Brewer Bermas Suceava is back in the black after the first half of the year, despite having reported losses exceeding five billion ROL in the first quarter of 2004. The net result amounts to 13.5 billion ROL (330,000 euros), down 27% in real terms from the corresponding period of last year. Bermas is one of the few independent brewers left on the Romanian market, which has become the battlefield of the big multinationals in the past few years.
The sales and profits made by brewers are greatly influenced by weather conditions, and the cool summer has had a negative impact upon the industry, as half of the total sales are made between May and August. In May-August 2003, the Romanian beer market amounted to 6.5-7 million hectolitres, and full-year consumption reached the record level of 12.8 million hectolitres.
Bermas' sales also posted a drop, although not so steep. In the first six months of 2004, the brewer sold beer worth 4 million euros, down 7% from the corresponding period last year. In H1, 2004, the revenues posted by the Suceava-based company posted a five percent drop in euros, down to 4.7 million euros, whereas total expenses went up ten percent to 4.1 million euros. Company officials would not comment on these results.
The brewer owns the Bermas Pils, Calimani and Suceava brands with a distribution area that covers all of the counties in Moldova. Suceava, Botosani and Neamt account for the bulk of the sales. Draught beer is the company's best-selling product.
The company's employees are also its main shareholders, directly or through their two associations, PAS (owner of 20% in the brewer) and Victoria (30%). Like most companies controlled by employees, Bermas has distributed dividends every year. For instance, in 2004, profit amounted to 39 billion ROL, with dividends amounting to 1,615 ROL/share for natural persons and 1,530 ROL/share for legal persons.
The company ended last year with profit of one million euros, with sales amounting to some nine million euros. Bermas' shares are listed on the second tier of the Bucharest Stock Exchange, with the most recent prices standing at 25,000 ROL/share. In light of this figure, the brewer's market capitalisation reaches 7.7 million euros.
andrei.frunza@zf.ro
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