The Belgian brewery, Duvel Moortgat, posted on September 12 consolidated sales of € 31.49 million for the first halt of 2003, representing a 14.25% increase versus the same period last year. Since the acquisition of the remaining 55% stake in brewery Ommegang at the beginning of 2003, this American company is being completely consolidated. If the turnover of Ommegang is not taken into account, the group realised an increase in turnover by 10.4% compared to 2002.

Consolidated operating result (EBIT) increased by 7.37 % to € 5.4 million and this despite the higher depreciations amounting to € 156,000 and the entire settlement of the operating costs of Brouwerij Ommegang. The degressive depreciation applied by Duvel Moortgat in accordance with applicable tax rules, was reversed in the consolidation, where depreciation is applied on a linear basis. This results in a positive amount of € 328,000 (€ 184,000 in 2002).

The beer volume sold by the group Duvel Moortgat rose by 10,41%. In the Belgian market, Duvel Moortgat achieves an increase in sales volume by 7.84 %. The Duvel brand grows by 8.7% and the abbey beers of Maredsous rise by 8.8% compared to the same period during the past financial year, while the Belgian beer market decreases by 2% according to figures of the Union of Belgian Brewers.

The group's foreign activities rose by 16,33% compared to 30 June 2002 and make up 32% of the total sales volume today. The sales volume in the Netherlands rose by 7.35% and in France by 9.48%. This progress proves the efficiency of the simplification of the import and distribution structures and the increased marketing efforts on these markets. In the USA, the sales volume rose by 5.83%. The recently modified distribution structures will only start to bear fruit during the coming months in the USA. In the British market, Duvel realises again an increase by 25 %.

The company said Duvel Moortgat expects to realise its predicted turnover growth by 5 % to 10% in 2003. Except for unexpected events, net profit of this financial year will be at least in line with the net profit of the past financial year.

Duvel Moortgat, whose history dates back to1871, is an independent producer of authentic specialty beers. The group is regarded throughout the world as the pre-eminent benchmark in the field of high fermentation beers - a dominant position due largely to the success of its best-selling beer, Duvel. Duvel Moortgat has become not only the sixth biggest brewery group in Belgium in terms of sales, but in particular, the absolute market leader in terms of operating margin. In the financial year 2002, the group's 260 employees realised a consolidated turnover of € 58.1 million, 74.8% of which is derived exclusively from sales of the Duvel brand.

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