Publicatie tien maandscijfers Koninklijke Grolsch N.V.

07 Jan, 2008, 07:55 GMT Van Koninklijke Grolsch N.V.

ENSCHEDE, Nederland, January 7 /PRNewswire/ -- Vandaag maakt Koninklijke Grolsch N.V. bekend dat het, in afwijking van voorafgaande jaren, haar tien maandscijfers (1/2007 - 10/2007) publiceert als gevolg van het feit dat deze openbaar zijn gemaakt in het biedingsbericht dat betrekking heeft op het aanbevolen bod van SABMiller plc en SABMiller Netherlands B.V. op alle geplaatste en uitstaande (certificaten van) gewone aandelen Koninklijke Grolsch N.V.

Koninklijke Grolsch N.V.is voornemens de jaarcijfers normaal te publiceren en toe te lichten op 12 februari aanstaande.

Bijlagen:

- Condensed consolidated interim profit and loss account of Royal Grolsch N.V.

- Condensed consolidated interim balance sheet Royal Grolsch N.V.

- Condensed consolidated interim cash flow statement Royal Grolsch N.V.

- Consolidated statement of movements in group equity of Royal Grolsch N.V.

- Notes to the Royal Grolsch N.V. interim report

http://www.koninklijkegrolsch.nl

Over Grolsch:

Koninklijke Grolsch N.V., met een rijke traditie die terugvoert tot 1615, is een brouwerij gevestigd in het oosten van Nederland. Grolsch heeft een notering aan de Euronext aandelenbeurs in Amsterdam. Grolsch legt zich toe op het kwaliteitssegment van zowel de binnenlandse als de internationale biermarkt. Grolsch is één van de grootste merken in de Nederlandse biermarkt. Internationaal is Grolsch actief in 70 landen en richt zich met name op het Verenigd Koninkrijk, de Verenigde Staten, Canada, Australië, Nieuw Zeeland en Frankrijk. Wereldwijd kent Grolsch een premium positionering waarbij de unieke Grolsch waarden als onderscheidende smaak, topkwaliteit, traditie, aspiratie, authenticiteit en samen genieten centraal staan. Het merk is mede zo sterk geworden dankzij het bekende beugelflesje van Grolsch. De verkoop van Grolsch kwam neer op 3,2 miljoen hectoliter in 2006, met een netto-omzet van EUR 317,6 miljoen en bijna 900 medewerkers.

Condensed consolidated interim profit and loss account

    
    Amounts in EUR 1.000   1 January 2007- 31            1 January 2006- 31 
                                 October 2007                  October 2006

    Revenue                           278,501                       262,324
    Total Operating                 
    Expenses                         (268,414)                     (256,016)
    Other Operating Income             16,144                        14,990
    Operating Profit                   26,231                        21,298
    Finance Costs net                  (1,652)                       (2,414)
    Share in Results of
    Associates                            224                           278
    Profit Before Tax                  24,803                        19,162
    Tax on Profit                      (6,557)                       (5,573)
    Net Profit                         18,246                        13,589

    Earnings Per Share(ordinary and diluted)

    Net Profit                         18,246                        13,589
    Weighted Average
    Number of Ordinary
    Shares                         16,921,507                    16,921,507
    Earnings Per Share (in
    Euro's)                              1.08                          0.80

Condensed consolidated interim balance sheet

    
    Amounts in EUR 1.000       31 October 2007       31 December 2006

    ASSETS
    Non-current Assets                 354,006                343,441
    Current Assets                      92,980                 74,440
    Cash and Cash
    Equivalents                         13,861                 49,043
                                       460,847                466,924

    EQUITY AND LIABILITIES
    Group Equity                       256,498                255,790
    Non-current Liabilities             23,249                 99,143
    Current Liabilities                181,100                111,991
                                       460,847                466,924

Condensed consolidated interim cash flow statement

    
    Amounts in EUR 1.000   1 January 2007- 31             1 January 2006- 31
                                 October 2007                   October 2006
    Net Profit                         18,246                         13,589

    Depriciation,
    Amortisation,
    Financial Result and
    Tax Paid on Profit                 34,347                         33,533
 
                                       
    Shares in Results of
    Associates                          (224)                           (278)
                                        
