BBAG Österreichische Brau-Beteiligungs AG
BBAG Österr. Brau-Bet. AG english
AD-HOC-RELEASE: Q3 RESULTS
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————–
EBIT +6,7 %: BBAG-Expansion first-time effective in bottom-lines
Successful summer business and integration work, growth bolstered by all units
BBAG continued the overall growth during the 3rd quarter. Top-line growth
continued apace thanks to the first-time brewery consolidations. Volume was up
21.9% relative to the same period in 2000 and reached 11.8m hectoliters.
Revenues are Euro 852.3m or up 20%. Operating income rose by 6.7% to Euro 67.3m,
well above the previous years level, and would have been even higher but for
the poor weather in September. The growth in overall EBIT was driven largely by
the substantial increases recorded by Pago (36.8%) and our real estate business
(28.7%). The beer business continued to trend downward slightly (-3%), but
recovered sharply toward the end of the period. The financial result (-Euro 10m)
includes acquisition-related interest expense. Investments of Euro 90.5m were
financed entirely through cash flow (EBITDA of Euro 149.5m or +12.1%). Based on
an estimated 30% tax rate, the group share of net income over the first nine
months totaled Euro 23.8m. The first-time consolidations caused the average
number of employees to increase by 27.5% to 8,361. Through far-reaching
restructuring measures, however, we reduced the payroll by 870 employees
compared to end-2000. Also the Euro 200m bond issue was completed successfully.
More than 52% were placed with private investors, and additionally more than 23%
with institutional investors. The rest remained as strategic investment at the
at the syndicate banks or other financial institutes. BBAG expects continued
favorable business in the remaining three months of 2001, which will be
reflected from top-line growth down to earnings. In particular, there is no
basis for decreased consumption in our home markets. Tourism in Austria as well
as Hungary and the Czech Republic may benefit from the unstable global
situation. Beverage consumption by European vacationers is more able to support
the business than does consumption by visitors from overseas. Pago s sales
volume in tourist markets such as Italy, France and Spain has to be regarded in
a different way. But even in those countries, success will depend more on our
brand strength than on overall market developments. From todays perspective, the
2001 EBIT will outperform the respective result from 2000 significantly.
end of ad-hoc-announcement (c)DGAP 16.11.2001
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Beer Division
Industry consolidation regained momentum following a lull during the first half.
In Europe, this trend was most evident in Germany. In late September, the Czech
BBAG operation strengthened its market presence in the southern Moravia region
of the Czech Republic by acquiring the small Hostan brewery in Znojmo. This
brewery, located roughly 80 kilometers from Brno, recorded sales volume of
approximately 213,000 hectoliters and sales of Euro 6.5 million last year.
On a general level, BBAG is still focussing on the integration process in
Romania and Poland. Important steps related to the sales organization, the
branding as well as the legal merger process have been taken meanwhile. There is
an increasing shift towards the market focus operated by a united and efficient
country organization in Poland and Romania, respectively. The Goldenbrau brand
is in particular gaining size in Romania, as well as the Warsaw brand Krolewskie
thanks to a successful TV campaign.
Nine-month beer business results (in thousands of hectoliters or Euro)
2001 2000 +/-%
Total beer sales volume 10,218 8,012 27.5
Of which, international 6,627 4,307 53.9
Consolidated sales 742,491 599,654 23.8
EBIT 49,776 51,315 -3.0
EBITDA 122,253 113,626 7.6
Investments 78,296 63,238 23.8
Non-alcoholic beverages
Pago almost completely recouped the first-half decline in sales volume, while
sales growth continued apace. Italian sales largely drove this turnaround. After
a difficult first half, BBAG renewed ties to independent wholesalers as well as
former distributors thanks to Pagos brand strength. In Austria, the deliberate
decision to improve the product mix prevented sales volume from reaching the
previous year s level. Some of Pago s other markets posted significant growth:
the U.K. 73%; Sweden 49%; France 40% and Germany 25%. BBAG is also establishing
a distribution subsidiary in Greece following successful test market results.
The launch of our new mango-flavored product was also successful in Italy and
Austria, where it has been completely picked up by retail chains.
In the summer months, the mineral water brand Gasteiner posted record volume and
sales growth of 9.1% and 14.3%, respectively. This success resulted from
increased retail sales along with new advertising campaigns. We also expanded
our on-trade distribution, a segment in which Gasteiner has a 60% market share
for uncarbonated water. The overall volume decline was due to setbacks among our
other, low-priced brands. We are currently evaluating take-over offers for our
second bottling facility in Güssing.
Nine-month non-alcoholic beverage business results (in thousands of hectoliters
or Euro)
2001 2000 +/-%
Consolidated Sales 99,915 98,648 1.3
EBIT 9,188 6,719 36.8
EBITDA 16,107 12,363 30.3
Investments 7,200 20,247 -64.4
Real estate
The earnings figures (EBIT +28.7%) reflect the real estate division s dynamic
growth. Our investment volume thus increased significantly. We developed a
roadway access for a Swedish furniture warehouse store in Graz-Puntigam which
was completed by the end of September. This completes the first phase of a
cluster project for furniture stores. The next phases are currently in the
planning stages. In addition, we began construction on the Dietrichsteinhof
project, also Graz. This 3,250-square-meter parcel will house 74 apartments and
a total of 88 underground garage parking spaces. BBAG is investing approximately
Euro 5.5 million in this project.
Construction work has finished on a project in Vienna-Simmering. We renovated an
apartment building and added 10 penthouse apartments with approximately 600
square meters. All apartments have already been rented.
Nine-month sales (in thousands Euro)
2001 2000 +/-%
Consolidated sales 10,515 9,474 11.0
EBIT 6,928 5,385 28.7
EBITDA 8,635 7,191 20.1
Investments 3,934 2,367 66.2
——————————————————————————–
WKN: 091099; Index:
Listed: Amtlicher Handel in Wien
160838 Nov 01
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden