Food and Beverages (Europe)

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Food and Beverages (Europe)

  1. 1. OverviewOverviewWright Industry Averages - Overview Wright Industry Averages: Food and Beverages (Europe) Prepared December 03, 2008 Background Wright Industry Averages are a compilation of data derived from the CorporateInformation global research service developed and marketed by Wright Investors' Service. CorporateInformation consists of research reports on over 30,000 publicly traded companies in 59 countries. The primary source of the data contained in the Wright Industry Averages is the Thomson Reuters Worldscope Database which Wright Investors' Service developed over 20 years ago and subsequently sold to Thomson. Major Industry Identification The Wright Industry Averages are developed on 28 Major Industries: Advertising and Public Relations Machinery and Industrial Equipment Aerospace and Airlines Media, News, Broadcasting and Publications Apparel, Clothing and Textiles Metals and Mining (Non-Ferrous) Automotive Paper and Printing Chemicals Railroads Computers and Software Recreation and Entertainment Construction Restaurants and Hotels Electrical Equipment and Appliances Retail and Wholesale Electronics Rubber and Plastic Energy, Oil, Gas and Electricity Shipping and Shipbuilding Food and Beverages Steel Furniture Telecommunications Glass Tobacco Health, Medicine and Pharmaceuticals Trucking and Freight Wright Industry Averages are available for each of the 28 industries on a global basis. Where there are a significant number of companies in the industry (a minimum of 15), Wright Industry Averages reports are also compiled on a regional basis. The seven regions for which Wright Industry Averages are compiled are: Africa, Asia, Australasia, Europe, Latin America, Middle East and North America. Industry Averages reports are also available for the United States. Sub-Industry Averages - Identification There are over 160 sub-industry groupings within the CorporateInformation research service. These sub-industries are identified at http://www.corporateinformation.com/Company- Advanced-Search.aspx . When there are a significant number of companies (a minimum of 15), Wright Industry Averages will be compiled on select sub-industries on a global and in some cases a regional and national basis. An example of a typical sub-industry is Exploration, Drilling Service and Equipment within the Energy, Oil, Gas and Electricity major industry sector. Reports Contained in Wright Industry Averages
  2. 2. The following 19 reports are prepared for each Industry sector. Summary Analysis Key Ratios: Market Price, Earnings, Book Value,Dividends Income Statement (4) Actual Values, Common Size, Year-to-Year Percent Change and Five (5) Year Averages Balance Sheet (4) Actual Values, Common Size, Year-to-Year Percent Change and Five (5) Year Averages Sources of Capital Actual Values, Common Size, Year-to-Year Net Changes, Year-to- Year Percent Changes, Cash Flow(Operating, Financing and Investing Activities) Sales Analysis Sales, Cost of Goods Sold, EBITDA, Net Income Available to Common Shareholders, Employee Efficiency Financial Ratio Reports (8) Accounting Ratios, Asset Utilization, Employee Efficiency, Fixed Charges Coverage, Leverage Analysis, Liquidity Analysis, Per Share Data, Profitability Analysis Fiscal Year and Currency The Wright Industry Averages Reports are compiled on a fiscal year basis. Companies ending their fiscal year in January are grouped with the prior year's reports. The values for 2007 for example are contributed by those companies that ended their fiscal year after 31 January 2007 and prior to 1 February 2008. The values shown for all reports are presented in U.S. dollars. Data Compilation Steps Followed in Development of Industry Averages Reports: 1. All companies with less than $1 million (U.S.) in Net Sales were excluded from the study. 2a. All currency items (e.g. Total Assets) in the financial statements (i.e. Balance Sheet, Income Statement and Sources of Capital reports) were converted to U.S. Dollars using an average exchange rate for each fiscal year. 2b. A sum (aggregate value) was computed for all financial statement items by totaling the values reported by each company in the industry. 2c. Industry Average report values were computed by dividing the aggregate values (Step 2b) by the number of companies reporting. 3. Non-currency items (e.g. Total Shares Outstanding) represent the arithmetic average of values reported by all companies. Ratios (other than per share ratios) were computed by using in the numerator and denominator values that represent the aggregate total for all of the companies in the industry. 4. Per share ratios are computed by using in the numerator a specific value that represents the aggregate sum for all companies in the industry divided by the aggregate value of the average number of appropriate common shares for each company. 5. Income Statement Adjustments Most companies in the industry reported Operating Income along with the major components
