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Table of Contents TABLE OF CONTENTS DISTRIBUTION OF VOTING SHARES OF ZWACK UNICUM PLC. 2 LETTER TO THE SHAREHOLDERS 3 DECLARATIONS 4 FINANCIAL CALENDAR 4 THE BALANCE SHEET AND PROFIT AND LOSS STATEMENT OF ZWACK UNICUM PLC. 5 (According to Hungarian Accounting Standards) NOTES TO THE FINANCIAL STATEMENTS OF ZWACK UNICUM PLC. 8 (According to Hungarian Accounting Standards) BUSINESS REPORT FOR BUSINESS YEAR 2008–2009 30 AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS OF ZWACK UNICUM PLC. 34 REPORT ON THE ECONOMIC ACTIVITY OF THE BUSINESS YEAR 2008–2009 (according to IFRS) 36 SUSTAINABILITY IN EVERYDAY LIFE 41 REPORT OF THE SUPERVISORY BOARD ON THE 2008–2009 BUSINESS YEAR 42 ZWACK UNICUM PLC. FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2009 44 (Prepared in compliance with International Financial Reporting Standards) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2009 47 (Prepared in compliance with International Financial Reporting Standards) AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS ACCORDANCE WITH INTERNATIONAL FINANCIAL 68 REPORTING STANDARDS SUPERVISORY BOARD 70 BOARD OF DIRECTORS 71 MANAGEMENT OF THE COMPANY 72 THE EVENTS OF THE 2008–2009 BUSINESS YEAR 73 SPIRITS FROM THE ZWACK HOUSE 78 IZABELLA ZWACK WINE SELECTION 84 KEY TELEPHONE AND TELEFAX NUMBERS 86 1 DISTRIBUTION OF VOTING SHARES OF ZWACK UNICUM Plc. Peter Zwack & Consorten HAG 50%+1 share Diageo Holdings Public Netherlands B.V. 24%-1 share 26% Zwack Unicum Plc. 2 DearDear Shareholders,Shareholders, ALTHOUGH HUNGARY, LIKE THE REST OF THE WORLD, IS FACING A SERIOUS CRISIS AT THIS TIME WHICH HAS AFFECTED EVERYBODY, OUR COMPANY AS WELL, I AM HAPPY TO SHARE WITH YOU SOME GOOD NEWS. AS HONORARY PRESIDENT OF ZWACK UNICUM PLC. AND ALSO AS A FATHER, I AM PROUD OF THE RESULTS THAT THE COMPANY HAS ATTAINED IN THE LAST YEAR UNDER THE LEADERSHIP OF MY SON, SÁNDOR, AND I AM MORE THAN EVER CONVINCED THAT I MADE A WISE DECISION HANDING OVER THE HELM OF THE COMPANY TO THE NEXT GENERATION, WITH TWO OF MY CHILDREN NOW ON THE BOARD. ASACOMPANY, WE HAVE TOGETHER ACHIEVED A NUMBER OF GOALS WHICH HITHERTO WERE ONLY ON THE DRAWING BOARD. OUR FIRST SUSTAINABILITY REPORT WAS ISSUED THIS YEAR, INCORPORATING THE BASIC PRINCIPLES OF OUR COMPANY VALUES AND OPERATIONS, WHICH AT THE SAME TIME POINTS THE WAY TO FUTURE SUCCESS WITHIN A FRAMEWORK OF SOCIAL RESPONSIBILITY. WE ALSO RECEIVED THE "GREEN OFFICE" AWARD BECAUSE WE ARE NOT ONLY A MARKET LEADER IN THE FIELD OF ALCOHOLIC BEVERAGES, BUT ARE ALSO FULLY AWARE OF OUR RESPONSIBILITY IN TERMS OF SUSTAINABLE DEVELOPMENT AND FUTURE GENERATIONS. OUR NEW BRANDS ARE PRODUCED INVOLVING THE MINIMUM POSSIBLE ENVIRON- MENTAL IMPACT. AT THE SAME TIME, THANKS TO OUR WELL-CONCEIVED BRAND BUILDING STRATEGIES, WE WERE ABLE TO ACHIEVE SIGNIFICANT RESULTS ON THE AMERICAN, GERMAN AND ROMANIAN EXPORT MARKETS. I AM PARTICULARLY HAPPY ABOUT OUR EXPANSION ONTO THE UNITED STATES MARKET AND THE POSITIVE REACTION OF ZWACK LIQUEUR ON THE OTHER SIDE OF THE ATLANTIC AS THIS IS LIKE A LONG-CHERISHED DREAM COME TRUE FOR ME WHICH I WOULD DEARLY LOVE MY FATHER TO BE HERE TO SHARE. I WOULD LIKE TO