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Semiannual Report 2014

Pursuant to the Rules and Regulations of the Ljubljana Stock Exchange, d.d., and the relevant effective legislation, the company Pivovarna Laško, d.d., hereby makes the following announcement:

 

In the first half of the 2014 fiscal year, which was one of the most important periods in recent years, the Laško Group enjoyed solid results. The most important effect of good work, and a sign of confidence on the part of the creditor banks, was the signing of the Restructuring and Standstill Agreement signed by the companies Pivovarna Laško, d.d., Pivovarna Union, d.d., and Radenska, d.d., with 18 creditor banks in late April 2014.

 

In the period at hand, Laško Group sales volume was just short of 2 million hectolitres of all types of beverages combined, which is 5.2% more than in the same period of the year before and 1% more than targeted for in the Group's ambitious plan. The companies continue to focus on international markets where they generate growth. Sales volume in markets beyond Slovenia reached 723 hectolitres of beverages, up 13.7% relative to the last year's equivalent period. In Slovenia, sales volume amounted to 1.23 million hectolitres of beverages of all types, which is an improvement just shy of one percent over the last year's comparable figure. Thus, the companies fulfilled 48.8% of the annual plan in the first half.

 

Laško Group revenue in the first half of the year amounted to EUR 130.5 million, which is 0.7% more than in the corresponding period of the year before. Consolidated operating profit of EUR 16 million tops the figure from last year's first half by 9%. Net profit for the period is EUR 7.3 million.

 

Laško Group companies considerably reduced their financial leverage in the period. Contributing the most to this effort was the completion of the sale procedure for Mercator shares which were sold by the companies Pivovarna Laško, Pivovarna Union, and Radenska as a part of the consortium of sellers. The procedure was completed on June 27, 2014. The acquiring party Agrokor paid to the consortium of sellers EUR 172 million for the 53-percent block of Mercator shares. The companies Pivovarna Laško, Pivovarna Union, and Radenska received EUR 75.5 million for their 23% shareholding. Laško Group companies also successfully divested their interest in the company Birra Peja, Sh.a., Peć, and the shares of the company ČZP Večer.

 

These divestments are a milestone in Laško Group's financial restructuring process, as defined with the creditor banks and specified in the effective Restructuring and Standstill Agreement.


The consolidation includes the following companies:

 

- Pivovarna Laško, d.d.
- Radenska, d.d., Radenci
- Union Group (Pivovarna Union, d.d., Ljubljana; Birra Peja, Sh.a., Kosovo; and Birra Peja, Sh. p. k., Albania)

 

The Laško Group consolidated income statement includes the entire Union Group, complete with the Birra Peja Group. The consolidated statement of financial position, however, only includes Pivovarna Union, d.d., which has divested its majority shareholding in the Birra Peja Group. As at June 30, 2014, Birra Peja Group is no longer a subsidiary of the Union Group and therefore no longer a part of the Laško Group.

 

- Jadranska pivovara – Split, d.d.
- Vital Mestinje, d.o.o.
- Delo Group (Delo, d.d., Ljubljana and Izberi, d.o.o., Ljubljana)
- Laško Grupa, d.o.o., Zagreb.

 

Please find the 2014 Semiannual Report for the Laško Group and Pivovarna Laško, d.d., attached herewith.

 

Laško, August 27, 2014                                                Management Board

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Semmi-annual_Report_2014.pdf371 K