  3. 3. that go into the calculation of Operating Income. For the minority of companies that did not report all underlying cost components those components were derived, where possible, utilizing the reported items. For example, if Cost of Goods Sold was not reported it was derived on a company-specific basis from the other reported items (i.e. Sales, Gross Income and Depreciation, Depletion & Amortization). The derived value was then included in the calculation of the industry average. The Income Statement data items that were derived in the manner explained above include: Cost of Goods Sold, Depreciation, Depletion & Amortization, Gross Income, Selling, General & Administrative Expenses and Other Operating Expenses. A field identified as "Other Costs" was added to the Income Statement to identify production and/or service costs not classified as "Cost of Goods Sold" or "Depreciation, Depletion & Amortization". Company Listing An alphabetical listing of companies showing the years in which the companies' information is represented in the Industry Averages is included. Industry Leaders There are three reports presenting the Leading Companies in the Food and Beverages industry based on Net Sales, Total Assets and Market Capitalization. Glossary A Glossary containing the definition of terms used in the Industry Averages reports is provided. Sales/Marketing Support A Wright Comprehensive Report for each company is available for purchase. It contains company-specific information, in a similar format to the information contained in the Industry Averages reports. Any questions pertaining to the structure and content of the Wright Industry Averages products should be addressed to John Connolly, CFA, Vice President, Wright Investors'Service, 440 Wheelers Farms Rd, Milford, CT, USA, +1-203-783-4433, jconnolly@wisi.com. Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  4. 4. OverviewSummary Analysis Summary Analysis: Food and Beverages Industry Averages (Europe) Figures are expressed on a Per Share Basis in U.S. Dollars. Fiscal Year 2007 2006 2005 2004 2003 2002 Market Prices High 17.54 13.84 12.25 12.00 10.80 13.71 Low 12.47 10.12 8.79 8.85 7.44 8.82 Average 15.00 11.98 10.52 10.43 9.12 11.26 Last 14.96 12.64 10.61 10.03 10.78 10.45 Value Ratios High Price / Earnings 20.3 20.2 20.1 22.8 24.1 26.4 Low Price / Earnings 14.4 14.7 14.4 16.8 16.6 17.0 Average Price / Earnings 17.3 17.4 17.2 19.8 20.4 21.7 Last Price / Earnings 17.3 18.4 17.4 19.0 24.1 20.2 Average Price / Book Value 3.1 2.8 2.7 2.9 2.8 3.4 Last Price / Book Value 3.1 3.0 2.8 2.8 3.3 3.1 Dividends / Average Price (Dividend Yield) 2.3% 2.8% 2.7% 2.7% 2.8% 2.3% Dividends / Last Price (Dividend Yield) 2.3% 2.6% 2.7% 2.8% 2.4% 2.4% Common Equity Earned Equity Growth 52.9% 30.4% 24.8% 22.8% 15.8% 21.0% Return on Equity 91.8% 64.9% 48.7% 48.4% 36.2% 41.7% Book Value 4.88 4.27 3.85 3.62 3.24 3.34 Common Shares (in millions) Common Shares Outstanding 198.5 185.1 174.1 174.9 143.9 147.1 Common Shares Used to Compute EPS 191.1 177.8 161.0 167.2 163.8 146.8 Common Stock Earnings Earnings per Share 0.87 0.69 0.61 0.53 0.45 0.52 Percent Change 26.0% 12.5% 15.9% 17.7% -13.6% 13.0% Income Tax Rate 25.9% 22.9% 26.1% 29.1% 31.0% 31.1% Common Stock Dividends Dividends per Share 0.35 0.33 0.29 0.28 0.25 0.26 Percent Change 4.9% 15.9% 2.4% 9.6% -0.3% 10.1% Total Common Dividends (in millions of US$) 66.3 58.8 46.0 46.6 41.7 37.5
  5. 5. Dividends / Earnings (% Payout) 40.1% 48.2% 46.8% 52.9% 56.9% 49.3% Capital Expenditure (in millions of US$) 106.1 81.7 66.8 69.9 62.1 89.2 Sales Sales (in millions of US$) 1,982.2 1,636.0 1,429.6 1,656.4 1,541.7 1,481.5 Percent Change 21.2% 14.4% -13.7% 7.4% 4.1% -3.0% Sales per Share 10.37 9.20 8.88 9.91 9.41 10.09 Percent Change 12.8% 3.6% -10.4% 5.3% -6.7% 2.3% Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  6. 6. Financial Statement AnalysesFinancial Statement AnalysesIncome Statement - (Actual Values) Income Statement - (Actual Values): Food and Beverages Industry Averages (Europe) All figures in millions of U.S. Dollars. Fiscal Year 2007 2006 2005 2004 2003 2002 Net Sales or Revenues 1,982.2 1,636.0 1,429.6 1,656.4 1,541.7 1,481.5 Cost of Goods Sold 1,139.7 937.6 842.6 967.5 893.2 855.7 Depreciation, Depletion & Amortization 70.1 58.8 53.3 80.6 76.4 90.0 Other Costs 0.5 -0.0 1.7 1.6 -1.0 -18.5 Gross Income 771.9 639.6 532.0 606.7 573.1 554.3 Selling, General & Administrative Expenses 472.3 396.3 332.7 393.1 371.8 368.6 Other Operating Expenses 64.4 54.7 41.8 54.3 51.9 44.6 Operating Expenses - Total 1,746.5 1,447.4 1,270.5 1,495.5 1,393.3 1,358.9 Operating Income 235.1 188.6 157.4 159.3 149.4 141.1 Extraordinary Credit - Pretax 13.6 5.0 2.6 2.5 4.5 6.6 Extraordinary Charge - Pretax 30.4 22.5 19.6 25.7 22.6 37.8 Non-Operating Interest Income 9.7 7.3 6.5 7.5 9.3 8.9 Reserves - Increase/Decrease -0.1 -0.1 -0.1 -0.1 -0.2 -0.1 Pretax Equity in Earnings 0.2 0.4 0.6 0.4 0.3 0.2 Other Income/Expense - Net -17.6 -17.3 -12.9 -14.2 -1.3 -30.4 Earnings before Interest, Taxes, Depreciation & 316.5 254.7 215.5 240.5 217.5 220.9 Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) 245.9 196.1 160.6 158.3 142.2 149.5 Interest Expense on Debt 40.8 31.4 25.8 30.2 31.9 33.9 Interest Capitalized 0.1 0.0 0.0 0.0 0.0 0.0 Pretax Income 205.2 164.7 134.8 128.1 110.5 115.5 Income Taxes 53.2 37.6 35.2 37.2 34.3 35.9 Minority Interest 14.6 11.7 9.2 8.7 7.8 7.4 Equity in Earnings 8.4 5.1 5.3 6.0 5.3 4.2 After Tax Other Income/Expense 0.0 0.0 -0.0 -0.0 0.0 -0.0 Discontinued Operations 19.9 1.7 2.8 0.1 -0.2 -0.0 Net Income before Extraordinary Items/Preferred 165.5 122.2 98.4 88.3 73.5 76.4 Dividends Extraordinary Items & Gain/Loss Sale of Assets 6.4 13.1 4.3 0.0 -0.8 0.4
