2H16 results – better than expected
Yesterday (8 March), Stock Spirits Group (SSG) reported its 2H16 results, followed by a webcast. On the top line, the company reported a 6.2% yoy decline to EUR 145m, driven mostly by a weaker performance at its Polish operations (-10.1% yoy), coupled with declining revenues in Italy (-9.2% yoy), but still stronger than we expected (+2.5% yoy). Adjusted EBITDA came in at EUR 33.7m, down 21.6% yoy, reflecting the price initiatives taken in Poland and stock provisions in order to remove the redundant SKUs, but still beating our expectations by 16.3%. On the bottom line, SSG reported EUR 20.1m, down 28.4% yoy, but still above our expectations.Stock Spirits Group is a spirits company. Co. along with its subsidiaries are engaged in the production and distribution of branded spirits in Central and Eastern Europe. Co.'s spirits include vodka, flavoured vodka, rum, brandy and herbal bitter liqueurs. Co. has more than 40 brands and export internationally to more than 40 countries worldwide. Co.'s brands include Zoladkowa de Luxe, Lubelska, Zoladkowa Gorzka, Stock Prestige, 1906, Fernet Stock, Bozkov, Amundsen, Keglevich, Limonce, Stock Original, Keglevich, Golden, Stock 84, Fernet Stock Citrus, and Hammerhead. Co. has operations in Poland, Czech Republic, Italy, Slovakia, Croatia, and Bosnia and Herzegovina.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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