BBAG Österreichische Brau-Beteiligungs AG
BBAG Österr. Brau-Bet. AG english
Satisfactory nine-month trends
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Satisfactory nine-month trends
Inclement weather in August dilutes earnings gains
The BBAG Management Board is satisfied with the companys overall nine-month
performance. Weather conditions were favorable in the first half, July and
September. In August, however, inclement weather in Central Europe negatively
affected earnings, as predicted in earlier reports. Production facilities and
the investments in the on-trade business (restaurants and bars) were spared
major damage, but the poor weather dampened consumption in all BBAGs home
markets. August sales volume figures were down approximately 16% relative to the
previous year, while operating income fell by 50% in what is traditionally the
strongest month.
Operating income and performance ratios fare well despite the weather
Operating income (EBIT) nevertheless increased by 6.8% over the first nine
months, and pretax income even rose by 7.1%. Earnings per share were up 6.1%.
The performance ratios trended even more favorably. The EBITDA margin rose to
22.3%, the highest for the sector. The operating margin reached double digits
for the first time at 10%. Gearing was with 46.3% significantly beneath the
target threshold of 50%. As in the first half, capital expenditures remained
clearly below the level of depreciation (6.2% lower after nine months).
Nine-month performance
Sales EUR 867.7 million (+1.8%)
EBITDA EUR 159.6 million. (+6.8%)
EBIT EUR 71.9 million (+6.8%)
Pretax income EUR 61.4 million (+7.1%)
Earnings per share EUR 2.599 (+6.1%)
Depreciation EUR 89.6 million (+9.1%)
Investments (CAPEX) EUR 84.0 million (-7.2%)
Nine-month performance ratios
2001 1-9/2002
EBITDA margin 21.3% 22.3%
Operating Margin 7.8% 10.0%
Gearing 55.4 % 46.3%
Further information can be found in the latest letter to shareholders available
at: www.bbag.com.
end of ad-hoc-announcement (c)DGAP 18.11.2002
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Divisions
This past summer, the beer division focused on brand positioning and cost
management. EBIT rose by 12.2%. In Hungary and Romania, the Gösser and Kaiser
brands account for a growing share of the companys success. In the Czech
Republic, organic growth and the first-time consolidation of the Hostan brewery
drove a nearly 43% increase in sales volume. In the challenging Polish market,
BBAG is continuing to pursue cost management initiatives and to develop its
Królewskie brand.
The inclement summer weather and decline in the tourism market was especially
detrimental to the overall Italian fruit juice market, and therefore to Pago.
Nine-month operating earnings fell by nearly 40%. BBAG has therefore decided to
implement far-reaching restructuring measures. The companys vision – to be
Europes leading premium fruit juice brand – and its marketing and brand
strategies remain the same. In the areas of corporate administration, logistics
and technology, Pago will consolidate operations and increase outsourcing. The
company will concentrate in particular on its five main markets, which account
for 94% of sales volume. Sales offices in the other countries will be
transformed into independent agencies. The capital freed up directly as a result
of the restructuring process will support additional marketing initiatives.
Earnings should improve significantly beginning in 2003.
The real estate division is recording constant gains. Operating income, adjusted
for proceeds from the sale of real estate, grew by nearly 6%. BBAG is focusing
on development projects in metropolitan areas, notably Graz, Vienna and Linz.
Contact: BBAG Investor & Information Service, Michael Dickstein
Tel: +43 (664) 54 39 701 / e-mail: m.dickstein@bbag.com
Further information can be found in the latest letter to shareholders available
at: www.bbag.com.
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WKN: 091099; ISIN: AT0000910997; Index:
Listed: Amtlicher Handel in Wien
180730 Nov 02
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