  7. 7. Preferred Dividend Requirements 0.1 0.1 0.2 0.2 0.2 0.3 Net Income after Preferred Dividends - available to 165.4 122.1 98.3 88.1 73.3 76.1 Common Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  8. 8. Financial Statement AnalysesIncome Statement - (Common Size) Income Statement - (Common Size): Food and Beverages Industry Averages (Europe) Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of U.S. Dollars. Fiscal Year 2007 2006 2005 2004 2003 2002 Net Sales or Revenues 1,982.2 1,636.0 1,429.6 1,656.4 1,541.7 1,481.5 Cost of Goods Sold 57.5% 57.3% 58.9% 58.4% 57.9% 57.8% Depreciation, Depletion & Amortization 3.5% 3.6% 3.7% 4.9% 5.0% 6.1% Other Costs 0.0% -0.0% 0.1% 0.1% -0.1% -1.2% Gross Income 38.9% 39.1% 37.2% 36.6% 37.2% 37.4% Selling, General & Administrative Expenses 23.8% 24.2% 23.3% 23.7% 24.1% 24.9% Other Operating Expenses 3.2% 3.3% 2.9% 3.3% 3.4% 3.0% Operating Expenses - Total 88.1% 88.5% 88.9% 90.3% 90.4% 91.7% Operating Income 11.9% 11.5% 11.0% 9.6% 9.7% 9.5% Extraordinary Credit - Pretax 0.7% 0.3% 0.2% 0.1% 0.3% 0.4% Extraordinary Charge - Pretax 1.5% 1.4% 1.4% 1.6% 1.5% 2.6% Non-Operating Interest Income 0.5% 0.4% 0.5% 0.5% 0.6% 0.6% Reserves - Increase/Decrease -0.0% -0.0% -0.0% -0.0% -0.0% -0.0% Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Other Income/Expense - Net -0.9% -1.1% -0.9% -0.9% -0.1% -2.0% Earnings before Interest, Taxes, Depreciation & 16.0% 15.6% 15.1% 14.5% 14.1% 14.9% Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) 12.4% 12.0% 11.2% 9.6% 9.2% 10.1% Interest Expense on Debt 2.1% 1.9% 1.8% 1.8% 2.1% 2.3% Interest Capitalized 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Pretax Income 10.4% 10.1% 9.4% 7.7% 7.2% 7.8% Income Taxes 2.7% 2.3% 2.5% 2.2% 2.2% 2.4% Minority Interest 0.7% 0.7% 0.6% 0.5% 0.5% 0.5% Equity in Earnings 0.4% 0.3% 0.4% 0.4% 0.3% 0.3% After Tax Other Income/Expense 0.0% 0.0% -0.0% -0.0% 0.0% -0.0% Discontinued Operations 1.0% 0.1% 0.2% 0.0% -0.0% -0.0% Net Income before Extraordinary Items/Preferred 8.3% 7.5% 6.9% 5.3% 4.8% 5.2% Dividends Extraordinary Items & Gain/Loss Sale of Assets 0.3% 0.8% 0.3% 0.0% -0.0% 0.0%
  9. 9. Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Net Income after Preferred Dividends - available to 8.3% 7.5% 6.9% 5.3% 4.8% 5.1% Common Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  10. 10. Financial Statement AnalysesIncome Statement - (Year-Year % Change) Income Statement - (Year to Year Percent Change): Food and Beverages Industry Averages (Europe) Figures are the Percent Changes from the Prior Year. Fiscal Year 2007 2006 2005 2004 2003 2002 Net Sales or Revenues 21.2% 14.4% -13.7% 7.4% 4.1% -3.0% Cost of Goods Sold 21.6% 11.3% -12.9% 8.3% 4.4% -6.8% Depreciation, Depletion & Amortization 19.2% 10.2% -33.8% 5.5% -15.1% 28.4% - Other Costs 5.7% 102.0% Gross Income 20.7% 20.2% -12.3% 5.9% 3.4% 2.5% Selling, General & Administrative Expenses 19.2% 19.1% -15.4% 5.7% 0.9% 4.8% Other Operating Expenses 17.7% 30.8% -23.0% 4.7% 16.2% 0.8% Operating Expenses - Total 20.7% 13.9% -15.0% 7.3% 2.5% -1.8% Operating Income 24.7% 19.8% -1.2% 6.6% 5.9% -2.5% Extraordinary Credit - Pretax 173.2% 88.0% 7.4% -44.7% -32.1% -1.0% Extraordinary Charge - Pretax 35.2% 14.9% -23.9% 13.7% -40.1% 37.8% Non-Operating Interest Income 33.3% 13.1% -14.2% -19.3% 5.0% -20.7% Reserves - Increase/Decrease Pretax Equity in Earnings -59.7% -36.7% 45.6% 35.4% 22.6% -21.1% Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & 24.3% 18.2% -10.4% 10.6% -1.6% 2.1% Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) 25.4% 22.1% 1.4% 11.3% -4.8% 1.2% Interest Expense on Debt 30.0% 21.9% -14.7% -5.1% -6.1% -14.4% Interest Capitalized 126.8% 102.7% -21.9% 77.7% -26.3% -93.5% Pretax Income 24.6% 22.2% 5.2% 15.9% -4.4% 6.6% Income Taxes 41.3% 7.0% -5.5% 8.6% -4.6% 2.1% Minority Interest 25.2% 26.8% 5.8% 11.9% 5.2% 8.3% Equity in Earnings 65.7% -4.3% -12.3% 13.1% 27.8% -7.8% - - After Tax Other Income/Expense 100.2% 100.6% - Discontinued Operations 1,080.2% -39.9% 2,536.2% 698.4% Net Income before Extraordinary 35.4% 24.2% 11.4% 20.1% -3.7% 7.0% Items/Preferred Dividends
  11. 11. - Extraordinary Items & Gain/Loss Sale of Assets -51.1% 202.0% 9,457.6% -84.7% 276.0% Preferred Dividend Requirements 56.5% -41.5% -35.6% 2.9% -10.7% -12.1% Net Income after Preferred Dividends - available 35.4% 24.3% 11.6% 20.1% -3.7% 7.1% to Common Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  12. 12. Financial Statement AnalysesIncome Statement - (Five-Year Averages) Income Statement - (5 Year Averages): Food and Beverages Industry Averages (Europe) Figures in millions of U.S. Dollars. Fiscal Year 2007 2006 2005 2004 2003 2002 Net Sales or Revenues 1,649.2 1,549.1 1,527.3 1,561.7 1,535.9 1,573.6 Cost of Goods Sold 956.1 899.3 895.4 928.0 916.0 948.5 Depreciation, Depletion & Amortization 67.8 71.8 74.1 78.9 75.9 74.8 Other Costs 0.6 -3.2 -3.5 -13.6 -14.9 -15.0 Gross Income 624.7 581.1 561.3 568.4 558.8 565.3 Selling, General & Administrative Expenses 393.3 372.5 363.6 370.7 363.3 366.4 Other Operating Expenses 53.4 49.5 47.4 48.1 47.7 48.2 Operating Expenses - Total 1,470.6 1,393.1 1,380.4 1,425.7 1,402.9 1,437.9 Operating Income 178.0 159.2 150.4 149.6 147.9 150.7 Extraordinary Credit - Pretax 5.6 4.2 4.6 4.6 4.7 4.5 Extraordinary Charge - Pretax 24.2 25.6 26.6 29.3 27.1 25.5 Non-Operating Interest Income 8.1 7.9 8.7 9.8 10.6 11.7 Reserves - Increase/Decrease -0.1 -0.1 -0.1 -0.1 -0.2 -0.3 Pretax Equity in Earnings 0.4 0.4 0.4 0.3 0.3 0.3 Other Income/Expense - Net -12.6 -15.2 -14.2 -13.8 -14.0 -17.4 Earnings before Interest, Taxes, Depreciation & 248.9 229.8 222.2 222.0 219.4 227.0 Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) 180.6 161.3 151.6 148.8 150.5 159.2 Interest Expense on Debt 32.0 30.6 32.3 34.2 34.0 34.1 Interest Capitalized 0.0 0.0 0.1 0.1 0.1 0.1 Pretax Income 148.6 130.7 119.5 114.7 116.7 125.3 Income Taxes 39.5 36.1 35.6 37.0 38.4 41.9 Minority Interest 10.4 9.0 8.0 7.5 7.1 6.9 Equity in Earnings 6.0 5.2 5.1 5.0 4.7 4.6 After Tax Other Income/Expense 0.0 -0.0 0.1 0.1 0.1 0.1 Discontinued Operations 4.9 0.9 0.5 0.3 0.2 0.3 Net Income before Extraordinary Items/Preferred 109.6 91.8 81.6 76.2 76.8 81.9 Dividends Extraordinary Items & Gain/Loss Sale of Assets 4.6 3.4 1.4 0.5 0.5 0.4
