17 February, 2006

Russia: Baltika investment in development decreased by 43% in 2005

Baltika Brewery reduced investment in development 43.37% to $83 million in 2005, the St. Petersburg brewer said in a quarterly financial report, according to Interfax publication on February 16.

The bulk of investment in 2005 - more than $60 million - was used to develop distribution, buy trading and bottling equipment and to continue construction on a warehouse terminal in Podolsk, Moscow region, a source in Baltika's press service told Interfax.

The company spent $12 million on supporting and upgrading its existing production capacity. "The rest of the 2005 investment program was distributed among social and environmental projects," the source said.

Investment in development has fallen since 2002, the report says. Investment was $199 million in 2002, $149 million in 2003 and $119 million in 2004.

"The company has invested significant resources in building breweries and buying production equipment,” the source said. "The company is currently concentrating on supporting existing capacity and developing distribution," he said. Baltika has invested more than $1 billion in development since 1991.

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