Russia: SUN Interbrew posted good sales results in the first half of 2005
SUN Interbrew Limited, a leading brewer in Russia and Ukraine, announced on September 15 its financial results for the six months ended 30th June 2005. Company’s net turnover was up by +13.3% versus the first half of 2004. Net income was down by -13.0 % vs. previous year.
As stated in the press-release for the 1st quarter of 2005, in spite of solid sales growth net income is slightly lower than in the previous year due to one-off payments to the company's employees, made under the long-term management incentive plan which was terminated in the first quarter of 2005. The total additional costs relating to this settlement recognized in the first quarter were ˆ 17.2 million.
In Russia, in the first half of 2005 the market growth was +6.2%, while SUN Interbrew's domestic beer volumes grew by +8.7% vs. the first half 2004.
In Ukraine, in the first half 2005 the market grew by +19.7%, with SUN Interbrew beer volume growing +26.8% vs. the first half 2004.
SUN Interbrew ended the first part of the year in both countries with record market shares: 17.1% in Russia and 36.5% in Ukraine.
The most important event in the first half 2005 was the successful launch of the BRAHMA® brand in Russia and Ukraine in April 2005.
Despite the increased competition in Russia and slower market growth, the company's current strategy resulted in good sales results in the first half of 2005. We believe that this strategy and the introduction of further planned innovations will be able to out perform our competitors and expand our share in both countries in 2005. The additional capacity resulting from the acquisition of Tinkoff brewery will also enable SUN Interbrew to continue to meet its growing demand.
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