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B a Ltik a Br E W E R Ie S Ann U a L R E Por T

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B a Ltik a Br E W E R Ie S Ann U a L R E Por T Baltika Breweries Annual Report CONTENTS 2 LETTER FROM THE PRESIDENT 4 ABOUT THE COMPANY 5 COMPANY'S PHILOSOPHY 6 MAIN EVENTS OF 2009 8 BRAND PORTFOLIO 14 BEER MARKET. THE COMPANY’S POSITION 20 FINANCIAL POSITION 24 KEY PROJECTS 30 CORPORATE SOCIAL RESPONSIBILITY 38 CORPORATE GOVERNANCE 46 RISK MANAGEMENT 48 SECURITIES 52 CONSOLIDATED FINANCIAL STATEMENTS 82 INTERESTED PARTY TRANSACTIONS 89 INFORMATION FOR SHAREHOLDERS AND INVESTORS 90 CONTACT INFORMATION LETTER FROM THE PRESIDENT 2 Annual Report 2009 Baltika has continued to expand into foreign markets: licensed Baltika beer production has started up in Australia, shipments began to Le- banon, Vietnam, Chile and Guinea and Baltika № 7 beer is now sold in Great Britain and Norway. Baltika continues to be Russia’s leading beer exporter: the Company’s products can now be found in more than sixty countries. During the past year, Baltika has maintained its market lead- ing position as Europe’s largest selling brand (in terms of volume) and also has become Russia’s highest selling consumer brand. In 2009, the integration of Baltika into the Carlsberg Group continued. Baltika and Derbes Brewery began the merger of their operations in marketing, distribution and sales. Production of Baltika brands was also launched in Kazakhstan. I am sure that in the future the market will stabilize and restart its growth. This will depend on both general economic factors, and also on legisla- tive regulation of the industry. We looked on 2009 as a ‘year of opportunities’ – believing that unfavora- ble external factors would give us the impetus to search for new growth opportunities: we were not mistaken. Thanks to the general situation on Dear Shareholders, the beer market, we focused on implementing excellence programs aimed at improving the effectiveness of operational processes. Together 2009 was a challenging year for the with contingency measures and the efforts of all Company employees Company and for the brewing indus- Baltika achieved strong performance. try as a whole. Despite the crisis and 2010 also promises to be a challenge, primarily due to a tripling of the negative legislative tendencies, we beer excise and a number of legislative initiatives to limit beer sales managed to complete another suc- and advertising. However, we would point out that Baltika, as a mar- cessful year. Notwithstanding a dif- ket leader, is fit to face any challenge. Baltika has balanced production ficult economic situation, lower sales capacities, a strong distribution system, a powerful professional team volumes, increased competitor activity and experience in beer production and promotion, as well as significant and a drop in consumers’ purchasing potential to develop related beverage categories. power, Baltika was able to increase its market share and improve its financial We are prepared for variety of development scenarios and we are con- results due to a balanced brand port- vinced that due to our flexible strategy and strong management team, folio, innovations and the continued we will be able to successfully overcome any difficulties – as we have development of sales and distribu- done throughout our 20-year history. tion channels. At the same time, we strengthened our leadership across all I would like to express my sincerest gratitude to the Company’s employ- price segments, maintaining high qual- ees for their hard work and diligence, for their readiness to act quickly, ity production and consumer loyalty. proactively and boldly, and for their contribution to Baltika results. During the past year, we finished im- plementing large-scale investment projects, including increasing the ca- pacity of the Yaroslavl malting house, and completing modernization of the Baltika-Baku Brewery. These invest- ments will help the Company to de- crease its exposure to fluctuations in malt prices and to continue to develop its sales abroad. Anton Artemiev President, Baltika Breweries Senior Vice President Eastern Europe, Carlsberg Breweries A/S Baltika Breweries 3 ABOUT THE COMPANY BALTIKA BREWERIES Currently, Baltika is the largest consumer goods Baltika Breweries was founded in St. Peters- production company in Russia and Eastern burg in 1990. Modern equipment and the use of Europe. The Company has breweries in 10 Rus- advanced technologies allowed for the highest sian cities: St. Petersburg, Yaroslavl, Tula, Voro- quality production, which made Baltika the leader nezh, Rostov-on-Don, Samara, Chelyabinsk, in the Russian beer market in 1996. The Company Novosibirsk, Krasnoyarsk and Khabarovsk. In retains its market-leading status today. 