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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.

Heineken acquires Galaxy Pub Estate in UK

Heineken N.V. announced today that it has acquired the Galaxy Pub Estate (‘Galaxy’) in the U.K. from The Royal Bank of Scotland (‘RBS’) for ?412 million (€480 million) on a cash-and-debt-free basis. A further ?10 million (€12 million) has been paid to settle accrued amounts owed under an existing management agreement between RBS and Heineken.

Galaxy consists of 918 high-quality, largely freehold pubs and has been managed by Scottish & Newcastle Pub Company (‘S&NPC’), a Heineken subsidiary, since 1999 on behalf of RBS. Galaxy will be combined with Heineken U.K.’s existing portfolio of 462 outlets. Following this acquisition, Heineken will become one of the leading pub owners and operators in the U.K.
 
The provisional fair value of the pubs on Heineken’s balance sheet will be ?378 million (€441 million), implying a multiple of 7.2 times based on a trailing 12-month EBITDA of ?52.3 million (€61.0 million) for the estate. The early amortisation and termination of associated contracts under the acquisition is expected to give rise to a one-off, pre-tax P&L expense for Heineken in 2011 of ?28 million (€33 million). This will be treated as an exceptional item in the fourth quarter of 2011. Heineken expects the acquisition to be earnings accretive from December 2011 and value enhancing in the first year after completion.
 
Commenting on the transaction, Didier Debrosse, Regional President Western Europe for Heineken, said: “Today’s acquisition of Galaxy is consistent with our strategy of driving future value growth in Europe and represents another step in the successful turnaround of our U.K. business. Our ownership of this estate strengthens our leading position in the U.K. beer and cider market, particularly in the valuable on-trade channel.”
 
Stefan Orlowski, Managing Director of Heineken U.K., added: “There continues to be an important role for the great British pub in the U.K. on-trade, and this acquisition is a significant vote of confidence in the channel. Owning the Galaxy freehold will allow us to continue the successful transformation of our pub business, concentrate on operational excellence and deliver long-term value from a high-quality, well invested pub estate.”
 
The agreement has no impact on S&NPC’s existing lessees, who will continue to trade on a ‘business as usual’ basis. 
 

5 Дек. 2011

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