Abrau-Durso boosts IFRS revenue 15% to 6.93 bln rubles in 2016
MOSCOW. April 24 (Interfax) - Abrau-Durso (MOEX: ABRD, one of Russia's leading champagne producers, boosted unaudited revenue to International Financial Reporting Standards (IFRS) by 15% to 6.93 billion rubles, up from 6.02 billion rubles in 2015, Abrau-Durso President Pavel Titov said at a press conference on Monday.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased to 1.34 billion rubles, up from 1.31 billion rubles in 2015. Net profit increased 4-fold to 506 million rubles from 126 million rubles a year before. The net profit margin was 7%. "This is not yet our target figure," Titov said, adding that the company is aiming for 11%-12%.
Consolidated sales reached 29.13 million bottles in 2016, including 27.3 million bottles of sparkling wine. Sales of sparkling wines under the Abrau-Durso brand name increased 7%. Sales of Abrau's still wines totaled 744,000 bottles. Sales of Usadba Divnomorskoye totaled 89,000 bottles while sales from the Millersky winery totaled 392,000 bottles, with the remainder going to sales of other acquired brands.
Titov said that still wines grew the most in 2016, by 117%.
The company's export sales grew by 93% to 332,000 bottles, up from 172,000 bottles in 2015. In particular, the company began supplying champagne to Germany in 2016. Exports could reach 1 million bottles in 2017.
Titov said that these financials were achieved despite the fact that at the beginning of 2016 there were "quite big dangers on the consumer market."
The company's market share of sparkling wine in physical terms totaled 15%, according to the Center for the Study of Federal and Regional Alcohol Markets (CSFRAM).
Abrau-Durso products are currently exported to the U.S., China, Israel, Hungary and Finland as well as CIS countries. The company is also considering exporting to the UK.
