Amber Beverage Group announces 2023 full-year results
For the global producer and distributor of alcoholic beverages, Amber Beverage Group (ABG, or the Group), 2023 was a year marked by strategic manoeuvring and steadfast progress in the challenging global landscape. In its latest Annual Report, the Group shows a modest adjustment in its revenue, with a 10% decrease to EUR 329 million. Financial results were mainly influenced by a combination of factors that almost everyone in the beverage industry faced last year: a continuous impact from inflation, instability in energy costs, supply chain interruptions, a decrease in production volume, and an economic slowdown in some major markets. Throughout the year, the world continued to adapt to the new economical and geopolitical circumstances, and so did ABG.
Arturs Evarts, the Acting CEO of Amber Beverage Group, said: “Throughout the year, we have executed a series of strategic initiatives aimed at fortifying our market presence, enhancing our operational efficiency, and fostering innovation across our business ecosystem. We celebrated notable victories, including a commendable 7% increase in the volume of our core brands, a remarkable 27% improvement in the effectiveness ratio of our flagship distillery, and the successful entry into the stock exchange, which supported the commencement of construction for our state-of-the-art warehouse.
“Looking at the past year and the results achieved, I would like to express my gratitude to the entire ABG team for the tenacity, unwavering commitment, and hard work that have been the driving force behind our success. I believe that together, we will advance, confident in our ability to overcome any obstacle and achieve even greater success in the future. I would like to thank our customers, partners, shareholders, and investors for their contributions during our journey so far,” said Arturs Evarts.
In 2023, ABG has benefited from the strength of its core brands, including Rooster Rojo® Tequila, KAH® Tequila, Writers’ Tears® Whiskey, The Irishman® Whiskey, Moskovskaya® Vodka, and Riga Black Balsam®, which have continued to expand, particularly across the EMEIA and Asian markets.
Innovative spirit and business approach continued to be one of ABG cornerstones. During 2023, the Group introduced several new products that are currently on the rise, especially in the Tequila category: the keenly anticipated Rooster Rojo® Mezcal and the one-of-a-kind KAH® Tequila Huichol – a collection of extraordinary, hand-decorated, beaded bottles. In the rapidly-growing Irish whiskey category, the Group released three new products: The Irishman® Legacy Whiskey, The Irishman® 22-Year-Old Single Malt, and the Writers’ Tears® Tequila Cask Finish Whiskey. Due to the high quality of the liquid and the exceptional packaging, the brands have already brought home industry awards and positive feedback from beverage experts.
Third-party brand management is an essential aspect of ABG's business, which is growing year after year. ABG continuously strives to improve sales standards and propose similar quality of services for all ABG-owned distribution companies. In 2023, the Group has maintained fruitful partnerships with world-renowned producers and vintners of distilled spirits and wines, promoting their brands in the markets served by trusted ABG distribution companies.
2023 is also the year for which the Group published its first-ever ESG Report, which accompanies this Annual Report.
Looking ahead to 2024, ABG’s strategic priorities remain centred on stabilizing profitability, optimizing operational efficiencies, and fortifying Group’s financial position. The Group is actively exploring opportunities for refinancing and strategic partnerships to support its growth ambitions and unlock new avenues for value creation.
In accordance with the rules of Nasdaq Riga, Amber Beverage Group Holding provides the following explanation on the published Annual Report 2023: the consolidated Profit for the year differs from the previously published unaudited condensed consolidated financial statements for 2023 by more than 10% due to recognized fair value adjustment on biological assets and reversal of impairment loss on Moskovskaya® Vodka trademark, which have been calculated and confirmed during the audit of Annual Report for 2023.
Investor relations contact person:
Arturs Evarts
Member of the Board
Phone: +371 6708 1303
Email: forinvestors@amberbev.com
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