Estonia & Lithuania: Olvi Plc has increased its holding in the Ab Ragutis Brewing Company
Olvi Plc announced on March 20 that its wholly owned Estonian company, AS A. Le Coq, has increased its holding in the Lithuanian AB Ragutis brewing company by 11.0 percent. After the transaction AS A. Le Coq owns 94.0 percent of the Lithuanian AB Ragutis company based in Kaunas.
The total sales of AB Ragutis operating in Lithuania increased to 36.4 (29.8) million litres in 2005. The aggregate increase in sales amounted to 6.6 million litres or 22.3 percent compared to the previous year. Net sales stood at 15.0 million euro, representing an increase of 2.5 million euro or 20.4 percent on the previous year.
The average number of personnel during the period under review was 182 (180) in Lithuania. At the end of the year, the company´s market share in beers stood at 10 percent.
Finnish brewer Olvi posted a 2005 pre-tax profit of 11.2 million euros, up from 7.3 million in 2004, thanks in particular to the solid performance of Estonian subsidiary A Le Coq Tartu Õlletehas. The profits of A Le Coq exceeded those of Olvi, even though the parent company's sales were bigger than the Estonian brewery's. Group net sales rose to about 148 million euros from 129 million in 2004. "We expect Olvi Group's full-year operating profit for 2006 to be on a par with the previous year's level or slightly better. This is attributable to improved cost efficiency, as well as the positive earnings development and strengthened market positions of the subsidiaries in the Baltic states," added the statement.
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