THE NETHERLANDS: Efes profits from "dynamic" nine months
Efes Breweries International has seen a 32% leap in sales in its first nine months of this year, after a "dynamic" period which indicated that it was successfully integrating its Russian businesses.
Announcing its unaudited consolidated financial results for the period today (28 November), EBI CEO and chairman, Ahmet Boyacioglu, said: "We maintained our dynamic and profitable growth in the first nine months of 2006. EBI said that its favourable financial performance also indicates the successful integration of the Krasny Vostok Brewing Group (KV Group) into EBI system in Russia which is expected to be completed by the year-end."
EBI's consolidated sales volumes in the first nine months of 2006 were up 31% compared to a year before, reaching 9.1m hectolitres. EBI acquired the KV Group in Russia in February and disposed of its 50% shareholding in the Romanian joint venture Interbrew Efes Brewery in August. Excluding the sales volume of the KV Group brands in 2006, EBI's organic volume growth in the first nine months of this year was 9%.
EBI improved its top line growth to 32% with revenues reaching US$496.1m. Excluding the impact of the KV Group brands, the revenue growth was 15%.
The company said that the increase was mainly due to local currency price increases, through effective pricing policy, in spite of unfavourable brand mix impact due to increased volume of economy brands, as well as positive foreign currency effect.
EBI's gross profit increased by 34% compared to the same period in 2005, reaching $241.8m. But there has been a slight decrease in EBI's profit from operations margin as a result of the integration of the KV Group.
For the first nine months of 2006, EBI's net income increased by 62% to $24.8m.
In Russia, the group's largest market, the KV Group acquisition in February 2006 solidified EBI's number four position in the beer market and as of September 2006 EBI's total volume market share was 9%.
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