Annual Results 2006

15 maart 2007

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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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Financial year 2006

•Sales

•Investments

•Key figures

•Prospects 2007

AGENDA

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Financial year 2006

•SalesSales•Investments

•Key figures

•Prospects 2007

AGENDA

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SALES

41.91045.409

48.883

56.088

61.299

66.312

74.597

30.000

35.000

40.000

45.000

50.000

55.000

60.000

65.000

70.000

75.000

2000 2001 2002 2003 2004 2005 2006

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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

Omzetverdeling naar producten

64,43%

4,81%

3,87%

3,43%

6,21%

1,80%

0,38%

15,07%

duvel

maredsous

bel

vedett

Bernard

Achouffe

steendonk

andere

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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

Buitenlandse activiteiten Duvel Moortgat

21,54%

19,00%23,09%

10,47%

16,90%9,00%

Nederland

Frankrijk

USA

UK

Tsjechië

andere landen

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Financial year 2006

•Sales

•InvestmentsInvestments•Key figures

•Prospects 2007

AGENDA

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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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Financial year 2006

•Sales

•Investments

•Key figuresKey figures•Prospects 2007

AGENDA

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KEY FIGURES

14.511

16.272

12000

13000

14000

15000

16000

17000

18000

2005 2006

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

14.685

16.251

12000

13000

14000

15000

16000

17000

18000

2005 2006

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

9.703

10.692

8000

8500

9000

9500

10000

10500

11000

11500

12000

2005 2006

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

21.865

24.340

15000

19000

23000

2005 2006

EBITDA+11,3%

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KEY FIGURES

17.056

18.760

10000

15000

20000

2005 2006

Cash Flow+9,9%

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KEY FIGURES

Key figures per share:

2005 2006

Number of shares 5.341.390 5.362.030

Ordinary profit before tax

2,75 3,03

Group share of profits 1,82 1,99

Cash flow 3,19 3,50

Gross dividend 0,65 0,72

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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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Financial year 2006

•Sales

•Investments

•Key figures

•Prospects 2007Prospects 2007

AGENDA

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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 CCT’s): € 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 = < 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