Kaluga's Kristall distillery moves IPO to January 2024
MOSCOW. Dec 20 (Interfax) - The Kaluga-based Kristall distillery has postponed its IPO on the MOEX until January 2024.
"The company plans to raise 1.5 billion rubles during an IPO on the Moscow Exchange in January 2024," the distillery said in a statement.
Earlier it was reported that Kristall had planned to conduct the placement in December of this year. The company intends to use the funds raised to develop production, logistics and marketing.
Finam is organizing the IPO.
As reported, Kristall currently has an investment program in place, which provides for 2.5 billion rubles in investment over the next three years in the development of production (0.9 billion rubles), logistics (0.6 billion rubles to build 15,000 sq. m. in new warehousing), and marketing (1 billion rubles to promote new products, including the replacement of delisted brands).
According to the company's investor presentation, 2023 revenue is expected to be 3.578 billion rubles versus 2.172 billion rubles in 2022. In 2024, revenue is forecasted at 7.151 billion rubles; in 2025 - 12.455 billion rubles, and in 2026 - 18.275 billion rubles. Net profit this year could reach 119 million rubles versus 105 million rubles in 2022. In subsequent years, net profit growth is projected to reach 537 million rubles in 2024, 1.621 billion rubles in 2025, and 2.67 billion rubles in 2026.
EBITDA this year is expected to be 314 million rubles compared to 259 million rubles in 2022. Debt/EBITDA for 2023 is expected to be above 2.7x. In 2026, EBITDA is projected to be 3.472 billion rubles. The company envisions a target margin of at least 19% by 2026.
The growth in financial indicators is expected to be achieved by means of increased production. Moreover, the presentation says that a minimal increase in the production of vodka as well as an annual doubling of the production of alcoholic beverages are envisaged. Vodka production this year is forecasted to be 17.3 million liters versus 13.3 million liters last year. The same figure is envisaged for 2024. In 2025, vodka production could increase to 18.2 million liters, and then to 19.1 million liters in 2026. Meanwhile, production of other alcoholic beverages this year will be 6.6 million liters compared to 5.5 million last year. In 2024, the estimate is 19.7 million liters, while in 2025, it will reach 39.4 million liters, and in 2026, 59 million liters.
The company's primary objective is to increase its share of the spirits market to 18% by 2026.
The investor presentation shows that the company's revenue in H1 of this year was 1.499 billion rubles versus 764 million rubles a year ago, while EBITDA in H1 2023 was 130 million rubles against 91 million rubles YoY.
Kristall first entered the debt market in March 2023, when it placed three-year bonds worth 300 million rubles on the MOEX with a quarterly coupon and a yield to maturity of 14.21%.
The distillery is located in Obninsk, Kaluga region. The owner of the company is businessman Pavel Pobedkin.
The SPARK-Interfax analytical system shows that Pobedkin established the Kristall Alcohol Group, with a charter capital of 8 million rubles, at the end of September.
The first Russian alcohol company to list on the stock exchange was Novabev Group (formerly Beluga Group). In 2008, the issuer raised about $190 million; the entire company was valued at $1 billion. The second alcohol company was Abrau-Durso . In 2012, the company raised about $13 million, and it was valued at about $131 million. Mercury Retail Group, which owns the Krasnoye & Beloye and Bristol retail chains, planned to launch an IPO in 2021, but postponed the placement "due to the market situation."