Annual results 201022/03/2011

Michel Moortgat, CEO

Daniel Krug, COO

Herbert De Loose, CFO

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.

Financial year 2010

• Sales• Investments• Key Figures• Prospects 2011

Financial year 2010

• Sales• Investments• Key Figures• Prospects 2011

Evolution turnover since 2002

2002 2003 2004 2005 2006 2007 2008 2009 201020000250003000035000400004500050000550006000065000700007500080000850009000095000100000105000110000115000120000125000130000135000140000

4888356088

6129966312

74597

87500

101009

113000

137000

Turnover increases with 21,2 % to € 137 million.

13,5 % internal growth.

7,7 % growth through the acquisition of the De Koninck group

Growth of 106,6 % in the last 5 years.

43,5 % of sale has been realised abroad.

Sales evolution per brand

• Duvel + 7,2%• Maredsous + 9,7%• Bel Pils - 3,8%• Vedett + 12,7%• Vedett White + 16,3%• Liefmans + 125,5%• Chouffe + 31,7%• Bernard + 3,4%• Ommegang + 46,6%

Turnover per brand

59,0%6,1%

2,6%

5,5%

1,8%5,6%

11,9%5,4%

2,1%

DuvelMaredsousBelVedettLiefmansBernardChouffeOmmegangDe Koninck

Sales evolution per Market

Total Internal

• Belgium + 23,87% + 10,97%

• The Netherlands + 16,81% + 12,05%

• France + 9,86% + 9,43%

• UK + 8,49% + 7,94%

• US + 38,92% + 38,92%

• Czech Republic + 3,4% + 3,4%

• Other export + 17,78% + 16,96%

Foreign activities Duvel Moortgat

29,47%

20,65%17,56%

6,78%

13,04

12,50%

USANetherlandsFranceU.K.Czech RepublicOther

Financial year 2010

• Sales• Investments• Key Figures• Prospects 2011

In 2010 for € 16,2 million of investments

Continued expansion and renewal of buildings, bars and pubs in the amount of € 3,7 million Renewal and additional investments in cases, bottles and kegs : € 4,4 millionA new visitors center (€ 0,5 million) and investments in the production site (€ 1,2 million) at Brasserie d’AchouffeA new warehouse at Brewery Ommegang : € 0,8 million

Financial year 2010

• Sales• Investments• Key Figures• Prospects 2011

EBIT

31 dec 2009 31 dec 20100

5,000

10,000

15,000

20,000

25,000

30,000

35,000

23,98729,330

EBIT rises with 22,3 % to € 29,3 million

EBIT margin increases from 21,2 % in 2009 to 21,4 %

Strongly influenced by :- the consolidation of the De Koninck

group as from August 1, 2010- the expenses related to the

acquisition - increased marketing efforts

Ordinary profit before tax

31 dec 2009 31 dec 20100

5,000

10,000

15,000

20,000

25,000

30,000

21,84527,522

Net profit

31 dec 2009 31 dec 20100

2,0004,0006,0008,000

10,00012,00014,00016,00018,00020,000

14,87318,908

EBITDA

31 dec 2009 31 dec 201032,000

34,000

36,000

38,000

40,000

42,000

44,000

35,652

42,188

Cash flow

31 dec 2009 31 dec 201023,00024,00025,00026,00027,00028,00029,00030,00031,00032,00033,000

26,539

31,766

Key figures per share2009 2010

Nominal number of shares

5.373.230 5.373.230

Ordinary profit before tax

4,07 5,12

Group share of profits 2,77 3,52

Cash flow 4,94 5,91

Gross dividend 1,12 1,30

Financial year 2010

• Sales• Investments• Key Figures• Prospects 2011

€ 17 million various investments in 2011

Production & bottling line improvements and renewals in Belgium, the Czech Republic and in the U.S.

Cases, bottles and kegs Warehouse equipment Horeca equipment Environmental, safety and labo investments

IT and other

Ambition is

Continued growth of turnover and net profit

Questions &

Answers