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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 December 31, 2006 and 2005
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| (US$ in thousands) |
FY 2006 |
FY 2005 |
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| Sales |
638.929 |
481.223 |
| Cost of sales |
(328.843) |
(253.190) |
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| Gross profit |
310.086 |
228.033 |
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| Selling and marketing expenses |
(180.613) |
(128.230) |
| General and administrative expenses |
(73.801) |
(47.277) |
| Other operating expense |
(287) |
(2.821) |
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| Profit from operations |
55.385 |
49.705 |
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| Financial income/(expense) |
(26.553) |
(13.902) |
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| Profit before tax |
28.832 |
35.803 |
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| Income tax |
(7.419) |
(16.828) |
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| Profit after tax |
21.413 |
18.975 |
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| Minority interest |
(805) |
1.147 |
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| Net profit |
20.608 |
20.122 |
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| EBITDA (1) |
112.635 |
95.123 |
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| VOLUME (mio hl) |
11,70 |
8,91 |
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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, 2006 and December 31, 2005
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| (US$ in thousands) |
2006 |
2005 |
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| Cash and cash equivalents |
163.861 |
96.860 |
| Trade and other receivables |
49.630 |
38.032 |
| Due from related parties |
3.475 |
5.395 |
| Inventories |
97.913 |
55.183 |
| Prepayments and other current assets |
56.422 |
27.237 |
| Total current assets |
371.301 |
222.707 |
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| Investments in securities |
1.575 |
1.678 |
| Property, plant and equipment |
628.550 |
343.602 |
| Intangible assets |
514.969 |
209.209 |
| Deferred tax assets |
10.699 |
1.044 |
| Prepayments and other non-current assets |
2.246 |
2.179 |
| Total non-current assets |
1.158.039 |
557.712 |
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| Total assets |
1.529.340 |
780.419 |
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| Trade and other payables |
145.770 |
149.466 |
| Due to related parties |
22.148 |
20.497 |
| Income tax payable |
1.694 |
746 |
| Short-term borrowings |
138.156 |
50.511 |
| Current portion of long-term borrowings |
22.294 |
18.653 |
| Total current liabilities |
330.062 |
239.873 |
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| Long-term borrowings-net of current portion |
311.108 |
41.484 |
| Deferred tax liability |
12.260 |
13.104 |
| Other non-current liabilities |
103.886 |
78.242 |
| Total non-current liabilities |
427.254 |
132.830 |
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| Minority interest |
9.331 |
24.878 |
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| Total equity |
762.693 |
382.838 |
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| Total liabilities and equity |
1.529.340 |
780.419 |
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| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED CASH FLOW
For the period ended December 31, 2006 and 2005
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| (US$ in thousands) |
FY 2006 |
FY 2005 |
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| Net profit before minority interest and income tax |
28.831 |
35.803 |
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| Gain on holding activities |
(1.779) |
(1.046) |
| Depreciation and amortisation |
57.082 |
41.384 |
| Provisions, reserves and impairment |
1.134 |
5.080 |
| Other non-cash expense |
1.021 |
691 |
| Net interest expense |
32.730 |
3.451 |
| (Increase)/decrease in net working capital |
(22.421) |
(20.856) |
| Net interest paid |
(25.323) |
(3.279) |
| Income taxes paid |
(10.920) |
(11.712) |
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| Net cash provided by operating activities |
60.355 |
49.516 |
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| Capex |
(124.193) |
(89.865) |
| Acquisition of subsidiary |
(459.959) |
(1.755) |
| Other investing activities |
2.592 |
249 |
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| Net cash used in investing activities |
(581.560)
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(91.371) |
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| Proceeds from/(repayments of) debt |
285.902 |
3.983 |
| Share issue |
298.259 |
- |
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| Net cash provided by financing activities |
584.161 |
3.983 |
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| Currency translation differences |
4.045 |
64 |
| Net increase in cash and cash equivalents |
67.001 |
(37.808) |
| Cash and cash equivalents at beginning of year |
96.860 |
134.668 |
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| Cash and cash equivalents at end of period |
163.861 |
96.860 |
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