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| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED INCOME STATEMENT
For the period ended September 30, 2007 and 2006
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| (US$ in thousands) |
YTD Q3 2007 |
YTD Q3 2006 |
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| Sales |
655.147 |
496.144 |
| Cost of sales |
(344.943) |
(254.360) |
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| Gross profit |
310.204 |
241.784 |
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| Selling and marketing expenses |
(166.691) |
(134.668) |
| General and administrative expenses |
(67.307) |
(52.607) |
| Other operating expense |
5.238 |
1.939 |
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| Profit from operations |
81.444 |
56.448 |
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| Financial income/(expense) |
(19.140) |
(19.930) |
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| Profit before tax |
62.304 |
36.518 |
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| Income tax |
(17.599) |
(10.153) |
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| Profit after tax |
44.705 |
26.365 |
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| Minority interest |
(190) |
(1.591) |
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| Net profit |
44.515 |
24.774 |
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| EBITDA (1) |
131.207 |
97.361 |
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| VOLUME (mio hl) |
10,42 |
9,15 |
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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 September 30, 2007 and December 31, 2006
|
| (US$ in thousands) |
30.09.2007 |
31.12.2006 |
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| Cash and cash equivalents |
107.116 |
163.861 |
| Trade and other receivables |
88.723 |
49.630 |
| Due from related parties |
4.926 |
3.475 |
| Inventories |
140.180 |
97.913 |
| Prepayments and other current assets |
54.786 |
56.422 |
| Total current assets |
395.731 |
371.301 |
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| Investments in securities |
1.522 |
1.575 |
| Property, plant and equipment |
705.088 |
628.550 |
| Intangible assets |
542.883 |
514.969 |
| Deferred tax assets |
10.671 |
10.699 |
| Prepayments and other non-current assets |
2.768 |
2.246 |
| Total non-current assets |
1.262.932 |
1.158.039 |
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| Total assets |
1.658.663 |
1.529.340 |
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| Trade and other payables |
229.833 |
145.770 |
| Due to related parties |
22.209 |
22.148 |
| Income tax payable |
3.804 |
1.694 |
| Short-term borrowings |
148.447 |
138.156 |
| Current portion of long-term borrowings |
15.085 |
22.294 |
| Total current liabilities |
419.378 |
330.062 |
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| Long-term borrowings-net of current portion |
346.162 |
311.108 |
| Deferred tax liability |
13.019 |
12.260 |
| Other non-current liabilities |
786 |
103.886 |
| Total non-current liabilities |
359.967 |
427.254 |
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| Minority interest |
10.127 |
9.331 |
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| Total equity |
869.191 |
762.693 |
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| Total liabilities and equity |
1.658.663 |
1.529.340 |
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| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED CASH FLOW
For the period ended September 30, 2007 and 2006
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| (US$ in thousands) |
YTD Q3 2007 |
YTD Q3 2006 |
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| Net profit before minority interest and income tax |
62.304 |
36.518 |
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| Gain on sale of soft-drinks trademaks |
(3.712) |
- |
| Gain on sale of joint venture |
- |
(1.780) |
| Depreciation and amortisation |
52.318 |
41.790 |
| Provisions, reserves and impairment |
357 |
903 |
| Other non-cash expense |
1.740 |
558 |
| Net interest expense |
22.316 |
24.070 |
| (Increase)/decrease in net working capital |
(70.197) |
(17.419) |
| Net interest paid |
(28.407) |
(23.643) |
| Income taxes paid |
(14.911) |
(11.320) |
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| Net cash provided by operating activities |
21.808 |
49.677 |
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| Capex |
(94.653) |
(102.889) |
| Cash payments to acquire subsidiary and minority shares |
(33.516) |
(427.079) |
| Proceeds from sales of PPE ,soft-drink trademarks and other |
8.200 |
1.039 |
| Disposal of joint venture |
- |
26.551 |
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| Net cash used in investing activities |
(119.969) |
(502.378) |
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| Proceeds from/(repayments of) debt |
33.882 |
491.611 |
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| Net cash provided by financing activities |
33.882 |
491.611 |
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| Currency translation differences |
7.534 |
4.532 |
| Net increase in cash and cash equivalents |
(56.745) |
43.442 |
| Cash and cash equivalents at beginning of year |
163.861 |
96.860 |
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| Cash and cash equivalents at end of period |
107.116 |
140.302 |
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