Slovak Republic: Pivovar Saris A.S. announces results for the financial year ended 31 March

Pivovar Saris, a subsidiary of the second largest global brewer in the world, SABMiller, announced June 06 results for the financial year ending 31 March 2006. These results will be subject to approval by the General Meeting that will take place on 10 July 2006 in Veliki Saris, SABMiller released June 06.

According to the release, the Revenue grew by almost 17 % to SKK 2.213 billion. Total investments of the company reached the level of SKK 162.3 million and their large part was aimed at SAP implementation. Operating income reached the level of SKK 23 million. Net loss was SKK 19.0 million for the accounting period due to increased investments and tougher conditions in the Slovakian beer market

During the financial year ending 31 March 2006, Pivovar Saris managed to maintain its share of the market while increasing turnover and continuing to invest in the future of its brands. Total volume of sales of Pivovar Saris declined 3% to 1,238,551 hectolitres, ahead of the decline in the Slovakian beer market which fell 4% over the period.

The company continued to develop its key brand Šariš. New packaging in the form of cans was introduced into the market as well as new glassware for the brand. Pivovar Saris also confirmed its position as a brewer of quality and remains the only Slovak brewery with both ISO 9001 and ISO 14001 certificates, which were awarded again in January 2006.

“Despite the challenging conditions faced in the market, Pivovar Saris succeeded in supporting its market share through innovation and investing in its brands. The acquisition of the brewery Topvar by SABMiller group in late March 06 will provide a solid platform for future growth” said Imrich Havris, managing director of Pivovar Saris.