Russia's largest brewer, OAO Baltika Brewery , Monday forecast its exports to Germany in 2003 will exceed the 1.25 million liters exported in 2002
Published:
13 August 2003 y., Wednesday
Russia's largest brewer, OAO Baltika Brewery , Monday forecast its exports to Germany in 2003 will exceed the 1.25 million liters exported in 2002.
Baltika, which is owned by Baltic Beverages Holding , said it has already exported over 1 million liters to Germany in the first seven months of this year.
Baltika, which is owned by Baltic Beverages Holding , said it has already exported over 1 million liters to Germany in the first seven months of this year. Baltika manages its exports to Germany through a fully owned subsidiary, Baltika Deutschland GmbH, set up in 2002.
An exports boost is necessary for Baltika, which experienced a 10% sales decline in the first quarter of the year, twice the rate of the market decline, Brunswick UBS analysts said.
Baltika has also been looking for new export markets and has launched exports of nonalcoholic beer to Iran. It also started to sell its lager in the U.K. pubs owned by its shareholder Scottish & Newcastle PLC .
An increase in exports is also good for Baltika's revenue, as Baltika sells a pint of its beer for about EUR3 in Germany and the U.K., compared with around EUR0.5 a pint in Russia.
Baltic Beverages Holding is a joint venture of Scottish & Newcastle and Carlsberg A/S.
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Dow Jones Business News
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