Annual Results 2007

13 maart 2008

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•Michel Moortgat - CEO

•Daniel Krug – COO

•Herbert De Loose - CFO

SPEAKERS

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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 2007

•Sales

•Investments

•Key figures

•Prospects 2008

AGENDA

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Financial year 2007

•SalesSales•Investments

•Key figures

•Prospects 2008

AGENDA

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SALES

45.40948.883

56.088

61.29966.312

74.597

87.452

30000

40000

50000

60000

70000

80000

90000

2001 2002 2003 2004 2005 2006 2007

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SALES

Turnover increases with 17,2% to € 87,5 million.

10,9% internal growth

Growth of 79% in the last 5 years.

41% of sale has been realised abroad

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SALES

Sales evolution per Brand

•Duvel + 5,3%

•Maredsous + 16,6%

•Bel Pils + 7,7%

•Vedett + 24,0%

•Bernard + 25,0%

•Ommegang + 50,6%

•Chouffe + 36,3%

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SALES

Omzet naar producten

56,26%

4,64%

3,45%

3,53%

6,64%

7,13%

3,51%14,83%

Duvel

Maredsous

Bel

Vedett

Bernard

Achouffe

Ommegang

andere

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SALES

Sales evolution per Market

•Belgium + 9,90%

•The Netherlands + 23,44%

•France + 35,77%

•UK + 12,88%

•US + 32,40%

•Czech Republic + 25,24%

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SALES

Buitenlandse activiteiten Duvel Moortgat

23,57%

20,50%

19,89%

16,31%10,62%9,11%

USA

Nederland

Frankrijk

Tsjechië

andere landen

UK

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Financial year 2007

•Sales

•InvestmentsInvestments•Key figures

•Prospects 2008

AGENDA

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INVESTMENTS

In 2007 for € 21,8 million (2006: € 12,6

million) investments:

• € 8,9 million for new brewhall

• € 3,3 million in purchase and renovation of horeca outlets and company premises

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INVESTMENTS

In 2007 for € 21,8 million (2006: € 12,6

million) investments:

•€ 4,4 million for cases, bottles and kegs

•€ 1,4 million in CCT’s, fermentation and lagering

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Financial year 2007

•Sales

•Investments

•Key figuresKey figures•Prospects 2008

AGENDA

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KEY FIGURES

16.273

17.533

12000

13000

14000

15000

16000

17000

18000

2006 2007

EBIT +7,8%

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KEY FIGURES

•EBIT without Achouffe rises with 3,5%

•Ebit margin decreases from 21,8% (2006) to 20,00%

•Strongly influenced by high prices of raw materials and energy and higher depreciations

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KEY FIGURES

16.252

17.216

12000

13000

14000

15000

16000

17000

18000

2006 2007

Ordinary profit before tax

+5,9%

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KEY FIGURES

•Negative financial result is caused by the recalculation of foreign currencies

•Higher costs of debts, compared to 2006, are partly covered by higher intrest gains

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KEY FIGURES

10.692

11.828

8000

8500

9000

9500

10000

10500

11000

11500

12000

2006 2007

Net profit

+10,6%

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KEY FIGURES

24.340

26.176

19000

23000

27000

2006 2007

EBITDA+7,5%

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KEY FIGURES

18.760

21.587

15000

20000

25000

2006 2007

Cash Flow+15.07 %

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KEY FIGURES

Key figures per share:

2006 2007

Nominal number of shares

5.362.030 5.366.030

Ordinary profit before tax

3,03 3,22

Group share of profits 1,99 2,20

Cash flow 3,50 4,05

Gross dividend 0,72 0,80

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KEY FIGURES

Changes in the scope of consolidation:

• Duvel Moortgat Shangai Ltd

• Duvel Moortgat Hong Kong Ltd

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Financial year 2007

•Sales

•Investments

•Key figures

•Prospects 2008Prospects 2008

AGENDA

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PROSPECTS

€ 15 million various investments in 2008:

•The completion of ecological investments started in 2007

•Extension of the fermentation and lagering capacity (6CCT’s) in Puurs

•Czech Republic: construction of new adminitrative building

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PROSPECTS

€ 15 million various investments in 2008 :

•Czech Republic & US: increase of the fermentation and lagering capacity

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PROSPECTS

Expensive raw materials will keep presure on the margins in 2008

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PROSPECTS

Brouwerij Liefmans:

•From 20/02/2008 onwards temporary licence to run the business.

•Bid to take over an important part of the assets of Liefmans.

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PROSPECTS

•Ambition is to realize a growth in turnover of 10%

•and a growth of EBITDA of 8 to

10%

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PROSPECTS

QUESTIONS

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ANSWERS

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PROSPECTS

QUESTIONS

&

ANSWERS