  13. 13. Preferred Dividend Requirements 0.2 0.2 0.2 0.3 0.3 0.2 Net Income after Preferred Dividends - available to 109.4 91.6 81.4 75.7 76.3 81.5 Common Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  14. 14. Financial Statement AnalysesBalance Sheet - (Actual Values) Balance Sheet - (Actual Values): Food and Beverages Industry Averages (Europe) All figures in millions of U.S. Dollars. Fiscal Year 2007 2006 2005 2004 2003 2002 Assets Total Assets 2,318.1 1,876.9 1,623.3 1,667.8 1,582.9 1,514.4 Cash & Short Term Investments 152.9 146.8 153.9 168.9 164.5 159.3 Cash 102.0 102.2 112.7 125.0 123.9 118.4 Short Term Investments 50.9 44.6 41.2 43.9 40.6 40.9 Receivables (Net) 297.7 247.6 219.0 229.3 222.1 217.3 Inventories -Total 248.7 198.9 172.7 185.6 174.8 165.7 Raw Materials 75.4 57.7 50.8 54.8 50.5 48.3 Work in Process 48.0 32.1 28.3 34.7 27.2 24.3 Finished Goods 112.8 96.2 87.2 90.6 87.5 82.1 Progress Payments & Other 12.5 12.9 6.4 5.5 9.5 11.0 Prepaid Expenses 12.9 9.4 9.8 7.5 9.1 7.6 Other Current Assets 16.6 20.4 19.6 13.6 12.9 12.1 Current Assets - Total 728.9 623.1 575.0 604.9 583.4 562.0 Long Term Receivables 12.7 12.1 12.4 13.2 11.0 12.8 Investment in Associated Companies 73.1 57.3 56.1 56.5 66.8 64.2 Other Investments 40.3 25.5 27.3 37.9 28.4 28.0 Property Plant and Equipment - Gross 1,112.8 943.0 863.4 946.8 853.2 795.9 Accumulated Depreciation 537.9 464.9 438.6 499.4 445.2 407.2 Property Plant and Equipment – Net 575.7 478.2 426.4 447.4 408.0 388.7 Other Assets 887.4 680.7 526.2 507.9 485.3 458.7 Deferred Charges 33.5 17.9 16.7 7.8 12.2 16.6 Tangible Other Assets 2.1 3.3 9.1 1.3 0.8 0.9 Intangible Other Assets 865.4 666.8 506.3 501.1 474.3 443.4 Total Assets 2,318.1 1,876.9 1,623.3 1,667.8 1,582.9 1,514.4 Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity 2,318.1 1,876.9 1,623.3 1,667.8 1,582.9 1,514.4 Accounts Payable 219.9 164.4 144.4 154.4 142.8 134.1
  15. 15. Short Term Debt & Current Portion of Long Term Debt 255.9 181.1 177.3 176.3 211.6 233.8 Accrued Payroll 9.5 7.6 5.9 4.1 2.9 2.5 Income Taxes Payable 29.8 28.0 24.4 28.3 26.6 25.8 Dividends Payable 0.8 0.4 8.3 17.9 16.1 16.2 Other Current Liabilities 190.5 172.3 150.3 149.6 143.6 145.2 Current Liabilities - Total 706.4 554.0 510.6 531.1 545.0 558.2 Long Term Debt 451.0 366.7 324.7 349.7 335.1 307.2 Long Term Debt Excluding Capitalized Leases 413.0 333.3 293.8 327.1 310.3 290.5 Capitalized Lease Obligations 38.0 33.3 30.8 22.6 24.8 16.7 Provision for Risks and Charges 113.5 116.4 107.7 106.8 92.9 89.4 Deferred Income 1.5 1.4 0.9 2.0 2.3 0.9 Deferred Taxes 49.1 27.9 14.4 7.2 11.6 6.6 Deferred Tax Liability in Untaxed Reserves 0.0 0.0 0.0 0.0 0.0 0.0 Other Liabilities 17.2 13.0 12.8 14.8 9.3 9.4 Total Liabilities 1,338.6 1,079.5 971.0 1,011.6 996.1 971.7 Non-Equity Reserves 1.4 1.2 1.1 1.8 1.6 1.0 Minority Interest 44.8 36.0 30.4 40.7 44.9 43.3 Preferred Stock 1.5 1.5 1.4 9.4 9.2 8.5 Preferred Stock Issued for ESOP ESOP Guarantees - Preferred Issued Common Equity 931.8 758.7 619.4 604.5 530.9 489.9 Total Liabilities & Shareholders' Equity 2,318.1 1,876.9 1,623.3 1,667.8 1,582.9 1,514.4 Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  16. 16. Financial Statement AnalysesBalance Sheet - (Common Size) Balance Sheet - (Common Size): Food and Beverages Industry Averages (Europe) Figures are expressed as Percent of Total Assets. Total Assets are in millions of U.S. Dollars. Fiscal Year 2007 2006 2005 2004 2003 2002 Assets Total Assets 2,318.1 1,876.9 1,623.3 1,667.8 1,582.9 1,514.4 Cash & Short Term Investments 6.6% 7.8% 9.5% 10.1% 10.4% 10.5% Cash 4.4% 5.4% 6.9% 7.5% 7.8% 7.8% Short Term Investments 2.2% 2.4% 2.5% 2.6% 2.6% 2.7% Receivables (Net) 12.8% 13.2% 13.5% 13.7% 14.0% 14.3% Inventories -Total 10.7% 10.6% 10.6% 11.1% 11.0% 10.9% Raw Materials 3.3% 3.1% 3.1% 3.3% 3.2% 3.2% Work in Process 2.1% 1.7% 1.7% 2.1% 1.7% 1.6% Finished Goods 4.9% 5.1% 5.4% 5.4% 5.5% 5.4% Progress Payments & Other 0.5% 0.7% 0.4% 0.3% 0.6% 0.7% Prepaid Expenses 0.6% 0.5% 0.6% 0.4% 0.6% 0.5% Other Current Assets 0.7% 1.1% 1.2% 0.8% 0.8% 0.8% Current Assets - Total 31.4% 33.2% 35.4% 36.3% 36.9% 37.1% Long Term Receivables 0.5% 0.6% 0.8% 0.8% 0.7% 0.8% Investment in Associated Companies 3.2% 3.1% 3.5% 3.4% 4.2% 4.2% Other Investments 1.7% 1.4% 1.7% 2.3% 1.8% 1.8% Property Plant and Equipment - Gross 48.0% 50.2% 53.2% 56.8% 53.9% 52.6% Accumulated Depreciation 23.2% 24.8% 27.0% 29.9% 28.1% 26.9% Property Plant and Equipment – Net 24.8% 25.5% 26.3% 26.8% 25.8% 25.7% Other Assets 38.3% 36.3% 32.4% 30.5% 30.7% 30.3% Deferred Charges 1.4% 1.0% 1.0% 0.5% 0.8% 1.1% Tangible Other Assets 0.1% 0.2% 0.6% 0.1% 0.1% 0.1% Intangible Other Assets 37.3% 35.5% 31.2% 30.0% 30.0% 29.3% Total Assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity 2,318.1 1,876.9 1,623.3 1,667.8 1,582.9 1,514.4 Accounts Payable 9.5% 8.8% 8.9% 9.3% 9.0% 8.9%
