Rouble trouble
Unfortunately, you have to be a rocket scientist to work out Scottish & Newcastle’s piece of financial maths: Commenting on BBH’s first quarter 2003 results, S&N argues: For the period the rouble depreciated by 3% against the US dollar (against the same period in 2002) and by 20% against the euro during the same period. Due to these variations overall sales increased by 4% in dollar terms and fell by 15% in euros.
Sales during the first quarter fell 15% to EUR216 million, EBITDA plummeted even lower (-37%) to EUR50 million while the operating profit nosedived (-51%) to EUR29 million. However, there is an explanation for all this. According to S&N, the first quarter, due to the winter weather, was always the low season for beer sales throughout BBH’s areas of operation. How true.5%..
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