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Financial Results of BELUGA GROUP for 2022

march 10 /2023

BELUGA GROUP (MOEX: BELU), the leading alcohol company in Russia, announces the IFRS consolidated financial results for 2022: revenue increased by 30%, reaching 97.3 billion rubles, EBITDA rose by 66%, amounting to 17.4 billion rubles, and net income grew by 119%, totaling to 8.4 billion rubles.

Financial highlights and main corporate events:

2022

Sales in volume terms (million 9L cases)

18.7 (+7%)

Revenue (mln rubles)

97 316 (+30%)

Gross profit (mln rubles)

38 414 (+43%)

EBITDA (mln rubles)

17 356 (+66%)

Net income (mln rubles)

8 442 (+119%)

Earnings per share (rubles)

645 (+119%)

BELUGA GROUP demonstrates high performance and sustainable development.

Total sales reached 18.7 9 million 9L cases, up 7% from the last year. Sales growth was observed both in the group of in-house brands — 15.4 million 9L cases (+5.4%), and imported ones — 3.3 million 9L cases (+13.8%). The categories of tinctures, whiskey, gin and rum showed the best dynamics. Our brands in high-margin segments — premium and higher — continue to strengthen their positions, which has a positive effect on financial performance.

The qualitative result was achieved due to a vertically-integrated business model that controls all stages from production to sales of products, the company’s focus on operational efficiency, strong brands, which include both popular and new ones — from regions and countries that were not represented before, as well as a wide distribution system with our retail chain, WineLab.

The number of WineLab stores reached 1,350 outlets, sales increased by 52.3%, and the average ticket by 11.1%. Our own retail allows us to interact directly with consumers, promptly responding to their preferences, and develop an e-commerce using the click & collect system, where sales increased by 115% over the year.

The Board of Directors pays attention to the investment attractiveness of the business. According to the policy, the company paid dividends for 2021 and interim dividends for H1 2022, as well as for the first time in the history of BELUGA GROUP — for Q3. In autumn, a new dividend policy was approved, which sets the amount of payments at a level of at least 50% of the consolidated net IFRS profit for the year, previously — 25%.

The company was able to quickly adapt to new conditions due to the results of previous periods, which contributed to the financial stability of BELUGA GROUP, as well as timely and precise decisions of our top management, which has vast experience of working in crisis situations, and proper performance of their tasks by employees. The measures taken made it possible to achieve high performance, increase efficiency, and not only retain, but also increase the team to 13,000 people.

BELUGA GROUP has proved to be a reliable partner for contractors, customers and suppliers and will continue to actively develop taking into account emerging opportunities in the alcohol industry, which has confirmed its crisis resistance once again. The company enters the new period with strong financial positions, ambitious plans and a strategic vision of its further growth.

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