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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, 2006 and 2005
|
| (US$ in thousands) |
YTD Q1 2006 |
YTD Q1 2005 |
|
| Sales |
86,800 |
81,674 |
| Cost of sales |
(48,668) |
(46,805) |
|
| Gross profit |
38,132 |
34,869 |
|
| Selling and marketing expenses |
(28,780) |
(25,948) |
| General and administrative expenses |
(12,199) |
(11,342) |
| Other operating expense |
(334) |
(237) |
|
| Profit from operations |
(3,181) |
(2,658) |
|
| Financial income/(expense) |
(1,949) |
(4,308) |
| |
| Profit before tax |
(5,130) |
(6,966) |
|
| Income tax |
(1,061) |
(1,948) |
|
| Profit after tax |
(6,191) |
(8,914) |
|
| Minority interest |
708 |
1,795 |
|
| Net profit |
(5,483) |
(7,119) |
|
| EBITDA (1) |
7,782 |
7,430 |
|
| VOLUME (mio hl) |
1.62
|
1.56 |
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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 March 31, 2006 and December 31, 2005
|
| (US$ in thousands) |
2006 |
2006 |
| |
| Cash and cash equivalents |
78,093 |
96,860 |
| Trade and other receivables |
35,804 |
38,032 |
| Due from related parties |
5,888 |
5,395 |
| Inventories |
67,109 |
55,183 |
| Prepayments and other current assets |
28,127 |
27,237 |
| Total current assets |
215,021 |
222,707 |
| |
| Investments in securities |
366,496 |
1,678 |
| Property, plant and equipment |
384,495 |
343,602 |
| Intangible assets |
211,771 |
209,209 |
| Deferred tax assets |
1,740 |
1,044 |
| Prepayments and other non-current assets |
3,416 |
2,179 |
| Total non-current assets |
967,918 |
557,712 |
| |
|
|
| Total assets |
1,182,939 |
780,419 |
| |
| Trade and other payables |
62,346 |
149,466 |
| Due to related parties |
21,169 |
20,497 |
| Income tax payable |
516 |
746 |
| Short-term borrowings |
548,886 |
50,511 |
| Current portion of long-term borrowings |
18,116 |
18,653 |
| Total current liabilities |
651,033 |
239,873 |
| |
| Long-term borrowings-net of current portion |
27,854 |
41,484 |
| Deferred tax liability |
14,251 |
13,104 |
| Other non-current liabilities |
78,144 |
78,242 |
| Total non-current liabilities |
120,249 |
132,830 |
| |
| Minority interest |
24,841 |
24,878 |
| |
| Total equity |
386,816 |
382,838 |
| |
| Total liabilities and equity |
1,182,939 |
780,419 |
| |
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, 2006 and 2005
|
| (US$ in thousands) |
YTD Q1 2006 |
YTD Q1 2005 |
| |
| Net profit before minority interest and income tax |
(5,130) |
(6,966) |
| |
| Gain on holding activities |
- |
- |
| Depreciation and amortisation |
10,682 |
9,350 |
| Provisions, reserves and impairment |
281 |
738 |
| Other non-cash expense |
321 |
27 |
| Net interest expense |
4,132 |
716 |
| (Increase)/decrease in net working capital |
8,948 |
(9,881) |
| Net interest paid |
(1,715) |
(1,071) |
| Income taxes paid |
(1,256) |
(486) |
| |
| Net cash provided by operating activities |
16,263 |
(7,573) |
| |
| Capex |
(41,619) |
(14,742) |
| Acquisition of subsidiary |
(473,726) |
- |
| Other investing activities |
141 |
136 |
| |
|
|
| Net cash used in investing activities |
(515,204) |
(14,606) |
| |
| Proceeds from/(repayments of) debt |
480,243 |
7,908 |
| Share issue |
- |
- |
| |
| Net cash provided by financing activities |
480,243 |
7,908 |
| |
| Currency translation differences |
(69) |
(55) |
| Net increase in cash and cash equivalents |
(18,767) |
(14,326) |
| Cash and cash equivalents at beginning of year |
96,860 |
134,668 |
| |
| Cash and cash equivalents at end of period |
78,093 |
120,342 |
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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