Plzeňský Prazdroj, a.s. achieved further growth Major Czech Brewer Announces Financial Results for Fiscal Year
17 August 2004
Plzeňský Prazdroj, a.s. has today announced its financial results for the fiscal year ended 31 March 2004.
The highlights are as follows*:
- Revenues from sales of beer and services grew by 10% to CZK 12, 571 million
- Operating profit of CZK 3, 639 million was achieved, 9% up compared to the previous year
- Profit for the reporting period amounted to CZK 2,826 million
The year ended 31 March 2004, produced excellent sales and financial results for the Company. The year was also a positive one for the Czech brewing industry in general, with the beer market growing by 2%.
Company's sales performance was enhanced by cost containment on raw materials and services, thereby delivering an 18% increase in added value, to CZK 6,483 million.
Commenting on the financial results, Steve Woodward, Managing Director and Chairman of the Board of Plzeňský Prazdroj, a.s. said:
“Our company contributed substantially to the overall success of Czech beer, both at home and abroad. Plzeňský Prazdroj, a. s. also confirmed its position as a leading Czech beer exporter.
A significant contributor to the Company's achievements over the last year was the excellent performance from all parts of our supply chain, which enabled the Company to cope with the unprecedented demand during the unusually hot summer.
Several capital investment projects have been undertaken during the year, to expand production and enhance the quality of our products and services, totalling some CZK 1.5 billion. In particular the construction of a new Pilsner Urquell brew house marks a milestone in contemporary brewing in the Czech Republic. The project underscores SABMiller's commitment to the Pilsner Urquell brand and the stated intention for this brand to fulfil a global flagship role in the SABMiller portfolio.
The Company successfully undertook a series of projects to ensure that the business could continue to trade without interruption within the enlarged European Union. These projects covered tax, financial, administrative and distribution issues, as well as environmental protection according to EU requirements.”
Gavin Brockett, Financial Director and Deputy-Chairman of the Board of Plzeňský Prazdroj, a.s. said:
“The financial performance reflects the on-going success of the Company in the market place. The increased sales volume together with productivity improvements ensured a very positive result.”
* Based on pro forma financial statements, which provide more relevant analysis of the Company's performance, including full-year results of the previously independent companies Pivovar RADEGAST a.s. and Pivovar Velké Popovice a.s. This is the last year that this will be necessary, as in future the results will be comparing the merged entity for a full twelve month period.
| |
Period included in Financial Year ended 31 March 2003 |
Period included in Financial Year ended 31 March 2004 |
|
Plzeňský Prazdroj, a.s.
(stand-alone business) |
6 months |
- |
| Merger of 3 breweries: Pivovar RADEGAST a.s. and Pivovar Velke Popovice a.s. with Plzeňský Prazdroj, a.s. |
6 months |
12 months |
Notes for editors:
- As at 30 September 2002 the Company merged with the companies Pivovar RADEGAST a.s. and Pivovar Velké Popovice a. s. The financial statements of Plzeňský Prazdroj, a. s. for the year ended 31 March 2004 are therefore not directly comparable with the statutory financial statements for the year ended 31 March 2003. In order to enhance the comparability of the financial statements and to facilitate analysis, the Company has prepared supplementary pro forma financial information on the aggregated results and financial position of the Company for the year ended 31 March 2004 and for the year ended 31 March 2003. The pro forma aggregated financial information has been prepared in accordance with the accounting principles of valuation and classification of balances and transactions valid in the Czech Republic from 1 January 2003 and these principles were consistently applied, where significant, for the year ended 31 March 2004 and the year ended 31 March 2003.
- With its total output of more than 9.5 million hectolitres for the calendar year and with beer sold in over 50 countries of the world, Plzeňský Prazdroj, a. s. is the leading brewing company in the region and the biggest exporter of Czech beer.
- As at 31 March 2004 Plzeňský Prazdroj, a. s. employs on an averaged basis 2,649 people at the Pilsen, Nošovice and Velké Popovice breweries, as well as in 13 Sales and Distribution Centres throughout the Czech Republic.
Contact for further information:
Alexej Bechtin
Corporate Spokesperson
Alexej.bechtin@pilsner.sabmiller.com
++420 724 617 219