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EFES BREWERIES INTERNATIONAL N.V.CONSOLIDATED
INCOME STATEMENTFor the period ended
September 30, 2009 and 2008 |
| (US$ in thousands) |
YTD Q3 2009 |
YTD Q3 2008 |
|
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|
|
| Revenue |
672.419 |
861.133 |
| Cost of sales |
(354.513) |
(500.675) |
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| Gross profit |
317.906 |
360.458 |
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|
| Selling and marketing expenses |
(158.772) |
(207.764) |
| General and administrative expenses |
(74.849) |
(87.324) |
| Other operating income/(expense) |
(3.550) |
(13.248) |
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|
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| Operating profit |
80.735 |
52.122 |
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| Financial income/(expense) |
(56.250) |
(60.078) |
| Share of net loss of associates |
(4.841) |
(1.490) |
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| Profit/(Loss) before tax |
19.644 |
(9.446) |
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| Income tax |
(7.618) |
(6.348) |
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| Profit/(Loss) after tax |
12.026 |
(15.794) |
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| Profit/(Loss) for the period |
12.026 |
(15.794) |
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| Attributable to: |
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| -Equity holders of the parent company |
13.172 |
(15.723) |
| -Minority interests |
(1.146) |
(71) |
| |
12.026 |
(15.794) |
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| EBITDA (1) |
146.346 |
139.414 |
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| VOLUME (mio hl) |
10,79 |
11,21 |
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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 PPE disposals, provisions, and impairment. |
EFES BREWERIES INTERNATIONAL N.V.CONSOLIDATED
BALANCE SHEETAs of
September 30, 2009 and December 31, 2008 |
| |
|
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| (US$ in thousands) |
2009 |
2008 |
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| Cash and cash equivalents |
237.660 |
220.827 |
| Trade and other receivables |
76.687 |
88.078 |
| Due from related parties |
1.699 |
4.195 |
| Inventories |
117.266 |
166.385 |
| Prepayments and other current assets |
31.617 |
43.419 |
| Total current assets |
464.929 |
522.904 |
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| Available-for-sale investments |
3.001 |
1.525 |
| Investments in associates |
31.521 |
35.004 |
| Property, plant and equipment |
684.743 |
710.311 |
| Intangible assets |
464.566 |
474.397 |
| Deferred tax assets |
21.386 |
24.758 |
| Prepayments and other non-current assets |
1.231 |
423 |
| Total non-current assets |
1.206.448 |
1.246.418 |
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| Total assets |
1.671.377 |
1.769.322 |
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| Trade and other payables |
140.376 |
189.193 |
| Due to related parties |
20.866 |
21.459 |
| Income tax payable |
501 |
502 |
| Short-term borrowings |
36.165 |
123.613 |
| Current portion of long-term borrowings |
205.055 |
307.409 |
| Total current liabilities |
402.963 |
642.176 |
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| Long-term borrowings-net of current portion |
477.301 |
386.301 |
| Deferred tax liability |
2.367 |
2.775 |
| Other non-current liabilities |
67.071 |
30 |
| Total non-current liabilities |
546.739 |
389.106 |
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| Minority interest |
17.131 |
22.280 |
| Equity attributable to equity holders of the parent |
704.544 |
715.760 |
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| Total liabilities and equity |
1.671.377 |
1.769.322 |
EFES BREWERIES INTERNATIONAL N.V.CONSOLIDATED
CASH FLOWFor the period ended
September 30, 2009 and 2008 |
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| (US$ in thousands) |
YTD Q3 2009 |
YTD Q3 2008 |
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| (Loss) / profit before tax |
19.644 |
(9.446) |
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| Gain on holding activities |
- |
8.634 |
| Depreciation and amortisation |
60.980 |
71.303 |
| Provisions(reversal of provisions), reserves and impairment |
2.317 |
3.945 |
| Share of net loss of associates |
4.841 |
1.490 |
| Other non-cash expense |
3.321 |
4.346 |
| Net interest expense |
22.906 |
29.643 |
| (Increase)/decrease in net working capital |
118.682 |
(9.141) |
| Unrealized foreign exchange loss on loans |
22.477 |
13.443 |
| Net interest paid |
(27.810) |
(29.724) |
| Income taxes paid |
(5.163) |
(11.927) |
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| Net cash provided by operating activities |
222.195 |
72.566 |
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| Purchase of propery plant and equipment |
(80.261) |
(147.593) |
| Acquisition of subsidiaries, net of cash acquired |
- |
(74.690) |
| Proceeds from sales of PPE and other |
986 |
6.197 |
| Proceeds from sale subsidiaries, net of cash |
- |
993 |
| Acquisition of minority shares |
(31.783) |
- |
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| Net cash used in investing activities |
(111.058) |
(215.093) |
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| Proceeds from/(repayments of) debt |
(84.965) |
233.895 |
| Dividends paid to minority shareholders |
(24) |
(37) |
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| Net cash (used for)/provided by financing activities |
(84.989) |
233.858 |
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| Currency translation differences |
(9.315) |
9.587 |
| Net increase in cash and cash equivalents |
16.833 |
100.918 |
| Cash and cash equivalents at beginning of year |
220.827 |
58.526 |
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| Cash and cash equivalents at end of period |
237.660 |
159.444 |
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