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| Net cash used in investing activities |
(91.371) |
(63.100) |
| |
| Proceeds from/(repayments of) debt |
3.983 |
(15.582) |
| Share issue |
- |
112.350 |
| |
| Net cash provided by financing activities |
3.983 |
96.768 |
| |
| Currency translation differences |
64 |
(1.716) |
| Net increase in cash and cash equivalents |
(37.808) |
101.991 |
| Cash and cash equivalents at beginning of year |
134.668 |
32.677 |
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| Cash and cash equivalents at end of period |
96.860 |
134.668 |
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