Kompania Piwowarska pleased with its annual results

Kompania Piwowarska (KP), one of the two largest beer producers, recorded net profits of zl. 371.1 million for 2001. The shareholders meeting accepted last year's financial results of the Poznan-based company. Although the profits were zl. 25 million lower in comparison with 2000, this was due to the fact that the 2001 financial year lasted 12 months and not 15 like the year before. "Profits of zl. 370 million is a sensational result - taking into account that the beer market is getting tougher. Theoretically it should be getting worse, but it is getting better. This result was probably greatly influenced by the company's cost cutting measures. It is worth pointing out that the Zywiec group, with a similar level of sales, constantly records losses," said Bogna Sikorska, an analyst from CDM Pekao. The shareholders meeting also decided that all the profits will be paid out as dividends. KP is the second largest beer producer in terms of sales volume. In 2001 the company sold 7.56 million hectoliters of beer. Zywiec, the market leader, managed to sell 7.66 million hectoliters. (Puls Biznesu, p. 8) A.K.