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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, 2006 and 2005
|
| (US$ in thousands) |
YTD Q3 2006 |
YTD Q3 2005 |
|
| Sales |
496.144 |
375.681 |
| Cost of sales |
(254.360) |
(194.807) |
|
| Gross profit |
241.784 |
180.874 |
|
| Selling and marketing expenses |
(134.668) |
(97.373) |
| General and administrative expenses |
(52.607) |
(37.762) |
| Other operating expense |
1.939 |
134 |
|
| Profit from operations |
56.448 |
45.873 |
|
| Financial income/(expense) |
(19.930) |
(11.514) |
| |
| Profit before tax |
36.518 |
34.359 |
|
| Income tax |
(10.153) |
(13.977) |
|
| Profit after tax |
26.365 |
20.382 |
|
| Minority interest |
(1.591) |
(5.130) |
|
| Net profit |
24.774 |
15.252 |
|
| EBITDA (1) |
97.361 |
76.491 |
|
| VOLUME (mio hl) |
9,15 |
7,00 |
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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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| 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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EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED BALANCE SHEET
As of September 30, 2006 and December 31, 2005
|
| (US$ in thousands) |
30.09.2006 |
31.12.2005 |
| |
| Cash and cash equivalents |
140.302 |
96.860 |
| Trade and other receivables |
48.272 |
38.032 |
| Due from related parties |
3.592 |
5.395 |
| Inventories |
100.888 |
55.183 |
| Prepayments and other current assets |
48.879 |
27.237 |
| Total current assets |
341.933 |
222.707 |
| |
| Investments in securities |
1.673 |
1.678 |
| Property, plant and equipment |
613.499 |
343.602 |
| Intangible assets |
383.339 |
209.209 |
| Deferred tax assets |
9.281 |
1.044 |
| Prepayments and other non-current assets |
660 |
2.179 |
| Total non-current assets |
1.008.452 |
557.712 |
| |
|
|
| Total assets |
1.350.385 |
780.419 |
| |
| Trade and other payables |
85.057 |
149.466 |
| Due to related parties |
21.314 |
20.497 |
| Income tax payable |
1.219 |
746 |
| Short-term borrowings |
633.952 |
50.511 |
| Current portion of long-term borrowings |
17.504 |
18.653 |
| Total current liabilities |
759.046 |
239.873 |
| |
| Long-term borrowings-net of current portion |
8.541 |
41.484 |
| Deferred tax liability |
12.972 |
13.104 |
| Other non-current liabilities |
78.045 |
78.242 |
| Total non-current liabilities |
109.558 |
132.830 |
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| Minority interest |
50.628 |
24.878 |
| |
| Total equity |
431.153 |
382.838 |
| |
| Total liabilities and equity |
1.350.385 |
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 September 30, 2006 and 2005
|
| (US$ in thousands) |
YTD Q3 2006 |
YTD Q3 2005 |
| |
| Net profit before minority interest and income tax |
36.518 |
34.359 |
| |
| Gain on holding activities |
(1.780) |
(1.046) |
| Depreciation and amortisation |
41.790 |
29.892 |
| Provisions, reserves and impairment |
903 |
1.772 |
| Other non-cash expense |
558 |
117 |
| Net interest expense |
24.070 |
2.630 |
| (Increase)/decrease in net working capital |
(17.420) |
(11.002) |
| Net interest paid |
(23.643) |
(5.050) |
| Income taxes paid |
(11.320) |
(10.503) |
| |
| Net cash provided by operating activities |
49.676 |
41.169 |
| |
| Capex |
(102.889) |
(65.155) |
| Acquisition of subsidiary |
(427.079) |
(1.677) |
| Disposal of subsidiary |
26.551 |
- |
| Other investing activities |
1.039 |
100 |
| |
|
|
| Net cash used in investing activities |
(502.378) |
(66.732) |
| |
| Proceeds from/(repayments of) debt |
491.611 |
(5.688) |
| Share issue |
- |
- |
| |
| Net cash provided by financing activities |
491.611 |
(5.688) |
| |
| Currency translation differences |
4.533 |
(187) |
| Net increase in cash and cash equivalents |
43.442 |
(31.438) |
| Cash and cash equivalents at beginning of year |
96,860 |
134,668 |
| |
| Cash and cash equivalents at end of period |
140.302 |
103.230 |
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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