【商业故事】China Resources Beer has reported a jump in 2015 profits

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source from：FT website
March 18, 2016 6:29 am
China Resources Beer sees sales slow
Patti Waldmeir in Shanghai and Yuan Yang in Hong Kong


China Resources Beer has reported a jump in 2015 profits from its beer operations, despite a soft Chinese market.
The gains came after CR Beer bought out SABMiller’s joint venture stake in its Snow Breweries unit this month to ease AB InBev’s takeover of London-listed SABMiller.
Underlying profit for the group’s beer division rose 14 per cent year on year to HK$831m ($107m) in the 12 months to December 31, undershooting Bloomberg analysts’ consensus forecasts of HK$933m.
However, a positive performance from the company’s brewery unit could not prevent the group from seeing its annual loss balloon from HK$161m in 2014 to nearly HK$4bn last year. The loss was partly due to HK$4.8bn of writedowns on discontinued operations.
Amid China’s economic slowdown, beer sales by volume decreased 1.3 per cent from the previous year, although a 3.2 per cent rise in the average selling price pushed up sales 1 per cent to HK$34.8bn.
This month, CR Beer bought out SABMiller’s 49 per cent stake in China Resources Snow Breweries — the brewer of the world’s top-selling beer by volume — for $1.6bn, ending a 22-year-old joint venture that produced voluminous vats but punier profits.
Beer production in China in the first nine months of 2015, the latest period for which figures are available, fell 6 per cent by volume year on year, according to local analysts.
China brewer sale clears path to AB InBev’s ￡71bn SABMiller deal
Bottles of Snow beer at the China Resources Snow Breweries in Tianjin, China Tuesday March 16, 2010. Photographer: Doug Kanter/Bloomberg NewsSnow Beer is a brand of China Resources Breweries Ltd., which is a joint venture between SABMiller Plc and China Resources Enterprises Ltd. Photographer: Doug Kanter/BloombergSnow Beer is a brand of China Resources Breweries Ltd., which is a joint venture between SABMiller Plc and China Resources Enterprises Ltd. Photographer: Doug Kanter/Bloomberg
AB InBev mega merger a step nearer after sale of SABMiller’s $1.6bn stake in Snow beer maker
Last year saw big strategic changes for CR Beer, which in 2015 completed the disposal of all its non-beer businesses — including retail, food and beverage units — to its parent company China Resources Holdings for a total consideration of HK$30m.
“The strategic move has unleashed the value of its market-leading beer business from the previous conglomerate structure and associated capital constraints, allowing greater flexibility to execute its business plan and to lead further industry consolidation,” the company said.
Jason Hou, general manager of CR Snow Breweries, said: “These few years are not ideal, but we will continue to grow . . . The current trends in China’s economy have many different causes.”
Mr Hou declined to offer a sales target for the coming year, saying: “We cannot make predictions. Even if the domestic market doesn’t grow, CR Snow will still grow.”
CR Beer’s purchase of the Snow stake was viewed as a milestone for AB InBev because it has been shedding assets to win regulatory approval across the globe to close the largest beer deal in history.
CR Beer shares rose 3 per cent to HK$15.10 in Hong Kong on Friday.

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william9225 发表于 2016-3-18 20:47
source from：FT website
March 18, 2016 6:29 am
China Resources Beer sees sales slow

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CR Beer’s purchase of the Snow stake was viewed as a milestone for AB InBev because it has been shedding assets to win regulatory approval across the globe to close the largest beer deal in history

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