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| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED INCOME STATEMENT
For the period ended June 30, 2009 and 2008
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| (US$ in thousands) |
YTD Q2 2009 |
YTD Q2 2008 |
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| Revenue |
416.866 |
523.924 |
| Cost of sales |
(221.400) |
(306.032) |
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| Gross profit |
195.466 |
217.892 |
| Selling and marketing expenses |
(101.079) |
(126.987) |
| General and administrative expenses |
(51.087) |
(59.949) |
| Other operating income/(expense) |
(2.137) |
(1.061) |
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| Operating profit |
41.163 |
29.895 |
| Financial income/(expense) |
(61.630) |
(13.224) |
| Share of net loss of associates |
(3.967) |
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| (Loss)/Profit before tax |
(24.434) |
16.671 |
| Income tax |
250 |
(8.866) |
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| (Loss)Profit after tax |
(24.184) |
7.805 |
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| (Loss)/Profit for the period |
(24.184) |
7.805 |
| Attributable to: |
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| -Equity holders of the parent company |
(21.416) |
7.981 |
| -Minority interests |
(2.768) |
(176) |
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(24.184) |
7.805 |
| EBITDA (1) |
83.614 |
81.622 |
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| VOLUME (mio hl) |
6,74 |
7,07 |
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(1) EBITDA here means earnings before interest (financial income/(expense) — net), tax, share of net loss of associates, depreciation and amortisation, minus minority interest, and as applicable, minus gain on holding activities, plus loss on PPE disposals, provisions, and impairment.
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EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED BALANCE SHEET
As of June 30, 2009 and December 31, 2008
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| (US$ in thousands) |
2009 |
2008 |
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| Cash and cash equivalents |
292.488 |
220.827 |
| Trade and other receivables |
87.608 |
88.078 |
| Due from related parties |
1.912 |
4.195 |
| Inventories |
136.435 |
166.385 |
| Prepayments and other current assets |
34.614 |
43.419 |
| Total current assets |
553.057 |
522.904 |
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| Available-for-sale investments |
3.001 |
1.525 |
| Investments in associates |
30.380 |
35.004 |
| Property, plant and equipment |
669.937 |
710.311 |
| Intangible assets |
449.782 |
474.397 |
| Deferred tax assets |
26.357 |
24.758 |
| Prepayments and other non-current assets |
581 |
423 |
| Total non-current assets |
1.180.038 |
1.246.418 |
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| Total assets |
1.733.095 |
1.769.322 |
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| Trade and other payables |
247.219 |
189.193 |
| Due to related parties |
28.637 |
21.459 |
| Income tax payable |
1.933 |
502 |
| Short-term borrowings |
125.394 |
123.613 |
| Current portion of long-term borrowings |
470.979 |
307.409 |
| Total current liabilities |
874.162 |
642.176 |
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| Long-term borrowings-net of current portion |
191.185 |
386.301 |
| Deferred tax liability |
2.150 |
2.775 |
| Other non-current liabilities |
24 |
30 |
| Total non-current liabilities |
193.359 |
389.106 |
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| Minority interest |
15.608 |
22.280 |
| Equity attributable to equity holders of the parent |
649.966 |
715.760 |
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| Total liabilities and equity |
1.733.095 |
1.769.322 |
| EFES BREWERIES INTERNATIONAL N.V.
CONSOLIDATED CASH FLOW
For the period ended June 30, 2009 and 2008
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| (US$ in thousands) |
YTD Q2 2009 |
YTD Q2 2008 |
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| (Loss) / profit before tax |
(24.434) |
16.671 |
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| Depreciation and amortisation |
40.776 |
46.406 |
| Provisions(reversal of provisions), reserves and impairment |
(88) |
3.398 |
| Share of net loss of associates |
3.967 |
- |
| Other non-cash expense |
2.428 |
2.541 |
| Net interest expense |
16.959 |
20.222 |
| (Increase)/decrease in net working capital |
108.863 |
(3.552) |
| Unrealized foreign exchange loss/(gain) on loans |
30.408 |
(6.292) |
| Net interest paid |
(17.871) |
(18.780) |
| Income taxes paid |
(2.493) |
(5.859) |
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| Net cash provided by operating activities |
158.515 |
54.755 |
| Purchase of propery plant and equipment |
(61.765) |
(121.270) |
| Acquisition of subsidiaries, net of cash acquired |
- |
(73.145) |
| Proceeds from sales of PPE and other |
897 |
6.758 |
| Payments to acquire shares of available-for-sale investments |
(1.475) |
- |
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| Net cash used in investing activities |
(62.343) |
(187.657) |
| Proceeds from/(repayments of) debt |
(14.551) |
246.335 |
| Dividends paid to minority shareholders |
(24) |
(36) |
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| Net cash (used for)/provided by financing activities |
(14.575) |
246.299 |
| Currency translation differences |
(9.936) |
12.311 |
| Net increase in cash and cash equivalents |
71.661 |
125.708 |
| Cash and cash equivalents at beginning of year |
220.827 |
58.526 |
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| Cash and cash equivalents at end of period |
292.488 |
184.234 |
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