Beer market of Kazakhstan acquired both traits of East European countries and South Eastern Asia taking a transitional position between them by many criteria and consumption style. Yet there is a positive trend in beer production which differs Kazakhstan from most of the neighboring countries. The market has remained consolidated in the hands of two international players because of its small size. However, it faces dynamic processes such as fast growth of draft beer sales, up and downs of regional companies and Carlsberg Group’s ultimate expansion. Excessive mainstream segment has declined over the recent years, yet, Zhigulevskoe and national brands with regional links have yielded their positions to a range of new products. In our review special attention was paid to regional analysis of the markets. In 14 regions of Kazakhstan we compared the companies’ positions, the market price segmentation and DIOT channel development. Besides we have compared the beer market of Kazakhstan to neighboring countries. ...
Beer market of Russia 2018
- General market picture
- Foreign trade setting records
- Demography as challenge to branding
- Aged consumer
- Declining of youth brands
- Nostalgia on trend
- DIOT feels at home
- 5.0 Original is the new face of import
- Positions of Market Leaders
- Carlsberg Group
- AB InBev Efes
- AB InBev
Ukrainian beer market 2018
- Better than yesterday
- Performance by value
- Positions of Ukrainian brewers
The beer market dynamics in Russia is approaching zero, yet major brewers are divided into those who developed considerably in 2017 and those who considerably reduced their volumes. For instance, company Efes has managed to substantially extend their sales due to restrained pricing policy and activity in the modern trade. Heineken has also demonstrated an excellent performance promoted by significant increase of advertisement budgets launching a non-alcohol sort of the title brand and unusual activity in the economy market segment. Carlsberg and AB InBev have been focusing on margins and lost a market share of their inexpensive brands. Serious dependence on PET package and mass enthusiasm about Zhigulevskoe have negatively impacted the most of big regional brewers, that have been for the first time pressed by the leaders in the key sales channels, especially in Volga and Central regions. In the small business there has been a noticeable slowdown in appearing of new restaurant breweries, yet the number of craft breweries has been growing rapidly. In 2018, the beer market is likely to grow a little, while the share of AB InBev Efes may decrease due to the integration. ...
Fitch rates Anheuser-Busch InBev’s USD4bn issues at ‘A’
ABIFI's notes rank pari passu with most of ABI's other debt and benefit from the same system of unconditional, full and irrevocable cross guarantees enjoyed by debt incurred by Anheuser-Busch InBev NV/SA, Anheuser-Busch InBev Worldwide Inc, Anheuser-Busch Companies LLC. (formerly Anheuser-Busch Companies Inc), Brandbrew S.A. and CoBrew NV. The debt of these entities accounted for the majority of group debt. AmBev, an important cash generator within the ABI group and currently in a net cash position remains however excluded from the pool of guarantors. Based on the ABIFI notes prospectus, ABI also has the option to exclude Grupo Modelo SAB de CV (Modelo) when its acquisition is finalized.
Please refer to the group structure chart in Fitch's Credit Update for ABI published on 14 December 2012 atfor full details of the relations among the entities mentioned above and their total indebtedness. ABIFI was only incorporated in December 2012 and, therefore did not have any outstanding debt or cash flow generation at the time of our last Credit Update.
ABI's credit profile is supported by the following key factors, among others:
Leading Global Player:
ABI's rating benefits from its size and leadership in the global beer industry, benefiting from a broad portfolio of local and global brands, sold across all pricing points, as well as strong routes to market and a highly effective approach to managing costs. ABI's operations are balanced across profitable, mature markets and high growth ones.
Rating Affirmation on Modelo acquisition:
The affirmation in July 2012 of ABI's 'A' IDR following the agreement to acquire 50% of Modelo reflected Fitch's expectation that the transaction (expected to complete in 2013) will only mildly derail the process of steady deleveraging achieved through to end-2011 and that full control of Modelo will strengthen ABI's business and financial profile. Future financial policies, combined with very strong free cash flow (FCF) generation, should enable ABI to maintain net debt/EBITDA at or below 2.0x from end-2014.
Superior Cash Flow Generation:
ABI's FCF of between USD5bn and USD7bn annually projected for 2012-2015 is superior both in dollar terms and as a proportion of sales to most corporates in the 'A' rating category. Fitch calculates that ABI's lease, pension, minority dividend adjusted net debt/EBITDARP and funds from operations (FFO) adjusted leverage will only temporarily exceed 2.0x and 2.5x respectively in 2013, despite up to approximately USD15.4bn merger and acquisition net spending over 2012-2013 from the Dominicana and Modelo acquisitions and increases to dividend payouts.
RATING SENSITIVITY GUIDANCE:
Negative: Future developments that could lead to negative rating actions include:
- Any debt-funded acquisitions, material signs of weakness in the company's Brazilian or US operations or generous shareholder distributions causing leverage to remain at or above 2.0x-2.5x on a permanent basis.
While not expected before 2014, future developments that could lead to a positive rating action include:
- a combination of leverage falling closer to 1.0x, EBITDA-based interest cover rising to more than 10x-12x, wider geographic diversification while maintaining strong profitability and lower M&A risk.
17 Янв. 2013