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Name des Emittenten: BBAG Oesterreichische Brau-
Beteiligungs-AG
Pressemitteilung, Linz, 12.12.2000
BRAU UNION Romanian market leader
Acquisition of BHL-Group receives regulatory approval
(Linz, December 11, 2000)**** As announced on August 22, 2000,
Brau Union Group has acquired three Romanian breweries from
Brewery Holdings Limited (BHL). Last week, Romanian antitrust
authorities approved the acquisition. With this final
regulatory approval, the purchase contract took effect as
of yesterday. “This acquisition significantly strengthens
our market leadership,” says Karl Bueche, the CEO of
Brau-Union AG. Along with Poland, Romania is Central
Europe’s most important growth market for beer. The
acquisition price was Euro 164.6 million (ATS 2.27 billion).
This year, the three BHL Group breweries will generate strong
earnings on beer sales volume of 2.4 million hectoliters.
The market share of Brau-Union Romania is now 37%. Following
this acquisition, Brau-Union AG takes second place amongst
brewing groups in Central Europe. “We have made an important
step towards our aim to become the leading brewing group in
Central Europe,” says Bueche.
The BHL Group consists of three brewery companies: Bere
Miercurea-Ciuc, Grivita International and Haber International.
Brau Union Group has acquired majority stakes in each of the
three companies.
The three BHL Group breweries will be integrated alongside
Brau-Union Romania’s four existing breweries and supply the
Romanian market. This market has a very promising outlook.
Last year, the country’s 22.5 million people consumed 11.3
million hectoliters of beer, or about 50 liters per capita.
“We expect that Romanian beer consumption will grow by an
annual average of four percent,” says Bueche. “By 2005,
Romania will be Central Europe’s second largest beer market
with about 60 liters per capita.”
Promising sales results
In August, we projected that the combined businesses would
record a strong pro forma performance in 2000, which proved
to be accurate. In some cases, actual results surpassed our
projections. In 2000, all seven breweries will post sales
volume of 4.5 million hectoliters. In 2001, this volume
should increase by 9%.
This year, we expect the BHL breweries to record sales of
Euro 85.6 million (ATS 1.2 billion) and all seven breweries
to post pro forma sales of Euro 165.2 million (ATS 2.3 billion).
“The robust profitability of the new breweries is particularly
noteworthy,” says Bueche. The BHL Group breweries have a 33%
average EBITDA margin over the past three years. This margin
measures EBITDA relative to net sales adjusted for the beer
tax.
The BHL Group brewery margins on income from ordinary
operations are also strong. In 1999, significant asset
restatements were made, which led to a one-time attributable
net loss. “These extraordinary write-downs were taken
intentionally prior to the sale of the breweries so that
our results would not reflect the previously inflated book
values,” says Bueche.
We expect further earnings growth as a result of increased
sales volume and synergy effects. The BHL Group breweries have
around 1,800 employees and the seven breweries have a combined
total of 3,450.
Our Romanian investments are reflected in the overall results,
as Brau-Union Romania now contributes 18% of the total beer
volume of Brau-Union AG and more than 9% of its sales.
The integration of all seven breweries will strengthen the
group’s position through an optimal brand portfolio on the
one hand and synergy effects on the other.
Perfect additions to the brand mix
The product mix includes regional and national brands.
Brau-Union’s best-known Romanian brands, Silva and Goldenbraeu,
are now ideally complemented by the BHL Group’s dynamic growth
brands Ciuc and Gambrinus. Our Austrian brand Kaiser is also
strategically important, as we intend to develop it into
Romania’s leading licensed brand, just as we have already
done in Hungary. In that context, our broad distribution
network and especially our strong position in Bucharest
are key. Similarly, we plan to significantly increase
the sales volume for Schloßgold, our Austrian, non-alcoholic
beer brand.
Wide-ranging synergies
The primary synergies will come from optimizing the respective
distribution systems and brewery operations. Raw materials will
be purchased jointly and our sales strategy will be restructured.
Overall, we expect annual synergies of up to Euro 10 million
(ATS 138 million). We now expect the impact of cost savings
to be felt starting next year instead of in 2002, as forecast
previously.
Management team
The Romanian business is managed by an international team of
experienced managers, with three Austrians, two Romanians and
one Brit, all working under the direction of Werner Schneidhofer,
who has proven experience as the general manager of Brau Union
Hungaria.
Investments in Central Europe
The BHL Group brewery acquisition is consistent with
Brau-Union’s overall strategy of becoming Central Europe’s
leading brewery group. The acquisition price was well below
the average for such transactions. “During the intensive
negotiation phase, we received advisory support from
Deutsche Bank London and conducted comprehensive peer
group analyses,” says Bueche. The Brau-Union team also
relied on the accounting expertise provided by KPMG Linz
and the Vienna-based international law firm of Schoenherr,
Barfuß, Torggler and Partner. “This broad-based support
was instrumental in helping us settle on a reasonable
acquisition price and ensure that our needs were taken
into consideration during the negotiations,” says Bueche.
We are following the political and economic events in Romania
closely. Through our Romanian businesses and contacts,
we are able to formulate well-founded analyses quickly.
“We see favorable signs for economic growth and export
potential,” says Bueche. The recent general elections
and subsequent comments from the governing coalition
provide substantial reassurance and predictability for
businesses: “The new government’s goal is to strengthen
the economic framework and rule of law in order to attract
investment. We strongly support these initiatives.” says
Bueche.
Listed on the Vienna Stock Exchange, Brau-Union AG is a
subsidiary of BBAG Oesterreichische Brau-Beteiligungs-AG.
Brau-Union Romania and Brau Union Hungaria are subsidiaries
of Brau-Union AG.
Additional press releases on specific topics follow.
BBAG
Public and Investor Relations
Tel.: +43 (70) 69 51 – 25 67
Mobile: +43 (664) 54 39 701
e-mail: m.dickstein@bbag.com
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