  17. 17. Short Term Debt & Current Portion of Long Term 11.0% 9.6% 10.9% 10.6% 13.4% 15.4% Debt Accrued Payroll 0.4% 0.4% 0.4% 0.2% 0.2% 0.2% Income Taxes Payable 1.3% 1.5% 1.5% 1.7% 1.7% 1.7% Dividends Payable 0.0% 0.0% 0.5% 1.1% 1.0% 1.1% Other Current Liabilities 8.2% 9.2% 9.3% 9.0% 9.1% 9.6% Current Liabilities - Total 30.5% 29.5% 31.5% 31.8% 34.4% 36.9% Long Term Debt 19.5% 19.5% 20.0% 21.0% 21.2% 20.3% Long Term Debt Excluding Capitalized Leases 17.8% 17.8% 18.1% 19.6% 19.6% 19.2% Capitalized Lease Obligations 1.6% 1.8% 1.9% 1.4% 1.6% 1.1% Provision for Risks and Charges 4.9% 6.2% 6.6% 6.4% 5.9% 5.9% Deferred Income 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% Deferred Taxes 2.1% 1.5% 0.9% 0.4% 0.7% 0.4% Deferred Tax Liability in Untaxed Reserves 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Other Liabilities 0.7% 0.7% 0.8% 0.9% 0.6% 0.6% Total Liabilities 57.7% 57.5% 59.8% 60.7% 62.9% 64.2% Non-Equity Reserves 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% Minority Interest 1.9% 1.9% 1.9% 2.4% 2.8% 2.9% Preferred Stock 0.1% 0.1% 0.1% 0.6% 0.6% 0.6% Preferred Stock Issued for ESOP ESOP Guarantees - Preferred Issued Common Equity 40.2% 40.4% 38.2% 36.2% 33.5% 32.3% Total Liabilities & Shareholders' Equity 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  18. 18. Financial Statement AnalysesBalance Sheet - (Year-Year % Change) Balance Sheet - (Year to Year Percent Change): Food and Beverages Industry Averages (Europe) Figures are the Percent Changes from the Prior Year. Fiscal Year 2007 2006 2005 2004 2003 2002 Assets Total Assets 23.5% 15.6% -2.7% 5.4% 4.5% -6.6% Cash & Short Term Investments 4.1% -4.6% -8.9% 2.7% 3.3% -2.6% Cash -0.3% -9.3% -9.8% 0.9% 4.7% -2.6% Short Term Investments 14.2% 8.1% -6.1% 8.1% -0.7% -2.4% Receivables (Net) 20.2% 13.1% -4.5% 3.2% 2.2% -7.4% Inventories -Total 25.1% 15.2% -7.0% 6.2% 5.5% -7.8% Raw Materials 30.8% 13.5% -7.3% 8.4% 4.7% -8.9% Work in Process 49.7% 13.3% -18.4% 27.5% 11.8% -6.2% Finished Goods 17.3% 10.3% -3.7% 3.5% 6.6% -10.6% Progress Payments & Other -3.1% 103.2% 14.7% -41.6% -13.9% 23.2% Prepaid Expenses 37.0% -4.0% 31.2% -17.3% 19.2% 4.5% Other Current Assets -18.3% 4.2% 44.2% 5.5% 6.1% 9.4% Current Assets - Total 17.0% 8.4% -4.9% 3.7% 3.8% -5.7% Long Term Receivables 4.8% -1.7% -6.6% 20.2% -14.2% 5.9% Investment in Associated Companies 27.6% 2.1% -0.7% -15.5% 4.0% 17.1% Other Investments 58.4% -6.7% -28.0% 33.2% 1.7% -9.8% Property Plant and Equipment - Gross 18.0% 9.2% -8.8% 11.0% 7.2% -7.3% Accumulated Depreciation 15.7% 6.0% -12.2% 12.2% 9.3% -4.9% Property Plant and Equipment – Net 20.4% 12.1% -4.7% 9.6% 5.0% -9.7% Other Assets 30.4% 29.4% 3.6% 4.7% 5.8% -7.7% Deferred Charges 86.9% 7.5% 113.7% -36.2% -26.5% -17.2% Tangible Other Assets -36.9% -64.4% 585.6% 60.7% -6.9% -66.2% Intangible Other Assets 29.8% 31.7% 1.0% 5.7% 7.0% -7.1% Total Assets 23.5% 15.6% -2.7% 5.4% 4.5% -6.6% Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity 23.5% 15.6% -2.7% 5.4% 4.5% -6.6% Accounts Payable 33.7% 13.9% -6.5% 8.1% 6.5% -7.3%
  19. 19. Short Term Debt & Current Portion of Long Term Debt 41.3% 2.1% 0.6% -16.7% -9.5% -7.1% Accrued Payroll 25.8% 28.9% 42.5% 43.8% 15.5% 6.8% Income Taxes Payable 6.4% 14.5% -13.5% 6.1% 3.3% 4.8% Dividends Payable 110.3% -95.2% -53.6% 11.4% -0.6% -1.4% Other Current Liabilities 10.6% 14.6% 0.5% 4.2% -1.1% -7.0% Current Liabilities - Total 27.5% 8.5% -3.9% -2.5% -2.4% -6.5% Long Term Debt 23.0% 12.9% -7.2% 4.3% 9.1% -13.3% Long Term Debt Excluding Capitalized Leases 23.9% 13.4% -10.2% 5.4% 6.8% -14.8% Capitalized Lease Obligations 14.0% 8.1% 36.5% -9.0% 49.1% 25.5% Provision for Risks and Charges -2.5% 8.2% 0.8% 15.0% 3.9% -4.5% Deferred Income 1.4% 67.7% -57.6% -13.1% 173.5% -41.1% Deferred Taxes 75.9% 93.8% 101.1% -38.0% 74.6% 49.7% Deferred Tax Liability in Untaxed Reserves Other Liabilities 31.5% 1.7% -13.0% 58.0% -0.2% -5.5% Total Liabilities 24.0% 11.2% -4.0% 1.6% 2.5% -8.4% Non-Equity Reserves 14.7% 12.7% -39.7% 9.3% 58.3% -11.8% Minority Interest 24.5% 18.2% -25.2% -9.4% 3.6% 4.0% Preferred Stock -0.9% 8.8% -85.1% 2.1% 8.2% 1.8% Preferred Stock Issued for ESOP ESOP Guarantees - Preferred Issued Common Equity 22.8% 22.5% 2.5% 13.9% 8.4% -3.9% Total Liabilities & Shareholders' Equity 23.5% 15.6% -2.7% 5.4% 4.5% -6.6% Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  20. 20. Financial Statement AnalysesBalance Sheet - (Five-Year Averages) Balance Sheet - (5 Year Averages): Food and Beverages Industry Averages (Europe) Figures in millions of U.S. Dollars. Fiscal Year 2007 2006 2005 2004 2003 2002 Assets Total Assets 1,813.8 1,653.1 1,602.0 1,622.6 1,564.5 1,556.8 Cash & Short Term Investments 157.4 158.7 162.0 162.3 161.1 181.3 Cash 113.2 116.5 120.3 120.1 118.8 132.0 Short Term Investments 44.2 42.2 41.7 42.2 42.3 49.2 Receivables (Net) 243.1 227.1 224.4 235.2 237.0 243.4 Inventories -Total 196.1 179.5 175.7 180.0 180.8 187.6 Raw Materials 57.8 52.4 51.5 52.7 53.0 55.6 Work in Process 34.1 29.3 28.1 26.5 23.6 22.2 Finished Goods 94.9 88.7 87.9 90.3 92.7 100.3 Progress Payments & Other 9.4 9.1 8.3 10.5 11.5 9.4 Prepaid Expenses 9.7 8.7 8.2 7.4 7.0 7.3 Other Current Assets 16.6 15.7 13.8 19.6 19.1 18.8 Current Assets - Total 623.0 589.7 584.3 604.5 606.6 640.0 Long Term Receivables 12.3 12.3 12.3 14.3 15.4 16.7 Investment in Associated Companies 61.9 60.2 59.7 60.2 57.9 54.7 Other Investments 31.9 29.4 30.5 30.0 26.3 24.9 Property Plant and Equipment - Gross 943.9 880.5 863.6 881.8 878.0 906.9 Accumulated Depreciation 477.2 451.0 443.7 451.1 444.8 455.1 Property Plant and Equipment – Net 467.2 429.7 420.2 430.8 433.3 451.9 Other Assets 617.5 531.8 495.0 481.4 423.1 366.7 Deferred Charges 17.6 14.3 14.7 14.5 15.4 14.4 Tangible Other Assets 3.3 3.1 3.0 1.7 3.7 5.9 Intangible Other Assets 602.8 518.4 480.5 469.0 409.3 352.0 Total Assets 1,813.8 1,653.1 1,602.0 1,622.6 1,564.5 1,556.8 Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity 1,813.8 1,653.1 1,602.0 1,614.0 1,544.7 1,536.9 Accounts Payable 165.1 148.0 144.0 147.9 145.2 147.0
