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ANNUAL REPORT DUVEL VEDETT Maredsous Chouffe Liefmans

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DUVEL Vedett MAREDSOUS CHOUFFE LIEFMANS BEL PILS OMMEGANG BERNARD ANNUAL REPORT (1) Net financial creditors Total interest-bearing financial creditors - cash at bank and in hand - short-term investments (2) Net assets Shareholders’ equity + interest-bearing financial creditors - cash at bank and in hand - short-term investments (3) Working capital Current assets (exclusive of short-term investments and cash at bank and in hand) - non-financial creditors <1 year - accrued charges and deferred income liabilities) (4) Operating cash flow (EBITDA) Operating profit + depreciation + provisions for liabilities and charges + write-downs + depreciation of goodwill (5) Cash flow Consolidated net profit after tax + depreciation + provisions for liabilities and charges + write-downs (6) Current ratio Current assets/short-term creditors Key to formulae Key (7) Debt ratio External capital / total assets (balance sheet total) (8) Return on shareholders’ funds Consolidated net profit after tax / shareholders’ equity at end of previous financial year (9) RONA Return on net assets = EBIT / Net assets (10) Weighted Average Cost of Capital Cost of shareholders’ equity + cost of external funds Cost of shareholders’ equity Interest payable on 10-year OLO (31/12/08) + market risk premium * Beta coefficient Cost of external funds Average interest rate payable on loans - tax saving (11) Economic Value Added Capital employed (start of financial year)*return on capital - Capital employed (start of financial year)*cost of capital or net assets previous financial year * (Rona - Wacc) (12) P/E ratio Price-earnings ratio is the share price at 31st December divided by the ordinary net profit per share (13) P/CF ratio Price-cash flow ratio is the share price at 31st December divided by the cash flow per share (14) P/B Price-bookvalue ratio is the share price at 31st December divided by the shareholders’equity per share (15) Price-earnings to growth This is the price to earnings ratio divided by the average growth rate of the consolidated net profit. 2008 2007 2006 2005 2004 € € € € € IFRS IFRS IFRS IFRS IFRS CONSOLIDATED KEY FIGURES Revenu 101,008,616 87,451,728 74,597,244 66,311,997 61,299,052 Result from operating activities 18,990,183 17,532,958 16,272,418 14,511,471 13,181,898 Finance expense -907,998 -331,162 -20,908 173,897 -70,442 Profit before income taxes and share of profit of equity accounted investees 18,082,185 17,201,797 16,251,510 14,685,368 13,111,456 Profit before income taxes 18,082,185 17,215,364 16,251,510 14,685,368 13,111,456 Current income tax expense 5,133,584 5,261,535 4,567,111 4,733,308 3,981,488 Deferred taxes 770,866 126,289 992,044 248,949 717,292 Share of profit of equity accounted investees 0 13,567 0 0 0 Consolidated key figures Profit for the period 12,177,735 11,827,540 10,692,355 9,703,111 8,412,676 Profit for the period attributable to equity holders of the Company 12,162,788 11,761,009 10,682,462 9,703,111 8,412,676 Profit for the period attributable to minority interest 14,946 66,531 9,893 0 0 Total assets (Balance sheet total) 167,472,772 154,542,668 134,604,910 111,264,269 102,856,474 Total equity attributable to equity holders of the Company 97,024,482 90,056,664 81,733,312 73,718,936 66,521,692 Net financial liabilities (1) -5,523,839 -6,532,110 -7,974,538 -12,347,858 -6,654,630 Net Assets (2) 91,500,643 83,524,554 73,758,774 61,371,078 59,867,062 Property, plant and equipment 100,541,264 92,286,896 80,124,182 63,510,060 61,104,168 Depreciation, amortization, impairment, provision 11,279,733 9,236,903 7,544,769 7,203,353 5,643,738 Working capital (3) 17,973,773 14,464,073 15,690,995 13,825,398 13,804,105 Cash flow from operating activities(4) 30,865,542 26,176,416 24,340,017 21,864,384 19,587,582 Impairment/provision 595,626 -593,445 522,830 149,560 761,946 Cashflow (5) 24,053,093 20,470,998 18,759,954 17,056,024 14,818,360 Employee benefits 16,708,290 14,856,076 13,085,361 11,083,459 10,497,816 Number of employees 559 515 468 412 365 RATIOS Liquidity / Current Ratio (6) 2.61 2.71 3.04 3.29 3.18 Solvency / Debt ratio (7) 