Duvel Moortgat Annual Report
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Master of Global Management
Financial Accounting
Academic year 2011-2011
Joris De Weerdt
Mohit Sharma
Martin Siarik
Carole Thielens
Nur Halise Yamac
Professor: Dr. V. Weets
Table of content
Presentation company: products, organizational structure, location and segment (relative risks and rewards)
Products
Organizational structure
Location over the World
Segment: Relative risks and rewards
1.2.1.
Sectorial classification
1.2.2.
Risks
1.2.3.
Rewards
Analysis of statement of financial position and income statement
Main features of statement of financial position
2.1.1.
Vertical Analysis
2.1.2.
Horizontal Analysis
Main features of statement of financial position
2.2.1.
Vertical Analysis
2.2.2.
Horizontal analysis
Significant accounting policies
Principles
Summary of significant accounting policies
3.2.1.
Presentation currency
3.2.2.
Principles of consolidation
3.2.3.
Foreign currencies
3.2.4.
Intangible assets
3.2.5.
Property, plant and equipment
3.2.6.
Investment property
3.2.7.
Receivables
3.2.8.
Cash and cash equivalents
3.2.9.
Stocks
3.2.10.
Trade and other payables
Group context
Goodwill
Non-controlling interests
Number of subsidiaries and consolidation scope
4.3.1.
Acquisitions and disposals of subsidiaries
4.3.2.
Current consolidation scope
Ratio-analysis
Management performance ratios
5.1.1.
Profitability ratios
1.3.1.
Asset utilization ratios
Financial strength ratios
5.2.1.
Long term solvency risk ratios
5.2.2.
Short term liquidity ratios
SWOT analysis
Strenghs
Weaknesses
Opportunities
Threats
Presentation company: products, organizational structure, location and segment (relative risks and rewards)
Products
Duvel Moortgat is a Belgian family-controlled and independent brewing group with a leading position in the segment of specialty beers and premium brands. The group is listed on the Euronext Brussels stock exchange and is part of the Bell Small index.
The company holds a portfolio of high qualitative beers, among which Duvel, Bel Pils, Vedett, Maredsous, Bernard, Ommegang, Chouffe, Liefmans and De Koninck are the groups main premium brands (see figure 1).
Figure 1: Product portfolio Duvel Moortgat; Source:
Organizational structure
Duvel Moortgat manages its activities through two business units. The first one, namely Production and sales of drinks, organizes all of the operational activities. These include the brewing, bottling, conditioning and selling of a wide range of drinks (not only beer – also wines, spirits, waters, soft drinks and fruit juices) and of all the goods necessary for their production and packaging. The Other activities business unit is engaged in real estate operations and the provision of financial services to the group. Table 1 of the appendix shows a clear overview the different subsidiaries, joint ventures and holding companies by which the activities of these two business units are coordinated.
Location over the World
Duvel Moortgat has acquired a top position on an international scale. Its 5 production units are located in Belgium (the Headquarter in Puurs, Brasserie dAchouffe, Brouwerij De Koninck), The United States (The American Ommegang Brewery) and in the Czech Republic (Czech Pilsner brewery Bernard).
Figure 2: Geographical dispersion of group sales; Source: Duvel Moortgat
The companys beers are exported to more than 50 countries around the world, although the most important export markets are the United states, the Netherlands, France, as well as the United Kingdom (see figure 2-report). Because there markets offer the best growth perspectives, Duvel Moortgat also appointed sales and distribution teams to them (Duvel Moortgat France Ltd, Duvel Moortgat USA Ltd and Duvel Moortgat UK Ltd).
Segment: Relative risks and rewards
1.2.1.
Sectorial