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China. Tsingtao sales dropped by 4.9% because of domestic beer market decline

According to Tsingtao annual report, the sales volume of beer reached 84.8 million hl in aggregate in 2015, the revenues reached RMB27.635 billion, and the net profit attributable to shareholders of the company reached RMB1.713 billion.

Apparently, the net profit dropped by 13.9% and sales fell by 4.9% in 2015, while the domestic beer market decline was 5.1%.

 

20152014
Revenue27,634,686,04029,049,321,166
Less: Cost of sales(17,192,101,695)(17,899,291,275)
Taxes and surcharges(2,030,394,346)(2,182,624,248)
Selling and distribution expenses(5,904,539,236)(5,682,981,368)
General and administrative expenses(1,412,435,528)(1,362,297,511)
Finance expenses — net299,597,521334,652,990
Asset impairment (losses)/reversals(2,062,375)3,513,780
Add: Investment income462,412,81423,959,509
Including: Share of (losses)/profits of associates and a joint venture(4,562,375)23,840,743
Operating profit1,855,163,1952,284,253,043
Add: Non-operating income558,817,491469,416,868
Including: Gains on disposal of non-current assets29,048,4313,216,362
Less: Non-operating expenses(139,158,284)(70,671,089)
Including: Losses on disposal of non-current assets(130,560,143)(62,932,536)
Total profit2,274,822,4022,682,998,822
Less: Income tax expense(662,778,888)(663,466,755)
Net profit1,612,043,5142,019,532,067

 

According to the report, the full-year sales volume of Tsingtao Beer, the principal brand, reached 41.6 million hl including 17.4 million hl of domestic sales volume of the high value-added products such as Hong Yun Dang Tou (“Good Fortune”), Augerta, Classic 1903, draft beer, canned beer and small-bottled beer which realized continuous growth.

Tsingtao Brewery is the largest Chinese beer exporter. In 2015 its overseas sales increased by 16.4% to 298.1 million yuan (excluding Hong Kong and Macau). Foreign sales accounted for 1.08% of overall sales in 2015 instead of 0.88% in 2014.

Within the year, Tsingtao Beer became the first beer brand whose brand value had reached over RMB100 billion with its brand value of RMB105.568 billion, meanwhile the brand value of Laoshan had also reached RMB11.568 billion, which continued to maintain its leading position in the domestic beer market, according to the World Brand Lab.

According to the company’s plans, operating target for 2016 is to strive to realize the growth of sales volume of beer being 2 percentage points higher than that of the industry.

29 Mar. 2016

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