0.42 0.42 0.39 0.27 0.29 Return on shareholders’ funds (8) 13.52% 14.47% 14.50% 14.59% 12.86% RONA (9) 20.75% 20.99% 22.06% 23.65% 22.02% WACC (10) 7.31% 6.85% 6.08% 5.85% 6.59% (11) EVA 11,229,168 10,430,510 9,808,124 10,653,616 8,753,841 3 CONSOLIDATED KEY FIGURES PER SHARE | Number of shares issued as at 31/12 5,366,030 5,366,030 5,362,030 5,353,510 5,341,390 Average number of shares in issued 5,305,966 5,327,064 5,318,440 5,296,334 5,302,391 Weighted average number of ordinary shares (diluted) 5,308,666 5,330,855 5,325,155 5,360,828 5,320,255 Own shares 81,163 34,966 34,966 45,266 47,120 Result from operating activities 3.58 3.29 3.06 2.74 2.49 Profit before income taxes and share of profit of equity accounted investees 3.41 3.23 3.06 2.77 2.47 MoortgatDuvel Earnings per share 2.30 2.22 2.01 1.83 1.59 Diluted earnings per share 2.29 2.22 2.01 1.81 1.58 Cash flow 4.53 3.84 3.53 3.22 2.79 2008 Total equity attributable to equity holders of the Company 18.08 16.78 15.24 13.77 12.45 Gross dividend 1.00 0.80 0.72 0.65 0.58 Net Dividend 0.75 0.60 0.54 0.49 0.44 Closing price at end of December 32.99 48.74 38.53 32.31 25.85 STO C K MARKET RATIOS annual report Dividend 5,240,697 4,264,851 3,835,486 3,450,359 3,070,677 Payout ratio (% 43.04% 36.06% 35.87% 35.56% 36.50% Dividend yield 2.27% 1.23% 1.40% 1.51% 1.68% P/E ratio (12) 14.38 21.97 19.19 17.85 16.35 P/CF ratio (13) 7.28 12.68 10.92 10.03 9.25 P/B (14) 1.82 2.90 2.53 2.35 2.08 Consolidated net profit growth 2.96% 10.62% 10.20% 15.34% 0.00% Average growth in consolidated net profit over 3 years 7.92% 12.05% 12.77% 15.34% 0.00% PE/G ratio (15) 1.81 1.82 1.50 1.16 0.00 Profile Duvel Moortgat Contents Chairman’s statement 06 A word of the CEO 10 Profile Duvel Moortgat 12 Structure Duvel Moortgat 18 Strategic Objectives – Mission 24 Report by the board of directors 28 Policy Aspects 60 Information for investors and shareholders 66 Corporate Governance 74 Financial Section 88 5 | Duvel MoortgatDuvel 2008 annual report Chairman’s statement MICHEL VAN HE M ELE , V OOR RUBUS N V | CHAIR M AN OF THE BOARD OF DIRECTORS Dear shareholder, emphasis was put mainly on the development of the distribution infrastructure in the export The second half of 2008 was a difficult period for markets, in the previous year, specific marketing many companies. That is why I am greatly pleased campaigns were developed, not only for Duvel, that once again, Duvel Moortgat is able to present but for the other brands as well. Our approach has excellent figures in this annual report. Nearly all thus moved from a monobrand to a multibrand brands realised a rise in turnover. Only Bel Pils approach. performed less well than in 2007. In doing so, it followed the downward movement of Belgian This interest from abroad was one of the reasons lager consumption. that Duvel Moortgat was nominated for the prestigious Flemish ‘Company of the Year 2008’ The most significant finding, however, is that award. It is my pleasure to quote the jury, who the group’s speciality beers are increasingly referred to us as ‘stars in entrepreneurship and appreciated and consumed, both in Belgium innovation, strategy and drive, internationalisation and abroad. I use the term ‘specialty beers’ and solid management’. intentionally, since for a long time now, it does not only concern Duvel. For example, in the An important theme throughout 2008 was Netherlands and France, Vedett and Chouffe are the expansion of our brand portfolio, with the very popular. Great Britain, on the other hand, takeover of the Brouwerij Liefmans’ activities as looks very promising for Vedett, while in the the main factor. At the moment, strong efforts United States, the interest in Belgian beers in are put into the redevelopment of the brand general keeps on growing. and the client portfolio. Vedett Extra White, on the other hand, proves that a new white beer is In 2008, Duvel Moortgat continued its able to achieve success, as long as it has the right internationalisation. While in the past, the personality and image, and meets the consumer’s Chairman’s statement needs. For example, Vedett Extra White is enthusiastically committed themselves to their remarkably popular in Japan.
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