Belgium: Duvel Moortgat reports slower turnover growth in Q1 2012
A very strong first quarter in 2011 on the one hand, and poor weather conditions coupled with low consumer confidence in the first quarter of 2012 on the other hand, have been the causes of a slower turnover growth for Duvel Moortgat, the Belgian specialty-beer maker reported on May, 16.
Growth was mainly realised abroad, the company said.
Rising prices of raw materials, higher logistics costs, in part resulting from the start up of the new logistics centre, and an intensified marketing campaign have an impact on Duvel’s margins.
Financial costs in the first quarter of 2012 are slightly lower than in 2011, mainly by lower foreign currency differences.
The uncertain economic situation and the continuously bad weather make it hard to give concrete predictions for 2012, the company said.
Subject to approval by the General Meeting, the net dividend of Ђ 1.0875 per share will be payable as of 18 June 2012, the company announced.
The Duvel Moortgat group, founded in 1871, is an independent producer of authentic speciality beers and premium brands. Around the world, the group is considered to be the leading producer of blond, bottle-conditioned, high fermentation beers, a dominant position owed largely to the success of its best-selling product Duvel.
A pioneer in fermentation and secondary fermentation techniques, Duvel Moortgat has not only grown into being the third largest brewery group in Belgium, but is above all market leader in terms of operating rate of return.
Since early June 1999, Duvel Moortgat N.V. has been quoted on Eurolist by Euronext Brussels.
18 May, 2012
