Fundador purchase drenches Emperador performance
Andrew Tan’s Emperador Inc. reported a flat growth in net income at P1.4 billion in the first quarter of the year, with the gains from its acquisition of Fundador still on the fermentation stage.
In a disclosure to the stock exchange, Emperador Inc. said its consolidated revenues amounted to nearly P9 billion in the first quarter of the year. In the same period last year, its consolidated revenues amounted to P8.9 billion. The company did not release details of its first quarter performance other than the consolidated revenues and the rounded off net income.
Emperador bought the 286-year old Bodegas Fundador from Beam Suntory for 275 million euros or P13.7 billion in an all cash deal that was completed in the first quarter, making it the world’s largest producer of brandy. Emperador raised P12.7 billion in February with the issuance of new shares.
The acquisition of Fundador also included Beam Suntory’s brandy and sherry business in Jerez de la Frontera and other assets of Bodegas Fundador such as its production facilities, ageing cellars, vineyards, and a brandy distillery in Tomelloso among others.
“We have an unprecedented and compelling ownership of vineyards, bottling facilities and distilleries,” Emperador president Winston Co said. “We already have 1,500 hectares of vineyard land, roughly 1,000,000 square meters of cellar and bottling facilities, and three distilleries in Spain.” (By: Eileen A. Mencias)