Stock Spirits - Preliminary results 2013
- Total revenue increased 16.4% to €340.5 million (2012: €292.4 million)
- Gross profit increased 21.1% to €173.6million (2012: €143.4million)
- Operating profit before exceptional costs increased 7.5% to €62.8million (2012: €58.4million)
- Profit for the year €8.9million (2012: €26.2million)
- Closing net debt of €46.3m
- Adjusted EBITDA* increased 22.3% to €83.7 million (2012: €68.4 million)
- Adjusted free cash flow* of €83.3 million, 99.6% of Adjusted EBITDA*
- Total volume up 11.4% to 17.4 million 9 litre cases (2012: 15.6 million)
- Several significant new product launches including new flavours of Lubelska, Stock Prestige and Bozkov
- Stock Prestige became the Group's 6th "millionaire" brand selling over 1 million 9 litre cases in 2013
- Completion of 'Project Polar' initiative to install fridges in traditional off-trade stores. One off €11.9 million investment to roll out 20,000 fridges
- Exclusive agreement signed in August with Beam Inc. to distribute its products in Poland
- We estimate the impact of the 15% Excise Duty increase had the effect of pulling forward €5 million of operating profit into 2013
- Czech Republic
- Good recovery following the temporary prohibition in late 2012
- Exclusive distribution of Diageo brands in Czech Republic effective from January 2014
- Italy & Other markets
- Full year benefit of Italian manufacturing site closure in 2012
- Other markets in line with expectations
Chris Heath, CEO of Stock Spirits Group, commented:
"We are pleased with the performance of the Group during what has been a very busy period. We have completed a successful IPO whilst delivering strong performances in all our key markets, and despite challenging economic conditions.
During the year we undertook two significant strategic initiatives to position the business for further growth, with both already producing encouraging early results. Our 'Project Polar' project in Poland has seen the successful installation of 20,000 branded refrigerators in traditional retailer stores across the country; and we have taken a significant step forward towards our goal of broadening our premium product offering through the exclusive distribution agreements with Beam in Poland and Diageo in the Czech Republic.
The 2014 year has started well, despite the challenges posed by the Polish Excise Duty increase, and the Group is well placed to capitalise on the opportunities available in the Central and Eastern European Region. We view the future with confidence."
RM-SYSTÉM, česká burza cenných papírů a.s.
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