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| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED INCOME STATEMENT
For the period ended March 31, 2007 and 2006
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| (US$ in thousands) |
Q1 2007 |
Q1 2006 |
|
| Sales |
126.491 |
86.800 |
| Cost of sales |
(69.547) |
(48.668) |
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| Gross profit |
56.944 |
38.132 |
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| Selling and marketing expenses |
(38.478) |
(28.780) |
| General and administrative expenses |
(20.040) |
(12.199) |
| Other operating expense |
3.421 |
(334) |
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| Profit from operations |
1.847 |
(3.181) |
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| Financial income/(expense) |
(6.168) |
(1.949) |
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| Profit before tax |
(4.321) |
(5.130) |
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| Income tax |
5 |
(1.061) |
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| Profit after tax |
(4.316) |
(6.191) |
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| Minority interest |
76 |
708 |
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| Net profit |
(4.240) |
(5.483) |
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| EBITDA (1) |
15.667 |
7.782 |
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| VOLUME (mio hl) |
2,29 |
1,62 |
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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 March 31, 2007 and December 31, 2006
|
| (US$ in thousands) |
31.03.2007 |
31.12.2006 |
| |
| Cash and cash equivalents |
110.653 |
163.861 |
| Trade and other receivables |
52.362 |
49.630 |
| Due from related parties |
4.580 |
3.475 |
| Inventories |
116.793 |
97.913 |
| Prepayments and other current assets |
67.666 |
56.422 |
| Total current assets |
352.054 |
371.301 |
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| Investments in securities |
1.580 |
1.575 |
| Property, plant and equipment |
643.891 |
628.550 |
| Intangible assets |
521.284 |
514.969 |
| Deferred tax assets |
11.513 |
10.699 |
| Prepayments and other non-current assets |
1.631 |
2.246 |
| Total non-current assets |
1.179.899 |
1.158.039 |
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| Total assets |
1.531.953 |
1.529.340 |
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| Trade and other payables |
241.191 |
145.771 |
| Due to related parties |
24.129 |
22.148 |
| Income tax payable |
1.838 |
1.694 |
| Short-term borrowings |
148.116 |
138.156 |
| Current portion of long-term borrowings |
15.329 |
22.294 |
| Total current liabilities |
430.603 |
330.063 |
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| Long-term borrowings-net of current portion |
308.854 |
311.108 |
| Deferred tax liability |
11.300 |
12.260 |
| Other non-current liabilities |
587 |
103.885 |
| Total non-current liabilities |
320.741 |
427.253 |
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| Minority interest |
9.150 |
9.331 |
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| Total equity |
771.459 |
762.693 |
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| Total liabilities and equity |
1.531.953 |
1.529.340 |
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| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED CASH FLOW
For the period ended March 31, 2007 and 2006
|
| (US$ in thousands) |
Q1 2007 |
Q1 2006 |
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| Net profit before minority interest and income tax |
(4.321) |
(5.130) |
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| Gain on holding activities |
(3.712) |
- |
| Depreciation and amortisation |
16.132 |
10.682 |
| Provisions, reserves and impairment |
1.302 |
281 |
| Other non-cash expense |
453 |
321 |
| Net interest expense |
7.183 |
4.132 |
| (Increase)/decrease in net working capital |
(8.050) |
8.948 |
| Income taxes paid |
(526) |
(1.256) |
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| Net cash provided by operating activities |
8.461 |
17.978 |
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| Capex |
(26.205) |
(41.619) |
| Cash payments to acquire subsidiary and minority shares |
(33.516) |
(473.726) |
| Other investing activities |
6.091 |
141 |
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| Net cash used in investing activities |
(53.630) |
(515.204) |
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| Proceeds from/(repayments of) debt |
5.412 |
480.243 |
| Share issue |
- |
- |
| Net interest paid |
(13.510) |
(1.715) |
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| Net cash provided by financing activities |
(8.098) |
478.528 |
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| Currency translation differences |
59 |
(69) |
| Net increase in cash and cash equivalents |
(53.208) |
(18.767) |
| Cash and cash equivalents at beginning of year |
163.861 |
96.860 |
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| Cash and cash equivalents at end of period |
110.653 |
78.093 |
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