THANK MY DAUGHTER, IZABELLA, FOR THE WORK SHE HAS PUT INTO THIS PROJECT, PERSONALLY SUPERVISING OUR INTRODUCTION ON THE AMERICAN MARKET FROM THE VERY FIRST TENTATIVE STEPS. SHE WAS ABLE TO DO THIS WHILE AT THE SAME TIME STEERING OUR COMPANY TOWARDS A SUCCESSFUL FUTURE IN THE WORLD OF WINE. ALL IN ALL, I CAN SAFELY SAY THAT ZWACK UNICUM PLC. AND THE ZWACK BRANDS ARE TODAY IN GOOD HANDS. I AM CONFIDENT THAT THIS SUCCESSFUL WORK WILL CONTINUE IN THE COMPANY SPIRIT OF TRADITION SIDE BY SIDE WITH DYNAMIC INNOVATION. WHEN I TOOK OVER THE HELM FROM MY FATHER A YEAR AGO, I KNEW THAT 2009 WOULD BE A MILESTONE – NOT ONLY IN MY LIFE, BUT ALSO IN THE LIFE OF ZWACK UNICUM PLC. THE ECONOMIC CRISIS SWEEPING THE WORLD MEANS A CHALLENGE IN OUR LIVES WHICH NO ONE HAD FORESEEN. INVARIABLY, WE CONTINUE TO FOCUS ON OUR PREMIUM BRANDS AND EXPORT ACTIVITIES, WHERE THE RESULTS ON THE AMERICAN, GERMAN AND ROMANIAN MARKETS PROVE THAT WE HAVE TAKEN THE CORRECT ACTIONS. AT THE SAME TIME, AS THE AMBASSADOR OF PÁLINKA, I CAN GLADLY REPORT ON THE SUCCESSES WE HAVE ACHIEVED AT ACCLAIMED WORLD COMPETITIONS WHERE WE HAVE PROVEN THAT QUALITY HUNGARIAN PÁLINKAS BELONG AMONG THE RANKS OF WORLD CLASS PRODUCTS. IN TERMS OF TRADITION AND INNOVATION, WE HAVE EXPERIMENTED WITH NEW FLAVOURS AND LAUNCHED NEW BRANDS ON THE HUNGARIAN MARKET WITH GREAT SUCCESS. IN ADDITION TO BRAND BUILDING, WE HAVE ALSO INVESTED IN PRODUCTION. THE UNICUM PRODUCT FAMILY CAN BE FOUND ON STORE SHELVES WITH A NEW PACKAGING. INVESTMENT IS ONE OF THE MOST SUCCESSFUL FORMS OF ANY REAL "HUNGARICUM", STRENGTHENING THE CHARACTER OF THE INTERNATIONAL PREMIUM BRAND, UNICUM. AND WHAT'S NEXT? AS A PROGRESSIVE, MODERN COMPANY, WE KNOW THAT INNOVATION AND THE CONTINUOUS REALIZATION OF NEW IDEAS ARE KEY TO LONG-TERM SUSTAINABILITY AND THE PRESERVATION OF OUR LEADING MARKET POSITION. 3 DECLARATION We, the undersigned Zwack Unicum Liqueur Industry and Trading Public Limited Company, hereby declare that the facts and statements contained in the Annual Report covering the Company's business year of 2008-2009 (1 April 2008 - 31 March 2009) are true in all respects, and that the Annual Report does not hide any fact that is of importance in assessing the situation of the Company. Financial reports (Balance Sheet, Profit & Loss, Notes to the Financial Statements) presented in the Annual Report were prepared according to the applicable accountancy regulations and our best knowledge. Financial reports give real and authentic picture of the assets, liabilities, financial situation and profit of the issuing company. The Business Report, which is part of the Annual Report, gives authentic picture of the situation, development and achievement of the issuing company, reciting the major risks and factors of uncertainty. The Company has fulfilled the periodic and extraordinary duties of disclosure, as required by the Capital Market law. The Company's audit has been provided by PricewaterhouseCoopers Llc. This auditing firm has not received any other assign- ments from Zwack Unicum Plc. except for this audit, which adheres to the regulations of Hungarian accounting, as well as those of the International Financial Reporting