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Shareholders

November 11, 2008
Operating results of Slavutich, Carlsberg Group in Q3 of 2008

  • Sales volume by volume: 6,800 thousand hectoliters, +25 % to the similar period in 2007. 
  • Sales volume by value: 376 million USD, +51 % 
  • Profit before interest, taxes, and amortization (EBITDA): 53 million USD, +40 % 
  • Operational profit: +26 million USDConsiderable growth of premium and med-price segments of the market contributed to the growth of major brand of the company 

"Slavutich". Following the results of three quarters of the current year the growth of TM "Slavutich" totalled +37.5%. At present TM "Slavutichranks fourth in the market with 7.3% share (excl. "Slavutich ICE" and "Beermix").Since the beginning of the year the "Tuborg" brand has grown by +20.4%. Another premium brand "Baltika" has grown by +31.2% according to the results of three quarters. "Baltika 0 Non-alcoholic" shows good growth dynamics - the brand growth totalled +70% since the beginning of the year. "Baltika 0 Non-alcoholic" keeps the share of about 32% in the of non-alcoholic beer segment.

Positive dynamics was marked for other licensed brands of the company: growth of "Carlsberg" totalled +24.2%, "Holsten" grows at the level of other premium trademarks.

In the third quarter of 2008 despite the general curtailment of the beer market growth and sweeping decline in sales in mainstream segment, the leader of the Western region -brand "Lvivske" - is demonstrating distinct growth. By the indices of sales the brand has grown by +13% following the results of nine months. The brand's share in the west region makes up 27%. Growth of "Arsenal" made up +14.4% according to the results of three quarters.

Prices
The average net price for the litre of company's product has increased by 21% in 2008 compared with 2007.

Export
Export grew 1.5 times in the third quarter of 2008 comparable with the third quarter of 2007.

Financial performance
The financial highlights of the company's operating results during the third quarter of 2008 (according to the financial statement, compiled by the standards of IFRS -International Financial Reporting Standards).

Characteristic

 

3d quarter of 2008

3d quarter of 2007

Changes in 2008/2007, %

Sales volume

mln. liters

680

544

25%

Net revenue from sale

mln. UAH

1.861

1.254

48%

mln. USD

376

248

 

Gross profit

mln. UAH

836

648

29%

mln. USD

169

128

 

Gross margin

 

45%

52%

 

Profit before interest, taxes, and amortization (EBITDA)

mln. UAH

262

190

37%

mln. USD

53

38

 

Margin  before deprecetion, taxes and financial items

 

14%

15%

 

Operating profit (EBIT)

mln. UAH

130

105

 19%

mln. USD

26

21

 

Operating margin

 

7%

8%

 

Net profit 

mln. UAH

83

47

 

mln. USD

17

9

 

Net margin

 

4%

4%

 

 

 

 

 

 

Average rate $

UAH/$

4.95

5.05

 

 

Peter Chernyshov, Chief Executive at , Carlsberg Group: "The third quarter was not an easy one both for our company and for industry in general. For the first time in a number of years the market demonstrates decline. To my mind the decrease of the rates of growth was called forth by the unfavourable season in the first place, inflation and price hike of beer. No doubt that financial downturn has also had its impact on the beer industry. But we continue working on achieving defined objectives and completing the year of 2008 with a profit".

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