Where is the non-alcoholic beer market heading to? Companies and brands. Baltika as a democratic leader. Heineken – how do you shake up the market and shove up the competitors. AB InBev Efes – premium corner. Non-alcoholic import beer. Non-alcoholic beer - Who drinks it? General conclusions. Summer beer. ...
“Catalogue of Russian Beer Producers 2020” includes 1285 businesses ranging from large subsidiaries of international companies to rather small restaurant and craft breweries.This issue has 171 more breweries compared to 2018 (155 business have been excluded and 326 have been included).Starting from 2019, FTS has been publishing data on excise payments by brewers (delayed by 1.5 years), that can be translated into beer equivalent for most of producers.Depending on the volumes, we ranked the brewers that provided information by 6 groups (see pic.). At one end of the production spectrum there are 2/3 of breweries outputting less than 10 thousand decaliters. Their net share amounts to as little as 0.2% of the total beer output volume. On the other end there are 6 federal groups accounting for almost 80%. ...
Dmitry Nekrasov’s Philosophy — on the Past, Present and Future of Ukrainian Brewing IndustryA meeting with Dmitry Nekrasov always turns into a training course: “Introduction to brewing business“. We are talking to a clever “playing trainer“ a person that can be called a godfather of the Ukrainian craft. He has a dozen of successful projects to his name. Dmitry told us about craft beer in Ukraine, on market cycles, on specifity of operating in retail and HoReCa, on union of Ukrainian brewers and certainly, how a brewery of his own, First Dnipro Brewery is doing.
The market of import beer in Russia: review and databasesThe market of import beer is rapidly growing and changing. But while in the past years it was growing due to brands variety, in 2019 major and affordable brands from TOP-10 were developing actively. It seems that the fact of a brand origin from far abroad counties, even if it is not well known but has moderate price and good distribution provides for million liters of sales in the territory of Russia. Among distributors AB InBev Efes was far behind, yet the role of Baltika and suppliers of the second row got more important. The boom of German brands was followed by stagnation of import from other traditional regions (and Belarus) instead the supplies from Mexico, Lithuania and Asian countries grew considerably.
Heineken, Carlsberg ratings will survive French beer tax: Moody’s Investment Service
On December 13, the French Constitutional Court (Conseil Constitutionnel) rubber-stamped government plans to raise beer excise duty by 160% from January 1, senior analyst at Moody’s Investor’s Service, Yasmina Serghini-Douvin, noted in a sector comment.
As of January 2013, the standard excise duty rate for beer in France will jump 160% to €7.2 ($9.56) per hectoliter/degree of alcohol of finished product (from €2.75 in 2012) for breweries with a yearly production exceeding 200,000 hectoliters. Serghini-Douvin wrote.
“French market leader Heineken, with an estimated market share (in volume) of approximately 32.4% and Carlsberg Breweries, with 29.1%, are likely to bear the brunt of the proposed tax hike,” she added.
Operational weakness risk
But the analyst said that the French tax hike would not affect Moody’s ratings for the brewing giants – Heineken: Baa1, Carlsberg: Baa2 – because they continued to focus on generating cash flow and diversification.
Heineken’s recent acquisition of Asia Pacific Beverages (APB), in particular, would reduce its Western European net sales exposure from 45% to 41%, Serghini-Douvin observed
That said, she warned that Heineken’s credit metrics would deviate from targets set out for the Baa1 rating category: debt/EBITSA of below 3.0x and retained cash flow (RCF)/net debt in the low to mid-20s in percentage terms.
Similarly, Carlsberg’s credit metrics had deteriorated since 2011 driven by weak performance in Eastern Europe, the analyst said; the firm had RCF/net debt of 23.3% in 2011, while debt/EBITDA was 3.1x “above level deemed appropriate for its rating category”.
“The above metrics leave these companies in a somewhat more vulnerable position to cope with operational weakness,” Serghini-Douvin said, “driven by a challenging macroeconomic and fiscal climate across Europe and an uncertain input cost environment.
Retail price hikes of 15-20%
The analyst said that, as a result of the tax increase, Moody’s expected beer sold in supermarkets (the bulk of volumes sold in France) to see much steeper price rises than drinks sold via on-premise channels, because beer duty was based on volumes, not prices.
Moody’s expected Brewers to pass on the higher tax to consumers, Serghini-Douvin said, with Carlsberg and Heineken estimating price increases of 15% to 20%. the analyst wrote.
The threat to beer volumes was compounded by French plans to raise standard VAT to 20% from 19.6% and its reduced rate (in restaurants, for instance) from 7% to 10%, she added.
Worse still, beer volumes in France had fallen in recent years, Moody’s noted, prompting Heineken to focus on its premium portfolio (including its eponymous brand) and push brands such as Desperados and Pelforth in the on trade.
Kronenbourg losing ground
The premium category gained share in recent years as a result, Moody’s said, while Carlsberg also reported market share improvements in 2011, particularly in the on-trade channel.
“However, the company has suffered from the steady decline in the mainstream category where its popular Kronenbourg brand has been losing ground. To boost market share and growth, Carlsberg announced restructuring efforts in the country.”
Beer taxes had risen across Europe in recent years as governments tried to curb national deficits, Moody’s said, with Holland’s recent hike, and measures planned in Italy and Finland.
“Overall, we believe that brewers most exposed to Europe will continue their cost-cutting efforts in order to preserve their margins in the region in 2013,” Serghini-Douvin wrote.
“However, we remain concerned that cost-cutting might not prove sufficient to mitigate weak demand in light of largely unfavorable trading conditions across most European countries, driven by austerity measures, higher taxes and still high unemployment rates.”
20 Дек. 2012