Which way you look at it
Due to currency impacts Baltic Beverages Holding (BBH) either increased its 2003 net sales by 13 percent to USD1.3 billion or witnessed a decline of 6 percent to EUR1.2 billion. Likewise EBITDA either rose 4 percent to USD400 million or fell 14 percent to EUR352 million.
New brewery openings and investments in Baltika’s sales and distribution network saw costs rise last year, which is why BBH’s EBITDA margin dropped 2.7 percent. However, BBH’s full year EBITDA margin still remained high at 30.3 percent. After a bad start (or rather very cold start in Russia) with group beer volumes falling one percent year-on-year, BBH’s fortunes returned in the second quarter and the financial year ended with total beer volumes reaching 31.4 million hl (up 8%).4 percent to 33 percent.7 percent (up 1.
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