Annual Results maart 2008

2 Michel Moortgat - CEO Daniel Krug – COO Herbert De Loose - CFO SPEAKERS

3 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.

4 Financial year 2007 Sales Investments Key figures Prospects 2008 AGENDA

5 Financial year 2007 SalesSales Investments Key figures Prospects 2008 AGENDA

6 SALES

7 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

8 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%

9 SALES

10 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%

11 SALES

12 Financial year 2007 Sales InvestmentsInvestments Key figures Prospects 2008 AGENDA

13 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

14 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

15 Financial year 2007 Sales Investments Key figuresKey figures Prospects 2008 AGENDA

16 KEY FIGURES EBIT +7,8%

17 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

18 KEY FIGURES Ordinary profit before tax +5,9%

19 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

20 KEY FIGURES Net profit +10,6%

21 KEY FIGURES Tax rate lowers from 34,2% to 31,3%

22 KEY FIGURES EBITDA +7,5%

23 KEY FIGURES Cash Flow %

24 KEY FIGURES Key figures per share: Nominal number of shares Ordinary profit before tax 3,033,22 Group share of profits1,992,20 Cash flow3,504,05 Gross dividend0,720,80

25 KEY FIGURES Changes in the scope of consolidation: Duvel Moortgat Shangai Ltd Duvel Moortgat Hong Kong Ltd

26 Financial year 2007 Sales Investments Key figures Prospects 2008Prospects 2008 AGENDA

27 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

28 PROSPECTS € 15 million various investments in 2008 : Czech Republic & US: increase of the fermentation and lagering capacity

29 PROSPECTS Expensive raw materials will keep presure on the margins in 2008

30 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.

31 PROSPECTS Ambition is to realize a growth in turnover of 10% and a growth of EBITDA of 8 to 10%

32 PROSPECTS QUESTIONS & ANSWERS

33 PROSPECTS QUESTIONS & ANSWERS