Croatian Brewers See Dip In Profits In 2016
Croatia’s breweries achieved a collective turnover of over HRK 2.3 billion (€310.6 million) in 2016, however profit dropped by 7.2% on 2015, to HRK 239.7 million (€32.3 million).
Of the 51 breweries operating in the country, some 26 (51%) were profitable and 25 (49%) reported a loss last year.
The data comes from financial data provided by the breweries and analysed by Croatia’s Financial Agency (FINA).
Croatian beer exports amounted to HRK 300.7 million in 2016 (+0.1%), while imports increased by 7.5%. As a result, there was a negative trade balance of HRK 2 million compared to a positive trade balance in 2015, amounting to HRK 18.9 million.
The result is primarily due to the smaller export totals achieved by Heineken Hrvatska (23%), which stood at around HRK 120 million in 2015 and HRK 93 million in 2016, and increased imports at Carlsberg Hrvatska, which rose from HRK 142.8 million to HRK 162.8 million (13%).
Zagrebačka Pivovara was top for revenue and was also the largest exporter. It achieved revenues of HRK 1.02 billion (€135 million), of which HRK 125 million (€16.8 million) came from exports, with net profit of HRK 186.2 million (€25.1 million). The brewer accounts for 44% of the income generated by beer production and 41.5% of Croatian beer exports.
In revenue terms, Heineken Hrvatska was second (HRK 685.1 million) followed by Carlsberg Croatia (HRK 353.6 million).
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine