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| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED INCOME STATEMENT
For the period ended June 30, 2007 and 2006
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| (US$ in thousands) |
1H 2007 |
1H 2006 |
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| Sales |
384.737 |
292.129 |
| Cost of sales |
(204.148) |
(151.715) |
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| Gross profit |
180.589 |
140.414 |
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| Selling and marketing expenses |
(101.385) |
(78.896) |
| General and administrative expenses |
(43.537) |
(32.113) |
| Other operating expense |
2.687 |
(1.342) |
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| Profit from operations |
38.354 |
(28.063) |
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| Financial income/(expense) |
(12.752) |
(8.256) |
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| Profit before tax |
25.602 |
19.807 |
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| Income tax |
(8.165) |
(6.938) |
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| Profit after tax |
17.437 |
12.869 |
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| Minority interest |
(73) |
(390) |
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| Net profit |
17.364 |
12.479 |
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| EBITDA (1) |
71.748 |
54.360 |
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| VOLUME (mio hl) |
6,38 |
5,54 |
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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 June 30, 2007 and December 31, 2006
|
| (US$ in thousands) |
30.06.2007 |
31.12.2006 |
| |
| Cash and cash equivalents |
76.272 |
163.861 |
| Trade and other receivables |
72.816 |
49.630 |
| Due from related parties |
4.672 |
3.475 |
| Inventories |
132.448 |
97.913 |
| Prepayments and other current assets |
51.449 |
56.422 |
| Total current assets |
337.657 |
371.301 |
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| Investments in securities |
1.583 |
1.575 |
| Property, plant and equipment |
671.074 |
628.550 |
| Intangible assets |
525.039 |
514.969 |
| Deferred tax assets |
10.451 |
10.699 |
| Prepayments and other non-current assets |
3.175 |
2.246 |
| Total non-current assets |
1.211.322 |
1.158.039 |
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| Total assets |
1.548.979 |
1.529.340 |
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| Trade and other payables |
251.361 |
145.770 |
| Due to related parties |
21.779 |
22.148 |
| Income tax payable |
4.880 |
1.694 |
| Short-term borrowings |
126.743 |
138.156 |
| Current portion of long-term borrowings |
15.523 |
22.294 |
| Total current liabilities |
420.286 |
330.062 |
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| Long-term borrowings-net of current portion |
305.397 |
311.108 |
| Deferred tax liability |
10.366 |
12.260 |
| Other non-current liabilities |
953 |
103.886 |
| Total non-current liabilities |
316.716 |
427.254 |
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| Minority interest |
9.504 |
9.331 |
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| Total equity |
802.473 |
762.693 |
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| Total liabilities and equity |
1.548.979 |
1.529.340 |
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| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED CASH FLOW
For the period ended June 30, 2007 and 2006
|
| (US$ in thousands) |
1H 2007 |
1H 2006 |
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| Net profit before minority interest and income tax |
(25.602) |
(19.807) |
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| Gain on sale of soft-drinks trademaks |
(3.780) |
- |
| Depreciation and amortisation |
33.821 |
26.157 |
| Provisions, reserves and impairment |
2.415 |
140 |
| Other non-cash expense |
1.583 |
272 |
| Net interest expense |
14.351 |
14.022 |
| (Increase)/decrease in net working capital |
(22.077) |
(1.166) |
| Net interest paid |
(21.816) |
(10.410) |
| Income taxes paid |
(5.681) |
(3.366) |
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| Net cash provided by operating activities |
24.418 |
45.456 |
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| Capex |
(66.699) |
(81.302) |
| Cash payments to acquire subsidiary and minority shares |
(33.516) |
(427.079) |
| Proceeds from sale of property plant&equipment and soft drinks trademarks |
7.149 |
1.076 |
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| Net cash used in investing activities |
(93.066) |
(507.305) |
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| Proceeds from/(repayments of) debt |
20.469 |
553.064 |
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| Net cash provided by financing activities |
(20.469) |
553.064 |
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| Currency translation differences |
1.528 |
3.835 |
| Net increase in cash and cash equivalents |
(87.589) |
95.050 |
| Cash and cash equivalents at beginning of year |
163.861 |
96.860 |
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| Cash and cash equivalents at end of period |
76.272 |
191.910 |
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