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Stock - Preliminary results 2014

16.03.2015 08:43
Stock Spirits Group PLC, a leading Central and Eastern European branded spirits producer, announces its results for the year ended 31 December 2014.


  • Total revenue €292.7 million (2013: €340.5 million)
  • Operating profit €53.6 million (2013: €47.7 million)
  • Profit after tax €35.8 million (2013: €8.9 million)
  • Interim dividend of €0.0125 per share paid in September, proposed final dividend of €0.025 per share
  • Adjusted EBITDA* €66.4 million (2013: €83.7 million)
  • Adjusted free cash flow* of €29.3 million, 44.2% of Adjusted EBITDA*



  • Market disruption resulting from 15% Excise Duty increase
  • Consumers have accepted duty driven price increases
  • Supply chain disruption continues but is expected to improve during the course of 2015
  • Completion of 'Project Polar' initiative to install 20,000 fridges in traditional off-trade stores
  • Czysta de Luxe now 7th best-selling vodka in the world (IWSR 2013)
  • Strong performance in first year of Beam Suntory relationship with significant value and volume share growth being recorded

Czech Republic

  • Strong growth of Fernet brand following rejuvenated brand building investment
  • Growth in value and volume share of Diageo Captain Morgan brand in first year of relationship
  • Italy & Other markets
  • Strategy delivering strong profit growth
  • Imperator integration largely complete in Slovakia, benefits now being realised
  • Exclusive new distribution contracts signed with Beam Suntory in Croatia and Bosnia
  • Continued focus on NPD - Further successful new product launches including Stock Prestige limited edition, new flavours of Lubelska, and Bozkov

Chris Heath, CEO of Stock Spirits Group, commented:

"Whilst 2014 has been a very challenging year for the Group following the 15% increase in excise duty in Poland, we have remained faithful to our strategy and achieved several important goals. We have continued to invest in our brands and our production capability and launched a number of successful new products. We are also delighted with the first full year of our distribution agreements with Beam Suntory in Poland and Diageo in the Czech Republic which have helped deliver significant value and volume growth. In the past year we have also signed new distribution agreements with Beam Suntory in Croatia and Bosnia, paid our first dividend and renegotiated a reduction in our bank margins.

We expect trading conditions in Poland to remain difficult moving into 2015 but expect more normal trading patterns will resume during the course of the year.

Our underlying performance and cashflow are strong and the Board is pleased to propose a final dividend of €0.025 per share. We remain confident in the future of the Group which is well placed to capitalise on the opportunities available in the Central and Eastern European Region. "

* Stock Spirits Group uses alternative performance measures as key financial indicators to assess the underlying performance of the Group. Details of the basis of calculation for Adjusted EBITDA, Adjusted EBITDA margin and adjusted free cash flow can be found in Note 6.

Management will be hosting a presentation for analysts at 9am on Thursday 12th March at:

1 Angel Lane

There will be a simultaneous web cast of the presentation via www.stockspirits.com with a recording made available shortly thereafter.

For further information:

Stock Spirits Group: +44 (0) 1628 648 500

Chris Heath, Chief Executive Officer

Lesley Jackson, Chief Financial Officer

Andrew Mills, Investor Relations Director

Bell Pottinger:
Clinton Manning +44 (0) 20 3772 2560

The 2014 Annual Report and Accounts will be available on www.stockspirits.com on 8 April 2015.

For further information, visit: http://www.stockspirits.com/index.asp?pageid=49&newsid=350

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