                                       52,369                         46,844
    Changes in Provisions
    and Working Capital               (37,514)                         5,424

    Results on Disposals
    Property, Plant and
    Equipment                          (1,382)                        (2,148)
 
                                      
    Cash Flow From Trading
    Activities                         13,473                         50,120
                                       
    Interest Received,
    Interest Paid and Tax
    Paid on Profit                     (1,628)                        (4,273)
 
                                      
    Cash Flow From
    Operating Activities               11,845                         45,847
 
                                       
    Cash Flow From
    Investing Activities              (34,995)                        (6,974)
                                     
    Free Cash Flow                    (23,150)                        38,873

    Cash Flow From Finance
    Activities                       (116,892)                       (35,148)
                                    
    Changes in Foreign
    Exchange Rates                        102                            122
                                          
    Change in Cash and
    Bank Overdrafts                  (139,940)                         3,847
 
                                    
    As at 1 January                    39,576                          7,086

    As at 31 October                 (100,364)                        10,933

    Analysis of Balance at 31 October

    Cash                               13,861                         45,861
    Current Debt to Credit           (114,225)                       (34,928)
    Institutions                     (100,364)                        10,933

Consolidated statement of movements in group equity

    
                    Share
                  Capital          
                      and     Reserves
                    Share          for
    Amounts in    Premium     Exchange      Hedging Retained Total Equity
    EUR 1.000     Reserve  Differences      Reserve Earnings

    Balance at 1
    January 2006   46,335          189      (3,469)  200,489      243,544

    2005
    Dividend
    Distribution                                     (10,661)     (10,661)
 
                
    Exchange
    Differences
    in Respect
    of Foreign
    Associates                      46                                 46
 
              
    Revaluation
    of
    Derivatives                               1,832                 1,832

    Revaluations
    Taken to
    Profit and
    Loss Account                                937                   937

    Other
    Movements                                             11           11

    Result for
    Period 1
    January- 31
    October 2006                                      13,589       13,589

    Balance at
    31 October
    2006            46,335         235         (700) 203,428      249,298

    Balance at 1
    January 2007    46,335         179          271  209,005      255,790

    2005
    Dividend
    Distribution                                     (16,922)     (16,922)

    Exchange
    Differences
    in Respect
    of Foreign
    Associates                     (14)                               (14)

    Revaluation
    of
    Derivatives                                (191)                 (191)

    Revaluations
    Taken to
    Profit and
    Loss Account                               (512)                 (512)

    Other
    Movements                                           (101)        (101)

    Result for
    Period 1
    January- 31
    October 2006                                      18,246       18,246

    Balance at
    October 2007    46,335         165         (432) 210,430      256,498

Notes to the Interim financial information

Basis of preparation

The interim financial information for the period ending 31 October 2007 has been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for a full set of (annual) financial statements and should be read in conjunction with the most recent financial statements as per 31 December 2006.

Accounting policies

The accounting policies applied by the company are consistent with those disclosed in the financial statements for the year 31 December 2006. The following new standards, amendments to standards and interpretations are mandatory for financial years beginning on or after 1 January 2007:

- Amendment to IAS 1: Capital Disclosures. The impact of this amendment on the financial statements is adding disclosures that enable an evaluation of the company's objectives and policies for managing its capital;

- IFRIC 7, Applying the Restatement Approach under IAS 29, Financial Reporting in Hyperinflationary Economies. The impact of this interpretation is nil as the company has no identified investments in hyperinflationary economies;

- IFRIC 8, Scope of IFRS 2. The impact of this interpretation is nil as the company has not granted shares for apparently nil or inadequate consideration;

- IFRIC 9, Reassessment of Embedded Derivatives. Application of this interpretation has not resulted in the recognition of new contracts;

- IFRIC 10, Interim Financial Reporting and Impairment. The impact of this interpretation is nil as the company had no identified impairment reversals;

- IFRS 7, Financial Instruments: Disclosures. This new standard will replace the disclosure requirements of IAS 32 Financial Instruments:

Disclosure and Presentation and adds new disclosure requirements for outlining the risks arising from financial instruments and the management thereof.

