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| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED INCOME STATEMENT
For the period ended March 31, 2008 and 2007
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| (US$ in thousands) |
1Q 2008 |
1Q 2007 |
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| Sales |
176.545 |
638.929 |
Cost of sales |
(105.795) |
(69.547) |
Gross profit |
70.750 |
56.944 |
Selling and marketing expenses |
(46.996) |
(38.478) |
General and administrative expenses |
(28.692) |
(20.040) |
Other operating income/(expense) |
(1.337) |
3.421 |
Profit from operations |
(6.275) |
1.847 |
Financial income/(expense) |
(7.092) |
(6.168) |
Profit before tax |
(13.367) |
(4.321) |
Income tax |
(1.432) |
5 |
Profit after tax |
(14.799) |
(4.316) |
Minority interest |
319 |
76 |
Net profit |
(14.480) |
(4.240) |
| EBITDA (¹) |
16.416 |
15.667 |
| VOLUME (mio hl) |
2,57 |
2,29 |
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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 loss on sale of PPE disposals, provisions, reserves and impairment.
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EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED BALANCE SHEET
As of March 31, 2008 and December 31, 2007
|
| (US$ in thousands) |
31.03.2008 |
31.12.2007 |
Cash and cash equivalents |
91.656 |
58.526 |
Trade and other receivables |
86.502 |
88.140 |
Due from related parties |
9.343 |
8.161 |
Inventories |
239.625 |
188.041 |
Prepayments and other current assets |
83.161 |
59.840 |
Total current assets |
510.287 |
402.708 |
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Investments in securities |
2.075 |
1.521 |
Property, plant and equipment |
796.001 |
726.490 |
Intangible assets |
629.527 |
536.949 |
Deferred tax assets |
9.226 |
13.806 |
Prepayments and other non-current assets |
4.741 |
2.942 |
| Total non-current assets |
1.441.570 |
1.281.708 |
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| Total assets |
1.951.857 |
1.684.416 |
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| Trade and other payables |
268.554 |
225.773 |
| Due to related parties |
26.752 |
23.339 |
| Income tax payable |
2.834 |
5.008 |
| Short-term borrowings |
237.807 |
188.609 |
| Current portion of long-term borrowings |
15.989 |
14.822 |
| Total current liabilities |
551.936 |
457.551 |
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| Long-term borrowings-net of current portion |
470.329 |
342.598 |
| Deferred tax liability |
14.216 |
10.912 |
| Other non-current liabilities |
325 |
346 |
| Total non-current liabilities |
484.870 |
353.856 |
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| Minority interest |
9.582 |
9.572 |
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| Total equity |
905.469 |
863.437 |
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| Total liabilities and equity |
1.951.857 |
1.684.416 |
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| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED CASH FLOW
For the period ended March 31, 2008 and 2007
|
| (US$ in thousands) |
1Q 2008 |
1Q 2007 |
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| Net profit before minority interest and income tax |
(13.367) |
(4.321) |
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| Gain on sale of soft-drink trademarks |
- |
(3.712) |
| Depreciation and amortisation |
20.451 |
16.132 |
| Provisions, reserves and impairment |
1.742 |
1.302 |
| Other non-cash expense |
803 |
453 |
| Net interest expense |
9.750 |
7.183 |
| (Increase)/decrease in net working capital |
(25.734) |
(8.050) |
| Net interest paid |
(4.565) |
(13.510) |
| Income taxes paid |
(2.929) |
(526) |
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| Net cash provided by operating activities |
(13.849) |
(5.049) |
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| Capex |
(50.255) |
(26.205) |
| Cash payments to acquire subsidiary and minority shares |
(71.455) |
(33.516) |
| Proceeds from sales of PPE ,soft-drink trademarks and other |
6.332 |
6.091 |
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| Net cash used in investing activities |
(115.378) |
(53.630) |
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| Proceeds from/(repayments of) debt |
153.657 |
5.412 |
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| Net cash provided by financing activities |
153.657 |
5.412 |
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| Currency translation differences |
8.700 |
59 |
| Net increase in cash and cash equivalents |
33.130 |
(53.208) |
| Cash and cash equivalents at beginning of year |
58.526 |
163.861 |
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| Cash and cash equivalents at end of period |
91.656 |
110.653 |
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