E-Malt.com News article: Poland: Good results despite all difficulties for SABMiller’s Polish subsidiary
Despite difficult fiscal and economic conditions, SABMiller’s Polish subsidiary Kompania Piwowarska (KP) posted on May, 21 good results for its fiscal year 2010 ended on March 31, 2010.
Due to optimized business operations and an improved pricing policy, Kompania Piwowarska has recorded a 1.6% increase from last year in sales revenue in the fiscal year F10, ended on March 31, 2010. Those results were achieved despite a 2% decrease in volume of beer sold and significant overall decline in the brewing market. Lower sales were due to continuing economic slowdown, as well as the considerable increase of excise tax (by 13.6%, introduced in March 2009). Both factors contributed to lower consumption.
In response to the decrease in sales, KP decided to adjust infrastructure and the number of employees by shutting down its brewery in Kielce as well as three distribution centres, which reduced overproduction and transportation costs, and brought additional benefits of synergy. The brewer has reached higher revenue; however, net profit was lower due to costs of restructuring and development projects. KP expects current investments in those projects to result in higher efficiency and profitability in the future.
“Due to confusion caused by a significant market data correction published recently by Główny Urząd Statystyczny (Central Statistics Office, GUS), we will not provide our market share data. In the fiscal year ended on March 31, 2009 KP share was 42.6%. We expect the number to have increased since,” the company said.
26 May, 2010