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3-2019

Russia: Positions of Brewing Companies

The review contains an analysis of interim performance of brewers in the first half of 2019. There are rather dynamic changes behind a modest industry growth. Baltika is again experiencing a stage of volumes and market share slid due to competition with AB InBev Efes. Because of the price competition and presence expansion in the modern trade company #2. has come close to the leading position. At the same time sales of Heineken Russia have continued growing which makes the premium part of the portfolio heavier. The market premiumization trend had been also confirmed by import brands. MBC and Zavod Trekhsosenskiy have been the most successful among federal market players. The market share of independent regional brewers and Ochakovo have continued falling as they are being squeezed out by the market leaders at their competitive fields.

Ukrainian beer market 2019: companies and brands

In 2019 beer production and market have been still fluctuating about zero point. However, the past season was successful for brewers judging by the sales profitability. The price mix has improved due to rapid general market premiumization, as well as its particular aspect, the growth of import beer sales. By the season end AB InBev Efes improved its positions considerably. It turned out that consumers had not forgot Efes brands that had to leave the market, but started to recover rapidly. Against the stagnating market that meant sales decline of other companies, in the first place Carlsberg Group that most of all beneficiated from Efes exiting the market. PPB turned out to be stable to branding activity of its competitor and Obolon kept the same volumes and at the moment it is the absolute leader of the economy segment. The share growth of independent producers took place thanks to leading craft breweries, that so far do not have a big market weight, but they are rapidly gaining it.

Brewing industry in Kazakhstan 2019

During the first half of 2019, the majority of Kazakh brewers made their contribution into positive dynamics. Yet it was companies of the lower division, not the two transnational leaders that raised their production and sales. The shares of draft beer and aluminum can which is rapidly squeezing glass bottle out of the market, have been growing. The price segmentation has remained stable despite the substantial rise of retail prices and fluctuations of brand market shares, while the borders between segments have become blurred. The main events in the industry have been: the announced revision of the beer excise policy, launch of BeerKhan brand in the strong beer segment, and most important – purchasing assets of Shymkentbeer by Arasan.

Foster’s board unanimously recommends shareholders reject SABMiller’s offer

Foster’s board unanimously recommended its shareholders to reject SABMiller’s offer, the company said in a statement on Monday. SAB Miller Plc had announced its intention to make a takeover offer for all the shares in Foster’s Group Limited at a price of $4.90 per share in cash reduced by the amount of any dividend or distribution paid or declared by Foster’s after 17 August 2011. Foster’s declared a dividend of 13.25 cents per share on 23 August 2011, therefore SABMiller’s offer price is now only $4.7675 per share.

Foster’s board believes the offer “significantly undervalues” its company. The offer is also highly conditional and subject to significant uncertainty, the board said.

David Crawford AO Chairman wrote in a statement to Foster’s shareholders:

“Your Board believes strongly in Foster’s future.

  • Foster’s is an iconic Australian beverages company with market leadership in both the beer and cider categories. Foster’s has an outstanding portfolio of brands, including Victoria Bitter (number 1 regular beer), Carlton Draught (number 1 draught beer), Crown Lager (number 1 domestic premium beer), Corona (number 1 imported beer) and Strongbow (number 1 cider brand).
  • The demerger of Treasury Wine Estates has allowed Foster’s to return to being a dedicated beer and cider business. The longer term benefits of the demerger have not yet been realised.
  • Foster’s has continued to strengthen the capability and depth of your management team. Chief Executive Officer John Pollaers and his experienced team have put in place a robust strategy to bring Foster’s to its full potential. Significant progress has been made and the business turnaround is on track.
  • Foster’s has announced a phased program of cost reduction building on its existing cost leadership. The first phase is forecast to deliver approximately $55 million of annual benefits by the end of fiscal 2013. A second phase of initiatives – to be finalised in the coming months – is expected to realise additional benefits in fiscal 2013 and beyond.
  • Foster’s has provided shareholders with strong dividend returns and your Board expects the dividend payout ratio to remain at least 80% of net profit before material items.
  • Foster’s successfully concluded its long running Ashwick litigation in 2011, resulting in a total cash benefit to shareholders of approximately $835 million (via a combination of the cash refunds received, and receivable, from the Commissioner of Taxation and reduced income tax payments in future years).
  • Excellent cash flow generation and a low level of net debt provides Foster’s with the flexibility to invest for future growth and conduct disciplined capital management. As an example of this, your Board has determined to return at least $500 million to shareholders in fiscal 2012 by way of a capital reduction or share buyback, subject to market conditions.”

15 Сен. 2011

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