Crystal KLVZ (Kaluga Distillery Crystal)

Performance indicators

2023: Loss - 47.5 million rubles

At the end of 2023, the Crystal alcohol group received a net loss of 47.5 million rubles, and the company's revenue amounted to 1.39 billion rubles. Such data are provided in the reports of AG Crystal PJSC (Crystal Alcohol Group), published in early May 2024.

According to Interfax, citing materials from Crystal, in 2023 the company's gross profit reached 295.1 million rubles. The loss before tax was at the level of 30.6 million rubles, operating profit - 48.2 million rubles. The indicators of 2023 are not given, because PJSC AG Crystal was registered at the end of September 2023. The group's materials note that the reporting also includes the indicators of the subsidiary LLC Kaluga Distillery Kristall, which is 99.9% owned by PJSC.

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The authorized capital of PJSC is 8 million rubles, it is divided into 800 million shares with a face value of 0.01 rubles. The beneficiary of the company is Pavel Pobedkin.

Kaluga Distillery Kristall LLC (Obninsk, Kaluga Region) is the main operating company of PJSC ‹ AG Kristall. › In 2023, this plant sold 2.39 million decaliters (decaliters) of products, which is almost 1.8 times more than a year earlier (1.36 million decaliters). Sales in 2023 (including VAT and excise tax) increased almost 1.9 times, to 11.2 billion rubles against 5.97 billion rubles, respectively.

As of the end of 2023, Kaluga Distillery Kristall LLC is one of the top 10 producers of strong alcohol in Russia. The products are delivered to 61 regions of the Russian Federation, as well as to Kazakhstan, Azerbaijan and China.^[1]

History

2024: Exit to the Moscow Exchange

On February 22, 2024, trading in shares of the Kristall distillery under the ticker symbol KLVZ began at the Moscow Exchange, they are included in the third level of the listing. As part of the IPO, the company raised 1.15 billion rubles.

The total amount of outstanding shares amounted to 121 052 700 units, or 13.14% of the share capital. The offering price is set at 9.5 rubles per share.

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The press release clarifies that the transaction involves a lock-up of 180 days for the company and the current main shareholder, which owns a total of more than 85% of Crystal. If, as part of stabilization, shares of the company are purchased within a month after the transaction (up to 15% of the IPO volume), Crystal will buy them from the stabilization agent. The company clarifies that the organizer of the transaction was Finam.

The company intends to use the funds raised to implement its development strategy until 2026, which provides for a multiple increase in production and logistics capacities, the launch of new products in the liquor segment. Kaluga alcohol producer does not plan to pay dividends until the 2nd half of 2025 and will use revenues to finance business growth.

In its strategy, the company lays down revenue growth five times at the end of 2026 - up to 18.3 billion rubles, the company said. For comparison, revenue for the nine months of 2023, according to RAS reports, amounted to 2.32 billion rubles.

Shares of Crystal at the end of the first day of trading fell in price by about 15% compared to the IPO price of 9.5 rubles per share. By the end of the exchange session, the value of securities amounted to 8.1 rubles. The first trading in Crystal shares turned out to be one of the worst among issuers who conducted an IPO in the last six months, the Kommersant newspaper notes on February 22, 2024.^[2]

2023: Plan to attract 1.5 billion rubles

On October 2, 2023 Kaluzhsky , the Kristall distillery announced plans to attract up to 1.5 billion rubles through an initial public offering for the To the Moscow exchange fourth quarter of 2023.

The funds from the IPO will go to increase the share of highly marginal products, a threefold increase in production volumes, as well as the construction of a warehouse and logistics complex, which will simultaneously increase distribution efficiency and reduce the company's costs, "said Pavel Pobedkin, owner of KLVZ.

Previously, KLVZ has not once declared the inconsistency of the current production capacity of the enterprise and market requests.

{{quote 'The production of KLVZ is very stable, which is important for customers who want to pour their products with us. The volume of such orders for October 2023 exceeds our capabilities. Offers come literally every week, including from retail chains that want to issue their own brands. And this is not necessarily vodka, but also liqueurs, tinctures, brandy, cognac drinks and cocktails, - said "'Pavel Pobedkin "'.}}

In the first half of 2023, the company's revenue grew to 1.4 billion rubles, almost twice the same period in 2022. Net profit amounted to 31 million rubles or + 3.33% by the half-year 2022.

According to the results of the first eight months of 2023, KLVZ increased the production of vodka by 88% compared to the same period in 2022 or to 1.19 million decaliters, entering the top ten largest vodka producers. At the end of 2022, KLVZ took 15th place.

In general, in 2023, KLVZ expects production to grow to 2.570 million decaliters, compared with 1.398 million decaliters in 2022.

A significant part of the development strategy of KLVZ is already being implemented today. In particular, in 2023, Bionica liquors, Soju "Stun" and Baron Roussac "Triple Sec" liquors were launched in the portfolio of high-margin brands, and the construction of the plant foundation was completed. Until the end of 2023, there will be a lot of news. And the funds raised from the IPO will significantly accelerate the growth of the company, - said Pavel Pobedkin.

One of the goals of the strategy is to enter the top five largest enterprises in the industry in the medium term.

Notes