The company has decided not to early adopt the following standards, amendments and interpretations:

- Amendments to IAS 23, Borrowing Costs;

- Amendments to IAS 1: Presentation of Financial Statements: A revised presentation;

- IFRIC 11, IFRS 2 Group and Treasury Share Transactions;

- IFRIC 12, Service Concession Arrangements;

- IFRIC 13, Customer Loyalty Programmes;

- IFRS 8, Operating Segments;

- IFRIC 14, IAS 19 - The limit on a defined benefit asset, minimum funding requirements and their interaction

Financing activities

The total number of shares entitled to dividend remained unchanged as compared with 31 December 2006 at 16,921,507. Dividend of EUR16.9 million was distributed on 11 May 2007.

Notes to the interim income statement

Segmented Information:

    
    Amounts in EUR
    1.000
 
    1 January- 31
    October 2006
 
                      Western Europe Rest of the World         Total
    Revenue                  230,498            31,826       262,324
    Contribution to
    Result                    52,535             2,960 (1)    55,495
                              
    Fixed Production
    and Overhead Cost                                        -34,197
    Operating Results                                         21,298
    Net Financial
    Income                                                    -2,414
    Associates                                                   278
    Tax                                                       -5,573
    Net Profit                                                13,589
    1 January- 31
    October 2007
                      Western Europe Rest of the World         Total
    Revenue                  241,111            37,390       278,501
    Contribution to
    Result                    49,066             7,362        56,428
    Fixed Production
    and Overhead Cost                                        -30,197
    Operating Results                                         26,231
    Net Financial
    Income                                                    -1,652
    Associates                                                   224
    Tax                                                       -6,557
    Net Profit                                                18,246

Owing to the concentration of assets in the Netherlands, the balance sheet items are not segmented by region.

(1) The contribution to result in the first 10 months of 2006 includes the one off cost of migrating the distribution function in the U.S. (EUR 3.4 million).

Notes to the interim balance sheet

Non current assets:

Property plant and equipment

    
    Amounts in EUR 1.000                  2007               2006

    At 1 January                       299,037            312,869
    Exchange Differences                   -20                 22
    Additions                           31,352             13,899
    Book Value of Disposals             -3,090             -1,619
    Depreciation                       -24,886            -24,303
    At 31 October                      302,393            300,868

Trade loans

The amount of loans granted is considerably raised in comparison with the 31 December 2006 figures (11.1 million versus 5.0 million), driven by one particular important transaction and partly compensated by lower guarantees.

Current assets:

Income tax receivables

The 31 December 2006 amount of 5.3 million was mainly received within this period.

Other receivables

In this amount is included the advancement in respect of the announced EU-fine of 31.7 million imposed by and paid to the European Commission, and against wich Grolsch has appealed. In the 2006 Annual Accounts the EU-investigation was mentioned under Off-Balance Sheet Commitments.

Non-current and current liabilities:

Long-term and short term debt to credit institutions:

Credit facility

In July 2007 Royal Grolsch N.V. agreed a EUR 140 million seven-year revolving credit facility. The proceeds of this syndicated loan are used for general corporate purpose including the refinancing of existing indebtedness.

At 31 October 2007 an amount of EUR 108 million was borrowed within this facility. The existing loan of 99.9 million with Rabobank was repaid.

Effectively the variable interest rate has been fixed for an amount of 70 million via an interest rate swap. No security was provided for this credit facility.

Presentation of the loan

    
    Amounts in EUR 1.000       31 October 2007   31 December 2006

    Long-term Debts to
    Credit Institutions
                                                           75,410
    Short-term Debt to
    Credit Institutions                108,000             24,523
                                       108,000             99,933

Commitments and contingent liabilities:

Investment commitments at 31 October 2007 amounting of 29.9 million (31 December 2006 12.1 million). The disputed fine as received from the EU-commission (31,7 million) has been treated as a contingent liability.

Events after balance sheet date:

On 19 November 2007 SABMiller PLC made public its intention to acquire all outstanding shares of the company for a recommended cash offer price of EUR 48.25 per ordinary share. The consummation of the offer will be subject to at least 75% of the company's issued and outstanding share capital being tendered under the offer. Any effects of this offering, for example success fee's and change of control clauses, are not included in the interim financial information.

BRON Koninklijke Grolsch N.V.