  21. 21. Short Term Debt & Current Portion of Long Term Debt 200.4 196.0 210.2 228.2 226.3 224.0 Accrued Payroll 6.0 4.6 3.5 2.8 2.4 2.2 Income Taxes Payable 27.4 26.6 25.9 27.6 28.3 30.0 Dividends Payable 8.7 11.8 15.0 17.0 16.9 29.9 Other Current Liabilities 161.3 152.2 149.0 149.9 149.2 151.8 Current Liabilities - Total 569.4 539.8 548.3 572.3 567.9 584.1 Long Term Debt 365.4 336.7 334.2 334.4 303.9 277.3 Long Term Debt Excluding Capitalized Leases 335.5 311.0 312.5 315.2 287.2 263.3 Capitalized Lease Obligations 29.9 25.7 21.6 19.2 16.8 14.0 Provision for Risks and Charges 107.5 102.6 98.1 96.6 94.5 97.3 Deferred Income 1.6 1.5 1.5 1.6 1.4 1.2 Deferred Taxes 22.0 13.5 8.8 6.0 4.8 3.2 Deferred Tax Liability in Untaxed Reserves 0.0 0.0 0.0 0.0 0.0 Other Liabilities 13.4 11.9 11.2 11.6 11.6 12.5 Total Liabilities 1,079.4 1,006.0 1,002.1 1,026.0 988.6 980.2 Non-Equity Reserves 1.4 1.4 1.4 1.4 1.9 2.6 Minority Interest 39.4 39.1 40.2 43.1 44.0 44.4 Preferred Stock 4.6 6.0 7.4 9.0 9.3 8.0 Preferred Stock Issued for ESOP ESOP Guarantees - Preferred Issued Common Equity 689.0 600.7 550.9 538.1 515.2 516.2 Total Liabilities & Shareholders' Equity 1,813.8 1,653.1 1,602.0 1,614.0 1,544.7 1,536.9 Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  22. 22. Financial Statement AnalysesSources of Capital Sources of Capital: Food and Beverages Industry Averages (Europe) Currency figures are in millions of U.S. Dollars. Year to year % changes pertain to reported Balance Sheet values. Fiscal Year 2007 2006 2005 2004 2003 2002 Actual Values Total Capital 1,430.5 1,164.1 977.0 1,005.9 921.7 849.9 Long Term Debt 451.0 366.7 324.7 349.7 335.1 307.2 Minority Interest 44.8 36.0 30.4 40.7 44.9 43.3 Preferred Stock 1.5 1.5 1.4 9.4 9.2 8.5 Common Equity 931.8 758.7 619.4 604.5 530.9 489.9 Percent of Total Capital Long Term Debt 31.5% 31.5% 33.2% 34.8% 36.4% 36.1% Minority Interest 3.1% 3.1% 3.1% 4.0% 4.9% 5.1% Preferred Stock 0.1% 0.1% 0.1% 0.9% 1.0% 1.0% Common Equity 65.1% 65.2% 63.4% 60.1% 57.6% 57.6% Total Capital 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Year to Year Net Changes (in millions of U.S. Dollars) Long Term Debt 84.3 42.0 -25.0 14.6 27.9 -47.0 Minority Interest 8.8 5.6 -10.2 -4.2 1.6 1.7 Preferred Stock -0.0 0.1 -8.0 0.2 0.7 0.1 Common Equity 173.1 139.3 14.9 73.6 41.0 -20.0 Total Capital 266.4 187.1 -28.9 84.1 71.8 -65.3 Year to Year Percent Changes Long Term Debt 23.0% 12.9% -7.2% 4.3% 9.1% -13.3% Minority Interest 24.5% 18.2% -25.2% -9.4% 3.6% 4.0% Preferred Stock -0.9% 8.8% -85.1% 2.1% 8.2% 1.8% Common Equity 22.8% 22.5% 2.5% 13.9% 8.4% -3.9% Total Capital 22.9% 19.2% -2.9% 9.1% 8.5% -7.1% Total Liabilities & Common Equity Total Liabilities 1,338.6 1,079.5 971.0 1,011.6 996.1 971.7 Net Change in Liabilities as 19.4% 10.1% -4.2% 1.5% 2.5% -9.1% % of Total Liabilities
  23. 23. Common Equity 931.8 758.7 619.4 604.5 530.9 489.9 Net Change in Common Equity as 18.6% 18.4% 2.4% 12.2% 7.7% -4.1% % of Common Equity Cash Flow Operating Activities 211.7 168.4 149.9 173.8 161.6 149.1 Financing Activities -0.3 -46.2 -56.0 -106.8 -63.0 -85.8 Investing Activities 195.3 119.8 88.4 75.6 89.1 64.4 Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  24. 24. Financial Statement AnalysesSales Analysis Sales Analysis: Food and Beverages Industry Averages (Europe) Figures are expressed in thousands of U.S. Dollars. Values per Employee are in U.S. Dollars. Fiscal Year 2007 2006 2005 2004 2003 2002 Sales 1,982,188 1,635,956 1,429,635 1,656,417 1,541,741 1,481,537 Percent Change 21.2% 14.4% -13.7% 7.4% 4.1% -3.0% Cost of Goods Sold 1,139,713 937,576 842,618 967,508 893,239 855,745 Percent of Sales 57.5% 57.3% 58.9% 58.4% 57.9% 57.8% Earnings before Interest, Taxes, 316,478 254,682 215,546 240,474 217,492 220,946 Depreciation & Amortization (EBITDA) Percent of Sales 16.0% 15.6% 15.1% 14.5% 14.1% 14.9% Net Income after Preferred Dividends - 165,351 122,137 98,265 88,070 73,308 76,103 available to Common Percent of Sales 8.3% 7.5% 6.9% 5.3% 4.8% 5.1% Employees 8,671 8,252 8,321 8,828 9,327 9,811 Sales per Employee 228,608 198,241 171,820 187,643 165,303 151,004 Net Income per Employee 19,070 14,800 11,810 9,977 7,860 7,757 Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  25. 25. Financial Ratio AnalysesFinancial Ratio AnalysesAccounting Ratios Accounting Ratios: Food and Beverages Industry Averages (Europe) Fiscal Year 2007 2006 2005 2004 2003 2002 Receivables Turnover 6.7 6.6 6.5 7.2 6.9 6.8 Receivables - Number of Days 35.5 35.3 42.5 32.4 39.8 35.3 Inventory Turnover 6.8 7.5 6.2 8.4 6.9 8.2 Inventory - Number of Days 54.0 48.8 58.5 43.5 52.8 44.4 Gross Property, Plant & Equipment Turnover 1.8 1.7 1.7 1.7 1.8 1.9 Net Property, Plant & Equipment Turnover 3.4 3.4 3.4 3.7 3.8 3.8 Depreciation, Depletion & Amortization 6.3% 6.2% 6.2% 8.5% 9.0% 11.3% % of Gross Property, Plant & Equipment Depreciation, Depletion & Amortization 11.3 5.5 -27.2 4.2 -13.6 19.9 Year to Year Change (in millions of U.S.