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Strong performance despite difficult economic environment

14 May 2009

KP RESULTS FOR TWELVE MONTHS ENDED 31 MARCH 2009

PERFORMANCE HIGHLIGHTS

  • Volume of 15.1 m hl, domestic volume up 3.9%
  • Market share 42.9%, up from 40.7% (an increase of 2.2%)
  • Revenue PLN 4.7 bn, up 9.1%
  • Net profit PLN 757 m, up 2.4%
  • Tyskie market share increased to 17%
  • Żubr market share increased to 13%
  • Lech market share increased to 8%

  • Total Polish domestic beer volume 34.9 m hl, 1.5% below F08

Managing Director Comment

Dieter Schulze, the Managing Director of Kompania Piwowarska said: "The beer market was one of the first industries in Poland to suffer from the impact of the global economic downturn through a slowdown in beer sales already in the autumn of 2008. Within the last financial year for the first time in many years the domestic beer volumes declined. Considering this difficult environment we have delivered very good results with robust sales growth, market share increase and improved financial performance.

Kompania Piwowarska is also well positioned to take on the challenges of the coming financial year. During these uncertain times, we are prepared to adapt to the changes that we will face before the markets return to stability and growth."

Sales results and market shares

In F09 (12 months ended 31 March 2009) domestic sales of Kompania Piwowarska SA ("KP"), a subsidiary of SABMiller plc, exceeded the level of 15 m hl and were up 3.9% on the previous year. With the total domestic market of 34.9 million hectoliters[1] (a decline of 1.5%) KP market share amounted to 42.9%, representing a 2.2 percent increase from 40.7% in F08.

Brands 

  

Tyskie remained the best selling of all Polish beer brands and increased its market share up to 17.3%. Żubr grew as well and increased its market share to the level of 13.0%. It is the second best selling Polish beer brand. Lech also increased volume and market share.

A number of innovations were introduced during the year, including a complete renovation of Tyskie's packaging and the introduction of new sleek cans for non-alcoholic and flavoured brands (Lech Free and Redd's).  

New trends in brand communication are best represented by the charity and social-engagement based promotion schemes developed for Żubr consumers.

  

Responsible communication

KP, as part of SABMiller, provided trainings for approximately 1,400 of its marketing and sales staff, intended to enhance their awareness of risks related to alcohol misuse and strengthen their alignment with a strict Policy of Commercial Communication, adopted by SABMiller plc worldwide. The beginning of the F09 year also marked the launch of voluntary responsible messaging on all beer packaging ("I never drive after drinking"), being a joint initiative of the Polish beer industry.

Financial performance

  

  

F09 PLN million

F08 PLN million

Change

Revenue / Przychody

4,754

4,357

9.1%

Net profit / Zysk netto

757

739

2.4%

Excise tax / Akcyza

1,233

1,182

4.3%

Total taxes / Podatki łącznie

1,432

1,374

4.2%

The above table includes SABMiller management accounting data and restated figures for F08 (reported originally in line with Polish accounting standards).

KP financial performance in adverse economic environment was very good. The volume growth was reflected by a 9.1% growth of revenue and 2.4% growth of net profit, despite increased cost of raw materials and taxation. Revenue per hectolitre grew 6% following three price increases during the year, helping to offset the increased cost pressure. The third price increase was driven by the substantial growth of excise tax rate (13.6%), which came into effect on 1 March 2009. This increase had a strong negative impact on sales in March while the full expected impact of the increased tax burden will be felt throughout F10.

Ends

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 beer brewing, state-of-the-art technology and rigorous adherence to the World Class Manufacturing principles guarantee the highest quality beer. The company's product portfolio includes Tyskie - Poles' favourite beer, Żubr - the second largest Polish beer brand, Lech, Dębowe Mocne, Pilsner Urquell, Redd's, Wojak, Peroni Nastro Azzurro and Miller Genuine Draft. Kompania Piwowarska was established in 1999 as a result of a merger of Tyskie Browary Książęce and Lech Browary Wielkopolski. In 2003 Dojlidy Brewery in Białystok was acquired by KP and in 2008 a brewery in Kielce. In the fiscal year F09, ended on 31 March 2009, KP sales volume amounted to 15.0 mill hectolitres.

SABMiller - one of the largest brewers in the world

Kompania Piwowarska is part of one of the world's largest brewing groups - SABMiller plc. SABMiller plc is one of the world's largest brewers with brewing interests or distribution agreements across six continents. The group's wide portfolio of brands includes premium international beers such as Grolsch, Miller Genuine Draft, Peroni Nastro Azzurro and Pilsner Urquell, as well as market-leading local brands such as Aquilla, Castle, Miller Lite, Snow and Tyskie. SABMiller is also one of the largest Coca Cola bottlers outside the US. In the year ended on 31 March 2009 the group reported US$ 3,405 million in adjusted pre-tax profit and group revenue of US$ 25,302 million. SABMiller plc is listed on the London and Johannesburg stock exchanges.

Further enquiries:

Paweł Kwiatkowski

Corporate Affairs Director, the company spokesman

KOMPANIA PIWOWARSKA SA

11 Szwajcarska St., 61-285 Poznań

Tel. +48 61 8787 881

Fax +48 61 8787 850

Cell phone +48 601 599 198

pawel.kwiatkowski@kp.sabmiller.com www.kp.pl


 


[1] Domestic market data according to Główny Urząd Statystyczny (GUS; Central Statistical Office)

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