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2.

Main features of statement of Income Statement


2.1 Vertical Analysis 2.1.1 Revenues
Figure 1 shows that 96,6% of operating revenues belongs to the net revenue and 3,4% shown as other operating income.
Figure 1

2.1.2 EBIT & EBITDA


It is shown that the Earnings before Interest and Taxes (EBIT) in 2010 is 20,6% of the revenue. As you can see in Figure 2, the Earnings before Interest and Taxes (EBIT) , in 2010, represents 20,6% of the revenue. Within this percentage we can manage to see that the profit before tax reaches to 19.4 and the profit for the period shows 18.908milion with the percentage of 6,07% taxes. All interest, tax, depreciation and amortization entries in the income statement are reversed out from the bottom-line net income as EBITDA,shown as 28,22% of the total revenue.In figure 2 operating profit can be seen and the finance expenses as 3.352 in 2010.
Figure 2

2.2 Horizontal Analysis


The horizontal analysis shows the development of sales, operating profit and net income from 2007 to 2010. It also includes the future estimation for years 2011, 2012 and 2013.
Figure 4

Figure 5

In comparison to the base year 2007, the operating revenue significantly increased with 36,19% from 2007 to 2010. In comparison to the year 2007, the operating revenue increased significantly. The total difference between the year 2007 and 2010 was 36, 19%. During the period of 2007 to 2010 it can be seen a 50% increase till 2009 and in 2009 as 18,65% . According to the percentages it shows us that Duvel Moortgat has a significant increase of EBIT margins as 40,15 between 2007 and 2010 and in 2009 it can be seen as 18,21% . Purchases, serviced and other goods, personnel expenses, depreciation/amortization and impairments are shown in the annual reports of Duvel Moortgat as the expenses which effects the EBIT margins. In 4 year profile of Duvel Moortgat there is a significant improvement of all margins but while the profit shows an increase year by year,the finance expenses has increased in 4 years nearly up to 100% and keeps showing a slow increasing from 2009 to 2010.

Figure 6

In figure... it can be also seen that the EBITDA has increased up to 37,95% in 4 years. And in the figure below, we can see that the expenses were getting higher and higher in 4 years period. Figure 6 shows a remarkable increase of EBITDA. n 4 years, it increased by 37, 95%.
Figure 7

Year over year, Duvel Moortgat has been able to grow revenues from 113 to 137milion. Most impressively, the company has been able to reduce the percentage of sales devoted to selling, general and administrative costs from 17.31% to 17.22%. This was a driver that led to a bottom line growth from 14.9milion to 18.9milion*.(*Bloomberg businessweek)
Actuals in M
(Source:Thomson Reuters)

2008

2009

2010

Sales Operating income (EBITDA) Operating profit (EBIT) Pre-Tax Profit Net income EPS ( ) Dividend per Share ( ) Yield

101 30,9 19,0 18,1 12,2 2,29 1,00 1,42%

113 35,7 24,0 21,8 14,9 2,83 1,12 1,59%

137 42,2 29,3 27,5 18,9 3,58 -

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