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Annual Results 2006
15 maart 2007
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SPEAKERS

• Michel Moortgat - CEO
• Daniel Krug COO
• Herbert De Loose - CFO

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MISSION STATEMENT
Mission statement

• Driven by quality, Duvel Moortgat is a niche
  player that aims to occupy a leading position in
  the profitable segments of specialty beers and
  premium brands
• both in Belgium and in its priority export
  markets.

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AGENDA

• Financial year 2006
• Sales
• Investments
• Key figures
• Prospects 2007

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AGENDA

• Financial year 2006
• Sales
• Investments
• Key figures
• Prospects 2007

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SALES

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SALES
Turnover increases with 12,5 to 74,5
million. 2 external growth (3 months sales of
Achouffe). Since IPO in 1999 sales doubled.

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SALES

• Sales evolution per Brand
• Duvel 6,4
• Maredsous 19
• Bel Pils 19
• Vedett 71,4
• Bernard 9,3
• Ommegang 26,9
• Chouffe 20,4

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SALES

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SALES

• Sales evolution per Market
• Belgium 9,08
• The Netherlands 11,32
• France 17,48
• UK 39,62
• US 25,70
• Czech Republic 9,96

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SALES

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AGENDA

• Financial year 2006
• Sales
• Investments
• Key figures
• Prospects 2007

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INVESTMENTS

• In 2006 for 12,6 million (2005 10,4
• million) investments
• 1,7 million for new warehouse MHS
• 1,2 million in purchase and renovation of
  horeca outlets
• 1,6 million for cases, bottles and kegs

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INVESTMENTS

• In 2006 for 12,6 million (2005 10,4
• million) investments
• 1 million in the new visitor center
• 1 million in production machinery with
  Bernard Brewery
• 4,1 million in production technical investments
  among which 2,4 million prelimenary work for
  the new brewhouse

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AGENDA

• Financial year 2006
• Sales
• Investments
• Key figures
• Prospects 2007

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KEY FIGURES
EBIT
12,1

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KEY FIGURES

• Ebit margin rises from 20,58 (30/06/2006) to
  21,74
• Strong growth of EBIT in 2nd semester
• Exceptional depreciation for demolition of a
  warehouse
• Depreciation of leashold improvements of Belga
  Bar

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KEY FIGURES
Ordinary profit before tax
10,7

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KEY FIGURES

• Negative financial results caused by
• Recalculation of foreign currency
• Higher intrest cost because of additional long
  term loans

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KEY FIGURES
Net profit
10,2

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KEY FIGURES
Taxes The effect for Belgian companies of the
notional intrest is approximately 4

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KEY FIGURES
EBITDA
11,3

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KEY FIGURES
Cash Flow
9,9

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KEY FIGURES
Key figures per share

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KEY FIGURES

• Changes in the scope of consolidation
• 07/09/2006 take over of 100 of shares of
  Brasserie d Achouffe
• 01/07/2006 Start of Duvel Moortgat UK Ltd as
  commercial agent
• End of 2006 LFB group opens a new bar in Nancy

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AGENDA

• Financial year 2006
• Sales
• Investments
• Key figures
• Prospects 2007

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PROSPECTS

• 20 million investments in 2007
• The completion of the new brewhall 7.5 mio
• Ecological investments like
• the installation of solar panels,
• a gasturbine working on methane coming from the
  water purification station
• CO2 recycling installation.

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PROSPECTS

• 20 million investments in 2007
• Extension of the maturation capacity (building
  6 CCTs) 3.5 mio
• Czech Republic US increase capacity of the
  fermentation and lagering 1.3 mio
• purchase and renovation of horeca outlets 1.5
  mio

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PROSPECTS

• 20 million investments in 2007
• Achouffe capacity increase water treatment
  packaging 2 mio.
• Packaging Duvel Moortgat 2 mio

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PROSPECTS

• Further expand the growth of the group in all
  priority markets.
• Start with export of Vedett.
• Optimizing and internationalizing the image of
  Maredsous.

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PROSPECTS

• A good start in the first months but
• Growing prices of raw materials and energy prices
  
• From 1st of april levy of eco taxes on reusable
  packaging
• Uncertainty about packaging duties

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PROSPECTS

• Rising prices of raw materials and energy
  2.2/hl -1.5
• From 1st of april levy of eco taxes on reusable
  packaging 1.4/hl lt 1
• Uncertainty about packaging duties

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PROSPECTS

• Intention is to realize a growth in turnover of
  10
• And a growth of EBITDA of
• 10

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PROSPECTS
QUESTIONS ANSWERS

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PROSPECTS
QUESTIONS ANSWERS