BBAG Österreichische Brau-Beteiligungs-AG

euro adhoc: BBAG Österreichische Brau-Beteiligungs-AG
Quarterly or Semiannual Financial Statements
Consistent implementation of strategy: earnings increase more than 30% (E)

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The figures of the first six months of 2002 confirm the sustainable growth of the BBAG group. The overall turnover of BBAG increased by 4.6% in the first six months of 2002 to reach 561.3 million Euros. Increases have been posted even more on the result level: operating income EUR 40,7m (+31.4%), pre-tax income EUR 31,4m (+31.9%), net income EUR11,3m (+34.4%). Compared to last year, BBAG incurred less integration expenditure - a cost reduction that has a positive effect on the current result. Over the last few months, BBAG was able to further increase its refinancing power. The EBITDA (operating result plus depreciations) amounts to EUR 100.2 m, a plus of approximately 15%. The EBITDA margin (divided by the turnover without excise tax) increased continuously from 19.2 % at the end of 2000 to a current 21.6%. With this value, BBAG ranks among the best in its line of business. The number of employees came down to 7.685 (-8,9%).

Divisional results (in EUR millions)

                         Beer              Non-Alcoholic      Real Estate
Sales              489.0 (+5.2%)    66.1 (+0.7%)      6.3 (+4.6%)
EBIT                 27.9 (+38.4%)    4.3 (-14.5%)    7.0 (+53.5%)
Depreciation    52.4 (+4.4%)      5.4 (+22.9%)    1.3 (+9.8%)
Investments      44.9 (-22.5%)    2.6 (-58.8%)    1.6 (-36.3%)

Beer sales of BBAG increased by 1.1% to 6.3 million hectolitres in the first half of 2002. The group implements two basic strategies on all domestic markets: strengthening of the brands we offer to provide them with a strong image and make them innovative; and consistent cost management to improve profitability. The concentration of the non-alcoholic beverage business on the two brands of Pago and Gasteiner yields initial results: Pago sales remained at the same level as last year. Adjusted by the DrinkVit brand, sales rose by 3.4%. The negative figure of the mineral water business still includes Güssinger. Gasteiner alone realised a growth of 14.1%. Turnover from rent and leasing rose by 4.6%. The operative result was increased by 53.5%, adjusted by gains from the sale of plants it is slightly above last year's level. These profits will be re-invested within the next 12 months for the purpose of fiscal optimisation. This is why investments dropped by 36% for the time being.

end of announcement            euro adhoc 30.08.2002

Further inquiry note: Dr. Michael Dickstein Konzernsprecher Tel.: 0732/6951-2567 Fax: 0732/6951-2568

Branche: Distillers & Brewers
ISIN:      AT0000910997
WKN:        091099
Index:    ATX, ATX Prime, WBI
Börsen:  Wiener Börse AG / official dealing

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