2008, the Company acquired a brewery in Azerba- During its almost 20 year history, Baltika has ijan. The total production capacity of its brewer- demonstrated dynamic development – acquir- ies is 52 million decaliters of beer per month. To ing plants, introducing new production capacities meet its own malt needs, the Company has built and actively broadening its distribution network two malt-houses in Tula and Yaroslavl and is also both domestically and internationally. At the end developing agricultural projects in eight Russian of 2006, Baltika merged with three other Russian regions. brewing companies – Vena, Pikra and Yarpivo. A diverse portfolio of brands allows the Company In April 2008, Baltika joined the international to meet the most exacting consumers’ tastes. In Carlsberg Group, which now holds 88.86% of the addition to the key Baltika brand, the Company Company’s charter capital. portfolio also includes around 40 beer, low-alco- holic and non-alcoholic brands on the national and regional levels, including: Arsenalnoye, Nevskoye, Yarpivo, Tuborg, Carlsberg, Kronenbourg 1664, and Asahi. The Baltika brand stands in first place in terms of European sales (according to data from Canadean and Euromonitor agencies) and is also one of the three most expensive Russian brands. Different sorts of Baltika brand beer are produced under license in Australia, Great Britain, Uzbekistan and Ukraine. Baltika has a broad distribution network. The Company’s products can be purchased in 98% of Russia’s points of sale. 2010 marks Baltika’s 20th anniversary. BALTIKA IN 2009 Russian beer market leader, with a market share of more than 40%; Sales volume – 42.7 million hectoliters; Revenue – RUB 93,648.7 million; Operating profit – RUB 29,617.5 million; Operating margin – 31.6%; Over 11,000 employees. 4 Annual Report 2009 COMPANY’S PHILOSOPHY MISSION OBJECTIVES We create high quality products and develop a To help the Baltika brand achieve a leading position globally. culture of beer consumption to bring people joy and pleasure while socializing. To increase Baltika’s share of the Russian beer market, while main- taining high profitability and high quality products. VISION What will contribute to achieving these objectives: We want to become a benchmark in the brewing A focus on creating powerful brands, premiumisation and innovation. industry – a model company that sets standards Leadership in all market segments, regions and sales channels. for breweries worldwide. For us, being a model company means being a Maintaining high quality products and a high level of service. leader. Constant development of our employees’ competencies and profes- sionalism. Increasing business processes efficiency, along with operational PRINCIPLES UNDER WHICH excellence. WE OPERATE Our customers and consumers are at the heart Searching for additional sources of profit growth via: of every decision we make. — Widening sales geography; Together we are stronger. — Developing related directions. We are each empowered to make a difference. We want to win. We are engaged with society. Baltika Breweries 5 MAIN EVENTS OF 2009 FEBRUARY 13 The Company launched production of Tuborg Lemon and Tuborg Black. This is the first double launch in Baltika’s history and it is a non-standard marketing solution that allowed the Company to create a unique joint promotion strategy for the two different sorts. 19 The Company announced financial results for FY 2008. 24 The first import brand – Corona Extra – appeared in the Company’s portfolio. Due to the agreement with Grupo Modelo (Mexico), Baltika became the exclusive distributor of Corona Extra beer on the territory of Russia, Belarus, Kyrgyzstan, Turkmenistan, Tadzhikistan, and Uzbekistan. MARCH 12 Baltika began supplying Baltika № 7 Export and Baltika № 9 Extra to Lebanon. Baltika is the only Russian beer available in this country’s market. 17 Baltika sent its first shipment of Baltika № 7 Export to Vietnam. 25 Baltika’s Vice President, HR & Corporate Affairs, Daniil Briman, was appointed Chairman of the Council of the Union of Russian Brewers. APRIL 02 The Company’s Annual General Shareholders Meeting was held. 08 At the Monde Selection-2009 international contest four Baltika varieties received awards. 21 Baltika started production of Khlebny Kray kvass – a product in the ‘Refreshment drinks’ category wich is a new direction for the Company. Kvass became the first non-alcoholic drink in Baltika’s portfolio to be sold throughout Russia. 23 At the international contest, the iTQi Superior Taste Award, Baltika’s products received 5 awards. MAY 20 Following modernization, a grand reopening was held at the Baltika-Baku brewery in Azerbaijan. 29 During Brandbuilding 2009, an annual event, results of the ‘Absolute brand’ contest were announced. Baltika received a prestigious professional award for its success and skills in the development and promotion of the Baltika brand. JUNE 12 The
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