Russia: Baltic Beverages Holding says Tuborg H1 sales increased 136 % in Russia
Baltic Beverages Holding, the joint venture owned 50-50 by Scottish & Newcastle PLC and Carlsberg AS, saw sales of Tuborg-brand beer rising 136 % in Russia during the first six months of this year, AFX communicated on September 20, citing Paul Bergquist, deputy chairman of BBH.
Bergquist also said that BBH plans to integrate its Russian brands Yarpivo, Pikra and Vena with Baltika, and focus on organic growth. BBH has a market share of over 36 % in Russia, and the group targets a share of 40 % in two or three years.
According to Bergquist, the key to BBH's growth is a combination of general economic progress and a wider geographic penetration. "We do not see this affecting our margins, on the contrary," Bergquist added.
"We believe we will be spending more on marketing and getting stronger in the value and premium segment, which is our ambition." Margins are higher in these segments. Bergquist does not see the expansion coming through acquisitions.
"We do not expect to buy breweries for further growth in Russia," he said. "We believe we have a good network of breweries and perhaps the strongest brand portfolio."
Bergquist said the Baltika brand, which originates from St Petersburg, has 24.1 % of the Russian market, while the Yarpivo brand, originating from Moscow, has a market share of about 6 %. On the company’s plan to integrate the Yarpivo, Pikra and Vena with Baltika, he said: "We are using the best practices between the breweries and we are already seeing the effects of that."
He expects the valuation of the breweries to be ready by the end of the year. "We have hired independent consultants to assess their values," he said. "This will take two or three months, and then we will tell our shareholders and so on. I think we should be ready by the end of the year or at the start of the new year." Bergquist would not put any figures on synergies at the current time.
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