Slavutych announces plans to raise beer output 20-25% yoy in 2008

At yesterday’s AGM, Slavutych Brewery (SLAV: BUY) confirmed 45% growth in production last year, implying increase in market share to 20.4% in 2007 17.8% a year before. No dividends were approved, as the company plans further capacity expansion, the extent of which management did not clarify. In 2007 Slavutych’s CapEx made up EUR 64.8 mln, financed mainly with EBRD loan. Olha Pankiv: Management’s projections for the company’s production in 2008 are in line with our earlier expectations. We confirm our BUY recommendation for the stock.