$) Depreciation, Depletion & Amortization 19.2% 10.2% -33.8% 5.5% -15.1% 28.4% Year to Year % Change Accumuled Depreciation 48.3% 49.3% 50.8% 52.7% 52.2% 51.2% % of Gross Property, Plant & Equipment Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  26. 26. Financial Ratio AnalysesAsset Utilization Asset Utilization: Food and Beverages Industry Averages (Europe) Figures are expressed as the ratio of Net Sales. Net Sales are in millions of U.S. Dollars. Fiscal Year 2007 2006 2005 2004 2003 2002 Net Sales 1,982.2 1,636.0 1,429.6 1,656.4 1,541.7 1,481.5 Cash & Cash Equivalents 7.7% 9.0% 10.8% 10.2% 10.7% 10.8% Short-Term Investments 2.6% 2.7% 2.9% 2.7% 2.6% 2.8% Accounts Receivable 15.0% 15.1% 15.3% 13.8% 14.4% 14.7% Inventories 12.5% 12.2% 12.1% 11.2% 11.3% 11.2% Other Current Assets 0.8% 1.2% 1.4% 0.8% 0.8% 0.8% Total Current Assets 36.8% 38.1% 40.2% 36.5% 37.8% 37.9% Total Long Term Receivables & Investments 6.4% 5.8% 6.7% 6.5% 6.9% 7.1% Long Term Receivables 0.6% 0.7% 0.9% 0.8% 0.7% 0.9% Investments in Associated Companies 3.7% 3.5% 3.9% 3.4% 4.3% 4.3% Other Investments 2.0% 1.6% 1.9% 2.3% 1.8% 1.9% Property, Plant & Equipment - Gross 56.1% 57.6% 60.4% 57.2% 55.3% 53.7% Accumulated Depreciation 27.1% 28.4% 30.7% 30.2% 28.9% 27.5% Property Plant & Equipment - Net 29.0% 29.2% 29.8% 27.0% 26.5% 26.2% Other Assets 44.8% 41.6% 36.8% 30.7% 31.5% 31.0% Total Assets 116.9% 114.7% 113.5% 100.7% 102.7% 102.2% Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  27. 27. Financial Ratio AnalysesEmployee Efficiency Employee Efficiency: Food and Beverages Industry Averages (Europe) Values per Employee are in U.S. Dollars. Fiscal Year 2007 2006 2005 2004 2003 2002 Employees 8,671 8,252 8,321 8,828 9,327 9,811 Values per Employee Sales 228,608 198,241 171,820 187,643 165,303 151,004 Net Income 19,070 14,800 11,810 9,977 7,860 7,757 Cash Earnings 25,189 21,285 18,660 20,006 18,196 15,217 Working Capital 2,591 8,377 7,737 8,355 4,110 383 Total Debt 81,529 66,376 60,327 59,581 58,619 55,140 Total Capital 164,979 141,061 117,418 113,946 98,828 86,627 Total Assets 267,346 227,440 195,098 188,928 169,719 154,355 Year to Year % Change per Employee Employees 5.1% -0.8% -5.7% -5.4% -4.9% -11.5% Sales 15.3% 15.4% -8.4% 13.5% 9.5% 9.6% Net Income 28.9% 25.3% 18.4% 26.9% 1.3% 21.0% Cash Earnings 18.3% 14.1% -6.7% 9.9% 19.6% 18.0% Working Capital -69.1% 8.3% -7.4% 103.3% 972.6% Total Debt 22.8% 10.0% 1.3% 1.6% 6.3% -3.6% Total Capital 17.0% 20.1% 3.0% 15.3% 14.1% 4.9% Total Assets 17.5% 16.6% 3.3% 11.3% 10.0% 5.5% Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  28. 28. Financial Ratio AnalysesFixed Charges Coverage Fixed Charges Coverage: Food and Beverages Industry Averages (Europe) Fiscal Year 2007 2006 2005 2004 2003 2002 EBIT/Total Interest Expense 6.0 6.2 6.2 5.2 4.5 4.4 EBIT/Net Interest 7.9 8.1 8.3 7.0 6.3 6.0 EBIT/(Total Interest Exp + Pfd Div) 6.0 6.2 6.2 5.2 4.4 4.4 EBIT/Dividends on Common Shares 3.7 3.3 3.5 3.4 3.4 4.0 EBIT/(Dividends on Common + Pfd) 3.7 3.3 3.5 3.4 3.4 4.0 EBITDA/Total Interest Expense 7.8 8.1 8.4 8.0 6.8 6.5 EBITDA/Net Interest 10.2 10.6 11.2 10.6 9.7 8.8 EBITDA/(Total Interest Exp + Pfd Div) 7.7 8.1 8.3 7.9 6.8 6.5 EBITDA/Dividends on Com Shares 4.8 4.3 4.7 5.2 5.2 5.9 EBITDA/(Dividends on Com + Pfd) 4.8 4.3 4.7 5.1 5.2 5.9 Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  29. 29. Financial Ratio AnalysesLeverage Analysis Leverage Analysis: Food and Beverages Industry Averages (Europe) Fiscal Year 2007 2006 2005 2004 2003 2002 Long Term Debt % of EBIT 183.4% 187.0% 202.2% 220.9% 235.7% 205.5% Long Term Debt % of EBITDA 142.5% 144.0% 150.6% 145.4% 154.1% 139.0% Long Term Debt % of Total Assets 19.5% 19.5% 20.0% 21.0% 21.2% 20.3% Long Term Debt % of Total Capital 31.5% 31.5% 33.2% 34.8% 36.4% 36.1% Long Term Debt % of Com Equity 48.4% 48.3% 52.4% 57.8% 63.1% 62.7% Total Debt % of EBIT 287.5% 279.4% 312.6% 332.2% 384.5% 362.0% Total Debt % of EBITDA 223.4% 215.1% 232.9% 218.7% 251.4% 244.9% Total Debt % of Total Assets 30.5% 29.2% 30.9% 31.5% 34.5% 35.7% Total Debt % of Total Capital 49.4% 47.1% 51.4% 52.3% 59.3% 63.7% Total Debt % of Total Capital & Short Term Debt 49.4% 47.1% 51.4% 52.3% 59.3% 63.7% Total Debt % of Common Equity 75.9% 72.2% 81.0% 87.0% 103.0% 110.4% Minority Interest % of EBIT 18.2% 18.4% 19.0% 25.7% 31.6% 29.0% Minority Interest % of EBITDA 14.2% 14.1% 14.1% 16.9% 20.6% 19.6% Minority Interest % of Total Assets 1.9% 1.9% 1.9% 2.4% 2.8% 2.9% Minority Interest % of Total Capital 3.1% 3.1% 3.1% 4.0% 4.9% 5.1% Minority Interest % of Com Equity 4.8% 4.7% 4.9% 6.7% 8.5% 8.8% Preferred Stock % of EBIT 0.6% 0.8% 0.9% 5.9% 6.5% 5.7% Preferred Stock % of EDITDA 0.5% 0.6% 0.6% 3.9% 4.2% 3.8% Preferred Stock % of Total Assets 0.1% 0.1% 0.1% 0.6% 0.6% 0.6% Preferred Stock % of Total Capital 0.1% 0.1% 0.1% 0.9% 1.0% 1.0% Preferred Stock % of Total Equity 0.2% 0.2% 0.2% 1.6% 1.7% 1.7% Common Equity % of Total Assets 40.2% 40.4% 38.2% 36.2% 33.5% 32.3% Common Equity % of Total Capital 65.1% 65.2% 63.4% 60.1% 57.6% 57.6% Total Capital % of Total Assets 61.7% 62.0% 60.2% 60.3% 58.2% 56.1% Capital Expenditure % of Sales 5.4% 5.0% 4.7% 4.2% 4.0% 6.0% Fixed Assets % of Common Equity 61.8% 63.0% 68.8% 74.0% 76.9% 79.3% Working Capital % of Total Capital 1.6% 5.9% 6.6% 7.3% 4.2% 0.4% Dividend Payout 40.1% 48.2% 46.8% 52.9% 56.9% 49.3% Funds From Operations % of Total Debt 30.9% 32.1% 30.9% 33.6% 31.0% 27.6% Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or
