KP Results in Fiscal Year F10 ended on March 31, 2010
21 May 2010
Good results despite difficult fiscal and economic conditions
- REVENUE 4.8 BN ZŁ, UP 1.6%
- KP DOMESTIC SALES 14.6 MLN HL, DOWN 2%
- NET PROFIT 642 MLN ZŁ, DOWN 15.1%
- TYSKIE - UNQUESTIONED LEADER
Due to optimized business operations and an improved pricing policy, Kompania Piwowarska has recorded a 1.6% increase from last year in sales revenue in the fiscal year F10, ended on March 31, 2010. Those results were achieved despite a 2% decrease in volume of beer sold and significant overall decline in the brewing market. Lower sales were due to continuing economic slowdown, as well as the considerable increase of excise tax (by 13.6%, introduced in March 2009). Both factors contributed to lower consumption.
In response to the decrease in sales, KP decided to adjust infrastructure and the number of employees by shutting down its brewery in Kielce as well as three distribution centres, which reduced overproduction and transportation costs, and brought additional benefits of synergy. We have reached higher revenue; however, net profit was lower due to costs of restructuring and development projects. We expect current investments in those projects to result in higher efficiency and profitability in the future.
Volume and financial data
|Revenue||4 831 333||4 754 689||+ 1.6%|
|Net profit||642 512||756 893||- 15.1%|
|Excise||1 359 344||1 233 166||+ 10.2%|
|Total taxes||1 574 198||1 432 466||+ 9.9%|
Due to confusion caused by a significant market data correction published recently by Główny Urząd Statystyczny (Central Statistics Office, GUS), we will not provide our market share data. In the fiscal year ended on March 31, 2009 KP share was 42.6%. We expect the number to have increased since.
Managing Director's comment
Gary Haigh, Managing Director at Kompania Piwowarska, said: "It was one of the most difficult years for the beer industry in a long time. Despite an unfavourable market situation, our prospects for the future are promising, mainly because we offer a strong portfolio of brands that our consumers enjoy. We have dealt with challenges in a way that proves we are well prepared to continuously improve our results, especially because SABMiller group gives us an opportunity to benefit from operating on a global scale."
To the editor:
Kompania Piwowarska - Leader of the Polish beer industry
Kompania Piwowarska is the largest brewer in Poland. Hundreds of years of experience in brewing, state-of-the-art technology and rigorous adherence to world-class manufacturing principles guarantee the highest quality of our products. The company's brand portfolio includes the most popular Polish beers Tyskie, Żubr, Lech, Dębowe Mocne, Redd's, as well as international premium brands Pilsner Urquell, Grolsch and Peroni Nastro Azzurro. Kompania Piwowarska (established in 1999) operates three breweries (in Tychy, Poznań and Białystok) and fourteen depots across the county. Kompania Piwowarska is involved in multiple social programmes addressing social exclusion caused by poverty and educational programmes promoting responsibility and moderation in alcohol consumption. In the fiscal year ended on March 31, 2009 KP sales volume reached 15.1 mill hectolitres.
SABMiller - one of the largest brewers in the world
Kompania Piwowarska is part of SABMiller plc, one of the largest brewers in the world. The group manufactures or distributes beer across six continents and its global portfolio includes international premium beer such as Grolsch, Miller Genuine Draft, Peroni Nastro Azzurro and Pilsner Urquell, as well as leading local brands such as Aquila, Castle, Miller Lite, Snow and Tyskie. SABMiller is one of the largest Coca-Cola bottlers outside the USA. In the fiscal year ended on March 31, 2009 SABMiller has reported $25.3 billion in revenue and $3.4 billion in adjusted pre-tax profit. SABMiller plc is listed on the London and Johannesburg stock exchanges.
Corporate Affairs Director, Company Spokesman
KOMPANIA PIWOWARSKA SA
ul. Szwajcarska 11, 61-285 Poznań
Telephone +48 61 66 77 509
Fax +48 61 66 77 850
Mobile +48 601 599 198
This SABMiller subsidiary news release has been translated from its local market language to English language for publication on www.sabmiller.com. We have attempted to provide an accurate translation of the original material but due to the difficulties of translation slight differences may exist.
Note, the news release was first published in its local market on [20/05/2010].