31 May 2004 12:43
SUN INTERBREW US GAAP NET LOSSES DOWN 75% IN Q1
MOSCOW. May 31 (Interfax) - One of the main beer producers in Russia and Ukraine, Sun Interbrew saw its first-quarter
net losses to US GAAP decrease almost 75%.
The company's quarterly earnings came to 133.6 million euros
against 83.2 million euros in the first quarter of 2003, operating
A company press release reports that net losses came to 1.8 million euros in January-March against 7.1 million euros
in the same period a year earlier.
The company garnered a 16% market share in Russia in January-March
(12.8% in the same period last year), while market share in Ukraine
The release says changes in the euro exchange rate had a negative
effect on EBITDA, driving it down 1.3 million rubles. Commercial,
profits to 5.3 million euros against 1.9 million euros in losses and earnings before interest, taxes, depreciation
and amortization (EBITDA) to 17.2 million euros against 9.1 million euros.
Total and marketing spending in the first quarter of 2004 came to
12% of sales earnings (not counting VAT) against 16.6% in the first
The release reports that the company's financials "were determined by a significant increase in
sales." First-quarter beer sales increased 48.6% from 260 million liters in January-March of 2003 to 390 million
liters in the same quarter this year. Sales in Russia accounted for 290 million liters, 61% more year-on-year, sales in
Ukraine to 101 million liters (21.4% more).
The company sold 1.61 billion liters of beer in 2003, 28.6% more
than the 1.25 billion liters it sold in 2002. Sales in Russia came to
1.08 billion liters, 33.2% more than the 810 million liters sold in
remained virtually flat year-on-year at 34.3%.
marketing and distribution expenses increased 41% to 36.1 million euros in the first quarter (25.6 million in the
same quarter last year). Average sales cost per 100 liters came to 4.8 euros (4 euros).
quarter of 2003. General and administrative spending came to 6.1 million euros (5.8 million euros).
2002. Sales in Ukraine came to 530 million liters (20% more).
Net profits for 2003 came to 21.3 million euros against net losses of 3.6 million euros in 2002. Revenues were 540.3
million euros against 433 million euros, EBITDA 100.8 million euros against 74.9 million euros.
The company now owns nine brewing plants in Russia and three in Ukraine. Its Russian assets, except for Bavaria, are
joined in a single legal entity called Sun Interbrew. The company's most popular labels are 'Stella
Artois,' 'Klinskoye,' 'Tolstyak,' 'Sibirskaya Korona' and
'Chernigovskoye.'
Sun Interbrew Ltd.'s charter capital is 1,165,738 pounds sterling split into 27,796,220 voting shares and
88,777,585 non-voting shares with par value of 0.01 pounds.
The company's Interbrew and Sun each own 34.25% of the voting stock, while the remaining 31.5% circulates on the
market. Interbrew also owns 80.6% of the non-voting stock, Sun 11%. The remaining 8.4% is in free circulation. Company
stock trades on the Luxembourg, Frankfurt and Berlin markets.
[Interfax] |
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