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.
4
Financial year 2006
•Sales
•Investments
•Key figures
•Prospects 2007
AGENDA
5
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
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