September 5 - 11, 2012
FinancialMirror.com
COMPANY NEWS | 11
Cypriots drink milk, despite crisis l Charalambides-Kristis
turnover reaches €100 mln, exports 15%
Charalambides-Kristis Ltd., the island’s leading dairy milk producer, believes that the consumer’s basic dairy needs remain unaffected and sales are steady, with the company reporting a 100 mln annual turnover, 15% of which are exports. However, company executives believe that due to a tighter budget, household have cut back on cheese. The company employs 580 people and its main plant in Limassol processes some 60 mln litres of fresh cow’s milk and 11 mln litres of sheep and goat
milk, with the modern production facilitries allowing it remain the leader in the areas of fresh milk sales, flavoured milk, yoghurt, fresh cream, halloumi and frozen vegetables and pastry. As regards export prospects in 2012 and 2013, the dairy company’s management is confident sales will go up, especially halloumi for which there is growing demand, in new markets, as well as the traditional and ethnic export markets. To date, the company has invested some 20 mln euros in new equipment and to reinforce the infra-
structure, allowing it some room for expansion into new areas. Charalambides-Kristis changed hands last December when Alexis Charalambides and the founders of the company partnered up with the Constantinos N. Shacolas Group to buy back a 90% stake from Vivartia Cyprus Ltd in one of the biggest takeovers in recent commercial history. Greek dairy giant Delta has maintained a 10% stake which will offer its expertise and knowhow in the dairy products sector.
Chinese producers see red over cheap European wine Chinese wine producers have asked the government to investigate whether winemakers in the European Union are dumping cheap wine in China
Spectus wine courses Spectus shops in Limassol, Larnaca and Nicosia are organising a new course on “The World of Wine” conducted by George Hadjikyriacos with the opportunity to taste over 60 wines from famous regions, including champagne. The seminar is divided into six weekly presentations: Limassol: Tuesdays, 6:30-8:30/9:00p.m., September 18, 25 of September, October 2, 9, 16, 30. Larnaca: Wednesdays, 6:30-8:30/9:00p.m., September 19, 26, October, 3, 10, 17, 31. Nicosia: Thursdays, 6:30-8:30/9:00p.m., September 20, 27, October, 4, 11, 18, November 1. The participation cost is ?245. For information and registration call Limassol 25341525, Nicosia 22511521 and Larnaca 99462657.
The China Alcoholic Drinks Association has asked the Ministry of Commerce to look into dumping as well as subsidies to European wine makers, the association said on its website. Wine exports from the EU to China have increased sharply in recent years, reaching 169 mln litres in 2011, compared with 35.9 mln litres in 2008, Wang Zuming, secretary of the association’s wine subcommittee, was quoted as saying. “Almost all wine enterprises in China have strongly felt the impact of the attack by wine imports from the European Union, with operations, performance and market share seriously sliding,” Wang said. “The Chinese wine consumption market has shown great potential. By exporting such large amounts of cheap wine, it’s obvious they’re trying to seize Chinese market share.” Inexpensive wine imports to China are growing rapidly, says Jim Boyce, a Beijing-based wine writer who runs the blog Grapewallofchina.com. Wine from Spain made up some 5% of the Chinese bulk wine market in 2009, but that share has soared to 50% of the market now, he said. “If you look at the first quarter of 2012, Spanish wines were 9.2% of the Chinese market by volume, but 5.1% of the
market by value,” Boyce said. “Whether that’s dumping I don’t know, but a lot of people are probably looking at that and thinking so.” Calls on Tuesday to the drinks association office went unanswered, and there was no response to a query faxed to the Commerce Ministry asking if it planned an investigation. China has become the world’s fifth-largest consumer of wine, according to an annual industry study published in February by VINEXPO/International Wine and Spirit Research. Increasing wine imports are putting pressure on domestic producers. Dynasty Fine Wines Group Ltd reported that 2011 revenue sank 10.5% from 2010. China Great Wall Wine Co saw revenue decline 2.1% last year, according to the Global Times newspaper. Domestic brands frequently seek foreign investment and expertise, and foreign winemakers - mostly French - are investing in several new vineyards to produce high-end still and sparkling wine for wealthy customers in China. Wealthy Chinese consumers show an overwhelming preference for expensive French wine, and Chinese companies and well-to-do individuals are buying multimillion-dollar wine chateaux in France’s Bordeaux region.
Pernod Ricard chairman dies Sunrise Hotels gets new website The new website for the Sunrise Hotels Group, www.sunrise.com.cy, recently went ‘live’, offering ease of use, contemporary design, and plenty of photographs through which visitors may discover information about the services offered by the Sunrise Pearl Hotel & Spa, Sunrise Beach Hotel, Brilliant Hotel Apartments and Sandra Hotel Apartments. The site also features an easy to use online reservation system. The development of the new website, designed and developed by UiBS (http://www.uibs.net), is part of a wider communication strategy adopted by the Sunrise Group of Hotels, which aims to provide immediate information and services to the wider public, as well as its associates.
Pernod Ricard, the world’s No. 2 wine and spirits group, said Patrick Ricard, its chairman and son of the company founder, has died Friday at the age of 67. Ricard was the son of Paul Ricard, who first marketed pastis, the anis-flavoured liqueur, in 1932, and founded the eponymous company which merged in 1975 with its competitor Pernod to create Pernod Ricard. Patrick Ricard, who joined the company in 1967, had been chairman of the board since 1978 and was also its chief executive officer until 2008, spurring the group’s expansion into international markets. Pernod Ricard, which generated sales of 7.6 bln euros in 2011, owns the Ballantine’s, Mumm, and Chivas brands among others and employs 18,000 staff worldwide. It also produces Absolut Vodka, Martell cognac, Perrier-Jouet champagne and Glenlivet whisky.