Australia: Coopers brewery says 2006 revenue to be ahead of target
Australian brewery Coopers said revenue so far in fiscal 2006 was ahead of expectations."Our trading results for the current year give us confidence in our 2006 forecasts," Chairman Glenn Cooper told the annual meeting of the unlisted company, which has 117 shareholders, Reuters announced on November 29.
"While it is early days we are sitting slightly ahead of our budget for revenue in the first four months." Glenn Cooper told the annual meeting the company was outperforming its competitors in the premium beer segment, which was growing at 15 percent a year.
Total Australian beer market volumes were down by nearly 1 percent in fiscal 2005.The company has only about 3 percent of the national beer market, but its brands include Coopers Original Pale Ale and Coopers Sparkling Ale which sell in the premium segment, particularly outside its home state.
In its takeover defence documents, the South Australian brewer this month forecast 2006 revenues would rise 15.3 percent to A$146.0 million, with earnings before interest, tax, depreciation and amortisation forecast to rise 20.7 percent to A$31.6 million.
Lion Nathan this month raised its offer by 19 percent to A$310 a share, putting it within a valuation range of A$284 per share to A$320 per share estimated by investment firm Grant Samuel in a report commissioned by Coopers.
The takeover bid by Australia's second-largest brewer, represents a multiple of 13.7 times Cooper's forecast earnings.
Lion Nathan is being advised by Caliburn Partership and Coopers by NM Rothschild & Sons.
($1=A$1.35)
Wstecz
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