Business News

Beverage Group Pivovarna Laško Sees Loss Rise to EUR 33M in 2012

Laško, 20 March (STA) - Beverage group Pivovarna Laško finished 2012 with a net loss of EUR 32.9m, an increase of EUR 5.4m on the year before, as revenues fell by nearly 20% to EUR 271.4m.

Despite the increase in the group's loss, the supervisory board assessed the results as satisfactory on Wednesday.

Chief supervisor Vladimir Malenkovć said that the group had managed to retain market shares on the domestic market while increasing them on key foreign markets.

Moreover, the group had made a sizeable operating profit of EUR 22.2m, up from EUR 10m a year earlier.

The group's profit before taxes, interest, depreciation and amortisation stood at EUR 42.3m, up from EUR 30m in 2011.

The group is facing negative cash flow, which amounted to EUR 19.3m, due to high financing costs, which amounted to EUR 33.1m, and the writedown of the value of its 23% stake in retailer Mercator.

Meanwhile, the core company in the group generated EUR 88.9m in net sales revenues and made a loss of EUR 18.5m in 2012, compared to revenues of EUR 94.3m and a loss of EUR 15.5m a year earlier.

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