Slovakia: Pivovar Šaris - Financial results for the fiscal year ended 31 March 2005

The Slovakian beer maker, Pivovar Šariš, a unit of SABMiller, announced on June 3 its results for the year ended 31 March 2005. These are subject to approval at the Annual General Meeting scheduled to be held at Ve¾ký Šariš on July 4, 2005.

The Slovakian beer market experienced a very challenging year with a decline in sales volume of 7.5%. Within this environment Pivovar Šariš was able to successfully maintain its position in the market, limiting its volume decline to 3.0%. The reduction in sales volume impacted turnover which grew by 2.5%.

Loss before tax for the year was SKK 2,120 reflecting a cooler summer and the effect of the increase in excise tax on beer. Consumer demand was further impacted by the introduction of macro economic reforms causing a shift to less expensive brands.

Commenting on the results Imrich Havriš, the new managing director of Šariš Brewery said: “Pivovar Šariš had a difficult year as did the whole Slovak brewing industry.

“We have made sure that despite the challenging environment we have maintained the high quality of product that our customers have come to expect. For example, Velkopopovický Kozel is now the most frequently sold 10-grade bottled beer in the Slovakian market, and recent achievements at the Monde selection, where our beers Šariš Premium and Šariš dark won Gold Medals, are evidence of the standards we strive to ensure throughout our businesses.

“We have continued to invest in our people, our systems and our technology throughout the year providing us with a strong platform for future growth and we remain confident that our leading portfolio of brands will serve us well as we look forward.”

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