Standards (IFRS). Budapest, 27 May 2009 Zwack Unicum Plc. Sándor Zwack Frank Odzuck Chairman of the Board General Manager FINANCIAL CALENDAR EVENT DATE Publication of the interim report about the first quarter of 2009/2010* 31 July 2009 Payment of dividend As from 31 August 2009 Publication of the interim report about the first half year of 2009/2010* 13 November 2009 Publication of the interim report about the first three quarter of 2009/2010* 12 February 2010 Annual General Meeting 29 June 2010 * not final dates 4 Zwack Unicum Plc. – 31. March 2009 BALANCE SHEET – ASSETS t HUF t HUF Number Names of items Previous year Reported year ab cd 01. A INVESTED ASSETS 4 672 973 4 842 912 02. I. INTANGIBLE ASSETS 127 384 127 607 03. Capitalised value of foundation and restructuring costs 04. Capitalised value of research and development costs 05. Rights 109 113 110 224 06. Intellectual property 18 271 17 383 07. Goodwill 08. Advance payments on intangible assets 09. Revaluation of intangible assets 10. II. TANGIBLE ASSETS 4 481 679 4 635 927 11. Real property and related rights 3 007 933 2 950 814 12. Technical equipment, machinery and vehicles 759 404 656 715 13. Other equipment, fittings and vehicles 624 735 591 506 14. Breeding stock 15. Capital WIP, refurbishments 86 072 432 662 16. Advance payments on Capital WIP 3 535 4 230 17. Revaluation of tangible assets 18. III. FINANCIAL INVESTMENTS 63 910 79 378 19. Long term investment in related companies 15 718 15 718 20. Long term loans given to related companies 21. Other long term investments 1 850 1 850 22. Long term loans given to other investees 23. Other long term loans provided 46 342 61 810 24. Securities representing long term loans 25. Revaluation of financial investments 26. B CURRENT ASSETS 12 932 061 13 344 580 27. I. INVENTORIES 2 564 232 2 580 551 28. Raw materials 616 906 571 108 29. Work in progress and semi-finished products 870 909 869 233 30. Animals 31. Finished products 498 604 393 622 32. Goods for resale 577 163 746 588 33. Advance payments on inventoires 650 0 34. II. RECEIVABLES 4 773 720 7 714 413 35. Accounts receivable from supply of goods and services 4 270 575 4 569 950 36. Receivables from related companies 1 300 001 37. Receivables from other investees 38. Bills of exchange receivable 39. Other receivables 503 145 1 844 462 40. III. SECURITIES 00 41. Investments in related companies 42. Other investments 43. Own shares, own quotas 44. Securities representing loans held for sale 45. IV. LIQUID ASSETS 5 594 109 3 049 616 46. Cash and cheques 190 950 47. Bank deposits 5 593 919 3 048 666 48. C PREPAYMENTS 141 269 237 497 49. Accrued income 26 168 86 560 50. Prepaid expenses 115 101 150 937 51. Deferred expenses 52. TOTAL ASSETS 17 746 303 18 424 989 According to Hungarian Accounting Standards. 5 Zwack Unicum Plc. – 31. March 2009 BALANCE SHEET – EQUITY & LIABILITIES t HUF t HUF Number Names of items Previous year Reported year ab cd 53. D EQUITY 11 250 254 14 150 670 54. I. SHARE CAPITAL 2 035 000 2 035 000 55. thereof: treasury shares repurchased at face value 56. II. UNPAID SHARE CAPITAL (-) (26 250) 57.
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