Slavutich Net Income Up 39% yoy In 2006.

One of Ukriane’s largest beer and soft drink producers, the Slavutich Brewery (SLAV: BUY), reported net income of USD 4.4 mln, and increase of 39% yoy. The company also saw its production increase 6% yoy to 48.1 mln dl in 2006. Olha Pankiv: The company’s net sales of USD 150.1 mln are slightly above our expectations, and its EBITDA is in line with what we forecast. However SLAV’s  net income turned out over 50% less than we expected. This is mainly due to higher interest payments, as the company’s debt was higher than expected at the end of 2006 due mainly to its moves to finance planned capacity expansion.