E-Malt.com News article: 693

The Polish number three brewer, Carlsberg Okocim, has registered a net loss for the fourth quarter of 2002 of PLN10.35m, versus a net loss in the fourth quarter of 2001 of PLN1.17m. Sales in the fourth quarter rose from PLN84.82m to PLN217.86m.

Okocim, part of the Danish brewing combine, Carlsberg, registered an operating loss of PLN9.75m for the quarter, against an operating loss in the last quarter of 2001 of PLN5.97m.

For 2002 as a whole, Carlsberg Okocim's sales rose from PLN463.35m to PLN1.01 billion ($258 million), while the company turned an operating loss of PLN26.38m in 2001 into an operating profit of PLN7.58m for 2002. Okocim also posted a net profit for 2002 of PLN2.81m, against a net loss in 2001 of PLN5.24m.

Carlsberg Okocim expects its profitability to rise sharply in the coming years thanks to restructuring and recent acquisitions of smaller local brewers. Chief Executive Marcin Pirog said that over the next three to five years the firm, majority-owned by Denmark's Carlsberg, planned to raise its operating margin to 10%. "Over the next three to five years we want our operating result to account for 10 percent of our revenues," Pirog told a news conference while commenting on the firm's 2002 results.

Last year the company, whose market share doubled to 14% following several takeovers in the competitive local market, posted a net profit for the first time in four years. In its financial plan for 2003, Okocim wants to increase its beer sales by a tenth to around four million hectolitres.

"Together with growing beer sales, we also want to improve our operating and net profits this year," Pirog said but would not give any precise forecasts. Okocim, whose biggest domestic rivals are Heineken-owned Zywiec and unlisted Kompania Piwowarska belonging to SABMiller, expects Poland's beer sales to rise 4% to 27 million hl this year.


26 February, 2003