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| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED INCOME STATEMENT
For the period ended December 31, 2007 and 2006
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| (US$ in thousands) |
YTD Q4 2007 |
YTD Q4 2006 |
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| Sales |
836.235 |
638.929 |
| Cost of sales |
(462.100) |
(328.843) |
| Gross profit |
374.135 |
310.086 |
| Selling and marketing expenses |
(209.214) |
(180.613) |
| General and administrative expenses |
(94.819) |
(73.801) |
| Other operating income/(expense) |
10.449 |
(287) |
| Profit from operations |
80.551 |
55.385 |
| Financial income/(expense) |
(28.924) |
(26.554) |
| Profit before tax |
51.627 |
28.831 |
| Income tax |
(14.280) |
(7.419) |
| Profit after tax |
37.347 |
21.412 |
| Minority interest |
123 |
(804) |
| Net profit |
37.470 |
20.608 |
| EBITDA (1) |
156.012 |
112.635 |
| VOLUME (mio hl) |
13,32 |
11,70 |
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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, 2007 and December 31, 2006
|
| (US$ in thousands) |
30.09.2007 |
31.12.2006 |
| 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 |
1.521 |
1.575 |
| Property, plant and equipment |
726.490 |
628.550 |
| Intangible assets |
536.949 |
514.969 |
| Deferred tax assets |
13.806 |
10.699 |
| Prepayments and other non-current assets |
2.942 |
2.246 |
Total non-current assets |
1.281.708 |
1.158.039 |
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| Total assets |
1.684.416 |
1.529.340 |
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| Trade and other payables |
225.773 |
145.771 |
| Due to related parties |
23.339 |
22.148 |
| Income tax payable |
5.008 |
1.694 |
| Short-term borrowings |
188.609 |
138.156 |
| Current portion of long-term borrowings |
14.822 |
22.294 |
| Total current liabilities |
457.551 |
330.063 |
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| Long-term borrowings-net of current portion |
342.598 |
311.108 |
| Deferred tax liability |
10.912 |
12.260 |
| Other non-current liabilities |
346 |
103.885 |
| Total non-current liabilities |
353.856 |
427.253 |
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Minority interest |
9.572 |
9.331 |
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| Total equity |
863.437 |
762.693 |
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| Total liabilities and equity |
1.684.416 |
1.529.340 |
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| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED CASH FLOW
For the period ended December 31, 2007 and 2006
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| (US$ in thousands) |
YTD Q4 2007 |
YTD Q4 2006 |
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| Net profit before minority interest and income tax |
51.627 |
28.831 |
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| Gain on sale of soft-drink trademarks |
(3.712) |
- |
| Gain on sale of joint venture |
- |
(1.779) |
| Depreciation and amortisation |
72.578 |
57.082 |
| Provisions, reserves and impairment |
1.745 |
1.134 |
| Other non-cash expense |
2.379 |
1.021 |
| Net interest expense |
31.747 |
32.730 |
| (Increase)/decrease in net working capital |
(124.538) |
(22.421) |
| Net interest paid |
(39.903) |
(25.323) |
| Income taxes paid |
(18.680) |
(10.920) |
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Net cash provided by operating activities |
(26.757) |
60.355 |
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| Capex |
(127.655) |
(124.193) |
| Cash payments to acquire subsidiary and minority shares |
(36.660) |
(486.665) |
| Proceeds from sales of PPE ,soft-drink trademarks and other |
8.873 |
2.592 |
| Disposal of joint venture |
- |
26.706 |
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| Net cash used in investing activities |
(155.442) |
(581.560) |
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| Proceeds from/(repayments of) debt |
64.012 |
285.902 |
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| Net cash provided by financing activities |
64.012 |
584.161 |
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| Currency translation differences |
12.852 |
4.045 |
| Net increase in cash and cash equivalents |
(105.335) |
67.001 |
| Cash and cash equivalents at beginning of year |
163.861 |
96.860 |
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| Cash and cash equivalents at end of period |
58.526 |
163.861 |
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