  30. 30. otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  31. 31. Financial Ratio AnalysesLiquidity Analysis Liquidity Analysis: Food and Beverages Industry Averages (Europe) Fiscal Year 2007 2006 2005 2004 2003 2002 Total Current Assets % Net Sales 36.8% 38.1% 40.2% 36.5% 37.8% 37.9% Cash % of Current Assets 14.0% 16.4% 19.6% 20.7% 21.2% 21.1% Cash & Equivalents % of Current Assets 21.0% 23.6% 26.8% 27.9% 28.2% 28.3% Quick Ratio 0.6 0.7 0.7 0.7 0.7 0.7 Receivables % of Current Assets 40.8% 39.7% 38.1% 37.9% 38.1% 38.7% Receivable Turnover - number of days 35.5 35.3 42.5 32.4 39.8 35.3 Inventories % of Current Assets 34.1% 31.9% 30.0% 30.7% 30.0% 29.5% Inventory Turnover - number of days 54.0 48.8 58.5 43.5 52.8 44.4 Inventory to Cash & Equivalents - number of days 594.0 494.4 409.4 401.0 387.7 379.8 Receivables % of Total Assets 12.8% 13.2% 13.5% 13.7% 14.0% 14.3% Current Ratio 1.0 1.1 1.1 1.1 1.1 1.0 Total Debt % of Total Capital 49.4% 47.1% 51.4% 52.3% 59.3% 63.7% Funds from Operations % of Current Liabilities 30.9% 31.7% 30.4% 33.2% 31.1% 26.7% Funds from Operations % of Long Term Debt 48.4% 47.9% 47.8% 50.5% 50.6% 48.6% Funds from Operations % of Total Debt 30.9% 32.1% 30.9% 33.6% 31.0% 27.6% Funds from Operations % of Total Capital 15.3% 15.1% 15.9% 17.6% 18.4% 17.6% Cash Flow (in milllions of U.S. Dollars) Operating Activities 211.7 168.4 149.9 173.8 161.6 149.1 Financing Activities -0.3 -46.2 -56.0 -106.8 -63.0 -85.8 Investing Activities 195.3 119.8 88.4 75.6 89.1 64.4 Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  32. 32. Financial Ratio AnalysesPer-Share Ratios Per Share Data: Food and Beverages Industry Averages (Europe) Figures are expressed as per unit of respective shares. Figures are in U.S. Dollars. Fiscal Year 2007 2006 2005 2004 2003 2002 Sales 10.37 9.20 8.88 9.91 9.41 10.09 Operating Income 1.23 1.06 0.98 0.95 0.91 0.96 Pre-tax Income 1.07 0.93 0.84 0.77 0.67 0.79 Net Income (Continuing Operations) 1.04 0.88 0.89 0.76 0.79 0.90 Net Income Before Extra Items 0.87 0.69 0.61 0.53 0.45 0.52 Extraordinary Items 0.00 0.00 0.00 0.00 0.00 0.00 Net Income After Extraordinary Items 0.90 0.76 0.64 0.53 0.44 0.52 Net Income Available to Common Shares 0.87 0.69 0.61 0.53 0.45 0.52 Fully Diluted Earnings 0.58 0.48 0.44 0.28 0.21 0.18 Common Dividends 0.35 0.33 0.29 0.28 0.25 0.26 Cash Earnings 1.14 0.99 0.96 1.06 1.04 1.02 Book Value 4.88 4.27 3.85 3.62 3.24 3.34 Retained Earnings 3.37 2.74 2.28 2.10 1.97 1.86 Assets 12.13 10.55 10.09 9.98 9.67 10.32 Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  33. 33. Financial Ratio AnalysesProfitability Analysis Profitability Analysis: Food and Beverages Industry Averages (Europe) Currency figures are in U.S. Dollars. Fiscal Year 2007 2006 2005 2004 2003 2002 Gross Income Margin 38.9% 39.1% 37.2% 36.6% 37.2% 37.4% Operating Income Margin 11.9% 11.5% 11.0% 9.6% 9.7% 9.5% Pretax Income Margin 10.4% 10.1% 9.4% 7.7% 7.2% 7.8% EBIT Margin 12.4% 12.0% 11.2% 9.6% 9.2% 10.1% Net Income Margin 8.7% 8.3% 7.2% 5.3% 4.7% 5.2% Return on Equity - Total 91.8% 64.9% 48.7% 48.4% 36.2% 41.7% Return on Invested Capital 69.6% 47.4% 35.2% 35.2% 21.6% 30.6% Return on Assets 38.1% 29.5% 21.1% 21.7% 14.1% 18.2% Asset Turnover 0.9 0.9 0.9 1.0 1.0 1.0 Financial Leverage 75.9% 72.2% 81.0% 87.0% 103.0% 110.4% Interest Expense on Debt 40,831,712 31,413,050 25,778,118 30,233,852 31,867,746 33,930,598 Effective Tax Rate 25.9% 22.9% 26.1% 29.1% 31.0% 31.1% Cash Flow % Sales 11.0% 10.7% 10.9% 10.7% 11.0% 10.1% Selling, General & Administrative Expenses % of 23.8% 24.2% 23.3% 23.7% 24.1% 24.9% Sales Research & Development 0.8% 0.9% 0.9% 0.9% 0.9% 0.9% Expense % of Sales Operating Income Return On 22.9% 19.2% -2.9% 9.1% 8.5% -7.1% Total Capital Copyright ©2000-2008 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
  34. 34. Company ListingsCompany ListingsAlphabetical Listing of Companies Food and Beverages Industry (Europe) Company Listing Rank Company Name Ticker Country 2007 2006 2005 2004 2003 2002 1 Agrana Beteiligungs AG AGV AUSTRIA ✓ ✓ ✓ ✓ ✓ ✓ 2 Josef Manner & Comp AG MAN AUSTRIA ✓ ✓ ✓ ✓ ✓ ✓ Ottakringer Brauerei 3 OTV AUSTRIA ✓ ✓ ✓ ✓ ✓ ✓ Harmer AG Schlumberger 4 SLS AUSTRIA ✓ ✓ ✓ ✓ ✓ ✓ Aktiengesellschaft 5 Lotus Bakeries NV COR BELGIUM ✓ ✓ ✓ ✓ ✓ ✓ Societe Commerciale de 6 COBH BELGIUM ✓ ✓ ✓ ✓ Brasserie "Co. Br. Ha." 7 Spadel SA SPA BELGIUM ✓ ✓ ✓ ✓ ✓ ✓ 8 Sipef Societe Anonyme SIP BELGIUM ✓ ✓ ✓ ✓ ✓ ✓ 9 Ter Beke N.V TER BELGIUM ✓ ✓ ✓ ✓ ✓ ✓ 10 InBev SA INTB BELGIUM ✓ ✓ ✓ ✓ ✓ ✓ 11 Unibra SA UNIB BELGIUM ✓ ✓ ✓ ✓ ✓ ✓ 12 Miko SA MIK BELGIUM ✓ ✓ ✓ ✓ ✓ ✓ 13 Newtree SA NEWT BELGIUM ✓ ✓ ✓ ✓ ✓ 14 Duvel Moortgat NV DUV BELGIUM ✓ ✓ ✓ ✓ ✓ ✓ 15 Pinguin NV PIN BELGIUM ✓ ✓ ✓ ✓ ✓ 16 Ecodis NV ECOD BELGIUM ✓ ✓ ✓ CZECH 17 Setuza AS BAASETUZ ✓ ✓ ✓ ✓ ✓ ✓ REPUBLIC 18 Hedegaard A/S HEDE DENMARK ✓ ✓ ✓ ✓ ✓ ✓ 19 Harboes Bryggeri A/S HARB B DENMARK ✓ ✓ ✓ ✓ ✓ ✓ 20 Royal Unibrew A/S BRYG DENMARK ✓ ✓ ✓ ✓ ✓ ✓ 21 Carlsberg AS CARL-B DENMARK ✓ ✓ ✓ ✓ ✓ ✓ 22 Trigon Agri A/S TAGR DENMARK ✓ 23 FirstFarms A/S FFARMS DENMARK ✓ ✓ 24 Danisco AS DCO DENMARK ✓ ✓ ✓ ✓ ✓ ✓ 25 Atria Plc ATRAV FINLAND ✓ ✓ ✓ ✓ ✓ ✓

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